SHANGHAI, August 19, 2026, 19:05 CST — The Shanghai Stock Exchange finished trading for the day.
- Unitree finished the session at RMB 845, jumping 460% above its RMB 150.80 offer price.
- The closing price suggests a price-to-earnings ratio of about 857 based on management’s projected 2026 earnings.
- The first-day valuation was propelled by scarcity rather than immediate profit growth.
Shares of Unitree Technology Co., Ltd. SHA:688836 finished Wednesday trading 460% higher than their issue price. The manufacturer of humanoid robots closed at RMB 845, having reached a high of RMB 1,100 during the session. The company’s market capitalisation stood at roughly RMB 342 billion, equivalent to $50 billion.
The increase is significant as profits are lagging behind. Reuters Breakingviews estimated the highest point at roughly 857 times projected 2026 earnings. By comparison, the STAR Market’s average multiple is around 130. This positions Unitree as an example of how far a rare robotics IPO can surpass its underlying performance.
| First-session measure | Value | Investor read-through |
|---|---|---|
| IPO price | RMB 150.80 | RMB 61.0bn equity valuation |
| Intraday peak | RMB 1,100 | +629% above offer |
| Close | RMB 845 | +460% on offer price |
| Peak-to-close | -23.2% | Later-trading price adjustment |
| Market value at close | RMB 341.8bn | Roughly $50bn |
The difference in pricing stands out as particularly large. Unitree ended the session at 5.6 times its IPO price. Mainland IPOs have risen an average of 279% on debut in the current year, even as the CSI 300 index slipped 3% on Wednesday. This sharp divergence suggests scarcity of new offerings, not a widespread increase in risk appetite.
Strong retail appetite drove the demand as investors oversubscribed the public portion by nearly 8,000 times. Just 10% of the expanded share capital was offered, restricting the stock available. The IPO generated proceeds of around RMB 6.1 billion.
| Valuation gauge | Unitree | Reference |
|---|---|---|
| 2026 profit multiple | ~857x | STAR Market mean ~130x |
| Close/FY2025 revenue | ~201x | IPO price/FY2025 revenue ~36x |
| Close/IPO market value | 5.6x | 2026 mainland average first-day rise 279% |
| Retail demand multiple | ~8,000x | Allocation chance roughly 0.018% |
Unitree achieved significant operating scale, with revenue increasing to RMB 1.70 billion in 2025 from RMB 393 million. Adjusted net profit totaled RMB 591 million, while the main-business gross margin stood at 60.13%. Overseas sales accounted for 43.65% of main-business revenue.
| Operating measure | 2024 | 2025 / 2026 guide |
|---|---|---|
| Revenue | RMB 393m | RMB 1.70bn expected in 2025 |
| Revenue growth | 147% | 333% anticipated in 2025 |
| Adjusted net profit | RMB 77.5m | RMB 590.8m projected for 2025 |
| H1 2026 revenue, preliminary | — | RMB 1.052bn–1.128bn range |
| H1 2026 adjusted profit, preliminary | — | RMB 236m–283m range |
Growth is returning to typical levels. Revenue for the first quarter increased by 68.49%, while adjusted profit dropped by 52.55%. The decrease was caused by increased spending on research and sales. This combination means the revised multiple now relies on significantly quicker commercial rollout.
Unitree’s product figures surpass those of most competitors. In 2025, Unitree delivered more than 5,500 humanoids. Both Unitree and privately held competitor AgiBot each shipped upwards of 5,000 units, Omdia data shows. Despite this, analysts note that much of today’s hardware still serves primarily as demonstration or research equipment.
The lack of commercial activity influenced initial research discussions. Kangyuxiao Li, an analyst at Morningstar, stated the test demonstrates dependable performance and competitive returns on a larger scale. Venture investor Yan Kai described Unitree as a “top-tier player,” but suggested its pricing is determined more by political and economic conditions than by valuation models. Reuters
| Analyst recommendations | Published stance | Target / rating | Gap to RMB 342bn close |
|---|---|---|---|
| CITIC Securities, IPO sponsor | Valuation guidance ahead of listing | RMB 50.6bn–55.9bn; not a post-listing view | 84%–85% lower |
| Morningstar | Still subject to commercial-return assessment | No official rating or target found | Cannot be calculated |
| Post-list consensus | No coverage in place | No authenticated consensus for buy/hold/sell | Unavailable |
Public comparisons are still not exact. UBTech Robotics Corp. Ltd. (HKG:9880) dropped over 10% as Unitree made its debut. Unitree reports profits, whereas most humanoid competitors continue to operate at a loss. Market valuations for private rivals are also opaque.
Tencent Holdings Ltd. HKG:0700, Alibaba Group Holding Ltd. HKG:9988, and DeepSeek invested in Unitree ahead of its public listing. Their connections could offer funding, access to cloud services, and support for distribution. However, consistent commercial orders remain necessary.
The firm intends to allocate funds toward the development of robots, production activities, and embodied-AI systems. Priced at $29,900, its latest H2 humanoid features 31 powered joints. While the specifications indicate a decrease in hardware expenses, there is no sign of customer returns so far.
Risks: The United States has prohibited the import of future foreign-manufactured humanoid and quadruped robot models. Unitree received about 13% of its 2025 revenue from the U.S. Broader curbs, sluggish repeat orders, or quicker price reductions could squeeze margins. A limited free float could further heighten volatility.
Investors are looking for proof that Unitree can translate its visibility into consistent usage. Orders, utilisation, and service revenue will take precedence over demonstrations. Following a 460% debut, there is minimal margin for error in execution.
Unitree Technology
Price discovery: scarcity met late-session gravity
Valuation gap
Revenue scale-up
Growth quality
| Metric | Latest verified value |
|---|---|
| FY2025 adjusted net profit | ¥590.8m |
| FY2025 main-business gross margin | 60.13% |
| Overseas revenue share | 43.65% |
| Q1 2026 revenue growth | +68.49% |
| Q1 2026 adjusted profit growth | -52.55% |
| 2025 humanoid shipments | 5,500+ |
Analyst coverage
| Source | Published signal |
|---|---|
| CITIC, sponsor | ¥50.6bn–¥55.9bn pre-list value |
| Morningstar | Commercial ROI remains the test |
| Consensus | NOT AVAILABLE |
Investor risk monitor
What changes the thesis next
| Evidence to watch | Bull case | Bear case | Timing |
|---|---|---|---|
| Commercial deployments | Repeat industrial orders | Demo and research demand dominates | Next results |
| H1 2026 preliminary range | Revenue near ¥1.128bn | Adjusted profit near ¥236m | Interim filing |
| Margin path | Scale offsets price cuts | R&D and selling costs keep rising | Quarterly |
| Export mix | Europe offsets U.S. | Restrictions broaden | Ongoing |
