Author: Gavin

Introduction: The “CATL Moment” for Robotics Has Arrived

On June 1, 2026, at the Shanghai Stock Exchange. Unitree Technology passed its STAR Market IPO review, becoming the first humanoid robotics stock on A-shares.

From March 20 acceptance to June 1 approval, only 73 days. This is the second deal under the STAR Market “pre-review” mechanism, but its significance far exceeds the first (Changxin Technology)—because Unitree represents not semiconductors, but robotics, physical AI, embodied intelligence.

Product Overview: From Quadruped to Humanoid, From Toy to Tool

Unitree Technology’s product lines:

• Quadruped robots: Go2, B2, Aliengo, cumulative sales exceeding 33,000 units, global market share leader for consecutive years
• Humanoid robots: H1 (industrial-grade), G1 (consumer-grade, starting at 99,000 yuan), 2025 shipments exceeding 5,500 units, global number one
• Core components: Self-developed joint motors, reducers, controllers, LiDAR

Financial data:

• 2023 revenue: 159 million yuan
• 2024 revenue: 393 million yuan
• 2025 revenue: 1.699 billion yuan (335% YoY growth)
• 2025 non-GAAP net profit: 591 million yuan
• Gross margin: 60.13%

Killer Feature #1: Full-Stack Self-Development, Vertical Integration

Unitree Technology’s core competitiveness is not any single technology, but full-stack self-development capability:

• Joint motors: Self-developed high torque-density motors, leading power-to-weight ratio in the industry
• Reducers: Self-developed planetary reducers, replacing imported Harmonic Drive
• Controllers: Self-developed motion controllers, supporting whole-body dynamics control
• Perception systems: Self-developed LiDAR + vision fusion, cost only 1/3 of imported solutions
• AI models: Self-developed motion control large models, Sim-to-Real migration success rate exceeding 95%

This vertical integration capability allows Unitree’s product costs to be an order of magnitude lower than Boston Dynamics, while achieving 80%+ of the performance.

Killer Feature #2: Consumer-Grade Humanoid Robots, Starting at 99,000 Yuan

G1 humanoid robot priced at 99,000 yuan starting. What does this mean?

• Boston Dynamics Atlas: ~$2 million (lease only)
• Tesla Optimus: estimated $20,000 (not yet mass-produced)
• Figure AI: ~$150,000 (enterprise-grade)
• Unitree G1: 99,000 yuan (~$14,000)

Unitree has brought humanoid robot prices to the “individual consumer affordable” range. 2025 G1 shipments exceeding 5,500 units prove real market demand exists.

Killer Feature #3: IPO Raising 4.2 Billion Yuan, Where Is It Going?

Unitree Technology is raising 4.202 billion yuan, invested in four major projects:

1. Intelligent robot model R&D (1.5 billion): Embodied intelligence large models, Sim-to-Real platform
2. Robot body R&D (1.2 billion): Next-generation joints, lightweight materials, energy systems
3. New intelligent robot product development (800 million): Consumer-grade humanoid robots, service robots
4. Intelligent robot manufacturing base (700 million): 100,000-unit annual capacity

This means Unitree’s strategy for the next 3 years is clear: shifting from “selling robots” to “selling intelligence”—hardware is the carrier, AI models are the core moat.

Specs Comparison: Unitree vs Boston Dynamics vs Tesla vs Figure AI

Unitree’s differentiation is razor-sharp: **it is the only humanoid robot company simultaneously satisfying “technology usable,” “price affordable,” and “mass production deliverable.”**

Caveats to Note

• Profit volatility: Q1 2026 non-GAAP net profit down 52.55% YoY, due to significant increases in R&D and sales expenses
• Intensifying competition: 2025 humanoid robot revenue share 51.78%, but industry heat gradually cooling, market competition intensifying
• Technology gap: Compared to Boston Dynamics, dynamic balance and complex terrain adaptation still lag
• Valuation risk: Post-IPO valuation may be excessive, need to watch whether performance supports stock price
• Overseas expansion: Currently mainly in China, European and American market expansion faces competition from Boston Dynamics, Tesla, etc.

Who Should Watch the Unitree IPO?

Highly Recommended:

• Robotics industry investors (first pure robotics stock on A-shares)
• AI/embodied intelligence researchers (Sim-to-Real technology leadership)
• Manufacturing automation directors (99,000-yuan humanoid robot ROI calculable)
• Education/research institutions (open-source ecosystem, developer-friendly)

Consider Waiting:

• Short-term speculators (post-IPO stock price volatility high)
• Pure software investors (hardware manufacturing risk higher than software)
• Overseas users (waiting for overseas sales channels to establish)

Future Outlook: From “China’s First Robotics Stock” to “Global Robotics Platform”

The significance of Unitree Technology’s IPO lies not only in raising 4.2 billion yuan, but in validating a business model:

Consumer-grade humanoid robots can be profitable, mass-produced, and listed.

This will bring to the entire industry:

1. Capital confidence: Proving the robotics track is not a “money-burning bottomless pit”
2. Supply chain maturity: Scale production driving upstream motor, reducer, sensor cost reductions
3. Talent aggregation: Listed company brand attracting global robotics talent
4. Ecosystem expansion: From industrial to home, from B2B to B2C

If Unitree can build the planned 100,000-unit annual manufacturing base as scheduled, and further drive G1 prices below 50,000 yuan, humanoid robots may enter the “home service” scenario within 3-5 years—cleaning, cooking, companionship, care.

This is not science fiction. This is what Unitree is doing.

Rating: 9/10 (Industry Milestone)

Bottom Line: Unitree’s IPO proves consumer humanoid robots can be a real business, not just a research project. For the global robotics industry, this is the moment when “possible” becomes “profitable.”