宇树对手 要IPO了

This article outlines the latest development updates of China's domestic humanoid robot industry. Key takeaways are as follows:

1. Overall industry dynamics: 2026 will mark a major year for collective IPOs of embodied intelligence companies. Unitree Robotics has already completed its regulatory review and is set to become the first humanoid robot company listed on China's A-share market. Leju Intelligence and DeepRobotics have submitted their prospectuses, and more than 10 other players including Agile Robots have completed shareholding restructuring to accelerate their IPO processes. The sector is seeing extremely high capital enthusiasm.

2. Core development of Leju Intelligence: Founded in 2016 by alumni of Harbin Institute of Technology, Leju is the first humanoid robot firm to file for an IPO under the fourth set of listing standards on China's ChiNext board. It currently boasts a valuation of over 4.3 billion yuan, with an expected post-issue market capitalization of around 10.4 billion yuan. Starting out by developing small and medium-sized humanoid robots to accumulate capabilities, it later launched its full-size Kuafu series. In partnership with Huawei, it built the world's first multimodal interactive humanoid robot powered by HarmonyOS. In 2025, revenue from the Kuafu series exceeded 177 million yuan, representing a 12-fold year-over-year increase, and accounted for nearly 70% of the company's total core revenue.

This article summarizes industry trends and actionable development insights for brands in the humanoid robot track, as follows:

1. Sector trends: The embodied intelligence sector centered on humanoid robots currently enjoys extremely high capital recognition, with multiple leading players queuing up for IPOs. Market demand is growing rapidly, and application scenarios cover scientific research and education, commercial services, industrial production and other fields, putting the industry in a period of high-speed growth.

2. Product R&D and commercialization experience: When Leju Intelligence started out, it faced high costs and an immature industrial chain. It chose to first develop small and medium-sized products to sustain operations before gradually moving to full-size product R&D. This phased R&D approach is well worth referencing. After hitting a wall when entering the consumer C-end home entertainment market in its early days, Leju pivoted to the policy-supported education sector to open up its commercialization path – this transformation strategy offers useful借鉴意义.

3. Competition and cooperation strategy: With fierce competition in the current sector, brands can strengthen their competitive moats by partnering with leading tech platforms, building an industrial chain cooperation matrix, and integrating upstream and downstream resources.

This article sorts out the latest opportunities, lessons learned and risk warnings for sellers related to humanoid robots, as follows:

1. Sector opportunities: The embodied intelligence and humanoid robot sector is currently in a period of explosive growth, with massive capital inflows and multiple leading players queuing for IPOs. Market attention continues to rise, and applications span scientific research and education, commercial services, industry and other fields, with strong new demand and large growth headroom.

2. Actionable commercialization lessons: After Leju Intelligence struggled with its early entry into the C-end home entertainment market due to high pricing and low user stickiness, it pivoted to the policy-backed education sector to open up sales and achieve revenue growth. This flexible market positioning adjustment offers valuable reference for new sellers. Partnering with leading tech platforms can also quickly boost product recognition and open up market access.

3. Risk warnings: Competition in the sector is extremely intense. Industry consensus holds that technology may not necessarily form a sustainable moat – only scaled application scenarios do. Most players in the market are still unprofitable, so new entrants must prepare for long-term investment and build out scenario-based moats in advance.

This article sorts out product demand, business opportunities and development insights for factories in the humanoid robot industrial chain, as follows:

1. Product manufacturing and design demand: Full-size humanoid products are currently growing extremely fast in the sector. Leju Intelligence's 2025 revenue from its Kuafu series grew 12-fold year-over-year. Core demand covers joint modules, motors, dexterous hands, core structural components and other links, with strong demand for domestic substitution. This places clear requirements for technology and capacity upgrades for upstream factories.

2. Business opportunities: Leading players in the sector are all building out industrial chain cooperation matrices. Leju Intelligence has already made strategic investments to布局多个核心上下游环节, and holds strong willingness for open cooperation. Upstream factories can secure stable orders and capture the sector's growth dividend by partnering with leading enterprises.

3. Development insights: In the early years, the industry relied on imports for core components, facing prominent bottleneck issues. Now, as the sector booms and China's domestic industrial chain gradually matures, factories can seize the opportunity from domestic substitution, push forward independent R&D of core components, and align with leading companies' demand to drive their own growth.

This article sorts out industry trends, client pain points and market opportunities for service providers in the humanoid robot sector, as follows:

1. Industry development trends: The embodied intelligence sector led by humanoid robots has entered a period of rapid explosive growth, with multiple leading enterprises launching IPO processes collectively and massive capital inflows. All links of the industrial chain are expanding rapidly, driving continuous growth in demand for various professional service providers and creating large market space.

2. Core client pain points: In the early days of the industry, core pain points included reliance on imported core components, high R&D costs, and lack of mature, proven development paths. Today, the core pain points stem from cut-throat sector competition: enterprises need to build full industrial chain moats, improve R&D and commercialization efficiency, and address new requirements such as IPO compliance and capital connection.

3. Solutions that can be pursued: Service providers can offer supply chain connection and cost optimization services to support core component localization; provide capital connection and compliance consulting services for enterprises pursuing IPOs; offer scenario expansion and channel operation services to support commercialization; and deliver technical support services to meet R&D demands.

This article sorts out industry demand, actionable layout directions and risk mitigation strategies for platform operators in the humanoid robot sector, as follows:

1. Industry demand for platforms: Current humanoid robot enterprises have strong demand for platform resources including technology, operating systems, capital and traffic. Leading players are willing to open up cooperation and partner with platforms – for example, Leju Intelligence has integrated its product with Huawei's open-source HarmonyOS and connected to Huawei Cloud's embodied intelligence platform, creating large cooperation space for both tech and capital platforms.

2. Recommended practices for platforms: Capital platforms can布局 leading high-quality projects in the sector early; firms like Tencent have already invested in multiple leading players early on to capture substantial valuation upside. Tech platforms can leverage their own technical advantages to co-develop benchmark products with leading enterprises, attract more companies to join their ecosystem, and expand platform influence.

3. Risk mitigation: With cut-throat competition in the current sector, most small and mid-sized players remain unprofitable and lack clear technical moats. When sourcing partners and cooperation projects, platforms should screen leading players with core technology and proven scaled application scenarios to control cooperation risk, and avoid backing low-competitiveness projects.

This article provides the latest industry dynamics and research reference for researchers in the field of embodied intelligence and humanoid robots, as follows:

1. Latest industry dynamics: 2026 will be a year of collective IPOs for embodied intelligence and humanoid robot enterprises. To date, three leading players have submitted prospectuses, and more than 10 other companies have completed shareholding restructuring to advance their IPO processes. This marks that the sector has officially moved from the pure technology R&D stage to the capitalization and commercialization stage. A clear divergence has emerged among leading players: Unitree Robotics has already achieved scaled profitability, while Leju Intelligence and DeepRobotics have posted rapid revenue growth.

2. New industry characteristics: The sector currently attracts extremely high capital attention, and the three leading IPO-bound firms have a combined expected post-issue market capitalization exceeding 66 billion yuan. Competition has heated up rapidly under capital backing. Most founding teams are technical talents from top Chinese universities, and the industry is gradually clustering in established robot manufacturing hubs such as Shenzhen and Hangzhou.

3. New research questions of interest: The industry has not yet formed a clear consensus on what constitutes a sustainable moat. Leading founders argue that technology itself may not be the moat – scaled application scenarios are. Most enterprises remain unprofitable, and their business models are still evolving, making the sector a high-value area for continued research.