Another "Hangzhou Six Little Dragons" company is sprinting for an IPO—Yunshenchu plans to raise 2.5 billion yuan.
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The capitalization process of the “Six Little Dragons of Hangzhou” is accelerating.
On May 18, Hangzhou Yunshenchu Technology Co., Ltd. (hereinafter referred to as “Yunshenchu”)’s STAR Market IPO was accepted by the Shanghai Stock Exchange.
This is, following Yushu Technology submitting its listing application and Qunhe Technology successfully listing on the Hong Kong Stock Exchange, yet another “Six Little Dragons of Hangzhou” member formally initiating its IPO process.
Yunshenchu is a company focused on embodied intelligent robots, with products covering quadruped, wheeled-leg, humanoid robots, core components, and supporting technical services, mainly applied to scenarios such as power inspection, emergency firefighting, police security, and more.
Against the backdrop of the continued rise of embodied intelligent robot concepts, the core highlight of Yunshenchu’s IPO lies in having already achieved a certain scale of revenue in robot scenarios and turning profitable in 2025.
From 2023 to 2025, Yunshenchu’s revenue was 0.5 billion yuan, 1.03 billion yuan, and 3.37 billion yuan respectively, with net profit attributable to the parent at -0.26 billion yuan, -0.13 billion yuan, and 0.29 billion yuan for the same periods.
Based on this performance, Yunshenchu has chosen the second listing standard this time: "Estimated market value not less than 1.5 billion yuan, operating income in the most recent year not less than 200 million yuan, and cumulative R&D investment over the past three years making up no less than 15% of cumulative operating income over the same period."
On the fundamentals, the main growth driver for this performance comes from the ramp-up of the quadruped robot business.
From 2023 to 2025, quadruped robots represented by the Jueying X series generated 0.4 billion, 0.7 billion, and 1.96 billion yuan respectively, accounting for 79.23%, 67.8%, and 58.11% of revenue.
In 2025, sales of Jueying X reached 681 units, more than doubling year-over-year.
The newly launched Shanmao M series in 2025 also scaled up rapidly. As an industry-grade high-dynamic wheeled-leg robot, this series contributed 0.74 billion yuan that year, accounting for 22.11% of main business revenue.
In the humanoid robot field, Yunshenchu has launched the DR series, focusing on scenarios such as power operations, emergency firefighting, industrial production, and other all-weather outdoor work environments.
However, from a commercialization perspective, Yunshenchu’s humanoid robots remain at an exploratory early stage. In 2025, humanoid robots represented by the DR series only generated 823,000 yuan, less than 10% of total income.
For this IPO, Yunshenchu plans to raise 2.503 billion yuan, mainly invested in embodied algorithms and models, robot body and solutions R&D, and projects for industrialization of embodied intelligent robots.
This points to Yunshenchu’s next stage of expansion focus: on one hand, continue strengthening cutting-edge technologies such as large embodied intelligent models; on the other hand, fill gaps in robot body R&D, product matrix expansion, scalable production capacity building, and industry scenario service capabilities.
With Qunhe Technology leading the way in listing, Yushu Technology and Yunshenchu following in their bids for the STAR Market, the story of the “Six Little Dragons of Hangzhou” is moving from industrial heat toward validation in the capital market.
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