What is Unitree and why are China’s humanoid robot makers racing to list?
Unlike many humanoid start-ups, Unitree is profitable.
Beijing - Chinese robot maker Unitree has priced its Shanghai initial public offering (IPO) at 150.8 yuan per share, raising 6.1 billion yuan (S$1.16 billion) as it aims to become the first mainland-listed humanoid robot manufacturer. Founded in 2016 by engineer Wang Xingxing, the company initially gained attention for its affordable quadruped robots, known as "robot dogs."
Unitree's humanoid robots, including the G1, H1, and R1 models, have garnered global interest for their ability to run, dance, and perform martial arts.
Unlike many competitors in the humanoid robot sector, Unitree has managed to achieve profitability, with an adjusted net profit of approximately 600 million yuan in 2025. The company's overseas revenue accounts for over 40% of its total sales, demonstrating its ability to manufacture sophisticated robots at a fraction of the cost compared to overseas competitors.
This success highlights China's potential to develop advanced robotic technology at lower prices, capitalizing on the nation's robust supply chains for motors, sensors, batteries, and other essential components.
However, Unitree's commercial success does not yet indicate that humanoids can replace human workers. The current demand primarily comes from universities and government-backed projects, which utilize robots for educational, research, and demonstration purposes. Humanoid robots face challenges in reliability, dexterity, and the ability to perform diverse tasks continuously without human intervention.
Developing humanoid technology requires significant investments in engineering talent, robot training data, AI models, and manufacturing capacity, often years before any tangible demand from factories or households emerges.
Public markets provide these companies with the necessary capital to continue advancing their technology while benefiting from government support and investor interest. Several other Chinese robotics companies, such as Leju Robotics (Kuavo humanoid) and AgiBot (Shanghai-based), are also pursuing public listings. For example, Leju Robotics filed an application in May to list on Shenzhen's ChiNext market, while AgiBot initiated preparations for a Hong Kong IPO in July.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
