Zhejiang's Embodied AI Strength Revealed as Unitree and Deep Robotics Approach IPOs
As Unitree Robotics prepares to start its IPO subscription on August 10 and Deep Robotics completes its IPO coaching, Zhejiang's embodied AI industry is coming into focus with the arrival of the "first A-share humanoid robot company." This is not a one-company show; Zhejiang has become an undisputed highland for China's embodied AI sector.
Hangzhou hosts over 700 embodied AI companies, with a 2025 industrial cluster output of 106.8 billion yuan. Domestic market shares for quadruped and humanoid robots stand at 80% and 50%, respectively. In the first half of this year, Zhejiang's exports of intelligent bionic robots accounted for about 60% of the national total.
A complete industry ecosystem covering whole machines, brains, supply chain, and application scenarios is taking shape rapidly.
The two dragon-head companies showcase two distinct paths to commercial success. Unitree targets consumer and general markets, with a growth trajectory akin to high-speed racing: revenue jumped from 159 million yuan in 2023 to 1.699 billion yuan in 2025, with net profit reaching 278 million yuan. Its humanoid robot shipments exceeded 5,500 units, ranking first globally. From the Spring Festival Gala stage to the world's first transforming mecha GD01, Unitree demonstrates the consumer-grade potential of embodied AI through rapid product iteration.
Deep Robotics, on the other hand, takes a tougher path, focusing on special and industrial applications, letting robots enter dangerous areas where humans cannot venture. Its quadruped robots have been deployed at Switzerland's largest nuclear power plant for routine autonomous inspections. According to Frost & Sullivan, its revenue in quadruped robot industrial applications ranked first globally in 2025, making it a true "invisible champion."
The industry ecosystem is mapped in the "Zhejiang Embodied AI Wolong Map," published by the Hangzhou Venture Capital Association and other units, which includes 128 representative companies. The map uses "Golden Dragons" to represent the three leading companies (Unitree, Deep Robotics, and BrainCo, a dexterous hand maker) and "Azure Dragons" for 18 benchmark companies in niche fields. It clearly divides the industry into five layers: 11 body companies, 25 brain companies (like Lianhui Technology and Westlake Robotics), 24 core supply chain companies (including Fushi Technology for perception and BrainCo for dexterous hands), 48 scenario application companies covering five major application scenarios, and 20 listed companies (including Sanhua Intelligent Control and SUPCON Technology), forming a complete chain from "brain-body-application."
The rise of Zhejiang's embodied AI industry stems from three resonances. First, institutional advancement: on May 1, 2026, the country's first local regulation focusing on embodied AI robots officially took effect in Hangzhou. Second, platform empowerment: the National AI Application Pilot Base for embodied AI was unveiled in Hangzhou, providing a key verification platform from R&D to mass production. Third, ecosystem synergy: a pattern of "large enterprises standing tall, small enterprises covering the ground" has formed, where leading enterprises build platforms and SMEs conduct secondary development, greatly lowering innovation barriers.
With Unitree and Deep Robotics converging on the A-share market, Zhejiang is accelerating its evolution from a "robot manufacturing base" to an "embodied AI innovation source." A complete army led by dragon-head enterprises, supported by innovative companies, and based on a full industry chain has been assembled.