Unitree IPO
All humanoids are robots, but not all robots are humanoids
Robotics is the broad field of designing, building, and using robots. Massive use of robots was seen in 1990s and 2000s, while humanoids are a specific type of robot built to look and move like humans. Many international bodies have been established to codify how humans interact with physical space.
According to GlobalTimes report, the SSE (Shanghai Stock Exchange) will review humanoid maker Unitree Robotics' IPO on June 1, 2026, for a listing on the STAR market. The Hangzhou based firm in Zhejiang province said its gross profit margin is 60.13%, up nearly 16 percentage points. Under the IPO plan, Unitree intends to issue no fewer than 40.44 million new shares and raise 4.2 billion yuan (approx US$620 million) at a valuation of 42 billion yuan (around US$6.2 billion). Unitree claims more than 90 percent of its core components are now self-developed and self-produced.
Figure 8: Leading innovators in humanoid robotics - Source: PATSTAT, Barclays Research
Figure 16: Global humanoid robot deployment forecast through 2035 - Source: Barclays Research
According to the Barclays report, in humanoid robotics the leading innovators are based in China; see Figure 8 in the report. China accounts for about 75% of humanoids patents since 2010. UBTech Robotics was listed on the Hong Kong Stock exchange in 2023. Leju Robotics and DEEP Robotics have already been accepted by the ChiNext board of the Shenzhen Stock Exchange and the STAR Market of the SSE, respectively. With around 85% concentrated in China, global humanoid robot production could reach up to 13 million a year by 2035.
The MIIT (Ministry of Industry and Information Technology) said China had more than 140 humanoid robot manufacturers by 2025, launching over 330 product models.