Unitree IPO Challenges UBTECH for China Robotics Crown
Unitree filed for a high-profile initial public offering on China’s STAR Market, setting the stage for a valuation showdown with Hong Kong-listed rival UBTECH for dominance in the world’s largest robotics market.
The March 26, 2026 prospectus reveals Unitree plans to raise RMB 4.2 billion (US$608.7 million) to fund AI model and hardware development. The filing exposes a stark strategic divergence in China's humanoid robot sector: Unitree has achieved aggressive early profitability through consumer and research applications, while UBTECH absorbs heavy losses to penetrate complex automotive manufacturing lines.
Investors are now weighing Unitree's stellar 2025 adjusted net profit of RMB 600 million against UBTECH’s RMB 790 million loss. However, market analysts caution that Unitree’s leaner research and development budget may cap its industrial upside in the broader AI-driven automation race.
Diverging Strategies Reshape Profitability
The financial blueprints of the two companies reflect entirely different go-to-market strategies. In 2025, Unitree generated RMB 1.71 billion in revenue, driven largely by its dominance in the quadruped robot market, where it sold nearly 30,000 units since 2022. Its humanoid segment also saw explosive growth, shipping 5,500 units primarily for display and research purposes at an average price of RMB 168,000
UBTECH, which listed in December 2023 and commands a market capitalization of approximately HK$56 billion, took a heavier industrial approach. It reported RMB 2 billion in 2025 revenue. Crucially, UBTECH ranked first globally in full-size humanoid robot shipments, delivering 1,079 units priced around RMB 760,000 each. These premium units are actively deployed in factory floors for major automakers, including BYD and FAW Group.
Unitree’s focus on lower-barrier markets allowed it to maintain a gross margin of 59.8% in the first three quarters of 2025, outpacing its operating expenses and resulting in early profitability. Conversely, UBTECH's heavy industrial push kept its operations in the red, though its loss margin narrowed significantly to 39% in 2025.
Industrial Deployment Tests R&D Depth
While Unitree’s immediate financial metrics appear superior, the underlying capital expenditure data suggests potential long-term structural risks. The race to develop "embodied AI" requires massive investment in large language models and spatial computing.
Between 2022 and 2025, UBTECH committed RMB 1.9 billion to R&D, averaging RMB 120 million per quarter. In stark contrast, Unitree’s R&D expenditure over a similar period totaled just RMB 240 million. In the first three quarters of 2025, Unitree’s R&D spending stood at a modest RMB 90 million, accounting for only 7.7% of its revenue.
Unitree's hardware-centric approach—focusing on motors and motion control algorithms—has proven successful for agile, consumer-grade products. Yet, penetrating the high-stakes manufacturing sector requires robust AI frameworks capable of autonomous problem-solving in dynamic environments. As Unitree transitions to public markets, its ability to scale its R&D infrastructure to match industrial demands will dictate whether it can sustain its premium valuation over legacy players like UBTECH.
Related Coverage：
UBTECH Founder Zhou Jian: “To Build a Real Humanoid Robot, I’m Willing to Bet Everything”
Unitree Robotics Founder Predicts Embodied AI’s 'ChatGPT Moment' Is Still Years Away