Yushu Technology Forecasts First-Half Performance Slowdown, Profit Still Suppressed by Cost Investments

YuShu Technology Co., Ltd. disclosed in the reply to the IPO filing review center opinion letter that in the first quarter of 2026, the company achieved a total revenue of 423 million yuan, a year-on-year increase of 68.49%, a significant drop from 332.64% in the same period of 2025.

During the same period, the operating profit of the company was 49.136 million yuan, a year-on-year decrease of 54.59%; the net profit after deducting non-recurring gains and losses was 40.2536 million yuan, a year-on-year decrease of 52.55% compared to 84.8365 million yuan in the same period of the previous year.

The company explained in the prospectus that the growth in revenue in the first quarter is mainly due to the gradual enrichment of downstream application scenarios for humanoid robots and the continuous prosperity of market demand, with the revenue from humanoid robot products maintaining relatively rapid growth. The reason for the decline in the growth rate of revenue is related to the significant increase in the revenue base, the gradual moderation of industry enthusiasm, and the increasingly fierce market competition.

YuShu Technology also provided an estimate for the performance in the first half of 2026. The company estimates that the total revenue for January-June will be between 1.052 billion yuan and 1.128 billion yuan, a year-on-year increase of 35.62% to 45.41%, and the growth rate continues to slow down compared to the first quarter.

The decrease on the profit side is significantly narrower than in the first quarter. The company estimates that the net profit after deducting non-recurring gains and losses for the first half of 2026 will be between 236 million yuan and 283 million yuan, a year-on-year decrease of 6.43% to 21.97% (302.4 million yuan in the same period of 2025).

The company's explanation for the change in profit in the first half of the year is that the year-on-year decline in net profit after deducting non-recurring gains and losses is mainly due to a significant increase in R&D investment during the period and significant sales expenses in the first quarter. Compared to the 52.55% year-on-year decrease in the first quarter, the company expects the year-on-year decline in net profit after deducting non-recurring gains and losses for the first half of the year to significantly narrow and rebound.

The prospectus also disclosed that from January to June 2025, the net profit attributable to the owners of the parent company was a loss of 32.0245 million yuan, mainly due to a large amount of share-based payment expenses recognized in the period; from January to June 2026, the company estimates the net profit attributable to the mother company will be between 258 million yuan and 306 million yuan, achieving a profit turnaround.