On the evening of 7 August, the Shanghai exchange updated its site: Deep Robotics had disclosed its first-round IPO query reply, detailing product competition, technical path and humanoid commercialisation. The Hangzhou-based legged-robot firm is back in capital-markets view.
Fellow Hangzhou “six little dragons” member Unitree has completed STAR Market registration and will open online subscription on 10 August. Deep Robotics was accepted on 18 May and has now replied to first-round questions.
But a stark contrast deserves attention. Capital is wild for the distant promise of humanoids, yet Deep Robotics’ revenue and profit come almost entirely from B2B quadruped robot dogs. It is one of the few profitable legged-robot companies. Its DR-series humanoid sold only 4 units across two years combined. Yet this IPO plans to raise 2.502 billion yuan, more than half going to embodied-humanoid algorithm research.
That raises three questions. Can a pure B2B industrial dog business, without the humanoid story, support a STAR Market valuation? Is choosing industry-first then humanoids-later a pragmatic layout, or a hidden lack of a second growth curve? Against neighbour Unitree, which path is closer to industrial reality?
Deep Robotics grew out of the Zhejiang University robot lab, founded by the Zhu Qiuguo team, a typical university tech-transfer company. It built deep quadruped motion-control know-how from research prototypes to commercial products.
The firm has three core product lines. The Jueying series quadruped targets B2B industry. The Shanmao wheel-leg hybrid is a new growth point. The DR humanoid is at pilot stage.
Filing data shows the growth track. Revenue was 50.11 million yuan in 2023, 103 million in 2024 and 337 million in 2025, a three-year compound growth of 159.51 per cent. In 2025 it posted 28.68 million yuan net profit, its first profit, breaking the legged-robot loss norm.
But the profit structure matters. Government subsidies contributed to profit. Net profit excluding non-recurring items was smaller. The gross margin rose from 33.48 per cent to 52.82 per cent, showing product mix and scale effects. B2B project-based work causes cash-flow swings and receivables pressure.
By revenue, the base is firmly B2B and G2B. Nearly 80 per cent comes from power inspection and emergency fire-fighting, with research-education as supplement. Humanoid revenue share is tiny.
By Frost and Sullivan, its quadruped industry revenue ranks first tier globally, and total quadruped revenue ranks second globally, though total scale still lags top peers.
The core profit carrier is the Jueying X industry quadruped, for high-risk industrial scenes. Unit price about 287,500 yuan, gross margin 54.35 per cent. It is deployed in substations, high-voltage lines, chemical parks and fire scenes, replacing people in inspection and detection, fitting rigid substitution demand.
The Lite version serves universities and research institutes. The Shanmao wheel-leg hybrid is landing in more scenes as a second hardware growth point. Commercially, Deep Robotics leans on system integrators and channel partners rather than direct end-owners. Downstream is concentrated in power and emergency security, with the State Grid a key demand source.
Editor’s note: This is an adapted translation of the original OFweek Robotics report. It has been trimmed and restructured for readability for an international business audience.