He gave Wang Xingxing his first 2 million yuan in funding, and now he is serving as the chairman of the next "Unitree".
On August 19, Unitree Technology, the "first humanoid robot stock" on the A-share market, officially rang the listing bell!
Ten years ago, Wang Xingxing, who traveled more than ten hours by train with his robot dog to attend roadshows, now stands under the most dazzling spotlight of China's capital market in a formal black suit and a red scarf.
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All the investment institutions that have invested in Unitree have issued congratulatory messages, acknowledgments or victory reports one after another, not only sharing the joy with Unitree, but also demonstrating the proof of their successful investments.
However, the first person who invested in Unitree still maintains his usual low profile.
This person is Yin Fangming. In 2016, when Wang Xingxing encountered setbacks in financing, he provided the most important first angel investment for Unitree, obtaining 15% of the equity in exchange for 2 million yuan. After several subsequent equity transfers, calculated at the issue price, the total return on this investment is about 280 million yuan, yielding a return of more than 140 times.
Yin Fangming is not only one of the most critical figures for Unitree, but also of extraordinary significance to another embodied intelligence company, Galaxy Universal. His latest identity is: Chairman of Galaxy Universal.
He has bet on two generations of leading embodied intelligence enterprises, and he was also one of the founders of a star startup company.
Theoretically, he is most qualified to stand in the foreground in this era, but he has deliberately kept a low profile for a long time and has disappeared from the public view for many years.
Successful Investment, Failed Entrepreneurship
In the exhibition hall of Unitree's headquarters, a robot dog with a slightly rough appearance is placed at the most prominent position.
It is XDog, independently developed by Wang Xingxing during his postgraduate study at Shanghai University, and it is also the starting point of Unitree's legendary entrepreneurial journey.
In 2015, Wang Xingxing participated in an entrepreneurship competition with XDog and won an award. Later, the product also gained small popularity on overseas platforms.
Wang Xingxing was eager to start his own business, but the responses from several investment institutions he contacted were lukewarm. At that time, quadruped robots were still a very niche track in China, and most investors were not optimistic about it.
Just at this moment, Yin Fangming appeared. He took the initiative to find Wang Xingxing and provided the first angel investment for Unitree, which became an important starting capital for the company.
Wang Xingxing once said in an interview with LatePost that the terms Yin Fangming offered were very lenient, and he transferred the funds without even signing an agreement.
Not only did he make a counter-consensus decision, but he also gave the founder great freedom. Looking back now, as an investor, Yin Fangming fully deserves flowers and applause.
Apart from being an investor, Yin Fangming has another identity: entrepreneur.
In 2014, Yin Fangming participated in the founding of ROOBO, which was positioned as an "artificial intelligence robot system company" that not only developed robots, but also invested in and incubated other smart hardware.
In the same year that Yin Fangming invested in Unitree, ROOBO obtained 100 million US dollars in Series A financing, breaking the domestic Series A financing record in the AI field at that time and becoming extremely prominent for a while. Some media published headlines saying "Slap the Capital Winter in the Face".
The reason why Yin Fangming could become Wang Xingxing's Bole is closely related to his own entrepreneurial experience.
Establishing an industrial fund to incubate smart hardware was one of ROOBO's main businesses. By 2017, ROOBO had invested in more than ten domestic and foreign enterprises that were good at robot mechanical motion.
Among them was Domgy, a family companion pet robot dog created by a South Korean entrepreneurial team.
When Domgy was still a laboratory product, the ROOBO team took action to invest. And Wang Xingxing's XDog was also an early product he developed in the school laboratory.
In addition to incubation, ROOBO also independently developed robots.
The company's first product, Pudding Robot, adopted a small and irregular hyperboloid structure in its appearance. Although it looked very cute, the mold was opened four times before it succeeded, and each failure meant millions of yuan in funds wasted.
Later, Yin Fangming reviewed in an interview with the media that hardware development features heavy workload, long cycle and large capital consumption, and many startups died on this road.
ROOBO stepped into a "big pit" in hardware and cost control, but this is exactly what Unitree is good at.
The early XDog was famous for its high cost performance and high performance. Later, all key hardware of Unitree's products, such as motors, reducers and controllers, adhered to independent R&D, and the self-developed rate of core components exceeded 95%.
Nowadays, strong independent hardware R&D and cost control capabilities have become one of Unitree's labels.
Having started a business, made investments, understood robot dogs, and stepped into pitfalls in hardware... With all these experiences, it is no accident that Yin Fangming became Unitree's first investor.
However, Yin Fangming is a good investor, but not a successful entrepreneur.
The education companion robots, pet robot dogs and various robot products that ROOBO focused on did not gain market recognition, and the incubated VR glasses, bone conduction headphones and drone products also did not make much splash.
At the end of 2018, ROOBO began to shrink its business direction and focus on children's education; from 2019 to 2020, the company began to have disputes over contracts, labor, intellectual property rights and sales contracts.
In October 2020, Yin Fangming published a statement in China Business Herald, stating that he no longer served as the legal representative, manager and other positions of Beijing ROOBO Technology Co., Ltd., and claimed that the legal liabilities arising from the company's external contracts and creditor's rights and debts after that had nothing to do with him.
However, public industrial and commercial data show that Yin Fangming was still registered as the legal representative of the company afterwards.
ROOBO was later involved in enforcement cases. In April 2024, the Haidian District People's Court of Beijing issued a consumption restriction order against Beijing ROOBO Technology Co., Ltd., and Yin Fangming, as the legal representative, was restricted from high consumption, with the execution subject being 36,729 yuan.
According to the China Enforcement Information Public Network, in November 2025, Beijing ROOBO Technology Co., Ltd. was listed as a person subject to execution, and the First Intermediate People's Court of Beijing filed a case for enforcement against it, with the execution subject being 83.655658 million yuan.
This somewhat "dramatic" ending fully shows that artificial intelligence and robot entrepreneurship is not an easy road.
Early Cash-out "Earned Nearly 1.6 Billion Yuan Less"
As ROOBO, the entrepreneurial project, went downhill, Yin Fangming's investment pace accelerated instead.
First of all, he "pocketed" part of Unitree's equity with a total value of more than 10 million yuan.
In 2018, Yin Fangming cashed out part of Unitree's equity for the first time, his shareholding ratio dropped from 15.0% to 11.4%, and he gained 1.3106 million yuan.
In 2020, Yin Fangming transferred all the registered capital of Unitree he held to Tianjin Junwan Hongyi Enterprise Management Consulting Partnership (Limited Partnership) for only 14,300 yuan, and exited Unitree's shareholder list.
Yin Fangming is a partner of Junwan Hongyi, with a shareholding ratio of about 16.6%. This means that Yin Fangming changed from Unitree's angel investor to an LP holding shares indirectly through the institution.
In May 2025, Junwan Hongyi transferred 22.6% of its Unitree shares to another institution for a total consideration of 58 million yuan. Calculated according to Yin Fangming's shareholding ratio, he can get 9.6405 million yuan.
If Yin Fangming had held Unitree's equity all the time, the 2 million yuan original investment would correspond to a valuation of about 1.848 billion yuan, which is nearly 1.6 billion yuan more than the 280 million yuan he gains now.
But the return of angel investment never has only one way of "holding all the time", and cashing out is a very normal behavior. Yin Fangming has been using the cashed-out funds to make new investments.
His investment tentacles have also extended to the energy field.
In 2021, Yin Fangming invested 1.5 million yuan in Beijing Yujian Power Technology Co., Ltd., holding 3.9% of the shares and becoming the third largest shareholder of the company.
Yujian Power's business is to apply aerospace technology to the development of underground resources such as oil, natural gas, shale gas, coalbed methane and geothermal energy.
In 2023, Yin Fangming became the third largest shareholder of Beijing Yuanchen Keyao Management Consulting Partnership (Limited Partnership), indirectly investing in Chongqing Tailan New Energy Co., Ltd.
Founded in 2018, Chongqing Tailan New Energy is a solid-state battery enterprise that completed a Series B+ financing of over 400 million yuan in December 2025.
Commercial aerospace has also entered Yin Fangming's investment portfolio.
In 2025, Yin Fangming invested in Shenzhen Xiandeng Aerospace Technology Co., Ltd., the only private commercial aerospace enterprise in China that focuses on customizing small liquid launch vehicles for the networking and supplementary network launch of 100-500kg level remote sensing and communication small satellites.
In March 2026, Xiandeng Aerospace announced that it had completed nearly 100 million yuan in accumulated financing.
Industrial and commercial information shows that in September 2025, Yin Fangming's shareholding ratio in Xiandeng Aerospace dropped from 5% to 4.1026%, and further dropped to 3.69% in March 2026.
Latest Identity: Chairman of Galaxy Universal
However, neither the energy company nor the commercial aerospace company is the most important investment of Yin Fangming after Unitree.
Yin Fangming has been looking for the next "Unitree", and he may have found it.
On July 21, 2026, Galaxy Universal, the embodied intelligence unicorn, updated the filing information of senior management personnel: Yin Fangming served as the chairman of Galaxy Universal, and the former chairman Guo Xiaoliang stepped down.
Founded in May 2023, Galaxy Universal has raised more than 6.