Summary of Key Points
YusTree Technology recently launched an IPO on the STAR Market, with an issue price of 150.8 RMB per share and a market value of approximately 60.993 billion RMB, raising 6.099 billion RMB (the second-largest amount raised on the STAR Market this year). The most notable aspect is that Kunlun Capital, affiliated with PetroChina, and Nanguan Chanrong, affiliated with China Southern Power Grid, invested 136 million RMB each as strategic investors (with a lock-up period of 12 months), reflecting the energy and power industry's interest in the application scenarios for humanoid robots and embodied intelligence. At the policy level, the Ministry of Industry and Information Technology (MIIT) and the State-owned Assets Supervision and Administration Commission (SASAC) are promoting central and local enterprises to deploy tens of thousands of embodied intelligent devices; the power industry has taken the lead in this initiative (State Grid China plans to invest 6.8 billion RMB to purchase 8,500 devices, while China Southern Power Grid and PetroChina already have practical use cases). Institutions believe that 2026 will be a year of significant growth for specialized applications of humanoid robots, with physical AI representing the next wave in artificial intelligence.
I. YusTree Technology's IPO: Energy Giants Enter the Game, Strategic Allocation Signals Intentions
YusTree Technology's IPO is no small affair—raising nearly 6.1 billion RMB, ranking second among this year's STAR Market listings. However, what's more significant is the list of strategic investors: Kunlun Capital from PetroChina and Nanguan Chanrong from China Southern Power Grid, each investing 136 million RMB in the company's shares with a 12-month lock-up period.
Why would these energy giants invest? Industry experts suggest that 136 million RMB is a small amount compared to their overall assets, but the strategic value is substantial. They aim to establish a partnership with YusTree Technology early on to seize opportunities in the application of humanoid robots within the energy and power sector. For instance, in tasks such as power inspections and oilfield operations, robots can replace humans in dangerous and repetitive tasks, creating a clear market demand in the future. By getting involved now, they are securing a foothold in these areas.
II. Policy Initiatives: Moving from Laboratories to Mass Deployment
In June 2026, the MIIT and SASAC issued a joint notice requiring central enterprises to select at least 10 key application scenarios and local enterprises to select at least 20 such scenarios, with the goal of deploying tens of thousands of embodied intelligent devices by the end of the year. This sets clear targets for the industry, pushing embodied intelligence from the research stage towards practical use.
State Grid China responded promptly, outlining a plan in April this year to invest 6.8 billion RMB in purchasing 8,500 devices: 5,000 quadruped robots for inspections, 3,000 bipedal robots for inspections, and 500 humanoid robots for live-line work, with budgets of 1.5 billion RMB, 1.8 billion RMB, and 2.5 billion RMB respectively. If additional purchases by China Southern Power Grid and other local energy companies are included, the total investment in this sector could exceed 10 billion RMB this year. The policy has directly spurred substantial financial investment in the industry.
III. Practical Applications in the Energy Sector
As soon as the policy was announced, the power industry began to take action:
- China Southern Power Grid: Their self-developed "Fei Yun" robot dog has undergone three iterations and can replace 9 traditional devices at a Dongguan substation, reducing manual inspection workload by over 80%. By the end of 2025, this robot will also be sold to the power supply company in Macau, marking the first time a Southern Power Grid product has entered that region. The country's first humanoid power robot, "Zhi Xing Zhe 1," is already being tested at a 500-kilovolt substation.
- PetroChina: Their subsidiary, Kunlun Digital Intelligence, introduced an explosion-proof inspection robot named "Xiao Zhi" that can operate in extreme conditions (-40°C) in Xinjiang oilfields. During the Spring Festival, a single such robot replaced the labor of more than 350 people, solving both the issue of personnel availability in cold environments and saving on costs.
These examples demonstrate that robots are no longer just concepts but practical solutions in the energy and power industry.
IV. Institutional Optimism: 2026 Could Be a Year of Breakthrough for Humanoid Robots
CITIC Construction Investment Securities believes that 2026 could see a significant increase in specialized applications for humanoid robots. The reason is that physical AI represents the next wave of artificial intelligence development. While AI has previously been limited to computers and smartphones, it is now moving beyond these devices, with robots becoming the ideal physical embodiment of AI.
The energy and power industry's investment in humanoid robots is just the beginning; similar applications are expected in manufacturing and service sectors as well. YusTree Technology's ability to attract such investments from major players indicates market confidence in its technology and potential applications.
In summary, this news highlights a clear trajectory: policy-driven initiatives, strategic investments by industry giants, practical implementations, and institutional optimism for future growth. Humanoid robots are no longer just a fantasy but are becoming a reality in industries like energy and power, with the potential for a major breakthrough in 2026.