One share brought in 474,600 yuan! Yushu Technology has become the most profitable new stock in both the Shanghai and Shenzhen stock markets since the implementation of the comprehensive registration system.
On August 19th, Yushu Technology Co., Ltd. (hereinafter referred to as "Yushu Technology") officially listed on the STAR Market of the Shanghai Stock Exchange, becoming the "first person-shaped robot company" listed on the A-share market. The issue price of this stock was 150.80 yuan per share, with an issue price-to-earnings ratio of 219.23 times. At 9:30 a.m. on the same day, the company held a listing bell-ringing ceremony at the Shanghai Stock Exchange. The opening price was 1,100 yuan per share, with a 629.44% increase compared to the issue price, and the total market value soared to 444.9 billion yuan.
Based on the issue price, the cost of a single subscription (500 shares) was 75,400 yuan. At the opening price, the corresponding market value of the held shares was 550,000 yuan, and the floating profit for the winning investors was approximately 474,600 yuan. This single subscription profit exceeded the 456,560 yuan single subscription profit of Shanghai Fenzuan Laser Technology Co., Ltd. that was listed on the same day, making Yushu Technology the most profitable new stock in both the Shanghai and Shenzhen stock markets since the implementation of the comprehensive registration system. This public offering included 40.446 million shares, with a total share capital of approximately 404 million shares after issuance, corresponding to an issue market value of 60.99 billion yuan, and the expected fundraising amount was 6.099 billion yuan. During the issuance stage, there were approximately 9.7846 million investors participating in the online subscription, setting a new record for the STAR Market. The final online issuance success rate was 0.01809759%. In the initial stage of listing, the number of unrestricted tradable shares was 30.08772 million shares, accounting for 7.44% of the total share capital after issuance.
Ten years of hard work have produced a masterpiece - the sales volume of humanoid robots has ranked first worldwide.
According to the data, Yushu Technology was established on August 26, 2016. Its predecessor, Yushu Limited, was restructured as Hangzhou Yushu Technology Co., Ltd. on May 28, 2025. The company's tenth anniversary was in 2026. The company is a high-performance general robot enterprise specializing in the research, production and sales of high-performance general humanoid robots, quadruped robots, robot components and embodied intelligent models. The core components have a self-developed and self-produced rate of over 90%. It has built technical barriers in key links such as motors, reducers, and controllers. The company was the first in the world to achieve public sales and industry implementation of high-performance quadruped robots. In 2025, the number of humanoid robots shipped exceeded 5,500 units, with a global market share of 32.4%, making it one of the few enterprises in the industry to achieve large-scale profitability.
In terms of performance, from 2023 to 2025, the company's revenue was 159 million yuan, 392 million yuan, and 170.8 million yuan respectively; the non-pretax net profit changed from a loss of 18.02 million yuan to a profit of 591 million yuan. In the first half of 2026, the company achieved revenue of 1.152 billion yuan, an increase of 48.54% year-on-year; the net profit attributable to the parent company was 274 million yuan, compared with a loss of -32.0245 million yuan in the same period last year, achieving a year-on-year profit recovery; the non-pretax net profit was 244 million yuan, a year-on-year decrease of 19.34%. In the first three quarters of 2025, the revenue from the research and education field in the humanoid robot sector accounted for 73.60%.
The listing of Yushu Technology is regarded by the market as a sign that the industry has moved from "burning money to tell stories" to a new stage of "profit verification". Jian Yin International previously calculated a reasonable market value of the company at approximately 109 billion yuan based on a target price-to-sales ratio of 32 times in 2026; the report of Guo Xin Securities pointed out that the core assumption of the extremely high price-earnings ratio is that Yushu Technology needs to grow at a rate far exceeding the industry average in the coming years to absorb the current valuation. This price is not entirely for the 2026 performance, but for the forward discounting of the long-term space of humanoid robots by the market. Before the listing, some industry insiders believed that with the humanoid robot industry entering an acceleration stage, the market value of Yushu after listing could reach over 200 billion yuan, but the opening total market value of 44.49 billion yuan on the first day of listing far exceeded market expectations.
From quadruped to humanoid, towards a universal platform for embodied intelligence
From the perspective of industrial coordinates, Yushu Technology carries three historical stages: one is the commercialization of verified quadruped robots, another is the entry into large-scale delivery of humanoid robots, and the third is the extension towards a universal platform for embodied intelligence. Professor Gao Peng from the School of Mechanical and Power Engineering at Shanghai Jiao Tong University stated that Yushu has rapidly gained international recognition in recent years, and its advantages in motion control and cost control of hardware manufacturing have indeed been formed. However, from the perspective of the entire quadruped robot industry, it is still in the transitional stage from "able to walk and jump" to "really usable".
The strategic investor lineup of this listing also includes DeepSeek from Hangzhou, which is deeply involved. This shows the collaborative advantages of Hangzhou in cutting-edge fields such as embodied intelligence and general large models. Yushu Technology is a typical hard-tech enterprise that started in Binjiang District, Hangzhou. Its successful listing has brought the total number of listed companies in Binjiang District to 78. A group of hard-tech enterprises represented by the "Hangzhou Six Dragons" are accelerating their rise in cutting-edge fields such as artificial intelligence, robotics, and brain-computer interfaces. Yushu Technology is a typical representative among them. Currently, Hangzhou is fully committed to striving to become the "first city in China for the innovation and development of artificial intelligence".
On the day of Yushu Technology's listing, it coincided with the opening of the 2026 World Robot Conference in Beijing. Chairman Wang Xingxing of Yushu Technology previously stated that listing is the new starting point for the company, and in the future, it will actively explore more product forms and models of humanoid robots and quadruped robots, promoting robots to move from the laboratory to various industries.
