Unitree's IPO enters price inquiry after a tenfold revenue climb
The robotics maker begins initial inquiry on August 5 after revenue rose from RMB159.1 million in 2023 to RMB1.70 billion in 2025, while its latest profit indicators point to a more demanding next phase.
The 60-second version
Unitree Robotics begins initial IPO inquiry on August 5 after a rapid rise in revenue and adjusted profit, with early-2026 figures putting margin durability under scrutiny.
Key points
- Revenue rose from RMB159.1344 million in 2023 to RMB1.6992693 billion in 2025, a 10.68-fold increase.
- Adjusted net profit moved from -RMB18.0191 million in 2023 to RMB590.7528 million in 2025.
- Q1 2026 revenue grew 68.49%, but expenses rose and net profit declined year on year.
- First-half adjusted net profit is forecast at RMB236 million to RMB283 million, down 21.97% to 6.43%.
Verdict. The growth record is substantial, but pricing must reflect weaker near-term profit momentum; the IPO remains in process and is not completed.
The milestonePricing scrutiny begins
Unitree Robotics, the issuer assigned stock code 688836, begins initial inquiry on August 5. The inquiry helps establish the offering price through indications from eligible investors. It marks progress in the IPO process, but it does not mean the shares have completed issuance or begun trading.
The growth recordRevenue expanded more than tenfold in two years
The prospectus reports revenue of RMB159.1344 million in 2023 and RMB1.6992693 billion in 2025. The latter is about 10.68 times the former, showing that Unitree moved beyond a small initial revenue base at unusual speed.
Adjusted net profit changed just as sharply, moving from a loss of RMB18.0191 million in 2023 to a profit of RMB590.7528 million in 2025. This combination gives the company a stronger pricing case than revenue growth alone: it shows that scale was accompanied by a major improvement in adjusted earnings.
| Metric | 2023 |
|---|---|
| Revenue | RMB159.1344m |
| Adjusted net profit | -RMB18.0191m |
The latest signalSales kept rising, but profit momentum weakened
First-quarter 2026 revenue reached RMB422.8405 million, up 68.49% year on year. Yet expenses also increased and net profit declined from the prior-year period. The result is not a demand slowdown in the headline revenue line; it is a warning that costs and investment can reshape how growth reaches the bottom line.
For the first half of 2026, Unitree forecasts adjusted net profit of RMB236 million to RMB283 million, a year-on-year decline of 21.97% to 6.43%. The range leaves room for different outcomes, but both ends imply a decline. Pricing therefore has to account for both the scale already achieved and uncertainty over near-term margin durability.
What pricing must decideHow much is durable growth worth?
The inquiry is effectively a test of three linked questions: whether demand can remain repeatable, how much spending is needed to defend the company's technology and commercial reach, and whether adjusted earnings can return to growth after the first-half decline. The prospectus establishes a strong historical trajectory; the 2026 indicators keep investors from treating that trajectory as automatic.
Unitree has proved it can scale. The inquiry now asks what investors should pay for the durability of that scale.
The appropriate conclusion on August 5 is measured: Unitree has reached initial inquiry with exceptional recent growth and a major improvement in adjusted profitability, while current-period figures create a genuine margin question. Pricing is underway, and neither listing nor completion should be assumed.