Following its Initial Public Offering (IPO) on August 10th via online subscription, Unitree's stock price was set at 150.80 yuan. This implies a market capitalization of 60.99 billion yuan and a target fundraising amount of 6.10 billion yuan, which is nearly 1.9 billion yuan above the initial plan. This established price benchmark now serves as a standard for all Chinese companies producing humanoid robots aiming to go public.
There are three tiers in the queue of such companies. The first tier includes companies with public documentation: Unitree, participating in the subscription; DeepRobotics, responding to the first round request; Leju, undergoing public review; and DOBOT, which received approval from the ChiNext listing committee. The second tier is the confidential Hong Kong track: AgiBot confirmed preparation for a Hong Kong listing, and Zhongqing reportedly submitted a confidential application. The third tier is in the planning stage, comprising X Square Robot, Zhipingfang, and CrossWise Intelligence, who are exploring options or consulting advisors.
Unitree demonstrated revenue of 1.699 billion yuan in 2025, with GAAP net profit of 591 million yuan and operating cash flow of approximately 670 million yuan. Sales of 5,215 humanoid robots generated 868 million yuan in revenue, marking the first year that humanoid sales surpassed quadruped model sales. This picture reflects the maturity of hardware profits, supplemented by a premium for future prospects in humanoids and embodied AI.
DeepRobotics and DOBOT possess clearer fundamental metrics. DeepRobotics generated 322 million yuan in embodied robotics revenue in 2025, utilizing quadruped and wheeled robots for power system inspection, fire and emergency response, and industrial control. However, only 4 humanoids were released between 2024 and 2025. DOBOT recorded revenue of 493 million yuan in 2025, with 395 million yuan coming from collaborative robots, which constitute 80 percent of the core business. Revenue from humanoids and multi-legged robots totaled 20.04 million yuan, accounting for 4.1 percent of the total.
The market will evaluate these companies based on their current, mature business, with only a relatively small addition in the form of a humanoid premium. Companies X Square Robot, Zhipingfang, and CrossWise Intelligence emphasize end-to-end models, data cycles, and generalization across different embodiments. Private markets might value them based on team and roadmap. However, the public market will require a stricter funnel process: from model to delivery, from delivery to recurring revenue, and from recurring revenue to sustainable margin. The question is whether quarterly revenue will sustain the valuation narrative after the first re-evaluation. Unitree's market capitalization of 60.99 billion yuan has become a crucial benchmark, and the next two reporting cycles will determine whether the other companies in line can meet, exceed, or fall below this level.
