simmis
08-12
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@博实：
宇树科技IPO跟进
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article, would you like to share it?</p></body></html>","htmlText":"<html><head></head><body><p>Great article, would you like to share it?</p></body></html>","text":"Great article, would you like to share it?","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/596050506966032","repostId":595678002664600,"repostType":1,"repost":{"magic":2,"id":595678002664600,"tweetId":"595678002664600","gmtCreate":1786416480000,"gmtModify":1786431845967,"author":{"id":3487914694550623,"idStr":"3487914694550623","authorId":3487914694550623,"authorIdStr":"3487914694550623","name":"博实","avatar":"https://static.tigerbbs.com/f0894701efa2a180d5aa10da0b9e94d5","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":8654,"starInvestorFlag":false},"themes":[],"images":[{"img":"https://static.tigerbbs.com/68892f1c273b4dd2a4ae4beb62d6c39b"},{"img":"https://static.tigerbbs.com/ec568f42920943e580308aca4df39bdf"}],"coverImages":[{"img":"https://static.tigerbbs.com/68892f1c273b4dd2a4ae4beb62d6c39b"}],"title":"宇树科技IPO跟进","html":"<html><head></head><body><div>\n <h1><b></b><b></b></h1>\n <p><img src=\"https://static.tigerbbs.com/68892f1c273b4dd2a4ae4beb62d6c39b\"></p>\n <p><span><span>2026年8月10日，宇树科技IPO网上申购。</span></span></p>\n <p><span><span>宇树科技</span><span>2025</span><span>年，实现了人形机器人出货量全球第一。</span></span></p>\n <p><span><span>2025</span><span>年宇树科技营收</span><span>16.99</span><span>亿，扣非净利润</span><span>5.9</span><span>亿。</span></span></p>\n <p><span><span><span>一、宇树科技2026年一季度利润下降因研发费用增加</span></span></span></p>\n <p><span><span>公司</span><span>2026</span><span>年一季度营业收入同比增速已降至</span><span>68.49%</span><span>，扣非后净利润</span><span><span>净利润5001万，同比下降</span></span><span>52.55%（2025年9560万）。 </span></span></p>\n <p><span><span>公司</span></span><span><span>一季度</span></span><span><span>在机器人本体与结构研发、具身智能大模型、运动控制算法等领域持续加大技术研发投入与新产品开发，并</span><span>持续扩充研发团队，带动当期研发费用同比增加</span><span>3832</span><span>万元。</span></span><span><span></span></span></p>\n <p><span><span><span>二、宇树科技股权结构，王兴兴表决权</span></span><span><span><span>68.7816%</span></span></span></span></p>\n <p><span><span><img src=\"https://static.tigerbbs.com/ec568f42920943e580308aca4df39bdf\"></span></span></p>\n <p><span><span>王兴兴直接持有公司</span></span><span>8,671.4964</span><span>万股股份，占公司股本总额的</span><span>23.8216%</span><span>，</span><span>系公司控股股东。在表决权差异安排下，王兴兴直接持股部分的表决权比例为</span><span>63.5457%</span><span>，结合所控制的上海宇翼股权激励持股平台，合计控制的公司表决权比例为</span><span>68.7816%</span><span>。由此，王兴兴为公司的控股股东、实际控制人。</span></p>\n <p><span><span>三、财报分析</span></span></p>\n <p><b><span><span><span>1.债权投资中定期存单8.8亿</span></span></span></b></p>\n <p><span><span>债券投资</span><span>8.8</span><span>亿，</span></span><span><span>公司以暂时闲置资金购入银行大额定期存单，确认为债权投资。招股书发布时，</span></span><span><span>一年内到期的金额为</span><span>1089</span><span>万。</span></span></p>\n <p><span><span>如果定期存单，加上</span><span>17</span><span>亿现金、</span><span>可交易金融资产，账上总资金为</span><span>25.8</span><span>亿。</span></span></p>\n <p><span><span>从招股书中来看，宇树只有</span><span>2025</span><span>扣非净利润达</span><span>5.9</span><span>亿，</span><span>2024</span><span>年利润</span><span>7847</span><span>万，</span><span>2023</span><span>年亏</span><span>1801</span><span>万。推测来看，宇树科技真正大规模盈利也就是</span><span>2024-2025</span><span>年，积累的利润约</span><span>6.7</span><span>亿。</span></span></p>\n <p><span><span>账上的</span><span>25.8</span><span>亿，有大量资金是没有使用的股权融资来的资金。</span></span></p>\n <p><b><span><span><span>2.固定资产规模较小</span></span></span></b></p>\n <p><span><span>非流动资产总共</span><span>9.8</span><span>亿，如果减去债券投资</span><span>8.8</span><span>亿，剩下</span><span>1</span><span>亿左右。其中，固定资产只有</span><span>3515</span><span>万。</span></span></p>\n <p><span><span>这块问了一下</span><span>Deepseek</span><span>，大模型认为宇树科技有自建工厂，而且投入应该在数亿元规模。但是财报这不明确固定资产是</span><span>3515</span><span>万么。</span></span></p>\n <p><span><span>大模型的回答很难切中要害，可能是因为宇树的问题太新了，还没有专家给他训练过。</span></span></p>\n <p><span><span><span>四、踩在风口上的高毛利如何维持？</span></span></span></p>\n</div></body></html>","htmlText":"<html><head></head><body><div>\n <h1><b></b><b></b></h1>\n <p><img src=\"https://static.tigerbbs.com/68892f1c273b4dd2a4ae4beb62d6c39b\"></p>\n <p><span><span>2026年8月10日，宇树科技IPO网上申购。</span></span></p>\n <p><span><span>宇树科技</span><span>2025</span><span>年，实现了人形机器人出货量全球第一。</span></span></p>\n <p><span><span>2025</span><span>年宇树科技营收</span><span>16.99</span><span>亿，扣非净利润</span><span>5.9</span><span>亿。</span></span></p>\n <p><span><span><span>一、宇树科技2026年一季度利润下降因研发费用增加</span></span></span></p>\n <p><span><span>公司</span><span>2026</span><span>年一季度营业收入同比增速已降至</span><span>68.49%</span><span>，扣非后净利润</span><span><span>净利润5001万，同比下降</span></span><span>52.55%（2025年9560万）。 </span></span></p>\n <p><span><span>公司</span></span><span><span>一季度</span></span><span><span>在机器人本体与结构研发、具身智能大模型、运动控制算法等领域持续加大技术研发投入与新产品开发，并</span><span>持续扩充研发团队，带动当期研发费用同比增加</span><span>3832</span><span>万元。</span></span><span><span></span></span></p>\n <p><span><span><span>二、宇树科技股权结构，王兴兴表决权</span></span><span><span><span>68.7816%</span></span></span></span></p>\n <p><span><span><img src=\"https://static.tigerbbs.com/ec568f42920943e580308aca4df39bdf\"></span></span></p>\n <p><span><span>王兴兴直接持有公司</span></span><span>8,671.4964</span><span>万股股份，占公司股本总额的</span><span>23.8216%</span><span>，</span><span>系公司控股股东。在表决权差异安排下，王兴兴直接持股部分的表决权比例为</span><span>63.5457%</span><span>，结合所控制的上海宇翼股权激励持股平台，合计控制的公司表决权比例为</span><span>68.7816%</span><span>。由此，王兴兴为公司的控股股东、实际控制人。</span></p>\n <p><span><span>三、财报分析</span></span></p>\n <p><b><span><span><span>1.债权投资中定期存单8.8亿</span></span></span></b></p>\n <p><span><span>债券投资</span><span>8.8</span><span>亿，</span></span><span><span>公司以暂时闲置资金购入银行大额定期存单，确认为债权投资。招股书发布时，</span></span><span><span>一年内到期的金额为</span><span>1089</span><span>万。</span></span></p>\n <p><span><span>如果定期存单，加上</span><span>17</span><span>亿现金、</span><span>可交易金融资产，账上总资金为</span><span>25.8</span><span>亿。</span></span></p>\n <p><span><span>从招股书中来看，宇树只有</span><span>2025</span><span>扣非净利润达</span><span>5.9</span><span>亿，</span><span>2024</span><span>年利润</span><span>7847</span><span>万，</span><span>2023</span><span>年亏</span><span>1801</span><span>万。推测来看，宇树科技真正大规模盈利也就是</span><span>2024-2025</span><span>年，积累的利润约</span><span>6.7</span><span>亿。</span></span></p>\n <p><span><span>账上的</span><span>25.8</span><span>亿，有大量资金是没有使用的股权融资来的资金。</span></span></p>\n <p><b><span><span><span>2.固定资产规模较小</span></span></span></b></p>\n <p><span><span>非流动资产总共</span><span>9.8</span><span>亿，如果减去债券投资</span><span>8.8</span><span>亿，剩下</span><span>1</span><span>亿左右。其中，固定资产只有</span><span>3515</span><span>万。</span></span></p>\n <p><span><span>这块问了一下</span><span>Deepseek</span><span>，大模型认为宇树科技有自建工厂，而且投入应该在数亿元规模。但是财报这不明确固定资产是</span><span>3515</span><span>万么。</span></span></p>\n <p><span><span>大模型的回答很难切中要害，可能是因为宇树的问题太新了，还没有专家给他训练过。</span></span></p>\n <p><span><span><span>四、踩在风口上的高毛利如何维持？</span></span></span></p>\n</div></body></html>","text":"2026年8月10日，宇树科技IPO网上申购。 宇树科技2025年，实现了人形机器人出货量全球第一。 2025年宇树科技营收16.99亿，扣非净利润5.9亿。 一、宇树科技2026年一季度利润下降因研发费用增加 公司2026年一季度营业收入同比增速已降至68.49%，扣非后净利润净利润5001万，同比下降52.55%（2025年9560万）。 公司一季度在机器人本体与结构研发、具身智能大模型、运动控制算法等领域持续加大技术研发投入与新产品开发，并持续扩充研发团队，带动当期研发费用同比增加3832万元。 二、宇树科技股权结构，王兴兴表决权68.7816% 王兴兴直接持有公司8,671.4964万股股份，占公司股本总额的23.8216%，系公司控股股东。在表决权差异安排下，王兴兴直接持股部分的表决权比例为63.5457%，结合所控制的上海宇翼股权激励持股平台，合计控制的公司表决权比例为68.7816%。由此，王兴兴为公司的控股股东、实际控制人。 三、财报分析 1.债权投资中定期存单8.8亿 债券投资8.8亿，公司以暂时闲置资金购入银行大额定期存单，确认为债权投资。招股书发布时，一年内到期的金额为1089万。 如果定期存单，加上17亿现金、可交易金融资产，账上总资金为25.8亿。 从招股书中来看，宇树只有2025扣非净利润达5.9亿，2024年利润7847万，2023年亏1801万。推测来看，宇树科技真正大规模盈利也就是2024-2025年，积累的利润约6.7亿。 账上的25.8亿，有大量资金是没有使用的股权融资来的资金。 2.固定资产规模较小 非流动资产总共9.8亿，如果减去债券投资8.8亿，剩下1亿左右。其中，固定资产只有3515万。 这块问了一下Deepseek，大模型认为宇树科技有自建工厂，而且投入应该在数亿元规模。但是财报这不明确固定资产是3515万么。 大模型的回答很难切中要害，可能是因为宇树的问题太新了，还没有专家给他训练过。 四、踩在风口上的高毛利如何维持？","highlighted":1,"essential":1,"paper":2,"link":"https://laohu8.com/post/595678002664600","repostId":0,"isVote":1,"tweetType":1,"commentLimit":10,"symbols":["IPOS","688836","KCE","FRHC","REDS"],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":1412,"optionInvolvedFlag":false,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"isVote":1,"tweetType":1,"viewCount":25,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":35,"optionInvolvedFlag":false,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/596050506966032"}
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