Recently, Unitree Robotics officially began its share subscription, attracting widespread attention with an issue price of 150.8 yuan per share, an estimated issue market capitalization of approximately 61 billion yuan, and a total fundraising amount of about 6.1 billion yuan.
Listing on the capital market marks a significant leap in Unitree Robotics' growth journey, carrying multiple expectations for the industry's development. For the company itself, going public has opened up public financing channels, providing stable and ample funding to sustain high-intensity research and development. For the embodied AI industry, it establishes a verifiable valuation benchmark, which is expected to attract more capital inflows and accelerate the mass production and widespread adoption of domestically produced humanoid robots across various sectors. This is also a vivid example of the capital market serving hard technology, sending a clear signal to the market: companies that genuinely focus on innovation and possess core technologies can receive institutional support, enabling them to move forward unburdened and ride the waves of industrial transformation.
Going public is not the end goal but a new starting point for high-quality development. Under the spotlight, new tests have already begun. Unitree Robotics' price-to-earnings (P/E) ratio for this issuance reached 219 times, significantly higher than the average level in the general equipment industry. The market's high premium comes with expectations for high returns; investors' vote of confidence is accompanied by hopes for the sustained realization of long-term value. Whether the company can remain clear-headed amidst the fervor, maintain focus amid the noise, leverage the capital market stage to address weaknesses and enhance strengths, seize opportunities to grow into a long-distance runner and leader in the humanoid robot track—these are imperative questions the company must answer after listing.
Amidst a market boom, steadfastness is especially crucial, and the core technology card must be held firmly. The capital market can give a company wings, but how high and how far it can fly ultimately depends on the company's own resilience. The humanoid robot track is hot, has great potential, and is crowded with competitors. Although Unitree Robotics is in the first tier, with over 90% of core components self-researched and self-produced, if it cannot continuously maintain a technological gap, it risks being overtaken by newcomers in the blink of an eye. After going public, the company must adhere even more to the strategic determination of "tempering a sword for ten years," focusing on tackling challenges and committed to innovation. Unitree Robotics plans to allocate nearly half of the funds raised to intelligent robot model R&D projects aimed at conquering the robot's "brain," which demonstrates its dedication to core technology. Only by using funds where they matter most and transforming first-mover advantages into long-term competitive edges can the company maintain the initiative in the long race of technological competition.
Amidst the limelight, clarity is even more essential; humanoid robots must demonstrate their capabilities in broader arenas. Unitree Robotics' humanoid robot shipments exceeded 5,500 units in 2025, with a global market share of 32.4%, primarily in research and education scenarios. In other words, current buyers of Unitree robots are mostly laboratories and exhibition halls. However, the market capacity for research institutions and commercial exhibitions is ultimately limited. The real vast potential lies in scenarios such as smart manufacturing, intelligent inspection, and home services. Whether more robots can enter factory workshops and millions of households determines how high Unitree Robotics' ceiling can be. Transformation is not easy, but it is precisely the breakthrough point for widening the gap and converting high market expectations into strong performance. This is a critical test Unitree Robotics must pass after going public.
Amidst the applause, sincerity must not be forgotten; transparent governance is key to winning trust. Going public is a touchstone that tests not only technological strength but also the quality of corporate governance. For this issuance, Unitree Robotics introduced multiple strategic placement entities, including the Social Security Fund, Tencent, and PetroChina. Core employees are also deeply involved, closely aligning their interests with the company's development through special asset management plans. This diversified shareholder structure, featuring long-term national funds, industrial capital, institutional investors, and company employees all pulling in the same direction, is a valuable intangible asset for the company. After listing, the company must remain vigilant about compliance, emphasize governance and standardization, win trust through transparency, earn respect through integrity, and foster a favorable development environment where all stakeholders share the same goal and determination for success.
From the Spring Festival Gala stage to the capital market, from a tech sensation to a public company, Unitree Robotics has stepped onto a new starting line. Whether it can answer the new questions after going public and evolve from a star company into an industry evergreen—we wait and see, and we are more than happy to witness its success.
