Unitree Is Pricing at $9.04B While Q1 Adjusted Profit Fell 52.6%

Robot demos are finally meeting public-market maths.

Chinese humanoid-robot maker Unitree priced its Shanghai IPO at 150.8 yuan per share, valuing the company at about 61 billion yuan ($9.04 billion). It plans to raise 6.1 billion yuan by issuing 40.45 million new shares on the STAR Market.

The growth story is real.

Unitree’s 2025 revenue more than quadrupled to 1.7 billion yuan, and humanoid-robot revenue reached 867.8 million yuan, overtaking its four-legged robot business.

Now the harder number: adjusted Q1 profit fell 52.6% as spending on R&D and marketing increased.

That is the public-market question humanoid robotics has avoided while the sector was mostly private.

Can impressive motion demos become repeatable, profitable industrial deployments?

Unitree also flagged US-market risk as restrictions on foreign-made advanced robots tighten. Existing products have approvals, but future models may face additional barriers.

The next metric I want is not another dancing robot video. It is revenue per deployed humanoid and evidence that customers reorder after the pilot stage.

Not Financial Advice.

Would you value Unitree on today’s robot sales—or the much larger labour market humanoids are supposed to attack eventually?