Deep Robotics files for STAR Market IPO to raise $350M, sold just 1 humanoid robot in 2025
创业邦 · wechat · 2026-09-29
Hangzhou-based Deep Robotics (Yunshenchu) got its STAR Market IPO accepted, seeking to raise 2.503 billion yuan at a pre-IPO valuation of 13.9 billion yuan.
- Robot dogs drive the business: 2025 revenue hit 337 million yuan (+227% YoY) with its first annual profit of 28.68 million yuan. The Jueying X industrial quadruped line sold 681 units at an average price of 287,500 yuan; quadruped and wheel-legged products contribute over 95% of revenue, ranking No.1 globally in industry-application quadruped revenue.
- Humanoids near zero: the DR-series humanoid sold only 1 unit in 2025 (823,000 yuan, 0.24% of revenue), underscoring how early humanoid commercialization remains.
- Concerns: inventory grew 187% to 124 million yuan; P/S above 40x and P/E near 500x, with intensifying competition from Unitree and peers.
More from Venture
- Bain: AI needs $6T annual revenue by 2031, triple last year's bar, to fund the buildout — rohanpaul_ai · 2026-09-29
- Debate via DoorDash analogy: Anthropic has survived until Google's compute edge no longer matters — teortaxesTex · 2026-09-29
- Cognex acquires RealSense for $500M cash to enter robot 3D perception — lukas_m_ziegler · 2026-09-29
- 23 of 128 Bittensor subnets now make real money; top GPU subnet billed $964K last month — bittingthembits · 2026-09-29
- 14% of AI Payers Drive 60% of Spending as Consumer AI Growth Shifts to Power Users — rohanpaul_ai · 2026-09-29
- Selling enterprise AI in China is a consulting game, not a product game — yangyi · 2026-09-29