具身智能领域的两家头部企业正相继向资本市场发起冲击。智元启动赴港上市流程，目标估值为400-500亿港元，折合最高约433亿元人民币，与宇树420亿元的初始发行市值基本相当1。两家公司在全球人形机器人领域形成直接竞争，但产品形态各有侧重——智元强调多形态通用机器人的规模优势，宇树则专注纯双足人形机器人的研发1。
从业绩表现看，两家公司展现出不同的增长轨迹。智元2025年营收达10.5亿元，三年内增长了3500倍1。根据Omdia统计，智元2025年出货5168台通用人形机器人，占全球市场约39%1。智元还于2026年6月宣布第1.5万台机器人正式下线1。相比之下，宇树2025年营收为16.99亿元，扣非净利润5.91亿元，纯双足人形机器人出货量超过5500台1。值得注意的是，宇树2025年前九个月的线上销售收入仅占总收入的13.5%1。
Two leading embodied AI companies are set to go public in succession. Zhiyuan has launched its process to list in Hong Kong with a target valuation of 400–500 billion Hong Kong dollars, equivalent to a maximum of approximately 433 billion yuan, bringing it into direct competition with Unitree's initial public offering valuation of approximately 420 billion yuan.1
Both companies have established significant market positions in the humanoid robotics sector. Zhiyuan emphasized its scale advantage in multi-form general-purpose robots, reporting that its 2025 revenue reached 1.05 billion yuan, representing a 3,500-fold increase over three years.1 According to Omdia statistics, Zhiyuan shipped 5,168 units of general-purpose humanoid robots in 2025, capturing approximately 39 percent of the global market share, and announced in June 2026 that its 15,000th robot had rolled off the production line.1 Unitree, by contrast, focuses on pure bipedal humanoid robots and has shipped more than 5,500 units of this category.1 The company generated 2025 revenue of 1.699 billion yuan with non-GAAP net profit of 591 million yuan.1 Additionally, Unitree's online sales accounted for only 13.5 percent of its revenue during the first nine months of 2025.1
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