Unitree and Zhiyuan Command 80% of Humanoid Robot Market through IPOs and Acquisitions

The humanoid robot industry is at a major turning point, driven by capital investment and growing market demand. China’s two leading companies, Unitree (Yushu Technology) and Zhiyuan Robotics, are vying for the title of “First Listed Humanoid Robotics Company” and dominance in mass production. According to TrendForce, the number of humanoid robots produced in the Chinese market in 2026 is projected to increase by 94% year-on-year, with the two companies expected to account for roughly 80% of shipments. However, challenges such as cooling demand and persistently high costs are also coming to light.

Dual Catalysts of Capital and Industry On May

26, 2026, related stocks of humanoid robots on the Shanghai and Shenzhen A-shares market saw a simultaneous rise. Stocks like Shangwei New Materials surged by 18%, and Zhongjing Electronics and Zhongda Lide hit their daily limit. This surge was driven by significant moves from top industry players. On May 25, the Shanghai Stock Exchange announced that Unitree is set for an IPO review on June 1, aiming to become the “first-ever listed humanoid robotics stock.” The following day, on May 26, Zhiyuan Robotics’ co-founder Peng Zhihui, widely known as “ZhiHuiJun” with over a million followers on Bilibili, was appointed chairman of Shangwei New Materials. Zhiyuan Robotics achieved an indirect listing through the acquisition of the company. A recent report by TrendForce predicts that the global humanoid robot industry will enter a critical commercialization phase in the latter half of 2026. In the Chinese market alone, production is expected to increase by 94% year-on-year, with Unitree and Zhiyuan Robotics accounting for approximately 80% of the market share. Industry experts note, “All signs point to the humanoid robot industry moving beyond the stage of mere technological demonstrations and into a new cycle of mass production, commercialization, and capital investment.”

Different Capital Strategies of Two Giants

Unitree and Zhiyuan Robotics, the two Chinese companies leading in global humanoid robot shipments, have chosen distinct paths to capitalization. Unitree will undergo an IPO review on June 1 on the STAR Market, aiming to raise 4.22 billion yuan. The review process has moved at an exceptional pace, taking just 73 days since the application was accepted on March 20, 2025. Assuming a public issuance ratio of 10% or more, the market value of new shares is expected to reach at least 42 billion yuan. As the first pure-play humanoid robotics company to be listed on the A-share market, Unitree is anticipated to serve as a valuation benchmark for the entire sector. In contrast, Zhiyuan Robotics has achieved “indirect listing” through its acquisition of Shangwei New Materials. In July 2025, Zhiyuan acquired 63.62% of Shangwei’s shares for 2.1 billion yuan. On May 26, 2026, Peng Zhihui officially assumed the role of chairman, and the company expanded its business scope to include artificial intelligence and robotics. However, Peng has stated that he will not be directly involved in R&D activities. The capital market reacted dramatically. Within just one year, Shangwei New Materials’ stock price skyrocketed from approximately 7.8 yuan to a peak of 223 yuan, with its market capitalization temporarily exceeding 89 billion yuan.

Industrial Strength and Strategic Differences

Both companies are central players in the global humanoid robotics industry. In 2025, Unitree shipped over 5,500 pure humanoid robots, maintaining its top position in the global market with a 32.4% share. Its total sales of quadruped robots exceeded 33,000 units, consistently leading the world in that segment. Unitree follows a conservative strategy of “profit first, then scale,” focusing on establishing a stable revenue base with quadruped robots before expanding into humanoid robotics. On the other hand, Zhiyuan Robotics pursues an aggressive approach of “application scenarios first, then scale, then profit.” Its products have successfully entered sectors such as automotive manufacturing, consumer electronics, and logistics, transitioning customers from initial trials to essential purchases. In the first quarter of 2026, Zhiyuan Robotics more than doubled the production of its flagship products, increasing from 5,000 to 10,000 units, leading the industry in mass production speed.

Challenges to Scaling and Profitability for

Unitree Unitree’s prospectus provides detailed insights into its business performance and challenges. Between 2023 and 2025, its revenue grew from 159 million yuan to 1.708 billion yuan, with a compound annual growth rate exceeding 280%. Operating profit turned from a loss of 18 million yuan to a profit of 590 million yuan. By product category in 2025, humanoid robots accounted for 868 million yuan (51.78% of sales), while quadruped robots contributed 698 million yuan (41.62%). However, signs of slowing growth are evident. In the first quarter of 2026, revenue reached 423 million yuan, but the year-on-year growth rate slowed from 332.64% in 2025 to 68.49%. Operating profit also fell by 52.55% compared to the same period last year. The company attributed this to significant increases in R&D expenses and marketing costs in the first quarter. For the first half of 2026, operating profit is projected to decline year-on-year to between 236 million and 283 million yuan. To meet the increasing order volume, Unitree has been relying on outsourced labor for production, incurring costs of several tens of millions of yuan. The company plans to establish automated production lines to gradually reduce dependence on outsourcing. Funds raised from the IPO will be primarily invested in production capacity and technological breakthroughs, aiming to achieve an annual production capacity of 75,000 humanoid robots and 115,000 quadruped robots—more than 10 times the current capacity. Additionally, Unitree plans to focus on in-house development of core components such as joint modules, dexterous hands, and high-precision sensors to further reduce production costs.

Zhiyuan Robotics Accelerates Mass Production

and Achievements In the first quarter of 2026, Zhiyuan Robotics surpassed 10,000 units in production of its flagship product, the “Yuanzheng A3 Robot,” up from 5,000 units. These products are now being deployed across various industries, including automotive manufacturing and logistics. Zhiyuan’s strategy involves first deploying robots in specific scenarios to build a track record, then scaling up production. However, Shangwei New Materials’ robotics business remains in the R&D phase and has yet to achieve large-scale sales. The post-acquisition integration and Peng Zhihui’s decision not to be directly involved in R&D have prompted mixed reactions from the market.

Risk Signals and a Need for Caution Despite

the industry’s apparent boom, there are warning signs in the broader economy. After the 2026 Spring Festival, the humanoid robot rental market experienced a downturn. The daily rental rate for major models plummeted from a peak of 15,000 yuan to around 500 yuan, suggesting weaker-than-expected consumer demand. Currently, the industry faces four major challenges: (1) core technologies are still not fully mature, (2) high prices for key models, ranging from 200,000 to 500,000 yuan ($30,000–$70,000), remain a barrier to consumer adoption, (3) only a few top companies are achieving stable profitability, while many struggle to generate self-sustaining revenue, and (4) intensified competition with major global players is inevitable. Given these challenges, Unitree’s profit slowdown in Q1 2026 and the immaturity of Zhiyuan Robotics’ acquired business prompt investors to assess the sector cautiously. While the humanoid robot industry has entered a new cycle of “mass production, commercialization, and capital support,” commercialization is still in its early stages, and substantial risks remain. Although Unitree and Zhiyuan Robotics currently dominate 80% of the market, widespread adoption of humanoid robots is a long-term challenge that will require technological advancements, cost reductions, and genuine demand. The next few years will be critical in determining whether the current enthusiasm for the industry is sustainable or merely a temporary bubble.