[August 20 IPO Observation] Yushu Technology surged 460% on its first day of listing, with a market value of 341.8 billion yuan. Wang Xingxing's fortune became the richest man born in the 1990s. The robot sector collectively pulled back and lost 3,900 yuan.

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

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1. Market resumption yesterday (August 19)

According to the Prospective Industry Research Institute, on August 19, 2026 (Wednesday), the biggest attraction of the A-share IPO market will be the "first share of humanoid robots" Yushu Technology (688836) landing on the Science and Technology Innovation Board: It opened at 1100 yuan/share (a surge of 629.44% from the issue price of 150.80 yuan). The intraday high fell back and closed at 845 yuan/share (+460.34%). The total market value was approximately 341.8 billion yuan, the turnover rate exceeded 85%, and the entire day's turnover exceeded 23 billion yuan. On the same day, the Beijing Stock Exchange Shuangying Group (920059) closed up 122.37% on its first day of listing, and the FSM Laser (688826) fell below 1,000 yuan to close at 942.03 yuan (-18.23%) the next day. In terms of the broader market, the three major A-share indexes collectively opened lower and moved lower. 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%. More than 5000 stocks fell. The city's turnover was 2.53 trillion yuan.

2. New shares were listed yesterday: Yushu Technology (688836.SH)-surged 460% on the first day, with a market value of 341.8 billion yuan, and the founder's net worth hundreds of billions

2.1 First day trading performance

On August 19, Yushu Technology officially landed on the Science and Technology Innovation Board of the Shanghai Stock Exchange, becoming the "first humanoid robot" in A-shares.

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. In terms of other external shareholders: Meituan Group (through a total shareholding of 8.684% through Hanhai Information, Galaxy Z, and Chengdu Longzhu) holds a market value of approximately 29.7 billion yuan; Sequoia China (Ningbo Sequoia and Xiamen Yaheng are acting in concert, totaling 6.4034%) approximately 21.9 billion yuan; Jingwei Venture Capital (4.9075%) approximately 16.8 billion yuan; Shunwei Capital (3.982%) approximately 13.6 billion yuan. Tencent Technology (0.5388%) is approximately 1.8 billion yuan, and Alibaba (0.4041%) is approximately 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] Yushu Technology was established on August 26, 2016 and is headquartered in Hangzhou. The 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 is 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%.

【Product Sales and Production】According to the prospectus disclosure, during the reporting period (from 2022 to September 2025), the cumulative sales of quadruped robots exceeded 30,000 units, and the cumulative sales of humanoid robots were nearly 4,000 units. The shipment volume of humanoid robots exceeded 5,500 units in 2025 (pure humanoid bipedal, excluding wheeled dual-arm robots), and the company claimed that the shipment volume was the first in the world. The production and sales rate of humanoid robots in the first nine months of 2025 exceeded 95%, basically in full production and sales status. The production and sales rate of quadruped robots slightly decreased in 2025, mainly due to the pre-settlement model adopted in cooperation with JD.com Self-operated at the end of 2024, resulting in a large number of goods dispatched from the JD.com Self-operated warehouse at the end of the period. In terms of product pricing, the Go2 Air reduced the consumer-grade quadruped robot to under 10,000 yuan, the G1 humanoid robot started at 85,000 yuan, and the R1 Air released in 2025 was further reduced to 29,900 yuan. The unit cost of quadruped robots decreased from 223,000 yuan in 2022 to 121,000 yuan in the first nine months of 2025 (a decrease of nearly half), and the unit cost of humanoid robots decreased from 732,000 yuan in 2023 to 622,000 yuan. The company reminded in the prospectus that the embodied large model technology globally is all in the research and development and testing stage, and the products sold have integrated self-developed motion control models ("cerebellum") and third-party large language models (for voice interaction), and the self-developed general embodied large model has not been scaled up for application.

【Main Customers】According to the prospectus disclosure, the company's customers are divided into three categories: scientific research and education, commercial consumption, and industrial applications, with a low customer concentration. The first customer in the first nine months of 2025 was JD.com (sales of 41.36 million yuan, accounting for 3.54%), on one hand, as the core self-operated channel for consumer-grade robots and the national distribution partners to purchase products in bulk for online mall and offline store sales display, on the other hand, to purchase industrial robots in bulk for scenarios such as warehousing inspection and logistics distribution. The fourth largest customer, Beijing Chaoyuan Times Technology Co., Ltd., is a scientific research and education company, which uses robots for teaching and education, scientific research, and commercial scenarios. The company's offline sales revenue accounted for more than 85% of the revenue during the reporting period. The balance of accounts receivable was 7.8467 million yuan at the end of 2022, 11.0671 million yuan, 21.5948 million yuan, and 83.4565 million yuan from the end of 2022 to the end of September 2025, accounting for 5.50%-7.15% of the operating revenue, mainly for domestic and foreign universities, well-known technology and industrial enterprises. Wang Xingxing's salary in 2024 was 2.4952 million yuan.

【Use of Funds Raised】The company issued 40,446,400 shares (accounting for 10% of the total issued shares after the issue), originally planned to raise 42.02 billion yuan, and the actual total amount raised was about 60.99 billion yuan (an oversubscription of about 45%). The net amount of the raised funds is invested in the following projects:

Note: 85.15% of the raised funds are used for research and development projects. The largest single project "Intelligent Robot Model Research and Development Project" focuses on the technical攻关 of embodied intelligent large models ("brain") and motion control models ("cerebellum"); after the construction of the manufacturing base, the expected annual production capacity is 75,000 units of humanoid robots and 115,000 units of quadruped robots.

3. Other IPO events yesterday

3.1 Shuangying Group (920059)+122.37% on the first day of listing on the Beijing Stock Exchange

Shuangying Group (Guangxi Shuangying Group Co., Ltd.) was established in Liuzhou, Guangxi in December 2003. It is mainly engaged in car seats and interior and exterior trim parts. It is a "specialized, specialized and innovative" and a single champion enterprise in the manufacturing industry in Guangxi. 2023-2025 Annual revenue increased from 2.205 billion yuan to 3.743 billion yuan.

3.2 Frequency laser (688826) fell below 1,000 yuan the next day after launch

Frequent laser closed at 1152 yuan (+516.44%) on the first day of listing on August 18. On August 19, it fell below the thousand-yuan mark on the next day of listing, closing at 942.03 yuan (-18.23%). The turnover rate was 48.16%, the transaction volume was 36,700 lots, and the main capital was net sold at 71.6941 million yuan.

3.3 Subscription for Betley (301697) and Jintai (920071)

On August 19, two new shares were purchased:

Jintai Co., Ltd.(Chaoyang Jinda Titanium Co., Ltd.) was established in August 2006 and registered in Chaoyang, Liaoning Province. It is a national high-tech enterprise focusing on the research and development and production of high-end sponge titanium. It belongs to the non-ferrous metals and other metal new materials industry.

4. Today's forecast (Thursday, August 20)

4.1 Green Biotech (301688) GEM subscription

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. It is the largest methyl cedone in my country. One of the suppliers. 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.

4.2 Yuanli Optoelectronics (874827) Beijing Stock Exchange Conference

Dongguan city Yuanli Optoelectronics Co., Ltd. is mainly engaged in the research and development, production and sales of 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. The IPO was accepted in December 2025 and entered the inquiry stage in January 2026.

4.3 Announcement day of issuance results of Huada Haitian (920288)

Huada Haitian will purchase on August 17, and today is the announcement day of the issuance results.

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5. This week's forecast (August 17-August 21)

5.1 New share subscription arrangements

According to statistics from the Prospective Industry Research Institute, 5 new shares were purchased this week, covering the main board of the Beijing Stock Exchange, the GEM, and the Shanghai Stock Exchange:

Makuang Shares (601123): Fujian Makeng Mining Co., Ltd. plans to publicly issue 123.5 million shares (accounting for 10% of the total share capital after issuance) and plan to raise 1 billion yuan for the Makeng Iron Mine Mining and Mining Capacity Expansion Project (Add 5 million tons/year of iron ore mining and processing capacity). 29.64 million shares were issued online, with a subscription limit of 29,500 shares. The top list required a market value of 295,000 yuan in Shanghai. The lead underwriter, CITIC Securities, has a strategic placement (initially accounting for 20% of the issuance). The company is an iron ore mining enterprise, controlled by the State-owned Assets Supervision and Administration Commission of Fujian Province, and Zijin Mining shares shares. The winner will be announced 8/24 and the payment will be 8/25.

5.2 IPO arrangement

5.3 Arrangements for deliberation at the meeting

According to statistics from the Prospective Industry Research Institute, a total of 5 companies held IPO launches this week:

Xinjuhong (Wuxi Xinjuhong Intelligent Technology Co., Ltd.) is mainly engaged in the research and development, production and sales of precision optical devices. Relying on its technological accumulation in the field of optical communications, it has become a core component supplier in the optical module industry chain and has applied its technical capabilities to ADDS automotive 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 is planned to publicly issue no more than 21.05 million shares (or no more than 24.2075 million shares after fully exercising the over-allotment), and the sponsor institution is Cathay Haitong Securities.

6. Key follow-up agenda

7. Tracking by Changxin Technology (688825)

On August 19, Changxin Technology followed the market correction and fell to 56.91 yuan (-3.85%) during the session. Closing price data was yet to be confirmed. The cumulative increase since its listing on July 27 still exceeds 580%.

The closing price on 8/19 is recorded based on intraday data (56.91 yuan,-3.85%), and the accurate closing data is to be confirmed.

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

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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.

Forward-looking Economist

Prospective Industry Research Institute is a leader in industrial consulting in China, specializing in providing solutions in industrial planning, industrial declaration, industrial upgrading and transformation, industrial park planning, feasibility reports and other fields to sweep away attention. Related reading RELEVANT [August 5 IPO dynamics observation] Senhe High-Tech North Stock Exchange surged 900% on its first day of listing! Hengxing shares purchased today, and Yushu Technology launched inquiry

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