Physix Frontier · News Briefing Card (TMTPost · Oct 13, 2026)

DEEP Robotics Files for STAR Market IPO to Raise 2.503B Yuan

KEY FACTS

DEEP Robotics' STAR Market IPO application was accepted in May this year, with plans to raise 2.503 billion yuan.
In 2025, DEEP Robotics' revenue was 337 million yuan, with non-recurring net profit of 15.12 million yuan.
In 2025, its industry application revenue was 267 million yuan, accounting for 79.33% of total revenue.
In the first half of 2026, the Jueying X was priced at 228,200 yuan per unit, with a gross margin of 39.75%.
In the first half of 2026, humanoid robot revenue was 2.7893 million yuan, accounting for 1.08%.

KEY DATA

2.503 billion yuanPlanned fundraising amount

Approximately 13.9 billion yuanIssue valuation

337 million yuan2025 revenue

15.12 million yuan2025 non-recurring net profit

PHYSIX OBSERVATION

DEEP Robotics relies on power inspection quadruped robots for nearly 80% of its revenue, but price wars and customer self-development are eroding its base. Its price-to-sales ratio is higher than Unitree's, reflecting capital's premium on the humanoid narrative, while humanoid revenue accounts for only 1%, meaning commercialization is still early. After listing, whether it can trade scenario barriers for time to mature its technology is the biggest point of interest.

Source: TMTPost report