Shanghai Stock Exchange disclosed on June 2 that Unitree Robotics' IPO review status on the STAR Market had changed to 'submitted for registration.' It took just 73 days from acceptance to approval, halving the previous record of 148 days set by ChangXin Memory Technologies. The substantive review by the SSE is now complete, and materials have been forwarded to the China Securities Regulatory Commission for final registration.
Unitree plans to raise 4.2 billion yuan (approximately $618 million) at a valuation of 42 billion yuan ($6.18 billion). Once registered, it will become the first 'embodied intelligence robotics stock' on the A-share market. The CSRC typically completes registration within 20 working days without conducting a new substantive review, after which Unitree can launch its IPO and list on the STAR Market.
Revenue Surged 13x in Three Years, Humanoid Robots Account for Over 50%
Founded in 2016 by Wang Xingxing (born 1990), Unitree's founder serves as Chairman, CEO, and CTO, holding 23.82% of shares directly and controlling 68.78% of voting rights through an AB share structure. At the 42 billion yuan valuation, Wang's personal wealth exceeds 14 billion yuan.
Unitree's product line covers quadruped robots (Go2, A2, B2 series) and humanoid robots (G1, H1, R1, H2 series), along with dexterous hands, collaborative robotic arms, and LiDAR components. Revenue surged from 123 million yuan in 2022 to 1.699 billion yuan in 2025 — a 13-fold increase in three years. Net profit hit 278 million yuan in 2025, with gross margin rising from 44% in 2023 to 60.13%.
The business mix has shifted dramatically: humanoid robot revenue share jumped from under 2% in 2023 to 51.53% in the first three quarters of 2025, overtaking quadruped robots as the top revenue source. Unitree shipped over 5,500 humanoid robots in 2025, ranking first globally by volume.
A Who's Who of Chinese Tech Investors Back the Company
Unitree's shareholder list reads like a who's who of Chinese venture capital. Meituan holds 9.65% as the second-largest shareholder, with paper gains exceeding 3 billion yuan. Sequoia China owns 7.11%, Matrix Partners 5.45%, Shunwei Capital (Lei Jun's fund) 4.42%, and CITIC Securities Group 4.49% (which also serves as the sponsor).
The Pre-IPO round in June 2025 attracted even bigger names: Tencent, Alibaba, Ant Group, Geely Capital, China Mobile, Shenzhen Capital Group, ByteDance, and BYD all invested. In one year, their paper gains nearly tripled. The sponsor, CITIC Securities, is both underwriter and shareholder — a practice not uncommon on the STAR Market but raising potential conflict-of-interest questions.
Of the 4.202 billion yuan raised, nearly half (2.022 billion) will fund embodied intelligence large model R&D, with the remainder allocated to robot body development (1.11 billion), new products (445 million), and manufacturing base construction (624 million). The heavy R&D focus signals Unitree's ambition to become an AI model-driven platform company rather than just a hardware vendor.
The Two Sides of the 'First Embodied Intelligence Stock'
Unitree has earned the title 'A-share first embodied intelligence robot stock.' It partnered with NVIDIA to launch an H2 reference design based on Isaac GR00T and released the WVLA2.0 embodied intelligence large model in May. The company appeared on CCTV's Spring Festival Gala in both 2025 and 2026 — Zhang Yimou's Yangbot performance featuring quadruped robots spinning handkerchiefs went viral globally. Japan Airlines is also testing G1 robots for cargo handling at Haneda Airport.
However, there's another side: R&D spending as a percentage of revenue dropped sharply from 31.4% in 2023 to about 8% in the first three quarters of 2025. The IPO's 2-billion-yuan R&D investment is partly compensating for past cuts made to boost profits. For now, most humanoid robot buyers are schools and research institutions, with factory production lines and home applications still far off.