Net Profit Surges 200%, Rakes in 288 Million! Unitree Robotics IPO Application Accepted, Humanoid Robots Nearly at Full Capacity and Full Sales

Source: Times Finance Author: Guo Meiting

The “First Stock of Humanoid Robots” in A-shares is coming.

                      Image source: Screenshot from Yushu Technology official website            

On March 20, the Shanghai Stock Exchange website showed that Yushu Technology Co., Ltd. (hereinafter referred to as “Yushu Technology”)'s Sci-Tech Innovation Board IPO application has been accepted.

As a high-performance general-purpose robot company, Yushu Technology focuses on the research, development, production, and sales of high-performance humanoid robots, quadruped robots, robot components, and embodied intelligent models. For this IPO, Yushu Technology plans to raise a total of 4.202 billion yuan. More than 85% of the funds will be used for R&D projects, including intelligent robot models, robot body development projects, and new intelligent robot product development projects.

According to the reply to the second-round inquiry letter of the publicly released pre-review application documents, Yushu Technology plans to release an “embodied foundational model for general-purpose humanoid robots” within three years.

At the same time, Yushu Technology will also allocate part of the raised funds to the “Robot Manufacturing Base Construction Project.” Yushu Technology told Times Finance that once the project is completed, it is expected to achieve an annual production capacity of 75,000 humanoid robots and 115,000 quadruped robots.

                      Image source: Screenshot from Yushu Technology IPO prospectus            

The prospectus shows that from 2022 to 2024, Yushu Technology achieved operating revenues of 123 million yuan, 159 million yuan, and 392 million yuan, respectively, with net profits attributable to the parent of -22.10 million yuan, -11.14 million yuan, and 94.50 million yuan.

In 2025, the company is expected to achieve operating revenue of 1.708 billion yuan, a year-on-year increase of 335.36%; net profit of 288 million yuan, a year-on-year increase of 204.29%; and net profit after deducting non-recurring gains and losses of 600 million yuan, a year-on-year increase of 674.29%, mainly due to rapid product sales growth.

                      Image source: Screenshot from Yushu Technology IPO prospectus            

Quadruped robots and humanoid robots constitute Yushu Technology’s main sources of income. According to the prospectus, in 2022 and 2023, revenue from quadruped robots accounted for over 75%. In 2024 and 2025, the proportion decreased to 59.53% and 42.25%, respectively.

Since August 2023, Yushu Technology has launched its first general-purpose humanoid robot H1, followed by the self-developed release of four series of humanoid robots (excluding wheeled types). By the first three quarters of 2025, the humanoid robot business surpassed the quadruped robot business in revenue share for the first time, reaching 51.53%, becoming the company’s “cash cow.”

                      Image source: Screenshot from Yushu Technology IPO prospectus            

The gross profit margin of the humanoid robot business is also the highest among the main business segments, reaching 87.67% in 2023. In the first three quarters of 2024 and 2025, the gross profit margin remained above 60%. Overall gross profit margin in 2024 was 56.98%, far exceeding the industry average of 37.61%, and also higher than Hong Kong-listed robot companies UBTECH (09880.HK) and Yuejiang (02432.HK).

                      Image source: Screenshot from Yushu Technology IPO prospectus            

From sales data, from 2022 to the first three quarters of 2025, Yushu Technology’s quadruped robot sales exceeded 30,000 units, and humanoid robot sales approached 4,000 units. In 2025, the total shipment of humanoid robots exceeded 5,500 units (pure humanoid, excluding wheeled dual-arm robots), ranking first globally in the industry.

In addition, in the first three quarters of 2025, Yushu Technology’s quadruped robot production and sales rate was nearly 85%, while the humanoid robot production and sales rate exceeded 95%, basically achieving full production and full sales, meaning each unit produced can be sold.

                      Image source: Screenshot from Yushu Technology IPO prospectus            

From 2022 to the first three quarters of 2025, Yushu Technology’s R&D investment was 29.98 million yuan, 49.95 million yuan, 70.02 million yuan, and 90.21 million yuan, accounting for 24.39%, 31.39%, 17.84%, and 7.73% of operating revenue, respectively.

It is understood that Yushu Technology adopts a production organization model combining自主装配 of complete machines and core components, with parts and some processes outsourced for processing. That is, the complete robots and core components are produced and assembled internally, while non-core parts and some processes are procured and processed externally.

Yushu Technology mentioned that from 2022 to 2024 and the first nine months of 2025, the company’s revenue from overseas accounts for over 35%, with a relatively high proportion. During the reporting period, the company also purchased imported materials through domestic agents, accounting for about 20% of the total raw material procurement.

From 2022 to the first three quarters of 2025, Yushu Technology’s inventory book value was 77.54 million yuan, 78.96 million yuan, 141 million yuan, and 278 million yuan, respectively, accounting for 24.12%, 24.20%, 11.07%, and 11.14% of current assets, with the amount continuously increasing and a relatively high proportion. During the same period, accounts receivable balances were 7.85 million yuan, 11.07 million yuan, 21.59 million yuan, and 83.45 million yuan, respectively, accounting for 6.38%, 6.95%, 5.50%, and 7.15% of operating revenue.

Industry research predicts that by 2030, the global humanoid robot market will reach $15 billion, with sales volume growing to 605,700 units. China’s humanoid robot market is expected to reach nearly 38 billion yuan, with sales volume increasing to 271,200 units by 2030. On March 17, at the “2026 Yabuli China Entrepreneurs Forum Annual Conference,” Yushu Technology founder and CEO Wang Xingxing stated, “The embodied intelligence ChatGPT moment” means that in 80% of unfamiliar scenarios, robots can successfully complete about 80% of tasks through voice or text commands. He said that the “ChatGPT moment” of embodied intelligence may still take at least 2 to 3 years— but it could also happen very quickly.