During the critical period of listing, Unitree Technology is involved in a patent lawsuit.
The Hangzhou Intermediate People's Court recently held a hearing to try a dispute case over the infringement of an invention patent. The plaintiff is Hangzhou Luweimei Daily Chemical Co., Ltd. (hereinafter referred to as "Luweimei"), and the defendant is Hangzhou Unitree Technology Co., Ltd. (hereinafter referred to as "Unitree Technology"). The case number has been publicly disclosed.
This is the first time Unitree Technology has been involved in an invention patent lawsuit since its establishment in 2016. The company is currently at a sensitive stage of rushing into the capital market. In mid-July, its IPO counseling record was publicly announced by the Zhejiang Securities Regulatory Bureau, with CITIC Securities as the counseling institution. It plans to complete the assessment of listing conditions and submit application materials in the fourth quarter of 2025.
A daily chemical company has initiated a lawsuit against a star robot enterprise based on a "robotic dog" patent. The hearing coincides with a critical point in the counseling period. The outcome of the lawsuit and the potential compensation amount will directly affect the sponsor's judgment of compliance risks.
Sued for Infringement of Invention Patent
Public information shows that Unitree Technology was established in 2016 and is committed to the R & D, production, and sales of consumer - grade and industrial - grade high - performance legged robots, humanoid robots, and six - axis robotic arms. At this year's Summer Davos Forum, Wang Xingxing, the founder of the company, revealed that in the early days of its establishment, he was the only one in the company, and now the team has grown to about 1,000 people, with an annual revenue of over 1 billion yuan.
Data from the GGII shows that in 2024, Unitree Technology sold 23,700 robotic dogs annually, accounting for about 69.75% of the global market share. Among them, the cumulative shipments of the star product, the Unitree Go1 robotic dog, exceeded 50,000 units, accounting for more than 60% of the global consumer - grade legged robot market, and it has received orders from international customers such as NVIDIA. Since its establishment, Unitree Technology has completed 10 rounds of financing, and the company's valuation has reached the range of 12 - 15 billion yuan.
According to information from the Zhejiang Court Network and Tianyancha, the plaintiff, Luweimei, has a registered capital of only 550,000 yuan. Its original main business was the wholesale of daily chemical products. In 2016, it obtained the invention patent authorization for "a robotic dog" through its affiliated company, Zhejiang Jianlin Electronic and Electrical Co., Ltd., and later applied for a patent for a "conference simultaneous intelligent system". The involved patent describes a bionic robotic pet that can be remotely monitored and has an identity recognition function. The claims cover the mechanical structure, sensor arrangement, and data transmission path.
According to the abstract of the invention patent, the "robotic dog" for which Luweimei has obtained patent authorization includes a shell, which consists of a torso, a head and neck, and four limbs. When users are away from home, they can remotely connect to the robotic dog through a mobile phone or computer to keep track of the situation at home. When there is an illegal intruder in the user's home, the robotic dog can record the images and sounds of the intruder through a high - definition camera and store them for subsequent investigation. The robotic dog can also alert the user through wireless communication. The robotic dog can recognize the owner's identity through a gas sensor and call different feedback mechanisms according to different owners.
Seven models of quadruped robots currently mass - produced by Unitree Technology, such as Go2, Go1, B1, and B2, generally have similar functions, but it is not clear which specific model falls within the scope of the dispute. If the court finally determines that the infringement is established, Unitree Technology will not only face requirements to stop sales, recall products, and pay compensation but may also be forced to modify its design or pay patent licensing fees, which will weaken its market positioning of "high - cost performance".
It is worth noting that Luweimei and Jianlin Electronics behind it have initiated lawsuits based on patents many times in recent years. Jianlin Electronics was listed as a company restricted from high - end consumption by the court in January this year. The plaintiff's identity is not commensurate with its capital scale and R & D ability, and there is a possibility of "commercialization of patent rights protection" operations. However, some intellectual property lawyers pointed out that the validity of the patent has been confirmed by the National Intellectual Property Administration. The defendant needs to prove the source of its technology or file a request for invalidation, which will take at least half a year in the process, and the IPO progress may be delayed.
Plan to Submit IPO Application by the End of 2025
At the recently held 2025 World Robot Conference, Wang Xingxing, the founder of Unitree Technology, revealed when talking about listing that "our company is also promoting some proper listing procedures." He also said that Unitree Technology has been established for 9 years. In a sense, listing can be regarded as a process for a student to continue learning and growing. Listing is like the college entrance examination, and the enterprise can move towards a more mature stage in management and operation.
The counseling record report shows that Wang Xingxing is the controlling shareholder and actual controller of Unitree Technology. Wang Xingxing directly holds 23.8216% of the company's shares and controls 10.9414% of the company's shares through Shanghai Yuyi Enterprise Management Consulting Partnership (Limited Partnership), controlling a total of 34.7630% of the company's shares.
According to the counseling work arrangement, from August to September this year, CITIC Securities will urge the company to form clear business development goals and future development plans, and formulate feasible plans for the use of raised funds and other investment projects. From October to December 2025, it will comprehensively evaluate whether the company meets the listing conditions and assist the company in preparing application materials for the initial public offering of stocks and listing in accordance with relevant regulations.
Judging from the exchange's usual inquiry practice, the regulatory authorities pay particular attention to whether there are major disputes over the ownership of the core technology of the proposed listed enterprises. If the amount of the lawsuit exceeds 5% of the company's net profit in the previous year or may lead to doubts about its future sustainable profitability, the sponsor needs to re - evaluate and issue a special verification opinion.
Unitree Technology's revenue exceeded 1 billion yuan for the first time in 2024, and its net profit has not been disclosed. However, Wang Xingxing, the founder of the company, revealed at the Davos Forum that "the gross profit remains above 30%". If the net profit is conservatively estimated at 100 million yuan, once the court - awarded compensation reaches the tens of millions level, it will touch the regulatory red line.
At the market level, competition in the consumer - grade robotic dog track is intensifying. Unitree Technology, as the world's number one in terms of shipments, was preparing for listing and could have further widened the gap with its competitors with the help of capital. Now, the sudden shadow of the patent, combined with the valuation adjustment of the humanoid robot concept in the secondary market, has made investors more cautious.
In terms of financing, Unitree Technology completed the delivery of the Series C financing that started last year in June. Industrial giants such as Tencent, China Mobile, Alibaba - affiliated capital, and Geely Holding have all participated. It is reported that the financing amount is close to 700 million yuan. The Beijing Robot Industry Development Investment Fund managed by Shoucheng Capital under Shoucheng Holdings Limited (00697.HK) completed an additional investment in Unitree Technology.
Unitree Technology did not comment on the details of the lawsuit, only stating that "it has hired professional lawyers to actively respond and ensure that the listing proceeds as planned." The lawyer representing Luweimei said that "the evidence is sufficient, and the rights and interests of the right - holder will be protected in accordance with the law." The Hangzhou Intermediate People's Court will pronounce the judgment at a later date.
(This article is for reference only, does not constitute investment advice. The market is risky, and investment should be made with caution.)
This article is from the WeChat public account "FUSE", written by Xie Yingjie, and published by 36Kr with authorization.