Unitree Robotics IPO: What to Know Before Its August 19 STAR Market Debut

How Unitree plans to use the IPO proceeds

Unitree says the capital will support four main projects:

1. Intelligent-robot model research and development
2. Robot prototype development
3. Innovation and development of new intelligent-robot products
4. Construction of an intelligent-robot manufacturing base

Together, the projects point to a strategy that combines software and hardware. Model R&D is intended to improve the intelligence and control systems behind the robots, while prototype and product development can help turn that research into commercial systems. The manufacturing-base project is aimed at expanding production capacity.

The company expects to receive less than the headline raise after expenses. Available filing-based reports put net proceeds at roughly ¥5.917 billion, or about ¥5.92 billion.

A fast shift from quadrupeds to humanoids

Unitree sells both quadruped robots and humanoid robots. Its prospectus-based reporting indicates that the company sold more than 33,000 quadruped robots between 2023 and 2025 and shipped more than 5,500 humanoid robots in 2025. Unitree presents that humanoid shipment level as the highest global volume for the year.

Humanoids have also become an increasingly important source of revenue. Unitree’s operating income reached approximately ¥1.708 billion in 2025, after revenue of about ¥159 million in 2023 and ¥393 million in 2024. Reuters reported that operating income grew 335% in 2025 and that net profit rose sharply during the year.

Other prospectus-based reporting puts 2025 adjusted net profit at roughly ¥600 million, compared with an adjusted loss in 2023. That suggests Unitree entered the IPO with reported profitability rather than relying solely on a future commercialization story.

The figures should still be read in context: a sharp single-year increase in robot shipments and revenue does not by itself establish that demand will remain at the same pace. The IPO funds are therefore important to Unitree’s next test—scaling production and converting early demand into repeatable, sustainable sales.

Investor demand was unusually strong

The retail portion of the offering was more than 8,000 times oversubscribed. The final online lottery winning rate was approximately 0.018%, with one report giving the more precise figure of 0.01809759%.

The offering also drew substantial institutional interest. Filing-based reporting recorded 11,052 valid offline bidding accounts managed by 313 institutional investors, while the final online offering volume reached approximately 9.707 million shares after the allocation callback mechanism was activated.

The detailed offline subscription and strategic-placement figures come from issuer and exchange filing data. They are useful indicators of demand, but they should not be treated as independent market forecasts. The retail lottery rate, by contrast, was independently reported as evidence of the unusually intense interest surrounding the deal.

What the valuation says about expectations

At ¥150.80 per share, Unitree’s offering corresponds to a post-issuance market capitalization of about ¥60.993 billion. Global Times reported an offering price-to-earnings ratio of 219.23 times, highlighting how much future growth is embedded in the IPO valuation.

That premium reflects several factors: Unitree’s position in humanoid and quadruped robotics, its rapid 2025 growth, the scarcity of publicly traded humanoid-robot companies in mainland China, and strong investor enthusiasm for embodied artificial intelligence. Reuters described the deal as one that would make Unitree the first mainland-listed maker of humanoid robots.

The caveat is equally important. A high valuation can amplify the impact of weaker-than-expected shipments, margin pressure, manufacturing delays or slower commercial adoption. Unitree’s use of proceeds shows where management intends to invest, but the listing itself does not guarantee that those investments will produce proportionate returns.

Why the listing matters

Unitree’s IPO will provide a public-market reference point for a robotics sector that has largely been valued through private funding rounds and strategic investment. It also places the company under greater scrutiny over production scale, robot reliability, customer demand, profitability and the pace at which humanoid systems move beyond demonstrations and early deployments.

For investors and industry watchers, the key question is not simply whether Unitree can raise ¥6.10 billion. It is whether the four funded projects can help the company turn rapid recent growth into a durable robotics business while justifying a valuation near ¥61 billion.

As of the planned August 19 debut, the clearest facts are the fixed offer price, the size of the raise, the four stated uses of proceeds, the company’s reported 2025 growth and the extraordinary subscription demand. The longer-term investment case will depend on what Unitree delivers after the listing.