en.Wedoany.com Reported - On June 1, the Shanghai Stock Exchange Listing Review Committee held its 31st review meeting of 2026, approving Unitree Technology Co., Ltd.'s initial public offering application as meeting the issuance conditions, listing conditions, and information disclosure requirements. The company plans to list on the STAR Market, raising approximately 4.202 billion yuan, which will be invested in four categories of projects: intelligent robot model research and development, robot body research and development, new intelligent robot product development, and intelligent robot manufacturing base construction.
Unitree Technology's successful review marks a critical milestone for Chinese general-purpose robotics companies entering the A-share listing process. According to the Shanghai Stock Exchange project page, Unitree Technology's IPO application was accepted on March 20; previously disclosed prospectus materials show that the company plans to issue no less than 40,446,434 new shares, with the fundraising focus not simply on expanding production lines, but on building an embodied intelligence ecosystem encompassing "models, bodies, products, and manufacturing bases." Among the funded projects, intelligent robot model research and development is given high priority, targeting capabilities in robot environmental perception, task understanding, motion decision-making, human-robot interaction, and generalization in complex scenarios; robot body research and development continues to strengthen joint modules, drive control, overall structure, motion control, and reliability testing capabilities. For Unitree Technology, the core role of listing and fundraising is to further advance its existing humanoid robot and quadruped robot product capabilities toward a systematic embodied intelligence platform.
From an operational data perspective, Unitree Technology has transitioned from an early-stage quadruped robot company to a humanoid robot and general-purpose robot platform company. According to related reports on the prospectus submitted for review, in 2025, Unitree Technology achieved operating revenue of 1.699 billion yuan, with net profit attributable to parent company shareholders after deducting non-recurring gains and losses reaching 591 million yuan, and a gross profit margin on main business of 60.13%; the proportion of humanoid robot sales revenue has risen to 51.78%, with pure humanoid robot shipments exceeding 5,500 units in 2025. Compared to most embodied intelligence companies still in long-term R&D investment and loss stages, Unitree Technology's uniqueness lies in its ability to achieve large-scale shipments and reduce costs through a high proportion of self-developed and self-produced core components, giving it a commercialization foundation to enter the capital market earlier.
The collaboration with NVIDIA adds a new variable to Unitree Technology's international research ecosystem. According to Reuters reports, NVIDIA plans to cooperate with China's Unitree Technology to provide academic researchers with standardized versions of the Unitree H2 humanoid robot; the robot body comes from Unitree Technology, the hand components from Singapore-based Sharpa, and the computing core from NVIDIA. NVIDIA also mentioned that such collaborations will introduce its Blackwell chip and data center-level security capabilities such as secure boot and confidential computing into robot systems, to enhance software updates, code authenticity, and data security levels for research robots. This means Unitree Technology's robot bodies have the opportunity to enter a more standardized research platform supply chain, while NVIDIA leverages this to extend its GPU, robot computing platform, and security software capabilities to physical robot terminals.
This approach aligns with Unitree Technology's fundraising direction. Competition in general-purpose robots is no longer limited to mechanical structures, joint performance, and motion control; what matters more going forward is the collective maturity of "body capabilities, embodied models, computing platforms, data loops, software ecosystems, and scenario delivery." If Unitree Technology can supplement its model R&D and manufacturing base capabilities through the IPO, and then enhance its computing platform, security mechanisms, and developer access through ecosystem collaborations like NVIDIA, it will be easier to transition from single-machine product sales to platform-based output of general-purpose robots. For research institutions, university labs, and industrial clients, standardized robot bodies combined with mature computing platforms can lower the barriers to embodied intelligence algorithm validation and application development, and also help robots move from display products into more continuous R&D and engineering testing processes.
On-site inquiries from the listing committee also reflect the market's focus on such high-growth companies. The Shanghai Stock Exchange's result announcement stated that the issuer needs to explain, based on product application areas and commercialization progress, industry development direction, competitive landscape, downstream market demand, technical differences with comparable companies, future R&D layout of embodied intelligence core technologies, and period expenses, whether there is a risk of significant fluctuations in future performance. The robotics industry is still in a phase of rapid iteration, where short-term orders, product prices, R&D investment, supply chain costs, and competitive landscape can all affect performance stability. Unitree Technology's STAR Market review approval is just one step in the listing process; subsequent procedures including registration, issuance, and listing still need to be completed. What truly determines its long-term value will be whether embodied intelligence models can continuously integrate with robot bodies and form replicable, scalable applications in industrial, research, education, commercial service, and consumer scenarios.
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