- Unitree plans to raise up to 4.2 billion yuan ($610 million) to fund AI model research and expand its manufacturing base.
- Humanoid robots became its largest revenue source in 2025, driving a 335% surge in total annual sales.
China's leading robot maker Unitree Robotics has filed for an A-share listing on the Shanghai Stock Exchange, planning to raise up to 4.2 billion yuan ($610 million).
The move marks a crucial step toward listing on China's Nasdaq-style sci-tech innovation board, also known as the STAR market, as investor interest in embodied AI builds.
Hangzhou-based Unitree recorded revenue of 1.71 billion yuan in 2025, a 335.4% surge from the previous year, according to its prospectus made public on Friday.
Net profit excluding non-recurring items jumped nearly sevenfold to 600 million yuan, making Unitree one of the few general-purpose robotics firms to achieve substantial profitability.
The core engine of its revenue growth has shifted significantly, with humanoid robots rapidly overtaking traditional quadruped products.
Humanoid robots accounted for more than 51% of main business revenue in the first nine months of 2025, compared with just 1.88% two years ago.
The company said in the filing that it ranked No. 1 globally in humanoid robot shipments last year, ahead of major rivals including Tesla.
To accelerate commercialization and expand market share, the average selling price of its humanoid robots was slashed to 167,600 yuan in the first three quarters of 2025.
The 4.2 billion yuan raised in the IPO will be strategically allocated, with about 85% of the proceeds directed toward the research and development of embodied AI models and robot bodies.
The remaining proceeds will be invested in building a smart robot manufacturing base, which is expected to help the company meet rapidly growing market demand.
Despite its rapid financial growth, the company warned in its prospectus that it still faces significant international trade risks.
Its fast-growing overseas sales could face severe challenges if the US government alters import tariff policies or imposes technology export restrictions.
($1 = 6.8864 yuan)
