Unitree Robotics officially began trading on the STAR Market on August 19, marking a historic milestone as the first pure-play humanoid robot company to list on China's A-shares market. This listing has thrust the commercialization roadmap and valuation framework of the embodied intelligence sector into the spotlight of the capital markets.

From a financial performance standpoint, Unitree stands out as one of the few humanoid robot enterprises worldwide to achieve scale revenue generation alongside sustained profitability. Between 2023 and 2025, the company's revenue surged from RMB 159 million to RMB 1.699 billion, reflecting a three-year compound annual growth rate of 226.78%. More notably, its non-GAAP net profit attributable to shareholders transitioned from a loss of RMB 18.02 million to a profit of RMB 591 million, while gross margins expanded from 44.22% to 60.13%.

Where the growth is coming from

In 2025, the humanoid robot segment accounted for approximately 51% of total revenue, becoming the company's largest business line. Annual humanoid robot shipments surpassed 5,500 units, while cumulative quadruped robot sales between 2023 and 2025 exceeded 33,000 units.

How overseas rivals are valued

International competitors are commanding significantly more aggressive valuations. Figure completed a Series C funding round exceeding USD 1 billion in September 2025, achieving a post-money valuation of USD 39 billion (approximately RMB 280 billion) — more than four times Unitree's IPO market capitalization of RMB 61 billion. Deutsche Bank data highlights a stark contrast in delivery volumes: Figure shipped roughly 150 humanoid robots in 2025, whereas Unitree shipped over 5,500 units, making its output 36 times higher. Meanwhile, Apptronik secured an additional USD 520 million in February, bringing its Series A total to over USD 935 million at a valuation of approximately USD 5 billion, and UK-based Humanoid concluded a USD 152 million Series A round in July at a post-money valuation of USD 1.35 billion.

A rapidly heating domestic market

The domestic landscape is also intensifying rapidly. In the first half of this year, total financing for China's embodied intelligence sector reached RMB 93.5 billion, a fivefold year-over-year increase, with 322 funding events recorded. The number of unicorns valued above RMB 10 billion has climbed to 22, compared to just three in 2025. Some analysts suggest that initial price volatility post-listing is a common phenomenon as emerging industries transition to public markets; the market is shifting from concept-driven speculation to fundamentals-based evaluation, which ironically enhances the scarcity premium for leading players with proven capabilities in mass production and sustained profitability.

Note: This article includes AI-assisted content.