Unitree’s IPO on the Shanghai STAR Market achieved extraordinary demand, with nearly 9.8 million retail investors subscribing, resulting in a record allocation rate of 0.018% (approximately 1 in 5,500 odds). Trading under code 688836, the company reported 2025 revenue of 1.7 billion yuan, representing over 300% year-over-year growth, with a gross margin near 60% and approximately 5,500 humanoid robots delivered. Valued at approximately 61 billion yuan ($9 billion) at the introduction price of 150.8 yuan, it becomes the first humanoid robot company listed on mainland China. However, several warning signs warrant caution: valuation multiples reach 219x earnings and 36x sales, while the company forecasts a net profit decline of 6% to 22% in H1 2026, and US restrictions on foreign-made robots are weighing on its export markets.
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