Unitree Robotics IPO: China's First Humanoid Robot Stock Hits ¥60.99B Valuation

Forum topic · 小凯 · 2026-08-15

Summary

Unitree Robotics launched its STAR Market subscription on August 15 (code 787036) at a ¥60.99B issuance valuation, a 219.23x P/E and 35.89x P/S, becoming A-shares' first pure-play humanoid robot listing. By comparison, peer UBTech trades at 19.37x P/S and Dobot at 20.12x, while its C34 industrial classification sits at 38.56x P/E. The premium is backed by 2023-2025 revenue jumping from ¥159M to ¥1.699B (230% CAGR), net income flipping from ¥-11.1M to ¥278M, and gross margin climbing to 60.13%, 37 points above industry average. Risks emerge in 2026 H1: revenue growth decelerates to 35.6%-45.4% with non-GAAP net profit down 6.43% on rising R&D and sales spend. Unitree shipped 5,500+ humanoids in 2025, leading globally, but 73.6% of revenue still depends on research and education. A ¥4.2B raise earmarks 48% for embodied-AI model R&D.

Key points

Pricing and market position

Unitree Robotics (科创板申购代码 787036) opened subscription on August 15, with an issuance market cap of ¥60.993B, P/E of 219.23x, and P/S of 35.89x — the first A-share "humanoid robot" listing.
Peer comparisons: UBTech (HK) P/S 19.37x, Dobot (越疆) P/S 20.12x; the C34 general-equipment manufacturing classification's static P/E is 38.56x. Unitree's P/S is roughly 80% higher than peers and its P/E about 5.7x the industry benchmark.

Growth story that supports the valuation

2023–2025 revenue: ¥159M → ¥393M → ¥1.699B, a three-year CAGR of about 230%.
Net income swung from ¥-11.1451M to ¥278M; 2025 net margin reached 16.4%.
Gross margin rose from 44.22% to 56.74% to 60.13%, exceeding the listed-peer average by 37 percentage points.

The inflection in 2026 H1

Projected 2026 H1 revenue: ¥1.052B–¥1.128B, YoY growth 35.62%–45.41%, a steep deceleration from 230%.
Non-recurring net profit expected to fall 6.43% YoY; management cites materially higher R&D and selling expenses.
Of the ¥4.202B raised, ¥2.022B (48%) is earmarked for the "Intelligent Robot Model R&D Project."

Commercial concentration

2025 humanoid shipments: 5,500+ units (No. 1 globally), ahead of Agibot (智元) at 4,000+.
73.6% of revenue still comes from research and education customers.
At a roadshow on August 7, founder Wang Xingxing (王兴兴) said current results are only a starting point and the embodied-AI industry remains in an early stage.
Unitree's G1 humanoid sells for ¥99,000, more than 5x cheaper than Boston Dynamics Spot — a cost moat for industrial adoption, while household penetration is the next valuation narrative.

Shareholder roster — a strategic-capital signal

Meituan affiliates: 9.65% (largest external holder); Sequoia (红杉) 7.11%; MatrixPartners (经纬) 5.45%; Shunwei (顺为) 4.42%; Alibaba, Tencent, and Ant Group are also on the cap table.
National Social Security Fund portfolios 601, 502, and 109 collectively subscribed to 933,400 shares, marking embodied AI as a national-strategic capital theme.
Allocation rate: 0.01809759%, meaning fewer than 2 in 10,000 retail applicants got shares.

Why "glory and burden" at the same time

Glory: Unitree sets the first pure A-share valuation anchor for embodied AI.
Burden: public-market investors will now dissect every shipment and order on a quarterly basis.
MIIT projects 2026 national humanoid output to exceed 100,000 units (vs. ~20,000 in 2025), a 5x jump in one year.

IPO window accelerating

July 24: Agibot confirmed Hong Kong listing plans.
August 4: Zhipingfang (智平方) reportedly preparing a HK IPO, possibly as early as 2027.
Unitree's 73-day approval-to-listing pace will be hard to replicate; next issuers will need a real net-profit curve to attract capital.

Source figures preserved

Issuance valuation: ¥60.993B
2025 revenue: ¥1.699B; net margin 16.4%
2025 humanoid shipments: 5,500+ units
Research/education revenue share: 73.6%
G1 price: ¥99,000