"The first humanoid robot stock is about to emerge: Unitree Robotics' STAR Market IPO application accepted."
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After much anticipation, it finally arrived.
On March 20, Unitree Technology Co., Ltd. (hereinafter referred to as “Unitree Technology”) published its STAR Market IPO prospectus online.
With the disclosure of this prospectus, the public finally got a glimpse into Unitree Technology’s commercialization process.
During the reporting period, Unitree Technology’s performance grew rapidly.
In 2024, Unitree Technology’s revenue and net profit attributable to the parent were 392 million yuan and 95 million yuan respectively, but in the first three quarters of 2025 they had already reached 1.167 billion yuan and 105 million yuan, surpassing the full-year levels of 2024.
This is directly attributable to the explosive sales of humanoid robots.
In 2022 and 2023, quadruped robots were the absolute revenue pillar, accounting for more than 70%.
But with the mass production of the H1 humanoid robot in 2023, sales of this category soared. In the first three quarters of 2025, it generated 595 million yuan in revenue, more than five times the total annual revenue of 2024.
It is worth mentioning that the 2025 Chinese New Year Gala in the Year of the Snake, which brought Unitree Technology’s humanoid robots into the spotlight, can be described as a highly cost-effective marketing campaign.
In 2025, sixteen H1 humanoid robots from Unitree Technology participated in CCTV’s Year of the Snake Gala group dance “YangBOT”, attracting wide market attention.
In stark contrast to this wave of enormous traffic dividends, overall sales expenses remained relatively controllable.
In the first three quarters of 2025, Unitree Technology’s sales expenses were 76 million yuan, accounting for 6.51% of revenue.
In this IPO, Unitree Technology plans to raise 4.2 billion yuan, to be invested in projects such as intelligent robot modeling, chassis, new product development, and the construction of manufacturing bases.
In terms of capital operation and governance structure, Unitree Technology’s shares are divided into Class A special voting shares and Class B ordinary shares.
Except for specific matters stipulated by the company’s articles of association, when exercising voting rights at the shareholders’ meeting, each Class A share has 10 votes, and each Class B share has 1 vote.
Unitree Technology’s controlling shareholder and actual controller, Wang Xingxing, holds 44.07 million Class A special voting shares. The rest are all Class B ordinary shares.
This means that although Wang Xingxing currently controls only 34.76% of Unitree Technology’s shares, under the special voting rights arrangement, his corresponding voting right is amplified to 68.78%.
As of the last round of financing before the application, Unitree Technology’s post-investment valuation was 12.7 billion yuan.
In addition, Unitree Technology uses a pre-examination mechanism in this application. Alongside the prospectus, two rounds of SSE inquiry materials were also published online, meaning that core compliance and information disclosure issues have already been pre-communicated, and the process to list on the STAR Market is expected to be significantly accelerated.
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