China's leading humanoid (human-shaped robot) corporations Unitree (宇树科技) is speeding up its initial public offering (IPO), reaching the final hurdle for a Shanghai listing. Seventy-three days after filing for a preliminary review, it is set to be reviewed by the listing committee, putting an ultra-fast listing within reach. However, experts noted that despite the sharp rise in valuation, slowing profitability and stability of real-world performance remain challenges.
According to the Shanghai Stock Exchange on the 26th, the exchange's listing review committee will deliberate Unitree's STAR Market (科创板) listing plan on the 1st of next month. It is 73 days since the listing application on Mar. 20. This is faster than Chinese semiconductor corporations Moore Threads, which drew attention for an "ultra-fast listing" on the STAR Market at 88 days.
According to Chinese financial outlet Caixin, the listing committee review is the most important stage in an IPO on China's stock market; once it passes, only registration with the China Securities Regulatory Commission (CSRC) remains. Within 20 days of registration, approval for listing is decided. If approved, Unitree will likely become the first humanoid company to list on the mainland stock market. Rival UBTECH is listed not on the mainland but on the Hong Kong stock market.
◇ Corporate value 9 trillion won… explosive sales growth driven by humanoids
Unitree plans to raise 4.202 billion yuan (about 932.5 billion won) through the IPO. With the public offering accounting for more than 10% of total equity, the corporate value is estimated at about 42 billion yuan (about 9.3202 trillion won).
Its performance is also surging. Revenue rose more than 200% in two years, from 123 million yuan (about 27.3 billion won) in 2022 to 392 million yuan (about 87 billion won) in 2024, and in Jan.–Sep. 2025 it reached 1.167 billion yuan (about 259 billion won), up more than 190% from that.
In particular, the humanoid business is growing rapidly. As recently as 2022, more than 76% of the company's sales came from quadruped robots (robot dogs), but after launching its first humanoid in 2023, the share has surged. In Jan.–Sep. last year, humanoids accounted for 51.5% of sales, surpassing robot dogs (42.3%) for the first time and taking a majority, and the gross margin reached 62.9%. In addition, the gross margins for robot parts and robot dogs are 60.4% and 55.5%.
In 2024, it turned profitable, with net profit of 105 million yuan (about 23.3 billion won) in Jan.–Sep. last year. The local outlet STAR Market Daily said, "Unitree is one of the few companies in China's humanoid industry currently posting large-scale profits." In fact, UBTECH recorded a loss of more than 700 million yuan (about 155.3 billion won) last year.
◇ Profitability slowdown and research-heavy tilt are limits… task success rate also only 40%
Still, the outlook for profitability is seen as uncertain. According to STAR Market Daily, Unitree posted first-quarter revenue of 423 million yuan (about 93.9 billion won), up 68.5% year over year, but net profit in the same period fell 52.6% to 40.25 million yuan (about 8.9 billion won). The company said this was due to a sharp rise in research and development (R&D) and sales expense amid intensifying humanoid competition. Another factor clouding the profitability outlook is that more than 70% of revenue depends on purchases by research institutions such as universities, rather than commercial consumption.
Performance stability is also a challenge. An industry source told Caixin that "the success rate for 5–6 task scenarios demonstrated on actual sites was only around 40%, showing very poor real-world performance," and said, "To meet this year's sales target, Unitree is estimated to need to sell 20,000 units, but as of now that target looks difficult to achieve."
To boost sales, Unitree has recently been accelerating expansion into the business-to-business (B2B) market. According to reports, Japan Airlines (JAL) will introduce Unitree's humanoid "G1" at Tokyo's Haneda Airport. G1 will handle ground operations such as baggage loading and unloading, cargo transport, and conveyor belt collaboration, and the proof-of-concept test will run through 2028.
Along with this, Unitree unveiled the embodied intelligence large model "WVLA 2.0" and demonstrated a meeting room tidying function based on the G1. Without remote control, the humanoid can autonomously sort and store items. The company said this is "an upgrade to push the practical use of humanoids in office environments."