Unitree Files for IPO, Aiming to Become 'First Embodied Intelligence Stock'

Unitree Technology, a globally leading high-performance general-purpose robotics company, is set to have its initial public offering reviewed by the Shanghai Stock Exchange's listing committee on June 1. The company, which shipped the highest number of humanoid robots globally in 2025, is positioning itself to become the "first embodied intelligence stock" on China's A-share market. According to Unitree's prospectus, the company's revenue surged from RMB 159 million to RMB 1.699 billion between 2023 and 2025, representing a compound annual growth rate of 226.78%. During the same period, net profit after deductions swung from a loss of RMB 18 million to a profit of RMB 591 million. However, in the first quarter of 2026, while revenue grew 68.49% year-on-year, net profit after deductions declined 52.55%, primarily due to a RMB 38.3 million increase in R&D expenses and significantly higher sales costs. Industry experts view this "strategic loss" as acceptable given the company's heavy R&D investment in cutting-edge robotics technology. The STAR Market, China's sci-tech board, actively supports hard-tech enterprises, and Unitree's increased R&D spending is viewed favorably as long as investments remain focused on core technologies. Unitree's journey from performing on China's Spring Festival Gala stage to deploying robots at Tokyo's Haneda Airport demonstrates its expanding real-world applications, spanning quadrupedal robots to dual-arm semi-humanoid robots. The company has built an extensive ecosystem spanning component supply, application deployment, and indirect investment networks. With policy support and capital market backing, China's domestic robotics industry is transitioning from a "theme-driven" phase to an "independent pricing" phase, with Unitree's listing potentially catalyzing a revaluation of the entire supply chain. The IPO is expected to unlock capital for further R&D and capacity expansion, benefiting the broader robotics supply chain including core components such as sensors, servo systems, and AI algorithms. The successful listing would mark a significant milestone for China's embodied AI sector, paving the way for more robotics companies to access public capital markets.