Unitree files for Shanghai IPO as humanoid revenue overtakes quadrupeds
Unitree is trying to raise RMB 4.2B on Shanghai’s STAR Market after turning humanoids into its largest revenue line. The filing shows a rare profitable robotics manufacturer, but also a company whose commercial humanoid demand is still mostly research, education, reception, tours, inspection, and early industrial use.
Humanoids · China Robotics · Embodied AI · G1 · H1
Unitree Robotics filed for a Shanghai STAR Market IPO on March 20, seeking to raise RMB 4.2B, about $610M.
The filing gives one of the clearest public looks yet at the economics behind China’s humanoid robotics surge. Unitree is no longer only a viral robot company known for quadrupeds, humanoid dances, and low-cost hardware. It is now trying to become one of the first public-market benchmarks for a profitable manufacturer.
Unitree’s operating income reached RMB 1.708B in 2025, up 335% year over year, while net profit rose 674%. Humanoids became the company’s largest revenue line in the first nine months of 2025, rising to 51.5% of main business revenue from 27.6% in 2024.
The company started with quadrupeds and shipped more than 30,000 of them between 2022 and September 2025, but its humanoid line is now carrying the growth story. Rest of World reported that Unitree sold 5,500 humanoids in 2025 and that more than 70% went to research and education customers.
Unitree’s average humanoid selling price fell from around RMB 593,400 in 2023 to RMB 167,600 in the first three quarters of 2025. Instead of protecting high prices, the company appears to be using lower-cost platforms to expand shipments, push robots into more developer and institutional hands, and move down the manufacturing cost curve.
Their G1 sits inside that strategy. The lower-priced humanoid gave Unitree a way to scale beyond the expensive H1-style platform and turn humanoids from rare lab hardware into a much broader research, education, demo, and early application product. That does not make G1 a mature worker robot. It makes it part of a pricing and volume strategy that very few humanoid companies can currently match.
The filing also shows why Unitree is different from most humanoid startups. The company says its cost advantage comes partly from self-developed and self-manufactured core components. Reporting on the prospectus points to internal control over motors, reducers, mechanical structures, and whole-body control systems, which helps explain how margins could rise while selling prices fell.
The public-market question is still not solved by the headline numbers. Reuters noted that Unitree’s humanoid industry-application revenue still came mainly from enterprise reception, tour-guide use, intelligent manufacturing, and inspection, with reception and tour-guide work accounting for roughly half to 70% of that segment. Factory deployment remains limited.