In July 2025, when Unitree Technology completed its IPO filing with the Zhejiang Securities Regulatory Bureau, the capital market was not surprised. This robotics company, which became a household name after its "Yangko dance" performance on CCTV's Spring Festival Gala, has long been a favorite among investors. Unitree's IPO push is not an isolated event. Statistics show that in the first 11 months of 2025 alone, nearly 30 robotics industry chain companies submitted IPO applications to the Hong Kong Stock Exchange. From the continued capital market activities of UBTECH ROBOTICS (09880), the "first humanoid robotics stock," to the successful listing of mobile robotics leader Geek+ (02590), and the clustering of applications from top players in niche segments like Xian Gong Intelligent and Canbot, an industry feast driven by capital, technology, and policy is unfolding.
**Unitree: A Case Study of a Hotspot** Founded in 2016, Unitree Technology is controlled by its founder Wang Xingxing, who holds a 34.76% stake. The company specializes in high-performance quadruped and humanoid robots, with its core competitiveness lying in deep vertical integration—claiming full in-house development of motors, reducers, controllers, LiDAR, and motion control algorithms. Within a few years, Unitree has grown from a solo venture to an industry leader with thousands of employees. Wang revealed at the Summer Davos Forum that the company's annual revenue has reached approximately RMB 1 billion.
**1. Technological Breakthroughs and Mass Appeal** Unitree has achieved multiple landmark breakthroughs, such as launching the world's first low-cost electric quadruped robot and an electric humanoid robot capable of backflips. However, it was its successful scenario-based marketing that brought it into the mainstream spotlight. From the "robot cow" dance at the 2021 Spring Festival Gala to the agile performance of its humanoid robot "YangBOT" at the 2025 Gala, Unitree demonstrated its motion control and imitation capabilities on a national stage. This "technology showcase" significantly boosted market confidence, with Wang noting a surge in demand for humanoid robots post-Gala.
**2. Capital Feast and Valuation Reshaping** Strong technological demonstrations and productization capabilities have fueled continuous capital injections for Unitree. Tianyancha data shows the company has completed 10 funding rounds, backed by prominent investors like China Mobile, Tencent, Alibaba, Ant Group, CITIC Securities, and Shunwei Capital. In early 2024, Unitree closed a nearly RMB 1 billion Series B2 round, followed by a Series C round led by China Mobile, Tencent, Jinqiu, Alibaba, Ant, and Geely Capital, with most existing investors participating. Insiders reveal its valuation now exceeds RMB 10 billion, with reports pegging it at RMB 12 billion post-Series C. Similarly, another star company, Zhiyuan Robotics, is seeking an IPO through complex capital maneuvers, reflecting the industry's eagerness to tap into public markets.
**IPO Boom: Capital Empowers Industry Growth** Unitree is just one piece of the embodied intelligence sector's broader picture. The 2025 robotics IPO wave spans the entire industry chain, from core components to whole-machine manufacturing, with nearly 30 companies filing in Hong Kong. Notable names include Leju Intelligent, Roborock, and Estun. Key trends emerge: 1. **Hong Kong as the Preferred Listing Destination**: Thanks to the HKEX's post-2018 reforms, particularly the "Chapter 18C" pathway for pre-profit tech firms, robotics companies in high-investment, long-cycle phases find a welcoming platform. 2. **Shift from Components to Whole-Machine Makers**: Unlike earlier capital flows into components, 2025 sees OEMs like Unitree and Geek+ leading filings, signaling a new cycle of product-defined markets and scaled applications. 3. **Public Companies Leveraging Capital for "Blood Transfusions"**: UBTECH ROBOTICS, for instance, has launched multiple refinancings within two years of listing to fund R&D and expansion, creating a "orders-confidence-refinancing" capital loop.
**Underlying Drivers: Triple Forces Shaping the Industry** This unprecedented IPO surge stems from multiple synergies: 1. **Policy Blueprint Ignites Strategic Expectations**: "Embodied Intelligence" debuted in the 2025 Government Work Report, elevating it to a national strategic level. Follow-up policies in Beijing and Shanghai offered tangible support from R&D to scenario applications. 2. **Valuations Soar on Primary Market Capital**: With policy tailwinds, hot money flooded robotics. Jan-Aug 2025 saw RMB 38.6 billion in primary market funding—1.8x 2024's total. Investors now prioritize commercialization over concepts, chasing firms like Unitree and Zhiyuan with mass-produced products or large orders, driving valuations higher and fueling IPO demands. 3. **Technology Tipping Point Meets Commercialization**: The industry believes robotics is at a lab-to-market inflection point. AI advancements provide smarter "brains," while Unitree's G1 humanoid robot, priced at ~RMB 100k, aims to unlock commercialization. Mass listings aim to fund next-gen R&D and seize brand/capital advantages before the scaling window closes.
**Cold Reality: Homogenization and Commercialization Tests** Yet, listing is not the finish line but the start of tougher challenges. 1. **Profitability Woes and Homogenization**: Despite IPO zeal, many filers remain loss-making. Homogenization concerns loom as humanoid robots tout similar walking/running/grasping skills, with upstream parts and open-source algorithms narrowing technical differentiation. 2. **2026: The "Make-or-Break" Year**: The industry sees 2026 as the commercialization litmus test. Markets will demand clear profit paths over flashy demos, leaving firms with weak self-sustaining abilities at risk of post-IPO slumps. Future winners must bridge the "storytelling to commercialization" gap by excelling in engineering reliability, energy efficiency, deep scenario penetration, and replicable business models—whether through Unitree's motion control mastery or verticals like logistics/healthcare/retail.
**Epilogue** Marked by Unitree's IPO, the 2025 robotics listing wave is an industry "coming-of-age" ceremony orchestrated by tech breakthroughs, capital pushes, and policy pulls. It underscores Chinese robotics firms' collective transition from R&D-driven startups to capital-and-market-driven growth players. While IPO funds will fuel cutting-edge R&D, capacity expansion, and global outreach, only those translating cool tech into stable, efficient, problem-solving products/services will endure post-capital euphoria. The 2025 listing bells herald not just success preludes but calls to a harsher commercial battlefield. 2026 will reveal whether it's the year of tech vision realization or bubble burst—a moment of truth awaits.
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