Unitree Robotics launches IPO subscription, becoming the first humanoid robot stock on the A-share market

宇树科技今日启动申购，A 股迎来"人形机器人第一股"

Unitree Robotics opened its IPO subscription on Aug 10 at 150.80 yuan/share, targeting a market cap of ~60.99 billion yuan and raising ~6.1 billion yuan. The P/E ratio of 219.23x far exceeds the industry average of 38.56x. Strategic investors include China's social security fund, DeepSeek, and CNPC. Unitree posted 1.699 billion yuan in 2025 revenue with 278 million yuan net profit, making it one of the few profitable general-purpose robotics firms globally. Nearly half of the raised funds (2.022 billion yuan) will go toward intelligent robot model R&D.

Why it matters: Unitree's IPO is the first pricing event for humanoid robotics on A-shares — the ¥61B market cap and 219x P/E give the sector a concrete valuation anchor. Hard financials and R&D allocation details add substance. Capped slightly because this is a financial event, not a tech br...