A humanoid maker opens its books
Unitree Robotics listed on the STAR Market of the Shanghai Stock Exchange. By its prospectus it shipped 5,511 humanoids in 2025, and its revenue was 1.70 billion yuan.
Why it matters
A listing forces disclosure, and shipments stated in a prospectus are a different class of evidence from a product page or an analyst's estimate.
The price of 150.8 yuan a share was agreed on 6 August; at that price the market value after the offering was about 61 billion yuan. 40,446,434 new shares were issued, 10% of the enlarged capital. By the prospectus, 5,511 humanoids were shipped and 5,215 sold in 2025; the company calls this first in the world. On debut, by press reports, the shares rose as much as 629% intraday and closed 460% higher. That this is the first listing of a humanoid maker in mainland China is said by the press, not the prospectus.