Unitree Technology’s IPO application for the Science and Technology Innovation Board (STAR Market) has been accepted by the Shanghai Stock Exchange. The IPO is expected to raise approximately 42.02 billion yuan, potentially making it the “first humanoid robot stock” on the A-share market.
Having performed on major stages like the Spring Festival Gala and excelled at global humanoid robot competitions, this star company’s listing process is accelerating the development of the domestic embodied AI industry. An analysis of its prospectus and responses to regulatory inquiries reveals five key points.
Key Point One: Initial Market Cap of at Least 42 Billion Yuan
The prospectus indicates Unitree plans to issue no less than 40,446,434 new shares, representing no less than 10% of the total shares post-issuance, implying an initial market capitalization of at least 42 billion yuan.
Currently, all listed Chinese robotics companies are on the Hong Kong Stock Exchange. For comparison:
UBTech, listed in late 2023, has a latest market cap of 49.8 billion HKD (approx. 43.8 billion CNY).
Collaborative robot company DOBOT has a latest market cap of 15.9 billion HKD (approx. 14 billion CNY).
Service robot company Yunji Technology has a latest market cap of 13.8 billion HKD (approx. 12.2 billion CNY).
Warehouse robot company Geek+ has a latest market cap of 24.8 billion HKD (approx. 21.8 billion CNY).
It is expected that upon listing, Unitree’s market cap will place it in the top tier among listed robotics companies.
A “100-billion-yuan club” has formed among domestic embodied AI enterprises. According to market data, aside from Unitree, there are 12 other unlisted domestic embodied AI companies with valuations exceeding 100 billion yuan, including Galaxy General, Zhiyuan Robotics, Yunchushen Technology, Qianxun Intelligence, Xingdong Jiyuan, Lingxinqiaoshou, Xinghaitutu, Mech-Mind, Keenon Robotics, Zhi Pingfang, Paxini, and Zhongqing Robotics.
Furthermore, the listing process for domestic embodied AI companies is accelerating. Zhiyuan Robotics has completed its share reform; Leju Robotics has filed for listing guidance and completed a Pre-IPO round in October 2025; Yunchushen Technology initiated listing guidance in December 2025; companies like Galaxy General, Fourier Intelligence, Xinghaitutu, and Songyan Power have also completed their share reforms.
Key Point Two: Exponential Growth and Leading Profitability
The prospectus shows that in 2025, Unitree achieved operating revenue of 17.08 billion yuan, a year-on-year increase of 335.36%. Its non-GAAP net profit exceeded 600 million yuan, surging 674.29% year-on-year, primarily due to rapid growth in product sales.
Compared to robotics companies already listed in Hong Kong, Unitree’s performance is outstanding, showing the broader profit potential for robotics firms.
UBTech’s 2025 interim report shows first-half revenue of 621 million yuan, up 27.5% year-on-year, with a period loss of 440 million yuan, an improvement from the previous year.
Yunji Technology’s 2025 annual report shows revenue increased to 301 million yuan, but losses attributable to equity shareholders widened significantly.
Geek+, boosted by broad commercialization scenarios, disclosed in its latest performance forecast that 2025 revenue is expected to be between 3.14 billion and 3.18 billion yuan, a 30%-32% year-on-year increase, with adjusted net profit turning profitable.
Key Point Three: Rising Proportion of Humanoid Robot Revenue
The prospectus shows that from January to September 2025, Unitree’s humanoid robot revenue surpassed its quadruped robot revenue for the first time, reaching 595 million yuan and 488 million yuan, respectively.
Unitree’s main business revenue comes from quadruped and humanoid robots. The growth driver is gradually shifting from quadruped to humanoid robots. The prospectus indicates that from 2022 to the first nine months of 2025, the revenue share of quadruped robots declined from 76.57% to 42.25%, while the share of humanoid robots increased from 1.88% in 2023 to 51.53% in the first nine
