Unitree's quadruped robot [Unitree]
Unitree's quadruped robot [Unitree]

Chinese humanoid robot maker Unitree is moving forward with an initial public offering worth approximately 6.1 billion yuan ($904 million).

According to Bloomberg and other media outlets, Unitree set its offering price at 150.80 yuan per share on Wednesday (local time). The company plans to offer 40.44 million shares, representing 10 percent of total shares outstanding after the listing.

The IPO is expected to raise approximately 6.1 billion yuan, with the post-listing market capitalization projected at around 61 billion yuan (12.87 trillion won).

Unitree is targeting a listing on the STAR Market of the Shanghai Stock Exchange as early as Aug. 20.

According to its prospectus, Unitree shipped more than 5,500 humanoid robots last year, ranking first globally. Cumulative sales of its quadruped robots have also surpassed 33,000 units.

The company's earnings have grown rapidly. Sales jumped from 393 million yuan in 2024 to 1.7 billion yuan last year. Net profit reached 278 million yuan, and the gross margin exceeded 60 percent.

Unitree plans to allocate approximately 4.2 billion yuan of the IPO proceeds toward developing embodied AI models, humanoid robot research and development, new product development and production capacity expansion.

The company highlights vertical integration as a key competitive advantage — designing and manufacturing its own actuators rather than sourcing core components externally. Similar to automaker BYD, Unitree has brought major components in-house to cut costs and improve production efficiency.

Analysts expect future competition in the sector to hinge on AI software capabilities rather than hardware. China's humanoid robot industry is shifting its focus from achieving precise physical movements toward developing AI models capable of replacing human labor.

In its prospectus, Unitree identified as a risk factor the possibility that it may fail to maintain a competitive edge in developing the AI models that serve as the "brain" of its humanoid robots.

In a report released Monday, Morgan Stanley said Chinese robotics companies are well positioned to capture global demand despite geopolitical uncertainty.


moon@heraldcorp.com