Unitree Robotics filed an IPO application to the Shanghai Stock Exchange on March 20, targeting 4.2 billion yuan ($610 million) on the STAR Market. The exchange has accepted the application following a preliminary review.

By the Numbers

Unitree's 2025 financials are difficult to ignore. Revenue hit 1.71 billion yuan — a 335% year-on-year increase — while adjusted net profit rose nearly eightfold to 600 million yuan. The company shipped 5,500 humanoid robots in 2025 alone, which it says equals 32.4% of the global humanoid market. Cumulatively from 2022 through September 2025, Unitree had shipped just over 4,000 humanoids; it surpassed that in a single year.

Humanoid robots crossed 50% of main business revenue in 2025, up from 27.6% the year before, displacing the quadruped robots the company built its early reputation on.

What the Proceeds Are For

The prospectus earmarks funds for developing robot bodies, AI models, and manufacturing capacity — the three layers of the embodied intelligence stack.

Context

Founded in Hangzhou in 2016, Unitree competes with American companies including Figure AI and Boston Dynamics. China views embodied intelligence as a strategic priority alongside quantum computing, 6G, and brain-computer interfaces. The IPO would be one of China's largest onshore tech listings in recent years, arriving as Beijing pushes wider factory deployment of humanoid systems.

Real-world application is still nascent: the prospectus notes that enterprise tour-guide use accounts for roughly 50-70% of humanoid application revenue. The martial arts performance at China's Spring Festival gala — twelve-plus humanoids doing mid-air somersaults — was an impressive showcase, but mass industrial deployment remains a work in progress.