I. Conclusion on the Competitive Landscape
The current humanoid robot market in China can be broadly divided into three categories:
The first category is capital market leaders, represented by UBTECH (already listed), Unitree Robotics (with the fastest IPO progress), and Leju Robotics (whose application has been accepted);
The second category is the **”brain + body” full-stack type**, represented by ASICS, Star Era, and UBTECH;
The third category is scenario-closed-loop/commercialization-oriented, represented by Galaxy General, Fourier, and Leju Robotics.
In terms of short-term industrialization capabilities, UBTECH, Unitree Robotics, and Leju Robotics are closer to realizing their capital market results; in terms of medium- to long-term technological barriers, ASICS, Star Era, and Galaxy General are more inclined towards “embodied intelligent platform” competition; in terms of cost-performance ratio and motion control, Unitree Robotics and Zyxel have the highest brand recognition.
II. List of Key Companies
(I) UBTECH
1. Core Team
The core team is led by Zhou Jian, Chairman of the Board, Executive Director, and CEO, with technical support from CTO Xiong Youjun and others. UBTECH is one of the earliest teams in China to systematically deploy humanoid robots, boasting strong organizational maturity, high participation in standards, and strong industry collaboration capabilities.
2. Core Products and Advantages
The core product is the Walker S series industrial humanoid robot, currently at the Walker S1/S2 level. The company’s advantage lies in its full-stack humanoid robot technology: covering robot hardware and control, servo drives, humanoid brain/cerebellum, SLAM, autonomous navigation, visual servoing, human-computer interaction, and the ROSA2.0 framework; it has also been pioneered in deployments in automotive factories and other scenarios, demonstrating the most comprehensive commercial validation.
3. Valuation and Listing Status
Listed on the Hong Kong Stock Exchange Main Board on December 29, 2023, with the stock code 9880.HK. According to the public market data page as of June 4, 2026, its market capitalization was approximately HK$56.381 billion.
(II) Unitree Robotics
1. Core Team
The core figure is founder Wang Xingxing. Unitree’s team is characterized by strong engineering capabilities, strong robot body development capabilities, and strong self-developed component capabilities, achieving a high degree of self-development in areas such as motors, reducers, controllers, LiDAR, and motion control.
2. Core Products and Advantages
The core humanoid robot products are G1 and H1/H1-2. G1 emphasizes lightweight design, flexibility, and low-barrier development, with a starting retail price of 99,000 RMB; H1 focuses on full-size, high-performance, and high-speed motion capabilities. Unitree’s advantages lie in high motion performance, low-cost capabilities, and supply chain integration capabilities, making it the most likely “hardware blockbuster company” among current Chinese humanoid robot manufacturers.
3. Valuation and IPO Status
The latest publicly available financing data shows that Unitree has completed 10 rounds of financing, with a post-C round valuation exceeding 12 billion RMB; as of June 1, 2026, its IPO on the Science and Technology Innovation Board has been approved, but it has not yet been officially listed for trading.
(III) Zhiyuan Robotics
1. Core Team
Zhiyuan’s strongest brand image comes from co-founder Peng Zhihui (Zhihui Jun). His team possesses backgrounds in robotics, AI algorithms, and industry resources, making them a company combining “technical stars + industrial organization.”
2. Core Products and Advantages
Core product lines include the Expedition A1/A2, Lingxi X2, and the wheeled dual-arm robot Genie G1; they also launched the Zhiyuan Qiyuan large model, GO-1, and the large-scale real-machine dataset AgiBot World. Their advantage lies in their approach, which emphasizes a full-stack system encompassing robot body + embodied model + data platform + development ecosystem, rather than simply focusing on the robot itself.
3. Valuation and IPO Status
According to public reports, Zhiyuan is currently in talks for a new round of financing with a valuation of 15 billion yuan. It is not yet listed; current public information clarifies its continued financing and business expansion rather than its entry into a confirmed IPO application stage.
(IV) Galaxy General
1. Core Team
The core figure is Wang He, Assistant Professor at Peking University, founder, and CTO. Galaxy General’s team has a distinct focus: they lean towards “robot brains” and embodied models, possessing very strong academic and algorithmic capabilities.
2. Core Products and Advantages
The flagship product is the Galbot G1, accompanied by embodied models such as GraspVLA, GroceryVLA, and TrackVLA. Its differentiation is very clear: it doesn’t simply pursue a bipedal “performance feel,” but rather focuses on retail, pharmacies, and factories, deeply exploring the “movement-grasping-placement” process, emphasizing model generalization capabilities, scenario closure, and commercial usability.
3. Valuation and IPO Status
The latest publicly available information shows that Galaxy General’s post-financing valuation has exceeded 20 billion yuan, and it has been described by multiple media outlets as one of the highest-valued unlisted companies in the humanoid robot field.
(V) Star Era
1. Core Team
The founder is Chen Jianyu. The company was incubated by the Institute for Interdisciplinary Information Sciences at Tsinghua University, boasting a strong Tsinghua background. The team’s positioning is not a single-focused robot company, but rather a focus from the outset on the synergy of “robot brain + body.”
2. Core Products and Advantages
Core products include STAR1, dexterous hands, and the ERA-42 embodied model. The company’s official website and public reports repeatedly emphasize its advantage in full-stack self-developed software and hardware, covering the brain, motion control, body, joint modules, and dexterous hands; it is also making rapid progress in logistics, manufacturing, and scientific research data acquisition scenarios, making it one of the few teams in China that simultaneously possesses both “model capabilities” and “hardware capabilities.”
3. Valuation and IPO Status
Public reports indicate that after completing its strategic round of financing, Star Era’s valuation has exceeded 10 billion yuan. It is currently still in the pre-IPO financing stage.
(VI) Fourier Intelligence
1. Core Team
The founder and CEO is Gu Jie, with a background in Mechanical Engineering from Shanghai Jiao Tong University. Fourier started with rehabilitation robots and is one of the few companies that first established an industrial foundation in medical rehabilitation scenarios before entering the general humanoid robot market.
2. Core Products and Advantages
The core product is the GR-1, and it has further launched the open-source platform Fourier N1. Its advantage is not simply “walking and running,” but rather the integration of rehabilitation/wellness scenario understanding, pure vision solutions, reinforcement learning, Sim2Real, dexterous hands, autonomous interaction, and other capabilities, giving it a path advantage of “entering the general humanoid robot market from professional vertical scenarios.”
3. Valuation and IPO Status
The latest publicly available information shows that Fourier’s new round of financing corresponds to a pre-investment valuation of 8 billion yuan; public reports also indicate that it has completed its shareholding reform, but has not yet gone public.
(VII) Leju Robotics
1. Core Team
The founding team of Leju mainly comes from Harbin Institute of Technology, with key figures including Leng Xiaokun, Chang Lin, and An Ziwei. The team is characterized by its strong academic foundation and a strong emphasis on engineering and scenario-based implementation.
2. Core Products and Advantages
Core products include the Kuavo/Kuafu series of full-size humanoid robots, the Roban series, and the Aelos series. Its advantage lies in its strong industrial scenario orientation, while also building brand recognition in areas such as 5G-A, commercial demonstrations, and education and research. It is one of the clearest players currently on the path “from robot company to IPO company”.
3. Valuation and IPO Status
According to the prospectus, Leju’s valuation after its most recent financing is approximately RMB 4.327 billion; it has been accepted for IPO on the Shenzhen Stock Exchange’s ChiNext board, becoming the first company to apply for an IPO using the fourth set of standards for ChiNext.
(VIII) ZQGame
1. Core Team
The founder and CEO is Zhao Tongyang. The team comes from early domestic research and industrialization teams in legged robots, with members holding backgrounds from Tsinghua University, Peking University, MIT, CMU, HKU, Southeast University, and other prestigious universities. A high percentage of the team is R&D personnel.
2. Core Products and Advantages
Core products include SA01, SE01, and PM01. ZQGame’s strengths lie in its fully self-developed complete robot stack, natural gait, motion control, and high cost-effectiveness. Its products are highly recognizable and suitable for scientific research, education, and some industrial/commercial applications.
3. Valuation and IPO Status
Public information shows that after completing a $200 million Series B financing round, ZQGame’s valuation has exceeded 10 billion yuan. The funds are mainly used for technology R&D, capacity expansion, and application implementation. It is currently not listed on the stock exchange.
III. Overall Assessment
From the perspective of capital market maturity, the ranking is roughly: UBTECH > Unitree > Leju > other unlisted companies. In terms of full-stack technology depth, UBTECH, Logic, and StarGen stand out. Regarding core capabilities and cost-effectiveness, Unitree and Zyxel are more prominent. Considering the closed-loop scenario and the “profit first, scale later” approach, Galaxy General, Fourier, and Leju are more worthy of attention.