宇树科技的科创板IPO审核已生效，公司以约420亿元的发行估值即将成为A股人形机器人第一股。[1]这次IPO从3月份提交申请到注册生效仅用时104天，创下科创板预先审阅机制落地以来的最快审核纪录。[1]
从业务表现看，宇树科技2025年营收达16.99亿元，扣非净利润为5.91亿元，毛利率达60.13%。[1]其在四足机器人领域拥有全球超60%的市占率，人形机器人出货量超过5500台，全球市占率达32.4%。[1]公司核心零部件自研率超95%，国产化率超85%。[1]
2026年Q1营收增速从332%骤降至68%，扣非净利润出现同比下滑。[1]
收入结构方面存在明显短板，科研教育客户占比达73.6%，而工业客户仅占9%。[1]本次IPO募集资金中，20.2亿元（占比48%）将投入具身大模型研发。[1]
Unitree Technology has secured regulatory approval for its Shanghai Stock Exchange Science and Technology Innovation Board (STAR Market) listing with an estimated issuance valuation of approximately 42 billion yuan, positioning it to become China's first humanoid robot stock [1]. The company's initial public offering application, submitted in March, received registration approval in just 104 days, marking the fastest approval timeline since the STAR Market's pre-review mechanism was introduced [1].
The startup's financial performance in 2025 showed revenues of 1.699 billion yuan and non-GAAP net profit of 591 million yuan with a gross margin of 60.13 percent [1]. Growth dynamics shifted notably in the first quarter of 2026, with revenue growth decelerating from 332 percent to 68 percent year-over-year, and non-GAAP net profit declining on a comparable basis [1]. Unitree commands dominant market positions across its product lines: its quadruped robots hold over 60 percent global market share, while its humanoid robots have shipped more than 5,500 units globally, representing a 32.4 percent market share [1].
The company's technological capabilities underscore its competitive positioning, with over 95 percent of core components developed in-house and over 85 percent domestically sourced [1]. Its revenue structure reveals significant concentration risk, with academic and research institutions comprising 73.6 percent of sales while industrial customers represent only 9 percent [1]. Of the capital raised through this IPO, 2.02 billion yuan—accounting for 48 percent of total proceeds—will be allocated to developing embodied large language models [1].
