Unitree files for Shanghai IPO as humanoid revenue overtakes quadrupeds

Unitree Robotics filed for a Shanghai STAR Market IPO on March 20, seeking to raise RMB 4.2B, about $610M.

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.

Unitree’s lower-priced G1 humanoid is sold for research, education, demonstrations and early application development.

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.

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.

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