Yushu Technology has simultaneously accelerated its IPO push and critical offline channel expansion within just 73 days, launching a lightning-fast battle for capital and distribution in the embodied intelligence arena.

On March 20, the Sci-Tech Innovation Board officially accepted Yushu Technology’s IPO application; on June 1, the Shanghai Stock Exchange’s Listing Committee reviewed and approved its initial public offering. From application to approval in only 73 days, Yushu Technology has set a new record for the fastest approval pace in the Sci-Tech Innovation Board over the past two years.

During these 73 days of IPO sprinting, Yushu’s offline channel expansion also surged forward: In April, the company opened its first flagship store in Beijing’s Wangfujing; by late May, Asia’s first embodied intelligence experience center debuted at Jing’an Jinguang in Shanghai. Yushu’s Chief Marketing Officer, Wang Qixin, publicly stated that the company plans to establish additional offline flagship stores in other major cities in the future.

Beneath Yushu Technology’s dual-track strategy of going public and expanding channels lies an increasingly intense industry competition. According to incomplete statistics from Tianyancha and Qichacha, there have been over 200 disclosed funding events in the fields of embodied intelligence and robotics, with total fundraising exceeding 30 billion RMB—demonstrating a rapid influx of capital into this sector.

Not content with merely becoming “the first stock in embodied intelligence robots,” Yushu is now racing to trade speed for market space. Yet, in a sector driven by both capital and technology, can early-mover advantage be transformed into sustainable competitive moats?

Humanoid Robots Accelerate Offline Integration

In 2013, Tesla opened its first experience center in Beijing’s Oriental Plaza, launching trial operations in November and officially opening to the public. At that time, electric vehicles were still a niche and unfamiliar product category both domestically and globally.

In 2014, Tesla completed its first delivery of Model S in China. As the global benchmark for new energy vehicles, Tesla’s arrival acted like a “catfish” in the ecosystem—enabling Chinese consumers to directly experience the form factor of intelligent EVs and unlocking unprecedented growth potential across the entire industry.

Subsequently, Chinese-born NEV startups such as NIO, XPeng, and Li Auto rose rapidly, collectively driving the global automotive industry’s electrification transformation.

This first-mover advantage enabled Tesla to quickly build an irreplicable brand recognition and user loyalty. Thirteen years later, its market dominance remains formidable: in Q1 2026, Tesla secured the top spot in global pure-electric vehicle sales with a 12.9% market share.

Tesla’s entry into China was powered by offline experiences that educated the market and converted users. Today’s humanoid robots are replicating this essential path.

Although Yushu Robotics went viral online through various performance videos, for the vast majority of ordinary consumers, it remains confined to stages, screens, and tourist attractions—a mere “performer.” People cannot touch or operate the product as they would a smartphone or car.

Even robot leasing agents must purchase units outright before gaining access to demo opportunities. A robot leasing operator in Hangzhou told TechStar that demand surged after humanoid robots gained popularity, but offline experience channels remain missing: “We can only rent via official platforms or place pre-orders to gain deep usage.”

Now, at Yushu Technology’s first physical experience center in Shanghai, ordinary consumers can finally get close-up, hands-on interaction with its robotic products. User reviews on Dianping indicate that both humanoid robots and quadruped robots support live demonstrations and interactive operation on-site.

A consumer who visited the store on opening night told TechStar: “The store was packed. The space isn’t large, but you mainly see the robot dance performances.”

It’s not just Yushu. Earlier, MagicBot humanoid robots from Magic Atom had already entered the Zowee flagship store at Nanjing deji Plaza; last year, AIYU Robotics launched its first open-access embodied intelligence experience center in Wuxi, using ticket pricing between 59.9 and 148 RMB per person to blend brand exposure with cultural tourism consumption. According to public information, AIYU’s first JD offline store will open in Shanghai on June 13, moving beyond mere display into integrated retail operations.

Mass Production Outpacing Market Demand: Where Is the Sales Path for Humanoid Robots?

The collective rush into offline channels stems from the fact that the embodied intelligence industry is poised to enter the era of ten-thousand-unit mass production by 2026.

At the end of March, AIYU delivered its 10,000th general-purpose embodied robot—the leap from 5,000 to 10,000 units achieved in under four months, accelerating production capacity by fourfold. Shenshi Technology completed its 10,000th unit in just 10 months. Yushu’s H1 pure bipedal humanoid robot has surpassed 11,000 units in cumulative production, becoming the world’s first single model to break the ten-thousand-unit threshold in general-purpose humanoid robots.

Wang Xingxing, founder of Yushu Technology, stated in February that the company aims to ship between 10,000 and 20,000 units annually by 2026.

Beyond these three, industry leaders such as Ubtech and Songyan Power have also set ten-thousand-unit deliveries as core targets for 2026. Ten thousand units have become the widely recognized benchmark for scale in the humanoid robot industry.

However, the rapid ramp-up of production capacity is forcing the industry to confront a sharper question: Can market demand keep pace?

Counterpoint Research data projects that global installed base of embodied intelligence systems will exceed 100,000 units by 2027.

More realistically, current demand for humanoid robots is almost entirely concentrated in B2B segments.

Yushu Technology’s prospectus reveals that from 2023 to Q3 2025, the vast majority of its humanoid robots were sold to research institutions, universities, and enterprise clients.

In Q3 2025, Yushu’s revenue breakdown was: 73.6% from scientific research and education, 17.4% from commercial consumption, and only 9% combined from industrial applications and smart manufacturing. Of that less-than-10% industrial segment, a significant portion stemmed from corporate tours—actual revenue from real-world production scenarios like smart manufacturing and intelligent inspection amounted to only about 15.7 million RMB in the first three quarters.

A channel sales representative in the embodied intelligence sector told TechStar that while university research clients are numerous, individual orders remain small—typically one to two units, rarely exceeding five. This demand segment is nearing saturation.

If reliance on B2B research and commercial use alone persists, it will be impossible to sustain future large-scale production capacity. This explains why all leading players pushing ahead with mass production are simultaneously accelerating their offline channel strategies.

Industry insiders note that before actual production capacity is fully unleashed, brands must first establish viable sales and experience pathways. However, this offline race carries hidden risks from the outset. One robot distributor told TechStar that selling high-end humanoid robots priced at tens of thousands of RMB to average consumers is virtually impossible today: “No product currently truly fits into home or daily work environments.”

In his view, consumer-grade robotic dogs and companion robots may partially meet emotional needs, but humanoid robots have yet to validate clear consumer (C2C) use cases.

Volatility in Performance, Giants Enter the Arena

Based on a rough estimate of issuing 10% new shares and raising 4.202 billion RMB, Yushu Technology—“the first stock in humanoid robots”—is valued at approximately 42 billion RMB. It will not only become the first A-share listed company in China with humanoid robot hardware as its core business, but also provide the first clear valuation anchor for the embryonic embodied intelligence industry.

Yet this seemingly dazzling valuation rests on a harsh industry reality: among all currently profitable embodied intelligence companies, none derive their core profits from the much-hyped humanoid robots.

In 2024, Yushu achieved its first profit turnaround, reporting non-recurring net profit attributable to shareholders of 77.5 million RMB. That year, its quadruped robots contributed 230 million RMB in revenue, while humanoid robots brought in only 110 million RMB.

Similarly, another embodied intelligence player, Yunshenchu, leveraged mature deployments of quadruped robots in security patrols, industrial logistics, and consumer entertainment to achieve 337 million RMB in revenue and turn a profit of 28.68 million RMB in 2024.

Quadruped robots, benefiting from lower technical barriers and clearer commercial demand, have emerged as the industry’s current “cash cow.”

Although in 2025, humanoid robot revenue accounted for approximately 51.78% of Yushu’s total, surpassing quadruped robots to become the company’s largest revenue source for the first time,

in terms of shipment volume, quadruped robots still dominate the output base. Yushu’s humanoid robots rose from just 5 units sold in 2023 to 5,215 units in 2025; meanwhile, quadruped dog shipments surged from 2,403 units in 2022 to 23,037 units in 2025.

Although Yushu has not yet disclosed Q1 2026 shipment breakdowns, revenue performance suggests the high-growth momentum of 2025 is no longer sustainable. In Q1 2026, Yushu’s revenue reached 423 million RMB, with year-on-year growth slowing to 68.49%; non-recurring net profit fell to 40.25 million RMB—nearly halved compared to the same period last year—and net margin plunged dramatically.

The prospectus lists only original players like Tesla, AIYU, and Ubtech as competitors. But today’s competitive landscape has long transcended these native players. In 2026, Tesla and AIYU accelerate humanoid robot mass production; BYD officially enters the arena; supply chain giants such as Luxshare and Huaqin enter with cost advantages; internet giants also engage through investment and in-house R&D across the board.

With industry titans crossing over into the field, Yushu faces volatile financial performance compounded by mounting pressure from market giants. Without swiftly establishing broader commercialization scenarios for humanoid robots, its valuation may struggle to remain stable over the long term.

This article is originally published on WeChat Official Account "TechStar" (ID: tech618), authored by Ren Xueyun, and authorized for publication by 36Kr.

Source: 36Kr