With a mesmerizing display of 16 synchronized humanoid robots at the 2025 Spring Festival Gala, Unitree Robotics catapulted into the public eye, transforming from a tech industry insider into a household name overnight.

This burgeoning robotics enterprise, established just nine years ago, officially filed for IPO registration with the China Securities Regulatory Commission today. Backed by CITIC Securities as its lead underwriter, Unitree Robotics boasts a valuation exceeding RMB12 billion, positioning itself to become the "pioneer embodied intelligence stock" on the A-share market.

Amidst the accelerating commercialization of the global humanoid robot industry, Unitree Robotics, with its consistent profitability and annual revenues surpassing RMB1 billion, has shattered the misconception that the robotics industry is merely a money-burning venture. Instead, it stands as a beacon of China's hard tech enterprises transitioning from technological followers to partial leaders.

From 'Lab Legend' to Billion-Yuan Revenue Milestone

According to Tianyancha, Unitree Robotics was founded in 2016, specializing in the independent research, development, production, and sales of consumer-grade and industry-grade high-performance legged/humanoid robots and dexterous robotic arms. After nine years of relentless pursuit, it has emerged as a unicorn in the industry.

As one of the pioneering domestic enterprises in quadruped robot startups, Unitree Robotics has rolled out an array of quadruped robot products, including XDog, Laikago, AlienGo, A1, Go1, B1, Go2, and B2. Since 2023, it has expanded into humanoid robots with the launch of H1, H1-2, and G1.

Earlier this year, Unitree Robotics' H1 and G1 humanoid robots hit the shelves on JD.com, priced at RMB650,000 and RMB99,000, respectively. Additionally, the company's robots have graced prestigious stages such as CCTV's Spring Festival Gala and the Consumer Electronics Show (CES) in Las Vegas, USA.

In contrast to numerous robotics enterprises quoting prices ranging from RMB150,000 to RMB200,000 or even millions, Unitree Robotics has been dubbed a "price disruptor." For instance, UBTECH's Walker series sold at an average price of RMB5.98 million from 2021 to the first half of 2023, while RMB150,000 to RMB200,000 has seemingly become the de facto minimum price among leading robotics enterprises.

Echoing this sentiment, Elon Musk also proposed reducing the price of Tesla's Optimus to "USD20,000," asserting that such a price point is crucial for widespread robot adoption in the real world.

Moreover, Unitree Robotics' self-developed AI robot algorithms, powered by the NVIDIA GPU-accelerated robot simulation platform, enable the H1 to autonomously learn high-speed running and intricate dance movements, continuously expanding its repertoire of movements.

Notably, Unitree Robotics is the first company globally to publicly retail high-performance quadruped robots and was among the earliest to achieve industry deployment.

Simultaneously, Unitree Robotics places significant emphasis on independent research and development and technological innovation. It boasts fully independent key core components for robots, including motors, reducers, controllers, and LiDAR, along with high-performance perception and motion control algorithms. By integrating the entire robot industry chain, it has attained a globally leading technological position in the field of legged robots.

To date, the company has submitted over 200 patent applications domestically and internationally, with over 180 patents granted.

According to Unitree Robotics' founder, Wang Xingxing, the company's annual revenue has surpassed RMB1 billion. Furthermore, early investors confirm that Unitree Robotics' financial statements have consistently demonstrated profitability since 2020.

The 'Wealth Creation Effect' and Underlying Concerns Amid a RMB10 Billion Valuation

As Unitree Robotics embarks on its IPO journey, it converges with the impending explosion of the global humanoid robot industry. Its IPO process is not only pivotal for the company's growth but also serves as a crucial litmus test for the capital market's confidence in the embodied intelligence sector.

Remarkably, Unitree Robotics boasts an impressive shareholder lineup, fortifying its path to public listing. Industry capital from funds affiliated with China Mobile, Tencent, Alibaba, Ant Group, Geely, and others led the C round of funding. Meanwhile, Sequoia China has been a consistent investor since the Pre-A round, and Shunwei Capital, under Lei Jun, invested tens of millions of dollars in the A round.

Notably, Meituan's founder, Wang Xing, despite missing out on early investment opportunities, swiftly followed up through Meituan's Strategic Investment Department and currently holds an 8% stake in Unitree Robotics, making him the company's second-largest shareholder.

This blend of "industry capital + financial capital" not only provides financial backing but also opens up downstream application scenarios for the enterprise.

However, beneath the RMB10 billion valuation lies the capital market's lofty expectations for the humanoid robot sector. Unitree Robotics must prove its ability to sustain high growth and rapid commercialization to justify this high valuation, a formidable challenge indeed.

Concurrently, industry competition is intensifying. Recently, Zhiyuan Robotics' series of actions have rattled the A-share market.

On July 9, Zhiyuan Robotics announced plans to acquire a 66.99% stake in SWANCOR, a STAR Market-listed company, for approximately RMB2.1 billion through a combination of "agreement transfer + tender offer." Upon completion, Zhiyuan Robotics will officially take the reins of SWANCOR.

This move is seen as a landmark within the "embodied intelligence + capital" model, propelling SWANCOR's share price to reach the daily limit of 20% for eight consecutive trading days, sparking market speculation about Zhiyuan Robotics' "backdoor listing."

Some analysts believe that Zhiyuan Robotics' acquisition has intensified the pressure on embodied robot enterprises like Unitree Robotics, positioning Zhiyuan Robotics as a potential frontrunner to become the "first humanoid robot stock" on the A-share market.

In January 2025, Zhiyuan Robotics successfully rolled out its 1000th general-purpose embodied robot. In March, the company unveiled the Lingxi X2 robot, boasting complex interaction capabilities and performing tasks such as weightlifting and cycling.

Furthermore, as the IPO process progresses, deep-seated contradictions in the technological commercialization journey are gradually surfacing.

On one hand, the current cost of humanoid robots remains prohibitively high. Taking the Unitree H1 as an example, its unit price stands at RMB650,000, far exceeding the industrial scenario break-even point of below RMB200,000.

On the other hand, robot application scenarios are still confined to standardized factories in the automotive, electronics, and other industries, accounting for over 90% of total orders. This represents a significant gap from the envisioned ubiquitous scenarios.

These structural contradictions have led to a paradox in the industry where products are highly regarded yet not widely adopted. Expanding beyond the industrial sector into incremental markets such as medical and household services will directly influence the pricing of Unitree Robotics' IPO and market subscription enthusiasm.

Conclusion

Unitree Robotics' IPO is not merely a vote of confidence from the capital market in the 'embodied intelligence' sector but also a significant leap for China's hard tech enterprises as they transition from technological followers to commercial leaders.

Currently, favorable policies and trillion-yuan market expectations have paved a golden path for Unitree. However, whether it can bridge the divide between 'lab legend' and 'scalable profitability' will ultimately determine its ability to truly fly the flag of 'Made in China'.