Summary of Key Points
In 2026, the financing in the field of embodied intelligence was booming, with quadruped robot companies such as Yushu Technology and Yunshenzhu making attempts to enter the STAR Market. Although both companies produce robotic dogs, they have adopted completely different commercialization strategies: Yushu focuses on a mass market approach (both consumer and research & education applications), resulting in larger revenue but a more dispersed customer base; Yunshenzhu, on the other hand, targets vertical industry applications (such as power inspection and firefighting), with smaller revenue but a stable customer base mainly consisting of state-owned enterprises. Investors have assigned a higher valuation to Yunshenzhu (41 times the price-to-sales ratio compared to Yushu's 25 times), reflecting a preference for predictability. The article also analyzes their financial differences, competitive landscape, challenges in implementing solutions, and potential future directions.
I. Two Different Approaches: Mass Market vs. Vertical Industry Focus
The strategic differences between Yushu and Yunshenzhu are evident in their financial data:
- Yushu: Growing through Scale
In 2025, Yushu's revenue was 1.699 billion yuan (five times that of Yunshuzhu), with a net profit of 590 million yuan (ten times). Revenue came mainly from consumer-grade robotic dogs (55%) and research & education applications (25%). For example, the Go series, priced at less than 20,000 yuan per unit, sold 17,000 units. By developing all core components in-house (motors, reducers, etc.) and leveraging economies of scale, Yushu reduced the cost per unit from 22,300 yuan to 12,100 yuan and increased the gross margin from 44% to 60%. However, due to the sensitive consumer market and low repurchase rates, the growth rate in Q1 of 2026 dropped from 332% to 68%.
- Yunshenzhu: Stability through Specialization
Yunshuzhu's revenue in 2025 was 337 million yuan, with a net profit of 28.68 million yuan. 79% of its revenue came from industries like power inspection and firefighting, serving customers such as the State Grid and fire departments, which have long order cycles and high repurchase rates. The Jueying X series, priced at 287,500 yuan per unit with a gross margin of 54%, sold fewer units (681), but each unit generated more profit. Even after a 19.5% price cut, the gross margin increased due to cost reduction and scale effects.
In simple terms, Yushu is like the "Xiaomi" of the robotics industry, focusing on volume; Yunshenzhu is more like the "Huawei Business Unit," emphasizing quality.
II. The Mystery of Valuation: Why Is the Smaller Company More Valuable?
Yunshuzhu's lower revenue (one-fifth of Yushu's) results in a 60% higher valuation, primarily because investors prefer predictability:
1. Guaranteed Orders: Yunshuzhu has signed a five-year, 1 billion yuan framework agreement with the State Grid, with 600 projects already implemented in 2025, providing clear future revenue prospects; Yushu faces intense competition in the consumer market and has seen its growth rate slow down.
2. Industry Barriers: Power inspection requires specific qualifications and customer relationships. While Yunshuzhu has an advantage, 64% of its revenue comes from intermediaries, limiting its direct access to end-users, thus weakening its barriers.
3. Steeper Growth Curve: Yunshuzhu's revenue grew by 159% in three years and turned profitable in just three years; Yushu, with a larger base (1.7 billion yuan), faces challenges in maintaining high growth rates.
However, the high valuation also carries risks: Yunshuzhu has only sold four humanoid robots in two years, which may seem like overpromise; the potential for growth in the power industry is limited due to the fixed number of substations in China; traditional power manufacturers (such as Shenhao Technology) are also transitioning to quadruped robots, intensifying competition.
III. Hidden Competition: Who Are the Real Rivals?
Yunshuzhu faces threats from two directions:
- Direct Competitors: Yushu Technology holds a 32.4% global market share (first place), while Yunshuzhu has 18.9% (second place). Yushu's industry-grade products (B series) are more profitable with a gross margin of 67%, and its consumer-grade Go2 Air is priced at just 9,997 yuan, significantly competing with Yunshuzhu's Lite series (27,700 yuan). More importantly, Yushu sold 5,500 humanoid robots in 2025, generating 877 million yuan in revenue, whereas Yunshuzhu has made little progress in this area.
- Indirect Competitors: Traditional power robot manufacturers like Shenhao Technology and Yijiahe have established customer relationships and distribution channels. For example, they collaborate with Yunshuzhu, with Yunshuzhu providing the robotic dog bodies while Shenhao handles integration and sales, effectively limiting Yunshuzhu's profit margin to just hardware sales.
IV. Industrial Adoption: How Can Robotic Dogs Enter Substations?
Industrial applications require high-quality robots. Yunshuzhu has a competitive advantage in three areas:
1. Reliability: Substations cannot afford malfunctions, and Yunshuzhu's robots have passed strict tests.
2. Adaptability to Specific Scenarios: Robots must be able to adapt to the unique layout of each substation.
3. Data Collection: Accurate models require extensive real-scenario data, which Yunshuzhu has accumulated for power inspection but still needs more.
The State Grid plans to purchase 5,000 quadruped robots in 2026 (with a budget of 1.5 billion yuan), which is good news for Yunshuzhu but also exposes risks: reduced purchases could impact its revenue. Additionally, the State Grid is also investing in humanoid robots for live work (budget of 2.5 billion yuan), leaving Yunshuzhu at a disadvantage if it does not have a corresponding product portfolio.
V. Future Prospects: Will the Two Approaches Converge?
In the long run, the strategies of Yushu and Yunshuzhu may converge:
- Yushu: Moving from consumer to industrial applications, leveraging its scale to reduce costs and compete in Yunshuzhu's core markets.
- Yunshuzhu: Expanding from vertical industries to a platform-based model with the "1+X+N" strategy (one universal platform, multiple types of robots, and various industry solutions).
Both companies face challenges: Yushu needs to address slowing consumer market growth and develop real demand for its humanoid robots; Yunshuzhu must reduce reliance on intermediaries and expand into new industries (firefighting, industrial applications) while accelerating the development of humanoid robots.
In Summary: Robotic dogs have already generated significant revenue, but humanoid robots represent the future. Whether Yunshuzhu or Yushu will succeed depends on their ability to break through their respective limitations. This analysis breaks down the differences and potential paths for these two companies in plain language, helping you understand the diverse approaches within the quadruped robot industry.
(The full article is approximately 1,500 words.)