Unitree Robotics will further prove that its technological moat is not just a 'laboratory achievement.'

After experiencing a period of significant growth, the technology sector recently saw a correction. However, notably, the robotics sector has bucked the trend, demonstrating an independent upward trajectory and becoming a bright spot in the technology landscape.

From the viral sensation of robots performing the Yangko dance on the Spring Festival Gala to the recent endorsement by tech giants like Tencent and Alibaba ahead of its listing, Unitree Robotics has achieved annual revenue exceeding 1 billion yuan.

On September 2, Unitree Robotics officially announced that it is actively advancing preparations for its initial public offering (IPO), with plans to submit filing documents to the stock exchange between October and December 2025.

01 From Geek Team to Robotics Unicorn

Since its establishment in 2016, Unitree Robotics has been headquartered in Hangzhou and was founded by a group of 'post-90s geeks' passionate about robotics technology. Led by founder Wang Xingxing, the team has grown from a handful of individuals to several hundred.

Unitree Robotics specializes in developing legged and humanoid robots with industry-leading performance, as well as various dexterous robotic arms. It is committed to the application of high-performance general-purpose robots in civilian sectors. Founder and de facto controller Wang Xingxing has emphasized the company's strategic focus on the civilian market, ensuring broad product adoption and market recognition.

Moreover, Unitree Robotics is one of the few domestic companies capable of independently researching, developing, and producing key core components for robots, such as motors, reducers, controllers, and LiDAR. It also masters high-performance perception and motion control algorithms, establishing a complete industrial chain from 'components to complete machines to algorithms.'

In terms of financing, Unitree Robotics has secured 10 rounds of funding since its angel round.

In February 2024, it successfully obtained nearly 1 billion yuan in Series B2 financing, followed by several hundred million yuan in Series B3 financing in September.

In June 2025, the company completed its Series C financing, raising several billion yuan, led jointly by funds under China Mobile, Tencent, Jinqiu, Alibaba, Ant Group, and Geely Capital, with existing shareholders contributing over 90% of the follow-on investment. To date, it has attracted the favor of a series of renowned investors, including Meituan, Sequoia China, and Matrix Partners China.

Regarding its equity structure, according to the tutoring registration report disclosed by the China Securities Regulatory Commission on July 18, Wang Xingxing directly holds 23.8216% of the company's shares and controls an additional 10.9414% through Shanghai Yuyi Enterprise Management Consulting Partnership, totaling 34.7630% control of the company. The company's latest registered capital is 364 million yuan.

As of 2025, Unitree Robotics has applied for over 180 domestic and international patents, with over 150 authorized, becoming China's first and currently only quadruped robot company to receive the national-level specialized, refined, and novel 'Little Giant' designation.

02 Civilian Market-Led, Diversified Scenario Penetration

Unitree Robotics' product line primarily consists of two directions: quadruped robots and humanoid robots.

The quadruped robots include the Go series, A series, and B series, with approximately 80% used in research, education, and consumer sectors, and the remaining 20% applied in specific industrial scenarios such as inspection and firefighting.

Unitree Go1 is equipped with an ISS intelligent accompanying system, utilizing patented wireless vector positioning and control technology, far superior to conventional following modes. Users do not need to constantly look back to worry if the robot is lost or encounters obstacles.

Unitree Go2 comes standard with a self-developed 4D ultra-wide-angle LiDAR, providing 360°*90° ultra-wide-angle perception capabilities for all-terrain awareness. It is loaded with a GPT large model to help Go2 better understand the world and make decisions.

Unitree A1 can continuously run at a maximum speed of 3.3m/s (11.88km/h), close to an adult's jogging speed, serving as a running companion. Meanwhile, the core selling points of Unitree A2 focus on load-bearing capacity, lightweight design, battery swapping, and maneuverability.

Unitree A1

Unitree A2

Unitree B1 and B2 feature all-weather operation, robust load-bearing and expansion capabilities, multi-dimensional perception, full-scenario coverage, powerful computing power, and precise insights, catering to various industrial operation scenarios.

Unitree B1

Unitree B2

The humanoid robots encompass the H series and G series.

The H series focuses on industrial applications, featuring high load-bearing and high-precision characteristics suitable for scenarios such as intelligent manufacturing and logistics handling. For instance, Unitree H1/H1-2 is equipped with 3D LiDAR and a depth camera to acquire high-precision spatial data in real-time, achieving 360° depth perception.

The G series emphasizes flexibility and versatility, possessing bionic motion control and multi-scenario interaction capabilities, extendable to diversified fields such as commercial services and household assistance. For example, the Unitree G1 humanoid intelligent agent stands approximately 127 centimeters tall, weighs 35 kilograms, and is equipped with 23-43 joint motors and a large-angle motion structure. Its motion performance is outstanding, with a trotting speed exceeding 2m/s and a standing long jump reaching 1.4 meters.

03 The Major Test Behind 1 Billion Yuan in Revenue

Since the viral sensation of the H1 humanoid robot's 'robot Yangko dance' at the 2025 Spring Festival Gala, Unitree Robotics' commercialization process has significantly accelerated. Founder Wang Xingxing revealed in May that industrial robot orders in 2025 increased by 220% year-on-year, with contract amounts surpassing 1.2 billion yuan.

However, Unitree Robotics' explosive growth is not an isolated case but rather an overflow effect from the entire humanoid robot sector's boom.

According to KPMG data, the financing scale in China's humanoid robot sector surged from 1.58 billion yuan in 2020-2024 to 7.23 billion yuan, with a compound annual growth rate (CAGR) of 35.6%. It is projected to reach a CAGR of approximately 45.5% during the period leading up to 2029.

Capital enthusiasm has spurred a fiercely competitive industry landscape.

For example, Zhiyuan Robotics, established in 2023, swiftly completed eight rounds of financing and two rounds of strategic investment within a short period, with investors including BYD and BAIC Industrial Investment.

Galaxy General released its first embodied large model robot, Galbot (G1), at the end of 2023 and secured over 1.3 billion yuan in investment within a short time, with its valuation rapidly surpassing 1 billion US dollars.

Internally, Unitree Robotics faces challenges related to its supply chain and intellectual property.

Although direct motor drive is an advantage, Unitree's supply chain is not entirely under its control. Core components such as torque sensors, harmonic reducers, and high-performance materials still rely heavily on imports.

Regarding intellectual property, media reports have indicated that Unitree once faced intellectual property disputes related to design aesthetics. Although these did not affect its core business, they revealed a tendency to prioritize core patents over peripheral ones in its patent strategy.

Additionally, Wang Xingxing once stated that the core reason for the difficulty in rapidly iterating humanoid robots does not lie in a lack of data but rather in insufficient levels of robot large models.

Faced with these challenges, the company urgently needs to demonstrate its sustainable profitability to the market rather than relying solely on financing.

Unitree Robotics' sprint IPO (sprint towards IPO) is expected to prove the feasibility of its technological commercialization to the market.

The company's revenue surpassed 1 billion yuan in 2024, achieving profitability for four consecutive years. Among them, quadruped robots contributed 65% of the revenue in 2024, validating the monetization capability in consumer-grade scenarios.

If successfully listed, by fully disclosing its R&D data, customer structure, and cost model, Unitree Robotics will further prove that its technological moat is not merely a 'laboratory achievement.'

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