Unitree Robotics' Sci-Tech Innovation Board IPO application has been accepted: pre-reviewed, with expected revenue to increase by 335% in 2025.

Rui Cai Jing Wang Min On March 20, the Shanghai Stock Exchange announced on its official website that Yushu Technology Co., Ltd. (hereinafter referred to as “Yushu Technology”) has been accepted for the STAR Market IPO, with CITIC Securities as the sponsor, and Gao Ruoyang and Chen Xiying as the sponsoring representatives.

According to the official website, Yushu Technology’s IPO has undergone preliminary review, and responses to the first and second round inquiries have been disclosed.

The prospectus shows that Yushu Technology was established in 2016. It is a globally renowned, internationally leading high-performance general-purpose robot company, focusing on the research, development, production, and sales of high-performance humanoid robots, quadruped robots, robot components, and embodied intelligent models.

By 2025, Yushu Technology’s humanoid robot shipments have exceeded 5,500 units (humanoid only, excluding wheeled bipedal robots), ranking first in global shipments.

Yushu Technology plans to raise 4.202 billion yuan, which will be used for the intelligent robot model R&D project, robot body R&D project, new intelligent robot product development project, and the construction of an intelligent robot manufacturing base.

In terms of performance, from 2022 to 2024 and the first nine months of 2025, the company’s operating revenues were 122 million yuan, 159 million yuan, 392 million yuan, and 1.167 billion yuan, respectively, with net profits of -22.10 million yuan, -11.14 million yuan, 94.50 million yuan, and 105 million yuan.

In 2025, the company achieved an operating revenue of 1.708 billion yuan, a year-on-year increase of 335.36%; net profit attributable to the parent company was 288 million yuan, a year-on-year increase of 204.29%; and net profit after deducting non-recurring gains and losses was 600 million yuan, a year-on-year increase of 674.29%, mainly due to rapid growth in product sales during the period.

Before the IPO, Wang Xingxing directly held 86,714,964 shares of the company, accounting for 23.8216% of the total share capital, making him the company’s controlling shareholder. Additionally, under the voting rights differential arrangement, Wang Xingxing’s direct voting rights proportion is 63.5457%. Combined with the Shanghai Yuyi Equity Incentive Holding Platform he controls, the total voting rights controlled by him amount to 68.7816%. Therefore, Wang Xingxing is the company’s controlling shareholder and actual controller.