[August 24 IPO Observation] Last week, Yushu Technology +460% led the first day of Ma Mining shares of 1 billion yuan. Green Biotech will pay today's Ma Mining shares and won the lottery today

Disclaimer: This article only objectively states public information and does not constitute any investment advice.

1. Market resumption last week (August 17-August 21)

According to the Prospective Industry Research Institute, last week (August 17-August 21), the A-share IPO market showed the characteristics of "dense new stocks and significantly differentiated money-making effects." On August 19 (Wednesday), the market corrected deeply. The Shanghai Composite Index fell 2.40% and fell below 3900 points, the Shenzhen Composite Index fell 5.01%, the GEM Index fell 6.26%, and the Science and Technology Innovation 50 fell 6.89%. The city's turnover was about 2.53 trillion yuan, with more than 5000 stocks falling; On the same day, Yushu Technology (688836), the "first stock of humanoid robots", rose 460.34% on the first day of its landing on the Science and Technology Innovation Board, with a market value of 341.8 billion yuan, becoming the most watched phenomenal target throughout the week. Throughout the week, 5 new shares have been purchased, 3 have been listed (another 2 are pending), and 5 have been listed for initial launches. The primary market remains highly active, but the differentiation of secondary new shares has intensified. The fulfillment logic of "buying expectations and selling facts" is particularly evident in the robot sector.

2. Focus on new stocks last week: Yushu Technology (688836.SH)-+460% on the first day, with a market value of 341.8 billion yuan, and the founder's net worth hundreds of billions

On August 19, Yushu Technology officially landed on the Science and Technology Innovation Board of the Shanghai Stock Exchange, becoming the "first share of humanoid robots" in A-shares. Its debut performance became the biggest attraction in the IPO market last week.

2.1 First day trading performance

According to the Prospective Industry Research Institute, the floating profit of a single sign calculated based on the opening price was 474,600 yuan, exceeding the floating profit of 482,600 yuan on the first day of the frequency-based laser on August 18. However, unlike frequency-based lasers that remained high throughout the day, Yushu Technology fell back from its high level after the opening, and its closing price retreated by about 23% from the opening price.

Market value of founders and major shareholders: Based on the closing price, founder Wang Xingxing directly holds 21.44% of the shares plus employee stock ownership platform Shanghai Yuyi 9.85%, totaling 31.29%, corresponding to a market value of approximately 106.9 billion yuan. Wang Xingxing became the new richest man born in the 1990s. Other external shareholders: Meituan System (Through Hanhai Information, Galaxy Z, and Chengdu Longzhu, a total shareholding of 8.684%), the stock market value is approximately 29.7 billion yuan; Sequoia China (Ningbo Sequoia and Xiamen Yaheng are acting in concert, totaling 6.4034%) about 21.9 billion yuan; Jingwei Venture Capital (4.9075%) about 16.8 billion yuan; Shunwei Capital (3.982%) about 13.6 billion yuan; Tencent Technology (0.5388%) about 1.8 billion yuan, and Alibaba (0.4041%) about 1.4 billion yuan.

Strategic placer floating profit: DeepSeek (Deep Search) was allocated 933,400 shares, with a market value of approximately 789 million yuan based on the closing price, and a floating profit of approximately 639 million yuan (lock-up period of 36 months); Tencent's Qishan Investment was allocated 903,300 shares, with a market value of approximately 763 million yuan and a floating profit of approximately 627 million yuan. In addition, 37 insurance institutions were allocated a total of approximately 6.8297 million shares, with an allocation amount of nearly 1.03 billion yuan, and a floating profit on the first day of listing was approximately 4.741 billion yuan.

Sector linkage effect: In sharp contrast to the carnival of Yushu Technology's "main owner", the "Yushu concept stocks" and robot sectors that had been hyped by funds fell almost across the board-Shangwei New Materials (Zhiyuan concept stocks) fell more than 18%, green harmonics fell more than 12%, Hong Kong stocks were the best choice and Vietnam fell more than 10%. Robot ETF fell more than 7%, and more than 100 robot stocks fell. Market analysis believes that this reflects the redemption logic of "buying expectations and selling facts" and the compression of alternative premiums after the "valuation anchor" switches from shadow stocks to real stocks.

2.2 Interpretation of core data of the prospectus

[Main Business]

According to the prospectus, Yushu Technology was established on August 26, 2016 and is headquartered in Hangzhou. Founder Wang Xingxing (born in 1990, with a master's degree in mechanical engineering at Shanghai University) started out with the four-legged robot "XDog" designed while at school. The company focuses on the research and development, production and sales of high-performance universal humanoid robots, quadruped robots, robot components and embodied intelligent models. It is the first A-share humanoid robot complete enterprise. The products cover Go series, A series, and B series quadruped robots and H series, G series, and R series humanoid robots, as well as core robot components such as dexterous hands, joint motors, and lidar. The company has achieved full-stack self-research and self-production of core components such as high-performance motors, reducers, encoders, dexterous hands, and lidar. In addition to optional high-specification purchased lidar or dexterous hands, purchased components account for the total cost. The proportion is approximately 14%-18%. As of the signing date of the prospectus, the company has a total of more than 250 domestic and foreign patents and more than 400 registered trademarks. Controlling shareholder and actual controller Wang Xingxing directly holds 23.82% of the shares and controls a total of 68.78% of the voting rights under the special voting rights arrangement.

[Income Composition]

According to the prospectus, the company's operating income from 2023 to 2025 was 158 million yuan, 388 million yuan, and 1.708 billion yuan respectively (In 2025, the year-on-year growth will be 335.36%, and the growth will exceed 10 times in two years), and the net profit attributable to the parent company after deducting non-recurring gains and losses will be-21 million yuan, 78 million yuan, and 600 million yuan respectively.(A year-on-year increase of 674.29% in 2025), the net profit attributable to the parent company is 278 million yuan (the difference from the deduction of non-net profit mainly comes from the amortization of equity incentive share payments), and the gross profit margin of the main business will increase from 44.22% in 2023 to 60.13% in 2025. In terms of customer types, from January to September 2025, scientific research and education accounted for 73.60%, commercial consumption accounted for 17.39%, and industrial applications accounted for 9.01% of humanoid robot revenue; commercial consumption accounted for 42.30%, industrial applications accounted for 26.12%, and the proportion of scientific research and education declined. From January to September 2025, domestic revenue will be 702 million yuan and overseas revenue will be 453 million yuan. In 2025, the net cash flow from operating activities will be 672 million yuan, and the net interest rate will be 36.88%.

[Production and sales]

According to the prospectus, during the reporting period (2022 to September 2025), the cumulative sales of quadruped robots exceeded 30000 units, and the cumulative sales of humanoid robots exceeded 4000 units. In 2025, shipments of humanoid robots will exceed 5500 units (purely humanoid bipedal, excluding wheeled dual-arm robots), and the company claims to be the first in the world in terms of shipments. From January to September 2025, the production and sales rate of humanoid robots exceeded 95%, basically at full production and sales. The production and sales rate of quadruped robots will decrease slightly in 2025, mainly due to the fact that cooperation with Jingdong Self-operated began at the end of 2024 to adopt a shipment first and settlement model, and more goods were issued in Jingdong Self-operated warehouses at the end of the period. In terms of product pricing, Go2 Air will reduce consumer-grade quadruped robots to less than 10,000 yuan, the G1 humanoid robot will start selling at 85,000 yuan, and the R1 Air released in 2025 will further reduce it to 29,900 yuan. The unit cost of quadruped robots dropped from 22,300 yuan in 2022 to 12,100 yuan from January to September 2025 (nearly half), and the unit cost of humanoid robots dropped from 73,200 yuan in 2023 to 62,200 yuan. The company reminds in its prospectus that the global full-scale model technology is in the R & D and testing stage. The products sold integrate self-developed motion control models ("cerebellum") and third-party large-language models (for voice interaction). The self-developed universal full-scale full-scale model has not yet been applied.

[Major Customers]

According to the prospectus, the company's customers are divided into three categories: scientific research and education, commercial consumption, and industry applications, with low customer concentration. From January to September 2025, the largest customer is Jingdong (sales of 41.36 million yuan, accounting for 3.54%). On the one hand, Jingdong serves as a core self-operated channel for consumer-level robots and works with national distribution partners to purchase products in bulk for online shopping malls and offline store sales displays, on the other hand, bulk purchases industrial robots for warehousing inspections, logistics and distribution and other scenarios. The fourth largest customer, Beijing Chaoyuan Times Technology Co., Ltd., is a scientific research and education company that uses robots in education, teaching, scientific research and business scenarios. During the reporting period, the company's offline sales revenue accounted for more than 85%. The balance of accounts receivable from the end of 2022 to the end of September 2025 is 7.8467 million yuan, 11.0671 million yuan, 21.5948 million yuan and 83.4565 million yuan respectively, accounting for 5.50%-7.15% of operating income. The main targets are domestic and foreign universities, well-known science and technology and industrial enterprises. Wang Xingxing's salary in 2024 will be 2.4952 million yuan.

[Fundraising Purpose]

According to the prospectus, the company publicly issued 40.4464 million shares in this IPO (accounting for 10% of the total share capital after the issuance). The original planned capital raised was 4.202 billion yuan, and the actual total capital raised was approximately 6.099 billion yuan (the overraised was approximately 45%). The net raised funds are invested in the following projects: 85.15% of the raised funds are used for R & D projects. The largest single "intelligent robot model research and development project" focuses on technological research on the body intelligent large model ("brain") and motion control model ("cerebellum"); after the completion of the manufacturing base, it is expected to produce 75,000 humanoid robots and 115,000 quadruped robots.

3. Other IPO developments last week

3.1 Makuang Shares (601123) Shanghai Stock Exchange Main Board Subscription-1 billion yuan in fundraising, state-owned assets + Zijin equity participation

According to the prospectus, Fujian Makeng Mining Co., Ltd. is an iron ore mining enterprise and plans to publicly issue 123.5 million shares (accounting for 10% of the total share capital after the issuance) and plan to raise 1 billion yuan for the mining and selection capacity expansion project of Makeng Iron Mine (adding 5 million tons/year of iron ore mining and selection capacity), which is controlled by Fujian Province State-owned Assets Supervision and Administration Commission and Zijin Mining shares. The lead underwriter is CITIC Securities, and has an initial strategic placement accounting for 20% of the issuance. The fund-raising investment focuses on the expansion of the main business capacity and serves the improvement of iron ore mining and processing capabilities.

3.2 Green Biotech (301688) GEM subscription

According to the prospectus, Green Biotechnology Co., Ltd. is a spice company, forming more than 40 categories of three major product series: turpentine, cedar oil, and fully synthetic. It is one of the few companies that master the technology of synthesizing rose-scented spice turkone and realize industrialization., one of the largest suppliers of methyl cedone in my country. 2022-2025 The annual net profit attributable to the parent company increased from 68.1369 million yuan to 179 million yuan (CAGR 37.97%), and overseas revenue accounted for more than 85%. It has cooperated with the top ten international flavors and fragrances companies such as Givaudan, DSM Firmenich, IFF, and Dezhixin and P & G. For more than 10 years. The company purchased the GEM on August 20, with an issue price of 26.33 yuan/share and an issue price-to-earnings ratio of 19.80 times. It is expected to raise a total of 878 million yuan (net amount of approximately 770 million yuan, higher than the original demand of 690 million yuan). The winning payment date is August 24, sponsor Changjiang Securities.

3.3 Yuanli Optoelectronics (874827) and Xinjuhong Beijing Stock Exchange held a meeting

Yuanli Optoelectronics held a meeting on August 20 (the 77th review meeting of the Beijing Stock Exchange) and plans to raise approximately 281 million yuan. According to the prospectus, Dongguan city Yuanli Optoelectronics Co., Ltd. is mainly engaged in light guide plates and Mini-LED optical products in the field of LCD backlight modules. Its main customers include BOE, Guoxian Technology, Hanbo High-tech, etc., and is a national-level specialized and innovative "little giant" enterprise.

Xin Juhong attended the meeting on August 21 (the 78th Review Meeting of the Beijing Stock Exchange). Wuxi Xinjuhong Intelligent Technology Co., Ltd. is mainly engaged in precision optical devices. Relying on its technological accumulation in the field of optical communications, it has become a core component supplier of the optical module industry chain, and has applied its technical capabilities to ADAS vehicle optics, other optical sensing fields and robotics fields; The company's net profit attributable to the parent company in 2023 will be less than 20 million yuan, and will soar to 176 million yuan in 2025. It plans to publicly issue no more than 21.05 million shares (no more than 24.2075 million shares after fully exercising the over-allotment). The sponsor institution is Cathay Pacific Haitong Securities.

According to statistics from the Prospective Industry Research Institute, a total of 5 companies held IPO launches this week (8/17-8/21). In addition to the above-mentioned two companies from the Beijing Stock Exchange, Cotan Ruisi (Science and Technology Innovation Board), Unibon Technology (GEM), and Zhengdao Technology (Beijing Stock Exchange) will also be scheduled for review this week.

3.4 Listing performance of Shuangying Group (920059) and FSR (688826)

Beijing Stock Exchange Shuangying Group (Guangxi Shuangying Group Co., Ltd., mainly engaged in car seats and interior and exterior trims, its revenue from 2023 to 2025 increased from 2.205 billion yuan to 3.743 billion yuan) On August 19, it closed up 122.37% on the first day of listing; The Science and Technology Innovation Board's frequency-based laser closed at 1152 yuan (+516.44%) on the first day of listing on August 18, and fell below 1,000 yuan on the next day on August 19 to close at 942.03 yuan (-18.23%), indicating that high-ranking new shares "rushed high on the first day-then differentiated" characteristics are obvious.

3.5 Subscription/results of Huada Haitian (920288), Bettley (301697), Jintai (920071)

Huada Haitian (Beijing Stock Exchange) purchased on August 17 and disclosed the issuance results on August 20. The issue price was 12.57 yuan/share, and the issue price-to-earnings ratio was 13.50 times; Bettley (GEM) purchased on August 19. The issue price was 12.10 yuan/share, and the issue price-to-earnings ratio was 27.39 times. The winning number was announced on August 21; Jintai Co., Ltd.(Beijing Stock Exchange, Chaoyang Jinda Titanium Industry, focusing on high-end sponge titanium, non-ferrous metals and other metal new material industries) was purchased on August 19, with an issue price of 9.72 yuan/share and an issue price-to-earnings ratio of 13.41 times.

4. Today's summary (Monday, August 24)

According to public information, on Monday, August 24, the IPO market entered the "payment and signing" redemption window for last week's purchase targets. The two core matters on that day were as follows:

4.1 Gelin Biotech (301688) won the bid payment

According to public information, the winning result of GEM Green Biotech (301688) was announced on August 21, and August 24 is the winning payment date. The issue price is 26.33 yuan/share, and successful investors must complete the payment based on the number of subscriptions (the subscription limit is 7,000 shares, and the top list must be matched with the Shenzhen Stock Market value of 70,000 yuan). The company expects to raise a total of 878 million yuan, with a net amount of approximately 770 million yuan.

4.2 The winning number of Ma Mining Shares (601123) was announced

According to public information, the Shanghai Stock Exchange Mainboard Majang Shares (601123, subscription code 780123) announced the winning number on August 24. Investors who won the winning bid should pay attention to the payment arrangements on August 25 (the subscription limit is 29,500 shares, and the top list needs to be matched with the Shanghai Stock Exchange market value of 295,000 yuan). The company plans to raise 1 billion yuan for the mining, dressing and capacity expansion project of Makeng Iron Mine, which will be controlled by the State-owned Assets Supervision and Administration Commission of Fujian Province, with Zijin Mining taking shares, and the lead underwriter CITIC Securities.

4.3 Market Watch

According to public information, there are no new shares listed or new share subscriptions launched today. The market focus is on the follow-up trend of the new shares listed last week and the payment/winning cashing this week. The pricing convergence of high-end new stocks such as Yushu Technology and Changxin Technology, as well as the capital flow of popular sectors such as robots and AI computing power, remain the focus of recent IPO tracking.

5. This week's forecast (August 24-August 28)

According to public information, this week (August 24-August 28)'s IPO events are mainly "payment, winning lot redemption and pending listing", and the new subscription/meeting arrangements will be subject to subsequent announcements of the exchange.

5.1 Payment and winning arrangements

5.2 Pending listing arrangements

5.3 semi-annual report disclosure

According to public information, Changxin Technology (688825) will disclose its semi-annual report on August 29 (next Monday), and its performance performance since its listing is worthy of attention.

Disclaimer: The content of this article objectively states public information and does not constitute any investment advice.

About Prospective Industry Research Institute

The Prospective Industry Research Institute was established in 1998 and is headquartered in Shenzhen and has professional research centers in Beijing, Hangzhou, Chengdu and other places. Prospective is the earliest technology-based think tank in China focusing on industrial big data and IPO consulting, and is also the current leader in the research field of domestic IPO market segments. Based on the data cited in the prospectus of companies and listed companies that have successfully participated in meetings over the years, the Prospective Industry Research Institute has been the leading market share consultant for IPO industry research and feasibility research of fundraising projects for many consecutive years.

Prospective mainly provides professional IPO consulting services, refinancing consulting services and M & A consulting services to companies planning to be listed and listed companies. Specific contents include: A-share IPO market segment research (in-depth support for the "Business and Technology" chapter of the prospectus), feasibility study of IPO fundraising projects, feasibility study of refinancing fundraising projects (additional issuance, convertible bonds), due diligence and feasibility study of M & A targets, Hong Kong stock IPO industry consultant, commercial due diligence, post-investment project management evaluation, etc.

As of 2026, the Prospective Industry Research Institute has successfully provided IPO consulting services to more than 1200 companies, and its professional data has been cited in more than 8000 listing documents. Serving customers comprehensively covers major industries such as new generation information technology, biomedicine, high-end equipment manufacturing, new materials, new energy, energy conservation and environmental protection, and TMT. Prospective is a consulting company with big data heritage and industry depth. Business consulting: 400-639-9936, 150-1360-1266

If you quote the data of this article in the prospectus or the company's annual report, please contact the Prospective Industry Research Institute at 400-068-7188.

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