Unitree sets Shanghai IPO price, aims to become China's first listed humanoid robot maker

Chinese robotics company Unitree priced its Shanghai initial public offering at 150.8 yuan per share, targeting a 6.1 billion yuan capital raise that would make it the first mainland-listed manufacturer of humanoid robots. Founded in 2016 by engineer Wang Xingxing, the Hangzhou firm first gained fame for affordable robot dogs before expanding to humanoid models such as the G1, H1 and R1, which have gone viral for running, dancing and martial-arts displays.

The prospectus reports revenue of nearly 1.7 billion yuan for 2025, a four-fold increase, and an adjusted net profit of roughly 600 million yuan, with foreign markets contributing over 40% of sales. Unitree exemplifies China's ability to produce advanced robots at lower costs by leveraging domestic supply chains, though current demand is limited to academic and government projects. The IPO reflects a broader trend of Chinese humanoid developers, like Leju Robotics and AgiBot, seeking public-market funding to sustain costly R&D while government backing remains strong.