Core Summary
YusTree Technology, a company specializing in quadrupedal and humanoid robots as well as intelligent models, conducted an IPO online roadshow on August 7th. It plans to issue shares at 150.8 yuan each, with an initial market value of nearly 61 billion yuan, and the funds raised will be used for robot research and development and the construction of manufacturing bases. The company has seen rapid growth in recent years, with revenue increasing from 159 million yuan to 1.699 billion yuan over three years. It aims to become the global leader in humanoid robot shipments by 2025. However, its net profit in the first quarter of this year decreased by 47.69% year-on-year. During the roadshow, the company addressed investors' concerns regarding high valuations, technological progress, and application prospects, emphasizing the vast potential of the robotics market.
I. Market Value: Where Will the 61 Billion Yuan Be Spent?
YusTree Technology's IPO issue price is 150.8 yuan per share, resulting in a total market value of nearly 61 billion yuan, with over 6 billion yuan to be raised. The funds will be allocated in four main areas:
- Intelligent Robot Model Research and Development: To make robots more intelligent, such as improving their ability to understand instructions and handle complex tasks.
- Robot Body Design: To optimize the robot's physical structure (joints, motion systems) for greater flexibility and stability.
- New Product Development: To launch a variety of new robot models, including those for home and industrial use.
- Manufacturing Base Expansion: To increase production capacity to meet future demand.
In short, these investments are aimed at consolidating the company's technological advantages and producing better, more efficient robots.
II. Performance: Rapid Growth but Declining Profit in the First Quarter
The company has achieved impressive results over the past three years, with revenue rising from 159 million yuan (in 2022?) to 1.699 billion yuan (in 2024?), and net profit changing from a loss of 11.14 million yuan to a profit of 278 million yuan. However, the net profit in the first quarter of this year decreased by 47.69%. There are two main reasons for this:
- Higher Base: The profit in the first quarter of last year was higher, so this year's figure appears lower in comparison.
- Fierce Competition: The robotics industry is becoming increasingly competitive, with more companies entering the market, which may force YusTree to lower prices or increase costs, squeezing its profits.
Overall, the company still shows a long-term growth trend.
III. Technology: How Powerful Are the Robot's “Cerebellum” and “Brain”?
YusTree's core technologies can be divided into two parts:
- “Cerebellum” (Motion Control): Responsible for tasks like walking and climbing stairs. This technology uses deep reinforcement learning, allowing robots to learn how to move steadily in complex environments (e.g., on bumpy surfaces). For example, quadrupedal robots can run on snow, and humanoid robots can climb steps.
- “Brain” (Embodied Large Models): Enables robots to understand their environment and instructions. Several models launched this year are very practical:
- UnifoLM-X1-0: Piloted in the company's own factory and can assist with production tasks.
- WVLA2.0: Combines vision and language understanding; for example, it can recognize a cup and fetch it when instructed to do so.
- OminiA-0.3: Can perform multiple tasks in home settings, such as helping the elderly get medication or organize items.
These technologies are already integrated into the company's products and represent its core competitiveness.
IV. Applications: Are Humanoid Robots Ready for Use Now? Can They Enter Homes in the Future?
Humanoid robots are currently in the “pilot phase” and are mainly used in enterprises (e.g., automated factories, research institutions). Compared to traditional industrial robots that perform fixed tasks, humanoid robots are more flexible. However, their widespread adoption faces three challenges:
- High Cost: A humanoid robot can cost hundreds of thousands of yuan, making it unaffordable for most households.
- Technical Limitations: Issues like lack of motion stability and limited ability to handle complex tasks.
- Market Acceptance: People are not yet fully accustomed to the idea of robots in daily life.
The company plans to use humanoid robots in research, education, and entertainment (e.g., robot dances) in the short to medium term, with the long-term goal of integrating them into factories and homes for tasks like household chores and caring for the elderly.
V. Two Key Concerns from Investors: High Valuation and Competition from Automakers
1. Is a Price-to-Earnings Ratio of 219 Too High? Can Performance Justify It?
A price-to-earnings ratio of 219 means it would take 219 years to break even based on current profits, which is indeed high. However, the company argues that the robotics market has enormous potential and can expand into many more applications (factories, homes), so the high valuation reflects future prospects rather than just current earnings.
2. Will Automakers Compete with Robot Manufacturers?
While there is no direct response in the news, it is worth noting that YusTree has been in the robotics industry since 2016 and has eight years of technical expertise. Although automakers have financial resources, they need time to develop advanced robot technologies (motion control, intelligent models), giving YusTree a competitive advantage.
In summary, YusTree Technology is considered a “potential stock” in the robotics sector, but its high valuation also carries risks. If the market does not perform as expected or if the company's technology falls behind, it could affect its stock price. Nevertheless, given the importance of robotics as a future industry trend, YusTree’s strategic focus is worth watching.