Yushu Technology's Sci-Tech Innovation Board IPO application accepted, leading the global general-purpose robotics track

March 20, the Shanghai Stock Exchange officially accepted the application of Unitree Technology Co., Ltd. (hereinafter referred to as “Unitree Technology”) for its first public offering of shares on the Science and Technology Innovation Board (STAR Market). As the 2nd filing company after the STAR Market’s issuance and listing pre-review mechanism was implemented, Unitree Technology’s IPO this time has simultaneously drawn intense attention from both the capital market and the industry. This hard-tech company, which focuses on high-performance general-purpose robots, has become a benchmark enterprise in the global embodied intelligence and humanoid robot track by virtue of its full-stack self-developed core technology system and world-leading scalable commercialization capabilities. It also adds core strength to the STAR Market’s hard-tech landscape.

Unitree G1, image source: official website

Full-stack self-research lays a solid foundation for hard tech; leads the global race at scale

Unitree Technology is a world-leading high-performance general-purpose robotics company. It focuses on the R&D, production, and sales of high-performance humanoid robots, quadruped robots, robot components, and embodied intelligence models. It was among the first worldwide to achieve the public sale and industry deployment of high-performance quadruped robots. In recent years, the global sales volume of humanoid and quadruped robots has continued to remain in the lead.

In recent years, the company’s main business revenue has maintained rapid growth. From 2022 to 2024, it recorded operating revenue of 123 million yuan, 159 million yuan, and 392 million yuan, respectively. In January to September 2025, revenue has already reached 1.167 billion yuan. For 2025, operating revenue further increased to 1.7 billion yuan. The revenue structure has continued to improve: the revenue contribution of the humanoid robot business rose quickly from 1.88% in 2023 to 51.53% in January to September 2025, together with quadruped robots forming a two-pillar core revenue structure. On the profitability front, the company’s gross margin for main business steadily climbed from 44.18% in 2022 to 59.45% in January to September 2025. In 2024, net profit was 94.5018 million yuan. In 2025, after excluding non-recurring gains and losses, attributable net profit reached 600 million yuan, demonstrating strong core profitability.

As a typical hard-tech company, Unitree Technology insists on full-stack self-developed high-performance general-purpose robots and core components. It has built a complete technology system covering the robot body, core intelligent algorithms, embodied intelligence, and core components, and has formed 12 core technologies that are leading in the industry. At the hardware level, the company has broken through key technologies such as integrated joint integration, high tightness and compactness body integration, and anti-drop protection, enabling independent and controllable production of core components including high-performance motors, reducers, smart hands, and LiDAR. At the model algorithm level, the company has full-stack developed core model algorithms such as embodied intelligence, reinforcement learning, and motion control. It has successively open-sourced and released the general WMA model “UnifoLM-WMA-0” and the general VLA model “UnifoLM-VLA-0,” which serve as its “brain” technology, achieving systematic breakthroughs in the forefront field of embodied intelligence.

Backed by leading technological strength, Unitree Technology has continuously updated global general-purpose robot performance records. It has achieved the world’s first case of full-size electric-driven humanoid robots performing a standing backflip, as well as the world’s first case of electric humanoid robots performing a standing sideflip. In 2025, its H1 humanoid robot achieved a running speed of over 5 meters per second, setting a world record for running speed of full-size humanoid robots. At the inaugural 2025 World Robot Sports Games, the company won 11 medals, becoming the enterprise with the most gold medals and total medals. On the product side, it has formed a product matrix covering all categories of quadruped robots and humanoid robots. From 2022 to September 2025, cumulative sales of quadruped robots exceeded 30,000 units. In 2025, the shipment volume of humanoid robots exceeded 5,500 units, with shipment volume ranking first globally—far exceeding comparable companies in the industry—thereby establishing an absolute leading position in the global general-purpose robotics market.

Image source: from the internet

Meanwhile, the company’s products have achieved large-scale deployment across multiple scenarios. They have not only been widely used by many well-known universities, research institutions, and technology enterprises worldwide for frontier technology R&D, but also have been applied at an industry level in fields such as inspection and surveying, fire rescue, and public services. They serve leading domestic and overseas enterprises including State Grid, China National Petroleum Corporation, China Petroleum & Chemical Corporation, Baowu Group, and others. They have also appeared multiple times on international stages such as CCTV Spring Festival Galas and the Asian Games, and the company’s technological strength and product stability have earned broad recognition from the global market.

Anchoring future industry tracks; defining STAR Market positioning with new quality productive forces

As a future industry direction重点ed and cultivated by the state, embodied intelligence and humanoid robots have been continuously included in national-level policy documents such as the “Guiding Opinions on Innovative Development of Humanoid Robots,” among others. In the 2026 State Council Work Report, it is clearly proposed to cultivate and develop future industries such as embodied intelligence. The “15th Five-Year Plan” advisory suggestions also list embodied intelligence as one of the future industries to drive the formation of new economic growth points. The high-performance general-purpose robots and embodied intelligence track that Unitree Technology operates in is precisely an important carrier of new quality productive forces, and also a strategic commanding height in global science and technology industry competition.

Unitree Technology is the 2nd filing company under the STAR Market’s “1+6” policy pre-review mechanism. For technology-based enterprises that carry out breakthroughs in key core technologies or meet other specific circumstances, this is an important mechanism designed to avoid significant adverse impacts on their production and operation that might arise from early disclosure of business technical information and listing plans. The pre-review mechanism continues to highlight the STAR Market’s core orientation of firmly sticking to its “hard tech” positioning and serving national strategies. Unitree Technology’s push to list on the STAR Market not only aligns highly with the STAR Market’s “hard tech” sector positioning, but also demonstrates the capital market’s attention to and support for high-quality companies in future industry tracks such as humanoid robots and embodied intelligence. Humanoid robots are a core track that combines technical barriers with a trillion-yuan-level industrial space. Unitree Technology is among the very few companies in the industry that has achieved the “full-stack self-development of core technologies + scaled mass production and delivery + a full-scenario commercialization closed loop.” Its growth path provides an important reference for the high-quality development of hard-tech enterprises in China.

As disclosed in the prospectus, for this round of public issuance, the company will issue no fewer than 40.4464 million new shares. The fundraising projects include four major projects: intelligent robot model development, robot body development, development of next-generation intelligent robot products, and construction of an intelligent robot manufacturing base. The company plans to raise 4.202 billion yuan. All fundraising projects are centered on the company’s main business. They will further strengthen the company’s advantages in core technology R&D, product iteration, and scalable production capacity, helping the company continuously consolidate its global leading position.

From an industry perspective, Unitree Technology’s development has not only achieved global leadership on the technology front, but has also promoted the ecosystem development of the entire general-purpose robotics industry. Previously, investment institutions such as Morgan Stanley and Noan Fund generally believed that the core pain points of general-purpose robot industrialization lie in balancing technical performance, mass-production capability, and commercialization costs. Through full-stack self-development, Unitree Technology has achieved autonomous, controllable access to core components. It has not only broken through the “choke-point” technical bottlenecks, but also lowered the market entry threshold for high-performance robots significantly through scaled deliveries. This has pushed the industry from “prototype R&D” into a new stage of “large-scale deployment.” At the same time, the company builds an open-source ecosystem, having cumulatively released 43 open-source projects, forming a globally active developer community and creating a virtuous cycle between technological innovation and industrial deployment—thereby laying a solid foundation for the development of China’s embodied intelligence industry.

With the acceptance of Unitree Technology’s STAR Market IPO filing, this is not only a milestone for the company on its path toward a global leading journey, but will also inject strong momentum into innovation and upgrading in China’s general-purpose robotics industry. It further highlights the core value of the STAR Market in serving national strategies and empowering future industries, helping China firmly seize the initiative in global competition in high-end technology.

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