Yushu Technology is about to go public, and Wang Xingxing's net worth will reach hundreds of millions...

Why the rush?
It's obvious they want to beat Musk's Optimus 3 to market.
Once Tesla's robot with true AGI brain debuts,
Not to mention Yushu, the entire industry could be overturned.
After all, in robot competition, it's ultimately about the brain.
But looking at Yushu's financial report makes people nervous.
In 2025, net profit exceeds 600 million yuan, the only profitable company in the global robotics track.
But a closer look shows that 73% of revenue comes from universities and research institutions.
Real commercial consumption accounts for less than 20%, and industrial applications only 9%.
Can this profitability be sustained?
If next year there are no research orders, will they immediately incur losses?
The latest R&D expenditure from January to September 2025 is only 90 million yuan, which is hardly comparable to UBTECH's total R&D investment of 1.4 billion over 2022-2024, and Tesla's over 10 billion; Yushu's R&D expense rate is also far below listed peers; in terms of patents, Yushu has a mere 262, while UBTECH has 2,790.
Spending so little to make good products,
Would Alibaba and Tencent, spending hundreds of billions at will, easily crush them?
More importantly, Yushu has never disclosed any progress in AGI R&D.
They are not short of money but rushing to go public, which inevitably raises doubts that capital wants to cash out.
As the first humanoid robot stock,
Is Yushu a industry flag or just a capital play? It’s hard to say.