Unitree Robotics Co., Ltd. has successfully passed its IPO review and is planning to raise 42 billion yuan through the offering.
The funds will be allocated as follows: 2 billion yuan for an intelligent robot model R&D project, 1.1 billion yuan for a robot body R&D project, 445 million yuan for a new intelligent robot product development project, and 620 million yuan for an intelligent robot manufacturing base construction project.
Unitree Robotics, which filed its prospectus in March 2026, has seen its IPO process advance at a rapid pace.
First Quarter Revenue Hits 420 Million, Net Profit Falls by 53%
Unitree Robotics is a high-performance general-purpose robotics company focused on the R&D, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robot components, and embodied AI models.
With self-developed technology as its core, the company has established a comprehensive in-house R&D system covering robot bodies, core intelligent algorithms, embodied AI, and key components after years of accumulation. Its product portfolio includes complete machines such as humanoid and quadruped robots, as well as core components like body structures, joint modules, power systems, computing platforms, motion control systems, perception systems, and dexterous hands. The company promotes and applies these products across various industries.
Since the self-developed launch of its first humanoid robot, H1, in 2023 and the medium-sized humanoid robot G1 in 2024, sales of its humanoid robots have grown rapidly. In 2025, the company's humanoid robot shipments exceeded 5,500 units (pure humanoid, excluding wheeled dual-arm robots).
According to the prospectus, Unitree Robotics reported revenues of 159 million yuan, 392 million yuan, and 1.7 billion yuan for 2023, 2024, and 2025, respectively. Net profits were -11.15 million yuan, 94.5 million yuan, and 278 million yuan for those years, with adjusted net profits of -18.02 million yuan, 77.5 million yuan, and 591 million yuan.
In the first quarter of 2026, revenue reached 423 million yuan. However, the year-on-year growth rate slowed to 68.49% from 332.64% in the same period last year. Due to a significant increase in period expenses such as R&D and sales costs, the adjusted net profit fell to 40.25 million yuan from 84.84 million yuan a year earlier, a decrease of 52.55%.
For the first half of 2026, the company forecasts revenue between approximately 1.052 billion yuan and 1.128 billion yuan, representing growth of 35.62% to 45.41% compared to 776 million yuan in the same period last year. However, due to rapidly increasing period expenses like R&D investment, the adjusted net profit is expected to be between approximately 236 million yuan and 283 million yuan, a decrease of about 21.97% to 6.43% year-on-year. This indicates a significant narrowing and recovery from the profit decline seen in the first quarter of 2026.
The company attributes its rapid operational performance growth during the reporting period to the swift global rise in interest for the embodied AI industry starting in early 2025. As the company's revenue base has grown from its initial level to a relatively high scale within the industry by 2025, coupled with a gradual moderation in industry hype and increasingly fierce market competition, the year-on-year revenue growth rate has slowed in Q1 and the first half of 2026. Concurrently, due to the rapid growth in period expenses like R&D costs, net profit has declined compared to the previous year.
Major Shareholders Include Meituan and Sequoia
Prior to the issuance, Wang Xingxing, the controlling shareholder, actual controller, Chairman, General Manager, and CTO of Unitree Robotics, collectively controls 34.7630% of the company's shares. Through a special voting rights arrangement, Wang Xingxing controls 68.7816% of the company's voting rights.
This post-90s tech entrepreneur, who recently showcased Chinese martial arts in front of the German Chancellor, was recently "rediscovered" by netizens on a dating platform. Wang Xingxing's partner criteria, listed in a rather "geeky" manner—including clear self-awareness, sound values, sincerity, kindness, no bad habits, non-smoking, non-drinking, and finally, "possessing basic technological literacy"—have sparked online discussions.
Pre-IPO, Hanhai Information, Chengdu Longzhu, and Galaxy Z held 7.6114%, 1.0187%, and 1.0187% of the company's shares, respectively. Hanhai Information is a wholly-owned subsidiary of Meituan. Meituan-controlled Tianjin Sankuai Technology Co., Ltd. is a limited partner of Chengdu Longzhu, holding a 43.42% partnership interest. Meituan-controlled Dianping Investment Limited is a limited partner of Long-Z Fund I, LP, the sole shareholder of Galaxy Z, holding a 37.80% partnership interest in Long-Z Fund I, LP.
Furthermore, Wang Xing, the actual controller of Meituan, indirectly holds 29% and 29.90% equity in the executive managing partners of Long-Z Fund I, LP and Chengdu Longzhu, respectively.
According to a concerted action agreement signed by Hanhai Information, Chengdu Longzhu, and Galaxy Z, these three parties, as shareholders, constitute a concerted action relationship regarding their holdings in the company.
Meituan invested heavily in Unitree Robotics early on. During the B2 funding round, when Unitree's valuation was only 1 billion yuan, Meituan already served as the lead investor and later participated in Unitree's B3 round.
Despite facing significant competitive pressure in recent years, Wang Xing has proven to be a skilled investor. Beyond investing in Unitree Robotics, he made early significant investments in Li Auto and has heavily backed numerous well-known projects like Zhipu AI, Moore Threads, and MetaX, reaping substantial returns. Meituan has also invested in emerging companies like Galaxy General and Moon's Dark Side.
Ningbo Sequoia and Xiamen Yaheng hold 6.2100% and 0.9049% of the company's shares, respectively. Their fund managers are Beijing Sequoia Kunde Investment Management Center (Limited Partnership) ("Sequoia Kunde") and Sequoia Capital Equity Investment Management (Tianjin) Co., Ltd. ("Sequoia Tianjin"). Both Sequoia Kunde and Sequoia Tianjin are controlled by Beijing Sequoia Huanrui Management Consulting Co., Ltd., making Ningbo Sequoia and Xiamen Yaheng concerted actors.
Jingwei Yihao and Jingwei Sanhao hold 4.2598% and 1.1930% of the company's shares, respectively. Their executive managing partner is Nanjing Jingwei Jiangchuang Investment Management Partnership (Limited Partnership), making them concerted actors.
Jinshi Growth and Zhongzheng Investment hold 4.1520% and 0.3377% of the company's shares, respectively. The executive managing partner of Jinshi Growth is CITIC Jinshi Investment Co., Ltd., the private equity fund subsidiary of CITIC Securities. Zhongzheng Investment is the alternative investment subsidiary of CITIC Securities.
Pre-IPO, Shanghai Yuyi holds 10.9414%, Shunwei Capital holds 4.4245% through Astrend IV, Robotics Fund holds 3.8262%, Jiaxing Huamao holds 3.1873%, Junwan Hongyi holds 3.0699%, Source Code Capital holds 2.6035%, Zhongwang Investment holds 2.1089%, Vertex holds 1.8085%, Jiaxing Ruili holds 1.6292%, and Hexagon holds 1.3311%.
Xinjiang Shenchuangtou holds 1.2888%, Guanghua Phase II holds 1.2232%, Zhejiang Rongteng holds 1.1868%, Zhongguancun Science City holds 0.9309%, Rongteng No. 2 holds 0.9220%, Xiamen Yaheng holds 0.9049%, Jisi Investment holds 0.8980%, DeXun Investment holds 0.8662%, Guangzhou Chuxin holds 0.6489%, and Hangzhou Chuxin holds 0.6105%.
Zhongyi Hechuang, Tencent Technology, and Wuxi Jinqiu each hold 0.5986%. Hupo Anyun holds 0.5974%, Jiangsu Jiequan holds 0.5934%, Alibaba-affiliated Hangzhou Haoyue holds 0.4490%, Innovation Capital holds 0.3752%, Shanghai Kechuang holds 0.3746%, Zhongzheng Investment holds 0.3377%, Shenchuangtou Group holds 0.2966%, Tianjin Computing Power holds 0.2783%, Xiangfeng Xiamen holds 0.2635%, Shanghai Yunyang holds 0.2245%, Junshi Venture Capital holds 0.1841%, Hechuang Investment holds 0.1497%, Guangyue Investment holds 0.1359%, Weifang Chuxin holds 0.1254%, and Shanghai Mida holds 0.1227%.
Following this issuance, the proportion of voting rights collectively controlled by Wang Xingxing will decrease to no more than 65.3090%.
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