Unitree Robotics Files for IPO, Driven by Humanoid Robot Sales

Hangzhou-based Unitree Robotics, a leading developer of quadruped and humanoid robots, has received approval from the Shanghai Stock Exchange to proceed with an initial public offering (IPO) on the STAR Market, seeking to raise 4.2 billion yuan (approximately $608-610 million). The company’s filing highlights substantial financial growth fueled by increasing sales of its humanoid robots, which now account for over half of its revenue.

Financial Performance

Unitree reported a revenue of 1.71 billion yuan in 2025, a 335% increase compared to the previous year. Adjusted net profit surged nearly eightfold to 600 million yuan [1]. In the first nine months of 2025, revenue reached 1.2 billion yuan with a net income of 105 million yuan [1]. After experiencing losses in prior years, the company achieved profitability in 2024, reporting a net income of 94.5 million yuan [1]. The overall gross margin improved to 59.5%, with humanoid robots demonstrating a higher margin of 62.9% [1].

Product Shift to Humanoids

Unitree’s product portfolio has undergone a significant transformation, with humanoid robots increasing from 1.9% of revenue in 2023 to 51.5% in the first nine months of 2025. Quadruped robots currently contribute 42.3% to revenue [1]. The company delivered 5,500 humanoid units in 2025, establishing itself as the global leader in this segment, with over 4,000 units delivered since 2022 [3]. Unitree has shipped more than 30,000 quadruped robots between 2022 and September 2025 [3]. The company achieved a production-to-sales ratio exceeding 95% in early 2025, indicating near-full capacity operation [2].

IPO Plans and Background

Founded in 2016 by Wang Xingxing, Unitree gained public recognition with a performance at the 2026 Spring Festival Gala [1]. A funding round in June 2025 valued the company at 12.7 billion yuan, with participation from investors including Matrix Partners China [1]. The proceeds from the IPO will be allocated to the development of robot bodies, AI models, the expansion of manufacturing facilities, and over 2 billion yuan dedicated to research and development in intelligent robotics [3][5]. This IPO positions Unitree as a potential first mainland-listed humanoid robot stock [2].

Humanoid Revenue Pivot

Unitree’s strategic shift from quadruped to humanoid robots demonstrates its ability to adapt to evolving market demands in the field of embodied AI. The higher profit margins associated with humanoid robots (62.9%) compared to the overall margin of 59.5% [1] have driven profitability. This transition, from representing 1.9% to 51.5% of revenue within two years, reflects successful operational scaling and achieving global leadership in 2025 deliveries [1][3]. The company’s progression from losses in 2023 to substantial profits underscores a maturing business model within China’s growing robotics industry.

The robust financial metrics, including a 335% revenue surge and an eightfold increase in profit in 2025, position Unitree favorably for public markets [3]. Backed by recent valuations and high-profile exposure, the IPO filing signals investor confidence in the commercialization of humanoid robots. However, the competitive nature of the robotics sector necessitates continuous innovation in both AI and hardware to maintain a competitive edge.

Listing Approval Path

Approval for listing on the STAR Market remains uncertain, as not all robotics companies secure clearance [1]. If approved, Unitree could become China’s first publicly traded humanoid robot stock, channeling funds into AI enhancements and capacity expansion to meet increasing demand [2][3]. Expanded production capabilities could support further delivery growth beyond the 5,500 units delivered in 2025.

The IPO aligns with the growing interest in embodied AI, potentially accelerating Unitree’s global ranking and market share [3]. Proceeds focused on R&amp. D, addressing limitations in AI models, may lead to the development of more advanced systems, further enhancing competitiveness [5]. Near-term milestones include the exchange’s review outcome and potential listing in 2026, which will likely influence funding trends within the sector.