Overview
Unitree Robotics (宇树科技) set its STAR Market IPO price at ¥150.80 per share, implying an issuance market capitalization of approximately ¥60.99 billion based on 40,446,434 shares (10% of post-IPO total). Subscription opens August 10, 2026 (online and offline in parallel, ticker 688836), with payment due August 12 (T+2).
Valuation and Pricing
- P/E ratio at issuance: 219.23× vs. industry average of 38.56×
- Total funds raised: ~¥6.099 billion; net proceeds ¥5.917 billion—45% above the ¥4.202 billion originally disclosed in the prospectus
- One-year valuation jump: ¥12.7 billion (last pre-IPO funding round, June 2025) → ¥61 billion at issuance, a ~3.8× increase
- Ten-year view: ¥13.33 million seed valuation (2016) → ¥61 billion at issuance, a 4,573× increase
- 933,390 shares (~2.31% of issuance), corresponding to ~¥141 million
- 36-month lock-up—the longest among all strategic participants
- Stated strategic intent: focus on AI large-model and embodied-intelligence R&D and product development, integrating both parties' technical strengths to improve embodied robots' understanding and generalization in complex scenarios
- China National Social Security Fund (three portfolios: 601, 502, 109): 933,400 shares total
- PetroChina Kunlun Capital, China Southern Power Grid Industrial-Financial Holdings, Tianyi Capital, Tencent (Shanghai Qishan Investment): 903,290 shares each
- CITIC Securities Investment (sponsor co-investment): 808,900 shares, 24-month lock-up
- Employee Plan No. 1 (senior management): 1,356,100 shares, 12-month lock-up
- Employee Plan No. 2 (core staff): 444,300 shares, 36-month lock-up
- 2023: Revenue ¥159 million; net loss ¥11.145 million
- 2024: Revenue ¥393 million; net profit ¥95.475 million (first profitable year)
- 2025: Revenue ¥1.699 billion; non-recurring adjusted net profit ¥590 million
- 2026 Q1: Revenue ~¥423 million (YoY +68.49%); adjusted net profit declined YoY due to sharp R&D and sales expense increases
- 2026 H1 forecast: Revenue ¥1.052–1.128 billion (YoY +35.62% to +45.41%); net profit attributable to parent ¥258–306 million
- 2025 humanoid robot shipments: over 5,500 units
- Intelligent robot model R&D (~half of funds; Unitree is simultaneously betting on WMA and VLA technical routes)
- Robot body/platform R&D
- New intelligent robot product development
- Intelligent robot manufacturing base construction
- The 220× P/E depends on shipment and net-profit realization in 2026 H2–2027 H1
- The specific WMA vs. VLA technical split in the DeepSeek–Unitree partnership has not been disclosed
- The ¥12.7B → ¥61B valuation jump occurred in under one year with limited comparable anchors
- 2026 Q1 adjusted net profit declined YoY, indicating notable expansion-phase cost pressure
- Unitree has not disclosed the 5,500-unit shipment mix by customer segment (ToB / ToG / ToC) or unit pricing
- The 38.56× industry-average P/E methodology (CSI Index classification) needs independent verification
- Overseas (North America, Europe, Southeast Asia) revenue mix and FX exposure remain undisclosed
- IT之家, Aug 6: https://www.ithome.com/0/986/699.htm
- IT之家 prospectus summary: https://www.ithome.com/0/983/890.htm
- Securities Times, Aug 6: https://www.stcn.com/article/detail/4062750.html
- Securities Times, Aug 6: https://www.stcn.com/article/detail/4062608.html
- Caijing Magazine, Aug 7: https://gu.qq.com/resources/shy/news/detail-v2/index.html?id=SN20260807142246a6f93ac2
- Tencent News, Aug 8: https://new.qq.com/rain/a/20260808A04PE900
Strategic Investor Lineup
Nine strategic investors received a combined 8,089,286 shares. The most notable is DeepSeek (Hangzhou DeepSeek Artificial Intelligence Fundamental Technology Research Co., Ltd.):
Other participants:
Fundamentals
Use of Proceeds
Analysis
DeepSeek–Unitree alliance The DeepSeek partnership is not a typical financial investment. The prospectus language indicates Unitree wants DeepSeek as a model supplier—the "brain" of embodied intelligence (VLA/WMA), while Unitree builds the "body" itself. The 36-month lock-up signals a bet on multi-year technical coupling, consistent with broader industry strategy: AgiBot (智元) binds to its in-house "Lingxi" model, Galaxy General (银河通用) builds its own model, and Unitree has chosen DeepSeek.
Premium pricing narrative A 219× P/E against an industry average of 38.56× represents a market-voted premium for the "first humanoid robot stock." Comparables such as Leaderdrive (绿的谐波), Estun (埃斯顿), and Wuzhou Xinchun (五洲新春) trade in the 30–60× P/E range on revenues in the tens of billions and net profits of ¥500 million–¥1.5 billion. Unitree's revenue base is smaller, but growth slope is steeper. Whether 220× is sustainable depends on shipment and net-profit realization post-2026 H1.
Global shipment context Founder Wang Xingxing (post-90s generation, started with academic quadruped robots in 2016) led Unitree to 5,500+ humanoid robot shipments in 2025—globally second only to Tesla Optimus (Tesla has not disclosed precise figures) and well ahead of Figure AI (estimated 200–500 units in 2025), 1X Technologies (production ramp), and Apptronik (Apollo mass-production preparation).
Industry implications Unitree's STAR Market IPO marks the shift from "technology narrative" to "capital narrative" for China's embodied/humanoid robotics sector. The investor mix—DeepSeek + Tencent + National Social Security Fund + PetroChina—signals three things: (1) state-backed and internet capital are betting simultaneously; (2) model–body industry alliances are beginning to crystallize; (3) valuation premium rests on "first humanoid robot stock" narrative fulfillment, not revenue scale. For unlisted peers (AgiBot, Galaxy General, Acceleration Evolution, Star Era, etc.), this is both endorsement and pressure—the next funding round's valuation reference point has changed.