March 20, 2026 (InvestinChina.asia) – Unitree Tech, a leading Chinese robotics company, has publicly filed for an IPO on Shanghai’s STAR Market, revealing robust financials, rapid growth in its humanoid robot business, and significant manufacturing expansion plans, according to its prospectus.
Key Financials Show Strong Momentum
The company’s preliminary prospectus, which has undergone pre-listing review and two rounds of inquiries by the Shanghai Stock Exchange, paints a picture of a fast-growing and profitable enterprise.
For the first nine months of 2025, Unitree generated over 1 billion yuan ($140 million USD equivalent) in revenue, with 431 million yuan ($62 million USD equivalent) in non-GAAP net profit. The company forecasts its full-year 2025 revenue to exceed 1.7 billion yuan ($240 million USD equivalent) and non-GAAP net profit to surpass 0.6 billion yuan ($85 million USD equivalent).
Unitree’s gross margin has seen a significant climb, rising from 44.22% in 2023 to 60.27% in 2025. The company’s cash flow is also healthy, with operating cash inflow exceeding 670 million yuan ($95 million USD equivalent) forecasted for 2025.
Humanoid Robots: A Surging Revenue Driver
Unitree’s product mix is rapidly evolving. In the January-September 2025 period, revenue from its humanoid robot segment surpassed that of its established quadruped robots, with a production-to-sales ratio exceeding 95%, indicating virtually full capacity utilization. The company’s quadruped robots maintain a dominant market position, with cumulative sales exceeding 30,000 units and a leading global market share for several consecutive years. The newer humanoid robot line, which began mass production in 2023, has seen cumulative sales of nearly 4,000 units, with 2025 shipments already surpassing 5,500 units.
Technology Focus and R&D Ambitions
The prospectus details Unitree’s in-house development of core robotic technologies, including embodied AI, reinforcement learning, motion control, and perception algorithms, as well as core components like motors, reducers, dexterous hands, and sensors. The company is pursuing a dual-track strategy in the embodied AI model space, developing both World Model-Action (WMA) and Vision-Language-Action (VLA) architectures. It has open-sourced its WMA and VLA models. While the field of embodied AI is still nascent, the VLA architecture is noted as the mainstream choice for many general-purpose robotics firms.
IPO Details: 4.2 Billion Yuan Raise for R&D and Manufacturing
Unitree is seeking to raise approximately 4.2 billion yuan ($0.6 billion USD equivalent) through the IPO. A significant 85% of the funds are earmarked for R&D investment, with a primary focus on intelligent robot large language models. The largest single allocation, exceeding 2 billion yuan (48.13% of the total), is designated for R&D projects targeting foundational technologies for the robot’s “brain” (embodied AI models) and “cerebellum” (motion control).
A portion of the proceeds will also fund a major manufacturing base expansion. Once completed, the new facility is projected to achieve an annual production capacity of 75,000 humanoid robots and 115,000 quadruped robots, signaling Unitree’s confidence in scaling up for mass market adoption.