Yun Shen Chu's IPO application on the STAR Market has been accepted: Its revenue in the quadruped robot field exceeds that of Boston Dynamics, and it has turned a profit.
In 2025, Deep Robotics ranked first globally in terms of revenue in the application fields of quadruped robots.
According to IPOzaozhidao, the application for the IPO of Hangzhou Deep Robotics Co., Ltd. (hereinafter referred to as "Deep Robotics") on the Science and Technology Innovation Board was accepted on May 18. CSC Financial Co., Ltd. served as the sponsor.
Founded in 2017, Deep Robotics strategically focuses on real - world industry scenarios with rigid demand and high commercial value. Adhering to the innovative concept of "from scenarios, to scenarios", it drives technological breakthroughs based on the needs of real - world scenarios and pain points in industry applications.
Since 2018, Deep Robotics has taken the lead in conducting cutting - edge explorations in core fields such as power inspection and emergency fire - fighting, and has substantially promoted the unification of product function definitions and application solutions for quadruped and wheel - legged robots in relevant fields. In the field of power inspection, since 2019, Deep Robotics has cooperated with subordinate units of the State Grid and China Southern Power Grid to explore scenarios, promoting quadruped and wheel - legged robots to become one of the new technology routes for power inspection robots. Deep Robotics' power inspection solution was successfully implemented in the utility tunnel project of SP Group in Singapore in 2024, and the first batch of products for the second phase was delivered in the following year, which is of milestone significance in the industry. In 2026, end - customers in the power industry increased their procurement of embodied intelligent robots such as quadruped robots and humanoid robots, accelerating the large - scale application of embodied intelligent technologies and products in power scenarios. And in the field of emergency fire - fighting, Deep Robotics has been deeply involved in scenario applications since 2021. Through participation in national scientific research projects and joint emergency rescue drills, it has helped quadruped robots to be officially included in the national fire - fighting product catalog, fully verifying the extensive social and commercial value of embodied intelligent products.
As of now, Deep Robotics' products have been applied in fields such as power inspection, emergency fire - fighting, industrial inspection, police security, public infrastructure inspection, patrol, and logistics transportation. It is also actively expanding scientific research and education scenarios to meet the differentiated needs of users in different fields. At the same time, Deep Robotics' internationalization strategy has been steadily deepened, and its global market layout has achieved in - depth breakthroughs. Its products are now exported to more than 45 countries and regions around the world, including the United States, Singapore, Germany, Turkey, South Korea, and Japan, and its overseas revenue has maintained rapid growth.
Based on its industry - level differentiated positioning, Deep Robotics is also actively deploying humanoid robot technology research. In August 2024, Deep Robotics developed its first general - purpose humanoid robot, DR01, preliminarily verifying key technologies such as bipedal motion control and complex terrain adaptation of humanoid robots. In October 2025, Deep Robotics released its second - generation humanoid robot, DR02, achieving breakthroughs in key technologies such as high - dynamic motion performance, overall machine protection design, and multi - modal intelligent interaction. This humanoid robot is one of the few industry - level products with an IP66 protection rating in the industry, targeting all - weather operation fields and focusing on core scenarios such as power operations, emergency fire - fighting, police security, industrial production, and other outdoor operations.
Deep Robotics pointed out in its prospectus that the global quadruped robot industry has entered the stage of large - scale commercial implementation, and a relatively clear echelon - based competitive situation has been formed. In the overseas market, international manufacturers represented by Boston Dynamics and ANYbotics entered the market earlier, but their commercial layout has long focused on scientific research, education, and high - end industry application fields. Product deliveries are mainly high - priced customized projects, and market expansion has been relatively slow. In the domestic market, although local leading manufacturers represented by Deep Robotics and Unitree Robotics started later than overseas enterprises, they have taken the lead in opening up the industrialization path for quadruped robots through continuous breakthroughs in core technologies, rapid product iteration and optimization, and excellent cost - control capabilities. They have caught up with and surpassed international leading manufacturers in terms of global market share and commercial scale, establishing a solid global leading position.
According to data from Frost & Sullivan, in 2025, Deep Robotics ranked first globally in terms of revenue in the application fields of quadruped robots, second globally in terms of quadruped robot revenue, and fourth globally in terms of embodied intelligent robot revenue. In the field of quadruped robots, Deep Robotics surpassed Boston Dynamics in 2024.
From 2023 to 2025, the cumulative revenue of Deep Robotics' quadruped and wheel - legged robot products in industry application fields accounted for 78.95%, 16.55% in scientific research and education fields, and 4.51% in commercial service fields.
In terms of financial data, from 2023 to 2025, Deep Robotics' revenues were 50 million yuan, 103 million yuan, and 337 million yuan respectively, with a compound annual growth rate of 159.51%. During the same period, its gross profit margins were 33.48%, 38.76%, and 52.83% respectively.
It is worth mentioning that Deep Robotics achieved profitability for the first time in 2025, with a net profit attributable to the parent company of 28.68 million yuan.
On the R & D side, from 2023 to 2025, Deep Robotics' R & D investments were 32.1845 million yuan, 38.2113 million yuan, and 84.3006 million yuan respectively. The total R & D investment in three years was 155 million yuan, accounting for 31.52% of the cumulative revenue. As of December 31, 2025, Deep Robotics had 25 authorized invention patents, 59 utility model patents, and 8 software copyrights; led or participated in 8 national key scientific research projects; participated in drafting 2 national standards and 3 group standards. As of the same date, Deep Robotics had 172 R & D personnel, accounting for 40.28% of the total employees.
Since its establishment, Deep Robotics has received investments from well - known institutions such as Seaview Capital, Fangguang Capital, Ginkgo Valley Capital, Daosheng Capital, National Artificial Intelligence Fund, Huajian Function Investment, Mingzhe Asset, Innoangel Fund, Fengrui Capital, Yuanhe Origin, CMBC International, Shenzhen Intelligent City Investment, Guoxin Fund, Fortune Capital, Yunhui Capital, China Telecom, Bangsheng Capital, Moganshan Fund, CCTV Media Convergence Fund, JD.com, China Unicom, Beijing Robotics Industry Investment Fund, CSC Financial, SMIC Juyuan, West Lake Science and Innovation, Huaying Capital, Zhejiang University Foundation, Zhejiang Industrial Investment, Qianhai Ark, and Shoucheng Capital.
Deep Robotics plans to raise more than 2.5 billion yuan through this IPO. The funds raised from the listing will focus on four core areas: First, strengthen the foundation of core technologies, with a focus on cutting - edge technologies such as embodied intelligent large models; second, enrich and expand the diversified product matrix to meet the application needs of different industries; third, improve the large - scale production capacity construction level to ensure product delivery capabilities; fourth, deepen industry scenario applications and service capabilities to promote the in - depth integration of technology and scenarios.
This article is from the WeChat official account "IPOzaozhidao" (ID: ipozaozhidao), author: Stone Jin, published by 36Kr with authorization.