Unitree Robotics Rushes Toward IPO: Chairman Wang Xingxing Leads with Annual Salary of 2.49 Million, Executive Compensation Structure Exposed

The Shanghai Stock Exchange recently announced that Yu Shu Technology Co., Ltd. (referred to as “Yu Shu Technology”) has officially had its Sci-Tech Innovation Board IPO application accepted. CITIC Securities is serving as the sponsor, with Gao Ruyang and Chen Xiying as sponsoring representatives. According to the preliminary review documents, the company has responded to the first and second rounds of inquiries and is expected to become the first listed company in the A-share market focused on humanoid robots.

The prospectus shows that Yu Shu Technology was founded in 2016 and is a leading enterprise in the global high-performance general-purpose robot industry. Its business covers the research, development, production, and sales of humanoid robots, quadruped robots, core components, and embodied intelligent models. By 2025, the company’s humanoid robot shipments are expected to exceed 5,500 units (excluding wheeled dual-arm models), maintaining the top position globally. Financial data indicates that from 2022 to 2025, the company’s operating revenue increased from 122 million yuan to 1.708 billion yuan, and net profit shifted from a loss of 22.1005 million yuan to a profit of 288 million yuan, achieving a turnaround in 2024.

In terms of equity structure, founder Wang Xingxing directly holds 23.82% of the shares and, through voting rights arrangements and the Shanghai Yuyi Equity Incentive Platform, controls a total of 68.78% of voting rights, becoming the company’s actual controller. Public information shows that Wang Xingxing was born in 1990, holds a master’s degree, and has served as chairman, general manager, and chief technology officer since 2016.

Regarding executive compensation, in 2024 (before the suspension of the supervisory board), the total salary for the board, supervisory, and senior management team was 8.6389 million yuan. Among them, Chairman Wang Xingxing received 2.4952 million yuan, while directors Chen Li and Zhang Yangguang each earned over 1 million yuan, with 1.3669 million yuan and 1.3382 million yuan respectively. Director Yang Zhiyu’s salary was 970,400 yuan, and CFO Wang Feng’s was 466,800 yuan.

The background of the core team shows that Director Yang Zhiyu (born in 1991) has been responsible for mechanical structure design since 2016 and currently serves as a director; Director Zhang Yangguang (born in 1993) previously worked at Qinuo Technology and Sainuo Micro Medical, and joined Yu Shu Technology in 2018, leading algorithm and software development; Director Chen Li (born in 1990) has been responsible for sales and service system construction since 2018; CFO Wang Feng (born in 1982) has 15 years of financial management experience and has worked at multiple listed companies before joining Yu Shu Technology in 2021.