Unitree shares jump over 600% on Shanghai debut as first humanoid robot maker lists

Unitree's shares debuted on the Shanghai exchange and rose more than 600% on the first day of trading. This marks the first mainland Chinese listing by a humanoid robot maker. The surge reflects investor interest in the company’s robotics portfolio and Beijing’s robotics ambitions. It also provides a rare public-market avenue for investing in a humanoid robotics company.

Unitree reported a net profit of 278 million yuan in 2025, showing profitability in a sector where many rivals remain unprofitable. The firm shipped over 5,500 humanoid robots in the previous year, indicating volume production capability. Its robot dogs are priced at $2,700, a fraction of the roughly $70,000 tag for Boston Dynamics’ Spot, and its G1 humanoid model sells for $13,500. These price advantages stem from lower production costs and the benefits of Hangzhou’s government-backed robotics cluster.

Analysts note that Unitree’s robot dogs are often smaller than Spot, limiting direct comparability despite the price gap. The company’s humanoid robots have been on the market since 2023, with the G1 model arriving in 2024, while major US rivals such as Tesla have not yet begun deliveries. The size difference means the robots are not directly comparable for tasks requiring larger stature. Furthermore, geopolitical tensions that curb imports of foreign-made robots could affect market dynamics for both Chinese and US firms.

The listing is viewed by analysts as a gauge of investor appetite for the fast-growing humanoid robotics sector. It may also set a benchmark for other robotics manufacturers considering a public offering. Analysts describe the listing as a turning point for China’s robotics industry, highlighting the impact of sustained state support. The availability of lower-priced Chinese robots may affect procurement decisions for companies seeking affordable automation.