Unitree to list on Shanghai STAR Market Aug 19, becoming A-shares' first humanoid robot stock

A 股迎来"人形机器人第一股"，宇树科技官宣 8 月 19 日科创板上市

Unitree will list on the STAR Market Aug 19 at 150.80 yuan/share, implying a ~60.99 billion yuan market cap. The 219.23x P/E ratio far exceeds the industry average of 38.56x. It raised about 6.1 billion yuan, nearly half earmarked for robot model R&D. 2025 revenue hit 1.699 billion yuan with 278 million yuan net profit—one of the few profitable general-purpose robot firms globally. Q1 2026 revenue grew 68.49% YoY to 423 million yuan, though higher R&D and selling expenses dragged down adjusted net profit. Strategic investors include China's social security fund, DeepSeek, and CNPC.

Why it matters: Unitree's STAR Market IPO is a milestone—one of the few companies globally making a profit on general-purpose humanoid robots. The 219x P/E ratio, 5x the industry average, signals serious valuation debate. Score stays at 82 rather than higher because we only have the offering ...