Unitree 'Accelerates' Humanoid Robots, Future Challenge Lies in the Missing 'Brain'

Chinese humanoid robotics leader Unitree Robotics (688836-CN) officially listed on the Shanghai Stock Exchange STAR Market on Wednesday (April 19), becoming the first humanoid robotics stock in China's A-share market.

On its first trading day, Unitree demonstrated strong performance, opening at 1,100 yuan (RMB), a surge of approximately 629% from its IPO price of 150.80 yuan. Its market capitalization briefly exceeded 444.9 billion yuan during intraday trading. According to statistics, the lottery win rate for this IPO was only 0.018%, setting a historical low. Lucky retail investors who won the lottery achieved single-lot profits as high as 475,000 yuan.

From Apartment Development to the 'Post-90s Richest'

Unitree's listing symbolizes founder Wang Xingxing's decade-long dedication. Wang established Unitree in Hangzhou in 2016, initially even independently developing the first quadruped robot within an apartment. According to Jiemian News, the early Wang was not a focal point in the industry and was even rudely interrupted during conference speeches. At that time, the company was extremely small, and suppliers were often unwilling to provide customized services.

This 'forced' predicament actually led to Unitree's high in-house R&D rate. Wang is extremely sensitive to costs and insists on independently developing core components such as motors, reducers, and sensors. Huang Jinping, chairman of investor Rongyi Investment, observed that Unitree's core competitiveness lies in pushing robots from the 'handmade stage' to industrialized production and successfully reducing costs through vertical integration.

With humanoid robot shipments surpassing 5,500 units in 2025, Unitree has officially become the world's largest manufacturer by volume. After the listing, Wang Xingxing, holding about 30% of shares, saw his net worth exceed 130 billion yuan, instantly becoming the new generation's 'richest post-90s'.

Financial Performance and Vertical Integration Strategy

Unlike most other robotics companies still in loss-making stages, Unitree has already turned profitable. Revenue reached 1.152 billion yuan in the first half of 2026, with a net profit of 274 million yuan. According to prospectus analysis, Unitree's gross margin is as high as about 60%, outperforming both software and general hardware industries.

This financial advantage primarily stems from its highly self-developed model. A robot's drive system typically accounts for 40% to 60% of total costs. Unitree independently designs key components including high-torque motors, dexterous hands, and LiDAR, keeping external procurement costs to only about 14% to 18%. This strategy has drastically reduced the average selling price of its humanoid robots from 590,000 yuan to 160,000 yuan within two years, yet profit margins have not decreased but instead risen.

Supply Chain Impact and Future Challenges: The Missing 'Brain'

Unitree's listing has triggered an explosion across the entire supply chain. Currently, its core suppliers include iFlytek, which provides AI large models; reducer suppliers Zhongda Lide and Lead Harmonic; and motor giant Wolong Electric Drive. Additionally, star shareholders including Meituan, Xiaomi (Shunwei Capital), and CITIC Securities have also received substantial returns from this IPO.

However, industry experts have pointed out underlying concerns. Yu Yiran, Managing Director at CIC Consulting, stated that the current robotics industry shows a structural divergence of 'strong body, weak brain,' with gaps remaining compared to overseas manufacturers in high-precision sensors and motion control algorithms.

Unitree already has plans to address this, intending to allocate approximately 2 billion yuan (nearly half) of its 4.2 billion yuan IPO proceeds specifically to 'embodied large model' R&D, attempting to compensate for shortcomings in software capabilities.

Reality Check on Commercialization

Despite leading globally in shipment volume, whether robots can truly enter factories and perform work remains to be seen over time. Currently, 74% of Unitree's humanoid robots are sold to academic research institutions, with only 9% used in industrial settings. Most products are currently viewed as development platforms for universities and startups to develop software. Market research firm Smart Analytics Global (SAG) estimates that the proportion of robots capable of stable operations and achieving commercial deployment is still in the early stages.

Unitree's listing has inspired the Chinese market. With American rival Agility expected to list in September, the global commercialization race for humanoid robots will enter a heated phase.