Explainer-What is Unitree and why are China’s humanoid robot makers racing to list?

Unitree, a Chinese robot manufacturing company, is set to list on the Shanghai stock exchange, aiming to raise 6.1 billion yuan ($904 million) in its initial public offering (IPO). The company, founded in 2016 by engineer Wang Xingxing, has gained international attention for its affordable quadruped robots and humanoid machines. Unitree's G1, H1, and R1 models have been featured in viral demonstrations showcasing their agility, performing human-like activities such as running, dancing, and executing martial arts.

Unlike many competitors, Unitree is profitable, with revenue increasing over four times to nearly 1.7 billion yuan in 2025. The company reports an adjusted net profit of around 600 million yuan. More than 40% of its sales come from overseas operations, highlighting its success in manufacturing sophisticated robots at lower prices compared to overseas competitors.

Chinese humanoid robot manufacturers are racing to list on public markets as they strive to capitalize on Beijing's push to dominate the emerging field of embodied intelligence. This field integrates AI models with machines capable of navigating and interacting with the physical world. However, despite commercial success, Unitree's humanoid robots still face challenges in reliability, dexterity, and long-term task performance without human intervention.

Developing humanoid technology requires significant investments in engineers, robot-training data, AI models, and manufacturing capacity, making it uncertain when demand from factories or households will materialize. Therefore, public markets provide the necessary capital to continue advancing the technology while benefiting from ongoing government support and investor interest.

Other Chinese robotics companies, including Leju Robotics and AgiBot, have also begun preparations for their own public listings, demonstrating the widespread interest in humanoid robotics within China.