- Shanghai’s Nasdaq-style board to review Unitree’s IPO application on June 1
- Robot maker turned profitable in 2024 as quadruped sales topped 30,000 units
Hangzhou-based Unitree (宇树科技) is moving closer to becoming China’s first publicly listed humanoid robot company, after Shanghai’s STAR Market said it would review the company’s IPO application at a listing committee meeting scheduled for June 1.
The announcement, published by the Shanghai Stock Exchange on May 25, marks the latest step in Unitree’s push toward an A-share listing.
If approved at the June 1 hearing, Unitree would still need to complete registration with the China Securities Regulatory Commission, a process that typically takes about 20 working days, followed by investor roadshows, pricing and share issuance.
Based on the current timeline, the company could make its STAR Market debut in the second half of 2026.
The company’s IPO bid was formally accepted by the exchange in March under the STAR Market’s registration-based mechanism.
According to its prospectus, Unitree plans to raise 4.2 billion yuan ($618 million) to fund robot foundation model research, robot hardware development, new intelligent robot products and construction of a manufacturing base.
Founded in August 2016, Unitree develops and manufactures humanoid robots, quadruped robots and other intelligent robotic systems.
The company said cumulative sales of its quadruped robots had exceeded 30,000 units during the reporting period, adding that it turned profitable in 2024.
In 2025, Unitree reported revenue of 1.7 billion yuan and net profit excluding non-recurring items of 591 million yuan.
Financial filings also showed signs of moderating growth in 2026 as the company ramps up spending on research and commercialization.
Revenue for the January-March period reached 423 million yuan, up 68.49% from a year earlier but slower than the 332.64% year-on-year growth recorded previously.
Net profit excluding non-recurring items fell 52.6% year-on-year to 40.25 million yuan, which the company attributed to sharply higher spending on research and sales.
Unitree forecast first-half 2026 revenue of 1.05 billion yuan to 1.13 billion yuan, representing growth of about 35.62% to 45.41%. It expects first-half adjusted net profit to decline between 6.43% and 21.97% from a year earlier, though the company said the pace of decline would narrow compared with the first quarter.
