DEEP Robotics云深处科技
LatestSTAR Market IPO application accepted (May 18, 2026), planning to raise RMB 2.503B
~RMB 10B (industry estimate, May 2026)
Hangzhou Deep Robotics Technology Co., Ltd.
Zhejiang University lineage and one of Hangzhou's 'Six Little Dragons'; No. 1 globally in quadruped robot industry-application revenue (2025, Frost & Sullivan); Jueying series deployed in 26 provinces plus exports to 45 countries; DR-series humanoid expansion
数据截至2026-08-19
About
DEEP Robotics was founded in Hangzhou in November 2017 by Zhu Qiuguo, an associate professor at Zhejiang University; it was among the earliest Chinese companies to bet on quadruped robots and is one of Hangzhou's 'Six Little Dragons'. Focused on the B2B market, its Jueying series serves power inspection, emergency firefighting, policing and security scenarios — together with consumer-focused Unitree it forms the 'quadruped twin stars'. Revenue grew from RMB 50.11M in 2023 to RMB 337M in 2025, with the first profit in 2025 (net profit attributable to parent RMB 28.68M); over 5,500 quadrupeds produced cumulatively, sold to 45+ countries. By Frost & Sullivan's 2025 measure it ranks No. 1 globally in quadruped industry-application revenue; by IDC's 2024 measure it held an 18.9% share of global sales volume (No. 2). The product line extends to the Lynx wheeled-legged robot and the DR-series humanoids. On May 18, 2026 its STAR Market IPO application was accepted, planning to raise RMB 2.503B — the second robotics company accepted on the A-share market.
Technical Approach
Full-chain in-house development from core components (integrated joints, etc.) to complete robot systems, building a full-stack perception-decision-planning-control technology system. IP67 protection and -20°C to 55°C wide-temperature operation handle complex and extreme working conditions; deep commitment to B2B scenarios such as power inspection, emergency firefighting and policing/security, tightly bound to central-SOE customers such as State Grid and China Southern Power Grid.
Commercialization（5）
- Revenue: RMB 50.11M (2023) → RMB 103M (2024) → RMB 337M (2025) (CAGR 159.51%)
- Profitability: first profit in 2025, with net profit attributable to parent of RMB 28.68M; gross margin improved from 33.48% to 52.83%
- Shipments: over 5,500 quadrupeds produced cumulatively; 2025 sales volume tripled to 2,908 units
- Globalization: products sold to 45+ countries and regions; overseas revenue grew from RMB 5.47M (2023) to RMB 61.04M (2025) (18.12% of total)
- Customers: over 500 industry customers, with top accounts including State Grid, China Southern Power Grid and Singapore Power Group
Position & Strengths（5）
- Frost & Sullivan: No. 1 globally in 2025 quadruped robot industry-application revenue; No. 2 globally in overall quadruped revenue; No. 4 globally in embodied intelligence robot revenue
- IDC: 18.9% share of global quadruped sales volume in 2024, No. 2 worldwide (behind Unitree's 32.4%)
- Member of Hangzhou's 'Six Little Dragons' (alongside Unitree, DeepSeek, Manycore, Game Science and BrainCo)
- Differentiation: deep B2B industry focus + extreme-condition capability (IP67 / wide temperature range) + central-SOE customer moats
- Risk notes (prospectus wording): high customer and scenario concentration (dependent on power, emergency and security); lagging humanoid effort (the DR series shipped only 4 units combined in 2024-2025); supply-chain reliance on outsourced machining