Unitree Technology, the Chinese maker of humanoid and quadruped robots, has taken the final steps toward its debut on Shanghai’s STAR Market, an initial public offering that the domestic press has branded the “first humanoid-robot stock”. The company confirmed on 5 August that its online roadshow would run on 7 August from 14:00 to 17:00, with investors able to put questions through the Shanghai Stock Exchange’s roadshow centre.
The offering is fully specified. Unitree plans to issue 40,446,434 new shares, equal to 10 per cent of post-listing capital. Allocation splits into three channels: strategic placement, institutional book-building and retail subscription. The initial strategic tranche is 20 per cent of the offer; once that is removed, 80 per cent goes to institutions and 20 per cent to retail. A clawback mechanism can shift shares based on subscription heat.
The timeline runs tight. Indicative institutional pricing opened on 5 August, the roadshow and issuance prospectus landed on 7 August, subscription opened on 10 August across online and offline channels, and subscribers must complete payment by 12 August. Retail investors need an active STAR Market trading account to take part.
A profitable rare bird
Unitree is called the first humanoid-robot stock and is also one of the few players in the field to turn a profit. Full-year 2025 revenue reached 1.708 billion yuan, up 335 per cent year on year, while net profit after deducting non-recurring items passed 600 million yuan, a rise of more than 674 per cent. The same year its humanoid-robot shipments led the world, products reached more than 40 countries, and overseas sales held above 40 per cent of total revenue.
The company runs two product lines: quadruped robot dogs and humanoids. The four-legged machines serve industrial inspection, emergency response and lab research; the humanoids cover commercial showcases and teaching demos. By 2025, humanoid revenue had overtaken the quadruped line to become the core growth engine.
The listing raises a total of 4.202 billion yuan, with more than 80 per cent earmarked for research and development. The money flows into four projects: an embodied-intelligence large model, next-generation robot bodies, new-product development and an expanded smart manufacturing base. Once built, annual capacity for both humanoids and quadrupeds rises sharply, easing order-delivery pressure.
Editor’s note: This is an adapted translation of the original OFweek report. It has been trimmed and restructured for readability for an international business audience.