Summary of Key Points
After Yuzhu Technology, a star company in the field of humanoid robots, made its debut on the STAR Market, its stock price experienced a rollercoaster ride: it soared by 629% on the first day of trading, but within the following week, its market value evaporated by nearly 200 billion yuan (a decrease of about 44%). The essence of this fluctuation is the market's re-evaluation of the commercialization cycle for humanoid robots. It is not difficult for robots to perform tricks and acrobatics in the laboratory (at the exhibit stage), but to truly become products that can create value in real-world scenarios, they must address core issues such as whether they can work continuously and whether customers are willing to continue purchasing them.
Founder's Perspective: Tricks in the Laboratory Are Not Enough; What Really Matters Is Their Ability to Work in Factories for 8 Hours
Wang Xingxing, the founder of Yuzhu, pointed out the industry's bottleneck at a robotics conference: the gap between exhibits and products lies in the transition from being able to perform to being able to solve real problems.
- Exhibits only need to perform fixed actions on a stage (such as running or doing acrobatics) to impress the audience;
- Products, on the other hand, must handle various unexpected situations in real-world environments: multiple wires on the floor, changing lighting conditions, objects being slightly off position—can the robot still complete the task? Can it work continuously for 8 hours? Who is responsible if something goes wrong? Will customers buy it again the following year?
In short, the impressive tricks in the laboratory demonstrate the robot's physical capabilities, but its reliability in real-world scenarios is what customers are willing to pay for.
Is R&D Spending Less Effective Than Raising Pigs? The Key Is Whether the Money Is Invested Where Customers Are Willing to Pay
Some compare Yuzhu's R&D expenditure of 145 million yuan in 2025 with Muyuan Foods' 1.648 billion yuan, arguing that robotics companies spend too little on R&D. However, this comparison is misleading because:
- Muyuan's R&D directly addresses practical issues in pig farming (such as disease prevention and control, feed formulation), with every dollar invested translating into increased pig production, reduced illness, and lower costs;
- Yuzhu's R&D focuses on the robot's hardware and motion control, but what the market cares about is whether these investments have resulted in products that customers are willing to pay for. For example, has the 145 million yuan in R&D led to the development of robots that can stably move boxes in factories? Has it generated repeat orders?
The real issue is not who spends more, but whether the R&D results can be translated into commercial value.
5,500 Humanoid Robots Sold, But Most Are Not Used for Work
Yuzhu sold 5,500 humanoid robots in 2025, generating revenue of 868 million yuan. However, being sold does not equate to being put into use:
- Research and Education Customers (73.6%): Universities purchase them for research and teaching, not as a labor force;
- Commercial Consumption Customers (17.39%): Shopping malls and event companies buy them for display and interaction, which may bring traffic but not necessarily repeat orders;
- Industrial Application Customers (9.01%): Factories and logistics companies purchase them with the hope of replacing manual labor, but it has not yet been proven that robots are more stable or cheaper than humans.
The real question is: what exactly do these robots do on a daily basis? Why don't customers use humans or robotic arms instead? Who is responsible if tasks fail? Can these robots be replicated for more customers? Yuzhu has not provided sufficient answers to these questions.
The Logic Behind the Stock Price Fluctuations: Overly High Expectations and Insufficient Evidence
The stock price soared to 1,100 yuan on the first day of trading because the market incorporated expectations for the next decade (scarcity, robotics concept, growth potential). The subsequent decline was simple:
1. Overfulfilled Expectations: The high point on the first day had already anticipated the industry's potential years in advance, and it takes time to verify whether humanoid robots can transform from a potential large market into a reality;
2. Lack of Commercialization Evidence: There are no large orders, no benchmark cases of stable applications, and no data showing customer repurchases.
The market's patience is measured in trading days, while commercialization takes several years, so the stock price fell as a correction of these overly high expectations.
For Humanoid Robots to Become a Successful Business, Four Hurdles Must Be Overcome
For the entire industry to move from exhibits to market-ready products, the following four steps must be completed:
1. Capable of Performing: Complete specific tasks (such as moving a box);
2. Stable Performance: Operate continuously without errors (for example, move boxes for a month);
3. scalability: Replicate the product from one customer to ten;
4. Commercial Success: Customers are willing to renew contracts and make additional purchases, leading to scaled revenue.
Currently, the industry is stuck between the stages of "stable performance" and "scalability"—while robots are becoming more capable, their ability to understand scenarios, handle unexpected situations, and create value still needs to be proven.
Yuzhu's strengths include advanced motion control and high visibility, but it shares the same industry-wide weakness: a lack of concrete evidence showing that customers are willing to continue purchasing their products. This stock price fluctuation serves as a reminder to the industry that the next challenge is not about who can run the fastest, but who can secure long-term customer contracts.
(Note: This article is not an investment advice and merely provides a layman's interpretation of the news.)