Unitree Robotics宇树科技

About

Unitree Robotics was founded in Hangzhou in August 2016 by Wang Xingxing (who independently developed the low-cost robot dog Xdog during his master's program and then quit to start the company). Starting from quadruped robots, it now fights primarily in humanoids. Products cover consumer/industrial quadrupeds (Go2, B2-W, As2, etc.), humanoids (H2, H1/H1-2, G1, R1), the world's first mass-produced rideable transforming mecha GD01, the Dex dexterous-hand series and the R1 bionic 7-axis dexterous arm, plus robotic arms and 4D LiDAR; motors, reducers and controllers are 95% self-produced, with experience producing motors at the million-unit scale. Revenue grew from RMB 159M in 2023 to RMB 1.699B in 2025 (226.78% CAGR), with 2025 adjusted net profit of RMB 591M and a gross margin of about 60.13%; H1 2026 revenue was RMB 1.152B (+48.54%) with net profit attributable to parent of RMB 274M (versus a RMB 32.02M loss a year earlier), turning profitable. On March 20, 2026 its STAR Market IPO application was accepted (passing review in a record 73 days), it passed review on June 1, registration took effect July 1, online subscription was August 10 (a record-low STAR Market lottery rate of 0.01809759%, with a record-high 9.7846 million valid subscriber accounts), and it listed on August 19 (ticker 688836, 'C Yushu-W'): offer price RMB 150.80 per share, actual proceeds RMB 6.099B (RMB 4.202B sought, about RMB 1.9B oversubscribed), offering market cap RMB 60.993B at a 219.23x offering P/E; day one opened at RMB 1,100 (+629.44%) with the intraday market cap peaking at RMB 444.9B, closing at RMB 845 (+460.34%) for a RMB 341.77B market cap, 85.28% turnover, and a single-lot profit of RMB 474,600 — the most profitable new A-share listing since the registration system; the stock then pulled back, closing at RMB 672.41 on August 21 (market cap about RMB 272B) and sliding to around RMB 610 intraday on August 24, with a total market cap of about RMB 246.8B. Wang Xingxing directly holds 86,714,964 shares (21.4395% post-offering) and became the new post-90s richest man on the STAR Market with a fortune of over RMB 100B. Sixteen H1s performed at the 2025 Snake Year Spring Festival Gala, and Wang Xingxing and the GD01 appeared on the cover of TIME in July 2026.

Technical Approach

Hardware first → software follows → AI catches up: world-class leadership in the cerebellum (motion control) with a follower strategy for the brain (AI models); half of the IPO proceeds go into AI R&D. After listing, Wang Xingxing made clear that AI models are now the company's largest destination for capital and manpower; at the August 2026 World Robot Conference he revealed pre-research on a 'Physical AI robot self-evolution system' (model-driven autonomous closed-loop iteration — Unitree explored video-generation world models in early 2020 before shelving it) and believes the industry's biggest bottleneck is insufficient generalization in embodied intelligence. Hardware consistency and mass-production capability are the core moats (million-unit motor experience); he believes hardware moats can hold for 12-24 months (versus only 3-6 months for large models). The open-source ecosystem provides robot SDKs, ROS packages and simulation environments; the UniStore task-and-action app store opened globally in May 2026.

Commercialization（6）

• ◆2023-2025 revenue RMB 159M / RMB 393M / RMB 1.699B (226.78% CAGR); 2025 adjusted net profit RMB 591M, gross margin about 60.13%
• ◆H1 2026 revenue RMB 1.152B (+48.54%), net profit attributable to parent RMB 274M (versus a loss of RMB 32.0245M a year earlier), turning profitable; adjusted net profit RMB 244M (-19.34%, on higher R&D and sales expenses); Q1 revenue RMB 423M with adjusted net profit -52.55% (stepped-up R&D plus Spring Festival Gala marketing and other brand spend)
• ◆Humanoid shipments grew from 410 units in 2024 to over 5,500 in 2025 (No. 1 globally); total 2025 shipments including quadrupeds exceeded 6,500; 2026 shipment target 10,000-20,000 units (Wang Xingxing: 'at least doubling')
• ◆As of Q1 2026, the order backlog covered over 1.5x the full year's capacity; the backlog at end-December 2025 was RMB 282M (+93.15%)
• ◆Average product price fell from about RMB 650K (2023) to about RMB 167K (2025); over 90% of core components self-developed and self-produced; a single bipedal humanoid model passed 11,000 cumulative units off the line (May 2026)
• ◆Humanoid revenue share rose from under 2% (2023) to over 50% (first three quarters of 2025)

Position & Strengths（4）

• ◆China's (and the world's) shipment-leading humanoid vendor: 5,500 units in 2025, 32.4% global share; the 'first humanoid robotics A-share', with a day-one single-lot profit of RMB 474,600 — the most profitable new A-share listing since registration reform — and the intraday market cap once over RMB 440B
• ◆Hardware consistency and mass-production capability (million-unit motor experience); the G1 precisely defined the research/education market, unchallenged for 20 months after launch, occupying the de-facto-standard niche in global research humanoids
• ◆Wang Xingxing and the GD01 on TIME's cover (Jul 2026, 'THE BIG ROBOT MOMENT'); after listing he became the post-90s richest man on the STAR Market with a fortune over RMB 100B; over 180 patents applied for domestically and internationally, over 150 granted
• ◆Milestones: the A1 on CCTV's 2021 Ox Year Gala; 109 'Lucky Tigers' at the 2022 Beijing Winter Olympics; 16 H1s performing 'YangBot' at the 2025 Snake Year Gala; 'Cyber Kung Fu' at the 2026 Horse Year Gala