Unitree Launches Listing Guidance: Favored by Capital, but Mass Production Yet to Come

On July 18, the guidance filing information disclosed on the official website of the China Securities Regulatory Commission showed that Hangzhou Unitree Technology Co., Ltd. officially launched the guidance for its initial public offering (IPO). CITIC Securities serves as the guidance institution, and it plans to complete the evaluation of listing conditions and advance the IPO preparations as soon as October this year.

As a leading enterprise in the global quadruped robot market, Unitree Technology has previously demonstrated strong financing appeal. After raising 700 million yuan in its Series C financing, its valuation reached 12 billion yuan. The list of investors includes giants such as funds under China Mobile, Tencent, Alibaba, Ant Group, and Geely Capital, and all existing shareholders participated in the follow - on investment. This series of actions is regarded by the industry as a firm endorsement of the long - term value of the humanoid robot track by the capital market.

However, in contrast to the enthusiastic pursuit of capital, there are no obvious signs of mass production in the industrial chain.

“Currently, our cooperation with Unitree is normal, and we haven't observed a significant increase in their purchasing intensity,” several staff members of Unitree's suppliers revealed to reporters from IT Times.

“Hot money” is pouring into the humanoid robot track. Data shows that from January to July 10, 2025, there were a total of 141 investment and financing events in the field of embodied intelligence and humanoid robots in China, exceeding the total number for the whole year of 2024.

Standing at the intersection of technology and capital, before Unitree can tell a good story to the capital market, it must face three common problems currently faced by the humanoid robot track. Only in this way can this “internet celebrity” Chinese humanoid robot company truly move from the laboratory to the market.

Question 1

High Hardware Costs

When Will Humanoid Robot Nannies Enter Families?

“Looking solely at the humanoid robot industrial chain, there hasn't been an explosive growth in purchasing demand yet. Suppliers shouldn't limit their vision to this field only,” a relevant person in charge of RoboSense told reporters from IT Times. As one of Unitree Technology's suppliers, RoboSense's cooperation covers multiple categories such as lidar, sensors, and dexterous hands. However, the purchasing volume in the humanoid robot field hasn't shown a significant increase. “The core reason is that the current market is mainly driven by scientific research needs.”

This situation is not an isolated case but a common phenomenon in the industry. Although Unitree Technology has significant advantages in the quadruped robot field - with a global sales volume of 23,700 units in 2024, accounting for nearly 70% of the market share, and a delivery volume of over 1,500 humanoid robots, and its core customers including universities and research institutions, forming a preliminary closed - loop of technology R & D and market verification. However, the application scenarios of its products are still concentrated in laboratories and exhibitions. Although its humanoid robots have attracted attention through performances on the Spring Festival Gala and at the Beijing Marathon, consumer feedback shows that the existing products highly depend on professional R & D capabilities in algorithm adaptation and function expansion, making it difficult for ordinary users to develop personalized scenarios. There are obvious bottlenecks in the expansion of the consumer market.

From the perspective of cost structure, the bottleneck in mass production is more obvious. “The price of a six - axis force sensor is about 15,000 yuan. A humanoid robot needs at least 20 joint motors, and each joint motor costs about 1,000 yuan. Coupled with the dexterous hand that costs tens of thousands of yuan, the hardware costs remain high,” an observer in the field of embodied intelligence revealed to reporters from IT Times.

Data from Tesla AI Day also shows that the core hardware cost of a humanoid robot reaches 101,000 yuan, accounting for 69% of the total cost. Although there is great potential for cost reduction in components such as dexterous hands and planetary ball screws, it is difficult to make breakthroughs in the short term.

Reporters' inquiries found that the official price of Unitree's G1 still starts at 99,000 yuan. The prices of the two types of joint motors sold officially range from 800 to 1,500 yuan, but the customer service said that the joint motors used in the G1 are not these two products on sale. In the second - hand market, the daily rental price of the G1 is 1,000 - 3,000 yuan, and the high threshold further restricts the penetration of the product into the consumer market.

Facing the characteristics of the cultivation period of the humanoid robot track, suppliers have started diversified layouts and achieved large - scale applications in scenarios such as unmanned delivery, sweeping robots, and lawn mowing robots.

“If there is a breakthrough in the family scenario in the future, the explosion of demand may promote the improvement of the quantity and quality of procurement in the industrial chain. But for now, 'prioritizing scientific research and testing commercial applications' remains the main theme,” the relevant person in charge of RoboSense said.

Question 2

More for Performance Than Practical Use

Can the Industrial Path Replicate That of 'Autonomous Driving'?

Unitree Technology's attempt to go public coincides with the critical period of the global humanoid robot industry's accelerated development.

On the one hand, the industry is continuously benefiting from policy dividends. The Ministry of Industry and Information Technology has positioned humanoid robots as “disruptive products”, and market institutions predict that the market scale in China will exceed one trillion yuan by 2030. On the other hand, there are frequent cases of commercialization. In a 124 million - yuan humanoid robot procurement project by China Mobile in July, Unitree Technology won a bid worth 46.05 million yuan for small - sized robots and dexterous hands. During the same period, Ubtech won an order worth 90.51 million yuan for the automotive manufacturing scenario, indicating signs of breakthrough in the B - end market.

The rising popularity of the track also means intensified competition.

Since this year, Zhiyuan Robotics has cross - border acquired listed company Shangwei New Materials. Twelve enterprises such as Ledong Robotics and Seer Industry have submitted listing applications in Hong Kong. Brands such as Youdi and JAKA have also spread IPO plans. Under the capital race, the industry competition has shifted from technological competition to a comprehensive competition of “technology + commercialization”. Although Unitree occupies nearly 70% of the market share in the quadruped robot field, there is no absolute barrier in the humanoid robot track. Boston Dynamics' all - electric Atlas has achieved high - precision action replication, and domestic enterprises such as Zhiyuan and Yun Shen Chu are also on par in terms of the progress of industrial scenario implementation.

From the perspective of the industrial status quo, the gap between technological breakthroughs and industrial implementation remains significant. Although China accounts for 63% of the global robot supply chain, relying on imports for core components and tapping into scenario - based demand are still common problems. Morgan Stanley once predicted that “humanoid robots will become the biggest technology theme in the next decade”, but the reality is that even leading enterprises are trapped in the dilemma of “more performance - based applications than practical implementations”, and there is still a lack of large - scale commercial cases outside university laboratories.

Behind this gap, the industry is in the painful period of transformation from “function verification to scenario adaptation”.

“Currently, robots have insufficient autonomous decision - making ability in complex environments,” the above - mentioned industry observer pointed out. In addition, the short - comings in user experience also restrict repeat purchases. Some customers have reported that the maintenance cycle for motor failures is long, and the software algorithm iteration lags behind the hardware update. These problems need to be solved through capital investment after the company goes public.

It is worth noting that the industrial scenario is becoming the key to breaking the deadlock. Unitree's B2 - W has seen an increase in orders in the energy industry. Ubtech won the automotive manufacturing project, and Zhiyuan Robotics has entered the power inspection field. “Humanoid robots may first achieve large - scale applications in B - end scenarios such as precision assembly and then gradually penetrate into the C - end market. This path is highly similar to the development law of autonomous driving,” the above - mentioned industry observer said.

Question 3

Hundreds of Billions of “Hot Money” Pouring In

How Many “Unitrees” Can the Market Accommodate?

Unitree Technology's capital path reflects the divergence in the valuation logic of the embodied intelligence track.

Unitree's Series C financing has two prominent features: First, with a fundraising amount of 700 million yuan, its valuation reached 12 billion yuan, a significant increase compared with previous financings. Second, the investors include industrial capitals such as China Mobile, Tencent, and Geely Capital, and all existing shareholders participated in the follow - on investment, indicating their recognition of its “hardware + algorithm” model.

Founder Wang Xingxing controls 34.76% of the equity through direct shareholding and the employee platform. Based on the current valuation, his corresponding net worth exceeds 4 billion yuan, becoming one of the focuses of market discussions on the rationality of the valuation.

Meanwhile, there are objective disputes over the valuation, mainly concentrated in three points: First, whether the current annual revenue of 1 billion yuan can continue to grow and whether the profit status can be maintained. The R & D investment in humanoid robots is high. If the revenue growth rate after listing fails to meet expectations, the high valuation will be difficult to support. Second, the time window for large - scale implementation is crucial. If the “explosion of multi - scenario applications” described by Wang Xingxing can be achieved within 3 - 5 years, the valuation ceiling will rise. Third, how long is the sentiment cycle of the secondary market? If the listing coincides with the upsurge of hard - tech investment, the valuation may exceed expectations.

Currently, some investors, referring to the nearly five - fold increase of Insta360 after its listing, believe that Unitree's market value may reach 100 billion yuan; others think 50 billion yuan is more reasonable.

From the perspective of the industry's capital ecosystem, Unitree's IPO is of benchmark significance. Qiao Anran, an analyst at TrendForce, told reporters from IT Times that the attention of the capital market helps enterprises build brand awareness on the international stage and attract overseas customers and partners. At the same time, going public helps enterprises promote the integration of the supply chain and enhance the overall competitiveness of the domestic industrial chain.

Data from IT Juzi shows that the robot industry funds established by local governments have exceeded 10 billion yuan. Industrial capitals are deeply involved. Haier led the investment in Xingdong Jiyuan, Meituan increased its investment in Tashizhihang, and government - guided funds are intensively deployed, forming a collaborative pattern of “industrial capital + fiscal funds”.

This capital enthusiasm has spread to the secondary market. The market value of Shangwei New Materials increased by 213% in six days, and among the 12 enterprises that submitted listing applications in Hong Kong, five have passed the hearing.

“Going public is a double - edged sword for Unitree,” the above - mentioned industry observer said. “On the one hand, capital injection helps accelerate technological iteration and capacity expansion. On the other hand, the public market has higher requirements for financial transparency and commercialization progress. If the expected growth cannot be achieved as scheduled, the valuation may face a correction.” In the long run, the value of the humanoid robot track must ultimately return to the essence of the industry. Only by breaking through core technologies, reducing manufacturing costs, and expanding application scenarios can the imagination space of a trillion - yuan market scale be supported. This is also the ultimate test that Unitree and its peers must overcome.

This article is from the WeChat official account “IT Times” (ID: vittimes). Author: Mao Yu, Editors: Hao Junhui, Sun Yan. Republished by 36Kr with authorization.