Unitree Gets Green Light for STAR Market IPO; UBTech Launches Companion Robots

On July 2, 2026, the China Securities Regulatory Commission approved Unitree's application for a STAR Market IPO. The ten-year-old company is valued at RMB 42 billion in the offering, with annual non-GAAP net profit of RMB 600 million and a gross margin of 60%.

UBTech's Hong Kong-listed shares traded near HK$78, below its IPO price of HK$90, giving it a market capitalization of about HK$56 billion (roughly RMB 50 billion). In 2025, UBTech generated revenue of RMB 2.001 billion and posted a net loss of RMB 790 million, bringing cumulative losses over four years to more than RMB 4.2 billion.

In 2025, UBTech delivered 1,079 full-size humanoid robots, generating revenue of RMB 821 million, a year-on-year increase of 2,203.7%, compared with a base of just three units in 2024. The 14-year-old company has raised over RMB 5.7 billion in cumulative funding.

Unitree reported 2025 revenue of RMB 1.708 billion, non-GAAP net profit of RMB 600 million, and shipments of 5,500 humanoid robots at an average price of about RMB 170,000, with gross margin near 60%. The company develops its own motors, reducers, and controllers, with over 90% of core components sourced domestically. 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 education robots, logistics robots, consumer smart hardware (including cat litter boxes, lawn mowers, floor scrubbers, and pool robots), and its Walker series of humanoid robots. In 2025, revenue from "other smart hardware devices" reached RMB 499 million, logistics robot revenue fell 16.9%, and education robot revenue grew 13.7%.

On June 30, 2026, UBTech launched its consumer brand UWORLD, with the first product, the U1 series, priced between RMB 119,800 and RMB 990,000. The company announced pre-orders across all channels exceeding 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 two to four hours and regular maintenance required.

E-commerce platform data showed that only one unit of the related product was sold on Taobao's flagship store, and no purchase reviews were displayed on JD. com or Taobao official flagship store pages. The pre-order deposit is RMB 3,000, refundable until July 15, with management stating the cancellation rate is below 8%. First deliveries are scheduled to begin on September 16. On the launch day, UBTech's share price rose more than 17% at one point, but fell 9.92% the next day.

Unitree's product lineup includes quadruped robots in the B and Go series, and humanoid robots in the H1/H2 and G1/R1 series, with prices ranging from several thousand to over one hundred thousand yuan. Its open-source ecosystem includes more than 40 projects on GitHub. At 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 authorized patents globally, including 508 overseas patents. The Walker S2 features 52 degrees of freedom, a 15 kg payload, and an autonomous battery-swapping system, and has accumulated over 100 million pieces of industrial data in automotive manufacturing scenarios. In 2025, UBTech's R&D expenses were RMB 507 million, with an R&D expense ratio of 25.36%. Year-end accounts receivable stood at RMB 1.302 billion, and delayed payments from government clients led to credit impairment losses of RMB 151 million.

Zhiyuan Robotics is valued at about RMB 18 billion and shipped 5,168 units 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 a Hong Kong listing process in July 2026.

UBTech's gross margin improved to 37.7% in 2025 from 28.7% in 2024. The target unit price for the Walker S3 has been reduced from RMB 760,000 to RMB 180,000. UBTech acquired a 29.99% stake in Zhejiang Fenglong Electric to strengthen self-reliance in core components. Its adjusted EBITDA loss narrowed to RMB 438 million in 2025.