Unitree Robotics IPO Finally Arrives with 4.2 Billion Yuan Fundraising, Wang Xingxing Controls Nearly 70% Voting Rights

(Author: Damai Finance, authorized by Titanium Media)

Text | Damai Finance

Following the viral success of the “Spring Festival Gala Robot,” Yushu Technology has taken a significant step toward going public.

On March 20, the Shanghai Stock Exchange website disclosed the prospectus of Yushu Technology Co., Ltd. (hereinafter referred to as “Yushu Technology”). This IPO will issue no less than 40,446,434 new shares, representing at least 10.00% of the total shares after issuance.

Yushu Technology plans to raise approximately 4.202 billion yuan, mainly for research and development of intelligent robot models, robot hardware, new smart robot products, and the construction of intelligent robot manufacturing bases.

Yushu Technology is a well-known domestic intelligent robot company. Its H1 humanoid robot gained widespread attention after participating in the 2025 CCTV Spring Festival Gala dance program “YangBOT.” In the 2026 CCTV Spring Festival Gala martial arts segment “WuBOT,” Yushu Technology’s G1 and H2 challenged high-dynamic martial arts movements, attracting further public interest.

Thanks to its stunning appearance at the Spring Festival Gala, Yushu Technology’s performance experienced explosive growth. The prospectus shows that in 2025, the shipment of humanoid robots exceeded 5,500 units, ranking first globally. In the same year, the company achieved revenue of 1.708 billion yuan, a year-on-year increase of 335.36%; net profit attributable to shareholders exceeded 600 million yuan, with an astonishing growth rate of 674.29%.

In June 2025, Yushu Technology completed approximately 700 million yuan in Series C funding, with investors including China Mobile, Tencent, Hangzhou Haoyue, and others. After this financing, the company’s valuation was about 12.7 billion yuan.

This year marks the tenth anniversary of Yushu Technology’s founding. Its founder, Wang Xingxing, is a “post-90s” generation entrepreneur and currently serves as Chairman, General Manager, and Chief Technology Officer. Wang Xingxing directly holds 23.82% of the company’s shares. Under the voting rights differential arrangement, his voting rights correspond to 63.55%. Additionally, through his control of the equity incentive platform Shanghai Yuyi, Wang Xingxing controls a total of 68.78% of voting rights, making him the controlling shareholder and ultimate controller of Yushu Technology.

Notably, Yushu Technology is the second company to apply the Sci-Tech Innovation Board’s “Pre-Review” mechanism for IPO. Along with disclosing the prospectus, it also published responses to two rounds of inquiries from the Shanghai Stock Exchange, issued in January and March of this year. In June last year, the China Securities Regulatory Commission issued a document proposing the pilot of the IPO pre-review mechanism to protect information and technological security, meet the needs of key core technology enterprises, and reduce the exposure time during listing.

Sustained High Growth in Performance

As an intelligent robot company, Yushu Technology’s products include humanoid robots, quadruped robots (commonly known as “robot dogs”), as well as core components such as joint modules, dexterous hands, collaborative robotic arms, and perception sensors.

Leveraging these products, Yushu Technology has seen continuous revenue growth in recent years and successfully turned a profit in 2024. From 2022 to 2025, the company’s operating revenues were 123 million yuan, 159 million yuan, 392 million yuan, and 1.708 billion yuan, respectively; net profits attributable to shareholders were -22 million yuan, -11 million yuan, 95 million yuan, and 288 million yuan.

As product sales increased, operating costs were gradually amortized, and gross profit margins improved. In 2023, 2024, and the first three quarters of 2025, gross margins were 44.22%, 56.41%, and 59.45%, respectively.

Before 2024, quadruped robots were Yushu Technology’s main revenue source. After the launch of its humanoid robots, this segment gradually surpassed quadruped robots to become the company’s largest revenue contributor. In the first three quarters of 2025, revenue from humanoid robots was 595 million yuan, accounting for 51.53% of total revenue, while quadruped robot revenue was 488 million yuan, accounting for 42.25%.

Where are these robots mainly sold? The prospectus only reveals some major clients. In the first three quarters of 2025, the largest customer was JD.com, accounting for 3.54% of sales, and the third largest was Beijing Chaoyuan Times Technology, with 1.55%. Public information indicates that Beijing Chaoyuan Times Technology mainly focuses on applying robotics and AI in education, research, and commercial fields.

From an application perspective, research and education are the primary markets for Yushu Technology’s robot products. Before 2024, over half of the quadruped robots were used in research and education. As “robot dogs” gained popularity in the consumer market, by the first three quarters of 2025, sales in the commercial consumer sector rose to 42.30%, making it the largest application field for this product.

Humanoid robots from Yushu Technology are still mainly used in research and education, accounting for 73.60% of sales in this sector during the first three quarters of 2025.

To develop robot products, Yushu Technology has increased its R&D expenses in recent years. R&D costs for 2023, 2024, and the first three quarters of 2025 were 50 million yuan, 70 million yuan, and 90 million yuan, respectively. However, as revenue grew rapidly, the R&D expense ratio continued to decline, at 31.39%, 17.84%, and 7.73%, respectively.

“Post-90s” Founder Wang Xingxing

Yushu Technology was founded by Wang Xingxing, born in 1990 in Yuyao, Ningbo, Zhejiang. He studied mechanical automation at Zhejiang University of Technology. Even as a student, Wang Xingxing demonstrated strong hands-on skills; in 2009, during his first year of college, he built a bipedal robot with just 200 yuan. During his master’s studies, he also developed a robot called X-Dog.

In 2016, Wang Xingxing briefly worked at DJI before leaving to start his own business, founding Yushu Technology. In 2017, the company launched its first quadruped robot, and in 2023, it introduced its first humanoid robot.

Throughout its development, Yushu Technology has attracted many investment institutions. Business information shows that since its founding, the company has completed 10 rounds of financing. Meituan’s affiliated companies are the largest external shareholders.

Currently, three Meituan-affiliated companies hold equity in Yushu Technology: Hanhai Information, Galaxy Z, and Chengdu Longzhu, which are in a concerted action relationship, holding a combined 9.65%. Additionally, Sequoia China holds 7.11%, and Matrix Partners China holds 5.45%.

Notably, in May 2025, Yushu Technology established a special voting rights share class, converting Wang Xingxing’s 44.0743 million shares into Class A special voting rights shares, which carry special voting rights. The remaining shares are Class B ordinary shares without special voting rights. The prospectus states that each special voting right share has 10 votes, while each ordinary share has 1 vote.

This arrangement significantly enhances Wang Xingxing’s control over Yushu Technology. After completion, he holds nearly 70% of the voting rights. The prospectus indicates that under the special voting rights mechanism, the actual controller can influence ordinary resolutions at the general meeting and also have decisive influence over special resolutions, greatly strengthening his control over company decisions.