Unitree Technology launched its STAR Market IPO on August 10 with an issue price of 150.80 yuan per share. The online lottery rate dropped to just 0.018%, a yearly low for the STAR Market. The company shipped over 5,500 humanoid robots in 2025, ranking first globally, with post-listing market cap potentially reaching 100 billion yuan.
IPO Overview: A Hard-Tech Star That's Impossible to Get
On August 10, 2026, Hangzhou Unitree Technology officially launched its STAR Market IPO under ticker 688836. As the first humanoid robot stock on A-shares, the offering drew massive market attention. The issue price was set at 150.80 yuan per share, with a post-listing market cap of approximately 60.99 billion yuan and total expected fundraising of 6.099 billion yuan.
Subscription results released that evening showed the final online lottery rate at just 0.01809759%, significantly below the market's prior estimate of 0.02%-0.03%. Among the 13 STAR Market IPOs in 2026, this rate is second only to Changjin Photon's 0.020%. Offline subscription was even more frenzied—367 institutions with 12,161 allocation products participated in bidding, with 313 institutions' 11,052 qualified objects forming the final valid quote, yielding a valid subscription multiple of 2,618.30x.
| Metric | Unitree Technology | 2026 STAR Market Average |
|---|---|---|
| Issue Price | 150.80 yuan/share | — |
| Online Lottery Rate | 0.018% | ~0.10% |
| Offline Valid Subscription Multiple | 2,618x | — |
| First-Day Diluted P/E | 219x | ~80x |
| Per-Lot Payment | ~75,400 yuan | — |
Winning one lot requires payment of approximately 75,400 yuan, making it one of the most expensive new issues this year. Based on the STAR Market's average first-day gain of 466% in 2026, per-lot profit could exceed 350,000 yuan.
Financial Profile: From Loss to Profit Growth Miracle
Founded in 2016, Unitree's business covers humanoid robots, quadruped robots, robotic components, and embodied intelligence models. The prospectus reveals impressive financials:
- Revenue Growth: From 159 million yuan in 2023 to 1.699 billion yuan in 2025, a compound growth rate of 226.78%
- Profitability: Non-GAAP net profit swung from -18.02 million yuan in 2023 to 591 million yuan in 2025
- Gross Margin Improvement: From 44.22% to 60.13%
- Product Mix: Humanoid robot sales reached 868 million yuan in 2025, rising from 1.88% of revenue in 2023 to 51.78%, surpassing quadruped robots as the top revenue source
In 2025, Unitree shipped over 5,500 humanoid robots, capturing approximately 32% global market share and ranking first worldwide. The flagship R1 product's price dropped from 39,900 yuan to 29,900 yuan in June 2026, bringing consumer-grade humanoid robots into the "premium appliance" price range.
However, growth concerns exist. Q1 2026 revenue was 423 million yuan, with YoY growth decelerating from 332.64% in 2025 to 68.49%. Non-GAAP net profit fell 52.55% YoY to 40.25 million yuan. The company expects H1 2026 non-GAAP profit of 236-283 million yuan, down 6.43%-21.97% YoY.
Valuation Game: 60 Billion Starting Point or Trillion-Yuan Ceiling?
Market opinions on Unitree's valuation diverge significantly. Based on the issue price, the company's market cap at listing is approximately 60.99 billion yuan. But institutional price targets vary wildly:
- CITIC Securities: Estimates 6-12 month market cap at 50.6-55.9 billion yuan, corresponding to ~20x price-to-sales
- CCB International: Predicts post-listing market cap could reach 109 billion yuan, targeting 32x price-to-sales, implying ~79% first-day gain
The strategic placement roster is equally impressive: National Social Security Fund multiple portfolios topped the allocation list, while DeepSeek received 933,400 shares worth 141 million yuan with a 36-month lock-up. This is interpreted as a strategic bet by AI leaders on the embodied intelligence赛道.
From an industry perspective, Unitree's IPO significance extends far beyond one company's listing. As the "valuation anchor" for A-share humanoid robot赛道, its secondary market performance will directly impact primary market pricing logic for embodied intelligence companies. Bai Wenxi, Vice Chairman of China Enterprise Capital Alliance, noted that Unitree's listing marks a shift in China's capital market tech weight from mobile internet to embodied intelligence, with capital standards evolving from "technology stories" to "commercialization capability."
Mirror for Auto Industry: Where Embodied Intelligence Meets Smart Manufacturing
While Unitree's core business is not automotive, its development path offers multiple insights for China's auto industry:
- Hardware Cost-Reduction Path: Unitree compressed humanoid robot prices from hundreds of thousands to the 30,000-yuan level. This "low-price volume-first, then technology-up" approach mirrors the development logic of China's NEV industry
- Embodied Intelligence Spillover: Humanoid robots and autonomous driving share the VLA (Vision-Language-Action) large model tech stack. Unitree's self-developed capabilities in joint actuators and motion control can spill over to smart vehicle execution layers
- Manufacturing Automation Demand: Global auto factories are accelerating humanoid robot deployment for precision assembly and quality inspection. Tesla's Optimus is already deployed in factories, and Chinese automakers' automation upgrades will provide vast application scenarios for the robotics industry
Unitree's successful listing demonstrates that Chinese hard-tech companies'话语权 in the global industrial chain is shifting from "follower" to "leader." This trend equally applies to Chinese auto brands expanding globally. For more in-depth tech industry analysis, visit EX1000.COM.
