Gasgoo Munich- The Shanghai Stock Exchange's listing review committee will meet on June 1 to deliberate on Unitree Robotics' initial public offering, according to a May 25 notice on the exchange's website.
Unitree began its listing counseling in July 2025, with CITIC Securities acting as the advisor, and formally completed the IPO guidance in November. The Shanghai Stock Exchange formally accepted the company's application for a STAR Market listing in March of this year.
According to its prospectus, Unitree plans to issue at least 40.45 million new shares, aiming to raise 4.02 billion yuan. The proceeds will be fully allocated to four core business projects: intelligent robot model R&D, body development, new product development, and the construction of a manufacturing base.
Unitree specializes in the R&D, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robotic components, and embodied intelligence models. It was the first globally to achieve commercial sales and industry deployment of high-performance quadruped robots. Additionally, Unitree's sales of high-performance humanoid robots have consistently led the world in recent years.
Image Source: Unitree
In 2025, Unitree shipped more than 5,500 humanoid robots—excluding wheeled dual-arm models—securing the top spot globally.
Financially, revenue surged from 159 million yuan in 2023 to 392 million yuan in 2024, and then to 1.699 billion yuan in 2025—representing year-over-year growth of 146.57% and 333.08%, respectively. Net profit swung from a loss of 11.15 million yuan to 94.50 million yuan, and then to 278 million yuan, marking annual changes of 947.92% and 194.40%. Net margins stood at -7.00%, 24.08%, and 16.37% over the three years.
In the first quarter of 2026, revenue reached 423 million yuan, with year-over-year growth cooling to 68.49% from 332.64% the previous year. Meanwhile, net profit after deducting non-recurring items dropped 52.55% to 40.25 million yuan, down from 84.84 million yuan a year earlier, weighed down by a sharp rise in R&D and selling expenses.
For the first half of this year, Unitree projects revenue between 1.052 billion yuan and 1.128 billion yuan, an increase of roughly 35.62% to 45.41%. However, due to rapidly rising R&D costs, net profit after deducting non-recurring items is expected to fall between 6.43% and 21.97%, landing in the range of 236 million yuan to 283 million yuan.
