104 days.

On July 2, the CSRC website showed approval for Unitree Robotics' initial public offering registration. From IPO application acceptance on the STAR Market on March 20 to registration taking effect on July 2, Unitree took only 104 days, setting one of the fastest records under the STAR Market's pre-review mechanism. This means the world's first company to achieve scaled profitability in humanoid robots before IPO has officially secured its A-share “ticket,” becoming the true “first humanoid robot stock.”

Why Could Unitree Move This Fast?

Unitree's approval speed is itself a signal. Against a backdrop of tightening STAR Market reviews, completing acceptance-to-registration in 104 days demonstrates regulatory support for the embodied AI sector. Unitree's core advantage: it isn't a robot company fundraising on PowerPoint — it has already achieved scaled shipments and positive profitability.

Public information shows Unitree's quadruped robot (robot dog) product line already holds leading share in global consumer and industrial markets, and its humanoid robots — the Unitree G1 and H1 series — have entered batch delivery. Unlike many humanoid robot companies still in the lab stage, Unitree is the first to sell humanoid robots to dozens of countries globally and achieve profitability before IPO.

That same week, UBTECH formed a joint venture called Weilan Youzhi Technology with Yantai Shenlan Talent Development Group, with 32 million RMB in registered capital, covering smart robot R&D, manufacturing, and sales. The South Korean government also announced it was raising AI budgets to 9.9 trillion KRW (~52 billion RMB), triple last year's, targeting global #1 in Physical AI by 2030. Faraday Future even wants to rename itself Faraday Future Physical AI Ecosystem Inc. — everyone's piling onto Physical AI.

The Commercialization Inflection Point for Embodied AI

The larger significance of Unitree's IPO: it may mark humanoid robots/embodied AI moving from the “research demo” stage to the “commercial deployment” stage.

The Physical AI concept that Jensen Huang repeatedly emphasizes is fundamentally about AI moving from the digital world to the physical world, interacting with real environments through robot bodies. NVIDIA's Aspire robot skill library, UBTECH's Walker series, Tesla's Optimus are all on this track. But Unitree differs in its value-for-money path — the G1 series starts below 100,000 RMB, making it affordable for universities, research institutions, and SMEs.

According to industry data, China's humanoid robot supply chain enters an intensive delivery period in 2026. WAIC 2026 (World AI Conference) will be held July 17-20 in Shanghai, with super-nodes, optical interconnect, and compute infrastructure among this year's core topics. Unitree choosing to complete IPO registration in this time window is clearly targeting industry buzz and capital market windows during WAIC.

Of course, risks can't be ignored. The Robotics ETF's current PE-TTM valuation sits at only the 12th percentile of the past year, indicating capital markets remain divided on the sector. For humanoid robots to go from “can walk and jump” to “can work and earn money,” there's still a long road ahead. But Unitree has at least proven one thing: robot companies don't have to burn money forever — find the right product and market, and you can be profitable.

For investors, Unitree's listing provides a rare target — not another LLM story, but a hard-tech company with shipments, revenue, and profits. For the industry, the demonstration effect of the “first embodied AI stock” will attract more capital and talent into the sector, accelerating supply chain maturation. The 104-day approval speed shows policymakers are also greenlighting this direction.