A milestone second.
As you may see, the IPO utility of Unitree Technology on the Science and Technology Innovation Board has been formally accepted by the Shanghai Stock Exchange. This IPO plans to increase 4.202 billion yuan. Since then, Wang Xingxing has lastly led Unitree to compete for the title of “the first stock in embodied intelligence” on the Science and Technology Innovation Board.
Looking again on the previous few years, Unitree Technology has nearly run by means of essentially the most thrilling half of the narrative of the Chinese embodied intelligence observe: from the recognition of quadruped robots, to humanoid robots showing on the Spring Festival Gala, after which to the loopy financing within the major market. Now, a prospectus places the true scenario of this firm in entrance of us.
Investors have been ready for this second for a very long time. Since its institution, a lengthy checklist of traders has gathered behind Unitree. They are about to share the primary wave of dividends from the itemizing of Chinese embodied intelligence firms.
The hottest IPO this 12 months
The wealth – creating wave in Hangzhou
Through the prospectus, the surface world can see the true face of Unitree for the primary time.
Robot firms are sometimes criticized for being largely used for performances, however Unitree has damaged the conference of burning cash. From 2022 to 2024, its revenues had been 123 million, 159 million, and 392 million yuan respectively, and soared to 1.7 billion yuan in 2025, with a 12 months – on – 12 months development fee of over 330%. During the identical interval, it achieved a internet revenue of 600 million yuan after deducting non – recurring beneficial properties and losses, with a 12 months – on – 12 months enhance of 674.29%. Unitree talked about within the prospectus that the principle cause was the fast development of product gross sales through the interval.
The firm’s profitability has improved, and its gross revenue margin has climbed from 44.22% in 2023 to 60.27%, which confirms the product premium capacity and price management effectivity introduced by core applied sciences.
Currently, Unitree Technology primarily focuses on quadruped robots, humanoid robots, and robotic parts. Among them, the humanoid robotic enterprise stands out. In 2025, the income of Unitree’s humanoid robots formally exceeded that of quadruped robots, turning into the corporate’s largest development driver. Since the primary normal – function humanoid robotic H1 was launched in August 2023, Unitree has independently developed and launched 4 collection of humanoid robots. The prospectus talked about that the corporate achieved the world’s first in humanoid robotic shipments in 2025.
It is value mentioning that through the reporting interval, the proportion of Unitree Technology’s abroad income exceeded 35%.
And all of that is within the palms of Wang Xingxing, a put up – 90s entrepreneur, who’s now nicely – identified to everybody.
Born in Ningbo, Zhejiang, he was admitted to Zhejiang Sci – Tech University in 2009. In his freshman 12 months, he independently made a bipedal humanoid robotic. Later, throughout his postgraduate research at Shanghai University, he developed a low – value, excessive – efficiency, pure – electrical – pushed quadruped robotic XDog. After commencement, Wang Xingxing labored at DJI for a quick interval. It wasn’t till 2016 that he formally resigned and began his enterprise, and Unitree Technology was born in Hangzhou.
In the previous two years, Unitree has appeared on the Spring Festival Gala stage consecutively, and Wang Xingxing has change into essentially the most iconic founder in Chinese embodied intelligence. According to the prospectus, he at the moment immediately holds 86,714,964 shares of the corporate, accounting for 23.8216% of the corporate’s present complete share capital. He is the most important shareholder and controlling shareholder of Unitree Technology.
A typical view within the funding circle is that if Unitree Technology is efficiently listed, it is going to benefit from the dividends of the trillion – stage robotic observe as the primary listed firm within the trade and can a minimum of be a firm value lots of of billions. This implies that the A – share market will welcome a new put up – 90s richest particular person.
Employees are additionally eagerly trying ahead to it. The prospectus reveals that Unitree has a complete of 480 staff, and most of the core technical personnel are put up – 90s. The complete annual wage of the 9 executives is 8.6389 million yuan, amongst which Wang Xingxing’s annual wage is 2.4952 million yuan.
The worker fairness incentive platform of Unitree Technology, Shanghai Yuyi Enterprise Management Consulting Partnership (Limited Partnership), holds a 10.9414% stake. Once the IPO is profitable, many rich folks will emerge in Binjiang District, Hangzhou, the place Unitree Technology is situated.
Who invested in Unitree?
Some missed the chance, whereas others made heavy bets
“Xingxing, you have to go public quickly. The valuation is so good now. If you don’t go public soon, your leading position may be overtaken by others. Moreover, the LPs are urging me every morning at six o’clock.”
This scene came about in February this 12 months. Wang Xingxing talked concerning the scenario of being urged to go public by traders in an interview. Behind the seemingly relaxed joke, it displays the pressing expectation of a group of traders behind Unitree Technology for the itemizing.
Looking again, Unitree Technology’s early financing expertise was not clean. As proven in a extensively circulated chat screenshot, early – stage VCs rejected Unitree Technology’s marketing strategy, citing it as being too early.
After sorting it out, Wang Xingxing obtained his first funding in 2016. He as soon as talked about that this cash got here from an investor in Beijing. The funding group verified throughout the trade and confirmed that this funding got here from Yin Fangming, who’s nicely – identified within the trade. The prospectus reveals that Yin Fangming as soon as served as a director of the corporate however resigned in August 2024.
At that point, Wang Xingxing stated that the corporate’s valuation was solely greater than 10 million yuan, and “getting financing relied entirely on revenue support.” It wasn’t till 2018 that AnChuang Accelerator and Variable Capital gave Wang Xingxing the primary funding from an funding establishment.
The turning level got here quickly. In January 2020, Unitree Technology introduced the completion of a pre – A spherical of financing of tens of hundreds of thousands of yuan, thus getting into the mainstream imaginative and prescient of the enterprise capital circle as a result of the traders on this spherical had been Sequoia China Seed Fund and Deshun Investment.
Regarding the outline of Wang Xingxing, Sequoia China’s first sentence originally was: “Without a prestigious school background, he started his business right after graduation; young and enterprising, without prominent school or work achievements as a guarantee, and lacking funds and resources, but in the extremely difficult entrepreneurship, he became the one who laughed last.” Sequoia internally calls such entrepreneurs “outliers.”
Soon, Sequoia China elevated its funding once more, adopted by Vertex Ventures and Chuxin Capital. Vertex Ventures beforehand shared with the funding group the emotional cause for its funding: it was shocked by the youthfulness and sense of mission proven by the Unitree workforce at the moment.
In 2021, Shunwei Capital led Unitree Technology’s Series A financing, elevating tens of hundreds of thousands of US {dollars}. Recently, Lei Jun additionally talked about this funding: “This year is the tenth anniversary of Unitree Technology’s entrepreneurship. Thank you, Wang Xingxing, for giving us an opportunity to invest in Unitree five years ago.”
The actual prelude started with the Series B financing in 2022 –
Series B: Led by Matrix Partners and Dunhong Asset respectively, strategic traders from the world’s prime 500, Hexagon AB, Shunwei Capital, Rongyi Investment, and Shenzhen Capital Group adopted the funding, with a complete funding of lots of of hundreds of thousands of yuan.
Series B +: The traders included Meituan, Golden Stone Investment, and Source Code Capital. Old shareholders akin to Shenzhen Capital Group, China Internet Investment Fund, Rongyi Investment, Dunhong Asset, and Midajunshi adopted the funding, elevating practically 1 billion yuan.
Series B ++: Led by establishments akin to Beijing Robot Industry Investment Fund, Meituan Longzhu, Zhongguancun Science City, Amber Capital, Shanghai Science and Technology Innovation Fund, Sequoia China, CITIC Securities, and Vertex Ventures China Fund participated within the funding.
After the Spring Festival Gala in 2025, Unitree Technology’s previous shares had been frantically snapped up within the major market.
In June 2025, Unitree Technology accomplished its final spherical of financing earlier than the IPO. It was collectively led by funds below China Mobile, Tencent Investment, Jinqiu Fund, Alibaba, Ant Group, and Geely Capital. Twenty – one previous shareholders akin to Shenzhen Capital Group actively adopted the funding. The pre – funding valuation of this financing was 12 billion yuan, and the put up – funding valuation was 12.7 billion yuan.
The prospectus reveals that amongst institutional shareholders, Meituan is at the moment the second – largest shareholder, holding roughly 9.65% of the shares. Sequoia China, Matrix Partners, and Shunwei Capital comply with intently, with shareholding ratios of roughly 7.11%, 5.45%, and 4.42% respectively. As Unitree approaches the IPO, the traders behind it have lastly waited for the second of return.
A race for survival
Failing to catch the IPO might imply being out of the sport
At this second, the eyes of the enterprise capital circle are all centered on Wang Xingxing and Unitree.
This would be the most anticipated IPO this 12 months. Looking again on the previous two years, embodied intelligence has skilled a fiery financing storm, with unprecedented enthusiasm. Now, a massive quantity of traders are ready to exit. As going public turns into a essential step for embodied intelligence firms to set up their trade standing, a seen IPO race has quietly begun.
As originally of 2026, Xinghaitu and Zhongqing Robot accomplished their shareholding system reforms one after one other, and Magic Atom additionally introduced that it was selling its itemizing course of. Almost in a single day, three embodied intelligence IPOs emerged. Even earlier, star enterprises akin to Leju Intelligence and Yun Shenchu had launched their sprints in direction of IPOs.
The IPO has change into a race for survival, figuring out whether or not a firm can keep within the recreation.
More and extra persons are coming. Like Unitree, Galaxy Universal and Zhipu Robot are additionally extremely anticipated.
Not way back, Galaxy Universal simply introduced a new spherical of financing of 2.5 billion yuan. An investor in Galaxy Universal as soon as informed the funding group that Galaxy Universal will most definitely be one of the primary batch of embodied intelligence firms to go public. After Zhipu Robot made a tender provide for Shanghai Shangwei New Materials Co., Ltd. on the Science and Technology Innovation Board final 12 months, the funding group realized from funding establishments that after the merger, Zhipu Robot will proceed to try for a itemizing on the Hong Kong Stock Exchange as deliberate.
Going public means reaching the shore, and there’s no time to lose.
It is true that the expectations of traders are apparent, and the trade additionally urgently wants a “listing example.” However, after Unitree goes public, it additionally implies that the IPO path, which is like hundreds of troops crossing a single – plank bridge, has change into a little narrower. I consider many individuals have combined emotions about this.
The actual watershed has appeared.
This article is from the WeChat official account “Investment Community” (ID: pedaily2012), written by Yang Jiyun and Wang Lu, and reprinted by 36Kr with permission.