#Gate股票观点挑战 ➕$UNITREE

#Gate股票观点挑战 ➕$UNITREE
Unitree surged sixfold on its first trading day! Should we be worried about a bubble?

Unitree Robotics did not disappoint the lucky investors who won shares in the IPO lottery. On its first trading day, Unitree opened at 1,100 yuan per share, up 629.44% from the offering price of 150.80 yuan per share, making it the newly listed stock with the biggest first-day opening gain since 2026.
Unitree’s market capitalization soared to 444.9 billion yuan, instantly placing it among the upper echelon of Chinese listed companies. Its dynamic P/E ratio at one point exceeded 800 times, while the P/E ratios of other mainstream A-share technology companies generally ranged from 30 to 100 times.
Everyone expected Unitree to rise, but these figures still exceeded many people’s expectations. Quite a few people are worried about the bubble risk hidden beneath it.

The concerns are not entirely unfounded.
Judging solely from the company’s fundamentals, Unitree Robotics may not be able to support such a high market capitalization. It is widely regarded as a “body-first” robotics company, with a relatively clear leading edge in hardware and the “cerebellum.” But in another crucial robotics technology—the embodied large model—Unitree’s technological foundation is far behind that of other top peers.
As the hardware moat is gradually leveled and the industry’s competitive focus shifts toward the “brain,” Unitree’s weakness in AI capabilities could be magnified without limit, becoming its biggest uncertainty. But it should also be noted that Unitree’s high market capitalization reflects not only the market’s expectations for this company, but also its extremely high expectations for the future growth of the entire humanoid robotics sector.
Although the sector is entering a wave of IPOs, investment targets remain temporarily scarce. As a leading company and the A-share market’s “first humanoid robotics stock,” Unitree Robotics’ ability to attract an extremely high premium from the market is actually unsurprising and does not warrant excessive concern. In a sense, the capital market’s intense enthusiasm is, overall, a good thing for the development of “hard technology” sectors such as humanoid robotics.

Let’s turn our attention across the ocean.
Two months ago, SpaceX, spanning the three major sectors of aerospace, communications, and AI, debuted on Nasdaq, rising nearly 20% on its first trading day and now carrying a market capitalization of approximately $1.8 trillion. Meanwhile, two other U.S. AI giants, OpenAI and Anthropic, are also preparing to go public. Of the three companies, two remain loss-making and only one is barely profitable, yet their combined market capitalization is still expected to exceed $4 trillion. It seems that the bubble in the U.S. AI sector may be even larger.
But regardless, about $200 billion in hot money will be funneled into the U.S. AI industry in a single wave through these IPOs. There will be ample funding to expand and upgrade AI infrastructure, including purchasing expensive GPUs for data centers and addressing power-supply shortfalls.
The world’s top AI scientists, engineers, and research teams will also be attracted by high salaries and equity options. The iteration of AI models and applications will enter an accelerated phase. In modern technological competition, the role of “money” is becoming increasingly critical.
Objectively speaking, the U.S. capital market is larger and has a more mature ecosystem, making it more favorable for technology companies to raise funds. Rather than worrying about the bubble risk in China’s “hard technology” sectors, it is more important to worry about whether the funding gap between technology companies will ultimately develop into a gap in development. But the wave led by Unitree Robotics’ listing shows that the wind is shifting. Through institutional reforms in recent years, China’s capital market has significantly improved its inclusiveness and support for “hard technology” companies with long R&D cycles, large upfront investments, and little prospect of short-term profitability.

From an institutional perspective, cutting-edge sectors such as embodied intelligence were included this year under the STAR Market’s fifth set of listing standards, allowing companies to list without being profitable. Unitree Robotics’ IPO took only 104 days from acceptance to registration taking effect, setting a record for the fastest review since the STAR Market’s pre-review mechanism was implemented.
From a market perspective, more and more capital is also flowing toward “hard technology” companies. Shortly before Unitree’s listing, ChangXin Technology also sparked a wave of enthusiasm in the capital market. This is certainly good news for Unitree Robotics.
Its prospectus states that more than 2 billion yuan of the funds raised in this IPO will be invested in intelligent robotics model R&D projects. If these funds can make up for its shortfall in the “brain” area, the certainty surrounding Unitree Robotics’ future development will presumably become stronger. For other embodied-intelligence companies, as well as technology companies related to broader AI and robotics concepts, Unitree’s strong stock performance after listing will serve as a barometer for the primary market, helping subsequent listings raise funds more smoothly—powerfully driving the development of multiple related sectors.
Of course, in the long run, the most important factors remain technological innovation and the ability to achieve commercial deployment. The capital frenzy is bound to bring intense competition, and whether these companies can accelerate the formation of core competitiveness with the capital market’s help will determine whether they can grow into true technology giants.$UNITREE ‌