In the first half of this year, global humanoid robot shipments rose more than 3.7-fold. With 19,100 units, sales volume significantly exceeded the prior-year period, in which only 5,100 units were delivered between January and June. China accounts for roughly 85 percent of these human-like robots.
Last week, Unitree became the first Chinese company in the sector to be listed on the STAR Market of the Shanghai Stock Exchange. Demand exceeded supply in the offline segment by a factor of 2,760. As the second Chinese company in the sector, AgiBot launched its listing process in Hong Kong in July, targeting a valuation of up to 5.6 billion euros. At the end of July, the US government responded with a ban on imports of new Chinese humanoid robots and quadruped systems.
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The lead does not rest on production figures alone. As the number of industrial applications grows, the market is shifting from pure development and demonstration toward actual deployment. In 3C manufacturing, on production lines, in logistics and in the service sector, humanoid robots now handle tasks ranging from assembly and the manipulation of delicate components to folding clothes and preparing coffee. A contract for the deployment of nearly 100 units at Fulin Precision Engineering also shows that some companies are already planning larger fleets.
The industrial base gives Chinese manufacturers a considerable advantage, as the production of modern systems draws on a large number of established components and supply chains that exist at scale in China. Motors, electronics, batteries, sensors and mechanical parts can all be sourced and scaled within a densely networked production ecosystem. For a product whose costs must fall as volumes rise, this industrial infrastructure is a key factor.
The two IPO candidates show that the sector has now produced companies whose business has moved well beyond the development phase. Unitree posted revenue of around 220 million euros and a net profit of around 36 million euros last year. The company sold 5,632 humanoid robots and more than 33,000 quadruped models between 2023 and last year. AgiBot also exceeded the 130-million-euro revenue mark last year and had delivered 15,000 units of various types by June 2026.
While Unitree is already reporting a profit, no comparable figures are available for AgiBot. Yet the valuation ambitions are broadly similar. With up to 6 billion euros for Unitree and up to 5.6 billion euros for AgiBot, the capital market is placing high expectations on a sector whose economic development is far from complete.
The shipment figures prove that Chinese manufacturers produce and sell humanoid robots in comparatively large volumes. What remains unproven is whether those volumes can translate into sustained high profits. AgiBot has not disclosed any profit figures at all. Pricing data for individual models and actual production costs are also absent. Without this information, it is hard to assess how much economic value actually underlies the high revenues.
Technologically, the picture is less clear-cut than the shipment data suggest. China has built a clear lead in hardware and industrial manufacturing. On the software side, the situation is considerably more open. The ability to deploy humanoid robots reliably in unstructured environments remains an unsolved challenge. High Chinese market shares therefore reflect above all a strong industrial position, not automatically unchallenged technological leadership.
The rapid IPO of Unitree was supported by a special pre-review mechanism of the STAR Market. Clearance within just 73 days reflects the political will to position a flagship project on the stock market as quickly as possible.
With the import ban imposed by Washington at the end of July, the US market is losing significance for manufacturers such as Unitree and AgiBot, at least for now. Economically, this should be manageable for the companies, as their production volumes are still modest and the Chinese domestic market alone offers considerable sales potential. Add to that Europe, Asia and other regions where Chinese suppliers are selling their products. More interesting is the question of components: in AI chips and sensors, China remains dependent on foreign technology despite its strong position in robotics. The actual scale of this dependency cannot be quantified with available data.
Humanoid robots are another example of how Chinese industrial policy works. As part of “Made in China 2025,” the sector was built up with familiar instruments: subsidies, state-funded research and development at universities and research institutes, and political support that now extends all the way to the stock market. The successful launches of both companies were accelerated by the securities regulator and heavily promoted by “Team China.” At the same time, the sector exhibits the familiar problem: state-backed investment drives numerous companies into the same future market, creating capacity that demand has not yet caught up with.
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