Unitree Robotics just received CSRC approval for a Shanghai IPO, targeting a raise of 4.2 billion yuan ($618M) at an implied valuation of around 42 billion yuan ($6.2B). A debut as early as late July is on the table. The proceeds go toward robot model development, hardware R&D, new products, and manufacturing capacity. Standard IPO language. But the financials underneath it are anything but standard. Unitree generated 1.7 billion yuan in revenue last year and 591 million yuan in adjusted profit. In a sector where burning cash is the norm, Unitree is actually making money. The comparison to UBTech is instructive. Hong Kong-listed UBTech brought in 2 billion yuan in revenue，which is more than Unitree, but posted a net loss of roughly 700 million yuan. Its market cap sits at around $6.9 billion. Unitree, with lower revenue but real profits, is pricing its IPO at $6.2 billion.