The capital market received significant news on March 20, as Unitree Technology Co., Ltd. had its application for an initial public offering on the STAR Market accepted by the Shanghai Stock Exchange. This marks another project where the "pre-review" mechanism for STAR Market IPOs has been successfully implemented.
Unitree Technology is a world-renowned and internationally leading company specializing in high-performance general-purpose robots. It focuses on the research and development, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robotic components, and embodied intelligence models. The company was the first globally to publicly sell and deploy high-performance quadruped robots in various industries. In recent years, it has maintained a leading position in global sales volume for both high-performance general-purpose humanoid robots and quadruped robots. By building a robotic product ecosystem through technological innovation, the company's humanoid and quadruped robots are widely used by numerous renowned domestic and international universities, research institutions, technology companies, and global developers. They enjoy high recognition, particularly in overseas markets, and have advanced industry technology and industrialization for high-performance general-purpose robots through leading global market share and continuous technological breakthroughs.
According to the prospectus, for this A-share IPO, Unitree Technology plans to issue no less than 40.4464 million new shares. The raised funds are intended for four major projects: intelligent robot model R&D, robot body R&D, new intelligent robot product development, and the construction of an intelligent robot manufacturing base.
The STAR Market bears the significant mission of implementing the innovation-driven development strategy and accelerating the achievement of high-level technological self-reliance and strength. It provides solid support for empowering the technology industry through China's capital markets and serving national strategies. In recent years, continuous iterations of the STAR Market's institutional framework and the broadening of its inclusive boundaries have enabled capital to flow more precisely and effectively to areas most in need of support for technological innovation, offering stronger backing for cutting-edge technological advances and the development of new quality productive forces. An increasing number of high-growth "hard-tech" enterprises, which have achieved breakthrough innovations in key technological fields and drive economic and social transformation, are gathering on the STAR Market. This provides a more valuable source of vitality for the capital market, making the "tech narrative" logic of the A-share market increasingly clear.
On June 18, 2025, the China Securities Regulatory Commission issued the "Opinions on Setting up a Sci-Tech Innovation Growth Layer on the STAR Market to Enhance Institutional Inclusiveness and Adaptability," which explicitly proposed, for the first time, a pilot pre-review mechanism for IPOs on the STAR Market. Unitree Technology's alignment with the STAR Market, as the second company to utilize this pre-review mechanism, holds significance not only for the company itself but also fully demonstrates the STAR Market's inclusivity, adaptability, and targeted support for high-quality "hard-tech" enterprises. It highlights the market's role in driving the transformation and upgrading of economic development models, which is conducive to guiding more advanced factors of production towards the technology sector and promoting a high-level cycle between technology, capital, and industry.
The embodied intelligent robotics industry integrates advanced technologies from multiple fields such as artificial intelligence, high-end manufacturing, sensing technology, and automatic control. It is a comprehensive high-tech industry and a future industry pivotal to driving the transformation and upgrading of the manufacturing sector, cultivating new quality productive forces, and seizing the high ground in future technological competition.
Unitree Technology is a leading representative enterprise in the high-performance general-purpose robot and embodied intelligence sector. Since its establishment, the company has continuously engaged in technological R&D and product innovation in the field of high-performance general-purpose robots. It has developed a full stack of proprietary core technologies, including the "General Humanoid Robot Embodied Large Model" and "Integrated Joint Technology," achieving breakthroughs in areas such as core robotic model algorithms, intelligent systems, motion control, and core components. The company has successively achieved numerous industry-leading technical performance breakthroughs in motion control capabilities, which reflect the comprehensive performance of high-performance general-purpose robots, significantly enhancing the integration level and whole-body dexterous movement abilities of general-purpose robots.
Leveraging its strong technical capabilities, Unitree Technology leads the industry in product iteration speed, performance, cost-effectiveness, and scaled deployment. Currently, the company has established a product portfolio covering quadruped robots (Go series, A series, B series) and humanoid robots (H series, G series, R series), and has expanded into key components like dexterous hands, collaborative robotic arms, and LiDAR. It has built a robot product matrix centered on "mobility + manipulation + interaction." With its ability to self-research and self-produce core components and the synergistic advantages of its multi-product offerings, Unitree Technology has become an industry benchmark for "high performance + high cost-effectiveness," continuously driving innovation in robotic technology R&D and application breakthroughs.
In terms of industrial application, Unitree Technology not only provides software development and hardware configuration support for secondary development but also offers customized solutions tailored to different industry needs, equipping specialized peripheral devices for scenarios such as intelligent inspection, exploration and detection, and emergency firefighting. Presently, the company's quadruped robots, humanoid robots, and technical services are applied across various sectors including petrochemicals, power, and education. Simultaneously, the company is actively building an open and cooperative robotics ecosystem, establishing an embodied intelligence open-source community. Through continuous expansion of ecosystem development and strategic partnerships, it promotes the innovation and application of robotic technology worldwide.
Thanks to excellent product experience and scenario adaptability, Unitree Technology's products have been featured in numerous international exhibitions and performances, including the 2021 CCTV Spring Festival Gala, the 2023 U.S. Super Bowl, the 2023 19th Asian Games, the 4th Asian Para Games, the 2025 CCTV Spring Festival Gala, and the 2026 CCTV Spring Festival Gala. These appearances have allowed the public to more intuitively understand the movement capabilities and development potential of humanoid robots, breaking the stereotype that robots are "only for laboratories or simple scenarios." This has increased societal acceptance and anticipation for embodied intelligence technology, creating a favorable social environment for the future widespread application of general-purpose robots in industrial, service, and household settings.
Currently, Unitree Technology holds the leading industry position with the number one global market share in both quadruped robots and humanoid robots. From 2023 to 2025, the company's operating revenue was RMB 159.1344 million, RMB 392.3706 million, and RMB 1,708.2087 million, respectively. Its net profit was RMB -11.1451 million, RMB 94.5018 million, and RMB 600.1047 million, respectively. Within the capital-intensive high-performance general-purpose robot industry, it is one of the few robot companies globally to achieve scaled sales and profitability. In 2025, the company's shipment volume for humanoid robots (pure humanoid, excluding wheeled dual-arm robots) exceeded 5,500 units, ranking first globally in shipments. This demonstrates the company's leading market advantage in the general-purpose robot field, driven by its core proprietary technology and early commercialization efforts.
Market observers indicate that the STAR Market continues to play a demonstrative and leading role as a "testing ground" for capital market reform. The robotics industry is a crucial engine driving a new round of industrial transformation and economic growth, as well as a strategic high point in global frontier technology competition. As a leading enterprise in the general-purpose robot and embodied intelligence industry, Unitree Technology is at the forefront in areas such as engineering mass production, product iteration speed, product matrix layout, motion control capabilities, and open-source ecosystem development. It continuously leads the development of the general-purpose robot industry. After listing, leveraging the capital empowerment advantages of the STAR Market, the company could accelerate breakthroughs in core technologies, capacity release, and scenario deployment, providing a solid foundation for the industrialization and popularization of general-purpose robots. Furthermore, as one of the leading companies with the highest shipment volume and recognition in the global general-purpose robot sector, its listing could also enhance the prestige of the STAR Market, contribute high-quality vitality, optimize the capital market's asset structure, and thereby promote the accelerated growth of more high-quality enterprises possessing core technologies and innovative vitality. Ultimately, this contributes to driving high-quality economic development and cultivating new quality productive forces in China.
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