Annual revenue growth exceeds 300%, Yu Tree's commercialization is about to go public

Unitree Technology accelerates its push for the STAR Market again.

On March 20, Unitree Technology, a leading enterprise in the domestic quadruped robotics and humanoid robotics sector, formally disclosed its STAR Market IPO prospectus and multiple documents responding to questions from the exchange. With key stages such as review and inquiry progressing steadily, there is no doubt that the company is now one step closer to a crucial milestone for listing on the capital market.

Notably, Unitree Technology is the second IPO after the STAR Market pilot IPO pre-review mechanism. From the second-round inquiry letters, three areas—its business and technology, changes in performance, and the fundraising projects—became subjects of further follow-up.

In its responses to the inquiry letters, Unitree Technology provided comprehensive explanations of core issues of market concern, including product application, financial performance, and industry competition. Meanwhile, in its prospectus, this star company also demonstrated strong high growth in recent years with hard, concrete data— in 2025, the company achieved operating revenue of over 1.7 billion yuan, up 335.36% year over year.

On the business front, Unitree Technology has also initially achieved a multi-dimensional breakthrough in commercialized scenarios. A growth path for a robotics company from technology R&D toward scaled profitability is becoming increasingly clear, and market expectations for its listing on the STAR Market are rising again.

1. Early signs of breaking through into new scenarios

Humanoid robots that became popular on platforms such as the Spring Festival Gala were criticized as “pretty but not useful,” and some views held that at least at this stage, the value of robots parading and performing outweighs their application.

But based on what is disclosed in the prospectus, as an industry leader, Unitree Technology has initially formed a balanced growth pattern across three major areas—scientific research and education, commercial consumption, and industry applications—achieving a breakthrough from the lab to the market.

Specifically, scientific research and education, as a testing ground for technology iteration, continues to generate stable demand. In the first nine months of 2025, quadruped and humanoid robots contributed 154 million yuan and 438 million yuan in revenue, respectively. The global re-purchase rate of universities and research institutions remained above half (56.58% in 2025), providing reliable support for refining and iterating core technologies.

In the commercial consumption segment, quadruped robots have become a growth dark horse. In the first nine months of 2025, segment revenue exceeded 200 million yuan, raising the quadruped robots business’s share of total revenue to 42.3% (24.62% for full-year 2024). In the commercial consumption segment, the share of revenue from humanoid robots also rose slightly from 13.7% in 2024 to 17.39%.

Encouragingly, the industry application of humanoid robots made a significant breakthrough over the past year. The prospectus shows that in 2022 to 2024, this field did not disclose any statistically specific revenue (before 2024, the combined total of projects such as scientific research and education and commercial consumption was 100%). In January–September 2025, the industry application segment already generated revenue of 53.60 million yuan, accounting for 9.01% of the total revenue of humanoid robots. Application scenarios covered areas such as corporate tour guidance, smart manufacturing, and intelligent patrol and inspection.

Among them, corporate tour guidance accounts for roughly 50%—70%. While it is not yet an urgent industry need at this stage, it at least proves that humanoid robots are gradually penetrating from exhibition and R&D scenarios into real industrial scenarios.

2. Outperforming the industry on scale and profitability

Benefiting from product ramp-up and scenario expansion, Unitree Technology’s financial data has delivered growth that can be described as leapfrogging, and its profitability is especially worth attention.

According to what the prospectus discloses, in 2025 the company achieved operating revenue of 1.708 billion yuan, up 335.36%; net profit of 288 million yuan, up 204.29%; and net profit attributable to owners of the parent company after deducting non-recurring gains and losses was 600 million yuan, up 674.29%, with growth mainly driven by a rapid increase in product sales volume during the period.

From an industry perspective, the global humanoid robot industry is still in the transition stage from product releases to scenario trials and small-batch deliveries, and has not yet entered the mature stage of large-scale, mass production.

In its inquiry-letter responses, Unitree Technology mentioned that most industry players overseas are in prototype testing, pilot production, or production line planning stages, and domestically only a few companies can enter the mass production stage at the level of several thousand units. Within the industry, there is not yet a unified comparable source of mass-production and shipment data. Because different research institutions differ in their statistical scope and dimensions, the data may fluctuate.

For example, according to the “2025 Humanoid Robot Market Research Report” jointly released by CCID Media and The China Electronics Journal, global humanoid robot shipments in 2025 were about 17,000 units, and the company’s shipments exceeded 5,500 units, accounting for 32.4%. According to a report released by Omdia, under statistical definitions that include dual-arm wheeled humanoid robots, global general-purpose embodied robot shipments in 2025 were about 14,600 units, and the company’s shipments accounted for about 37.62%.

However, both sets of data indicate that Unitree’s humanoid robots are among the leaders globally in mass production and shipment scale. The company has achieved products that are officially available for sale and scaled mass production, covering areas such as scientific research and education, commercial consumption, and industry applications.

A reporter from Beijing Business Daily consulted Unitree Technology regarding issues related to its listing and business development, but as of the time of publication, no reply had been received.

Regarding the future development of the humanoid robot industry, Zhang Xinyuan, a senior industry corporate strategy and technology innovation management consulting expert and head of the KeFang Institute think tank, analyzed to Beijing Business Daily that industry progress in bringing technology to application needs to start from the perspective of ecosystem collaboration. It should emphasize the deep integration of core components, full-system integration, and scenario applications. Increasing ecosystem density helps lower companies’ trial-and-error costs and accelerates iteration across the industry.

Beijing Business Daily reporter Tao Feng Wang Tianyi