August 8, 2026 (InvestinChina.asia) — Unitree Robotics, poised to become the first humanoid-robot maker listed on Shanghai’s STAR Market, set its IPO price at 150.80 yuan per share, valuing the company at 60.993 billion yuan ($8.5 billion) post-issuance and pricing in at a hefty 219.23 times 2025 diluted earnings — nearly six times the 38.56x average for its industry peer group. During a three-hour online roadshow on August 7, founder, chairman and CTO Wang Xingxing told investors the embodied-intelligence sector is still in its infancy, comparable to the early days of the home personal computer, with generalization capabilities in unfamiliar environments requiring collective industry effort to advance.
The Hangzhou-based company will issue 40,446,434 new shares, representing 10% of post-issuance total share capital of 404,464,340 shares. At 150.80 yuan apiece, the offering is expected to raise 6.099 billion yuan in gross proceeds and 5.917 billion yuan net of fees — well above the 4.202 billion yuan originally contemplated, marking a roughly 1.9 billion yuan oversubscription. Online and offline subscriptions open on August 10, with the stock code 688836. Offline valid subscription demand reached 2,618.30 times the initial institutional allocation, underscoring intense investor appetite.
The 219.23x forward P/E ratio — versus the C34 general-equipment manufacturing sector’s T-3 static average of 38.56x — drew pointed questions from investors about valuation sustainability. Wang argued that the humanoid and quadruped robotics markets offer enormous headroom: GGII forecasts global humanoid-robot sales will reach 605,700 units by 2030, a market worth $15 billion, while global quadruped-robot volumes could exceed 560,000 units, valued at over 8 billion yuan. In the near term, humanoids concentrate in scientific research, education, performance and smart services; over the medium to long run, they are destined for factories and households, Wang said, providing the growth runway to support the premium valuation.
Unitree’s commercialization is accelerating fast. Its humanoid-robot revenue surged from 2.9671 million yuan in 2023 to 868 million yuan in 2025, lifting the segment’s share of total revenue from 1.88% to 51.78%. Excluding wheeled dual-arm models, Unitree shipped over 5,500 humanoids in 2025 alone. However, humanoid gross margins have compressed sharply — from 87.67% in 2023 to 69.26% in 2024 and 63.18% in 2025. Wang explained that the 2023 figure reflected scarce early-stage commercial supply at high price points; the subsequent decline came as the company launched its mid-sized G1 model in May 2024 at lower unit price and cost than the full-size H1, combined with deliberate production and procurement cost-downs that enabled price reductions in 2025.
By contrast, quadruped-robot gross margins expanded from 43.71% in 2023 to 56.72% in 2025, driven by manufacturing-process improvements, volume-based procurement savings and a richer product mix as industry-grade models B2 and B2-W scaled up. Application scenarios for quadrupeds are broadening from intelligent inspection and fire-emergency response into exploration and smart manufacturing. In 2025, research-education, commercial-consumer and industrial-application each accounted for over 30% of revenue. Unitree has also pushed into the C-end: flagship stores on JD.com, Tmall and Amazon, plus physical experience shops in Beijing and Shanghai.
On the technology front, Wang said Unitree is pursuing two parallel architectural tracks for its “brain” — the World Model Architecture (WMA) and Vision-Language-Action (VLA) — since no globally settled technical paradigm has emerged for embodied large models. The company open-sourced UnifoLM-WMA-0 in September 2025 and UnifoLM-VLA-0 in January 2026. In real-machine experiments, VLA-0 demonstrated strong generalization, executing 12 distinct manipulation tasks under a single policy. WMA-0 builds explicit world models of robot-environment physics, enabling 10-to-20-step interactive inference rendered as video generation. The full-stack in-house R&D model covers mechanical structure, joint modules, energy systems, computing platforms, dexterous hands, motion control and perception. As of January 31, 2026, Unitree held 262 patent rights, including 169 granted Chinese patents.
The strategic-investor roster reads like a who’s who of Chinese institutional and tech capital. Nine new strategic investors subscribed, including the National Social Security Fund — the largest single strategic allotment — along with central SOEs and state-owned capital such as China National Petroleum Corporation and China Southern Power Grid, and private-sector names including DeepSeek and Tencent. Over 20 brokerages submitted top-tier offline subscriptions. Wang framed the diversified shareholder base as a governance advantage: varied shareholders bring differentiated resources and risk appetites that support long-term sustainable operations.
Proceeds will fund four projects: intelligent-robotics model R&D, robot-body R&D, new intelligent-robot product development, and an intelligent-robot manufacturing base. CITIC Securities’ sponsoring representative Gao Ruoyang noted that existing capacity can no longer meet soaring demand, and that capacity bottlenecks would otherwise constrain sustained growth. The model R&D investment targets the “brain” and “cerebellum” core modules of embodied intelligence — improving generalization, complex-command comprehension, execution precision and flexibility.
Wang cautioned that fitting power, perception, computing, thermal management and energy supply into a limited volume remains an industry-wide challenge. Unitree’s approach uses an “outer shell as skeleton” composite design, snap-fit assemblies to minimize connection space, and self-developed power-management and compute modules with pared-down interfaces to maximize PCBA space efficiency.
If the IPO succeeds, Unitree will list as a rare profitable robotics name at scale — revenue climbed from 159 million yuan in 2023 to 393 million yuan in 2024 and 1.699 billion yuan in 2025, with net profit attributable to parent turning from a 11.15 million yuan loss in 2023 to 94.50 million yuan profit in 2024 and 278 million yuan in 2025. CITIC Securities estimates a 6-to-12-month fair value of 50.6 billion to 55.9 billion yuan, implying roughly 20x P/S and 80x P/E; CCBS International projects a more bullish 60 billion to 100 billion yuan range. The 219x pricing, therefore, prices in years of compounded growth — and leaves little room for execution missteps as the embodied-intelligence race intensifies.