Unitree Lists on Mainland Exchange After Massively Oversubscribed IPO

Overview

• Unitree completed its IPO on August 18 after retail demand oversubscribed the offering by thousands of times, making it the first humanoid-robot maker listed on a Chinese mainland exchange.
• The company told investors in its prospectus that 2025 revenue nearly reached 1.7 billion yuan and net profit was 278 million yuan, and it delivered more than 5,500 humanoid robots that year.
• Proceeds are earmarked for hardware and AI research plus production expansion, and Unitree has an announced R&D partnership with Nvidia to speed development.
• Industrial customers accounted for under 10% of Unitree's sales in early 2025 and analysts say high prices are a key barrier, with estimates that a useful industrial humanoid must cost about 160,000 yuan to pay back in two years while market prices often run 300,000–500,000 yuan.
• Unitree earns over 40% of revenue abroad and faces new U.S. restrictions that label it tied to the Chinese military and limit export authorizations, while the World Games of Humanoid Robots on Aug. 22–26 will be a near-term test of robots' ability to perform repeatable, real-world tasks reliably.