Unitree Technology Approved for STAR Market IPO at 42 Billion RMB; UBTech U1 Pre-Orders Exceed 13,000

On July 2, 2026, the China Securities Regulatory Commission (CSRC) approved Unitree Technology's IPO on the STAR Market. Founded ten years ago, the company has a valuation of 42 billion RMB, with a non-GAAP net profit of 600 million RMB and a gross margin of 60% for the year. UBTech's Hong Kong-listed shares traded near HKD 78, below its IPO price of HKD 90, giving it a market capitalization of approximately HKD 56 billion (about 50 billion RMB). In 2025, UBTech reported revenue of 2.001 billion RMB and a net loss of 790 million RMB, with cumulative losses exceeding 4.2 billion RMB over four years.

In 2025, UBTech delivered 1,079 full-size humanoid robots, generating revenue of 821 million RMB, a year-on-year increase of 2,203.7% from a base of just 3 units in 2024. The company, founded 14 years ago, has raised over 5.7 billion RMB in cumulative funding. Unitree Technology reported 2025 revenue of 1.708 billion RMB, non-GAAP net profit of 600 million RMB, and humanoid robot shipments of 5,500 units at an average price of about 170,000 RMB, with a gross margin close to 60%. Unitree develops its own motors, reducers, and controllers, achieving a domestic core component rate of over 90%. In the first three quarters of 2025, its R&D expense ratio was 7.7% and its sales expense ratio was 6.5%.

UBTech's business spans educational robots, logistics robots, consumer smart hardware (including cat litter boxes, lawn mowers, vacuum cleaners, and pool robots), and the Walker series of humanoid robots. In 2025, revenue from 'other smart hardware devices' reached 499 million RMB, while logistics robot revenue declined 16.9% and educational robot revenue grew 13.7%. On June 30, 2026, UBTech launched the consumer brand 'UWORLD', with its first product, the U1 series, priced from 119,800 to 990,000 RMB. The company announced that total pre-orders across all channels exceeded 13,361 units. The U1 Lite and U1 Pro models do not support autonomous walking or household chores; their core function is conversation, with a battery life of 2 to 4 hours and requiring regular maintenance.

E-commerce platform data showed that only one unit of the relevant product was sold on Taobao's flagship store, while the product pages on JD. com and Taobao official flagship stores displayed no purchase user reviews. The pre-order deposit was 3,000 RMB, refundable before July 15, with management stating the cancellation rate was below 8%. The first batch of products is scheduled for delivery on September 16. On the launch day, UBTech's share price rose over 17% at one point, before falling 9.92% the next day.

Unitree Technology's product lineup includes the B series and Go series of quadruped robots, and the H1/H2, G1/R1 humanoid robots, with prices ranging from several thousand to over one hundred thousand RMB. Its open-source ecosystem hosts over 40 projects on GitHub. In the 2025 Spring Festival Gala, 16 H1 robots performed, and the company won four championships at the World Humanoid Robot Games. UBTech holds 2,985 global authorized patents, including 508 overseas patents. Its Walker S2 robot features 52 degrees of freedom, a 15 kg payload, and an autonomous battery swap system, having accumulated over 100 million pieces of industrial data from automotive manufacturing scenarios. In 2025, UBTech's R&D expenses were 507 million RMB, with an R&D expense ratio of 25.36%. Its year-end accounts receivable balance was 1.302 billion RMB, and delayed payments from government clients led to credit impairment losses of 151 million RMB.

Zhiyuan Robot is valued at approximately 18 billion RMB, with 5,168 units shipped in 2025, ranking first globally according to Omdia data. The company entered the A-share market through the acquisition of Shangwei New Materials and initiated its Hong Kong listing process in July 2026. UBTech's 2025 gross margin improved to 37.7% from 28.7% in 2024. The target unit price for the Walker S3 has been reduced from 760,000 to 180,000 RMB. UBTech acquired a 29.99% stake in Zhejiang Fenglong Electric to strengthen self-control of core components. Its adjusted EBITDA loss narrowed to 438 million RMB in 2025.