Unitree Technology Soars 629% on Its First Day—What Exactly Is the Market Buying?

Without a doubt, the most explosive news in the A-share market today was Unitree Technology’s listing on the STAR Market.

With an issue price of 150.80 yuan, the stock surged straight to 1,100 yuan at the open, a gain of 629.44%, bringing its total market capitalization to 444.9 billion yuan. The online subscription lottery winning rate was just 0.0181%, with nearly 9.78 million households participating. Scarce shares, combined with the halo of being “the first humanoid robot stock,” sent market sentiment into overdrive.

But this 450 billion yuan valuation is clearly not pricing in Unitree’s profits today—it is trading on the future in advance.

In 2025, Unitree recorded revenue of 1.7B yuan, net profit attributable to the parent company of 278 million yuan, and non-GAAP net profit of 591 million yuan. Its humanoid robot shipments exceeded 5,500 units, making it one of the few robotics companies worldwide to achieve large-scale deliveries and profitability. Based on its opening market capitalization, its price-to-earnings ratio on 2025 net profit attributable to the parent company was nearly 1,600x. Even using the higher non-GAAP profit figure, it still exceeded 750x.

More importantly, in the first quarter of 2026, the company’s revenue reached 423 million yuan, up 68.49% year on year, but net profit attributable to the parent company was only 50.01 million yuan, down 47.69% year on year; non-GAAP net profit fell 52.55%. The main reason was the rapid increase in expenses such as R&D and sales.

Therefore, I believe there is little dispute over Unitree’s technological capabilities, mass-production capacity, and industry position. The real point of contention is: How much are these advantages actually worth?

At current prices, investors are no longer merely betting that robots can be sold. They are betting that Unitree can eventually move beyond the research and education market into high-frequency scenarios such as factories, logistics, and commercial services, while generating large-scale orders that are sustained and replicable.

The first-day surge proves the market’s frenzy over the humanoid robot sector, but a 629% gain also means that much of the imagination for the next few years may already have been priced in all at once.

A good company and a good price have never been the same thing.#宇树科技上市首日大涨629% @Gate 广场