Yushu Technology's IPO hearing is approaching: Is the robotics sector getting its own "AI moment"?

Author: 137Labs

Yushu Technology announced that its IPO on the STAR Market will be reviewed on June 1st, which also re-puts the robotics sector back into the market spotlight. Compared to extensive technical popularization, what investors should focus on now are three questions: who are the market-recognized leaders, which listed companies have already been traded by funds, and along which industry chains the subsequent market may continue to expand.

This article will take Yushu Technology's IPO as an entry point, and focus on recent catalysts in the robotics industry, the performance of core targets in U.S. and A-shares, the logic of market-recognized leaders, the resilience of the A-share supply chain, and potential future risks. The key questions answered are: what are funds trading, which segments may continue to spread, and what risks should be anticipated early.

Public information shows that Yushu Technology's application for IPO on the STAR Market was accepted by the Shanghai Stock Exchange on March 20, 2026. The proposed fundraising is 4.2B yuan, mainly invested in R&D of intelligent robot models, robot bodies, new intelligent robot products, and the construction of intelligent robot manufacturing bases.

This is not a traditional industrial robot company. According to public data, Yushu Technology's business covers high-performance general humanoid robots, quadruped robots, robot components, and embodied intelligent models. More noteworthy for the capital market is that it already possesses strong engineering, productization, and commercialization narratives. Reports show that Yushu Technology's revenue in 2023 was about 159 million yuan, expected to reach about 1.7B yuan in 2025, with a compound annual growth rate of 226.78%; net profit excluding non-recurring gains and losses will turn from a loss in 2023 to a multi-billion-yuan profit in 2025, with gross margins rising from 44.22% to 60.13%. Additionally, reports mention that Yushu Technology is expected to achieve the world's first humanoid robot shipment volume in 2025, with a self-developed core component self-supply rate exceeding 90%.

Therefore, the significance of Yushu Technology's IPO is not just "another tech company going public." It more resembles a signal: domestically produced robots have moved from laboratory demonstrations, internet dissemination, and primary market financing to being priced by the public capital market. Over the past few years, robot companies were often viewed as long-term concepts; now, as humanoid robots, quadruped robots, and embodied intelligent models gradually enter productization, the capital market is re-examining a question: are robots about to usher in their own AI moment?

1. Why is this round of the robotics market worth watching

The core of this robotics market rally is not simply "whether robots will be popular," but that AI is transitioning from pure software to hardware and the physical world. Previously, AI market expansion spread from large models to GPUs, storage, optical modules, PCBs, liquid cooling, and power supplies; if humanoid robots continue to heat up, funds are unlikely to stay only with complete machine manufacturers but will spill over into core components and supply chains.

Recent catalysts are quite dense. Policy-wise, the Ministry of Industry and Information Technology's Standardization Technical Committee for Humanoid Robots and Embodied Intelligence released the "Standard System for Humanoid Robots and Embodied Intelligence (2026 Edition)," which is China's first top-level standard design covering the entire industry chain and lifecycle of humanoid robots. Industry-wise, the Beijing Yizhuang humanoid robot half marathon attracted over 100 teams and more than 300 humanoid robots, moving from a launch event to real-world scenarios. Capital-wise, embodied intelligence financing events and amounts remain high this year, with leading companies like Yushu Technology and Zhiyuan Robot accelerating capitalization.

For the secondary market, what truly matters is: with catalysts in place and industry chain maps gradually clear, the next step is for funds to repeatedly price based on "who benefits, how much, and when will gains be realized."

2. U.S. stocks: focus on three types of leaders

U.S. listed robotics-related stocks are relatively clear, mainly divided into three categories: complete machine narratives, platform providers, and mature commercial companies. The Motley Fool's list of robotics stocks also includes NVDA, TSLA, ISRG, ROK, ZBRA, TER, DE, PATH as representative robotics-related stocks.

The first category is Tesla (TSLA), representing the humanoid robot complete machine leader narrative. Tesla's advantage is not just Optimus itself, but its autonomous driving visual algorithms, batteries and motors, hardware engineering, large-scale manufacturing, and global branding capabilities. If humanoid robots are to move from prototypes to scaled production, Tesla is the most comparable global company. Data shows TSLA has risen about 13.99% in the past month, indicating the market still assigns some value to the Optimus narrative, but the stock price is also influenced by factors like EVs, autonomous driving, and macro risk appetite.

The second category is NVIDIA (NVDA), representing the "selling shovels" in robotics. Robots require training, simulation, inference, and multimodal perception, all backed by computing platforms and development ecosystems. NVIDIA may not produce humanoid robots itself, but it could serve as the underlying infrastructure for robot intelligence training and deployment. Data shows NVDA has risen about 7.86% in the past month, affected by short-term AI market fluctuations, but long-term it remains an important platform for physical AI, robot simulation, and inference.

The third category includes mature robotics and automation companies. Intuitive Surgical (ISRG) represents surgical robots, with a more mature business model, but has fallen about 8.50% in the past month, indicating it is not synchronized with humanoid robot concepts; Rockwell Automation (ROK) represents industrial automation, up about 10.61%; Zebra Technologies (ZBRA) stands for machine vision and automatic identification, up about 12.64%; UiPath (PATH) for software robots/RPA, up about 8.33%. These companies are not pure humanoid robot targets but reflect the maturity direction of the robotics and automation industry.

3. A-shares: robotics market spreading along the supply chain

The characteristic of A-share robotics market is rapid diffusion and high resilience. The market may not only buy complete machines but prefers to find high-value segments along the industry chain. From daily performance data, funds are still rotating around core components and manufacturing links: Inovance (300124) rose about 2.60% today, robotics about 0.89%, with Zhongda Lide hitting the daily limit; Lens Technology, though down about 2.63% today, still rose about 7.31% from open to close or latest; harmonic drives and OB光 (O-Bi) and other previously strong stocks showed declines today, indicating high-level directions are beginning to differentiate.

Current clear observation directions can be summarized into six lines:

First is industrial automation and servo systems. Inovance (300124) is representative, up about 23.03% in the past month. Its highlights are servo, controllers, and industrial customer base, leaning toward "robot's small brain" and motion control. If robots enter manufacturing scenarios in the future, leading automation companies have strong migration advantages.

Second is complete machines and system integration. Robot (300024) rose about 15.14% in the past month, representing traditional industrial robots and system integration. Its appeal lies in high brand recognition and industry position, but whether it can achieve higher valuation depends on further validation of humanoid robot-related business, orders, and scenario implementation.

Third is reducers and precision transmission. Lide Harmonic (688017) surged about 58.31%, Double Ring Drive (002472) up about 16.22%, Zhongda Lide (002896) up about 25.67%, with Zhongda Lide hitting a 10.00% increase today. This segment is the easiest for A-share funds to trade repeatedly because reducers, screws, and precision drives directly relate to robot joints and single-machine value. However, Lide Harmonic's decline of about 3.02% today also indicates increased divergence after high gains.

Fourth is motors and actuators. Mingzhi Electric (603728) rose about 21.28% in the past month, covering control motors, hollow cup motors, etc. Humanoid robot joints require motors, drives, and controls, making actuators a position with strong supply chain elasticity.

Fifth is sensors and vision. OB光 (688322) rose about 48.09%, representing 3D vision; Kelie Sensors (603662) up about 21.64%, representing force sensors. For robots to operate in real scenarios, visual recognition, spatial positioning, and tactile feedback are essential, so "eyes" and "touch" are ongoing fund focuses.

Sixth is structural parts and precision manufacturing. Lens Technology (300433) up about 44.07%, Lingyi iTech (002600) up about 9.56%, Top Group (601689) up about 20.88%, Sanhua Intelligent Control (002050) up about 18.58%. These companies are not all pure robot companies but have foundations in consumer electronics, auto parts, structural components, thermal management, and precision manufacturing. The market is trading on their potential to enter the robot supply chain in the future.

4. Who are the leaders: layered view based on investment logic

The robotics sector is hard to define a single leader. Based on investment logic, at least four categories are needed.

Complete machine leaders include Tesla and domestic top companies. Globally, Tesla; domestically, Yushu Technology, UBTECH, Zhiyuan Robot, etc. Yushu Technology's IPO is significant because it combines product exposure, revenue growth, profit improvement, and capitalization process, representing the transition of domestic humanoid robots from concept to market pricing.

Platform leaders are NVIDIA. If robots are the carriers of AI entering the physical world, then training, simulation, and inference platforms are the underlying infrastructure. NVIDIA's advantages lie in computing power, software stack, and developer ecosystem, similar to the GPU mainline in AI markets.

Commercialization leaders include Intuitive Surgical. It demonstrates that robots can form high-barrier business models. Although surgical robots differ from humanoid robots, it shows that robot investments ultimately need to focus on real scenarios, payment capability, and sustained revenue.

A-share resilience is in the supply chain. Inovance leans toward motion control; harmonic drives, double ring drives, Zhongda Lide lean toward reducers and drives; Mingzhi Electric toward motors; OB光 and Kelie Sensors toward perception; Lens Technology, Lingyi iTech, Top Group, Sanhua Intelligent Control toward structural parts and manufacturing migration. Short-term high-gain directions should be checked for key customers, mass production orders, and the proportion of robot-related business.

5. What future funds may focus on

If the robotics market continues to develop, funds are likely to expand along the AI market logic: first complete machines and leaders, then core components, and finally orders and performance realization.

Five key directions to watch are:

1. Computing power and edge AI, corresponding to the "brain" of robots;
2. Servo systems and motion control, corresponding to the "small brain";
3. Reducers, screws, motors, and actuators, corresponding to robot joints and limbs;
4. 3D vision, lidar, force sensors, and tactile sensors, corresponding to perception capabilities;
5. Structural parts, lightweight materials, heat dissipation, batteries, and precision manufacturing, corresponding to mass production cost reduction.

Among these, the most flexible in A-shares are segments with high single-machine value, large domestic substitution space, and clear customer validation. That is, future investments should not only consider whether a company is a concept but whether it is truly involved in key segments, holds a supply chain position, and can move from samples to mass supply.

6. Risk warning: Short-term sentiment already high

While robotics is a long-term industry trend, short-term stock prices already reflect many expectations. Especially for reducers, vision, sensors, and some structural parts, recent gains are large, and after trading becomes crowded, divergence may occur.

Main risks include: first, after the IPO and other catalysts land, the sector may see short-term profit-taking; second, humanoid robot mass production progress may fall short of expectations, with orders still at prototype or small batch stages; third, some listed companies have low robot business proportions, so concept elasticity exceeds performance elasticity; fourth, technical routes are still evolving, with possible repeated switches among reducer, screw, sensor, and dexterous hand solutions; fifth, high-valuation stocks may have mismatched valuations and performance, vulnerable to market risk appetite declines.

Overall, Yushu Technology's IPO provides clear catalysts for the robotics sector, but investment should not only chase events. A more prudent approach is to observe: in U.S. stocks, the global pricing of Tesla and NVIDIA; in A-shares, validation of core components and supply chains; in the short term, fund rotation; mid-term, order flow; long-term, mass production and cost curves.

Risk warning: This article is for industry overview and writing reference only and does not constitute any investment advice. The market data mentioned are sample point data; before official release or investment decisions, please refer to the latest announcements, exchange disclosures, and real-time quotes.