Author: 137Labs
Unitree Robotics announced that its Sci-Tech Innovation Board IPO will be reviewed on June 1, bringing the robotics sector back into the market spotlight. Rather than delving into extensive technical explanations, investors should now focus on three key questions: Who are the recognized market leaders? Which listed companies have already been traded by capital? And how might the subsequent market momentum continue to spread along the industrial chain?
This article will use Unitree Robotics’ IPO as a starting point to analyze recent catalysts in the robotics industry, the performance of core stocks in the U.S. and A-share markets, the market-recognized logic behind leading companies, potential expansion areas in the A-share supply chain, and key risks to watch. It will focus on addressing investors’ most pressing questions: What are funds currently trading? Which segments may continue to expand? And which risks require early caution?
Public information shows that Unitree Technology's application for a STAR Market IPO was accepted by the Shanghai Stock Exchange on March 20, 2026. The company plans to raise RMB 4.202 billion, with the proceeds primarily allocated to projects including intelligent robot model development, robot platform research and development, new intelligent robot product development, and the construction of an intelligent robot manufacturing base.
This is not a traditional industrial robotics company. According to public information, Unitree Technology’s business spans high-performance general-purpose humanoid robots, quadruped robots, robotic components, and embodied AI models. Of greater interest to capital markets is its strong narrative around engineering, productization, and commercialization. Reports indicate that Unitree Technology achieved revenue of approximately RMB 159 million in 2023, rising to about RMB 1.699 billion in 2025, with a compound annual growth rate of 226.78%; its non-GAAP net profit shifted from a loss in 2023 to several hundred million yuan in profit by 2025, while the gross margin for its core business increased from 44.22% to 60.13%. Additionally, reports note that in 2025, Unitree Technology became the world’s top shipper of humanoid robots, with over 90% of its core components自主研发 and self-produced.
Therefore, the significance of Unitree's IPO is not merely “another tech company going public.” It is more like a signal: China’s domestic robotics industry has progressed from laboratory demonstrations, internet buzz, and early-stage funding to being valued in the public capital markets. Over the past few years, robotics companies were often viewed by the market as distant concepts; now, as humanoid robots, quadruped robots, and embodied AI models gradually enter the productization phase, the capital market is revisiting a key question: Is robotics on the brink of its own AI moment?
I. Why This Round of Robot Market Movement Is Worth Watching
The core of this robotics rally isn’t simply about whether robots will become popular, but that AI is transitioning from pure software to hardware and the physical world. Previously, the AI rally spread from large models to GPUs, storage, optical modules, PCBs, liquid cooling, and power supplies; if humanoid robotics continue to gain momentum, capital will likely not remain confined to final assembly manufacturers but will further spill over into core components and the supply chain.
Recent catalysts have been concentrated. On the policy front, the Ministry of Industry and Information Technology’s Technical Committee on Standardization of Humanoid Robots and Embodied Intelligence released the “Standard System for Humanoid Robots and Embodied Intelligence (2026 Edition),” China’s first comprehensive, end-to-end standard framework covering the entire humanoid robot industry lifecycle. On the industrial front, the Beijing Yizhuang Humanoid Robot Half-Marathon attracted over 100 teams and more than 300 humanoid robots, marking a transition from product demonstrations to real-world validation. On the capital front, funding activity and total investment in embodied intelligence have remained at high levels this year, with leading companies such as Unitree Robotics and AgiBot accelerating their paths toward capitalization.
For the secondary market, what truly matters is: catalysts are in place, and the industry value chain is becoming increasingly clear; next, capital will repeatedly price assets based on “who benefits, how much they benefit, and when the benefits will be realized.”
II. U.S. Stocks: Focus on Three Leading Categories
The relevant U.S. stocks in the robotics sector are relatively clear and can be primarily categorized into three groups: full-system narratives, platform "selling shovels," and mature commercialized companies. The Motley Fool’s list of robotics stocks also includes NVDA, TSLA, ISRG, ROK, ZBRA, TER, DE, and PATH as representative robotics-related stocks.
The first category is Tesla (TSLA), which represents the narrative of a leading integrator of humanoid robots. Tesla’s advantage lies not only in Optimus itself but also in its capabilities in autonomous driving vision algorithms, battery and motor technology, hardware engineering, large-scale manufacturing, and global brand recognition. If humanoid robots are to transition from prototypes to mass production in the future, Tesla is the company most easily used as a benchmark in the global market. Sample data shows that TSLA has risen approximately 13.99% over the past month, indicating that the market still assigns some valuation to the Optimus narrative; however, its stock price is also influenced by factors such as electric vehicles, autonomous driving progress, and macroeconomic risk appetite.
The second category is NVIDIA (NVDA), corresponding to the "seller of shovels" in the robotics space. Robots require training, simulation, inference, and multimodal perception—all of which depend on computing platforms and development ecosystems. NVIDIA may not build humanoid robots itself, but it could serve as the foundational infrastructure for training and deploying robotic intelligence. Sample data shows that NVDA has risen approximately 7.86% over the past month; while short-term performance is influenced by fluctuations in the AI sector, it remains a key platform stock for physical AI, robotic simulation, and inference over the medium to long term.
The third category consists of established robotics and automation companies. Intuitive Surgical (ISRG), representing surgical robotics, has a more mature business model but declined by approximately 8.50% over the past month, indicating it does not move in sync with humanoid robotics-related stocks; Rockwell Automation (ROK), representing industrial automation, rose by approximately 10.61% over the past month; Zebra Technologies (ZBRA), representing machine vision and automatic identification, increased by approximately 12.64% over the past month; UiPath (PATH), representing software robotics/RPA, rose by approximately 8.33% over the past month. These companies are not pure-play humanoid robotics stocks, but they reflect the mature directions of the robotics and automation industry.
III. A-Share Market: The robotics rally spreads along the supply chain
The characteristics of the A-share robot market are rapid diffusion and high elasticity. The market may not solely focus on purchasing complete systems but is more inclined to seek high-value segments along the industrial chain. Based on performance on the sample day, capital continues to rotate among core components and manufacturing links: Inovance Technology rose approximately 2.60% on the sample day, robotics stocks rose about 0.89%, Zhongdalide reached the daily price limit, and Lens Technology, although declining by about 2.63% over the past day, still rose approximately 7.31% from open to close or as of the latest price; earlier strong performers such as Leader Harmonic and Orbbec experienced declines on the sample day, indicating that the high-positioned sectors are beginning to diverge.
Currently, the clearest areas of observation can be divided into six lines.
The first line is industrial automation and servo systems. Inovance Technology (300124) is a representative in this field, having risen approximately 23.03% over the past month. Its key strengths lie in servo systems, controllers, and its industrial customer base, with a focus on the robot's "little brain" and motion control. If robots are widely adopted in manufacturing scenarios, leading industrial automation companies will have a strong advantage in transition.
The second line is whole-machine and system integration. Robot (300024) has risen approximately 15.14% over the past month, representing the traditional industrial robot and system integration sector. Its appeal lies in high name recognition and direct industry positioning, but whether it can achieve a higher valuation in the future depends on further validation of its humanoid robot-related business, orders, and real-world applications.
The third line is reducers and precision transmission. Green Harmonic (688017) rose approximately 58.31% over the past month, Shuanghuan Transmission (002472) rose approximately 16.22%, and Zhongdalide (002896) rose approximately 25.67%, with Zhongdalide recording a single-day gain of 10.00%. This segment is the most frequently traded area by A-share capital, as reducers, ball screws, and precision transmission directly correspond to robotic joints and individual unit value. However, Green Harmonic experienced a single-day decline of approximately 3.02%, indicating increased divergence following substantial gains.
The fourth line is motors and actuators. Minste Electric (603728) has risen approximately 21.28% over the past month, corresponding to sectors such as control motors and hollow-cup motors. Humanoid robots have numerous joints, each requiring a motor, driver, and controller; the actuator segment is a position with strong downstream industrial elasticity.
The fifth line is sensors and vision. Orbbec (688322) has risen approximately 48.09% over the past month, corresponding to 3D vision; Keli Sensor (603662) has risen approximately 21.64% over the same period, corresponding to force sensors. For robots to enter real-world environments, they must solve challenges in visual recognition, spatial positioning, and haptic feedback—making "eyes" and "touch" areas that will continue to attract sustained investment.
The sixth line is structural components and precision manufacturing. Lens Technology (300433) rose approximately 44.07% over the past month, Lingyi Intelligent Manufacturing (002600) rose approximately 9.56%, Tuopu Group (601689) rose approximately 20.88%, and Sanhua Intelligent Control (002050) rose approximately 18.58%. While not all of these companies are pure-play robotics firms, they have established foundations in consumer electronics, automotive components, structural parts, thermal management, and precision manufacturing—markets are pricing in their potential future entry into the robotics supply chain.
IV. Who Are the Leaders: Analyzing by Investment Logic Hierarchy
It’s difficult to name just one leader in the robotics sector. From an investment perspective, at least four categories should be considered.
Leading whole-machine companies include Tesla and top Chinese firms. Globally, Tesla leads; in China, look to Unitree Robotics, UBTECH, and AgiBot. Unitree Robotics’ IPO is significant because it simultaneously demonstrates product visibility, revenue growth, improved profitability, and capitalization progress—representing a landmark case of Chinese humanoid robots transitioning from concept to public market valuation.
The market leader is NVIDIA. If robots are the vehicle for AI to enter the physical world, then training, simulation, and inference platforms are the underlying infrastructure. NVIDIA’s advantage lies in its computing power, software stack, and developer ecosystem—a logic similar to the GPU theme in the AI market.
The market leader in commercialization is Intuitive Surgical. It demonstrates that robotics can establish high-barrier business models. Although surgical robots differ from humanoid robots, they illustrate that robotics investments ultimately must return to real-world applications, payment capacity, and recurring revenue.
A-shares' elasticity hinges on the supply chain. Hui Chuan Technology leans toward motion control; Green Harmonic, Shuanghuan Transmission, and Zhongdalide focus on reducers and transmissions; Mingzhi Electric specializes in motors; Aubo Robotics and Ke Li Sensing emphasize sensing; Lansheng Technology, Lingyi Manufacturing, Tuopu Group, and Sanhua Intelligent Control lean toward structural components and manufacturing migration. For sectors with significant short-term price gains, focus on whether they already have leading customers, whether they have entered mass production orders, and whether their robotics business represents a sufficiently high proportion.
Five: What Might Future Funds Focus On
If the robot market trend continues, capital will likely spread along the AI market narrative: first targeting complete systems and leaders, then core components, and finally focusing on order fulfillment and earnings realization.
The five most important areas to watch going forward are:
First is computing power and edge AI, corresponding to the robot’s “brain”; second is the servo system and motion control, corresponding to the robot’s “cerebellum”; third is reducers, ball screws, motors, and actuators, corresponding to the robot’s joints and limbs; fourth is 3D vision, LiDAR, force sensors, and tactile sensors, corresponding to the robot’s sensing capabilities; fifth is structural components, lightweight materials, thermal management, batteries, and precision manufacturing, corresponding to the capability for mass production and cost reduction.
Among these, the segments most likely to exhibit resilience are those with high single-unit value, significant potential for domestic substitution, and clear customer validation. In other words, future evaluations should not focus solely on whether a company is labeled as a "robotics concept," but rather on whether it truly occupies a critical position in the value chain, holds a strategic supply chain role, and can transition from sample production to mass supply.
Six, Risk Warning: Short-term sentiment is already not low.
Robotics is a long-term industry trend, but short-term stock prices have already priced in considerable expectations. In particular, stocks related to reducers, vision systems, sensors, and certain structural components have seen significant gains over the past month and are prone to divergence following crowded trading.
Key subsequent risks include: first, a short-term profit-taking surge in the sector following catalysts such as Unitree Robotics’ IPO; second, humanoid robot mass production progressing slower than expected, with orders still limited to prototypes or small batches; third, for some listed companies, robotics-related revenue constitutes a small portion of overall business, making valuations more driven by speculation than actual performance; fourth, technological pathways remain fluid, with potential repeated shifts in solutions for reducers, ball screws, sensors, and dexterous hands; fifth, stocks with high price increases may have valuations misaligned with earnings, making them vulnerable to a decline in market risk appetite.
Overall, Unitree Technologies’ IPO has provided a clear catalyst for the robotics sector, but investment decisions should not be based solely on events. A more prudent approach is to observe Tesla and NVIDIA for global pricing in the U.S. market, and focus on core components and supply chain validation in the A-share market; in the short term, monitor capital rotation, in the medium term, track orders, and in the long term, assess mass production and cost curves.
Risk Disclaimer: This article is intended solely for industry analysis and writing reference and does not constitute any investment advice. The market data presented herein is based on sample points in time; prior to official publication or making any investment decisions, please refer to the latest announcements, exchange disclosures, and real-time market data.