What is Unitree and why are China's humanoid robot makers racing to list?

Chinese robotic manufacturer Unitree is set to list on the Shanghai stock exchange through an initial public offering priced at 150.8 yuan per share. The company aims to raise 6.1 billion yuan ($904 million) in the deal, making it the first mainland-listed humanoid robot producer. Founded in 2016 by engineer Wang Xingxing, Unitree is based in Hangzhou and is renowned for its cost-effective quadruped robots, colloquially known as "robot dogs."

Unitree's humanoid creations, including the G1, H1, and R1 models, have garnered international attention through viral demonstrations showcasing their capabilities in running, dancing, and even executing martial arts. The firm faces competition from industry giants like Tesla and Boston Dynamics, as well as a burgeoning ecosystem of Chinese startups striving to develop robots capable of performing tasks in factories and homes.

Revenue for Unitree surged more than fourfold to nearly 1.7 billion yuan in 2025. The company is profitable, with an adjusted net profit of around 600 million yuan. Over 40% of sales during each reporting period disclosed in its prospectus come from overseas revenue. Unitree has demonstrated that the field of humanoid robotics in China is thriving, with significant growth and profitability.