According to a research report by Zhongtai Securities, as a leader in embodied intelligence, Yushu Technology is expected to lead the development of the global AGI (general artificial intelligence) industry. Since 2016, Yushu Technology's product strategy has gone from puppy to big dog, from quadruped to bipedal, from "big" people to "small" people, and product application scenarios have covered various vertical fields such as consumer/industrial levels. Yushu Technology's products have excellent operation and control performance, and rapid iteration leads the trend. After Yushu released the "small" humanoid, the leading OEMs followed suit. Based on the AI view that "embodied intelligence is the core path to AGI", Yushu Technology relies on the hardware first-mover advantage accumulated in robot dogs and reuses its underlying technology (motors, reducers, deep learning algorithms, etc.) to humanoid robots, which is expected to enable it to occupy the commanding heights of the global AGI industry. Yushu Technology has taken the lead in entering the mass production stage of humanoid robots. Its extreme pursuit of cost reduction and efficiency improvement will bring about continuous innovation in the supply chain. We recommend paying attention to: 1) replacing rolling with sliding joint bearings; 2) using ductile iron for harmonic reducers; 3) solid-state batteries tailored for robots to reduce costs and increase efficiency.