The A-share "first humanoid robot stock," Unitree Robotics, saw its market value surge to 44.5 billion yuan on its first day of listing.

Original | Odaily Planet Daily (@OdailyChina)

Author | Wenser (@wenser 2010 )

On August 19, Unitree Robotics (688836.SH) officially listed on the STAR Market of the Shanghai Stock Exchange, transforming the title of "China's first humanoid robot stock on A-share" into reality. Its opening price was set at RMB 1,100, a 629.44% increase from the issuance price of RMB 150.80, far exceeding the year-to-date average first-day gain of 466.61% for STAR Market IPOs. Its market capitalization once surged to RMB 445 billion. This year’s most lucrative A-share IPO event—approved in just 73 days, with nearly 9.8 million subscription accounts and an online subscription success rate of only 0.018%—delivered a single-lot profit of RMB 475,000 for 500 shares, more than six times the initial investment.

After the historic IPO of SpaceX overseas and the IPO of ChangXin Memory Technologies as China’s leading domestic memory chip maker, Unitree Robotics has entered the capital market under the banner of “the only profitable humanoid robot manufacturer,” and has been enthusiastically welcomed at its opening.

As of the time of writing, Unitree Robotics' stock price is approximately RMB 892, with a market capitalization of around RMB 361 billion, a turnover rate of 55.25%, and trading volume exceeding RMB 15.3 billion. In the current era of rapid advancement in AI and hard technology, Unitree Robotics' listing itself reflects one of the key trends in the capital market.

After the IPO subscription for Unitree Robotics concluded, we presented a range of representative market views on the question of “What is a reasonable valuation range for Unitree Robotics?” in our earlier article “How Much Is Unitree Robotics, the ‘First Humanoid Robot Stock,’ Really Worth?”. Now, it appears that Yu Wenchao, partner at Dunhong Asset and an early investor in Unitree Robotics, made the most bold estimate—and it has proven closest to the market’s pricing. He stated: “A post-listing market cap exceeding 200 billion RMB is reasonable; I believe it could even surpass 400 billion RMB in the short term. This is not excessive compared to valuations of similar overseas companies.” Considering the peak market cap of nearly 450 billion RMB after opening and the current figure exceeding 360 billion RMB, Unitree Robotics’ reasonable valuation range has been revised upward from the previous 200–250 billion RMB to the current 350–450 billion RMB.

High market cap, low float: Unitree Robotics once again delivers a SpaceX, CXMT-style surge

It is worth noting that the reason Unitree's market capitalization surged to more than six times its offering valuation was not only due to the market's intense enthusiasm and optimistic expectations for humanoid robots, but also because, like many crypto projects and historic IPOs such as SpaceX and CXMT, it exemplifies the “low float, high market cap” phenomenon.

According to the Shanghai Stock Exchange announcement, Yushu Technology previously disclosed an issue price of RMB 150.80 per share, with a total post-issue share capital of 404 million shares, including 30.0877 million unrestricted shares available for trading at the initial listing, accounting for 7.44% of the total share capital. The company’s issue price corresponds to a diluted static price-to-sales ratio of 35.89 times for 2025, higher than the average of comparable companies.

This can also be inferred from previous data on retail investor allocation rates and the total number of subscription accounts: It is reported that Unitree Technologies is issuing 40,446,400 shares, accounting for only 10% of the total post-issue equity. After the back-end allocation mechanism was triggered, the final online issuance amounted to 9,707,000 shares, with 9,784,600 valid subscription accounts, resulting in a final allocation rate of just 0.0181%—a figure that sets new records for both the lowest allocation rate and the highest number of participants among Sci-Tech Innovation Board IPOs. A total of 19,414 winning numbers were drawn; each winning lot consists of 500 shares requiring a payment of RMB 75,400. Only 8,734 shares were forfeited online, and there were zero forfeits offline, indicating strong payment willingness.

On the other side, the strategic allocation to institutional investors and the high ownership stake held by founder Wang Xingxing ensure weak selling pressure, preventing a retail investor panic on the first day of listing.

According to available information, nine investors, including the National Social Security Fund, DeepSeek, Tencent, CNPC Kunlun Capital, China Southern Power Grid, and China Telecom Tianyi Capital, collectively subscribed for approximately 8.09 million shares, with a total subscription amount of about RMB 1.22 billion. DeepSeek received 9.334 million shares for RMB 141 million, with a lock-up period of 36 months—significantly longer than the standard 12 months for institutional investors—following a memorandum of understanding on strategic cooperation to jointly develop in three areas: general artificial intelligence, high-performance robotics, and AI large models. The National Social Security Fund, through three portfolios, received an equivalent number of shares with a 12-month lock-up period. Tencent, CNPC, China Southern Power Grid, and Tianyi Capital each received approximately 9 million shares, with subscription amounts around RMB 136 million each.

Before Unitree Technology's listing, the most criticized or controversial aspect was its P/E ratio of 219 times.

However, if calculated based on non-GAAP net profit for 2025, the corresponding P/E ratio is 92.92x; the diluted static P/S ratio for 2025 is 35.89x. Although still above the average of comparable companies, this is significantly more reasonable compared to the “219” multiple. Given that many comparable companies domestically and internationally have yet to turn a profit, while Unitree has already achieved RMB 600 million in non-GAAP profit for 2025 and shipped over 5,500 humanoid robots—ranking first globally—its offering price of RMB 150.8 appears to be a value opportunity.

Founder Wang Xingxing tops the wealth list: crowned the "new richest person born in the 90s"

The surge in Unitree Robotics' stock price directly led to a significant increase in the net worth of its founder, Wang Xingxing.

According to the prospectus, Wang Xingxing, Chairman, General Manager, and Chief Technology Officer of Unitree Technologies, directly holds 86,714,964 shares of the company, accounting for 21.4395% of the total share capital after the offering. Additionally, prior to the share issuance, he indirectly held 9.5367% of the company’s shares through the equity incentive platform Shanghai Yuyi. In total, Wang Xingxing directly and indirectly holds approximately over 31% of Unitree’s shares, with a market value exceeding RMB 110 billion, thereby securing the prestigious title of “China’s Youngest Billionaire Born in the 1990s.”

Previously, the title was held by Liu Jingkang, founder of Insta360, who once became the youngest billionaire with a net worth of 20 billion yuan.

Of course, the successful listing and surge in market capitalization of Unitree Robotics have benefited not just Wang Xingxing, but also numerous institutional and individual investors behind the company. Among Unitree’s employees, Yang Zhiyu, head of mechanical structure; Chen Li, head of sales and service; and Zhang Yangguang, head of algorithms and software, indirectly hold 0.49%, 0.26%, and 0.15% of the company’s shares through Shanghai Yuyi, respectively. Based on a market capitalization of 350 billion yuan, the value of their holdings amounts to 1.715 billion yuan, 910 million yuan, and 525 million yuan, respectively, joining Wang Xingxing in the “Billionaire Club”.

Meituan: New share subscription unrealized gains exceed 33.3 billion, holding approximately 35.1236 million shares

As the largest external shareholder of Unitree Technologies, Meituan-affiliated capital holds approximately 35.1236 million shares through companies such as Hanhai Information, Chengdu Longzhu, and Galaxy Z, achieving a paper profit of over RMB 33.3 billion during this IPO.

Liang Wenfeng: Realized a profit of 1.1 billion yuan from the new listing of Unitree Technologies.

DeepSeek founder Liang Wenhong acquired approximately 1.1916 million shares through strategic allotment and offline new share subscriptions via his companies DeepSeek, Huanfang Quantitative, and Jiuzhang Assets. Calculated at the issue price of RMB 150.8 and a peak opening price of RMB 1,100, Liang’s unrealized gains from the new share subscription once exceeded RMB 1.1 billion. Based on the current market capitalization of RMB 360 billion, his stake is valued at approximately RMB 1.06 billion, with an unrealized gain of around RMB 882 million.

Lei Jun: Related parties of Shunwei Capital have realized gains exceeding RMB 15.2 billion.

Astrend IV, an offshore investment entity affiliated with Shunwei Capital, founded by Lei Jun, holds 16.106 million shares of Unitree Robotics, accounting for approximately 3.98% of the total post-issue equity, making it the company’s fifth-largest shareholder. Its stake once recorded unrealized gains exceeding RMB 15.2 billion.

It is worth noting that Shunwei Capital participated in Unitree’s Series A funding as early as 2021, with an investment of tens of millions of dollars. At the beginning of this year, Lei Jun reflected on this investment, saying, “Thank you, Wang Xingxing, for giving us the opportunity to invest in Unitree five years ago.”

In addition to the above institutions and individuals, Unitree Robotics' shareholder list also includes a number of prominent institutions and internet technology giants: Sequoia Capital China holds a combined 7.11%, Matrix Partners holds 5.45%, and Tencent, Alibaba, and ByteDance are also on the shareholder list.

For Unitree Robotics today, an IPO is far from a finish line where it can rest; a new challenge has emerged: how to grow from China’s first listed humanoid robot company into the world’s first listed humanoid robot company? With a current market capitalization of approximately 360 billion yuan, Unitree Robotics has not yet secured a dominant position in the global humanoid robotics sector.

Overview of overseas competitors: Figure AI, Boston Dynamics, Optimus are closely following suit.

From an overseas perspective, the most highly valued company currently is Figure AI, with a valuation of approximately $39 to $40 billion, equivalent to about RMB 280 billion. Despite producing only around 150 units per month and not yet being publicly listed;

Boston Dynamics, renowned in the industry but with a turbulent history, has a valuation of only $3.4 billion, approximately RMB 22.9 billion; it is currently under Hyundai Motor and will begin its first commercial deliveries in 2026;

1X Technologies is approximately $10 billion, Physical Intelligence is approximately $5.6 billion, Apptronik is approximately $5.5 billion, and Agility Robotics is approximately $2.1 to $2.5 billion (listed via SPAC).

Optimus, the robot by Tesla, does not have an independent valuation and is included within Tesla’s overall market capitalization of approximately $1.33 trillion, with mass production planned to begin by the end of 2026.

Domestic comparable companies: Zhiyuan, UBTECH, and Yuejiang are currently unable to match up.

Among comparable domestic companies, Zhiyuan Robotics has a market capitalization of approximately RMB 68.3 billion after going public through a reverse merger with Shangwei New Materials; Ubiquant’s market capitalization on the Hong Kong stock exchange is approximately HKD 42.7 billion (about RMB 36.7 billion); and Dobot’s market capitalization is approximately HKD 10.9 billion (about RMB 9.36 billion).

On the other side, countless embodied intelligence companies are still lining up to compete for the next IPO spot: On July 24, AgiBot officially announced the initiation of its Hong Kong listing process; market rumors suggest a target valuation of approximately $20 billion, with a cornerstone round valuation target of HK$40 to HK$50 billion; Yunshen Deep, another of Hangzhou’s “Six Little Dragons,” has had its科创板 IPO application accepted; other embodied intelligence companies such as Galaxy General, Looj Intelligence, Zhi Square, SelfVariable Robotics, Zhujì Dynamics, Zhongqing Robotics, and Stardust Intelligence are also making strong moves.

In addition, companies such as StarSea Map, Songyan Power, StarMotion Era, Fourier Intelligence, and Yuanli Lingji have also completed their share restructuring—according to incomplete statistics, more than 50 robotics-related companies are already lining up outside the Hong Kong Stock Exchange.

Behind the intensifying competition and shrinking opportunity window lies another practical challenge for the humanoid robotics sector: a disconnect between market valuation and actual delivery volume. Figure AI’s valuation was previously more than four times that of Unitree, yet its annual delivery volume was far lower. Only after Unitree’s listing did this disparity begin to ease, but a significant valuation gap between domestic and international markets still persists. To become the world’s first publicly traded humanoid robotics company, Unitree’s market capitalization must reach at least RMB 500 billion.

Regarding the future direction of Unitree Robotics' stock price, the market holds three prevailing logic frameworks.

Optimists believe that Unitree is a rare pure-play humanoid robot stock on the A-share market, already profitable and the global leader in shipment volume. Its strategic partnership with DeepSeek opens up imaginative potential for AI + robotics, while backing from long-term investors such as the National Social Security Fund and Tencent adds credibility, potentially driving a short-term market cap surge above 400 billion yuan due to its scarcity premium.

Careful observers note that the 219-fold diluted P/E ratio already incorporates high growth expectations; the decline in first-quarter profits reflects earnings volatility. Over 70% of revenue from humanoid robots still comes from scientific research and education, indicating limited industrial penetration. The absorption path for the planned production capacity of 190,000 units per year at the funded facility remains unproven. U.S. FCC regulations introduce uncertainty for the overseas launch of new models, and the high valuation requires sustained earnings growth to justify.

The neutral view is that after an initial surge upon listing, the stock enters a period of high-range consolidation during the "earnings validation phase." Drawing parallels with the trajectory of hard-tech IPOs such as CXMT, the stock price gradually reverts to being driven by fundamentals, with future performance depending on the progress of industrial application deployment and commercial breakthroughs in embodied large models.

In response to the above issues and valuation trends, Wang Xingxing also addressed several points during the previous IPO roadshow, beyond the previously mentioned “remote-controlled toy controversy” and “P/E ratio controversy,” providing clarifications on valuation, competitive advantages compared to overseas peers, U.S. FCC regulations, and commercialization plans:

Regarding valuation: Wang Xingxing noted that most listed and upcoming companies in the industry with similar core businesses have not yet achieved profitability, whereas Unitree has already established strong profitability. The valuation for this offering is the result of market-based pricing and aligns with the company’s operational performance and industry outlook. He also reminded investors to purchase shares based on an appreciation of the company’s intrinsic value, rather than for speculative purposes, and emphasized that the company will promptly disclose accurate information through legitimate channels.

Regarding competitive advantages: Wang Xingxing stated that enterprises both domestically and internationally are currently in the testing and deployment phase for embodied large models and application scenarios. Unitree’s advantages are concentrated in five areas: engineering and mass production, product iteration speed, product portfolio, motion control, and open-source ecosystem, ultimately creating a platform effect of "open ecosystem + product portfolio + continuous delivery," without reliance on a single customer or channel.

Regarding U.S. FCC regulations: Wang Xingxing cited the prospectus to state that the company’s six main products currently on sale (humanoid G1, H2, R1, and quadrupedal Go2, B2, A2) have all obtained FCC certification, and policy changes will not affect the continued sale of these models in the U.S.; the new rules only restrict certification of new models. In 2025, overseas revenue accounted for 43.65% of Unitree’s total revenue, with the U.S. market share decreasing from 18.39% in 2023 to 13.30%. An internal review by the Association for Advancing Automation showed that nearly 90% of the latest robotics research papers from U.S. universities use Unitree’s products, indicating high customer loyalty.

Regarding commercialization timing: Wang Xingxing believes that humanoid robots will primarily be used in the short to medium term for research, application development, education, cultural performances, and intelligent services; widespread adoption in factories and homes will occur in the medium to long term. In 2025, the company shipped over 5,500 humanoid robots globally, ranking first, but more than 70% of its revenue came from research and education, with industrial applications accounting for only about 9%, indicating that commercialization is still in its early stages. In the first quarter of 2026, non-GAAP net profit declined by 52.55% year-over-year, primarily due to increased R&D investment and brand promotion for the Spring Festival Gala. The company stated it will balance investment with revenue generation but did not provide a timeline for profit recovery.

Additionally, it is worth noting that shortly before its IPO, Unitree Technology launched a humanoid robot named "Superman," whose mobility exceeds human limits and has received positive market feedback.

The market environment in which Unitree Robotics is going public is at a stage where China's A-share technology sector is deepening its development.

In August 2026, capital accelerated toward future technology sectors from traditional sectors, with the following key themes:

• AI computing hardware and semiconductor domestic substitution constitute the strongest growth theme of the year. Capital has shifted from pure AI application themes to hardware segments with real orders and profit realization, including infrastructure such as high-speed optical modules, AI servers, liquid cooling and temperature control, and PCB substrates, as well as domestic substitution in semiconductor equipment and materials. August marks the earnings report season, making assets with solid financial performance more attractive.
• Humanoid robots and embodied intelligence are currently the most event-driven major theme. August has been dubbed the "Super Catalyst Month for Humanoid Robots"—with Unitree’s listing, the 2026 World Robot Conference opening, the second World Humanoid Robot Games commencing, and a surge of new industry product launches. According to data from the Ministry of Industry and Information Technology, China now has over 400 completed humanoid robot models, accounting for more than half of the global total; quadruped robots hold nearly 70% of the global market share; and the localization rate of core components exceeds 70%. As the first listed company in this sector, Unitree’s IPO pricing will serve as a valuation anchor for the entire industry.
• The "Six Networks"—the computing power network combined with the new power grid—is a strongly policy-driven full-year growth sector. The national integrated computing power network construction continues to advance; as of the end of June, China’s intelligent computing power capacity reached 2,185 EFLOPS, with 70 national-level computing power corridors built over the past two years. The new power grid and computing power network are synergizing, jointly benefiting ultra-high-voltage transmission, smart grids, and energy storage infrastructure.

In addition, sectors such as the low-altitude economy (advancing eVTOL airworthiness certification), commercial aerospace (breakthroughs in rocket reusability and satellite internet constellation deployment), quantum technology (empowered by central state-owned enterprise entry), and CPO silicon photonics (driven by AI bandwidth demands for optical interconnect upgrades) remain actively engaged. The overall investment thesis can be summarized as “performance first, technology as the guiding principle”—during this earnings season, investors are moving away from pure speculative themes and prioritizing hard-tech assets with real orders, sustained holdings by state-backed funds, and continued inflows from Northbound capital.

Compared to overseas capital markets that prefer “drawing pies, eating pies, telling stories, and articulating visions,” domestic capital markets such as A-shares are increasingly pragmatic, emphasizing real revenue, profits, growth rates, and even market share.

In this regard, Unitree's development journey still has a long way to go, but fortunately, the IPO has gotten off to a good start.

Standard risk disclaimer:

1. Valuation digestion risk: The issuance P/E ratio is at a high level; if earnings growth falls short of expectations, the valuation may face downward pressure.
2. Risk of underwhelming commercialization: There is uncertainty regarding the deployment timeline of humanoid robots in industrial and household scenarios, and the path to absorb the planned production capacity of 190,000 units per year remains to be validated.
3. Geopolitical policy risk: U.S. FCC regulations may impact the certification and sales of future new models overseas.
4. Risk of increased competition: Overseas companies such as Tesla and Figure AI, along with domestic enterprises like Zhiyuan and UBTECH, are continuously increasing their investments, which may put pressure on product pricing and market share.
5. Technology iteration risk: The embodied large model technology pathway has not yet converged, requiring significant R&D investment and a long commercialization cycle.
6. Short-term stock price volatility risk: The first five trading days after listing are not subject to the usual 20% price fluctuation limits, and market sentiment may cause significant price swings.