The first humanoid robot stock on China's A-share market is coming, the countdown to Unitree's IPO has officially started, who will become the biggest winner?

On August 5, Unitree Robotics launched the preliminary inquiry for its STAR Market IPO, moving one step closer to officially entering the capital market. According to the issuance arrangement, the offering price and valid bidding investors will be determined on August 6, online and offline subscription will start on August 10, and payment will be completed on August 12, with market attention continuing to rise.

For this IPO, Unitree Robotics plans to publicly issue 40.4464 million new shares, accounting for 10% of the total share capital after issuance, and plans to raise 4.202 billion yuan. The raised funds will be invested in four major projects: R&D of intelligent robot models, R&D of robot bodies, development of new intelligent robot products, and construction of intelligent robot manufacturing bases.

Calculated on this basis, the corresponding issuance valuation of Unitree Robotics in this IPO is about 42 billion yuan. For the A-share market, this not only means that another hard technology enterprise will land on the STAR Market, but also means that the long-awaited "first humanoid robot stock" in the market is about to officially enter the capital market.

It is worth noting that the entire review cycle from IPO acceptance to successful board meeting approval and then to registration completion took only 104 days, which is significantly shorter than most STAR Market enterprises. The rapid IPO review process of Unitree Robotics also makes it an important sample for the capital market to observe the commercialization of embodied intelligence.

From the perspective of the industry, humanoid robots are still in the early stage of transitioning from technical demonstration to large-scale application. The market has high attention, intensive investment and a large number of competitors, but the application scenarios, cost curves and sustainable profitability remain to be seen.

Generating 600 Million Yuan in Annual Profit, Humanoid Robots Hold Half the Market Share

In the humanoid robot industry, most enterprises are still in the stage of continuous investment.

Whether it is overseas companies such as Figure AI and Apptronik, or many domestic robot startups, high R&D investment and long commercialization cycles have almost become common features of the industry. "Burning money first and making profit later" was once the general perception of the market towards robot enterprises.

However, Unitree Robotics has delivered a completely different report card.

According to the prospectus, in recent years, the company's business scale has continued to expand, operating revenue has maintained rapid growth, and profitability has improved simultaneously. From 2022 to 2025, the operating revenue of Unitree Robotics jumped from 123 million yuan to 1.708 billion yuan, an increase of more than 12 times in three years; among them, the revenue in 2025 surged by 335.36% year on year. In the first three quarters of 2025, the company achieved operating revenue of 1.167 billion yuan, which was nearly 3 times the full-year level of 2024.

(Source: Unitree Robotics Prospectus)

Changes in the revenue structure reveal the company's strategic leap. In the first three quarters of 2025, the revenue from humanoid robots reached 595 million yuan, accounting for 51.53%, surpassing quadruped robots for the first time to become the largest source of revenue; the revenue from quadruped robots was 488 million yuan, accounting for 42.25%; robot components and others accounted for less than 7%. This means that humanoid robots are no longer just a "future option" in the product matrix, but have become an important driving force for the company's revenue growth.

(Source: Unitree Robotics Prospectus)

The improvement on the profit side is even more remarkable. In 2024, the non-recurring profit and loss deducted net profit of Unitree Robotics was 77.5036 million yuan, successfully turning around losses; this figure soared to 600 million yuan in 2025, a year-on-year increase of 674.29%. Compared with many robot enterprises that are still in a loss state, this achievement is particularly rare.

The improvement of profitability also means that Unitree Robotics has initially completed the transformation from a technology R&D enterprise to a large-scale commercial company. For a robot enterprise established only ten years ago, achieving stable profit before the industry fully breaks out is rare in the capital market.

From the perspective of assets and liabilities, with the rapid expansion of business scale in recent years, the company's asset scale continues to grow, the debt level remains low, and cash reserves increase simultaneously, which provides strong support for subsequent R&D investment and production capacity construction. As of the end of September 2025, Unitree Robotics' cash and cash equivalents reached 1.79 billion yuan, and trading financial assets were 281 million yuan; the asset-liability ratio was only 15.17%, at a very low level.

However, risks lurk behind the high growth. At present, humanoid robots have not formed consumer-level rigid demand, and market cultivation still takes time. If the improvement of technical maturity, cost reduction and market acceptance progress slower than expected, the large-scale commercial application of robots may still be delayed. If future technological breakthroughs, product innovation and large-scale downstream commercial applications fall short of expectations, whether the high growth rate can be sustained remains to be observed.

In addition, the company also warned of risks such as policy changes in overseas markets, intensified industry competition, special voting rights mechanism, and future decline in revenue growth rate and gross profit margin. It is worth noting that the company's revenue from overseas has accounted for more than 35% for many years, which is a relatively high proportion, exposing it to risks of international trade frictions and tariff policy fluctuations.

Wang Xingxing Subscribed 15 Million Yuan, Top VCs and Major Tech Giants All Bet on the Company

If landing on the STAR Market means that Unitree Robotics has entered a new stage of development, then the biggest beneficiaries behind the IPO are undoubtedly the founding team and the industrial capital that has accompanied the company's growth all the way.

As one of the most watched enterprises in China's humanoid robot track, Unitree Robotics has completed multiple rounds of financing since its establishment, and its shareholder list almost covers China's top industrial capital, market-oriented VCs and internet giants. With the company's listing, these investment institutions will also usher in an important moment of value realization.

Wang Xingxing, founder and chairman of Unitree Robotics, is the largest shareholder and actual controller of the company. Before this issuance, Wang Xingxing directly holds 86,714,964 shares of the company, accounting for 23.8216% of the total share capital of the company, and indirectly holds 9.5367% of the company's shares through the equity incentive platform Shanghai Yuyi, with a total of 33.3583% of the company's shares held directly and indirectly. Calculated based on the generally predicted valuation of 40 billion yuan in the market, the market value of Wang Xingxing's shares will reach the level of tens of billions of yuan.

(Source: Unitree Robotics Prospectus)

In addition to the founder, employees will also share the growth dividend of the company. In this IPO, 171 senior managers and core employees of Unitree Robotics participate in the strategic placement, with a total subscription amount not exceeding 271.5 million yuan. Among them, Wang Xingxing subscribed 15 million yuan.

Internet giants and top VCs form Unitree's most dazzling "circle of friends". The Meituan-affiliated entities Hanhai Information, Galaxy Z and Chengdu Longzhu hold a total of 9.65% of shares, making them the largest external institutional shareholder; Hangzhou Haoyue and Shanghai Yunyang under Alibaba hold a total of about 0.673% of shares; Tencent Technology holds 0.599% of shares. HSG holds a total of 7.11% of shares through Ningbo HSG and Xiamen Yaheng; Matrix Partners China holds a total of 5.45% of shares; Shunwei Capital under Lei Jun holds 4.42% of shares through its affiliated company Astrend IV.

In terms of the industrial chain, many A-share listed companies have established cooperative relationships with Unitree Robotics. For example, Zhongda Lid provides core components such as reducers, Shenzhen Huaqiang provides electronic components such as chips, Wolong Electric Drive provides key components such as high-burst joint modules, and Orbbec provides lidar and structured light sensors, among others.

From an angel round valuation of only more than 13 million yuan in 2016 to the current issuance valuation of 42 billion yuan, Unitree Robotics has completed a valuation leap of more than 1,000 times in ten years. But listing is just the starting point, not the end. Whether Unitree Robotics can continue to fulfill the high-speed growth expectation and promote humanoid robots from scientific research and demonstration to a wider range of industrial, commercial and even household scenarios still needs time to verify.

This article is from the WeChat official account "Sina New Consumption", author: Zhu Lang, published with authorization from 36Kr.