The capital market journey of the "Hangzhou Six Dragons" is accelerating. On May 18th, the Shanghai Stock Exchange accepted the IPO application of Hangzhou Yunchushen Technology Co., Ltd. (referred to as "Yunchushen") for the STAR Market. This marks another member of the "Hangzhou Six Dragons" officially launching its IPO process, following Yushu Technology's application submission and Qunhe Technology's successful listing on the Hong Kong Stock Exchange.
Yunchushen is a company focused on embodied intelligent robots. Its product portfolio covers quadrupedal robots, wheel-legged robots, humanoid robots, core components, and related technical services, primarily applied in scenarios such as power inspection, emergency firefighting, and public security.
Against the backdrop of rising interest in the concept of embodied intelligent robots, a key highlight of Yunchushen's IPO is that it has already generated a certain scale of revenue from robot applications and achieved profitability in 2025.
From 2023 to 2025, Yunchushen's revenue was 0.5 billion yuan, 1.03 billion yuan, and 3.37 billion yuan, respectively. During the same period, its net profit attributable to the parent company was -0.26 billion yuan, -0.13 billion yuan, and 0.29 billion yuan, respectively.
Based on this performance, Yunchushen has chosen the second set of listing criteria: "Estimated market value not less than 1.5 billion yuan, revenue in the most recent year not less than 200 million yuan, and the cumulative R&D expenditure over the past three years accounting for no less than 15% of the cumulative revenue over the same period."
Fundamentally, the primary driver of this revenue growth is the scaling up of its quadrupedal robot business. From 2023 to 2025, revenue from quadrupedal robots, represented by the Jueying X series, reached 0.4 billion yuan, 0.7 billion yuan, and 1.96 billion yuan, accounting for 79.23%, 67.8%, and 58.11% of total revenue, respectively. In 2025, sales of the Jueying X series reached 681 units, more than doubling year-over-year.
The newly launched Shanmao M series in 2025 also scaled rapidly. As an industrial-grade high-dynamic wheel-legged robot, this series contributed 0.74 billion yuan in revenue during the period, accounting for 22.11% of the main business revenue.
In the humanoid robot direction, Yunchushen has introduced the DR series, focusing on all-weather outdoor operation scenarios such as power operations, emergency firefighting, and industrial production. However, from a commercialization perspective, Yunchushen's humanoid robots are still in the exploratory and initial stages. In 2025, revenue from humanoid robots, represented by the DR series, was only 823,000 yuan, accounting for less than 1% of total revenue.
For this IPO, Yunchushen plans to raise 2.503 billion yuan, primarily to invest in projects such as embodied algorithms and models, robot hardware and solution development, and the industrialization of embodied intelligent robots. This points to Yunchushen's expansion priorities for the next phase: on one hand, continuing to strengthen its capabilities in cutting-edge technologies like embodied large models, and on the other hand, enhancing robot hardware R&D, expanding its product portfolio, building large-scale production capacity, and improving industry-specific service capabilities.
With Qunhe Technology leading the way in listing, and Yushu Technology and Yunchushen successively targeting the STAR Market, the story of the "Hangzhou Six Dragons" is transitioning from industrial hype to capital market validation.
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