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Wency Chen

Unitree Robotics, a Hangzhou-based maker of quadruped and humanoid robots, has filed for an initial public offering (IPO) on Shanghai’s Star Market, seeking to raise 4.2 billion yuan (US$610 million) as revenue and profits surge on the back of rising interest in embodied artificial intelligence.
The listing application has been formally accepted by Shanghai’s exchange following a “preliminary review” on Friday.
The 10-year-old company recorded revenue of 1.71 billion yuan last year, up 335 per cent from a year earlier, while net profit on an adjusted basis rose nearly eight times to 600 million yuan, according to its prospectus published on Friday.
The IPO comes as embodied intelligence – the integration of AI with physical systems – becomes a global buzzword, particularly in China and the US.
Unitree said the listing would “strengthen capital resources and further enhance its end-to-end innovation capabilities and overall competitive edge in embodied intelligence”, with proceeds earmarked for developing robot bodies, AI models and manufacturing facilities.
Between 2022 and September 2025, Unitree shipped more than 30,000 quadruped robots, including enterprise and consumer-grade products. Over the same period, it delivered more than 4,000 humanoid robots, and the total for 2025 reached 5,500 units – ranking first globally, the company said, citing industry data.
Humanoid robots accounted for more than half of total revenue in the first nine months of last year, underscoring their growing importance to the business.
Revenue rose from 123 million yuan in 2022 to 159 million yuan in 2023 and 392 million yuan in 2024, before leaping in 2025. The company turned profitable in 2024, posting net income of 94.5 million yuan and 105 million yuan in the first nine months of 2025, compared with losses in the previous two years.
Net profit for 2025 reached 600 million yuan on an adjusted basis, up 674 per cent year on year, driven by a “sharp increase in product shipments”.

Gross margins in its core business, which includes robots and components, improved to 60.3 per cent in 2025, from 56.4 per cent in 2024 and 44.2 per cent in 2023.
Unitree said domestic sales accounted for most of its revenue for the first time in 2025, with overseas markets contributing 39.2 per cent.
The shift reflected “rapid development of China’s AI and robotics industries, alongside supportive policies, which have boosted demand for general-purpose robots across research, education, commercial and industrial applications”, the company said.
Its most recent funding round in June 2025 valued the company at 12.7 billion yuan.
Unitree’s profitability stands in contrast to Hong Kong-listed UBTech Robotics, which posted a net loss of 439 million yuan on revenue of 621 million yuan in the first half of 2025.
Unitree has attracted widespread attention over the past year, including after its robots danced on the Spring Festival Gala aired by national broadcaster CCTV. Founder Wang Xingxing, born in 1990, also attended a high-profile symposium chaired by President Xi Jinping in February 2025, where he was the youngest entrepreneur.
A wave of start-ups, including Galbot and Agibot, emerged in China in recent years and became investor darlings. But the sector remains under pressure to demonstrate practical value in industrial settings and ageing-care applications rather than eye-catching dance demonstrations.


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Prospectus reveals that company’s revenue jumped 335 per cent last year, while net profit surged nearly eight times


Prospectus reveals that company’s revenue jumped 335 per cent last year, while net profit surged nearly eight times.


China’s Unitree Robotics rides humanoid tide as it targets US$610m IPO

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Prospectus reveals that company’s revenue jumped 335 per cent last year, while net profit surged nearly eight times

Prospectus reveals that company’s revenue jumped 335 per cent last year, while net profit surged nearly eight times