The Shanghai Stock Exchange has accepted the IPO application of Unitree Robotics Co., Ltd. for listing on the Science and Technology Innovation Board.
In a significant move for China’s high-tech manufacturing sector, the Shanghai Stock Exchange (SSE) has officially accepted the initial public offering (IPO) application of Unitree Robotics Co., Ltd. for listing on the Sci-Tech Innovation Board (STAR Market). The application was formally received on March 20, marking a major milestone for the company often hailed as “China’s Boston Dynamics” .
A Leader in the Global Robotics Arena
Unitree Robotics has established itself as a world-renowned leader in the high-performance general-purpose robotics sector. The company specializes in the research, development, production, and sale of high-performance general-purpose humanoid robots, quadruped robots (robot dogs), robotic components, and embodied AI models . It was a pioneer in the public sale and industry deployment of high-performance quadruped robots and has consistently maintained a leading position in global sales for both its humanoid and quadruped robots in recent years .
The company’s global recognition was cemented by its products being featured on major international stages, including multiple appearances at the CCTV Spring Festival Gala, the 2023 US Super Bowl, and the 19th Asian Games . These performances have helped shift public perception of robots from being confined to laboratories to being capable of complex, dynamic interactions .
Stellar Financial Growth and Profitability
Unitree’s IPO application showcases remarkable financial health, a rarity in the capital-intensive robotics industry. According to its prospectus, the company has achieved explosive revenue growth, jumping from 392 million yuan in 2024 to a staggering 1.7 billion yuan in 2025 . This represents an annual increase of over 335% . On the profitability front, Unitree reported a net profit of 945 million yuan in 2024, which surged to a non-recurring net profit of 600 million yuan in 2025, demonstrating robust core profitability .
The company’s revenue structure has also evolved significantly. While initially focused on quadruped robots, its humanoid robot business has become a core pillar, growing from a mere 1.88% of total revenue in 2023 to over 51.53% by the first nine months of 2025 .
Revolutionary Technology and Market Dominance
Unitree’s success is built on a foundation of full-stack, self-developed technology. This includes a comprehensive system covering robot bodies, core algorithms, embodied AI, and critical components . Key innovations include advanced integrated joint technology, high-compactness body design, and self-developed core parts like high-performance motors, reducers, and LiDAR units .
This technological prowess has resulted in world-leading products. In 2025, its H1 humanoid robot set a world record for running speed, reaching over 5 meters per second . The company’s market dominance is evidenced by its sales figures: it has sold over 30,000 quadruped robots between 2022 and 2025 and shipped more than 5,500 humanoid units in 2025 alone, making it the world’s number one in terms of shipment volume .
IPO Details: Aiming to Raise 4.2 Billion Yuan
According to the prospectus, Unitree plans to issue no less than 40.4464 million new shares. The company intends to raise a total of 4.202 billion yuan from the public offering . The net proceeds will be invested in four key areas: intelligent robot model research and development, robot hardware research and development, new intelligent robot product development, and the construction of an intelligent robot manufacturing base .
Notably, Unitree is only the second company to go through the SSE’s new “preliminary review” mechanism, which is designed to protect the competitive information of high-tech firms and streamline the review process . Citic Securities is acting as the lead underwriter for the offering .
As the company now enters the formal review phase of its listing, its IPO is poised to be a landmark event, solidifying its status as a potential “first humanoid robot stock” on the A-share market and providing strong momentum for the continued growth of China’s embodied AI and robotics industries .
Sources: Shanghai Stock Exchange, Unitree Robotics Prospectus, Sina Finance (Chinese: 新浪财经 / English: Sina Finance), Securities Times (Chinese: 证券时报 / English: Securities Times), Eastday.com (Chinese: 东方网 / English: Eastday.com), Hong Kong Commercial Daily (Chinese: 香港商报 / English: Hong Kong Commercial Daily).
Disclaimer: This content is for market information purposes only and is not investment advice.
