Five Interesting Points We Discovered in Unitree's IPO Prospectus

MaticHoleFiller · 2026-03-23T19:51:28+00:00

Unitree Robotics' IPO has attracted considerable attention. Its prospectus indicates a production-to-sales ratio exceeding 95%, with orders fully booked. At the same time, the annual production target of 190,000 robots does not align with the sales data projected for 2025, which seems inconsistent. JD.com is the company's largest customer, and founder Wang Xingxing mentioned that the company will be dedicated to realizing the dream of artificial intelligence.

MaticHoleFiller

2026-03-23 19:51:28

Abstract generation in progress

21st Century Business Herald Reporter Zhao Yunfan Report

Yushu Technology may be the most talked-about IPO in the A-share market in recent years. What interesting information does its prospectus reveal?

Yushu Robotics has a production and sales rate of over 95%, meaning Yushu has no inventory, orders are fully booked, and they are almost producing and selling one robot at a time.
Yushu’s fundraising plan is to produce 190,000 robots annually, of which 75,000 are humanoid. However, by 2025, they have only sold just over 5,000 units. In simple terms, the robots sold in 2025 are less than one-tenth of the planned production capacity.
The prospectus states that Yushu’s embodied intelligence model has completed deployment testing, with the task of “autonomously assembling joint motors,” and mentions that robots are already assisting in assembly, testing, and material handling in factories. In other words, Yushu’s robots are built using robots.
Many believe that research institutes and universities are the biggest markets for humanoid robots. But the prospectus shows that Yushu’s largest customer is JD.com, possibly for self-operated use, and the best market is commercial retail. Additionally, Yushu has developed a robotic dog for companionship, specifically serving sports enthusiasts. Perhaps an engineer got inspired while walking their dog.
Founder Wang Xingxing wrote in a letter to investors, “Let us work together to realize humanity’s ultimate dream: AGI.” It seems that, compared to pure robots, this engineer’s dream is still artificial intelligence.

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