On 2 July, regulators approved Unitree’s initial public offering on the STAR Market, the fastest such clearance in the sector: accepted 20 March, heard 1 June, approved 2 July.
From loss to 600m profit
Three years ago the company was loss-making; two years ago quadrupeds were its only revenue. Now humanoids are half the business, with 2025 net profit hitting 600 million yuan. Revenue grew tenfold from 159 million yuan in 2023 to 1.7 billion yuan in 2025, while gross margin rose to 60.4 per cent.
The 2026 first quarter shows strain: revenue up 68 per cent but net profit down 52 per cent as research spending and Spring-Festival marketing costs rose. Full-year profit is guided down 6 to 22 per cent, a maturing-growth signal rather than a crisis.
Market dominance
Global humanoid shipments hit about 18,000 units in 2025, up over 500 per cent. Unitree took 5,500, or more than 30 per cent and world number one; AgiBot followed with 5,168; UBTech with around 1,000. Unitree cut humanoid prices from roughly 600,000 yuan in 2023 to about 167,000 yuan in 2025, with gross margin rising to 63 per cent as costs fell faster.
Over 90 per cent of components are self-developed, and the production-to-sales ratio reached 95.95 per cent in 2025’s first three quarters, close to building one and selling one. Quadrupeds remain a cash cow, with cumulative sales above 30,000 units and nearly 70 per cent of the global market.
What the listing means
At a 10 per cent float and 4.2 billion yuan raise, Unitree’s market cap clears 42 billion yuan. Proceeds go to robot models (48 per cent), hardware (26 per cent), new products (11 per cent) and a manufacturing base (15 per cent) targeting 75,000 humanoids and 115,000 quadrupeds a year. The sector shifts from spectacle to volume, from cash-burn to cash-generation, and rivals from AgiBot to Leju are now chasing their own listings.
Read the original report (OFweek)
Translated and adapted from OFweek (ofweek.com).