The time for Unitree's IPO is set.

It is reported that in 2024, the sales of the company's quadruped robots, humanoid robots, and component products accounted for 65%, 30%, and 5% respectively.

Unitree Technology's listing plan was updated today. The company announced through its official account on the X platform that "it is expected to submit listing application documents to the stock exchange between October and December 2025, and the company's relevant operating data will be officially disclosed at that time."

On July 18, 2025, the Zhejiang Securities Regulatory Bureau disclosed that Hangzhou Unitree Technology Co., Ltd. had entered the listing guidance stage, and the sponsoring institution was CITIC Securities. The guidance period is arranged from July to December 2025. It is expected that a comprehensive assessment of whether the company meets the conditions for issuance and listing will be conducted from October to December, and assistance will be provided in preparing the application documents for the initial public offering of shares and listing.

01

Unitree Technology is one of the leading enterprises in the domestic legged robot and humanoid robot tracks. The company said that in 2024, the sales of quadruped robots, humanoid robots, and component products accounted for approximately 65%, 30%, and 5% respectively.

Approximately 80% of the quadruped robots are used in research, education, and consumer fields, and the remaining 20% are used in industrial fields, such as inspection and fire - fighting; humanoid robots are completely used in research, education, and consumer fields.

Public information shows that in late May 2025, Unitree Technology changed from a "limited company" to a "joint - stock limited company". The company's registered capital is 364 million yuan. The controlling shareholder and actual controller of the company is Wang Xingxing, who directly holds 23.8216% of the company's equity and controls 10.9414% of the company's equity through Shanghai Yuyi Enterprise Management Consulting Partnership (Limited Partnership), with a total control of 34.7630% of the company's equity.

Subsequently, Unitree Technology completed its Series C financing in June. The investors included China Mobile Fund, Tencent, Alibaba, and Ant Group. The market valuation range exceeded 10 billion yuan. Previously, well - known investment institutions such as Meituan, Sequoia China, and Matrix Partners also appeared on its shareholder list. The continuous support of capital has made Unitree Technology one of the most concerned companies in the domestic robot track.

02

As a robot enterprise established in 2016, Unitree Technology was initially noticed for the mass production of its quadruped robot (i.e., "robot dog") products, the Go series and B series, in the global market. Subsequently, the company expanded its business to the humanoid robot field and successively launched new products such as H1, G1, and R1, striving to gain an early advantage in the new track. On August 5, Unitree Technology released a new - generation quadruped robot dog, Unitree A2.

Wang Xingxing said in a speech at the 2025 Summer Davos Forum that the company currently has approximately 1,000 employees, and its annual revenue has exceeded 1 billion yuan. Meanwhile, an investor said externally that Unitree has been profitable every year since 2020. According to data from the GGII, in 2024, Unitree Technology sold 23,700 quadruped robots annually, accounting for approximately 69.75% of the global market share. Among them, the cumulative shipment volume of the G1 product exceeded 50,000 units, accounting for more than 60% of the global consumer - grade legged robot market. Meanwhile, the delivery volume of humanoid robots exceeded 1,500 units in 2024.

Unitree's current purchasers are mainly universities, scientific research institutions, public institutions, and state - owned enterprises. The latest winning bid order comes from the procurement project of humanoid biped robot OEM services of China Mobile (Hangzhou) Information Technology Co., Ltd. from 2025 to 2027. Among them, the full - size humanoid robot was won by Zhipu Robotics with a bid of 78 million yuan; the small - size humanoid robot, computing power backpack, and five - finger dexterous hand were won by Unitree Technology with a bid of 46.05 million yuan.

Zhipu Robotics, Sichuan Tianlian Robotics, etc., which are in the same track, are also promoting financing and listing preparations at different stages. If Unitree can submit its IPO application as scheduled this year, it may become the first company in the humanoid robot field to be listed on the A - share market.

This article is from the WeChat public account "Venture Capital Daily", author: Chen Kang, published by 36Kr with authorization.