A wave of multi-millionaires will emerge in Hangzhou.

A milestone moment.

As you can see, the IPO application of Unitree Technology on the Science and Technology Innovation Board has been officially accepted by the Shanghai Stock Exchange. This IPO plans to raise 4.202 billion yuan. Since then, Wang Xingxing has finally led Unitree to compete for the title of "the first stock in embodied intelligence" on the Science and Technology Innovation Board.

Looking back on the past few years, Unitree Technology has almost run through the most exciting part of the narrative of the Chinese embodied intelligence track: from the popularity of quadruped robots, to humanoid robots appearing on the Spring Festival Gala, and then to the crazy financing in the primary market. Now, a prospectus puts the real situation of this company in front of us.

Investors have been waiting for this moment for a long time. Since its establishment, a long list of investors has gathered behind Unitree. They are about to share the first wave of dividends from the listing of Chinese embodied intelligence companies.

The hottest IPO this year

The wealth - creating wave in Hangzhou

Through the prospectus, the outside world can see the real face of Unitree for the first time.

Robot companies are often criticized for being mostly used for performances, but Unitree has broken the convention of burning money. From 2022 to 2024, its revenues were 123 million, 159 million, and 392 million yuan respectively, and soared to 1.7 billion yuan in 2025, with a year - on - year growth rate of over 330%. During the same period, it achieved a net profit of 600 million yuan after deducting non - recurring gains and losses, with a year - on - year increase of 674.29%. Unitree mentioned in the prospectus that the main reason was the rapid growth of product sales during the period.

The company's profitability has improved, and its gross profit margin has climbed from 44.22% in 2023 to 60.27%, which confirms the product premium ability and cost control efficiency brought by core technologies.

Currently, Unitree Technology mainly focuses on quadruped robots, humanoid robots, and robot components. Among them, the humanoid robot business stands out. In 2025, the revenue of Unitree's humanoid robots officially exceeded that of quadruped robots, becoming the company's largest growth driver. Since the first general - purpose humanoid robot H1 was launched in August 2023, Unitree has independently developed and released four series of humanoid robots. The prospectus mentioned that the company achieved the world's first in humanoid robot shipments in 2025.

It is worth mentioning that during the reporting period, the proportion of Unitree Technology's overseas revenue exceeded 35%.

And all of this is in the hands of Wang Xingxing, a post - 90s entrepreneur, who is now well - known to everyone.

Born in Ningbo, Zhejiang, he was admitted to Zhejiang Sci - Tech University in 2009. In his freshman year, he independently made a bipedal humanoid robot. Later, during his postgraduate study at Shanghai University, he developed a low - cost, high - performance, pure - electric - driven quadruped robot XDog. After graduation, Wang Xingxing worked at DJI for a short period. It wasn't until 2016 that he officially resigned and started his business, and Unitree Technology was born in Hangzhou.

In the past two years, Unitree has appeared on the Spring Festival Gala stage consecutively, and Wang Xingxing has become the most iconic founder in Chinese embodied intelligence. According to the prospectus, he currently directly holds 86,714,964 shares of the company, accounting for 23.8216% of the company's current total share capital. He is the largest shareholder and controlling shareholder of Unitree Technology.

A common view in the investment circle is that if Unitree Technology is successfully listed, it will enjoy the dividends of the trillion - level robot track as the first listed company in the industry and will at least be a company worth hundreds of billions. This means that the A - share market will welcome a new post - 90s richest person.

Employees are also eagerly looking forward to it. The prospectus reveals that Unitree has a total of 480 employees, and most of the core technical personnel are post - 90s. The total annual salary of the nine executives is 8.6389 million yuan, among which Wang Xingxing's annual salary is 2.4952 million yuan.

The employee equity incentive platform of Unitree Technology, Shanghai Yuyi Enterprise Management Consulting Partnership (Limited Partnership), holds a 10.9414% stake. Once the IPO is successful, many wealthy people will emerge in Binjiang District, Hangzhou, where Unitree Technology is located.

Who invested in Unitree?

Some missed the opportunity, while others made heavy bets

"Xingxing, you have to go public quickly. The valuation is so good now. If you don't go public soon, your leading position may be overtaken by others. Moreover, the LPs are urging me every morning at six o'clock."

This scene took place in February this year. Wang Xingxing talked about the situation of being urged to go public by investors in an interview. Behind the seemingly relaxed joke, it reflects the urgent expectation of a group of investors behind Unitree Technology for the listing.

Looking back, Unitree Technology's early financing experience was not smooth. As shown in a widely circulated chat screenshot, early - stage VCs rejected Unitree Technology's business plan, citing it as being too early.

After sorting it out, Wang Xingxing received his first investment in 2016. He once mentioned that this money came from an investor in Beijing. The investment community verified within the industry and confirmed that this investment came from Yin Fangming, who is well - known in the industry. The prospectus shows that Yin Fangming once served as a director of the company but resigned in August 2024.

At that time, Wang Xingxing said that the company's valuation was only more than 10 million yuan, and "getting financing relied entirely on revenue support." It wasn't until 2018 that AnChuang Accelerator and Variable Capital gave Wang Xingxing the first investment from an investment institution.

The turning point came soon. In January 2020, Unitree Technology announced the completion of a pre - A round of financing of tens of millions of yuan, thus entering the mainstream vision of the venture capital circle because the investors in this round were Sequoia China Seed Fund and Deshun Investment.

Regarding the description of Wang Xingxing, Sequoia China's first sentence at the beginning was: "Without a prestigious school background, he started his business right after graduation; young and enterprising, without prominent school or work achievements as a guarantee, and lacking funds and resources, but in the extremely difficult entrepreneurship, he became the one who laughed last." Sequoia internally calls such entrepreneurs "outliers."

Soon, Sequoia China increased its investment again, followed by Vertex Ventures and Chuxin Capital. Vertex Ventures previously shared with the investment community the emotional reason for its investment: it was shocked by the youthfulness and sense of mission shown by the Unitree team at that time.

In 2021, Shunwei Capital led Unitree Technology's Series A financing, raising tens of millions of US dollars. Recently, Lei Jun also talked about this investment: "This year is the tenth anniversary of Unitree Technology's entrepreneurship. Thank you, Wang Xingxing, for giving us an opportunity to invest in Unitree five years ago."

The real prelude began with the Series B financing in 2022 -

Series B: Led by Matrix Partners and Dunhong Asset respectively, strategic investors from the world's top 500, Hexagon AB, Shunwei Capital, Rongyi Investment, and Shenzhen Capital Group followed the investment, with a total investment of hundreds of millions of yuan.

Series B +: The investors included Meituan, Golden Stone Investment, and Source Code Capital. Old shareholders such as Shenzhen Capital Group, China Internet Investment Fund, Rongyi Investment, Dunhong Asset, and Midajunshi followed the investment, raising nearly 1 billion yuan.

Series B ++: Led by institutions such as Beijing Robot Industry Investment Fund, Meituan Longzhu, Zhongguancun Science City, Amber Capital, Shanghai Science and Technology Innovation Fund, Sequoia China, CITIC Securities, and Vertex Ventures China Fund participated in the investment.

After the Spring Festival Gala in 2025, Unitree Technology's old shares were frantically snapped up in the primary market.

In June 2025, Unitree Technology completed its last round of financing before the IPO. It was jointly led by funds under China Mobile, Tencent Investment, Jinqiu Fund, Alibaba, Ant Group, and Geely Capital. Twenty - one old shareholders such as Shenzhen Capital Group actively followed the investment. The pre - investment valuation of this financing was 12 billion yuan, and the post - investment valuation was 12.7 billion yuan.

The prospectus reveals that among institutional shareholders, Meituan is currently the second - largest shareholder, holding approximately 9.65% of the shares. Sequoia China, Matrix Partners, and Shunwei Capital follow closely, with shareholding ratios of approximately 7.11%, 5.45%, and 4.42% respectively. As Unitree approaches the IPO, the investors behind it have finally waited for the moment of return.

A race for survival

Failing to catch the IPO may mean being out of the game

At this moment, the eyes of the venture capital circle are all focused on Wang Xingxing and Unitree.

This will be the most anticipated IPO this year. Looking back on the past two years, embodied intelligence has experienced a fiery financing storm, with unprecedented enthusiasm. Now, a large number of investors are waiting to exit. As going public becomes a crucial step for embodied intelligence companies to establish their industry status, a visible IPO race has quietly begun.

As at the beginning of 2026, Xinghaitu and Zhongqing Robot completed their shareholding system reforms one after another, and Magic Atom also announced that it was promoting its listing process. Almost overnight, three embodied intelligence IPOs emerged. Even earlier, star enterprises such as Leju Intelligence and Yun Shenchu had launched their sprints towards IPOs.

The IPO has become a race for survival, determining whether a company can stay in the game.

More and more people are coming. Like Unitree, Galaxy Universal and Zhipu Robot are also highly anticipated.

Not long ago, Galaxy Universal just announced a new round of financing of 2.5 billion yuan. An investor in Galaxy Universal once told the investment community that Galaxy Universal will most likely be one of the first batch of embodied intelligence companies to go public. After Zhipu Robot made a tender offer for Shanghai Shangwei New Materials Co., Ltd. on the Science and Technology Innovation Board last year, the investment community learned from investment institutions that after the merger, Zhipu Robot will continue to strive for a listing on the Hong Kong Stock Exchange as planned.

Going public means reaching the shore, and there is no time to lose.

It is true that the expectations of investors are obvious, and the industry also urgently needs a "listing example." However, after Unitree goes public, it also means that the IPO path, which is like thousands of troops crossing a single - plank bridge, has become a little narrower. I believe many people have mixed feelings about this.

The real watershed has appeared.

This article is from the WeChat official account "Investment Community" (ID: pedaily2012), written by Yang Jiyun and Wang Lu, and reprinted by 36Kr with permission.