AELOS Robotics (Leju), the Shenzhen-based humanoid robot maker behind the Kuavo platform, has made 13 external investments spanning core components, AI software, and industrial scenarios as it pursues a ChiNext IPO with a target valuation of 4.327 billion yuan. Revenue surged from 54 million yuan in 2023 to 258 million yuan in 2025, driven by 577 Kuavo units sold, yet cumulative net losses over three years exceed 170 million yuan. An analysis by IT Juzi breaks down how each investment maps to the company's prospectus strategy of cost reduction, full-stack capability, and production scale-up — and flags the risks of an early-stage portfolio amid a still-unprofitable parent company.