Zhiyuan Robotics, also known as AgiBot, is preparing to list in Hong Kong. The target valuation runs to 363–433 billion yuan (about $50–60 billion), close to rival Unitree. It is an early test of whether the market will price Chinese humanoid robotics as a mature business rather than a promise.
Key takeaways
- Target IPO valuation: 363–433 billion yuan (about $50–60 billion), near Unitree's ~420 billion yuan
- 2025 revenue topped 1.05 billion yuan (about $145 million) — a 20-fold jump year over year
- Founded three years ago, with 5 subsidiaries and over 20 direct investments
- Eight AGIBOT G2 humanoids cut a factory cycle from 58 to 22 seconds at Longqi Electronics
- Proprietary control models: GO-1, GO-2, WITA-Omni and τ(0)-VLA for long-horizon tasks
A company built like a "battle group"
AgiBot is no longer a single robot maker. Around its core sits a network of five subsidiaries and more than twenty direct investments. It also controls the listed firm Shangwei New Materials, valued at 51.3 billion yuan.
According to CTO Peng Zhihui, roughly three-quarters of the research team and budget go to the "brain" — the large and small control models. The rest is hardware and deployment. Peng sums up the strategy plainly: the goal is to "stay at the table" once the industry consolidates.
Robots already on the job
AgiBot's strongest case is not a demo — it is a factory. Eight AGIBOT G2 humanoids work at the Longqi electronics plant. Since first switch-on, the time for a single cycle has fallen almost threefold.
| Stage | Cycle time |
|---|---|
| Start | 58 s |
| After one month | 27 s |
| June 2025 | 22 s |
The numbers add up. Each robot runs about 3,000 pick-and-place cycles a day. Several machines have passed 1,500 hours of uptime, with a record near 3,000. The company also cites eight hours of fault-free operation — a metric industry values more than a flashy show.
Four models, not one plant
Behind the hardware sits a layer of models. GO-1, from March 2025, introduced the ViLLA architecture with a separate planner and an action module. GO-2, in 2026, added an "action thinking chain" and a dual-system design that lets thousands of robots train together.
Then come WITA-Omni, an interaction model processing vision, audio and motion with under 500 ms latency, and τ(0)-VLA — a "slow thinking, fast execution" system for long-horizon tasks, built with a Shanghai academy. That sets AgiBot apart from firms betting on one model for everything.
Why it matters
AgiBot's IPO is a test for all of Chinese humanoid robotics. If investors accept a valuation near Unitree's, it sets a reference point for the companies that follow. What matters is that the firm shows not just prototypes but revenue and real factory deployments — shifting the conversation from "when will robots work" to "how many can we sell." Diversification through subsidiaries and an in-house model stack is meant to shield AgiBot from a consolidation that would wipe out single-product players.
What's next?
- WITA Omni 1.0 is set to debut in the third quarter of 2026, with a claimed response latency under 500 ms
- A successful IPO at 363–433 billion yuan would set the benchmark for Unitree's own listing, after Unitree warned about the impact of US curbs
Sources
- TMTPost — 智元冲刺港股IPO，备战具身智能淘汰赛
- AGIBOT — AGIBOT Innovation (Shanghai) Technology
