Unitree becomes first Chinese humanoid robot firm to go public

Unitree Robotics listed on the Shanghai Stock Exchange's STAR Market on Wednesday under the ticker 688836.SH. The IPO coincided with the opening of the 2026 World Robot Conference in Beijing, signaling a shift for humanoid robots from laboratories and exhibitions toward capital markets and commercial competition.

The company priced its initial public offering at RMB 150.80 ($22.41) per share, issuing 40.4 million new A-shares and raising approximately RMB 6.1 billion ($910 million).

Unitree did not initially focus on humanoid robots. Founded in 2016, the company first developed quadruped robots, which were easier to commercialize. This strategy built a foundation for revenue growth, with quadruped robot sales increasing from RMB 92.82 million in 2022 to RMB 698 million in 2025.

Humanoid robot revenue surged dramatically, from just RMB 2.96 million in 2023 to over RMB 868 million in 2025, accounting for more than 51% of the company's total revenue of RMB 1.7 billion that year. Unitree also reported a net profit of RMB 278 million, demonstrating commercial viability while many competitors remain unprofitable.

The listing occurs as the humanoid robotics industry increasingly shifts focus from robot construction to practical applications. Unitree's next challenge will be to translate its hardware strengths into AI capabilities to remain competitive in the evolving embodied AI sector.