[Yushu Technology: The humanoid robot industry is still in the early stages of commercialization. Physical AI technology still faces multiple challenges from laboratory demonstrations to large-scale implementation in real scenes] On October 26, Yushu Technology (688836.SH) announced that the company's stock closing price increase deviation for three consecutive trading days has exceeded 30%, which is an abnormal fluctuation in stock trading. As of October 26, 2026, the company's rolling price-to-earnings ratio was 465.22 times, which was significantly higher than the average rolling price-to-earnings ratio of 38.54 times in the general equipment manufacturing industry. The humanoid robot industry is still in the early stages of commercialization, and there are uncertainties in technological maturity, downstream market demand cultivation, and industry chain supporting capabilities. At the same time, physical AI technology still faces multiple challenges from laboratory demonstrations to large-scale implementation in real scenes, such as perception accuracy, motion control stability, data accumulation, and software and hardware collaboration. It will take time to verify the maturity of relevant technology paths and business models. If the industry's large-scale commercialization progress fails to meet expectations, the company's future revenue expansion and performance release may be adversely affected, and there is an investment risk of valuation regression.