The highly anticipated A-share "first humanoid robot stock"—Unitree Technology (688836)—is about to be listed on the STAR Market. The company announced an IPO price of 150.8 yuan per share and held an online roadshow on August 7.

If this issuance goes smoothly, Unitree Technology expects to raise about 6.099 billion yuan, with net proceeds after deducting various issuance expenses of about 5.9 billion yuan.

How will this nearly 6 billion yuan "huge sum" be spent? With the revelation of this issue, market attention to Unitree Technology's A-share supply chain partners has rapidly increased.

| Nearly 6 billion yuan in fundraising destination: 80% invested in R&D, capacity expected to surge 13-fold

How will this nearly 6 billion yuan "huge sum" be spent? Unitree Technology has provided a clear plan, with 85% of the funds directly invested in various R&D projects. Specifically, there are four main directions:

With the completion of the new manufacturing base, Unitree Technology's production capacity is set to experience explosive growth. Once completed, it is expected to achieve an annual production scale of 75,000 humanoid robots and 115,000 quadruped robots. Compared to the shipment volume of over 5,500 humanoid robots in 2025, production capacity will increase more than 13 times.

| Supply chain revealed: Core motors are mainly self-developed, some suppliers have doubts

Unitree Technology clearly stated in its prospectus that the company prefers "in-house module development" (independent design and R&D, custom procurement of components, and self-assembly). This highly self-developed approach has cast doubt on the identities of some suppliers previously hyped by the market.

Unitree Technology officially emphasized that the company's upstream motor supply only procures raw materials such as copper wire and magnets, builds its own production lines, and "does not purchase finished motors or motor modules externally."

Market misunderstanding: Previously, Wolong Electric Drive was widely regarded by the market as Unitree's core motor supplier. However, according to Unitree, the possibility of Wolong Electric Drive directly supplying finished motors or modules to its products has been ruled out.

真实合作：虽然不直供成品，但双方合作依然紧密。2024年，双方建立了联合实验室共同研发下一代电机；同时，卧龙电驱通过产业基金间接持有宇树科技股份，并参与了宇树机器人的多领域场景应用开发。

虽然核心关节模组高度自研，但轴承、减速器等功能性零部件仍依赖外部供应，以下企业已确认合作：

长盛轴承：已签订合作协议并取得订单，主要供应机器人关节处的自润滑轴承。不过，该业务目前处于小批量生产阶段，占其主营业务收入不足1%。

美湖科技：已取得宇树科技供应商代码，完成资质定点，其配套的减速器关节模组零部件已实现量产交付。

绿的谐波：作为A股减速器龙头，一直被券商列为宇树科技的潜在核心供应商之一。

｜灵巧手、芯片、电池等成供应链重头戏

虽然宇树科技在核心的“一体化关节模组”和电机上坚持自研，但在灵巧手、视觉、电池、MCU（微控制单元）等领域，则采取了“自研与外购双线并行”的策略。招股书显示，灵巧手虽被列为自研模组，但从供应链实际出发，其内部的小型空心杯电机、视觉半导体模组及锂电池等，与整体模组技术差异较大，自研概率较小。

The dexterous hand is the part where expectations fall the most. Previous teardowns showed that Unitree G1 used the dexterous hand module of time-based robots, but Unitree then released its self-developed Dex3 (three-finger) and Dex5 (five-finger) series, highlighting the trend of self-developed development. However, as the most valuable component, its core tactile sensor is still difficult to develop in-house. Suzhou Nengshida, a subsidiary of Hanwei Technology, has long been targeted by securities research reports as Unitree's tactile sensor supplier.

For robot perception and decision chips (MCUs), Unitree Technology will inevitably procure externally, but the total quantity is relatively limited. Currently, several A-share companies have confirmed supply:

Kingtech Perspective | Say goodbye to "blind hype," focus on "real orders" and "high barriers"

Unitree Technology's nearly 6 billion yuan in fundraising and a major leap in production capacity are undoubtedly a strong boost for the humanoid robot industry from "concept" to "mass production." However, the prospectus reveals a "core module self-development" route, sounding a warning for the market: those concept stocks hyped solely on "rumors" face the risk of falsification.

The investment logic for A-shares must shift from "rising immediately after exposure" to "order verification." Only companies that truly enter the external procurement segment (such as reducers, sensors, chips) and have high barriers can enjoy the benefits of mass production.

Focusing on "external procurement rigid demand" and laying out high-value core components
. Since OEMs choose "self-developed assemblies," the investment focus of the A-share supply chain should shift to high-barrier segments where OEMs are unwilling or unable to do well.

It is recommended to focus on two types of targets: first, precision reducers and bearings (such as Green Harmonic and Changsheng bearings), which are essential for robot motion control and have very high certainty in external procurement; Second, the "senses" and "nerves" of embodied intelligence, including tactile sensors (such as Hanwei Technology) and MCUs/computing chips (such as Rockchip Microelectronics and Pantum Technology).

Besides hardware manufacturing, Unitree's capacity expansion and commercialization will generate huge demand for "soft infrastructure."

Investors are advised to break away from traditional hardware thinking and focus on two major growth directions:

First is "AI data and computing power." For robots to move toward embodied intelligence, high-quality motion capture data and AI large models are indispensable. Related data service providers (such as Lingyun Optics) and AI algorithm leaders (such as iFlytek) will be the first to benefit.

Second, "commercial scenario expansion": as Unitree's production capacity soars, whoever can help it sell and put its robots into use will get a share. Companies with exclusive partnerships or mature channels in niche scenarios such as education, special mining, and overseas channels will see performance realized alongside the growth of equipment manufacturers.