Unitree Robotics IPO: Its Core Significance May Surpass Expectations

China National Radio Beijing, March 22 — (Reporter Fu Tianming) The global leader in embodied intelligence, Yushu Technology Co., Ltd. (hereinafter referred to as “Yushu Technology”), has officially been accepted by the Shanghai Stock Exchange for its IPO application on the STAR Market. This marks the company’s official push into the capital market. As the second company to apply under the STAR Market’s “pre-review” mechanism, Yushu Technology plans to issue no less than 40.44 million new shares (accounting for at least 10% of the total shares after issuance), aiming to raise 4.202 billion yuan. The funds will focus on four core areas: intelligent robot model research and development, core hardware development, new product development, and the construction of manufacturing bases. Experts say that this IPO is not only a step forward for the company’s capital growth but also reflects industry trends where artificial intelligence industries move from concept to real economy, breakthroughs in embodied intelligence technology resonate with the “tech bull” market, and its significance for upgrading hard technology industries may far exceed market expectations.

Accelerating Deployment of Artificial Intelligence Industry: From Concept Validation to Penetration Across Industries

AI is rapidly moving beyond the “concept hype” stage, deeply penetrating various sectors of the real economy, becoming the core engine driving the integration of digital and physical economies. Li Lecheng, Minister of Industry and Information Technology, disclosed at the 2026 National Two Sessions “Minister’s Channel” that by 2025, China’s core AI industry will exceed 1.2 trillion yuan, with over 6,200 core enterprises. AI tools are empowering production; by the end of 2025, the application rate of AI technology in large-scale manufacturing enterprises will surpass 30%. AI-powered intelligent terminals are integrated into daily life, with over 300 humanoid robot products released domestically. The marketization of data elements and the widespread accessibility of technology provide solid support for AI deployment.

On the industrial side, the integration of AI with manufacturing, logistics, and service scenarios has entered a scale verification phase. Liu Liehong, Director of the National Data Bureau, stated at the 2025 Digital China Construction Summit that by the end of 2024, China’s number of lighthouse factories accounted for over 40% of the global total. These factories are typical carriers of deep integration between AI and industrial production—from Haier’s AI quality inspection line in Qingdao to embodied robots in the Guangdong-Hong Kong-Macao Greater Bay Area and intelligent assembly workshops in the Yangtze River Delta automotive industry cluster. AI is replacing traditional labor in high-precision, repetitive, and high-risk tasks, boosting production efficiency by over 30%.

According to the “2025 White Paper on the Development of Intelligent Manufacturing in China” by the China Academy of Information and Communications Technology, by 2025, over 65% of large-scale manufacturing enterprises will have completed digital transformation, with AI penetration in production increasing from 19.9% in 2024 to 25.9%. AI applications such as intelligent quality inspection, predictive maintenance, and flexible production have become standard features of “lighthouse factories.”

The “2025 Generative Artificial Intelligence Application Development Report” by the China Internet Network Information Center shows that by April 2025, China had filed 1.576 million AI patents, accounting for 38.58% of global applications, ranking first worldwide. Embodied intelligence is gradually becoming a development hotspot. The 2025 Government Work Report first proposed establishing embodied intelligence as a future industry with increased investment mechanisms. Against this backdrop, embodied intelligence has become a hot area for investment and financing in the first half of the year. Related products are gradually moving out of laboratories and into applications in education, healthcare, offline services, and other scenarios, promoting the expansion of AI technology into offline services.

Data from Yushu Technology’s prospectus confirms this trend: in 2023, the company’s revenue was 159 million yuan, rising to 392 million yuan in 2024, and reaching 1.708 billion yuan in 2025, a year-on-year increase of 335.36%. Net profit attributable to shareholders jumped from 77.5 million yuan in 2024 to 600 million yuan in 2025, a growth of 674.29%. Behind this explosive profit growth is the large-scale deployment of embodied intelligence products in scientific research, education, industrial inspection, emergency rescue, and other scenarios.

Core Breakthroughs in Embodied Intelligence: Yushu Technology Resonates with Global Industry

Reviewing authoritative literature and industry consensus, the core essence of embodied intelligence is the construction of a closed-loop intelligent system integrating perception, cognition, decision-making, and execution. Currently, embodied robots are pushing AI from virtual algorithms to a new stage of physical interaction with the real world. The key to this technological path is relying on physical entities and environmental interactions to realize perception, thinking, action, and iterative evolution in a full-cycle closed loop.

As the global leader in quadruped robot market share for many years, Yushu Technology launched mass production of humanoid robots in 2023, achieving breakthroughs in both technology and commercialization. The prospectus shows that during the reporting period, the company sold over 30,000 quadruped robots, widely used in power inspection, fire reconnaissance, disaster rescue, and other scenarios; in 2025, the shipment of humanoid robots exceeded 5,500 units, ranking first globally.

Public information indicates that in May 2024, the company released the medium-sized humanoid robot G1, with a starting price of 99,000 yuan, significantly lowering the usage threshold for humanoid robots and laying the cost foundation for large-scale commercial use. Globally, embodied intelligence presents a competitive landscape of Chinese mass production leading and Western technological frontiers. The authoritative market research firm Omdia released the “General Embodied Robot Market Radar” report, stating that by 2025, the global humanoid robot market will enter a rapid growth phase, with total shipments exceeding 13,000 units annually. Chinese manufacturers perform strongly in mass production and shipment volume. Among them, ZhiYuan shipped over 5,100 units annually, accounting for 39% of the global market, ranking first in both shipment volume and market share; Yushu Technology held a 32% market share, ranking second globally; UBTECH shipped 1,000 units annually, with a 7% market share, ranking third.

Breakthroughs in large model technology have injected “brains” into embodied intelligence. DeepSeek, a leading domestic general large model enterprise, ranks among the top AI labs globally, with competitive capabilities in reasoning and open-source fields. Industry sources say that DeepSeekV4 is progressing smoothly and is expected to be announced soon. The model adopts a native multimodal architecture, with the ability to understand millions of tokens in context and perform causal reasoning in physical scenarios. It relies on MoE+Engram dual-axis sparse computing architecture to achieve efficient reasoning and low-cost deployment, reaching industry-leading levels in long-text processing, code generation, and multimodal interaction, providing a high-performance general intelligence foundation for embodied intelligence.

“AI Bull” and “Tech Bull” Steadfastly Moving Forward

“Faced with short-term valuation speculation in tech stocks, investors should evaluate industry value from the perspective of national strategic cycles and global technological development,” said Dong Yaohui, Deputy Director of the Shenzhen Financial Stability and Development Research Institute, in an interview with China National Radio Finance. He noted that in 2023, the Ministry of Industry and Information Technology issued the “Guiding Opinions on Innovation and Development of Humanoid Robots,” which envisions humanoid robots as potentially the next disruptive product after computers, smartphones, and new energy vehicles. Its industry scale may eventually rival or surpass that of new energy vehicles, forming a trillion-yuan-level incremental market in the long term.

Dong explained that this is a critical stage at the start of the “14th Five-Year Plan,” where cultivating “new quality productivity” and planning for future industries are key to high-quality development. Yushu Technology’s performance explosion and IPO pursuit at this time mark a milestone in China’s hard tech industry, relying on a large-scale market and complete supply chain, transitioning from “algorithm follow-up” to “mass production leadership.” “This fundamental leap in underlying productivity and real business orders provides the most solid industry fundamentals for the ‘tech bull’ and ‘artificial intelligence bull.’”

Fuxin Securities analyst Huang Hongwei also told China National Radio Finance that the fourth industrial revolution, represented by AI, is rapidly evolving worldwide. Embodied intelligence, as AI’s practical implementation in the physical world, has achieved a leap from “thinking” to “doing.” Its long-term industry value lies in three dimensions: first, promoting China’s industrial system from “digital transformation” to “intelligent upgrade,” enhancing global competitiveness through cost reduction and efficiency; second, replacing humans in dangerous, monotonous, and physically demanding scenarios to effectively address aging population challenges; third, leveraging a highly developed civilian manufacturing system to strengthen military-civilian integration and national security.

From an investment perspective, Huang emphasized that according to Gartner’s five-stage development model of emerging technologies (technology germination, inflated expectations, bubble burst and low, steady climb and recovery, production maturity), AI is currently transitioning from the early adoption to growth phase. Although some areas have experienced valuation fluctuations during the “inflated expectations” phase, overall, the industry is shifting from theme-based to growth-oriented investment.

In terms of industry value, large-scale deployment of embodied intelligence is the best solution to address demographic changes, fill labor gaps, and enhance high-end manufacturing value-added. Dong noted, “This is not only a technological architecture shift but also a restructuring of production factors, opening a historic strategic window for patient capital to invest in the intelligent transformation of the real economy and share in the dividends of major technological competitions.”

Meanwhile, experts also remind that the embodied intelligence industry is still in rapid development, with certain investment risks. Investors should consider industry development laws and core enterprise competitiveness to make rational judgments about investment value.