Unitree Technology's Science and Innovation Board IPO Passes Review, Rushing for the First Humanoid Robot Stock in A-share Market
N.R. Finch
Unitree Robotics (宇树科技) cleared its STAR Market IPO hearing on June 1, targeting a RMB 4.2 billion raise at an implied valuation of roughly RMB 42 billion — just 73 days from application to approval — positioning it as A-shares' first pure-play humanoid-robot listing.
Why did the review take only 73 days?
The Shanghai Stock Exchange accepted Unitree's application on March 20; the listing committee approved it on June 1 — a 73-day turnaround, unusually fast for the STAR Market.
This means → regulators are signaling clear support for the "embodied intelligence" sector and want such companies priced in the public market quickly.
Unitree plans to sell at least 10% of its equity, raising RMB 4.202 billion and implying a full valuation of roughly RMB 42 billion.
Where does the money go?
The single largest allocation is RMB 2.022 billion for AI-model R&D for intelligent robots — about 48% of total proceeds, nearly half the raise going into the "brain."
This means → Unitree's priority is not expanding production capacity but teaching robots to perform more general-purpose tasks — a fundamentally different funding structure from a pure hardware manufacturer.
The rest splits three ways: RMB 1.11 billion for robot-body R&D (26%), RMB 445 million for new product development, and RMB 624 million for a manufacturing base.
In plain terms = over 70% of the proceeds go to R&D and under 20% to factory construction. This is a company financing itself as a technology firm, not a manufacturer.
How fast is revenue growing — and where is it slowing?
Revenue surged from RMB 159 million in 2023 to RMB 1.699 billion in 2025, a compound annual growth rate of 226.78%; gross margin rose from 44.22% to 60.13% over the same period.
But Q1 2026 flashed a weaker signal: revenue was RMB 423 million, with year-on-year growth dropping to 68.49%; adjusted net profit fell from RMB 84.84 million to RMB 40.25 million, down 52.55%.
This means → the high-growth narrative is intact, but the slope is clearly flattening. Investors must judge whether this is a seasonal dip or an early ceiling on commercialization.
What is the "first humanoid-robot stock" label worth?
In 2025 Unitree shipped more than 5,500 humanoid robots (excluding wheeled dual-arm units), ranking first globally by volume.
Zhang Jiakang, founder of Gengxin Capital (庚辛资本), noted that A-shares previously lacked a listed company whose core competency is motion control and general-purpose robot bodies — Unitree's listing would provide a pricing anchor for the entire "embodied intelligence" sector.
In plain terms = the A-share robotics sector today is dominated by industrial-robot and service-robot names. None is a pure-play humanoid-robot maker. Once Unitree lists, the market finally has a reference point for valuing the whole segment.
Where are the risks?
Unitree itself flagged three risks in its prospectus: commercialization of general-purpose robots falling short of expectations, lagging technology iteration, and an industry price war.
This reflects the company's own caution about whether its current high margins can last — if competitors cut prices or leasing demand cools, a 60% gross margin will be hard to defend.
Additionally, if production-line upgrades and IPO-funded projects underperform on execution, the balance between heavy R&D spending and profitability could break down.
Content is for reference only, not financial advice.