"The First Stock of Humanoid Robots" Is About to Emerge: Unitree Robotics' Shanghai Tech Board IPO Application Accepted

Long-awaited and finally here.

On March 20th, UTree Technology Co., Ltd. (hereinafter referred to as “UTree Technology”) filed its IPO prospectus for the STAR Market.

With the disclosure of this prospectus, the public finally gets a glimpse into UTree Technology’s commercialization process.

During the reporting period, UTree Technology’s performance grew rapidly.

In 2024, UTree Technology’s revenue and net profit attributable to the parent company were 392 million yuan and 95 million yuan, respectively. However, in the first three quarters of 2025, these figures already reached 1.167 billion yuan and 105 million yuan, surpassing the full-year performance of 2024.

This was directly driven by a surge in humanoid robot sales.

In 2022 and 2023, quadruped robots were the absolute revenue pillar, accounting for over 70%.

But with the mass production of humanoid robots H1 in 2023, sales of this category skyrocketed. In the first three quarters of 2025, revenue reached 595 million yuan, more than five times the total for 2024.

It is worth noting that the 2025 Year of the Snake Spring Festival Gala, which propelled UTree Technology’s humanoid robots into the spotlight, was a cost-effective marketing campaign.

In 2025, 16 H1 humanoid robots participated in the CCTV Year of the Snake Spring Festival Gala dance performance “YANG BOT,” attracting widespread market attention.

However, in stark contrast to this massive traffic boost, overall sales expenses remained relatively controlled.

In the first three quarters of 2025, UTree Technology’s sales expenses were 76 million yuan, accounting for 6.51% of revenue.

For this IPO, UTree Technology plans to raise 4.2 billion yuan, which will be invested in projects such as intelligent robot models, core components, new product development, and manufacturing bases.

Regarding capital operations and governance structure, UTree Technology’s shares are divided into Class A super voting rights and Class B ordinary shares.

Apart from specific matters stipulated in the company’s articles of association, each Class A share grants 10 votes at shareholders’ meetings, while each Class B share grants 1 vote.

UTree Technology’s controlling shareholder and actual controller, Wang Xingxing, holds 44.07 million shares with Class A super voting rights; the rest are Class B ordinary shares.

This means that although Wang Xingxing currently controls only 34.76% of UTree Technology’s shares, the voting rights are amplified to 68.78% under the special voting rights arrangement.

As of the last round of financing before the filing, UTree Technology’s post-investment valuation was 12.7 billion yuan.

Additionally, UTree Technology’s application adopts a pre-review mechanism. Along with the prospectus, two rounds of inquiry materials from the Shanghai Stock Exchange have been filed, indicating that core compliance and disclosure issues have been addressed in advance, which could significantly accelerate the listing process on the STAR Market.

Risk Warning and Disclaimer

Market risks exist; investments should be cautious. This article does not constitute personal investment advice and does not consider individual users’ specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Invest at your own risk.