Unitree prospectus update: Q1 revenue growth slowed to 68%, non-recurring net profit decreased by 52.5% year-on-year, first-half revenue expected to be 1.05-1.13 billion yuan | IPO News

Unitree Robotics’ listing on the STAR Market is not only a milestone for the company itself, but also a landmark event for the commercialization of China’s embodied intelligence industry.

According to a Monday announcement, Unitree Robotics’ STAR Market IPO will be reviewed on June 1. This IPO plans to issue no less than 40,446,400 A-shares, raising about 4.2 billion RMB, with CITIC Securities as the sponsor. This is one of the largest IPO applications in the Chinese embodied intelligence sector to date, and an important milestone in the commercialization process of humanoid robots.

The prospectus shows Unitree Robotics achieved revenue of 1.699 billion RMB in 2025, net profit (excluding non-recurring items) of 591 million RMB, humanoid robot shipments exceeding 5,500 units, ranking first globally.

By 2026, the company’s growth has noticeably slowed. According to the newly released prospectus, first quarter revenue year-on-year growth plunged from last year’s 332.64% to 68.49%, net profit (excluding non-recurring items) dropped 52.55% year-on-year, which the company attributes to cooling industry enthusiasm, intensified market competition, and rapid growth of R&D expenses.

The company expects revenue in the first half of 2026 to be about 1.052 to 1.128 billion RMB, a year-on-year increase of about 35.62% to 45.41%, and net profit (excluding non-recurring items) to decrease by about 6.43% to 21.97% compared to the same period last year.

Rapid growth followed by slowdown

During the reporting period (2023 to 2025), Unitree Robotics’ compound annual revenue growth rate reached 226.78%, climbing from 159 million RMB in 2023 to 1.699 billion RMB in 2025. Net profit (excluding non-recurring items) in 2025 reached 591 million RMB, gross margin from main business rose to 60.13%, net cash flow from operating activities hit 670 million RMB, with financial status constantly improving.

In the first quarter this year, the company achieved revenue of 423 million RMB, where year-on-year growth dropped from last year’s 332.64% to 68.49%. Net profit (excluding non-recurring items) fell from 84.84 million RMB in the same period last year to 40.25 million RMB, a decline of 52.55% year-on-year.

The company clearly pointed out that the sharp drop in net profit (excluding non-recurring items) was mainly due to significant increases in R&D, sales, and other period expenses.

Among these, R&D expenses increased by 38.33 million RMB year-on-year; sales expenses surged due to brand promotion on platforms such as the 2026 CCTV Spring Festival Gala. The company expects that as the revenue base continues to expand and the industry enthusiasm gradually cools, future growth rates will be difficult to maintain at the high levels of the reporting period, and business performance faces risks of further fluctuation or even significant decline.

Regarding guidance, the company expects revenue for January to June 2026 to be about 1.052 to 1.128 billion RMB, year-on-year growth about 35.62% to 45.41%. Because period expenses such as R&D investment are increasing rapidly, net profit (excluding non-recurring items) is estimated at about 236 to 283 million RMB, a decrease of about 21.97% to 6.43% compared to last year, but the downturn compared to Q1 2026 will be noticeably smaller.

Humanoid robots drive growth, quadruped robots lay the foundation

From the product structure, humanoid robots have become the company’s largest revenue source.

Humanoid robot revenue in 2025 reached 868 million RMB, accounting for 51.78% of main business income, up sharply from 27.68% in 2024; quadruped robot revenue was 698 million RMB, accounting for 41.62%. During the reporting period, the company’s cumulative sales of quadruped robots exceeded 33,000 units, with global market share ranking first for consecutive years; cumulative sales of humanoid robots was 5,632 units, with over 5,500 units shipped in 2025, ranking first globally.

In terms of product matrix, the company has established a comprehensive layout covering full-size (H1, H2) and medium/small (G1, R1) humanoid robots, as well as industry-grade (B series, A series) and consumer-grade (Go series) quadruped robots, extending to dexterous hands, collaborative robotic arms, lidar and other key components. The G1 medium humanoid robot has a starting price of 85,000 RMB, R1 Air at 29,900 RMB, continuously lowering market entry barriers.

The company’s overseas revenue proportion exceeded 40% in each period of the reporting period, with overseas main business revenue reaching 732 million RMB in 2025.

4.2 billion RMB fundraising bets on embodied intelligence and production expansion

The raised funds are planned to be invested in four projects, totaling about 4.2 billion RMB:

Intelligent robot model R&D project (2.022 billion RMB), robot body R&D project (1.11 billion RMB), new intelligent robot product development project (445 million RMB), and intelligent robot manufacturing base construction project (624 million RMB).

Among these, the model R&D project is the largest, focusing on the development of embodied large models ("brain") and body intelligent models ("cerebellum"), including acquisition of large model training and inference platforms, building high-quality real datasets, and establishing a full-chain R&D platform covering data processing, model training, and validation feedback.

The company has open-sourced the WMA model "UnifoLM-WMA-0" in September 2025 and the VLA model "UnifoLM-VLA-0" in January 2026, and completed industrial-grade embodied large model pilot deployment tests in its own factory.

The manufacturing base construction project will acquire its own production facility of about 78,700 square meters, introduce automated assembly lines and intelligent warehousing systems to resolve the existing capacity bottleneck of leased factories. The listing standard chosen by the company is "expected market value not less than 10 billion RMB," and the latest market-based financing valuation after June 2025 was 12.7 billion RMB.

Major shareholder Wang Xingxing owns 23.8% directly; Meituan is the second largest shareholder

The shareholder line-up is impressive, gathering a number of top capital firms.

The prospectus shows Tencent, Meituan, Sequoia China, Matrix Partners, CMCC Ventures, Shenzhen Capital Group, and thirty other well-known institutions are shareholders, giving the company strong capital backing.

Founder Wang Xingxing holds 23.82% directly, and with special voting rights architecture, controls a total of 68.78% of voting rights. After listing, his voting rights remain no more than 65.31%, firmly steering the company’s strategic direction.

Meituan is Unitree Robotics’ second largest shareholder. Meituan’s Hanhai Information, Galaxy Z, and Chengdu Longzhu hold shares of Unitree and act in concert, with a combined holding ratio of 9.6488%.

The company has set up Class A special voting shares, each share enjoying 10 voting rights, and restores equal voting rights for changes to the company charter, appointment of independent directors, and other specific matters.

Competitive landscape and governance risks cannot be ignored

Unitree Robotics is facing increasing competition.

The prospectus notes that Tesla’s Optimus Gen-3 has announced the start of small-batch trial production, and many domestic automakers and consumer electronics companies have officially entered the humanoid robot business. The prospectus admits that if the company cannot maintain its technological lead or quickly achieve deep penetration into downstream industries, it risks losing market position.

Additionally, as of January 31, 2026, the company holds only 20 domestic invention patents. The prospectus notes the low number of patents may be insufficient to effectively prevent technology infringement risk.

The company also faces a series of patent lawsuits from Hangzhou Lu Wei Mei Daily Chemical Co., Ltd., but it has won both first- and second-instance trials, and all involved patents have been declared invalid by the National Intellectual Property Administration.

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