On July 30, 2026, Unitree Technology officially released its IPO prospectus on the STAR Market, kicking off the issuance process. The company plans to issue 40.45 million shares, raising approximately 4.2 billion yuan for intelligent robot R&D and manufacturing base construction. Unitree posted 2025 revenue of 1.699 billion yuan, net profit of 278 million yuan, with a gross margin of 60.13%. If successfully listed, it will become the first humanoid robot company on the A-share market.
IPO Timeline: From Acceptance to Approval in Just 73 Days
Unitree's path to listing has been remarkably fast. On March 20, 2026, the Shanghai Stock Exchange formally accepted Unitree's STAR Market IPO application. On June 1, the listing committee approved it — a record-breaking 73 days from acceptance to approval. On July 2, the CSRC granted registration approval; on July 30, the prospectus was published and issuance commenced.
Key dates in the issuance schedule:
- Preliminary pricing inquiry: August 5, 2026
- Offline and online subscription: August 10, 2026
- Payment deadline: August 12, 2026
- Sponsor and lead underwriter: CITIC Securities
Unitree plans to issue 40.45 million shares, representing 10% of post-offering capital, all new shares with no existing shares sold. The offering combines strategic placement, offline inquiry-based allocation, and online fixed-price issuance. Senior management and core employees plan to participate in strategic placement through two asset management plans, with a combined subscription cap of 271.5 million yuan (up to 10% of the offering). Chairman Wang Xingxing is personally subscribing for 15 million yuan.
Financial Performance: Revenue Tenfold in Three Years, Margin Over 60%
Unitree's financials demonstrate extraordinary growth. From 2022 to 2025, revenue surged from 123 million yuan to 1.699 billion yuan, representing a compound annual growth rate of 226.78%.
| Metric | 2022 | 2023 | 2024 | 2025 | Q1 2026 |
|---|---|---|---|---|---|
| Revenue (Billion Yuan) | 1.23 | 1.59 | 3.92 | 16.99 | 4.20 |
| Net Profit (Billion Yuan) | -0.22 | -0.11 | 0.95 | 2.78 | 0.50 |
| Gross Margin | 44.22% | — | — | 60.13% | — |
In 2025, the company sustained its profitability trajectory with net profit reaching 278 million yuan. The gross margin hit 60.13%, exceptionally high for hardware manufacturing. Humanoid robot revenue, launched in 2023, steadily climbed to account for 51.78% of 2025 revenue, becoming the largest income source.
However, rapid growth brings concerns. In Q1 2026, revenue growth decelerated to 68.49% year-on-year — still robust but notably slower. Net profit excluding non-recurring items fell 52.55% year-on-year. The company attributed this to significantly increased marketing expenses from the 2026 Spring Festival Gala and R&D expenses rising by 38.328 million yuan.
Fund Allocation: Nearly Half Directed to Embodied AI Model R&D
The IPO aims to raise 4.201 billion yuan, which after issuance costs will fund four core projects:
- Intelligent Robot Model R&D (Total investment exceeding 2 billion yuan): Focus on embodied intelligence large model core technology
- Robot Body R&D: Enhancing hardware platform performance
- New Intelligent Robot Product Development: Expanding consumer and industrial product lines
- Intelligent Robot Manufacturing Base: Scaling capacity to meet market demand
Notably, nearly half the funds target embodied intelligence model R&D, reflecting the company's strategic bet on the convergence of AI and robotics. Unitree started with quadruped robots, entered the humanoid robot segment in 2023, and gained massive brand exposure through consecutive Spring Festival Gala performances in 2025 and 2026.
Ownership Structure and Market Outlook
Founded in August 2016, Unitree has founder Wang Xingxing holding 23.82% directly, with 68.78% voting control through special voting arrangements. Other major shareholders include Meituan affiliates (9.65%), Sequoia China (7.11%), and Matrix Partners China (5.45%).
In June 2025, the company completed its latest market-oriented equity financing with a pre-money valuation of 12 billion yuan and post-money of 12.7 billion yuan. This IPO targets an issuance valuation of approximately 42 billion yuan.
Industry-wide, China's embodied intelligence sector recorded 218 investments in 2026 with total capital exceeding 57.7 billion yuan, surpassing the full-year 2025 level. Unitree's successful listing would inject strong momentum into the company and set a capitalization benchmark for the entire embodied intelligence sector. More industry updates at EX1000.COM.
