Unitree Technology has achieved a remarkably fast-tracked review for its IPO, aiming to become the first humanoid robotics company listed on the Star Market.
From the acceptance of its application to the successful review meeting, the process took a mere 73 days, setting a new speed record under the exchange's "pre-review" mechanism.
According to its latest prospectus, Unitree Technology plans to raise 4.202 billion yuan through the IPO by issuing no less than 40.4464 million new shares, representing at least 10% of the post-issuance share capital.
This implies a minimum initial market valuation of approximately 42 billion yuan.
Based on this valuation, founder Wang Xingxing, who directly and indirectly holds a 34.76% stake, could see the value of his holdings reach around 14.6 billion yuan.
Through a special voting rights arrangement, he will retain firm control over company decisions.
Meituan holds a 9.65% stake, which would be valued at over 4 billion yuan at the estimated valuation, while other investors like Sequoia Capital China and Matrix Partners China are also positioned for significant returns.
Key IPO Details and Strategic Partnership
Established in Hangzhou in 2016, Unitree Technology focuses on the R&D and production of high-performance general-purpose legged/humanoid robots and dexterous robotic arms.
The 4.202 billion yuan in planned proceeds will be allocated to four main projects: intelligent robot model R&D (2.022 billion yuan), robot body R&D (1.11 billion yuan), new intelligent robot product development (445 million yuan), and an intelligent robot manufacturing base (624 million yuan).
The manufacturing base project, once operational, is expected to achieve an annual production capacity of 75,000 humanoid robots and 115,000 quadruped robots, with projected yearly sales revenue of 5.7 billion yuan.
On the same day its IPO passed review, the company announced a significant collaboration with NVIDIA.
CEO Jensen Huang revealed at the Taipei GTC conference that the two companies are partnering to launch a next-generation humanoid robot reference design called H2+ (also known as the Isaac GR00T system), aiming to accelerate global innovation in the humanoid robotics field.
The design integrates Unitree's H2 humanoid robot, the Sharpa five-fingered hand for dexterous manipulation, the NVIDIA Jetson Thor for advanced reasoning and control, and the new NVIDIA Isaac GR00T development platform.
This partnership is seen as a strategic alignment where Unitree provides hardware and manufacturing scale, while NVIDIA contributes computing power and AI model ecosystems.
Financial Performance Shows Signs of Deceleration
While the company's financials have shown strong growth historically, recent data indicates a slowdown.
From 2023 to 2025, revenue surged from 159 million yuan to 1.699 billion yuan, with year-on-year growth rates accelerating from 29.46% to 332.64%.
Net profit attributable to shareholders also improved significantly, turning from a loss of 11 million yuan in 2023 to a profit of 278 million yuan in 2025.
However, in the first quarter of this year, revenue growth decelerated sharply to 68.49% year-on-year, reaching 423 million yuan.
More notably, net profit attributable to shareholders plummeted 47.69% year-on-year to 50 million yuan, while non-GAAP net profit halved, dropping 52.55% to 40 million yuan.
The company attributed the profit decline primarily to a significant year-on-year increase in period expenses, including R&D and sales costs.
R&D expenses rose by 38 million yuan as the company invested heavily in new technology and product development, while sales expenses also increased substantially due to brand promotion activities.
For the first half of this year, Unitree Technology forecasts revenue growth to slow further to a range of 35.62% to 45.41%, with non-GAAP net profit expected to decline by approximately 6.43% to 21.97%, landing between 236 million and 283 million yuan.
The company operates in a highly complex and capital-intensive sector.
While it plans to use IPO proceeds to boost R&D in embodied AI models, it acknowledges the risks of technological uncertainty and the potential for its products to fall behind if it misjudges industry trends or fails to achieve key technical breakthroughs.
Despite rising absolute R&D spending from 50 million yuan in 2023 to 145 million yuan in 2025, the R&D expense ratio (R&D costs as a percentage of revenue) has declined from 31.39% to 8.53% over the same period, a level the company notes is relatively low compared to some peers, attributing this to revenue growth outpacing R&D cost increases.
As it approaches its market debut, Unitree Technology faces the dual challenge of sustaining its technological edge and managing investor expectations amid a clear deceleration in its financial growth trajectory.
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