On August 15, Unitree Technology (宇树科技) opened its STAR Market subscription under code 787036, with an IPO valuation of 60.993 billion yuan, a price-to-earnings ratio of 219.23x, and a price-to-sales ratio of 35.89x — making Unitree the A-share market's first pure-play "humanoid robot stock."
For comparison: UBTech trades at 19.37x P/S on the Hong Kong Stock Exchange, Dobot at 20.12x, while the "C34 General Equipment Manufacturing" industry average static P/E is 38.56x. In other words, Unitree's P/S is roughly 80% higher than peers, and its P/E is 5.7x the industry level.
The fundamentals behind the valuation
According to the prospectus:
- Revenue: 159 million (2023) → 393 million (2024) → 1.699 billion yuan (2025), a three-year CAGR of 230%
- Net profit swung from -11.15 million to +278 million yuan, with a 16.4% net margin in 2025
- Gross margins climbed from 44.22% to 56.74% to 60.13%, well above the ~37% average of listed peers
- Meituan-affiliated investors: 9.65% (largest external holder)
- Sequoia: 7.11%; Matrix Partners: 5.45%; Shunwei: 4.42%
- Alibaba, Tencent, and Ant Group also on the register
- China's National Social Security Fund (combinations 601, 502, and 109) were allocated 933,400 shares in total — signaling that embodied intelligence has entered the view of national strategic capital
- July 24: Zhiyuan Robotics confirmed its Hong Kong listing plans
- August 4: Zhi Ping Fang (智平方) reportedly preparing a Hong Kong IPO, potentially launching by 2027
This stepped growth curve is the physical support that lets a 219x P/E exist.
But one line splits the story in two
H1 2026 guidance projects revenue of 1.052–1.128 billion yuan, up 35.62%–45.41% year-over-year — growth decelerating from 230% to ~40%. Non-GAAP net profit declined 6.43% year-over-year, which the company attributes to "significantly increased R&D and sales expenses." Growth continues, but the profit side is under pressure first.
This maps directly onto the fundraising structure: of the 4.202 billion yuan raised, 2.022 billion (48%) goes to an "intelligent robot model R&D project."
Commercial concentration remains a structural issue
In 2025, Unitree shipped 5,500+ humanoid robots, ranking first globally (Zhiyuan/Agibot second with 4,000+). However, 73.6% of revenue comes from research and education. Founder Wang Xingxing said candidly at an August 7 roadshow: "Current results are just a starting point; the embodied intelligence industry as a whole is still in its early stages" — laying out the progression from research, to industrial, to home use.
The G1 is priced at 99,000 yuan, more than 5x cheaper than Boston Dynamics' Spot — that is Unitree's moat. But "paying back in three months in a factory" or "usable for ten years in a home" is the story of the next valuation stage.
A star-studded shareholder list
The lottery win rate was 0.01809759% — fewer than 2 in 10,000 investors got an allocation.
Why "both an honor and a burden"
The honor: Unitree sets the industry's valuation anchor — embodied intelligence finally has its first pure A-share coordinate. The burden: investors will scrutinize every shipment and every order through the lens of listed-company financial reporting. The Ministry of Industry and Information Technology projects humanoid robot production to exceed 100,000 units in 2026 (versus just 20,000 in 2025 — a 5x jump in one year).
Unitree's IPO is the first ticket onto the embodied AI train, but the key to the next wave of differentiation is whether it can bring down that 73.6% research-and-education dependence and build a new consumer/home-scenario curve.