Unitree Robotics priced its initial public offering on China's STAR Market at 150.80 yuan per share, raising 6.1 billion yuan through the sale of 40.4 million shares, equal to 10 percent of the enlarged company. The offering marks the first humanoid robot manufacturer to list on mainland Chinese exchanges.
The company shipped more than 5,500 humanoid robots in 2025, according to its filing, ranking first globally by unit volume. Cumulative quadruped robot sales exceeded 33,000 units. Revenue climbed to 1.7 billion yuan in 2025 from 393 million yuan the prior year, while net profit reached 278 million yuan with gross margins above 60 percent.
Unitree plans to deploy approximately 4.2 billion yuan of IPO proceeds toward embodied AI model development, humanoid robot research and development, new product launches and manufacturing capacity expansion. The company has acknowledged in its filing that competition in robotics is shifting from motion control toward artificial intelligence models, creating a risk that it could lose its lead in the robot "brain" as competitors advance their AI capabilities.
The robotics sector in China has drawn significant capital and manufacturing investment over the past three years as domestic companies attempt to compete with Boston Dynamics and other Western players. Unitree's IPO timing coincides with rising institutional interest in embodied AI and the commercial deployment of humanoid robots across manufacturing and logistics.
At the 150.80 yuan pricing, Unitree's implied valuation stands at roughly 55 billion yuan, according to reports on the IPO process. The company, founded in 2016, has grown from a research lab at Zhejiang University focused on quadruped locomotion into a vertically integrated manufacturer shipping both bipedal and four-legged platforms.
Unitree's 2025 revenue of 1.7 billion yuan represents a 4.3x increase from 2024, while its net profit margin of approximately 16 percent reflects profitability at scale. The gross margin above 60 percent reflects pricing power in a market where most roboticists operate at losses or thin margins.
The document to watch is Unitree's next earnings report, due within six months of listing, which will show whether the company's AI model development keeps pace with competitors as the performance bar shifts from hardware and motion control to autonomous reasoning and task learning.
