Yushu Technology

Unitree's upcoming Chinese robotics IPO is reportedly 8,000 times oversubscribed, resetting valuation anchors for every robotics IPO that follows and pressuring existing public market comps. Regal Rexnord fell from $220 to $170 post-earnings despite a 16% EPS beat, now trading at 17 times forward earnings against a $249 average analyst price target. The company's Automation & Motion Control segment revenue rose 16.2% to $477.7 million in Q2 2026, with daily orders up 17.1% year over year. Analysts on The AI Investor Podcast compared robotics to self-driving cars, describing both as directionally correct but slow to commercialize, and warned investors to expect high volatility across a multi-year thesis.

Chinese humanoid robot maker Unitree surged more than fivefold in its stock market debut in Shanghai on Wednesday. The company, known for robots that perform dance routines, martial arts and backflips, raised about $900 million in its IPO. Unitree is backed by Chinese tech giants including Tencent and Alibaba as well as state-owned enterprises, and its U.S. competitors include Tesla and Hyundai-owned Boston Dynamics. The humanoid robot market is expected to grow exponentially over the next decade, with global sales estimated to swell from $2 billion in 2025 to about $300 billion by 2035. However, a new hurdle has emerged as the U.S. banned new foreign-made advanced robots citing unacceptable risks to national security, and the U.S. accounted for about 13% of Unitree's overseas revenue in 2025.

Chinese humanoid robot maker Unitree surged about 600% on its market debut, valuing the company at around $50 billion as retail investors flocked to the IPO on the tech-focused STAR Market. The startup, which competes with Hyundai Motor Group-owned Boston Dynamics and Tesla, has backing from Tencent, Alibaba and DeepSeek, and at least a half dozen other Chinese humanoid robotics firms are preparing to go public. Meanwhile, U.S. Treasury yields remain near multi-decade highs but got some relief after a below-forecast industrial production report, with attention turning to the 20-year bond auction and minutes from the Federal Reserve's July meeting. Analysts point to a rising term premium on long bonds, near its highest in a decade, as investors demand compensation for debt sustainability uncertainties. Crude oil prices stayed elevated amid the Iran conflict, while the crack spread between crude and diesel futures hit a record high, signaling higher fuel costs ahead.

China's humanoid robot makers are facing a tougher test in proving their inventions can work reliably to generate economic value at the World Robot Conference in Beijing this week. More than 300 companies are expected at the event from Wednesday through Sunday, showcasing over 2,000 exhibits and launching more than 150 products, according to Beijing authorities. The conference coincides with the Shanghai stock market debut of Unitree, one of the world's largest humanoid robot makers by sales volume, after an initial public offering that was more than 8,000 times oversubscribed by retail investors. Investors and customers are increasingly judging robots not by how spectacularly they move, but by how productively they work, how much human supervision they require and whether they can earn a return on their cost. Guotai Securities estimates an industrial humanoid would need to cost about 160,000 yuan, including maintenance, to pay for itself within two years compared with a worker earning 80,000 yuan annually, while such robots typically cost 300,000 to 500,000 yuan according to Berlin-based think tank MERICS.

China's Unitree unveiled a new high-speed robot it dubbed Superman on Monday, days before becoming the first general-purpose robotics company to list on mainland China's stock market. Unitree, the world's biggest humanoid-robot maker by sales, will start trading in Shanghai on Wednesday after raising 6.1 billion yuan, or 905 million dollars, in an initial public offering last week. The company said it developed the new robot in just over three months, achieving a standing jump of 2 metres and a top speed of 12.66 metres per second. The Shanghai debut coincides with the opening of the World Robot Conference in Beijing, adding to investor attention on a company whose humanoid robots have drawn global notice for running, dancing and performing martial arts. The IPO was more than 8,000 times oversubscribed by retail investors, a record for Shanghai's tech-focused STAR Market, and Unitree said it had cumulatively produced and delivered about 18,000 bipedal humanoid robots across multiple models as of July.

As of August 14, 17 companies have issued new shares on the STAR Market this year, raising a combined 88.845 billion yuan in initial public offerings, averaging 5.226 billion yuan per company. Among them, ChangXin Memory Technologies raised 57.919 billion yuan, the largest amount among STAR Market companies, with funds mainly going to projects such as DRAM memory technology upgrades. Unitree Robotics raised 6.099 billion yuan, mainly for projects such as intelligent robot model research and development. The average price-to-earnings ratio at issuance was 95.18 times, with the highest being ChangXin Memory Technologies at 308.92 times. By region, Anhui, Zhejiang, and the Cayman Islands led in funds raised, at 61.036 billion yuan, 7.498 billion yuan, and 5.028 billion yuan respectively.

Unitree Technology's IPO has disclosed its offering announcement, with an issue price of 150.80 yuan per share, corresponding to a total market value of approximately 60.99 billion yuan, significantly higher than the market's earlier general expectations. At least 12 brokerages completed pre-listing arrangements through direct investment subsidiaries, industrial funds, LP contributions, and other means, while more than 20 brokerages' proprietary accounts participated in offline subscription at the maximum allotment. CITIC Securities, as the sole sponsor, holds 15.1142 million shares through its subsidiary Jinshi Growth, accounting for 4.15% of the total share capital before issuance and ranking as the seventh-largest shareholder. CITIC Securities Investment directly holds 1.2294 million shares and, as a follow-on investment entity, was allocated 808,900 shares, bringing its total holdings to over 4 million shares. Based on the estimated total fundraising amount of approximately 6.099 billion yuan, CITIC Securities' total underwriting fees will exceed 140 million yuan. Alternative investment subsidiaries of Hualong Securities, Huaan Securities, Hongta Securities, CITIC Securities, Shenwan Hongyuan, and others hold indirect stakes through the Jinshi Growth fund, while Soochow Securities, Guotai Haitong, Caitong Securities, CICC, China Merchants Securities, China Post Securities, and others have also achieved indirect arrangements through industrial funds or venture capital institutions. Industry insiders said that under the registration-based system, brokerages' competition for high-quality science and technology innovation projects has extended from a single sponsorship qualification to a full-chain capability contest encompassing research, investment, and underwriting.

Chinese robotics maker Unitree received retail investor orders for its IPO shares exceeding the allocated amount by 8,000 times. The offering values the company at approximately 9 billion US dollars and is set to raise around 900 million US dollars. This valuation represents about 219 times its 2025 earnings and roughly 36 times its sales, reflecting investor expectations for the growth potential of the robotics and artificial intelligence sectors. Unitree's humanoid robots have the potential to compete in the same market as Elon Musk's Optimus, underscoring intensifying competition in the global intelligent robotics industry.

Several companies released important announcements today. Unitree Technology announced the final online subscription lottery rate for its STAR Market IPO at 0.01809759%, with an issue price of 150.80 yuan per share. Longsys disclosed its 2026 semi-annual report, achieving a net profit of 10.577 billion yuan, a year-on-year increase of 71,528.66%, and plans to repurchase shares with 400 million to 800 million yuan. Elegant Home, which hit the daily limit for 12 out of 11 trading days, announced that its stock price rose 185.56% over 11 trading days, and trading was suspended again for review just three trading days after resumption. The lottery numbers for the year's most expensive new stock, Precisive Laser, were drawn, totaling 6,423 winning numbers, with an issue price of 186.88 yuan per share. Gan & Lee Pharmaceuticals authorized Menarini the commercialization rights for the overweight or obesity indication of Bofangglutide in 27 EU countries and other regions, with milestone payments of up to 664 million euros. United Nova Technology reported a half-year net profit of 278 million yuan, turning losses into profits year-on-year. Construction Machinery plans to acquire 100% equity of Pucheng Clean Energy Company, and its stock was suspended. In addition, GigaDevice's subsidiary invested 100 million US dollars to subscribe for private equity fund shares. The upper-level equity structure change of Shanshan's controlling shareholder was completed, with Conch Group becoming the indirect controlling shareholder. Easyhome's actual controller changed to Yang Fang.

Unitree Robotics, a robot manufacturer based in Hangzhou, opened subscriptions for its IPO on the STAR Market of the Shanghai Stock Exchange, drawing overwhelming investor interest. Offline subscriptions reached 2,760.67 times the number of shares offered. The company is offering 40.446434 million shares at 150.80 yuan each, representing 10 percent of its post-IPO share capital, and expects to raise approximately 6.1 billion yuan. According to the prospectus, Unitree develops and sells humanoid and quadruped robots. Between 2023 and 2025, the company sold 33,294 quadruped robots and 5,632 humanoid robots. China's securities regulator approved Unitree's IPO application on July 1.

Chinese humanoid robot manufacturers accounted for more than 97% of global deliveries in the first half of 2026, highlighting their advantage over US rivals in a rapidly growing industry. Data from research firm Smart Analytics Global shows that global humanoid robot deliveries in the first six months of 2026 reached approximately 19,100 units, more than triple the roughly 5,100 units in the same period last year. Shanghai-based Agibot delivered 8,400 units, representing 44% of global deliveries, surpassing Hangzhou-based Unitree Robotics, which delivered 5,900 units. Deliveries by leading US companies such as Tesla, Figure AI, and Agility Robotics still lag far behind. However, competition is facing geopolitical pressure after the United States announced a ban on imports of new humanoid and quadrupedal robots from China, as well as certain components, citing national security risks. SAG expects global deliveries to rise to around 60,000 units this year and potentially reach 500,000 units by 2030, with industrial and commercial applications accounting for more than 70% of total deliveries, up from about 50% a year ago.

Chinese AI startup DeepSeek has invested 140.8 million yuan, equivalent to $20.8 million, in robot maker Unitree as part of Unitree's Shanghai initial public offering. DeepSeek received 933,399 Unitree shares, representing 2.31% of the shares allocated through the IPO's strategic placement. The two Hangzhou-based companies agreed to jointly develop AI models for humanoid robots, combining DeepSeek's AI expertise with Unitree's mechanical engineering and motion control capabilities. Under the partnership, Unitree will give preference to DeepSeek when procuring model-training services, while DeepSeek will favor Unitree for robot purchases and embodied-AI applications. The collaboration aims to address the challenge of building a robot brain that can understand unfamiliar environments and translate instructions into physical actions, potentially providing DeepSeek with robots and real-world data to advance its vision-language research.

Chinese robot maker Unitree has priced its Shanghai initial public offering at 150.8 yuan per share, seeking to raise 6.1 billion yuan. The deal is set to make Unitree China's first mainland-listed maker of humanoid robots.

Unitree Technology has finalized its initial public offering and listing on the STAR Market, with an issue price of 150.80 yuan per share and an offering size of 40.446434 million shares, representing 10% of the total post-IPO share capital. The IPO price-to-earnings ratio stands at 219.23 times, and total funds raised are expected to reach approximately 6.099 billion yuan. The final strategic placement amounts to 8.089286 million shares, with participants including DeepSeek, China Petroleum Group Kunlun Capital, and Tencent's Shanghai Qishan Investment. Among them, DeepSeek's allotted shares are subject to a 36-month lock-up period. In other news, Zhongfu Shenying plans to raise no more than 3.893 billion yuan through a private placement for projects including high-performance carbon fiber. Shengke Communications saw a 1% stake reduction by the National Integrated Circuit Industry Investment Fund. BioMap expects its first-half net profit to grow by 391.87% to 412.71% year-on-year.

On the evening of August 6, several companies listed on the Shanghai and Shenzhen stock exchanges released significant positive announcements. Unitree Technology set its initial public offering price at 150.80 yuan per share, planning to list on the STAR Market. The offering size is 40.446434 million shares, accounting for 10 percent of the total post-IPO share capital, with online subscription scheduled for August 10. Tonghua Golden Horse intends to acquire a controlling stake in innovative drug company Bajia Yi through its wholly owned subsidiary Guilin Golden Horse. Bajia Yi holds 23 drug research and development patents and multiple clinical trial approvals for Class 1 new drugs. Zhongfu Shenying plans to raise no more than 3.893 billion yuan through a private placement to fund an annual production capacity of 30,000 tonnes of high-performance carbon fiber and other projects. Cre8 Direct plans to invest approximately 83.51 million yuan to acquire a 90 percent stake in Chuangku Future, advancing its designer toy and cultural creative business. Huaci Holdings stated that it has made the electrical ceramics business a key development focus, investing heavily this year in the construction of the Hualian Torch Electrical Ceramics Factory, which began trial production on June 11, with a healthy order backlog. Shengda Resources' controlled subsidiary Yindu Mining received approval for its technical renovation project to achieve an annual mining capacity of 900,000 tonnes. Songyuan Safety's wholly owned subsidiary secured a nomination from a European automaker to supply steering wheels and airbags, with a product lifecycle of seven years and estimated sales of approximately 691 million yuan. Hongchang Technology plans to acquire 45 percent stakes each in Kunwu Semiconductor and Youpin New Materials for no more than 405 million yuan and 315 million yuan respectively, with both companies focusing on lab-grown diamond materials. Mingjiahui plans to acquire up to a 26.19 percent stake in Zhiyu Technology for 263 million yuan in cash, expanding into the semiconductor industry. Wanwei High-tech plans to issue shares to its controlling shareholder Wanwei Group to raise no more than 2.3 billion yuan for polyvinyl alcohol resin and optical film projects.

On the evening of August 6, multiple listed companies on the Shanghai and Shenzhen stock exchanges issued important announcements. Tongyu Communication clarified that the target company it plans to acquire, Jiaxian Communication, has no research and development partnership with Nvidia. Jiaxian Communication is conducting 6G AI-RAN base station research and development based on Nvidia's open-source platform, and there is significant uncertainty as to whether its subsequent products will gain market acceptance. The Xiqu Mine of Shanxi Coking Coal has been shut down after a safety production accident resulted in one fatality. The mine has an approved annual capacity of 2.7 million tonnes, accounting for 5.67 percent of the company's total capacity. Unitree Technology has set its initial public offering price at 150.80 yuan per share, with an offering size of 40.4464 million shares, and the online subscription date is August 10. Tonghua Golden Horse plans to acquire a controlling stake in the innovative pharmaceutical company Bajia Yi through a wholly-owned subsidiary. Bajia Yi holds multiple clinical trial approvals for Class 1 new drugs. Xingfa Group plans to raise no more than 3 billion yuan through a private placement, to be used for phosphate mining and beneficiation projects and loan repayment, with the controlling shareholder intending to subscribe for 100 million to 200 million yuan. China Rare Earth Nonferrous Metals plans to transfer a 37 percent stake in Dongdianhua Company through a public listing at a minimum price of 142 million yuan to optimize its asset structure. Baoding Technology clarified that its copper clad laminates and electronic copper foil products currently cannot be applied in AI servers or computing fields. Zhongfu Shenying plans to raise no more than 3.893 billion yuan through a private placement for projects including high-performance carbon fiber. Bojie Shares clarified regarding market rumors that its investee company Dingtai Xinyuan has incurred losses for three consecutive years, and its optical communication indium phosphide business has little impact on the company's performance. The AI server testing business accounts for 16.79 percent of revenue, liquid cooling modules have not been shipped independently, and the humanoid robot business is still in its early stages. Baihehua stated that photoresist pigment sales revenue in 2025 accounted for only 0.084 percent of the company's total revenue. Transsion Holdings' H-share issuance has been filed with the China Securities Regulatory Commission. Chuangyuan Shares plans to invest approximately 83.51 million yuan to acquire a 90 percent stake in Chuangku Future, expanding into the designer toy and cultural creative business. Huaci Shares has made the electrical ceramics business a key development direction, investing heavily this year in the construction of an electrical ceramics factory which has already been ignited and put into production. Shengda Resources' subsidiary Yindu Mining has received approval for a 900,000-tonne-per-year mining technical renovation project. STAR Cuihua faces delisting risk as its closing market value fell below 500 million yuan for the first time, and it may also trigger mandatory delisting for major violations due to suspected false financial records. Hongchang Technology plans to acquire 45 percent stakes each in Kunwu Semiconductor and Youpin New Materials for cash, with transaction prices not exceeding 405 million yuan and 315 million yuan respectively. Both companies focus on lab-grown diamond materials. Mingjiahui plans to purchase no more than a 26.19 percent stake in Zhiyu Technology for 263 million yuan, entering the semiconductor industry. Wanwei High-tech plans to raise no more than 2.3 billion yuan through a private placement to its controlling shareholder for polyvinyl alcohol resin and optical film projects. Weichai Power stated on an interactive platform that the company has no business related to recoverable aircraft engines. In terms of financial performance, Haodangjia reported first-half net profit of 29.9788 million yuan, up 21.74 percent year-on-year. Jianfan Biotech reported net profit of 382 million yuan, down 1.99 percent. Luchang Technology posted a loss of 22.0208 million yuan, narrowing its losses. Zhenghe Technology's July hog sales revenue was 5.404 million yuan, down 79.23 percent year-on-year. Lihua Shares' July broiler chicken sales revenue was 1.274 billion yuan, up 5.2 percent month-on-month. Jinhui Mining reported first-half net profit of 409 million yuan, up 61.52 percent year-on-year, and plans a dividend of 3.3 yuan per 10 shares. BioMap expects first-half net profit between 236 million and 246 million yuan, up 391.87 percent to 412.71 percent. Zongyi Shares reported net profit of 47.1374 million yuan, up 136.92 percent. Wenzhou Hongfeng reported net profit of 92.3462 million yuan, turning losses into gains. Jin Qilin reported net profit of 17.2938 million yuan, down 83.94 percent. Bailong Dongfang reported net profit of 559 million yuan, up 43.45 percent, and plans a dividend of 1.8 yuan per 10 shares. Pengding Holdings' July consolidated revenue was 3.201 billion yuan, up 6.61 percent year-on-year. Shennong Group's July commercial hog sales revenue was 411 million yuan, up 25.69 percent. Daodaoquan reported net profit of 16.8606 million yuan, down 90.68 percent, and plans a dividend of 0.49 yuan per 10 shares. Shenchengjiao reported net profit of 38.5445 million yuan, turning losses into gains. Weixing New Materials reported net profit of 390 million yuan, up 43.9 percent. Trina Solar reported a net loss of 270 million yuan, significantly narrowing its losses. Anjiesi reported net profit of 118 million yuan, down 6.27 percent. Regarding shareholding changes, Langhong Technology's actual controller, directors, and senior management plan to collectively reduce their holdings by no more than 1.994 percent. Faben Information has received a commitment for a special repurchase loan of no more than 60 million yuan. Jichuan Pharmaceutical's directors and CFO plan to collectively reduce their holdings by no more than 181,000 shares. Yangfan New Materials plans to repurchase shares for 30 million to 60 million yuan. Puyuan Shares has received a repurchase loan commitment letter for no more than 45 million yuan. Lianhua Holdings has obtained a repurchase loan commitment letter for no more than 90 million yuan. Shuanglin Shares plans to repurchase shares for 50 million to 100 million yuan. Only Education's shareholder Shanghai Changjia Investment plans to reduce its holdings by no more than 3 percent. In terms of major contracts, a wholly-owned subsidiary of Oled has won a bid for an AMOLED production line upgrade project worth 47.2815 million yuan. A wholly-owned subsidiary of Songyuan Safety has received a project nomination worth approximately 691 million yuan. Anhui Construction Engineering's new contract value for engineering construction business in the first half of the year was 42.617 billion yuan. A controlling subsidiary of Sanxing Electric has signed an overseas operation contract worth approximately 175 million yuan.

The Ministry of Commerce has decided to add the US firm Compliance Testing LLC to its countermeasures list, prohibiting organisations and individuals within China from engaging in transactions, cooperation, or other activities with it. At the same time, it announced tighter export controls on dual-use items related to drones destined for the United States, with strict case-by-case reviews and no leniency in applying licensing facilitation. Huawei Executive Director Richard Yu said at a press conference that memory prices have risen sharply, and all smartphones may have to undergo significant price hikes going forward. On the STAR Market, BeiGene reported a 627 percent year-on-year jump in first-half net profit to 3.271 billion yuan and raised its full-year revenue guidance to between 44.9 billion and 46.2 billion yuan. Jiaocheng Ultrasonic received a formal order from a leading domestic memory manufacturer for its advanced ultrasonic scanning microscope. Lingdian Electric Control plans to invest 600 million yuan to build a new energy electronic control industrial park expansion project. Kaiweit intends to acquire 100 percent equity in Jingyi Semiconductor for 1.65 billion yuan. The preliminary inquiry for Unitree Technology's STAR Market IPO will take place on August 5, with the market estimating a valuation exceeding 40 billion yuan. The online roadshow is scheduled for August 7.

A Cailian Press reporter visited the only national-level application pilot base dedicated to embodied intelligence and found that real-world scenarios, training data, testing standards, and risk-sharing mechanisms are the essential steps robots must complete to move from prototype to product. The base was inaugurated on May 16 this year in the Hangzhou High-tech Zone. Its accompanying exhibition center has gathered over 140 robots and built more than 40 application-oriented scenarios, including power inspection, logistics handling, and elderly care. As of July 29, cumulative visits reached 55,800. The base’s first batch of 18 cornerstone partners includes Unitree Technology, Galaxy Universal, and Moore Threads, and it has established a joint innovation center with Huawei. Data that can be directly used for training embodied intelligence remains scarce. Companies are seeking lower-cost collection methods between real-machine teleoperation and markerless motion capture. Zhang Haiwei, founder of Ching Mu Vision, revealed that the company’s contract orders for the first half of 2026 are approximately 50 million yuan, doubling compared to the same period last year. In April this year, the nation’s first embodied intelligence robot insurance claim was settled, with a payout of 5,976 yuan, addressing key commercialization issues such as equipment damage repair and accident liability allocation. The base is operated by a mixed-ownership enterprise, with Hangzhou High-tech Innovation Group holding 50 percent, Hangzhou Data Group holding 36 percent, Unitree holding 10 percent, and Transfar Zhilian holding 4 percent. It is exploring paid service models including data collection and testing verification.

The humanoid robot industry is seeing new developments both domestically and internationally. The Bosera STAR 100 ETF rose over 2% intraday. On the news front, the 2026 Unitree Robot Street Fighting Championship and Cross-Scenario Global Debut event took place in Chengdu, where the Unitree GD01 mecha made its global debut, and the event simultaneously opened a science and innovation themed exhibition area. Overseas, Tesla released its second quarter 2026 financial report, disclosing that it has halted production lines for the Model S and Model X at its Fremont factory in California and is installing the first generation production line for Optimus, with production expected to begin later this year. Changjiang Securities noted that humanoid robots are moving from proof of concept to mass production, with Tesla's Optimus starting mass production in the second half of the year and domestic companies actively shipping products, which is likely to first unlock earnings elasticity for component manufacturers. In terms of capital flows, the Bosera STAR 100 ETF attracted a total of 37.551 million yuan over the past five trading days, with an average daily turnover of 316 million yuan over the past year. On the valuation front, the Shanghai Stock Exchange STAR 100 Index it tracks has a latest price-to-earnings ratio of 110.33 times, at the 3.08th percentile over the past year, meaning it is lower than more than 96.92% of the time over the past year.

The China Securities Regulatory Commission has approved Unitree Technology's registration application for an initial public offering and listing on the STAR Market, with a target fundraising amount of 4.202 billion yuan. The funds raised will be invested in intelligent robot research and development and manufacturing base construction. The news boosted the humanoid robot concept in the A-share market, with Kailong High-Tech hitting the 20 percent daily limit up and Shoukai Shares hitting the 10 percent daily limit up. At the industry level, Tesla's Optimus robot production line at the Fremont factory has entered a critical mass production stage, and UBTECH has launched its full-size ultra-bionic humanoid robot U World U1 series, with cumulative online and offline orders exceeding 13,361 units. Analysts believe that the upstream core component sector has stronger development certainty and will benefit first.

In early trading on July 3, humanoid robot concept stocks surged collectively. Estun Automation shot up after the open, hitting the daily limit in 4 minutes and notching 3 boards in 4 days. On the news front, the China Securities Regulatory Commission approved Unitree Technology's registration application for a STAR Market IPO, planning to raise 4.202 billion yuan for intelligent robot R&D and manufacturing projects. A research note from Wanlian Securities pointed out that the humanoid robot industry is moving from technological breakthroughs to large-scale commercialization, with 2026 being a critical window for mass production validation and scenario deployment. Computing power hardware stocks also rebounded, with Beijing Ingenic Semiconductor rising nearly 12% intraday. The company said DRAM prices have risen significantly, with domestic and international customer prices continuing to increase in the second quarter, and prices are expected to rise further in the third quarter.

The State Council has approved the '15th Five-Year Plan' for building a sports powerhouse, calling for improvements to the public service system for national fitness, reforms to the competitive sports management system, strengthened youth sports programs, and the revitalization and development of the 'three major ball sports'—football, basketball, and volleyball. Lithography giant ASML has raised its full-year revenue guidance, primarily driven by sustained demand for advanced lithography equipment related to AI chip manufacturing. The China Securities Regulatory Commission has approved the registration application of Unitree Technology for its initial public offering and listing on the STAR Market. The company's humanoid robot shipments in 2025 have already exceeded 5,500 units, ranking first globally in the industry. CSPC Pharmaceutical's holding subsidiary, Jushi Biotech, has signed an agreement with AstraZeneca to carry out strategic cooperation in the field of novel small interfering RNA drug candidates. AstraZeneca will make an upfront payment of 30 million US dollars, with potential milestone payments of up to 1.74 billion US dollars. BOE Technology Group saw a net institutional seat purchase of 1.458 billion yuan, while China Resources Microelectronics' order backlog reached a new high.