On June 1, the Listing Review Committee of the Shanghai Stock Exchange held the 31st Listing Review Committee review meeting in 2026. The review results showed that Yushu Technology Co., Ltd.'s initial offering complied with the issuance conditions, listing conditions and information disclosure requirements. The prospectus disclosed that before the issuance, Yushu Technology's total share capital was 364 million shares, and it planned to issue no less than 40.4464 million shares to the public, with the proportion of new shares issued being no less than 10%. It plans to raise 4.202 billion yuan for projects such as the research and development of intelligent robot models.
The top ten shareholders of Yushu Technology collectively hold 71.50% of the shares. Chairman Wang Xingxing directly holds 23.82% of the shares and is the largest shareholder; equity incentive platform Shanghai Yuyi holds 10.94% of the shares; Meituan, owned by Hanhai Information, holds 7.61% of the shares and is the third largest shareholder. Meituan also holds 1.02% and 1.02% of the shares through Galaxy Z and Chengdu Longzhu respectively, totaling 9.65%.
Ningbo Sequoia holds 6.21% of the shares and is the fourth largest shareholder; Xiamen Yaheng, a subsidiary of Sequoia China, holds 0.90% of the shares, totaling 7.11%. Shunwei Capital affiliate Atrend IV holds 4.42% of the shares and is the fifth largest shareholder. Matrix Partners holds a total of 5.45% of the shares through Matrix One and Matrix Three.
CITIC Securities, the sponsor of this IPO, holds a total of 4.49% of the shares through Jinshi Growth and CSI Investment. Beijing Robot Industry Development Investment Fund, Jiaxing Huamao, and Tianjin Junwan Hongyi hold 3.83%, 3.19%, and 3.07% of the shares respectively.
In addition, Tencent, Alibaba, and Ant also appear on the shareholder list. Among them, Tencent holds 0.60% of the shares through Tencent Technology (Shanghai) Co., Ltd.; Alibaba holds 0.45% of the shares through Hangzhou Haoyue Enterprise Management Co., Ltd.; and Ant holds 0.22% of the shares through Shanghai Yunjue Enterprise Management Consulting Co., Ltd.
The prospectus shows that under the differential arrangement of voting rights, Wang Xingxing’s direct shareholding ratio is 63.55% of the voting rights. Shanghai Yuyi, which is jointly controlled, controls a total of 68.78% of the voting rights and is the controlling shareholder and actual controller. After this issuance, its total proportion of controlling voting rights will be reduced to no more than 65.31%.
In terms of performance, from 2023 to 2025, operating income increased from 159 million yuan to 1.699 billion yuan, with a compound growth rate of 226.78%; net profit after deducting non-attributed profits increased from -18.0191 million yuan to 591 million yuan; the gross profit margin of the main business increased from 44.22% to 60.13%.
The company's latest disclosure is that operating income in the first quarter of 2026 dropped to 423 million yuan, a year-on-year increase of 68.49%. Affected by a significant increase in research and development expenses, sales expenses, etc., the net profit after deductions dropped from 84.8365 million yuan in the same period last year to 40.2536 million yuan, a year-on-year decrease of 52.55%.