With 115 winning bids, 10 rounds of financing, and five consecutive years of profits, Unitree is just one step away from going public.
Unitree Technology has once again become the focus.
On July 11th, the procurement and bidding website of China Mobile showed that ZHIYUAN ROBOT and Unitree Technology successfully won the bid for the procurement project of humanoid biped robot OEM services of China Mobile (Hangzhou) Information Technology Co., Ltd. The total budget was as high as 124 million yuan. This order is the largest single public order in the domestic humanoid robot field to date, with Unitree's order amounting to 46.05 million yuan.
On July 18th, the official website of the China Securities Regulatory Commission showed that Unitree Technology had completed the counseling record-filing with the Zhejiang Securities Regulatory Bureau, and the counseling institution was CITIC Securities. This indicates that Unitree has officially launched its IPO and is striving to become the "first humanoid robot stock" on the A-share Science and Technology Innovation Board.
First came a large order, and then the listing plan was released. As the news spread, the stock prices of relevant listed companies in the industrial chain hit the daily limit, and Unitree's IPO ignited the capital market.
Unitree is not the most highly valued among Chinese robot companies, but it is undoubtedly the most "popular." Different from the robot companies that have recently planned to go public but are still in the red, according to the Yicai Business School, Unitree Technology has a good profit situation. This also provides a foundation for its listing.
Data from Tianyancha shows that as of now, Unitree Technology has raised funds 10 times and won 115 bid-winning orders. Who is betting on Unitree? Who is paying for Unitree? Perhaps the confidence for Unitree's listing can be found behind these data.
01
Who is Betting on Unitree:
10 Rounds of Financing, Corporate Valuation Exceeds 10 Billion
Information from Tianyancha shows that Unitree basically maintains a financing rhythm of once a year and has completed 10 rounds of financing so far. The cumulative disclosed financing amount alone exceeds 1.5 billion yuan. According to a report by a financial magazine, in June this year, Unitree Technology completed its latest C+ round of financing with an amount of nearly 700 million yuan, and the post-investment valuation exceeded the 10 billion mark, reaching over 12 billion yuan.
Looking at the types of investors, in addition to well-known investment institutions such as Shunwei Capital and Sequoia Capital China, which entered early in the A round, there are also the figures of Internet giants and state-owned capital.
As the first Internet giant to invest, Meituan has continuously increased its investment in Unitree since it first held shares in the B+ round. Now it is the second-largest shareholder after the founder Wang Xingxing, holding approximately 8.24% of the shares. Tencent and Alibaba have recently entered the game, jointly leading the C+ round of financing of Unitree with funds under China Mobile, Jinqiu (ByteDance-related), Ant, and Geely Capital.
On May 28th this year, Unitree Technology completed its shareholding system reform, which is the best evidence of paving the way for its IPO. At the same time, the company also added a new director - Liang Wangnan, the general manager of Beijing Jingguorui Equity Investment Fund Management Co., Ltd. This is also the first time that Unitree has introduced a director with a state-owned capital background. And Liang Wangnan is the key figure of the Beijing Robot Industry Fund, the leading investor in Unitree's C round last year.
Recently, Liang Wangnan said publicly that as early as the end of March 2024, the Beijing Robot Industry Fund had completed the signing of the investment agreement with Unitree Technology. The state-owned capital of Beijing holds a 5% stake. The entry of state-owned capital marks that Unitree Technology has officially stepped into the ranks of core industrial players supported by the "national team" from a technology start-up company.
Looking at the number of investors, in the earliest seed round of Unitree, only individual investor Yin Fangming invested 2 million yuan alone. Since the B+ round in 2022, multiple capitals have flocked in one after another. By the C round of financing in 2024, the number of investors reached as many as 21, which even exceeded the total number of all investors before the B+ round. At that time, Unitree's valuation reached 8 billion yuan.
After the Spring Festival Gala in 2025, a person from Unitree Technology revealed to the outside world that the company would not start financing for the time being. As a scarce resource, the transfer of Unitree's old shares was once frantically snapped up in the primary market. Gu Jufeng, a senior partner of Rongyi Investment, an investor in Unitree, told the Yicai Business School in April this year: "We receive at least several WeChat messages every week asking if we are selling, and our answer has always been no."
After becoming popular and completing the shareholding system reform, the C+ round of financing of Unitree was even more of a "first-come, first-served" situation. In addition to the industry giants successfully seizing the opportunity, most of the old shareholders such as Shenzhen Capital Group also followed up with investments.
The financing channel in the primary market continues to be booming, and the transfer of old shares is in short supply. Behind the capital's enthusiastic pursuit, why are so many people rushing to bet on Unitree?
The reasons boil down to two points: it can make money, and it is in the spotlight.
Against the backdrop of the general "money-burning" situation in the embodied intelligence industry, Unitree is one of the few enterprises that can "both raise funds and make money." Recently, at the Tianjin Summer Davos Forum, Wang Xingxing first disclosed that Unitree Technology's revenue in 2024 had exceeded 1 billion yuan.
The public statements of many investors also confirm Unitree's profitability. In March this year, Zhao Nan, an early investor in Unitree Technology, said publicly that Unitree Technology had maintained a profitable state every year since 2020. Gu Jufeng also told the Yicai Business School in April this year that Unitree had started to make a profit.
On the trillion-level track of embodied intelligence, the capital's "FOMO" sentiment (Fear of Missing Out) is back, and it has begun to bet heavily on future industrial opportunities. Enterprises like Unitree, which can "see the future and grasp the present," naturally become the scarce targets that everyone competes for.
02
Who is Paying for Unitree:
115 Bid-Winning Orders, with the Highest Single Order Reaching Tens of Millions
From the public information of Unitree's bid-winning orders, it can be seen that the claim of "being able to make money" is not unfounded.
Currently, Unitree's robot products are mainly divided into two major directions: robotic dogs (Go series, A series, B series) and humanoid robots (H series, G series). Among them, the B series of robotic dogs and the H series of humanoid robots are mainly for industrial applications, while the other series are for consumer scenarios such as entertainment, commercial services, and even household services. It can be seen that Unitree has layouts in both the B2B and B2C markets. However, the most important scenarios are currently concentrated in the B2B market (universities, enterprises, institutions, etc.).
Looking at the sales situation in the B2B market, the Yicai Business School sorted out 115 bid-winning orders of Unitree Technology from 2018 to the present. The number of bid-winning orders has been increasing year by year, and the growth rate is relatively fast. As of July this year, the number of Unitree Technology's bid-winning orders has reached 29, which is the same as the total number of bid-winning orders in 2024.
In terms of the bid-winning amount, there are currently 87 bid-winning orders of Unitree Technology with announced amounts, and the total order amount is nearly 77.83 million yuan. The amount of a single order shows a large span, ranging from tens of thousands of yuan to tens of millions of yuan, and the number of large orders exceeding one million yuan is more than 18.
The latest bid-winning order is from the procurement project of humanoid biped robot OEM services of China Mobile (Hangzhou) Information Technology Co., Ltd. from 2025 to 2027. Among them, ZHIYUAN ROBOT won the bid for full-size humanoid robots with 78 million yuan; Unitree Technology won the bid for small-size humanoid robots, computing power backpacks, and five-fingered dexterous hands with 46.05 million yuan.
It is obvious that the purchasers of Unitree are mainly universities, scientific research institutions, public institutions, and state-owned enterprises. There are a total of 71 orders from universities, which support half of Unitree's business. Among them, there are also repeat customers such as Southern University of Science and Technology, which first bought robotic dogs and then repurchased robotic arms.
This year, for the first time, the number of bid-winning orders from state-owned enterprises in Unitree's orders exceeded that from universities, covering application scenarios such as automated inspections in material distribution centers and guided tours and performances in offline cultural and tourism areas. Unitree's robots are moving from the laboratories of universities and scientific research institutions to practical applications, which shows that Unitree's business map is expanding at an accelerated pace.
It can be said that Unitree's B2B business is not only popular but also well-received, which is quite impressive.
Looking at the B2C market, on February 11th, Unitree Technology launched its consumer-grade humanoid robot G1 priced at 99,000 yuan and industrial-grade humanoid robot H1 priced at 650,000 yuan on the JD platform.
In March, Unitree settled on AliExpress, a cross-border e-commerce platform under the Alibaba Group, and put on the shelves many star products, including the humanoid robots Unitree H1 and G1, which are the same models as those shown in the Spring Festival Gala, and the quadruped robotic dog series. It also successively appeared in the live streaming rooms of top streamers such as Li Jiaqi and Jiaogefriends.
Obviously, Unitree is trying to enter the B2C market through e-commerce by virtue of its increasing public influence.
According to the data from Unitree's official JD store, as of now, more than 1,000 Unitree robotic dogs Go2 have been sold. Although the humanoid robots with a minimum price of 99,000 yuan inevitably arouse the controversy of "spending money on a big toy," the fact that they are sold out as soon as they are put on the shelves fully confirms the acceptance and purchasing power of the B2C consumer market for cutting-edge technology products.
In addition to the rush to buy, the rental boom is also driving the B2C market. The short supply of Unitree's products not only allows a large number of rental merchants to make a lot of money but even gives rise to a business opportunity - buying Unitree robots for rental operations, with a daily rental fee of nearly 10,000 yuan, and the cost can be recovered in a month. The Yicai Business School once conducted a survey among consumers: What do more than 200 consumers think of buying a humanoid robot for 99,000 yuan? | Strange Things
The combination of the B2B and B2C markets has not only successfully enhanced Unitree's brand influence but also brought real sales volume. Data from the GGII shows that in 2024, Unitree Technology accounted for 69.75% of the global sales volume of robotic dogs. In February this year, Wang Qixin, a director of Unitree Technology, revealed that Unitree's humanoid robot shipments had ranked first in the world.
Now, Unitree no longer has the survival anxiety of "who will pay." Taking advantage of the situation to go public can greatly improve Unitree's financing efficiency and accelerate the improvement of its market share.
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Why is Unitree the One Making Money?
Since this year, a large number of robot-related enterprises have flocked to the Hong Kong stock market and planned to go public. According to the statistics of the Yicai Business School, they are generally "rushing to go public while in the red." In contrast, it is not easy for Unitree to reach the profit inflection point. Related report: The first global stock in the AMR robot field emerged | Strange Things
The personal style of Wang Xingxing, the founder of Unitree, determines the development path of Unitree Technology. Different from those who talk about ideals and sentiments, he has repeatedly actively mentioned the practical goal of "making money." When developing the first humanoid robot, he said that the company's principle was "not to do things that don't make money"; he also publicly stated that both robotic dogs and robots are niche markets, so all the money that can be made in the industry should be earned.
However, to make money, just selling a lot is not enough. One also needs to know how to save money.
In February this year, in a conversation with LatePost, Wang Xingxing confidently said that he had a good sense of cost reduction and even said bluntly: "Don't compare cost reduction with us. We can continue to reduce costs by a lot."
In Wang Xingxing's view, the key to cost control lies in the design of the entire production chain, rather than simply relying on large-scale mass production. Moreover, the embodied intelligence field is different from the automotive industry and does not have such a large demand.
In terms of industrial integration, Unitree has chosen to "self-develop everything that can be self-developed." For example, components such as 3D lidars, motors, vision modules, and even batteries are all self-developed and produced by Unitree.
By firmly grasping the entire industrial chain in its own hands, on the one hand, it can eliminate the middlemen and increase the product's gross profit; on the other hand, a more controllable industrial chain can provide guarantee for capacity improvement and stable profitability.
For example, there are many procurement orders for components worth less than 10,000 yuan in Unitree's bid-winning orders. The official stores of Unitree on e-commerce platforms such as JD and Taobao in the B2C market have also put on the shelves components such as special batteries for robotic dogs and lidars, with prices ranging from 100 to 4,000 yuan.
Robot components sold in Unitree's official flagship store on Taobao
Although Wang Xingxing said bluntly: "Many people think that I can reduce costs once I have a large volume. This is purely an illusion." But no one can deny the importance of mass production for accelerating commercialization, especially for Unitree, which has been aiming