Yushu Technology (宇树科技) IPO Ignites A‑share Rally in Humanoid‑Robot Suppliers

IPO accepted, humanoid shipments surge

It has been reported that Shanghai Stock Exchange has accepted the STAR Market (科创板) IPO application of Yushu Technology (宇树科技), with the company seeking to raise more than RMB 4.2 billion. Founded in 2016 as a four‑legged robot specialist, Yushu pivoted into humanoid machines in 2023 and — reportedly boosted by high‑profile appearances including China’s CCTV Spring Festival Gala — shipped over 5,500 humanoid units in 2025, a milestone investors view as proof of commercial scale. The prospectus shows rapid growth: a 2022–2024 compound annual revenue growth rate of 78.7% and 2025 Jan–Sep revenue and adjusted net profit already above 2024 full‑year levels.

Upstream winners see profits rebound — who benefits?

The IPO filing has acted as a litmus test for the robot supply chain, and winners are clear. Precision reducer and joint suppliers such as Zhongda Lide (中大力德), Mingzhi Electric (鸣志电器) and Changsheng Bearing (长盛轴承) have seen earnings upgrade signals as reducer, motor and bearing demand recovers; harmonic reducer leader Lvde Xiebo (绿的谐波) reported RMB 569m revenue and RMB 125m net profit in 2025, up strongly year‑on‑year. Orbbec (奥比中光‑UW), a leading 3D‑vision firm, has also turned profitable as demand for vision and spatial‑perception modules ramps. Which parts matter most? Reducers and hollow‑cup motors — the latter a high‑barrier component dominated by a handful of global players — are now the focal points of supplier re‑rating.

Market outlook and geopolitical context

Global research firms forecast a large addressable market by 2030, and Chinese forecasters expect domestic humanoid demand to form a substantial share. But the industry remains early stage — large unit volumes are not guaranteed. It has been reported that analysts expect significant growth in reducer and motor markets if humanoid adoption accelerates, yet many sensing‑and‑materials firms are still in a pre‑order investment phase. Geopolitics matters too: Beijing’s push for domestic supply‑chain resiliency comes amid Western export controls and broader tech "decoupling," adding urgency to localising robotics ecosystems and turning A‑shares into a key battleground for that industrial strategy.