Yushu Technology IPO: The value reassessment of the robot industry chain has begun, where is the next opportunity in the AI industry chain?

CoinW Research Institute

Summary

The anticipated IPO of Unitree Technology is becoming a new catalyst for the robotics industry. As a representative enterprise of embodied intelligence in China, Unitree Technology has covered multiple areas including quadruped robots, humanoid robots, robotic arms, and core components, and its commercialization progress has led the market to reassess the transition of robotics from "concept" to "industry". With the continued maturity of AI large models, core components, and manufacturing capabilities, robots are entering a new stage from technology demonstration to practical applications. The value of the industrial chain is also extending from whole machines to execution systems, perception control, precision manufacturing, and other aspects. Among these, core components such as lead screws, reducers, and motors are closer to the current mass production logic, while vision, force control, and embodied intelligence models represent the next growth opportunities. From an investment perspective, Unitree's IPO does not imply that all robotics assets will benefit; what truly deserves attention are companies with technological barriers, supply chain synergy, and commercialization capabilities. In the future, whether the robotics industry can experience a continuous re-evaluation needs to be verified through orders, shipment quantities, and actual application scenarios.

1. Event Catalyst: Why is the market focusing on Unitree Technology?

As of August 2026, Unitree Technology has entered a critical stage for its IPO, becoming one of the most watched companies in the field of embodied intelligence in China. The company submitted its IPO application in March 2026 and received registration approval in June 2026. The market's focus has shifted from "Can robotics companies go public?" to "Can the robotics industry enter a scaled commercial stage?" Previously, Unitree Technology has continuously enhanced its market influence with humanoid robot products. During the 2025 Spring Festival Gala, its robot participated in the "YangBOT" program, attracting widespread attention; in the 2026 Spring Festival Gala, Unitree robots once again showcased their motion control capabilities, further enhancing public awareness of embodied intelligence. However, from the perspective of the capital market, the core factor driving the reconstruction of industry valuation still lies in the advancement of the IPO process and the verification of commercialization capabilities.

In recent years, AI investment has primarily focused on large models, computing power, and software ecosystems, but as AI capabilities extend into the real world, robots are becoming an important avenue for commercializing AI. Compared to purely software-based AI Agents, embodied intelligence can map AI capabilities to real physical environments, and form new growth curves through the scaled production of hardware, data accumulation, and scenario replication. Although AI Agents still face challenges in terms of cost, user habits, and application penetration, humanoid robots, with their human-like interaction methods and adaptability to existing environments, are expected to become a key carrier for AI to enter the real world. Embodied intelligence is not simply "large models + hardware," but consists of the robot body, execution systems, motion control systems, and task-level intelligent systems (VLA), corresponding to the robot's movement capabilities, action coordination abilities, and environmental understanding capabilities. As expectations for Unitree Technology's IPO heat up, market attention will gradually shift from single whole machine companies to core components, intelligent control, perception systems, and AI infrastructure across the industrial chain. The IPO of Unitree Technology is not only an important node for the company's own capitalization but may also become a key catalyst for the reconstruction of the robotics industry's valuation.

2. Company Highlights: What strengths does Unitree Technology have?

Product matrix is relatively complete, covering core areas of robotics. Unitree Technology has formed a product system covering quadruped robots, humanoid robots, robotic arms, and core components. In the field of quadruped robots, the company has launched series such as Go2 and B2, covering scenarios like consumer use, research and education, and industrial inspections, and has been one of the earliest directions to realize commercialization. In the field of humanoid robots, the company has launched products such as H1 and G1, continually exploring general robot application scenarios. In addition, the company is also laying out Z1 robotic arms, motors, joint modules, and other core components, gradually improving its R&D capabilities from the robot body to key components. A multi-product layout differentiates Unitree Technology from purely technology demonstration enterprises; its competitive advantage is reflected not only in whole robot R&D but also in the accumulation of motion control, hardware components, and commercialization capabilities, gradually becoming a representative enterprise in the embodied intelligence industry chain.

Price advantage is significant, promoting rapid dissemination of robot products. The robotics industry has long faced high costs and limited application scenarios, and one of Unitree Technology's competitive strategies is to lower the usage threshold for robot products through relatively low prices. Unitree tends to promote the standardization and scalability of robot products, expanding the user base to further accumulate application feedback and develop the ecosystem. This logic is similar to the development path of the early consumer electronics industry: first expanding market penetration through price advantages, then relying on ecosystem development to drive application expansion. For the still nascent commercialization stage of the robotics industry, lowering costs and expanding shipment volumes are crucial conditions for driving industry maturity.

Commercialization capabilities are ahead of most peers. According to the disclosures in its prospectus, Unitree Technology has seen rapid growth in revenue scale in recent years, with operating revenues of 159 million yuan and 392 million yuan in 2023 and 2024, respectively, further increasing to 1.708 billion yuan in 2025, indicating that the company's product sales and market demand are rapidly expanding. It is important to note that the financial performance of robotics companies needs to be comprehensively assessed in conjunction with revenue structure, product types, gross margins, R&D investments, and cash flow situations. The market previously had higher expectations for Unitree Technology's revenue scale, primarily due to its industry influence and product exposure, while the data in the prospectus reflect revenues recognized under specific accounting standards, which may differ in statistical scope from the expectations. Compared to companies that rely solely on technology demonstrations, Unitree Technology has already formed capabilities for product sales and scaled delivery, which is its core advantage distinguishing it from many early-stage embodied intelligence companies. Future market attention will increasingly focus on the revenue contributions of different robot products, the expansion of commercialization scenarios, and sustained profitability.

3. Looking at the robotics field from Unitree: What changes are happening in industry logic?

With the improvement in AI model capabilities, the maturation of robot hardware, and the completion of the industrial chain, the robotics industry is gradually transitioning from technological demonstration to commercial exploration. However, the development speeds of different technological links vary significantly; "Being able to move" and "Being able to autonomously complete complex tasks" are still two different stages.

The motion control capabilities of robots are rapidly maturing. In recent years, based on developments in simulation training, reinforcement learning, and motion control algorithms, robots have significantly improved their abilities in basic actions such as walking, running, and balancing. However, compared to movement capabilities, the manipulation and task execution abilities of robots still face challenges. Upon entering real environments, robots not only need to move but also to perform complex tasks such as grasping, assembly, and tool operation, which highly depend on the accumulation of real-world data. Currently, the cost of data collection for teleoperation is relatively high, and there is still a gap between simulated training and real environments, requiring further enhancement of the generalization abilities of robots in complex operational scenarios.

Therefore, the commercialization of robots will present an incremental path. In the short term, scenarios such as education and research, exhibitions, data collection, and inspections, which have high fault tolerance, are more likely to achieve large-scale applications; while flexible manufacturing, home services, and other scenarios that require higher reliability and intelligence still need ongoing technological breakthroughs. At the same time, the maturity of the core hardware supply chain is lowering the barriers to industrialize robotics. In recent years, key components such as motors, reducers, sensors, and controllers have gradually achieved domestic production and scaled supply, improving the manufacturing costs and delivery capabilities of robots. The decrease in hardware costs does not mean that robots will immediately become widely popular, but it provides the foundation for companies to expand shipments and optimize product iterations.

From an investment perspective, the attention on Unitree Technology reflects the changing investment logic in the robotics industry: the focus of the market is shifting from purely technological demonstrations to product delivery, cost control, supply chain capabilities, and commercialization validation. In the future, companies that truly benefit will not only need to possess technological capabilities but also have sustained mass production and commercial closed-loop capabilities.

4. Industrial Chain Mapping: Which segments of the robotics field deserve attention?

From the industrial chain perspective, robotics is not a single hardware product but a complex system that integrates mechanical, electrical, artificial intelligence, and manufacturing capabilities. The market attention brought by Unitree Technology lies not only in the robot itself but also in pushing the market to re-examine the value of the entire industrial chain. As robots gradually transition from technology demonstration to commercialization, financial focus may shift from whole machine enterprises to upstream core links, specifically seeking companies with high value units, technological barriers, and supply chain advantages.

Core Components: From "Being able to move" to "Intelligent execution"

The key difference of humanoid robots from traditional industrial robots lies in the need for both high-degree-of-freedom movement and complex task execution capabilities; thus the industrial chain value is upgrading from traditional mechanical components to intelligent execution systems. Among these, the joint execution systems are the most basic yet critical elements today; components like lead screws, reducers, and frameless torque motors determine the movement precision, load capacity, and stability of robots, likely to benefit first from the large-scale production of robots. As robots progress from simple movement to complex operations, the importance of high-value aspects such as dexterous hands, tactile sensors, and force control systems will also be further enhanced.

Perception and Control Systems: The Core of Robot Intelligence

If execution systems determine whether robots "can move," then perception and control systems determine whether robots "can understand and complete tasks." Humanoid robots need to acquire environmental information through vision, depth perception, tactile sensing, and force control systems, subsequently using motion control algorithms to achieve real-time responses. Among these, multi-view vision and depth sensing primarily handle environmental comprehension; six-dimensional force sensors, tactile sensing, and joint torque feedback aid in precision operations; domain controllers and motion control systems are responsible for millisecond-level action executions, while embodied intelligence models and VLA (visual-language-action models) further promote the evolution of robots from fixed programs to autonomous task execution. From the perspective of commercialization, execution and structural components remain the relatively easier segments to validate currently, while perception, force control, and embodied intelligence "brains" are still in the technical iteration stage, tending more towards long-term growth directions.

Lightweight Materials and Precision Manufacturing: The Keys to Scalable Commercialization

For robots to truly achieve commercialization, it is essential to solve technical problems, as well as to reduce costs, lessen weight, and enhance reliability. This is especially significant for humanoid robots; if the body is too heavy, it increases energy consumption and joint burden; if the structural components lack precision, long-term operational stability will be affected. Therefore, lightweight materials and precision manufacturing capabilities are crucial foundations for robots transitioning from prototypes to mass production.

Related Targets: Which companies might benefit?

From a trading perspective, the opportunities brought about by Unitree Technology's IPO are not only centered on the company itself but also as it may become an important catalyst for the revaluation of the robotics industry. Since Unitree Technology has not yet officially gone public, funds in the secondary market are more likely to seek mapping targets along the robotics industry chain. Therefore, when the robotics trend truly spreads, the market usually does not focus solely on whole machine companies but will explore core components, execution systems, perception control, materials manufacturing, and industrial automation areas.

Table 4-1: Key Focus Targets in China's Robotics Industry Chain

Source: CoinW Research Institute

From a trading rhythm perspective, the segments most focused on by the market in the short term are usually related to "Unitree" and "core components". After a robotics-themed event occurs, funds often prioritize finding targets that are highly correlated to the industry mainline and have strong market recognition. In the medium term, the market will gradually shift from thematic speculation to industry verification, focusing on robots' shipment volumes, order situations, and supply chain expansion capabilities. Among these, segments such as reducers, motors, and actuators, which have high value units, may exhibit stronger performance elasticity. In the long term, the importance of perception and control systems will further increase. Ultimately, robots need to evolve from "being able to move" to "being able to understand the environment and independently complete tasks," thus intelligent aspects such as vision, sensors, and control systems may become focal points in the next phase. Simultaneously, as robots enter large-scale production phases, lightweight materials and precision manufacturing will become crucial directions for reducing costs and enhancing reliability.

5. Global Robotics Industry Mapping: Looking at Global Embodied Intelligence Opportunities from Unitree Technology

Globally, the United States, Japan, South Korea, and China are forming different development paths: the U.S. relies on AI models and computing power advantages to drive robotic intelligence; Japan and South Korea leverage industrial manufacturing and precision component accumulation to promote commercial applications; China accelerates the industrialization of robotics through a complete manufacturing system.

The core logic of the U.S. robotics industry is "AI + Robotics." For instance, Tesla's Optimus humanoid robot is one of the most highly watched projects. Tesla's advantages lie not only in robot hardware but also in the accumulated data from autonomous driving, AI algorithm capabilities, and manufacturing systems. If humanoid robots in the future enter factory and other scenarios, Tesla is expected to become a key representative of the integration of AI and manufacturing. Alternatively, NVIDIA represents the computational infrastructure behind robots. Robots rely on GPUs, edge computing, and AI software platforms to complete training, simulation, and real-time control, thus NVIDIA resembles a "computational infrastructure provider" within the robotics industry.

Japan has long accumulated capabilities in industrial robots and precision manufacturing. For example, FANUC is one of the global leaders in industrial robotics, boasting extensive experience in automotive and electronics manufacturing; Yaskawa Electric occupies a significant position in the fields of servo motors and motion control. Additionally, the harmonic reducers produced by Harmonic Drive Systems are crucial components for the joints of robots, benefiting from the increasing demand for high-precision motion control in robots.

The South Korean robotics industry places greater emphasis on commercial application. Doosan Robotics, a representative of collaborative robots in South Korea, primarily targets manufacturing and logistics scenarios, enhancing production automation levels through human-robot collaboration. Compared to humanoid robots that are still in exploration stages, collaborative robots have already established relatively mature commercial application pathways. Furthermore, Hyundai Motor Group is actively advancing its robotics industry layout and holds a majority stake in Boston Dynamics, further expanding the applications of intelligent robots and automation technologies. Based on its industrial foundation in automotive manufacturing and smart factories, South Korean enterprises have certain advantages in the commercialization of robotics and the realization of industrial scenarios.

The core advantage of China's robotics industry lies in its complete manufacturing system, showcasing strong supply chain capabilities from components and structural parts to complete machine manufacturing. Unitree Technology is one of the representative companies in China's embodied intelligence field, with its lightweight, low-cost, and rapid iteration capabilities gaining market attention. If it moves forward with its IPO, it may become an important valuation reference for China's robotics industry. Moreover, UBTECH, having already achieved public market trading, is one of China's robotics IPO representatives, focusing on humanoid robots, service robots, and intelligent manufacturing solutions.

Table 5-1: Global Robotics Industry Chain Related Asset Mapping

Source: CoinW Research Institute

The expectation of Unitree Technology's IPO is more of a catalyst for the revaluation of the value of China's robotics industry, and global robotics opportunities are not limited to a single enterprise. As the robotics industry transitions from proof of concept to commercial application, the market focus is gradually shifting from technological expectations to order growth, cost reduction, and scalability capabilities.

6. Follow-up Catalysts and Risk Warnings

Follow-up Catalysts: From IPO Expectations to Industry Validation

The IPO process of Unitree Technology may become an important catalyst for the robotics sector, but the market trading logic may experience a shift from "anticipation trading" to "fundamental verification." In the pre-IPO phase, the market's main focus is likely to be on the IPO progress, issuance valuations, and industrial chain mapping opportunities. However, it is important to note that Unitree Technology possesses strong independent research and vertical integration capabilities; the IPO does not imply that all robotics concept stocks will directly benefit; those core components, precision manufacturing, and other segments with real technological synergy or order relations deserve more attention. In the IPO phase, the market will shift towards concerns over valuation pricing and capital feedback. Highly watched technology companies often display a characteristic of "anticipation leading, differentiation following"; related mapping targets may advance in reflecting IPO expectations, while post-IPO they will require order, shipment, and performance to further verify. In the long run, the robotics industry will ultimately revert to commercial capabilities. Future market attention will focus on actual robot shipment quantities, order growth, supply chain expansion, and application scenario realization. This includes follow-up operating data from Unitree Technology, the World Robotics Conference, industrial expos, and technological advancements from companies such as Tesla's Optimus, Figure, UBTECH, and Xiaopeng Robotics, all of which may serve as industry catalytic factors.

Risk Warnings

Currently, the robotics industry is still in its early development stages, and relevant investment opportunities also face certain uncertainties. Firstly, the sustainability of revenue growth remains to be validated. Currently, some demand in the robotics market may stem from research and education, exhibitions, and pilot applications, creating a gap with large-scale industrial applications. Secondly, there exists the risk of deviations in supply chain mapping. Unitree Technology has continuously increased the proportion of self-researched core components, and the actual beneficial situation of external suppliers needs to be confirmed in conjunction with procurement relationships and order data. Furthermore, high-profile IPOs may lead to short-term capital concentration and sector volatility risks. If the market trades ahead of industry expectations, related targets may experience adjustments characterized by "buying expectations, selling facts." The robotics industry has long-term growth potential, but the investment logic needs to gradually shift from technical imagination to validation of orders, shipments, and profitability.

Disclaimer:This report is intended for research and informational reference only and does not constitute any investment advice or financial recommendations, nor does it constitute endorsements for the purchase or sale of any securities or digital assets. The viewpoints, analysis, and judgments in this report are based on publicly available information and are subject to adjustments as market conditions change; please be advised. Investors should conduct independent research and risk assessments based on their individual circumstances before making any investment decisions.

References

1. Unitree Robotics IPO Prospectus (Draft Registration Statement): https://static.sse.com.cn/stock/disclosure/announcement/c/202603/002178_20260320_QY8F.pdf

2. Shanghai Stock Exchange IPO Review Information Summary Page: https://www.stcn.com/ipo/detail/3631.html

3. Unitree Robotics Receives Approval for Listing on the STAR Market: https://www.cnfin.com/gs-lb/detail/20260601/4420319_1.html

4. Unitree official website: https://www.unitree.com/cn/

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