Summary of Key Points
Yushu Technology is set to become the first “humanoid robot company” listed on the A-share market, with a valuation of 42 billion yuan and profitability (non-recurring net profit of 600 million yuan in 2025). In contrast, YoubiXiong, which went public on the Hong Kong stock market a year earlier, has a similar market value (about 50 billion yuan) but has accumulated losses of over 4.2 billion yuan over four years. The business strategies of the two companies differ significantly: Yushu focuses on reducing hardware costs and expanding scale, while YoubiXiong’s attempt to cover all scenarios with a “full-stack” approach has led to resource dispersion and valuation challenges. Meanwhile, Zhiyuan Robotics has joined the competition with an “AI-native + data-driven” model, creating a tripartite rivalry among the three leaders. If YoubiXiong wants to overcome its difficulties, it needs to make breakthroughs in industrial application scaling, consumer product profitability, and cost control.
I. Yushu vs. YoubiXiong: The Fundamental Difference Between Profitability and Losses
The contrast between Yushu and YoubiXiong is not simply about selling more or less products, but about their fundamentally different business strategies:
- Yushu: Achieving extreme cost-effectiveness in hardware while still making a profit
Yushu develops its own motors, reducers, and other core components (with over 90% localization), reducing the price of humanoid robots from hundreds of thousands to less than 100,000 yuan. In 2025, it sold 5,500 units at an average price of 170,000 yuan, resulting in a gross margin of 60%—meaning it makes a profit of 100,000 yuan per unit. Its expenses are very low, with research and sales costs totaling only 14%, and it relies mainly on word-of-mouth and organic traffic to sell its products.
- YoubiXiong: Trying to do everything has become a burden
In addition to humanoid robots, YoubiXiong also manufactures educational robots, logistics robots, cat litter boxes, lawnmowers, etc. In 2025, it sold 1,079 humanoid robots (compared to just 3 in 2024), but at an average price of 760,000 yuan, it still incurred losses. The problem lies in its “full-stack” approach: resources are spread across multiple businesses, with research and development costs accounting for as high as 25% (more than three times that of Yushu), and non-core businesses (such as logistics robots) are dragging down overall performance.
II. YoubiXiong’s Consumer Robots: The “Hype” Behind the Pre-sale of 13,000 Units
YoubiXiong launched the “YouWorld” U1 series of emotional companionship robots in 2026, claiming to have pre-sold 13,000 units, but the reality is quite disappointing:
- Mismatch between functionality and price: The cheapest model, U1 Lite, costs 119,800 yuan but cannot walk or perform household chores; it can only chat—netizens jokingly call it a “silicone doll with a chat app.”
- Meager actual sales: E-commerce platforms show only one unit sold, with no user reviews, contrasting sharply with the claimed pre-sale figure.
- Pre-sale gimmicks: The pre-sale deposit is just 3,000 yuan and can be refunded at any time. Although the official return rate is less than 8%, the delivery takes three months, which may diminish customer interest.
- Doubts about demand: While the need for companionship among lonely individuals is real, spending 120,000 yuan on a robot that can only chat and has a limited battery life (2–4 hours) with regular maintenance requirements seems uncost-effective. The stock market also didn’t buy into this: the stock price rose 17% on the day of the launch but fell 10% the following day after details were revealed.
III. The Humanoid Robot Race: Three Competitors Each Following Their Own Path
In 2026, the humanoid robot market is dominated by Yushu, YoubiXiong, and Zhiyuan, each with distinct approaches:
- Yushu: Hardware-focused purism
It focuses on reducing hardware costs and generating revenue through scale. Its strengths include an autonomous supply chain (90% localization of core components) and a strong brand presence (notable performances at the Spring Festival Gala and robot sports competitions). However, its weaknesses lie in limited AI capabilities and lack of deep integration into industrial applications, making it more of a “hardware company” rather than an “AI+robot platform.”
- YoubiXiong: Idealism of a full-stack approach
YoubiXiong aims to cover all scenarios (from factories to homes) and holds nearly 3,000 patents globally; industrial revenue accounts for over 80% of its business. However, trying to do everything has led to resource dispersion and high research and development costs, as well as issues with accounts receivable (150 million yuan in impairment losses from government customers).
- Zhiyuan: An aggressive AI-first approach
Zhiyuan adopts a “mass production first + data-driven” strategy, accumulating data through multiple robot models and exploring the concept of “robots as a service” (rental robots). Its strengths include strong AI integration and impressive capital management (including a backdoor listing and an IPO in Hong Kong). However, with only three years of existence, its technical expertise and supply chain control need further validation.
IV. YoubiXiong’s Valuation Dilemma: How to Break Free?
With Yushu’s listing, YoubiXiong faces increasing valuation pressure and must address four key issues:
1. Can it make money in industrial applications?
YoubiXiong has 1.4 billion yuan in industrial orders, but its Walker robots cost 760,000 yuan each. Can Yushu’s lower-priced robots attract and retain customers? It needs to reduce the unit price to around 180,000 yuan and achieve stable profitability.
2. Can its consumer products be successful?
The U1 series is a key product for the consumer market, but it currently resembles a high-end toy. Will users continue to pay for maintenance after the initial excitement wears off? The return and repurchase rates of early buyers are crucial.
3. Can costs be reduced?
YoubiXiong’s gross margin of 37.7% is much lower than Yushu’s 60%. Although it acquired a motor company to achieve cost control, can it reduce costs without sacrificing profits?
4. The transition from “storytelling” to actual profitability
The Hong Kong stock market is becoming less tolerant of loss-making companies; YoubiXiong’s four-year loss of 4.2 billion yuan requires immediate profitability improvement. Yushu’s success could serve as a benchmark: how much are profitable robot companies worth? What about those that aren’t?
Conclusion
The competition in the humanoid robot market has shifted from a focus on technology to the ability to effectively commercialize products. Yushu has demonstrated the feasibility of making a profit with high-quality hardware and scale, while YoubiXiong’s all-encompassing approach has become a hindrance. In the future, only those that can transform their technology into sustainable, profitable businesses will truly establish a foothold. If YoubiXiong cannot adapt quickly, its valuation pressure will continue to increase.