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Unitree’s ¥60.99 Billion IPO Sets a New Valuation Test for China’s Humanoid-Robot Startups
Unitree’s IPO priced at ¥150.80 per share and valued the company at ¥60.99 billion—about 36× its ¥1.699 billion 2025 revenue. The next test is revenue quality: paid deliveries, repeat customers, margins, operating cash flow, service income and measurable reliability over the next two reporting cycles.
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Key takeaways
- Unitree’s IPO priced at ¥150.80 per share and valued the company at ¥60.99 billion—about 36× its ¥1.699 billion 2025 revenue.
- The next test is revenue quality: paid deliveries, repeat customers, margins, operating cash flow, service income and measurable reliability over the next two reporting cycles.
- DeepRobotics and Leju have more visible listing progress, while AgiBot is pursuing Hong Kong and several model centric startups remain earlier stage.
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openai.comCreate a landscape editorial hero image for this Studio Global article: How did Unitree’s August 10, 2026 IPO pricing—150.80 yuan per share, implying a 60.99 billion yuan market capitalization and a 6.10 billion. Article summary: Unitree’s 60.99 billion yuan IPO valuation reset the benchmark from “humanoid-robot promise” to a demanding public-market comparison: roughly 36× its 2025 revenue of about 1.70 billion yuan. It is a powerful reference po. Topic tags: general, news, general web. Style: premium digital editorial illustration, source-backed research mood, clean composition, high detail, modern web publication hero. Use reference image context only for broad subject, composition, and topical grounding; do not copy the exact image. Avoid: logos, brand marks, copyrighted characters, real person likenesses, fake screenshots, UI text, readable text, watermarks, charts with fake numbers,
Unitree’s Shanghai IPO put a hard public-market price on China’s humanoid-robot story. At ¥150.80 per share, the offering implied a market capitalization of about ¥60.99 billion and targeted roughly ¥6.10 billion in proceeds. The valuation equated to about 36 times 2025 sales and 219 times 2025 earnings, according to Reuters. 2
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That does not make ¥60.99 billion a guaranteed floor for every robotics company. It creates a test: companies seeking comparable valuations must show comparable commercial traction—or prove that their software, data and cross-platform technology can generate superior economics.
Why Unitree became the anchor
Unitree entered the market with more than a technology demonstration. Its revenue rose from ¥159 million in 2023 to ¥1.699 billion in 2025, while adjusted net profit increased to ¥591 million, according to figures reported from its prospectus. 12 Industry reporting also put 2025 humanoid-robot revenue at about ¥868 million, with more than 5,000 humanoids shipped.
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The offering attracted more than 8,000 times oversubscription from retail investors, adding a strong demand signal to the valuation. 5 But investor enthusiasm should not be confused with proof that the entire sector deserves the same multiple. Unitree’s reference case is unusually complete: meaningful product shipments, recognized revenue, profitability, cash generation and a broad robotics portfolio.
The practical implication is straightforward. A company seeking to price at or above Unitree’s IPO level now needs to demonstrate at least one of two things:
- Comparable industrial evidence: paid shipments, revenue that converts into cash, repeat customers and resilient gross margins; or
- A superior technology layer: recurring software, data or service revenue that improves robot economics across multiple tasks or hardware platforms.
A foundation-model roadmap by itself is not enough. The central distinction for public investors is whether a robot is being deployed as a dependable product or merely showcased as a compelling prototype. Reporting on China’s sector has highlighted the continuing gap between impressive demonstrations and robots capable of dependable factory work. 18
The Chinese robotics IPO pipeline
The pipeline is better understood as a spectrum of disclosure and commercial proof than as a single race to market.
Public-document and observable performers
Unitree is the first mainland-listed pure-play humanoid-robot reference in this group. Its pricing gives investors a disclosed baseline against which other companies can be measured.
DeepRobotics has advanced toward a Shanghai STAR Market listing, with its IPO reported to be in the inquiry stage. 24 However, its commercial strength is concentrated in quadruped and other non-humanoid robots. Reports on its filing say the company recorded about ¥337 million in 2025 revenue, while humanoid shipments in 2024 and 2025 totaled only four units.
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Leju Robotics has also moved into the public-document category. Reuters reported that its Shanghai application was accepted in May and that the company filed a Shenzhen IPO application. Its KUAVO bipedal robot is aimed at industrial and service applications and is described as compatible with Huawei’s Pangu embodied-AI model. 17
DOBOT should be treated differently. It is already Hong Kong-listed, so it is a disclosed public comparator rather than a fresh IPO candidate. Its established business is collaborative robotics: the company reported 2025 revenue of about ¥492 million and more than 100,000 cumulative global robot shipments, with 2025 shipments ranking first worldwide in cobots. 32
Hong Kong confidential-track candidates
AgiBot formally began the Hong Kong IPO process in July 2026. 19 Earlier reporting had put its aspirational valuation at HK$40 billion to HK$50 billion, but that was a target reported by sources rather than a public-market valuation.
20 Confidential filings also make it difficult to compare AgiBot’s revenue quality, margins and customer concentration with Unitree’s disclosed figures.
The supplied research brief also identifies Zhongqing Robotics as a Hong Kong confidential-track candidate. Until public filings become available, it is more useful to classify the company by what it must disclose—shipments, paid deployments, unit economics and recurring revenue—than to treat an indicative valuation as comparable to Unitree’s IPO price.
Planning-stage companies
The brief places X Square Robot, Zhipingfang and CrossWise Intelligence in the planning stage. Broader industry tracking confirms that many Chinese embodied-AI companies are preparing or exploring listings, but progress varies materially by company and exchange. 31
At this stage, valuation narratives are necessarily more speculative. Model-centric, data-flywheel and cross-embodiment claims could become valuable if they reduce deployment costs, raise task-success rates and work across different robot bodies. They should not command Unitree-like pricing until those advantages appear in customer revenue, repeat deployments or recurring software and service income.
Fundamentals matter more than the humanoid label
| Company | What the available evidence shows | Position against Unitree’s anchor |
|---|---|---|
| Unitree | ¥1.699 billion in 2025 revenue; about ¥868 million from humanoids; more than 5,000 humanoids shipped; adjusted profit of ¥591 million. |
The strongest disclosed starting point for an at-anchor valuation, assuming growth, cash conversion and margins hold. |
| DeepRobotics | About ¥337 million in 2025 revenue, with the business led by quadruped robots; only four humanoid shipments were reported for 2024–25. |
Below Unitree as a humanoid valuation case. Its industrial quadruped deployments may support a separate robotics valuation narrative. |
| DOBOT | About ¥492 million in 2025 revenue and more than 100,000 cumulative robot shipments, primarily in collaborative robots. |
Below Unitree as a humanoid pure play; its valuation is primarily a cobot case, with humanoids representing future option value. |
| Leju | Industrial and service humanoid positioning, Tencent backing and a Huawei-model connection have been reported, but the key evidence remains paid deployments and recognized revenue. |
Likely below Unitree until strategic partnerships translate into repeatable commercial economics. |
| AgiBot | Hong Kong IPO process initiated, with an earlier reported valuation ambition of HK$40 billion–HK$50 billion; financial comparability remains limited before disclosure. |
Could approach Unitree only if filings show comparable delivery scale, revenue quality and margins. |
| Planning-stage companies | Model, data and cross-embodiment narratives remain difficult to value without public financial and operating data. | Presumptively below Unitree until technical claims produce measurable commercial output. |
The two-reporting-cycle test
The next two quarterly disclosures should determine whether the market treats these companies as operating businesses or as technology options. The most important indicators are:
- Paid deliveries, not announced orders. Track units accepted by customers, backlog conversion, repeat purchases and actual deployment duration.
- Revenue quality. Separate robot sales from installation, maintenance, teleoperation, software subscriptions, data services and other recurring or quasi-recurring income.
- Margins and cash. Hardware gross margin, operating cash flow, inventory, receivables and field-support costs will show whether scale is economically productive.
- Evidence of a data flywheel. A credible flywheel should improve task-success rates and reduce human intervention or teleoperation per completed task across customers and embodiments.
- Industrial reliability. Uptime, safety incidents, failure rates and the length of real deployments matter more than a robot’s ability to perform a viral demonstration.
The likely valuation hierarchy
On the evidence currently available, most companies in the pipeline should price below Unitree’s ¥60.99 billion IPO anchor over the next two reporting cycles. That is not a judgment that their technology lacks value; it reflects the difference between a promising roadmap and a verified commercial business.
At-anchor pricing requires delivery growth alongside a visible path to recurring revenue, positive cash generation and durable margins. Above-anchor pricing requires more: a model or data layer that already produces better unit economics, transfers across hardware platforms or creates defensible recurring revenue.
Unitree’s IPO therefore reset the benchmark in a demanding way. The question for China’s next humanoid-robot listings is no longer simply whether a company can build a capable robot. It is whether the company can repeatedly sell, operate and improve that robot at economics that justify a public-market valuation of ¥60.99 billion or more.
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What is the short answer to "Unitree’s ¥60.99 Billion IPO Sets a New Valuation Test for China’s Humanoid-Robot Startups"?
Unitree’s IPO priced at ¥150.80 per share and valued the company at ¥60.99 billion—about 36× its ¥1.699 billion 2025 revenue.
What are the key points to validate first?
Unitree’s IPO priced at ¥150.80 per share and valued the company at ¥60.99 billion—about 36× its ¥1.699 billion 2025 revenue. The next test is revenue quality: paid deliveries, repeat customers, margins, operating cash flow, service income and measurable reliability over the next two reporting cycles.
What should I do next in practice?
DeepRobotics and Leju have more visible listing progress, while AgiBot is pursuing Hong Kong and several model centric startups remain earlier stage.