宇树科技即将登陆科创板，其招股书显示公司2025年人形机器人出货量超5500台，营收达16.99亿元[1][2]，同时宣布拟募资42.02亿元用于核心技术研发[2]。与此同时，宇树最大竞争对手智元创新也确认启动赴港上市流程，目标估值400亿-500亿港元（约346亿-433亿元），与宇树初始发行市值约420亿元相当[1]。两家企业均成为具身智能行业加速资本化的重要参与者。
从市场表现看，两家公司处于同一水平。智元创新2025年出货量超5100台，占全球约39%市场份额[1]，而宇树量产下线超6500台[1]。在收入增速上，智元创新从2023年成立当年营收仅30万元迅速增至2025年的10.5亿元，2026年一季度营收已超10亿元[1]；宇树则在2024年已实现盈利，毛利率达60%[1]。宇树招股书显示，其人形机器人单价两年内从59.34万元/台下降至16.64万元，降幅约72%，但毛利率仍保持在63.18%[2]，体现了规模化生产带来的成本优化。
行业分析机构预测，2026年中国人形机器人市场产量将同比增长94%[1]，宇树和智元两家合计将囊括近80%的出货占比[1]。不过两家公司在商业应用上存在差异。宇树2025年前三季度人形机器人收入中科研教育占73.6%，商业消费占17.39%，行业应用占9.01%[1]。此外，招股书指出其具身大模型技术仍处于研发测试阶段，报告期内尚未规模化应用[2]。
Two of China's leading humanoid robot manufacturers are accelerating their paths to public markets, signaling rapid consolidation in the embodied artificial intelligence sector. Unitree Robotics disclosed its Scientific and Technological Innovation Board prospectus, while its closest competitor, Unitree Innovation, has confirmed plans to list in Hong Kong with a target valuation of 400 billion to 500 billion Hong Kong dollars—roughly equivalent to Unitree's initial public offering valuation of approximately 420 billion yuan.[1] The two companies operate at comparable scales across shipment volumes, production capacity, and revenue, though they employ different technical approaches and business models.[1]
In 2025, Unitree Robotics shipped over 5,500 humanoid robots with cumulative production exceeding 6,500 units, while Unitree Innovation delivered more than 5,100 units, capturing approximately 39 percent of the global market share.[1] Unitree Innovation's financial trajectory has been steep: founded in 2023 with revenue of only 300,000 yuan that year, the company expanded to over 60 million yuan in 2024 before surging to over 1.05 billion yuan in 2025, with first-quarter 2026 revenue already exceeding 1 billion yuan.[1] Unitree Robotics reported full-year 2025 revenue of 1.699 billion yuan and first-quarter 2026 revenue of 423 million yuan, having achieved profitability in 2024 with a gross margin of 60 percent.[1]
Unitree's IPO aims to raise 4.202 billion yuan, with 2.022 billion yuan directed toward research and development of intelligent robot models.[1] The company has already sold 5,215 robots.[2] Unit prices fell approximately 72 percent from 593,400 yuan in 2023 to 166,400 yuan in 2025, while gross margins on humanoid robots remained robust at 63.18 percent.[2] Accounts receivable represented only 3.64 percent of revenue at year-end 2025, reflecting a standardized product delivery model similar to consumer electronics.[2] Industry forecasts predict China's humanoid robot market will grow 94 percent in 2026, with Unitree and Unitree Innovation collectively capturing close to 80 percent of shipments.[1]
