Hangzhou Yushu Technology Co., Ltd. (referred to as Yushu Technology) has publicly disclosed its A-share prospectus, marking a full push for an IPO on the STAR Market.
Compared to many robotics hardware companies, Yushu Technology's performance, profit margins, and market share in specific segments are notably strong. However, Yushu Technology's full-year R&D expenses during the reporting period were consistently below 1 billion yuan, lower than comparable peers. Furthermore, its R&D expense ratio has declined significantly over the past two years and is notably lower than that of comparable companies. Specifically, Yushu Technology's total R&D expenditure over three full fiscal years was only one-ninth of the amount spent by UBTECH ROBOTICS during the same period.
Yushu Technology's prospectus mentions "full-stack" independent R&D 22 times, claiming comprehensive in-house development of core robotic model algorithms, intelligent systems, and key components such as high-performance motors, reducers, dexterous hands, and LiDAR. Interestingly, despite this extensive claimed R&D, Yushu Technology holds only 262 patents in total. Among its 169 domestic patents, only 20 are invention patents. In contrast, UBTECH ROBOTICS held 2,790 authorized patents as of the first half of 2025, with invention patents accounting for over 55% of the total, surpassing Yushu Technology's portfolio.
Yushu Technology specializes in the R&D, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robotic components, and embodied AI models. In 2025, the company's humanoid robot shipments exceeded 5,500 units (pure humanoid, excluding wheeled dual-arm robots), ranking first globally in shipment volume.
From 2022 to 2025, Yushu Technology reported revenues of 123 million yuan, 159 million yuan, 392 million yuan, and 1.708 billion yuan, respectively. Net profit attributable to shareholders shifted from losses of 22 million yuan and 11 million yuan in 2022 and 2023 to profits of 95 million yuan and 288 million yuan in 2024 and 2025, achieving a rapid turnaround and substantial profitability. In 2025, the company's adjusted net profit reached 600 million yuan.
Compared to peers (the prospectus cites UBTECH ROBOTICS and Yuejiang as comparable companies), Yushu Technology achieved significant profitability quickly. UBTECH ROBOTICS reported net losses of 975 million yuan, 1.234 billion yuan, 1.124 billion yuan, and 414 million yuan for 2022, 2023, 2024, and the first half of 2025, respectively, accumulating losses of 3.75 billion yuan over three and a half years. Yuejiang reported net losses of 52 million yuan, 103 million yuan, 95 million yuan, and 41 million yuan for the same periods, totaling 290 million yuan in losses over three and a half years.
Yushu Technology's gross margin is also significantly higher than its peers. From 2022 to 2024 and the first three quarters of 2025, Yushu's gross margins were 44.94%, 44.75%, 56.98%, and 59.83%, respectively, showing a substantial upward trend. In comparison, UBTECH ROBOTICS reported gross margins of 29.16%, 31.53%, and 28.65% for 2022-2024, while Yuejiang reported 40.75%, 43.54%, and 46.56% for the same years, both notably lower than Yushu's figures.
Yushu Technology attributes its higher comprehensive gross margin versus listed peers to differences in product mix and application scenarios, as well as superior cost control capabilities. The company stated that its long-standing commitment to a full-stack in-house R&D approach for complete robots and core components has enabled vertical integration of the supply chain, significantly reducing material procurement and manufacturing costs. Mass production has further strengthened its bargaining power with upstream suppliers, creating a sustained cost advantage.
Despite rapid revenue growth, achieving substantial profitability while peers report heavy losses, and adhering to a full-stack R&D strategy, Yushu Technology's R&D expenditure paints a different picture. Many investors expected its R&D spending and ratio to far exceed industry averages, with intangible assets like invention patents leading significantly. However, its full-year R&D expenses during the reporting period remained below 1 billion yuan, only one-ninth of UBTECH ROBOTICS's spending, and its R&D expense ratio has declined sharply, falling significantly below the average of comparable companies.
From 2022 to 2024 and the first three quarters of 2025, Yushu Technology's R&D expenses were 30 million yuan, 50 million yuan, 70 million yuan, and 90 million yuan, respectively, with R&D-to-revenue ratios of 24.39%, 31.39%, 17.84%, and 7.73%. Over the three full fiscal years from 2022 to 2024, Yushu's total R&D spending was only 1.5 billion yuan, averaging 500 million yuan annually, without exceeding 1 billion yuan in any single year.
In contrast, comparable peer UBTECH ROBOTICS reported R&D expenses of 428 million yuan, 491 million yuan, and 478 million yuan for 2022-2024, totaling 13.97 billion yuan over three years, which is 931% of Yushu's total for the same period. Another peer, Yuejiang, reported R&D expenses of 52 million yuan, 71 million yuan, and 72 million yuan for 2022-2024, totaling 1.94 billion yuan, also higher than Yushu's 1.5 billion yuan.
According to Wind data, other A-share listed companies involved in "robotics hardware" business, such as Bosi Shares, Estun, Siasun, and Topstar, each had total R&D expenses exceeding 370 million yuan from 2022 to 2024, with annual R&D spending surpassing 1 billion yuan each year.
The average R&D expense ratios for UBTECH ROBOTICS and Yuejiang from 2022 to 2024 were 32.04%, 35.53%, and 27.92%, respectively, higher than Yushu Technology's figures for the same periods. In the first half of 2025 (Q3 data not published), UBTECH ROBOTICS and Yuejiang reported R&D expenses of 218 million yuan and 41 million yuan, representing 35.1% and 26.7% of their respective revenues for the period, both higher than Yushu Technology's 7.73% R&D ratio for the first three quarters of 2025 (H1 2025 data not available).
Yushu Technology explained that its R&D-to-revenue ratio was within the range of listed peers in 2022 and 2023. The decline in 2024 and the first nine months of 2025 was primarily due to rapid revenue growth outpacing the reasonable increase in R&D expenses, leading to a relatively lower R&D expense ratio under scale effects.
Yushu Technology's prospectus emphasizes "full-stack" in-house R&D 22 times, citing development of core robotic model algorithms for embodied AI, reinforcement learning, and motion control; intelligent systems for thermal management, energy management, and motor drives; and key robotic components like high-performance motors, reducers, dexterous hands, LiDAR, and various sensors.
Conventionally, such extensive full-stack R&D on core algorithms, systems, and components like reducers, dexterous hands, and LiDAR would imply high R&D expenditure and a substantial portfolio of intangible assets like patents. However, Yushu's R&D spending from 2022-2024 was only one-ninth of UBTECH ROBOTICS's and lower than Yuejiang's, with its R&D ratio significantly below peers in recent years.
Notably, UBTECH ROBOTICS also adheres to a full-stack technology approach, committed to developing key technology clusters including "human-like brain," "human-like cerebellum," and "high-performance limbs," encompassing core AI technologies such as high-performance servo drives, large language models, semantic VSLAM, learning-based motion control, visual perception, and multimodal interaction, alongside technologies like Group Brain Network 2.0 and Co-Agent.
Compared to UBTECH ROBOTICS, Yushu Technology holds significantly fewer invention patents. As of January 31, 2026, Yushu Technology possessed 262 patent rights, comprising 169 authorized domestic patents and 93 foreign patents. Among the domestic patents, only 20 are invention patents, alongside 76 utility model patents and 73 design patents.
In contrast, UBTECH ROBOTICS held 2,790 authorized patents as of June 30, 2025, more than ten times Yushu's 262. Comprehensive analysis indicates over 55% of UBTECH's patents are invention patents. Yushu's mere 20 invention patents represent only about one-seventieth of UBTECH's count, and constitute just 11.83% of its domestic patents, far below UBTECH's approximate 55%.
Wind data shows Yuejiang holds 709 valid patents globally, also far exceeding Yushu Technology's total.
Furthermore, among Yushu's 20 invention patents, 11 were applied for after March 21, 2025, meaning patents applied for in the most recent year account for 55% of its domestic invention patents. In the nine years prior to March 2025, Yushu accumulated only 9 invention patents. Yushu Technology was founded in August 2016.
In terms of technological accumulation, UBTECH ROBOTICS leads significantly with 2,790 authorized patents and over 55% being invention patents. Regarding R&D investment, UBTECH's total spending of 13.97 billion yuan from 2022-2024 far surpasses Yushu's 1.5 billion yuan. In terms of R&D expense ratio, UBTECH's recent figures substantially exceed Yushu's.
Technologically, UBTECH's approach involves full-stack in-house R&D with "brain + cerebellum" coordination, characterized as "full-stack self-developed, software-hardware integrated, end-to-end." While Yushu also describes its path as full-stack, it prioritizes the "cerebellum" and cost leadership. The prospectus notes that, given the global R&D and testing phase for embodied large models, Yushu has not yet scaled the application of its self-developed general embodied large model in robotic products during the reporting period.
Looking ahead, both Yushu Technology and UBTECH ROBOTICS face respective challenges. UBTECH needs to balance technological accumulation with commercial returns to accelerate profitable scale. Yushu Technology, post-listing, needs to utilize raised capital to bolster its "brain" capabilities, evolving from a "hardware platform provider" to an "embodied intelligence ecosystem builder."
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