Unitree Technology's IPO application for the Sci-Tech Innovation Board will undergo a listing committee review on June 1st, according to the Shanghai Stock Exchange.

The process, from the exchange accepting the application on March 20th to the review on June 1st, spans just 73 days. If approved, Unitree will join the ranks of the fastest-reviewed companies on the STAR Market in recent years.

It could become the first humanoid robotics company to list on the A-share market.

The IPO aims to raise 4.202 billion yuan. Based on a minimum public offering ratio of 10%, the company's overall valuation is estimated to reach 42 billion yuan.

Founded in 2016 by Wang Xingxing, the current Chairman and CEO, after his graduation from Shanghai University, Unitree has gained significant attention. Its profile has been boosted by three appearances on the CCTV Spring Festival Gala, a victory in a humanoid robot half-marathon event, and viral social media videos showcasing its advanced motion control capabilities, making it one of the most watched companies in China's humanoid robotics sector.

Its prominence is also tied to its industry standing. According to its prospectus, the company's humanoid robot shipments exceeded 5,500 units in 2025 (excluding wheeled dual-arm robots), ranking first globally in shipment volume. Based on public data and third-party consultancy statistics, its 2025 shipments surpassed those of Hong Kong-listed UBTECH and the American representative firm Tesla. If the listing is approved, Unitree may become the first humanoid robotics company to list on the A-share market.

Gengxin Capital founder Zhang Jiakang stated that a successful Unitree listing would provide a pricing benchmark for the "embodied AI" sector in the market. He noted that previous Chinese robotics companies listed in the secondary market were primarily focused on industrial and service robots, lacking a true representative with core capabilities in motion control and general-purpose robotics.

Profitability Leads, but Revenue Growth Slows

Among embodied AI companies with disclosed data, Unitree stands out for its profitability. UBTECH, DOBOT, Leju Robot, and SEER Technology remained unprofitable in 2025, while DEEPROBOT achieved a net profit of approximately 28.68 million yuan.

Unitree's prospectus shows revenues of 159 million yuan, 393 million yuan, and 1.699 billion yuan for 2023, 2024, and 2025, respectively. Net profits were -11 million yuan, 95 million yuan, and 278 million yuan for those years, with non-GAAP net profits at -18 million yuan, 78 million yuan, and 591 million yuan, indicating continuously improving profitability.

From 2023 to 2025, Unitree's compound annual revenue growth rate was 226.78%, and its gross margin increased from 44.22% to 60.13%. During this period, the company shifted its revenue focus from quadruped robots to humanoid robots, which contributed to the higher gross margin.

However, as the industry evolves, competition has intensified, leading to a slowdown in the company's revenue growth.

Unitree noted that with a significantly larger revenue base, a gradual cooling of industry hype, and increasingly fierce market competition, its year-on-year revenue growth rate has already slowed in Q1 and H1 2026. Coupled with rapid increases in expenses such as R&D costs, this has resulted in a year-on-year decline in net profit. In Q1 2026, Unitree's revenue was 423 million yuan, with the growth rate slowing to 68.49% year-on-year. Non-GAAP net profit fell 52.55% year-on-year to 40.25 million yuan from 84.84 million yuan in the same period last year.

The company forecasts revenue for the first half of 2026 to be between 1.052 billion yuan and 1.128 billion yuan, representing year-on-year growth of 35.62% to 45.41%. It expects net profit to be between 258 million yuan and 306 million yuan, compared to a net loss of 32.02 million yuan in H1 2025. Non-GAAP net profit is projected to be between 236 million yuan and 283 million yuan, a decrease of 21.97% to 6.43% from the same period last year.

The prospectus outlines Unitree's next investment steps.

The planned 4.202 billion yuan IPO proceeds will be allocated approximately as follows: 48% (2.022 billion yuan) for intelligent robot model R&D projects, 26% (1.110 billion yuan) for robot body R&D projects, 11% (445 million yuan) for new intelligent robot product development projects, and 15% (624 million yuan) for intelligent robot manufacturing base construction projects.

Summarizing the prospectus, the company's next steps will focus on computing power support, data collection infrastructure, and development/training platforms, aiming to enhance its embodied AI model capabilities.

Capital Concentrates Its Bets

The prospectus reveals that Unitree's investor base includes three major internet giants: Meituan, Alibaba, and Tencent. Among them, Hanhai Information, Galaxy Z, and Chengdu Longzhu, as Meituan-affiliated entities, constitute a concerted action relationship regarding their shareholdings, collectively holding a 9.6488% stake, making them the largest external institutional shareholders.

In June 2025, Unitree completed its most recent market-based equity financing round, with participation from Jinqiu Fund (founded by the former CFO of ByteDance), Alibaba, Ant Group, China Mobile, Tencent Technology, and Geely Holding, among others. The pre-money valuation for this round was 12 billion yuan, with a post-money valuation of 12.7 billion yuan.

On the institutional investor side, Sequoia Capital China collectively holds a 7.11% equity stake, making it a significant institutional shareholder. Matrix Partners holds a combined 5.45%, and Shunwei Capital affiliates hold approximately 4.42% through Astrend IV. Additionally, well-known institutions like Shenzhen Capital Group, Vertex Ventures, and Source Code Capital have also continued to invest in Unitree.

Public information shows that in 2025, Beijing Enterprises Holdings Limited increased its investment in Unitree through the Beijing Robotics Industry Development Investment Fund. The prospectus indicates this fund holds approximately 3.83% pre-IPO.

Furthermore, the prospectus shows that founder Wang Xingxing holds absolute voting control pre-IPO. As of the prospectus signing date, he directly holds 23.82% and, through a special voting rights arrangement and an employee持股平台, collectively controls 68.78% of the voting rights, maintaining absolute control. Post-IPO, his total controlled voting rights比例 is expected to decrease to no more than 65.31%.

As of the prospectus signing date, the employee equity incentive platform Shanghai Yuyi holds a 10.94% stake. According to the company's employee持股计划, Wang Xingxing's partnership interests in the upper layer of Shanghai Yuyi will be fully used for future employee equity incentives.

Unitree Technology Highlights Risks

Unitree cautions that its performance may be affected by multiple factors: slower-than-expected commercialization and market demand for general-purpose robots, coupled with lagging technological iteration, could hinder revenue growth; intensified industry competition and cooling leasing demand could trigger price wars; and failure to meet expectations in production line upgrades, R&D investment, or IPO-funded project implementation could make it difficult to maintain the current high gross margin levels.

Unitree specifically highlights the risks of intensified industry competition and a diminishing leading advantage: competition in the embodied AI industry is further intensifying as global tech companies accelerate their efforts, numerous startups emerge, and players from other industries actively enter the field.

The prospectus states that Tesla's humanoid robot, Optimus Gen-3, has announced the start of small-batch trial production, and its future commercial mass production will create direct competition for industry players. Simultaneously, several domestic automotive manufacturers and consumer electronics companies have officially entered the humanoid robotics business, further intensifying competition in product development, talent acquisition, and R&D investment within the humanoid robotics industry.