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]
