According to the website of the China Securities Regulatory Commission (CSRC), the regulator has granted approval for the registration of Unitree Robotics Co., Ltd.'s initial public offering and its listing on the Science and Technology Innovation Board (STAR Market).
Unitree Robotics' IPO application was accepted on March 20. Public information shows the company focuses on the research and development, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robotic components, and embodied intelligence models.
According to its prospectus, the company's revenue grew from 159 million yuan in 2023 to 1.699 billion yuan in 2025, achieving a compound annual growth rate of 226.78%. During the same period, its net profit attributable to the parent company's owners after deducting non-recurring gains and losses increased from a loss of 18.0191 million yuan to a profit of 591 million yuan. Its gross profit margin from main operations also rose from 44.22% to 60.13%.
In terms of product revenue breakdown, humanoid robots and quadruped robots constitute the major portion. From 2023 to 2025, revenue from quadruped robots was 119 million yuan, 231 million yuan, and 698 million yuan respectively, accounting for 75.78%, 59.47%, and 41.62% of total revenue. Revenue from humanoid robots was 2.9671 million yuan, 107 million yuan, and 868 million yuan respectively, representing 1.88%, 27.68%, and 51.78% of total revenue.
It is noteworthy that a significant portion of Unitree Robotics' humanoid robot revenue comes from the scientific research and education sector. For the period from January to September 2025, revenue from this sector accounted for 73.60% of its humanoid robot sales.
The prospectus also reveals that the company experienced a slowdown in revenue growth and a year-on-year decline in net profit in the first quarter of this year.
Unitree Robotics achieved revenue of 423 million yuan from January to March 2026, with the year-on-year growth rate decelerating from 332.64% in the same period last year to 68.49%. Concurrently, due to a significant increase in period expenses such as R&D and sales costs, the net profit after deducting non-recurring items decreased from 84.8365 million yuan in the same period last year to 40.2536 million yuan, a year-on-year decline of 52.55%.
The company explained in the prospectus that during the first quarter, it continued to increase investment in technology R&D and new product development in areas including robot body and structural R&D, embodied intelligence large models, and motion control algorithms, and expanded its R&D team, leading to a year-on-year increase of 38.328 million yuan in R&D expenses. Additionally, the company conducted brand promotion activities through platforms such as the 2026 CCTV Spring Festival Gala, resulting in a substantial increase in sales expenses for the period, which contributed to the year-on-year decline in net profit for the first three months of 2026.
Furthermore, Unitree Robotics forecasts revenue for the first half of 2026 to be approximately 1.052 billion to 1.128 billion yuan, representing a year-on-year increase of about 35.62% to 45.41%. However, due to the rapid increase in period expenses including R&D investment, the forecasted net profit after deducting non-recurring items is approximately 236 million to 283 million yuan, a decrease of about 21.97% to 6.43% compared to the same period last year. This projected decline is significantly smaller than the drop seen in the first quarter of 2026, indicating a notable recovery.
The prospectus indicates that Unitree Robotics plans to raise approximately 4.202 billion yuan. The funds are intended for projects including intelligent robot model R&D, robot body R&D, new intelligent robot product development, and the construction of an intelligent robot manufacturing base.
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