宇树科技将于8月10日启动网上申购并正式上市，拟融资42.02亿元[1]。公司拟公开发行不低于4044.64万股，占发行后总股本不低于10%[1]，隐含IPO估值约420亿元[1]。
在业绩表现方面，宇树2025年实现营业收入16.99亿元，主营业务毛利率达60.13%[1]。其中人形机器人成为公司增长新引擎，2025年全年销售超5500台、总产量超6500台[1]，前三季度人形机器人收入5.95亿元，占比51.53%，首次超过四足机器人[1]。进入2026年第一季度，公司收入4.23亿元同比增长68.49%[1]。
本轮融资的核心战略是从硬件制造商向平台型企业升级。募资20.22亿元用于具身智能大模型研发，占募资比例48%[1]。客户端方面，前五大客户合计占营收比重10.61%，第一大客户京东占比3.54%[1]，反映出公司客户结构相对分散。不过需要注意的是，2026年第一季度扣非净利润同比下降52.55%[1]，盈利能力面临压力。
Unitree Robotics will launch its initial public offering on August 10, with plans to raise 4.202 billion yuan through the issuance of no fewer than 40.4464 million shares, representing at least 10% of post-listing total shares [1]. The company aims to transition from a hardware manufacturer to a platform-based enterprise, with 48% of the raised capital—approximately 2.022 billion yuan—earmarked for research and development of embodied AI large models [1].
The humanoid roboticist has established itself as a leading player in the sector, achieving 1.699 billion yuan in operating revenue in 2025 with a gross profit margin of 60.13% [1]. Humanoid robot sales exceeded 5,500 units in 2025, with total production surpassing 6,500 units [1]. Humanoid robot revenue reached 595 million yuan in the first three quarters of 2025, accounting for 51.53% of total revenue and surpassing four-legged robot sales for the first time [1]. The company's largest customer, JD.com, accounts for 3.54% of revenue, while the top five customers collectively represent 10.61% of total sales [1].
However, despite strong revenue growth in the first quarter of 2026—reaching 423 million yuan, a 68.49% year-over-year increase—the company faced profitability challenges, with non-GAAP net profit declining 52.55% year-over-year [1]. Based on the IPO valuation of approximately 42 billion yuan, the company trades at roughly 25 times its 2025 revenue and over 150 times static earnings [1].
