Investment Circle's Common Answer: Unitree

Author: Li Bing, Rongzhong Finance

Original Title: Half of the Investment Circle Is Thanking Yushu

“The first A-share humanoid robot company,”

It’s coming.

“Thank you for giving us the opportunity to invest in Yushu five years ago.”

At Xiaomi’s March 19th launch event, Lei Jun told Wang Xingxing in front of the entire audience, “Thank you for giving us the chance to invest in Yushu five years ago.” The next day, March 20th, the Shanghai Stock Exchange official website showed that Yushu Technology’s Sci-Tech Innovation Board IPO application had been officially accepted.

The timing is so precise that it makes people marvel—Lei Jun’s vision is truly sharp. The money invested five years ago is now about to turn into a stock everyone wants to hold.

This is not an exaggeration. According to IT Juzi data, as of March 20, 2026, there have been 207 funding events in China’s robotics sector this year, including 133 in humanoid robots, with a total of 115 companies receiving funding. Among all these first-tier market robotics companies, Yushu is the only one that is profitable, with a gross margin approaching 60%, the world’s leading shipment volume of humanoid robots, and has officially opened the door to A-shares.

The prospectus states clearly: by 2025, revenue will be about 1.708 billion yuan, a year-on-year increase of 335%; net profit after deducting non-recurring gains and losses will exceed 600 million yuan; and it plans to raise 4.202 billion yuan. Even more impressive, Yushu will be profitable in 2024, with a gross margin reaching 60.27% in 2025. Both humanoid and quadruped robots will have gross margins over 60%. Most peers are still losing money or have gross margins below 30%. Of the 4.2 billion yuan to be raised, over 2 billion will be invested in core technologies such as embodied large models, and capacity will be expanded to produce 75,000 humanoid robots and 115,000 quadruped robots annually.

While peers are still burning investor funds to develop prototypes, Yushu has already sold 5,500 humanoid robots, with an average selling price of 167,600 yuan, maintaining a gross margin of 62.9%.

This is the brutal rule of hard technology—who can turn laboratory technology into products that users are willing to pay for will gain the highest pricing power in the capital market.

From Quadruped to Humanoid, Yushu’s “Product Transition”

Looking at Yushu’s revenue structure, you will see a clear strategic transformation trajectory.

In 2022, the company’s main business revenue was 121 million yuan, with quadruped robots accounting for 76.57%, making them the absolute main force. At that time, Yushu was still seen as “a maker of robotic dogs.” To date, Yushu has sold over 30,000 quadruped robots worldwide, holding the top global market share, with steady cash flow and scaled production.

In August 2023, Yushu launched its first full-sized humanoid robot, H1. That year, only five units were sold, generating 2.9671 million yuan in revenue, which can be considered negligible.

In 2024, the medium-sized humanoid robot G1 was officially mass-produced, starting at 99,000 yuan. It became Yushu’s first scalable general-purpose humanoid robot, marking a key step in commercializing humanoid robots. That year, Yushu achieved profitability.

The turning point came in 2025. Early that year, 16 units of H1 humanoid robots appeared on the CCTV Spring Festival Gala, performing a fully AI-driven group dance in director Zhang Yimou’s program “Yang BOT.” Founder Wang Xingxing personally appeared on stage to support. Overnight, “humanoid robots” became a hot topic in tech discussions.

By the first three quarters of 2025, Yushu’s humanoid robot sales revenue reached 595 million yuan, accounting for 51.53%, surpassing quadruped robots (488 million yuan, 42.25%) for the first time. In terms of sales volume, 3,551 units of humanoid robots were sold, 8.6 times the total in 2024.

From 5 units to 3,500 units in just two years.

More importantly, the price trend. The average selling price of humanoid robots dropped from 593,400 yuan in 2023 to 260,700 yuan in 2024, and further to 167,600 yuan in the first three quarters of 2025. Yushu explained in the prospectus that this is due to product structure changes (G1 priced lower) and active price adjustments aimed at “building long-term competitive advantages.”

They are exchanging cost-performance ratio for scale, scale for data, and data for technological iteration at an accelerated pace.

This approach has already been validated in the quadruped robot market. Yushu has sold over 30,000 quadruped robots globally, leading the market. Now, they are replicating this path in the humanoid robot sector.

Wang Xingxing’s ambition is not limited to this. In a recent public speech, he declared: “Humanoid robots will surpass Bolt in mid-2026.” Bolt’s 100-meter world record is 9.58 seconds, corresponding to a speed of about 10.4 meters per second. Yushu’s H1 has already achieved speeds over 5 meters per second in training.

Can it be achieved? At least, Yushu has convinced the market of this possibility.

Luxurious Shareholder List: Half of the Hard Tech Investment Circle Is On Board

Yushu’s IPO has caused a stir across the industry, not only because of its performance but also because of its “all-star” shareholder list.

Founder Wang Xingxing directly holds 23.82% of shares, with an indirect holding of 10.94%, making him the controlling shareholder. However, through special voting rights arrangements, he effectively controls 68.78% of voting rights.

Institutional investors include Meituan’s affiliates (Han Hai Information, Galaxy Z, Chengdu Longzhu), holding about 9.6488%, making them the largest shareholders besides Wang Xingxing and the equity incentive platform Shanghai Yuyi. Sequoia China (Ningbo Sequoia, Xiamen Yaheng) holds about 7.1149%. Matrix Partners (Matrix No.1, No.3) owns about 5.4528%.

More notably, internet giants are entering. Tencent Technology directly owns 0.5986%, and Alibaba’s Hangzhou Haoyue and Ant’s Shanghai Yunrang are also involved. It’s rare in the capital market for two major camps to bet on the same robotics company.

In terms of industry capital, BYD, Geely, China Mobile’s funds, Beijing Robotics Industry Development Fund, Shenzhen Venture Capital, Jinsi Investment (CITIC Securities subsidiary), and others have all invested. The national team, industry players, and financial investors are all present.

This list sends two key signals:

First, the sector consensus has been formed. From early-stage pure financial investments (Shunwei, Sequoia) to later-stage industry capital (BYD, Meituan) and national funds, it shows that robotics is increasingly regarded as a strategic national industry. BYD’s involvement hints at automotive scenarios, while Meituan’s participation points to logistics and delivery potential.

Second, valuation premium capability is very strong. Despite tightening liquidity in the primary market, Yushu continues to attract dense capital inflows, proving its scarcity as an industry leader. By 2025’s Series C funding, the post-investment valuation exceeded 10 billion yuan. Now, as it prepares for IPO, the market cap is expected to be even higher.

Lei Jun’s investment via Shunwei Capital five years ago will likely yield a high return. No wonder Lei Jun personally thanked Wang Xingxing—this is probably one of Xiaomi’s most successful early investments in recent years.

Yushu Is the First

Yushu is the first humanoid robot company to officially submit an application to the Sci-Tech Innovation Board.

According to public information, over 20 robotics companies, including Leju Robotics, Yunshenchu, Stand, Youai Zhihé, Luoshi, Xian Gong Intelligent, Atomu, Jiazhi Technology, Kanopu, and Jiuwu Intelligent, have clear plans to go public. Yushu, as the first to reach the finish line, coincides with the 10th anniversary of its founding on March 20, 2026.

What does this “first” mean?

First, the scarcity premium of being the “first humanoid robot stock” in A-shares. Although Hong Kong-listed companies like Ubtech (listed December 2023) and Yuejiang (listed December 2024) exist, the valuation logic for hard tech companies in the A-share market is completely different. The liquidity, institutional allocation needs, and the “domestic substitution” narrative of the Sci-Tech Innovation Board make Yushu one of the most scarce targets right now.

Second, the establishment of industry valuation benchmarks. The issuance price, P/E ratio, and market performance of Yushu will directly influence the valuation expectations of subsequent companies in the queue. If Yushu can achieve high premiums, the entire industry will benefit; if the market reacts tepidly, later companies may have to adjust expectations.

Third, the opening of capital exit channels. Over the past two years, funding in the robotics sector has been hot, but exit channels have been limited. The success of Yushu’s IPO provides a model for early investors to exit, making subsequent financing and M&A activity in robotics more active.

But risks also exist. The prospectus admits: “Given that embodied large model technologies are still in R&D and testing stages worldwide, the company has not yet scaled the self-developed general embodied large models for robot products during the reporting period.” However, Yushu has prepared by open-sourcing WMA and VLA, two major embodied large models, positioning itself ahead of future technological directions.

This is a common bottleneck faced by the entire industry. Yushu breaks down robot capabilities into “brain” and “small brain”—the small brain handles movement control (running, jumping, somersaults), while the brain handles understanding, interaction, and autonomous decision-making. Currently, Yushu’s small brain is industry-leading, but the big brain is not yet mature. Without a mature big brain, robots can only execute preset instructions and cannot truly understand environments or autonomously plan tasks.

When this technological bottleneck is broken through will determine whether general-purpose robots can move from labs to factories and homes, and will also set the valuation ceiling after Yushu’s listing.

2026, Star Companies’ “Multiple Rounds of Financing” Become Normal

Looking at the entire robotics sector, the financing frenzy in 2026 is expected to be crazy.

According to IT Juzi data, as of March 20, 2026, there have been 207 funding events in the robotics sector, including 115 in humanoid robots, totaling 133 rounds of financing.

A notable trend: the pace of financing for star companies is accelerating, with larger single-round amounts.

Zhiyuan Robotics, with a recent valuation exceeding 15 billion yuan. Its subsidiary Zhiding Robotics completed several hundred million yuan in Series A financing in February, with investors including Shenzhen Investment Holdings, Leke Electric, and others.

Galaxy General Robotics completed a 2.5 billion yuan B+ round in March, with a post-investment valuation of 22.5 billion yuan. Investors include the National Integrated Circuit Industry Investment Fund, SMIC Juyuan, Yizhuang State Investment, Bank of China, Sinopec Capital, and others—“national team” lineups.

Lingchuang Intelligent completed 2 billion yuan Pre-A financing in March, with a post-investment valuation of 8 billion yuan.

Pasinie completed 1 billion yuan B round in March, with a valuation of 10 billion yuan.

Xingdong Jiyuan completed 1 billion yuan strategic financing in March, with a valuation of 10 billion yuan.

Another noteworthy event: on March 18, the robot leasing platform “Qingtian Leasing” completed several hundred million yuan in angel round financing, with investors including Lehua Entertainment and Mingjia Capital—the investment firm co-founded by Huang Xiaoming. Lehua Entertainment, as an idol agency, is also entering the robot leasing track.

After the Spring Festival Gala, Yushu humanoid robot sales “surged.” When robots start performing Yangge dance and martial arts, they become entertainment and traffic commodities. Entertainment capital has sensed this opportunity.

Funding rounds are also moving forward rapidly. Many companies, founded less than a year ago, have completed multiple rounds of financing—Pre-A, A, and A+ rounds in quick succession. Companies like Shenqiong Xinghe, Lingyu Intelligent, Luobo Party, Gesome Technology, and others completed angel or Pre-A rounds in March, with amounts ranging from tens of millions to hundreds of millions of yuan.

The underlying logic: the sector is too hot, funds are abundant, good projects are scarce. Institutions are rushing to avoid missing out.

In Conclusion

Returning to Lei Jun’s moment of thanking Wang Xingxing.

On the surface, it’s an investor thanking the founder for the investment opportunity. But deeper down, it’s a recognition: Yushu proved that the humanoid robot sector is truly valuable, and Wang Xingxing’s leadership made the possibility of all-in bets paying off.

Yushu’s IPO has expanded the market’s imagination for hard tech companies in A-shares and paved the way for more than 20 other companies in the queue.

Of course, challenges remain. The “big brain” technology is still immature, overseas trade environments are complex, and industry competition is intensifying. These risks are clearly stated in the prospectus. But the market is willing to price in these risks because everyone believes—embodied intelligence is the ultimate form of AI.

In the “Statement to Investors” in the prospectus, Wang Xingxing wrote: “2026 marks the tenth anniversary of Yushu Technology. Over the past decade, we have always held our original aspiration, dreaming of using technology to advance human society. Now, we are on the eve of a breakthrough in global AI and embodied intelligence, at the dawn of a more advanced civilization.”

This narrative may sound grand, but when a founder of a company about to go public says it, it’s hard not to be inspired. After all, in 2025, Yushu sold 5,500 robots, achieved 1.7 billion yuan in revenue, and maintained a gross margin of 60%.

And for early investors in Yushu, there’s only one thing to do:

Thank Wang Xingxing, then wait to count the money.