[Just finished reviewing Yu Shu Technology's IPO prospectus, and the shocking bombshell about humanoid robots can't be hidden anymore]

Who would have thought that Yu Shu Technology, touted as the leading domestic quadruped robot company and the top tier in the humanoid robot sector, only invested 70 million RMB in R&D throughout 2024, and just 90 million RMB in the first nine months of 2025.
Here's a mind-blowing, reality-shattering fact: the total R&D expenditure of Yu Shu's entire company for a whole year is roughly equal to the annual salary of a top researcher at OpenAI.
And this is still a flagship company, riding the wave of the "industry leader" label, telling the story of a trillion-yuan blue ocean in humanoid robots.
Let's not talk about Boston Dynamics spending billions of dollars annually on R&D, or Tesla's Optimus team pouring hundreds of millions each year, or even the average players in the domestic sector, whose annual R&D investments reach several hundred million or even over a billion RMB.
In the hard tech sector, R&D investment is the basic barrier to technology. If you’re reluctant or unable to spend money on R&D, how can you build a core moat?
There are only two stark options, with no third possibility:
Either Yu Shu's so-called "industry-leading technology" has no real technical content at all, merely open-source solutions tweaked or supply chains assembled, not worth or needing large R&D investments, with the so-called technological barriers entirely built on marketing and PowerPoint hype;
Or, the capital market simply doesn’t believe in this sector or Yu Shu’s commercialization prospects, top-tier capital is unwilling to invest, and they can’t even sustain basic large-scale R&D, only holding onto this small amount of money to keep telling stories, waiting for secondary market investors to take over.
What’s even more terrifying is that even a benchmark like Yu Shu has such stingy R&D investment, which shows how inflated the bubble in the domestic humanoid robot sector really is.
Now, the entire market is hyping the humanoid robot concept, with many companies just showing demos and a few PPT pages, boldly claiming they will change the world. But they can’t even keep up with basic R&D spending—how many so-called technological breakthroughs and commercial implementations are real, and how many are just fabricated capital stories?
A word of advice to investors chasing high concepts: don’t wait until the bubble bursts to realize that the chips in your hands are just the last pawn in someone else’s shell game.