Accepted by the Shanghai Stock Exchange! "Robot's First Stock" Yushu Technology rushes for the STAR Market IPO

(Source: The Observer Online)

Capital markets have received a major piece of news! On March 20, the Science and Technology Innovation Board (STAR Market) IPO application of Unitree Technology Co., Ltd. was accepted by the Shanghai Stock Exchange. This marks another STAR Market IPO project that has undergone the “preliminary review” process landing on the first run.

According to the prospectus, for this A-share IPO, Unitree Technology plans to publicly issue new shares of no less than 40.4464 million shares. The planned proceeds will be used for four major projects: intelligent robot model research and development, robot body research and development, the development of new intelligent robot products, and the construction of an intelligent robot manufacturing base.

Unitree Technology focuses on the R&D, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robot components, and embodied intelligence models. It was among the first globally to achieve the public sale and industry deployment of high-performance quadruped robots. In recent years, global sales of high-performance general-purpose humanoid robots and quadruped robots have remained leading.

With the important mission of implementing the innovation-driven development strategy and accelerating the realization of high-level scientific and technological self-reliance and self-strengthening, the STAR Market’s institutional supply continues to iterate and refine, its inclusive boundaries keep expanding, and capital flows more precisely and effectively to the areas where technological innovation most needs support—providing stronger backing for frontier technological innovation and the development of new-quality productive forces. More and more high-growth “hard-tech” companies that deliver breakthrough innovations in key technological areas and drive changes in the economic and social landscape are clustering on the STAR Market. This provides the capital markets with more valuable fresh “source water,” making the “tech narrative” logic in the A-share market even clearer.

On June 18, 2025, the China Securities Regulatory Commission (CSRC) issued the “Opinions on Improving the System’s Inclusiveness and Adaptability in Establishing a STAR Market Growth Tier” (hereinafter referred to as the “Opinions”). For the first time, it clearly proposed piloting the IPO preliminary review mechanism on the STAR Market. Unitree Technology aligned with the STAR Market and, as the 2nd company to be eligible for the preliminary review mechanism, the significance lies not only in Unitree Technology itself, but also fully reflects the STAR Market’s inclusiveness, adaptability, and precise support for high-quality “hard-tech” companies. It is conducive to promoting the transition and upgrading of economic development models, guiding more advanced production factors to cluster in the technology sector, and facilitating a high-level virtuous cycle among technology, capital, and industries.

The embodied intelligence robotics industry integrates advanced technologies across multiple fields, including artificial intelligence, high-end manufacturing, sensing technology, and automatic control. It is an emerging future industry that drives the transformation and upgrading of manufacturing, fosters new-quality productive forces, and captures the high ground in future technological competition.

Unitree Technology is a leading representative enterprise in the high-performance general-purpose robotics and embodied intelligence industry. Since its founding, the company has continuously carried out technical R&D and product innovation in the field of high-performance general-purpose robots, forming full-stack, self-developed core technologies such as “general-purpose humanoid robot embodied large models” and “integrated joint integration technology.” It has achieved breakthroughs across multiple areas including robot core model algorithms, intelligent systems, motion control, and human-core component sections. In terms of motion control capabilities that reflect the overall integrated performance of high-performance general-purpose robots, it has continuously delivered numerous industry technical performance breakthroughs, significantly improving the integration level of general-purpose robots and their whole-body dexterous motion capabilities.

At present, the company has developed a product layout covering quadruped robots (the Go series, A series, and B series) and humanoid robots (the H series, G series, and R series). It has also expanded into key components such as dexterous hands, collaborative robotic arms, and laser radars. With “mobility + manipulation + interaction” at its core, it has built a matrix of robot products. Leveraging its core component self-developed and self-produced capabilities and the advantages of cross-product coordination, it has become an industry benchmark of “high performance + high cost-effectiveness,” continuously pushing innovation in robot technology R&D and application breakthroughs.

In terms of industrialization and on-the-ground deployment, Unitree Technology not only provides support for software development and hardware configuration second-stage development, but also offers customized solutions tailored to the needs of different industries. It configures specialized peripheral equipment for scenarios such as intelligent inspection, surveying and detection, and emergency firefighting. Currently, the company’s quadruped robot and humanoid robot products and technical services have been applied across multiple fields including petrochemicals, electric power, and education. Meanwhile, the company is actively building an open and collaborative robotics ecosystem, establishing an embodied intelligence open-source community. By continuously expanding ecosystem development and strategic cooperation, it promotes innovation and application of robot technology worldwide.

At present, Unitree Technology has achieved a leading industry position of having the #1 global market share in both quadruped robots and humanoid robots. From 2023 to 2025, the company’s operating revenue was 15,913.44 million yuan, 39,237.06 million yuan, and 170,820.87 million yuan, respectively; net profit was -11.14 million yuan, 94.50 million yuan, and 60010.47 million yuan, respectively. In the high-investment high-performance general-purpose robotics industry, it is one of the few robot companies globally that has realized large-scale sales and profitability. In fiscal year 2025, the company’s humanoid robot shipment volume has already exceeded 5,500 units (pure humanoids, excluding wheeled dual-arm robots). Shipment volume is #1 globally, demonstrating the company’s lead market position in the general-purpose robotics field, driven by its core self-developed technology enabling commercial early-mover advantage.

Market participants note that the STAR Market continues to play the role of a “test field” demonstrating and leading capital markets reforms. The robotics industry is an important engine driving the next round of industrial transformation and economic growth, and it is also a strategic high ground in global frontier technology competition. As a leading enterprise in the general-purpose robotics and embodied intelligence industry, Unitree Technology stands at an industry-leading level in areas such as engineering-scale mass production, product iteration speed, product matrix layout, motion control capabilities, and open-source ecosystem architecture—continuously leading the development of the general-purpose robotics industry. After listing, with the capital empowerment advantages of the STAR Market, it can accelerate core technology breakthroughs, capacity release, and scenario deployment, providing a solid foundation for the industrialized application and broader adoption of general-purpose robots. At the same time, as one of the top companies with the highest shipment volume and brand recognition in the global general-purpose robotics sector, its listing can also add brightness to the STAR Market—bringing in high-quality “fresh capital”—optimizing the asset structure of the capital market. In turn, this will help more high-quality enterprises that master hard-core technologies and have innovative vitality to grow faster, ultimately becoming a strong engine for driving China’s high-quality economic development and fostering new-quality productive forces.

Headline: “Accepted by the SSE! Unitree Technology, the ‘Robot No. 1 Stock,’ Strives to Push Ahead with Its STAR Market IPO”

Column editor-in-chief: Rong Bing

Source: By the author: Wenhuibao, Tang Weijie

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