The Yushu prospectus contains some key information.

AI Q&A · What technical breakthroughs will come from investing heavily in embodied large models during the IPO fundraising?

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Blue Whale News, March 20 (Reporter Zhai Zhichao) On March 20, the highly anticipated Unitree Technology (hereinafter referred to as the “company”) officially submitted its STAR Market IPO application to the Shanghai Stock Exchange, and its prospectus (filing draft) was subsequently disclosed.

According to the prospectus, the company focuses on high-performance general-purpose robots. Its product lineup covers quadruped robots, humanoid robots, and key robot components, and is widely used across multiple scenarios including scientific research, industrial inspection, and consumer entertainment.

During the reporting period, the company’s performance achieved leapfrog growth: from 2022 to 2024, revenue was 123 million yuan, 159 million yuan, and 392 million yuan, respectively; in 2025, it further rose to 1.708 billion yuan, representing a year-on-year increase of 335.36%. Net profit after deducting non-recurring items grew from -80 million yuan in 2022 to 600 million yuan in 2025, up 674.29% year on year. From 2023 to 2025, the company’s gross margin increased year after year, rising from 44.22% to 60.27%.

In response, Unitree Technology told Blue Whale Technology reporters, “The growth in performance mainly benefited from the rapid ramp-up of revenue from commercial consumption and industry applications. In addition, from January to September 2025, the revenue from humanoid robots of the company has already surpassed that of quadruped robots, becoming a new growth driver.”

Judging by the company’s net profit performance, the net profits for each year were: -220 million yuan in 2022, -110 million yuan in 2023, 95 million yuan in 2024, and 288 million yuan in 2025. Among them, there is a significant difference between the company’s net profit in 2025 and its net profit after deducting non-recurring items: mainly because the company recognized a large amount of share-based payment expense of 349 million yuan due to equity incentives, and after it was included in non-recurring gains and losses, the attributable net profit for the year was 288 million yuan, while the net profit after deducting non-recurring items still reached 600 million yuan. It needs to be clarified that this expense does not involve cash outflow and does not affect the company’s cash flow and actual profitability levels.

It is understood that, for this IPO, the company plans to issue shares of not less than 10% of total share capital. The total amount of funds to be raised is about 4.202 billion yuan, all of which will be投入 into technology innovation fields related to the company’s main business. The funds will mainly be used for four major projects: intelligent robot model R&D, R&D of the robot body itself, development of a new generation of intelligent robot products, and construction of an intelligent robot manufacturing base.

Unitree Technology told Blue Whale Technology reporters that “among the above funds, as much as 48.13% (over 2 billion yuan) will be allocated as the single largest investment by scale, fully committed to R&D projects focused on tackling underlying technologies of robots’ ‘brain’ and ‘cerebellum,’ such as embodied large models, helping the company overcome the intelligent core technologies of robots and enabling coordinated upgrades of both software and hardware.”

In addition, Unitree Technology further added that **“the company is seizing the opportunity for scaled development in the industry, and the construction of the manufacturing base has been included as a key IPO fund-raising project. After the project is completed, it is expected to achieve an annual production capacity of 75,000 humanoid robots and 115,000 quadruped robots.”

From the perspective of the equity structure, the company’s ownership is relatively diverse. The actual controller Wang Xingxing directly holds 23.82%, and indirectly controls 10.94% through an employee shareholding platform, Shanghai Yuyi, for a total holding of 34.76% of the company’s equity.

At the same time, well-known institutions and industrial capital such as Meituan-related entities (Hanai Information, Galaxy Z, Chengdu Longzhu), Sequoia China (Ningbo Sequoia, Xiamen Yaheng), and GGV/Matrix Ventures (Weiji No. 1, Weiji No. 3) collectively hold a relatively high proportion of the company’s equity, and the shareholder structure shows diversified characteristics.

Based on this diversified equity, the company has set up a special voting rights arrangement. Through the special voting rights mechanism, Wang Xingxing collectively controls 68.78% of the voting rights, making him the company’s absolute de facto controller, and he serves as chairman, general manager, and chief technology officer.

In response, one analyst told Blue Whale Technology reporters that “under the special voting rights mechanism, the de facto controller may have a major influence on the company’s decisions, creating a risk of inconsistency with the interests of minority shareholders.”

In the prospectus, it also reveals challenges common to the robotics industry. The company clearly highlighted the risks that technological breakthroughs and commercialization applications may fall short of expectations—especially since embodied large model technology is still in the R&D stage, which could affect the progress of large-scale deployment of general-purpose robots. In addition, risks such as international trade frictions, intensifying industry competition, fluctuations in gross margin, and growth in inventory have also been listed one by one.