Unitree, a Hangzhou‑based robotics firm, will debut on the Shanghai Stock Exchange’s STAR market on Wednesday. The initial public offering has already attracted 6,100 million yuan (about $905 million) and was oversubscribed more than 8,000 times, a record for the tech‑focused market.
Robots that dance, fight and now run
Unitree gained global attention last year when its androids performed choreographed dances and kung‑fu routines on China’s Lunar New Year gala. The company recently unveiled a new humanoid called “Superman,” capable of jumping two metres and running at 12.66 metres per second.
Strategic importance
Beijing views humanoid robots as a strategic priority, describing them as the “new high ground of technological competition” in a 2023 policy document. The IPO positions Unitree as the first mainland‑listed humanoid maker, joining peers such as UBTECH and Dobot, which trade in Hong Kong, and Agibot, which is pursuing a Shanghai listing.
Financial snapshot
Unitree reported revenue of nearly 1.7 billion yuan ($252 million) in 2025, a ten‑fold increase from two years earlier, and posted a net profit of 278 million yuan ($41 million). About 42 % of its revenue comes from quadruped “robot‑dog” products, while sales of humanoid units remain modest, with less than 10 % of 2025 sales going to industrial customers.
Use of proceeds
The prospectus states that IPO proceeds will fund research and development of embodied AI models and robot hardware, as well as expansion of manufacturing facilities.
Challenges ahead
Analysts note that Unitree’s strength lies in hardware and motion control, but the company must invest more in AI‑driven cognition to compete globally. A partnership with Nvidia announced in June aims to address this gap.
U.S. restrictions could affect future growth. In June, Unitree was added to a U.S. blacklist of companies linked to the Chinese military, and Washington recently banned new imports of humanoid and quadruped robots, citing national‑security concerns. While existing models remain authorized for sale, the measures may limit overseas expansion, which currently accounts for over 40 % of Unitree’s revenue.
Original reporting: KRDO (Colorado Springs metro) — read the source article.
