Yuanta Securities: Unitree Robotics

> Fast-Track Approval: The China Securities Regulatory Commission approved Unitree Robotics' listing on the STAR Market on July 2. The approval took just 104 days from application acceptance (March 20), making it the fastest listing approval since the launch of the STAR Market.

> Funding & Valuation: Unitree aims to raise 42.2 billion RMB through the IPO, which will be invested in smart robot model R&D, robot body R&D, robot fab construction, and new smart robot development. The final listing is expected between August and September, with an estimated market capitalization of around 420 billion RMB.

> Patent Powerhouse: China accounts for 75.3% of all global humanoid robot patents, growing rapidly since the "Made in China 2025" announcement. Individually, China's Ubtech holds the number one global rank with 812 cumulative patents.

> Vertically Integrated Supply Chain: China controls 91.5% of the global production of magnetic rare earths (crucial for robot joints) and maintains dominant control over essential raw materials like cobalt, lithium, and copper. It also holds top-tier global market shares in mid-stream components such as actuators, batteries, and semiconductors.

> Market Expansion: In 2025, China accounted for 85% of global humanoid robot installations. As of Q1 2026, its robot export volume reached 1.66 billion USD (ranking 2nd globally). The State Council projects the domestic humanoid market will grow at an annual rate of over 50%, expanding to a 1 trillion RMB market by 2035.