People watch humanoid robots of Unitree Robotics boxing at the World Intelligence Expo 2026 in Tianjin, North China, on May 28, 2026. The expo brings together over 700 exhibitors to showcase cutting-edge technologies, products and application scenarios in the field of artificial intelligence. (Photo: Xinhua)
Chinese robot maker Unitree Robotics began a preliminary inquiry for its initial public offering (IPO) and listing on the STAR Market of the Shanghai Stock Exchange (SSE) on Wednesday. Chinese investment banks widely estimated that the company's post-IPO valuation could exceed 40 billion yuan ($5.9 billion), potentially pushing the issue price above 100 yuan per share.
The company plans to issue about 40.45 million new shares, representing 10 percent of the enlarged share capital of 404.5 million shares after the offering, according to Unitree's prospectus published on SSE.
Based on a 40-billion-yuan post-IPO valuation and the STAR market's standard 500-share lot size, the issue price is preliminarily estimated at around 104 yuan per share. One subscription lot would therefore require about 52,000 yuan in payment, though the final price will depend on market demand during the inquiry process, media reported.
Unitree said that proceeds from the IPO will mainly support four areas: 2.022 billion yuan for intelligent robot model research and development (R&D), accounting for nearly half of the total, 1.11 billion yuan for robot body development, 445 million yuan for R&D of new intelligent robot products, and 624 million yuan for building an intelligent robot manufacturing base.
The China Securities Regulatory Commission approved Unitree's registration application on July 2, clearing the way for it to become the first embodied-intelligence company listed on the A-share market.
The firm expected a revenue of 1.052 billion yuan to 1.128 billion yuan in the first half of 2026, representing a year-on-year growth of 35.62 percent to 45.41 percent, driven by rising demand in the embodied AI sector and expansion of its business, the company said.
Unitree posted revenue of 1.699 billion yuan in 2025 and net profit attributable to shareholders excluding non-recurring gains and losses of 590 million yuan, with a gross profit margin of 60.13 percent for its core businesses, according to a company statement sent to the Global Times.
From the perspective of product structure, Unitree Robotics' business mix has been gradually shifting in recent years. In 2023, quadruped robots accounted for 75.78 percent of its revenue, while humanoid robots contributed only 1.88 percent.
By 2025, revenue from humanoid robots reached 868 million yuan, representing 51.78 percent of total revenue and becoming the company's largest revenue segment.
According to its IPO prospectus, Unitree shipped more than 5,500 humanoid robots in 2025, ranking No.1 globally.