On August 19, Yushu Technology Co.,Ltd. (688836.SH), widely dubbed the "first humanoid robot stock," made its debut on the STAR Market, surging 629.44% above its issue price at the open and briefly pushing its total market capitalization past the 440 billion yuan mark. Based on its projected 2025 revenue of 1.699 billion yuan, the company's intraday price-to-sales (PS) ratio hit 262 times, once again setting a new valuation ceiling for China's embodied intelligence sector.
Turning the spotlight to Hong Kong's stock market, the robotics sector has been steadily expanding as a key fundraising hub for hard-tech enterprises. The board now encompasses a wide range of sub-tracks, including humanoid robots, collaborative robots, and warehouse logistics robots. However, the valuation divergence within the sector has far exceeded market expectations. Despite riding the same wave of robotics industry growth, different players are trading at PS multiples that differ by several times, or even dozens of times, reflecting not only the market's differentiated pricing of technology paths and growth stages but also hidden value mismatches stemming from cognitive biases.
Valuation Landscape in Hong Kong: The Gap Between Concept and Delivery
Looking at the financial and valuation metrics of mainstream robotics companies listed in Hong Kong, the sector shows a stark "two-tier split." Companies commanding high valuations are generally tied to embodied intelligence and humanoid robot concepts, with relatively small revenue bases and no stable profitability. On the flip side, those with low valuations have typically achieved scaled revenue and profitable operations but are being priced in a manner similar to traditional industrial stocks.
According to public financial reports, UBTECH ROBOTICS (09880), a company focused on humanoid robots, generated 2.001 billion yuan in revenue in 2025, translating to a static PS ratio of roughly 19 times. Meanwhile, Dobot (02432), a collaborative robot maker, posted revenue of 492 million yuan for the same period, with a corresponding static PS of about 20 times. The valuation support for these companies largely stems from growth expectations for the track and the conceptual flexibility of embodied intelligence.
In contrast, GEEKPLUS-W (02590), which boasts greater commercial maturity and a larger revenue scale, is currently trading at the bottom of the sector. GEEKPLUS-W achieved 3.171 billion yuan in revenue in 2025, making it the highest-revenue robot company listed in Hong Kong, and it has already turned both its adjusted net profit and operating cash flow positive. Yet, its static PS ratio is under 4 times, roughly in line with the valuations of traditional industrial robot giants like Estun Automation. This "inverse relationship between revenue scale and valuation level" has become a distinctive feature of Hong Kong's robotics board.
The Pricing Logic Mismatch: Are Mature Scenarios Being Undervalued?
Behind this valuation divergence lies a relatively entrenched pricing framework: companies labeled as "humanoid robot" or "embodied intelligence" plays are more likely to command a high growth premium, while those like GEEKPLUS-W, which focus on mature automation scenarios such as warehousing and manufacturing, tend to be pigeonholed into the low-valuation framework of traditional industrial stocks. However, this logic is increasingly being challenged by industry realities.
For one, warehouse automation itself remains a high-growth incremental track, far from reaching maturity. According to Interact Analysis, over 70% of warehouses globally still rely on manual labor. Flexible processes like picking and sorting, which account for more than 50% of operational costs, have long been a weak spot for automation penetration, leaving ample room for AMR technology to replace traditional methods. Given that the AMR track combines high growth with high certainty, GEEKPLUS-W should logically command a valuation premium over mature industrial stocks.
Additionally, warehouse scenarios are precisely the core breakthrough point for embodied intelligence technology deployment, a point that has become industry consensus. In its prospectus, Yushu Technology clearly states that humanoid robots will first achieve commercial adoption in industrial manufacturing and warehouse logistics. This is because warehouse environments are relatively structured, yet they also involve massive SKU complexity and dynamic operations, striking a balance between model training difficulty and commercial feasibility, making them the optimal training ground for embodied intelligence to move from the lab to scaled application. In other words, while the market assigns high prices to the "humanoid concept," it overlooks the fact that GEEKPLUS-W, with its real-world scenarios, massive data, and mature customer base, also possesses embodied intelligence growth potential, with a clearer path to implementation and stronger commercial certainty.
Two Layers of Logic Behind GEEKPLUS-W's Value Reassessment
From the perspective of industry development patterns, as the embodied intelligence track transitions from the concept phase to the implementation phase, valuation logic will ultimately revert to commercial delivery. For undervalued leaders in Hong Kong's robotics sector, the driving force for valuation repair comes from two levels.
The first layer is the valuation recovery of the mature AMR core business. GEEKPLUS-W, for instance, has held the top spot in global AMR market share for seven consecutive years, with cumulative deliveries exceeding 72,000 robots. Its customer base spans leading global retail, e-commerce, and pharmaceutical companies. In 2025, its revenue grew over 30% year-over-year, with scale effects continuing to unfold. Against the backdrop of still-low industry penetration and sustained demand expansion, the growth and profitability certainty of its core business is far from being fully reflected by a PS ratio of under 4 times.
The second layer is the incremental value reassessment of embodied intelligence. Unlike purely tech-driven companies building humanoid robot businesses from scratch, GEEKPLUS-W's embodied intelligence layout is a natural extension of its existing operations: the AMR business provides stable cash flow and customer access, warehouse scenarios offer high-frequency, real-world physical interaction data and a model training ground, and its technical capabilities can gradually migrate to household, commercial, and other scenarios. At the 2026 World Artificial Intelligence Conference, its general-purpose humanoid robot Gino 1, equipped with the Gravity 4D brain, completed operational validation in real warehouse environments, proving the feasibility of technology migration. Yet, based on current valuations, this portion of embodied intelligence value is almost entirely unpriced by the market.
As the embodied intelligence industry gradually shifts from concept speculation to implementation verification, the valuation divergence within Hong Kong's robotics sector is expected to narrow. Companies with genuine application scenarios, scaled revenue, and clear implementation paths will eventually see their valuation frameworks restructured, moving toward a comprehensive model that combines "a safety cushion from mature businesses with a growth option from embodied intelligence."
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