"Robot First Stock" Unitree Robotics' STAR Market IPO Application Accepted, Plans to Raise Over 4 Billion Yuan

The STAR Market welcomes the “First Robot Stock”! On March 20, the Shanghai Stock Exchange officially accepted the application for the initial public offering of Yushu Technology Co., Ltd. (hereinafter referred to as “Yushu Technology”) on the STAR Market.

As the second company to apply after the implementation of the pre-approval mechanism for listing on the STAR Market, Yushu Technology’s IPO has attracted significant attention from the capital market and industry. The pre-approval mechanism is an important safeguard for technology-based companies engaged in key core technology breakthroughs or meeting other specific conditions, helping to prevent the early disclosure of business and technical information or listing plans from causing major adverse effects on their operations.

Yushu Robotics participates in the Robotics Sports Meet.

This high-tech enterprise, focused on high-performance general-purpose robots, has become a benchmark in the field of embodied intelligence and humanoid robots worldwide, thanks to its fully self-developed core technology system and leading global scale commercial capabilities. It also adds a key player to the high-tech landscape of the STAR Market.

Previously, investment institutions such as Morgan Stanley and Nuoxin Fund generally believed that the core challenge in industrializing general-purpose robots lies in balancing technical performance, mass production capacity, and commercialization costs. Yushu Technology has achieved autonomous control of core components through full-stack self-research and development, breaking through “bottleneck” technologies, and significantly lowering the market entry barrier for high-performance robots through large-scale delivery, pushing the industry from “prototype development” into a new stage of “mass deployment.”

In recent years, the company’s main business revenue has maintained rapid growth, with revenues of 123 million yuan in 2022, 159 million yuan in 2023, and 392 million yuan in 2024. From January to September 2025, revenue has already reached 1.167 billion yuan, with projected annual revenue further increasing to 1.7 billion yuan. The revenue structure continues to optimize, with humanoid robot business revenue rising sharply from 1.88% in 2023 to 51.53% from January to September 2025, forming a core dual pillar alongside quadruped robots. Profitability has also improved, with gross profit margin steadily increasing from 44.18% in 2022 to 59.45% in the first nine months of 2025. In 2024, net profit reached 94.5 million yuan, and after excluding non-recurring gains and losses, the net profit attributable to the parent company in 2025 is expected to reach 600 million yuan, demonstrating strong core profitability.

According to the prospectus, the company plans to issue no less than 40.0464 million new shares in this public offering. The raised funds will be used for four major projects: intelligent robot model R&D, robot body R&D, new intelligent robot product development, and the construction of an intelligent robot manufacturing base, with a total fundraising target of 4.202 billion yuan. These projects will focus on the company’s core business, further strengthening its advantages in core technology development, product iteration, and large-scale production capacity, helping the company maintain its global leadership position.

Unitree G1.

Market experts say that the STAR Market continues to serve as a testing ground for reform and innovation in the capital market. The robotics industry is a key driver of a new round of industrial transformation and economic growth, as well as a strategic high ground in global technological competition. As a leading enterprise in general-purpose robots and embodied intelligence, Yushu Technology is at the forefront in engineering mass production, product iteration speed, product matrix layout, motion control capabilities, and open-source ecosystem. It continues to lead the development of the general-purpose robot industry. After listing, leveraging the capital empowerment advantages of the STAR Market, the company can accelerate core technology breakthroughs, capacity expansion, and scene application, providing a solid foundation for the industrialization and popularization of general-purpose robots. Additionally, as one of the most well-known and highest-shipped companies in the global general-purpose robot field, its listing will also enhance the reputation of the STAR Market, attract high-quality innovative companies, optimize asset structure in the capital market, and promote the rapid growth of more high-tech, innovative enterprises—ultimately driving China’s high-quality economic development and cultivating new productive forces.