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A Chinese company specializing in embodied artificial intelligence has received approval to go public on Shanghai’s Star Market. The firm, known for developing quadruped robots, intends to raise approximately 2.5 billion yuan (about $367 million). The offering will be sponsored by China Securities.
The company plans to use the funds primarily for advancing its AI algorithms and large-scale models, developing robot bodies and solutions, building industrial bases, and expanding applications across industries. Its estimated post-investment valuation exceeds 10 billion yuan (around $1.5 billion).
In 2025, the firm reported an operating revenue of 337 million yuan (roughly $49.6 million), which is around seven times higher than its 2023 figure. Last year marked the company’s first profitable year, with a net profit of 28.7 million yuan ($4.2 million). Its gross margin increased from 33.5% in 2023 to 52.8% in 2025. Revenue from its embodied AI robot segment grew nearly fourfold year-over-year, reaching 322 million yuan, constituting over 95% of its main revenue. International sales totaled about 61 million yuan, making up 18% of total revenue.
Research and development expenses in 2025 amounted to 84.3 million yuan, representing a quarter of the company’s revenue. As of the end of last year, it employed nearly 430 people, including 172 R&D staff, who make up 40% of the workforce.
Founded in 2017 by a professor at Zhejiang University and a co-founder, the company’s founders hold substantial stakes and voting rights, with one owning 15.6% and controlling 31.1% through collective agreements. Major shareholders include a venture capital firm with 5.4% and a national artificial intelligence investment fund with 3.8%.
This company is considered one of Hangzhou’s “Six Little Dragons,” a group of emerging tech firms. Others include well-known firms like Game Science, DeepSeek, and Unitree Robotics. Recently, one member of the group, a spatial design firm, went public in Hong Kong, while another has filed for an IPO on the Star Market.
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