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The Frenzy and Bubble Surrounding Unitree’s IPO: When the “First Humanoid Robot Stock” Meets a 219x P/E Ratio

“Who got an allocation in Unitree’s IPO? Say it so everyone can envy you.”

This was probably the sentence Chinese stock investors said most often this week.

On August 10, Unitree Robotics officially opened subscription for its new shares on the STAR Market. The issue price was 150.80 yuan per share, with a listing market capitalization of approximately 60.99B yuan. The online offering of 6.47 million shares attracted nearly 10 million subscribers, with the final winning rate at just 0.018%—a new historical low for the STAR Market. Some investors who won an allocation did not even dare post about it on social media, “for fear of making colleagues jealous, and also because relatives might ask to borrow money.”

Some compared it to “winning the lottery.” But winning the lottery means an unexpected windfall; winning a stock allocation could mean catching a nugget of gold—or a knife.

I. 73 Days: The Birth of a “First Stock”

From the acceptance of its IPO application on March 20, 2026, to passing the listing review on June 1, Unitree Robotics took just 73 days. This was not only the fastest A-share IPO of 2026, but also set a new record for the fastest review since the STAR Market’s pre-review mechanism was implemented.

The speed came from precise positioning.

In 2026, the Hong Kong stock listing pipeline already included 51 companies primarily engaged in robotics, accounting for as much as 12.7%. RobotEra has begun its IPO process, while the market is also circulating countdowns to the listings of Galbot and Zhiyuan Robotics. The scarcity premium of being the “first stock” is being diluted—whoever lists first gains the privilege of defining the industry’s valuation benchmarks.

Unitree seized that position.

II. A Textbook-Level Capital Operation

From the initially disclosed proposed fundraising of 4.2B yuan to the final fundraising of 6.1B yuan, the increase was nearly 45%. The issue price of 150.80 yuan per share was far above the market’s previous estimate of 104 yuan per share.

This was not an ordinary IPO. It ended the biggest suspense in the embodied-intelligence sector: how much is an embodied-intelligence company actually worth?

Before this, valuations in the primary market were all a “closed-door game.” Investors told the story, provided the funding, and waited for the next round of investors to take over. There was no public-market validation and no comparable company. Unitree brought the question to the public market—150.80 yuan per share, a market capitalization of 60.99B yuan, and a P/E ratio of 219.23x.

These figures were no longer assumptions on a PowerPoint slide, but the result of institutions investing real money.

The strategic-allocation lineup was remarkably elite: the National Social Security Fund, DeepSeek, Tencent, PetroChina Kunlun Capital, China Southern Power Grid Financial Holdings, and Tianyi Capital. DeepSeek was allocated 141 million yuan worth of shares, with a lock-up period of up to 36 months.

The capital market bought the story of “large models + robots.”

III. The Other Side of the Frenzy: What Does a 219x P/E Ratio Mean?

What does a 219x P/E ratio mean?

The industry’s average static P/E ratio over the past month was 38.56x. Unitree is nearly six times the industry average.

Put simply, based on the company’s current profitability, investors would need 219 years to recover their investment through profits. Supporting this 60B yuan market capitalization is not past financial performance, but a bet on explosive future growth.

The question is: how certain is this future?

IV. Three Cracks That Cannot Be Ignored

Crack One: Growth is slowing. From 2023 to 2025, revenue soared from 159 million yuan to 1.699B yuan, increasing roughly tenfold in two years. But in the first quarter of 2026, revenue growth had plunged from 332% in the same period a year earlier to 68%. Estimated revenue growth for the first half of the year is expected to fall further to between 35.62% and 45.41%. As growth declines step by step, net profit excluding non-recurring items has begun to fall year on year.

Crack Two: The business model relies too heavily on a single scenario. In the first three quarters of 2025, as much as 73.6% of Unitree’s humanoid-robot revenue came from orders by universities and research institutions, while commercial consumption accounted for just 17.4%, and essential scenarios such as industrial manufacturing accounted for less than 9%. Research orders are highly volatile and difficult to turn into a sustainable long-term source of revenue.

Crack Three: The “athlete” has a weak brain. Unitree robots can perform yangko dances, practice martial arts, and do backflips—all achievements of the “cerebellum” (motion control). The industry generally recognizes Unitree’s “cerebellum” as being in the first tier, but its “brain” (embodied large model) has obvious shortcomings. Unitree itself acknowledged in its prospectus that it “emphasizes the body over the brain.” The robots can dance, but cannot perform seemingly simple tasks such as folding clothes.

At the roadshow, Wang Xingxing also acknowledged that key technologies still requiring breakthroughs before large-scale commercial applications in industrial and household scenarios include embodied large-model capabilities at the “brain” level.

V. A Cautionary Tale: UBTECH’s Three Years of Blood and Tears

The previous company to ring the bell under the “first stock” banner was UBTECH, which listed on the Hong Kong Stock Exchange at the end of 2023.

It had an issue price of HK$90, broke below its issue price on the first day, and then entered a prolonged period of slow decline and bottom-building. Its cumulative losses over six years exceeded 5B yuan. It was not until 2025, as deliveries surged and losses narrowed, that the share price finally managed to recover.

History does not necessarily repeat itself, but it often rhymes.

VI. After the Frenzy

After the results of Unitree Robotics’ IPO subscription were announced, the investment community erupted, with screens filled with discussions of a “wealth-creation myth.”

Based on the average first-day gain of 466.61% for STAR Market IPOs this year, the expected paper profit from one winning allocation of Unitree Robotics is between 200k and 350k yuan.

But amid the excitement, several facts should not be ignored:

First, STAR Market IPOs have no price limits during the first five trading days, making the risk of share-price volatility extremely high.

Second, Unitree has already warned in its prospectus about risks in the U.S. market—future new models of its robots may be unable to be sold in the United States because they cannot obtain FCC certification.

Third, and most importantly—a P/E ratio of 219x means the market has already priced in “perfection.” Any aspect falling short of expectations could trigger a sharp correction.

Unitree Robotics is indeed an outstanding company—one of the few robotics companies globally to achieve scaled profitability, with net profit of 591 million yuan in 2025 and a gross margin as high as 60.13%. It has proven through its capabilities that China is a leader in the humanoid-robot sector.

But there remains a huge gap between being outstanding and having a “219x” valuation.

This IPO is a frenzy, and it may also be a bubble. Or, put another way, the capital market has always been a symbiotic combination of frenzy and bubbles. The only difference is who will be swimming naked when the tide goes out.

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