Yushu Technology’s recent Sci-Tech Innovation Board IPO subscription drive is honestly pretty absurd.
Once the发行 price is set, the market capitalization goes straight toward RMB 60 billion. The hype on <a>hype （ $UNITREE）</a> is even harsher—the valuation has already hit RMB 220 billion.
Then you flip through the prospectus and look at the R&D expenses:
In 2022: RMB 0.3 billion
In 2023: RMB 0.5 billion
In 2024: RMB 0.7 billion
In 2025: RMB 1.45 billion
Over four years, it adds up to only about RMB 300 million. And within that, 60%-80% is still employees’ salaries. The money actually poured into core robot R&D, if you break it down piece by piece, is only on the order of tens of millions.
What about the factory? Basically none—mainly just an assembly workshop.
So is this a robotics company… or a high-end toy company?
Compare it:
For example, Pop Mart’s annual spending on design and IP development alone is over RMB 100 million. They sell trendy toys. Even toy giants like LEGO—its annual R&D and innovation investment is in the tens of billions, going up from there.
Now look at peers:
During the same period, UBTECH’s R&D expenses over three years are close to RMB 1.4 billion—about 10 times Yushu’s. And UBTECH’s market cap is only around RMB 40 billion. Other companies that are genuinely developing humanoids and doing embodied intelligence burn money faster and accumulate patents much more aggressively than Yushu.
But somehow Yushu, relying on shipment volume (especially in the education and research market) and the “full-stack self-developed” narrative, has pushed its valuation straight to this level. RMB 60 billion is already not cheap—if they blow it up further to RMB 200 billion, that would be even more ridiculous. Turns out that on China’s A-shares, it’s all about raising money through listings. #宇树科技 #UNITREE
Once the发行 price is set, the market capitalization goes straight toward RMB 60 billion. The hype on <a>hype （ $UNITREE）</a> is even harsher—the valuation has already hit RMB 220 billion.
Then you flip through the prospectus and look at the R&D expenses:
In 2022: RMB 0.3 billion
In 2023: RMB 0.5 billion
In 2024: RMB 0.7 billion
In 2025: RMB 1.45 billion
Over four years, it adds up to only about RMB 300 million. And within that, 60%-80% is still employees’ salaries. The money actually poured into core robot R&D, if you break it down piece by piece, is only on the order of tens of millions.
What about the factory? Basically none—mainly just an assembly workshop.
So is this a robotics company… or a high-end toy company?
Compare it:
For example, Pop Mart’s annual spending on design and IP development alone is over RMB 100 million. They sell trendy toys. Even toy giants like LEGO—its annual R&D and innovation investment is in the tens of billions, going up from there.
Now look at peers:
During the same period, UBTECH’s R&D expenses over three years are close to RMB 1.4 billion—about 10 times Yushu’s. And UBTECH’s market cap is only around RMB 40 billion. Other companies that are genuinely developing humanoids and doing embodied intelligence burn money faster and accumulate patents much more aggressively than Yushu.
But somehow Yushu, relying on shipment volume (especially in the education and research market) and the “full-stack self-developed” narrative, has pushed its valuation straight to this level. RMB 60 billion is already not cheap—if they blow it up further to RMB 200 billion, that would be even more ridiculous. Turns out that on China’s A-shares, it’s all about raising money through listings. #宇树科技 #UNITREE