The most honest document in any IPO is the use-of-proceeds plan.

Unitree is filing to raise 4.2 billion yuan on the Shanghai STAR Market. Roughly 50 percent of the proceeds are allocated to AI model training and embodied intelligence research. Roughly 25 percent goes to advanced humanoid product development. The remaining 25 percent splits across manufacturing capacity and working capital.

The company that ships 32 percent of the world's humanoid robots is allocating half of its IPO raise to the AI software it does not yet have.

This is the prospectus telling you what the company knows about itself. The hardware works. The intelligence has not yet caught up. The capital allocation is the confession.