Unitree Robotics is moving toward a Shanghai STAR Market debut after launching its IPO issuance process, seeking to raise about 4.2 billion yuan ($620 million) in a deal that would value the Hangzhou-based robotics maker at roughly 42 billion yuan ($6.2 billion) after the offering.
The company plans to conduct preliminary bookbuilding on Aug. 5, set its offer price on Aug. 6 and open online and offline subscriptions on Aug. 10, according to its issuance documents. Payment is due by Aug. 12, and Unitree expects to publish the offering result on Aug. 14. The Shanghai Stock Exchange has not announced a first trading date. Industry expectations cited in the filing process have pointed to a potential debut around Aug. 19.
The offering would issue 40.4464 million new shares, representing 10% of Unitree’s enlarged share capital. No existing shareholders are selling stock in the transaction, leaving the company with a relatively small initial public float compared with many larger A-share listings. CITIC Securities is serving as sponsor and lead underwriter.
Fast-track approval meets slowing profit growth
Unitree’s IPO reached the issuance phase after an unusually rapid regulatory review. The Shanghai Stock Exchange accepted the company’s filing on March 20, while the China Securities Regulatory Commission approved registration in early July. The 104-day period between exchange acceptance and registration was the fastest complete review cycle recorded for a STAR Market listing, based on the transaction timeline.
That pace places Unitree among the most closely watched Chinese technology listings of the year, particularly as public-market attention shifts toward companies with commercial robotics revenue rather than early-stage prototypes. Other prominent STAR Market applicants have taken about 148 days to move through comparable review stages, while a conventional A-share IPO process often lasts six to 12 months.
The company enters the market with strong reported 2025 figures but a more complicated near-term earnings picture. In its prospectus, Unitree reported revenue of 1.708 billion yuan for 2025, a 335% increase from the prior year. Gross margin reached 60.27%, while adjusted net profit excluding non-recurring items totaled 600.1 million yuan.
Those results would place Unitree among a small group of humanoid-robotics manufacturers reporting meaningful sales at scale. The company said it shipped more than 5,500 humanoid robots during 2025, giving it a 32.4% share of global humanoid robot shipments. It also claimed more than 60% of the global market for four-legged robots.
The prospectus does not suggest that 2025’s expansion rate will continue unchanged. Unitree forecast first-half 2026 revenue of 1.052 billion yuan to 1.128 billion yuan, representing annual growth of roughly 35.6% to 45.4%. That remains a substantial increase in absolute terms, but it is far below the 332% revenue growth recorded in the first half of the previous year.
Profitability is also under pressure. Unitree forecast that first-half adjusted net profit excluding non-recurring items could decline 6% to 22% from a year earlier. Its audited first-quarter results showed revenue of 423 million yuan, up 68.49%, while net profit attributable to shareholders fell 47.69% to 50.01 million yuan.
Lower robot prices reshape the earnings profile
Unitree attributed the expected earnings decline primarily to higher research and development and selling expenses. First-quarter R&D expenditure rose by 38.33 million yuan, according to the prospectus, as the company continued to develop products and expand its commercial operations.
A sharp reduction in humanoid robot pricing is also changing the economics behind the company’s growth. Unitree’s average selling price for humanoid robots fell from 590,000 yuan to 166,400 yuan, based on figures in the filing.
The lower price could make humanoid machines accessible to a wider range of commercial buyers, including logistics operators, manufacturers and service businesses that may have struggled to justify earlier price levels. It also requires Unitree to increase shipments, manage production costs and preserve product differentiation if it wants to maintain margins near the levels reported in 2025.
The prospectus therefore presents a company transitioning from premium-priced early deployments toward a more volume-driven model. Revenue growth remains robust, but the first-quarter figures show that sales expansion alone does not guarantee proportionate profit growth while R&D, distribution and product rollout costs are rising.
US restrictions add an overseas risk
Unitree’s listing also comes after the United States added foreign-made humanoid and four-legged robots to an import restriction list under the Federal Communications Commission framework, according to the FCC measures cited in the transaction materials. The restrictions bar new imports in covered categories and could narrow access to a major export market for Chinese robotics suppliers.
The immediate financial effect on Unitree is not yet reflected in the prospectus figures, which cover periods before the issuance launch. Its post-listing disclosures will likely draw attention to overseas revenue, export orders and any changes in customer demand from markets affected by the US rules.
The regulatory development arrives as Unitree seeks to broaden commercial sales outside China. A company with a large domestic manufacturing base may be able to offset some export pressure through local demand, but restricted access to the US market could limit one of the higher-value destinations for advanced robotics products.
Small initial float may intensify debut attention
The offering’s 10% new-share structure may also influence trading conditions when Unitree reaches the market. With no secondary share sale and only a tenth of the enlarged equity base entering public circulation, the initial supply of tradable shares will be limited.
Recent STAR Market performance has shown the potential for sharp moves in closely watched technology listings. ChangXin Memory Technologies rose 466% on its first trading day on July 27, closing at 49 yuan after pricing its IPO at 8.66 yuan. That performance does not establish how Unitree will trade, but it illustrates the intense demand that can form around scarce shares in strategically important hardware companies.
Unitree’s debut will give public-market traders a direct test of whether its 2025 profitability, market-share claims and shipment growth can outweigh a visible slowdown in earnings momentum, lower average selling prices and new constraints on overseas sales.
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