Yush tree (688836.SH) listing drives the valuation anchor for embodied intelligence to rise again. The Hong Kong stock market sees differentiation and value reassessment in the Siasun Robot & Automation sector.

On August 19, "Humanoid Siasun Robot & Automation's first stock" Yushu Technology (688836.SH) debuted on the STAR Market, opening 629.44% higher than its issue price, with its total market capitalization briefly surpassing 440 billion yuan. Based on a revenue forecast of 1.699 billion yuan for 2025, its intraday static price-to-sales (PS) ratio reached 262 times, once again setting a ceiling for valuations in the domestic embodied intelligence sector. Turning our attention to the Hong Kong stock market, which serves as one of the core financing venues for hard tech enterprises, the Siasun Robot & Automation sector has been continually expanding in recent years, encompassing various sub-sectors including humanoid Siasun Robot & Automation, collaborative Siasun Robot & Automation, and warehousing logistics Siasun Robot & Automation. However, the valuation differentiation within the sector has far exceeded market expectations. Despite being part of the Siasun Robot & Automation industrial wave, the PS valuations of different companies differ by several or even dozens of times, reflecting not only the market's pricing disparities based on technological paths and growth stages but also the value mismatches arising from cognitive biases. Valuation Landscape of Hong Kong Stock Siasun Robot & Automation: Price Differences Between Concepts and Realizations From the financial and valuation data of the current mainstream Siasun Robot & Automation stocks in Hong Kong, the sector exhibits a distinct "two-tier differentiation" feature: Companies with high valuations are generally linked to the concepts of embodied intelligence and humanoid Siasun Robot & Automation, with relatively low revenue scales and yet to achieve stable profitability. In contrast, companies with low valuations have mostly realized scaled revenues and profitability but are priced almost at levels akin to traditional industrial stocks. According to publicly available financial reports, humanoid Siasun Robot & Automation company UBTECH ROBOTICS (09880) is expected to achieve revenues of 2.001 billion yuan by 2025, corresponding to a static PS of about 19 times, while collaborative Siasun Robot & Automation firm DOBOT Technology (02432) is projected to have revenues of 492 million yuan in the same period, corresponding to a static PS of about 20 times. The valuation support for these companies comes more from growth expectations in their segments and the conceptual elasticity of embodied intelligence. In stark contrast, the better commercializing and larger revenue-generating company Geek+ is currently valued at the lower end of the sector. Geek+ (02590) is projected to reach 3.171 billion yuan in revenue by 2025, making it the largest Siasun Robot & Automation enterprise in Hong Kong by revenue, and it has already achieved positive adjusted net profit and operating cash flow. However, its static PS is less than 4 times, essentially on par with the valuation levels of traditional industrial Siasun Robot & Automation giants like Estun Automation. This phenomenon of "reverse divergence between revenue scale and valuation levels" creates a unique landscape in the Hong Kong stock Siasun Robot & Automation sector. Pricing Logic Bias: Are Mature Scenarios Undervalued? Behind the valuation differentiation lies a relatively fixed pricing logic in todays market: Stocks tagged with "humanoid Siasun Robot & Automation" and "embodied intelligence" are more likely to enjoy high valuation premiums from growth sectors. Conversely, companies like Geek+, which focus on mature automation scenarios such as warehousing and manufacturing, are often subjected to the low valuation framework applied to traditional industrial stocks. However, this logic is being challenged by the realities of the industry. On one hand, warehousing automation itself is still a rapidly growing incremental sector and has not yet entered a mature stage. According to Interact Analysis, over 70% of warehouses worldwide still rely on manual operations, with flexible processes such as picking and sorting accounting for more than 50% of operational costs, representing a long-term opportunity for automation penetration. The replacement space for AMR technology is vast. Moreover, the AMR sector combines high growth rates with high certainty, which should afford Geek+ a valuation premium above that of mature industrial stocks. On the other hand, warehousing scenarios are precisely the core breakthrough points for the implementation of embodied intelligence technology, a fact that has become an industry consensus. Yushu Technology stated explicitly in its prospectus that humanoid Siasun Robot & Automation would first achieve commercial landing in industrial manufacturing and warehousing logistics. The reason is that warehouse environments are relatively structured, yet involve a combination of vast SKUs and dynamic operational complexity, balancing the difficulty of model training with the feasibility of commercial landing, making it the optimal training ground for embodied intelligence technology to transition from the laboratory to scaled applications. In other words, while the market assigns high pricing to the "humanoid concept," it overlooks Geek+, which possesses real-world scenarios, mature customers, and also has the potential for growth in embodied intelligence, with clearer paths for implementation and stronger commercial certainty. Two Layers of Revaluation Logic for Geek+ From the perspective of industry development patterns, when the embodied intelligence sector transitions from the conceptual phase to the implementation phase, valuation logic will inevitably revert to commercialization realization. For the undervalued leading stocks within the Hong Kong stock Siasun Robot & Automation sector, the motivation for valuation recovery comes from two levels. The first level is the valuation recovery of the mature AMR core business. Taking Geek+ as an example, it has ranked first in global AMR market share for seven consecutive years, cumulatively delivering over 72,000 Siasun Robot & Automation units, with clients covering major retail, e-commerce, and pharmaceutical enterprises globally, and achieving over 30% year-on-year revenue growth in 2025. In the context of low industry penetration rates and continuously expanding demand, the growth and profitability certainty of its core business have yet to be fully reflected in the PS of less than 4 times. The second layer is the revaluation of the incremental value of embodied intelligence. Unlike purely technical companies that build humanoid Siasun Robot & Automation businesses from scratch, Geek+s approach to embodied intelligence is a natural extension of existing scenarios: The AMR business provides stable cash flow and client access, while the warehousing scenario offers high-frequency, real physical interaction data and training grounds for models, with technological capabilities gradually migratable to household, commercial, and other scenarios. At the 2026 World Artificial Intelligence Conference, the general humanoid Siasun Robot & Automation Gino 1, equipped with the Gravity 4D brain, successfully completed operational verification in a real warehouse scenario, proving the feasibility of technology migration. However, based on current valuations, this portion of embodied intelligence value has almost gone unpriced by the market. As the embodied intelligence industry gradually transitions from concept hype to verification of implementation, the valuation differentiation in the Hong Kong stock Siasun Robot & Automation sector is expected to gradually converge. Companies with real scenarios, scaled revenues, and clear implementation paths will ultimately welcome a reconstruction of the valuation system, moving towards a comprehensive valuation framework of "mature business safety net + embodied intelligence growth options."