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    3. How to Reasonably Value Unitree, the First Stock of Humanoid Robots?

    How to Reasonably Value Unitree, the First Stock of Humanoid Robots?

    By: rootdata|2026/08/13 04:28:32
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    Original Title: "How Much is Unitree Technology Worth, the 'First Stock of Humanoid Robots'?"
    Original Author: Wenser, Odaily Planet Daily


    On August 10, Unitree Technology, known as the 'first stock of humanoid robots in China', officially opened its subscription channels; on August 11, the results of the online and offline lottery for Unitree Technology were announced, with **an online lottery rate of only 0.01809759%**, which is relatively low among the 93 new stocks listed this year; the offline allocation ratio for investors was **0.03341824%**, ranking sixth among the 46 new stocks that had offline subscriptions this year.
    In comparison, the highest online lottery rate for new stocks this year was for Changxin Technology, a leading domestic storage manufacturer listed in July, at 0.47141739%; Unitree Technology's online lottery rate is 3.8% of Changxin Technology's; the offline lottery rate is 19% of Changxin Technology's.
    Such a rare lottery probability has led many to expect significant profit potential for Unitree Technology after its opening. Based on an opening market value of 200 billion yuan, an investment of approximately 75,400 yuan for 500 shares could yield an estimated floating profit of about 170,000 yuan; if calculated based on this year's average first-day increase of 466.61% for STAR Market new stocks, the floating profit amount could reach as high as 350,000 yuan.
    After listing, can Unitree Technology's market value soar from 61 billion to 200 billion yuan? Will founder Wang Xingxing ascend to the throne of 'the richest on the STAR Market'? What trading opportunities will arise at the opening? How will Unitree Technology's market performance unfold? This article will explore these questions based on existing information.
    ### Lottery Results Announced: Oversubscription Exceeds 8,288 Times, Only 19,414 Lottery Numbers Issued
    On the evening of August 11, Unitree Technology released the preliminary allocation results for its IPO and the online lottery results, announcing that there were approximately 19,414 lottery numbers for individual investors, while 313 institutions received a total of 22.65 million shares.
    This online subscription attracted **9.7846 million individual investors, setting a new record for the number of subscriptions on the STAR Market, surpassing the previous record of 9.4288 million for Changxin Technology; the effective number of shares subscribed reached 53.637 billion, with an initial effective subscription multiple of 8,288.82 times.**
    Due to the enthusiastic subscriptions, Unitree Technology activated a mechanism to reallocate 10% of the shares, amounting to 3.236 million shares, from offline to online to meet the enthusiasm of online individual investors, **raising the final lottery rate from the initial 0.012% to approximately 0.018%, although this rate still set a historical low for the STAR Market.**
    ![](https://public.chaincatcher.info/upload/news/202608/cebb312c93c945f497bb18e05d552cf6.png)
    Excluding the online and offline allocation shares, the strategic allocation list for Unitree Technology is also considered a 'luxurious lineup'.
    IPO Strategic Allocation List: Includes State-owned Enterprises, State-owned Funds, Tech Giants, AI Companies, and Multiple Brokerages ------------------------------------
    In the list of 'strategic allocation investors' closely tied to Unitree Technology, organizations related to the National Social Security Fund, AI company DeepSeek, China National Petroleum Corporation, Southern Power Grid, China Telecom subsidiaries, Tencent subsidiaries, and CITIC Securities are prominently listed.
    According to Wang Xingxing, DeepSeek will provide Unitree Technology with competitively viable business cooperation plans, including but not limited to providing technical support in model architecture solutions, intelligent computing cluster construction, and data center operation (if applicable) based on demand and business development; the latter refers to large enterprises that have strategic cooperation relationships or long-term cooperation visions with the company, which can enhance the company's market competitiveness. Other strategic allocation investment institutions also play similar roles, with CITIC Securities deeply involved in 'equity investment + IPO follow-up investment', and five brokerages indirectly participating in the investment through LP identities. **In terms of external support, Unitree Technology has received positive evaluations from multiple institutions, including state-owned enterprises, state-owned funds, tech giants, AI companies, and brokerages.**
    ![](https://public.chaincatcher.info/upload/news/202608/feb49ceab2a74f74877aac6dcaa6515e.jpeg)
    Additionally, Unitree Technology employees initiated two rounds of asset management plans to participate in the strategic allocation: Plan 1 raised 218.5 million yuan; Plan 2 raised 53 million yuan. Among them, Plan 1 included 161 participants, including CFO Wang Feng, while Plan 2 included 10 participants, including chairman Wang Xingxing, with Wang Xingxing subscribing for 15 million yuan. **This indicates that Unitree employees are betting on the company's long-term development with real money.**
    ![](https://public.chaincatcher.info/upload/news/202608/56db2d615f284d7b8e24402ceadf97eb.png)
    IPO Data Overview: 'Fastest Approval Target of the Year', Total Fundraising Amount 6.1 Billion Yuan, Initial Circulation Approximately 7.36% -------------------------------------------
    Unitree's issuance price is 150.8 yuan/share, issuing 40.4464 million shares, accounting for 10% of the total share capital after issuance, raising approximately 6.099 billion yuan, exceeding the original plan of 4.202 billion by 45.15%. **It took only 73 days from acceptance on March 20 to approval, and less than 5 months for the IPO subscription on August 10, setting a record for the fastest this year.**
    Regarding the lock-up restrictions on the stocks issued offline by Unitree Technology, according to the data announced yesterday, the number of shares issued offline after the strategic allocation reallocation is 25.886148 million shares, accounting for approximately 80.00% of the number of shares issued after deducting the final strategic allocation; 90% of the shares have no lock-up period and can be traded from the date of listing on the Shanghai Stock Exchange; 10% of the shares have a lock-up period of 6 months, starting from the date of listing on the Shanghai Stock Exchange.
    According to previous data statistics, based on the total share capital of approximately 404 million shares after issuance, **approximately 29.77 million shares will be tradable on the first day of listing, accounting for about 7.36% of the total share capital, with over 90% of the shares locked up.**
    ### Pre-market Pricing: Single Share Reported at Approximately $87.8, Market Value $35.47 Billion
    Data from trade.xyz shows that the perpetual contract price for Unitree Technology (Unitree) before the IPO is reported at approximately $87.8, and based on a total share capital of 404 million shares, the market value is reported at approximately $35.47 billion, equivalent to about 239 billion yuan.
    ![](https://public.chaincatcher.info/upload/news/202608/7ed2b02db4e44b9892eaa9b7c48a0bd1.png)
    Market Predictions: Probability of Unitree Technology's Closing Market Value Exceeding 200 Billion Yuan Reported at 75% -------------------------------
    Prediction market platforms have also made forecasts regarding Unitree Technology's closing market value, with data from the predict.fun platform showing:

    · The probability of Unitree Technology's closing market value exceeding 200 billion yuan is reported at 75%;
    · The probability of Unitree Technology's closing market value exceeding 250 billion yuan is reported at 43%;
    · The probability of Unitree Technology's closing market value exceeding 300 billion yuan is reported at 18%.


    ![](https://public.chaincatcher.info/upload/news/202608/d1475019a87c43c0918450164f727d5a.jpeg)
    Single Lottery Profit Range: 170,000 to 350,000 Yuan, Wang Xingxing May Become 'The Richest on the STAR Market' ----------------------------------
    It is estimated that if benchmarked against the average first-day increase of 276.04% for new stocks listed since 2026, the profit for a single lottery of Unitree Technology is expected to exceed 200,000 yuan; if benchmarked against the average first-day increase of 466.61% for STAR Market new stocks this year, the profit for a single lottery could reach 351,800 yuan.
    If Unitree Technology's market value surges to 200 billion yuan at the opening, the corresponding stock price would be approximately 500 yuan/share, and the market value for a single lottery of 500 shares would soar to 250,000 yuan, with a floating profit of about 170,000 yuan.
    Founder Wang Xingxing holds approximately 30% of the company's shares directly and indirectly after the company's listing, **if Unitree Technology's market value rises above 200 billion, his share value will reach 60 billion, directly surpassing Chen Weiliang of Muxi Co., and becoming the richest on the STAR Market in China.** Currently, the prospects look promising.
    IPO Fundraising Use Plan: 85% of Funds for R&D, Focusing on the Entire Robotics Industry Chain -------------------------------
    From the perspective of IPO fundraising direction, 85% of Unitree Technology's fundraising will be invested in various R&D projects, with four major directions being 2.022 billion yuan for intelligent robot model R&D, 1.11 billion yuan for robot body R&D, 445 million yuan for new intelligent robot product development, and 624 million yuan for intelligent robot manufacturing base construction.
    Unitree Technology expects that in the first half of 2026, the company's operating revenue will be between 1.052 billion and 1.128 billion yuan, with a year-on-year growth of 35.62% to 45.41%; the net profit attributable to the parent company is expected to be 258 million to 306 million yuan; the net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be between 236 million and 283 million yuan. Nevertheless, **the current high non-deductible price-to-earnings ratio of 219 times still raises controversy, and there are significant differences in the market's valuation of Unitree Technology.**
    ### Market Value Controversy: 100 Billion, 200 Billion, or 400 Billion and Beyond?
    Currently, regarding the expected market value of Unitree Technology, the ranges provided by institutions and individual investors are relatively broad.
    From the revenue data of the past three years, from 2023 to 2025, Unitree Technology's revenue is expected to rise from 159 million yuan to 1.699 billion yuan, with a compound annual growth rate of 226.78%; the non-deductible net profit is expected to turn from a loss of 18.0191 million yuan to a profit of 591 million yuan, with the main business gross margin rising from 44.22% to 60.13%, among which the gross margin for humanoid robots is as high as 63.18%. The net operating cash flow for 2025 is expected to be 670 million yuan, with cash on hand of 1.419 billion yuan, and almost no interest-bearing debt. Although in the first quarter of 2026, the company's revenue of 423 million yuan saw a year-on-year growth rate drop from 332.64% for the entire year of 2025 to 68.49%, and the non-deductible net profit fell to 40.2536 million yuan, a year-on-year decrease of 52.55%; Wang Xingxing explained that this is due to 'the significant increase in revenue base, the gradual cooling of industry enthusiasm, and increasingly fierce market competition.' The substantial marketing expenses during the Spring Festival are also part of the reason.
    Market Value Estimate Range: From 109 Billion to Over 400 Billion Yuan -------------------------
    Jianyin International, based on the scarcity of Unitree Technology as the 'first stock of humanoid robots', its leading position in global market share, and high performance growth expectations, gives a market value forecast of 109 billion yuan, corresponding to a target price-to-sales ratio of 32 times for 2026. Some market institutions, based on long-term industry space, **provide optimistic expectations ranging from 200 billion to 300 billion yuan.**
    CITIC predicts a bullish growth of Unitree Technology to about 20 times the price-to-sales ratio in 6 to 12 months, **if Unitree meets this condition, revenue needs to grow to 11.5 billion yuan, which requires approximately 7 times the revenue scale of 1.7 billion yuan in 2025.**
    'White-haired stock god' Serenity stated that the over 8,000 times oversubscription for Unitree Technology's IPO reflects the market's 'extremely large' demand for pure humanoid robot enterprises, and believes that the valuation in the perpetual contract market before the IPO has shown high expectations, **if the market value exceeds 30 billion dollars after listing, it may further enhance the market's attention to leading humanoid robot companies in the U.S. in the coming weeks.**
    Early investors in Unitree Technology, Dunhong Asset partner Yu Wenchao, provided the boldest estimate: **'It is reasonable for the market value after listing to exceed 200 billion, and I think it is possible to exceed 400 billion in the short term. Compared to overseas similar company valuations, this is not exaggerated.'**
    Regarding the question raised during the IPO roadshow about 'whether the stock will break', Wang Xingxing's response was: 'Please pay attention to the stock price trend after the company goes public.' His words were quite confident, leaving a sense of anticipation.
    Wang Xingxing's Response: Unitree's Humanoid Robot Shipment Volume is Number One in the World, 'Brain' Shortcomings Have Been Addressed ----------------------------
    In response to the controversy over 'the 219 times non-deductible price-to-earnings ratio far exceeds the industry average of 38.56 times', Wang Xingxing stated that based on the non-deductible net profit for 2025, the issuance price (150.5 yuan) corresponds to a price-to-earnings ratio of 92.92 times; the market space for the embodied intelligence industry where the company is located is vast, and the pricing is in line with operational conditions and industry development.
    In 2025, Unitree's humanoid robot shipment volume is expected to exceed 5,500 units, excluding wheeled dual-arm robots, and Wang Xingxing stated that the shipment volume is number one in the world.
    In response to the current criticism regarding the 'brain' shortcomings, Wang Xingxing stated that Unitree has laid out two routes: WMA (World Model) and VLA architecture (Vision-Language-Action Model), with overall R&D capabilities and technical maturity ranking among the top tier globally.
    Moreover, an investor raised a sharp question about 'whether Unitree Technology's robots are remote-controlled toys', to which Wang Xingxing responded by comparing the humanoid robot industry to the smart driving in the automotive industry, pointing out: 'The remote control is the highest priority safety redundancy, just like smart driving cars are equipped with steering wheels and brake pedals, allowing operators to use them for emergency shutdowns and forced avoidance in extremely complex terrains, communication anomalies, or logical errors.'
    ![](https://public.chaincatcher.info/upload/news/202608/9442072bb5884e62b077ea2c0c711728.jpeg)
    **Currently, based on the listing rhythm, the market generally predicts that Unitree Technology may officially land on the A-share market as early as next week.**
    Combining Unitree Technology's revenue data over the past three years, the market currently holds high expectations for its market value to surge to 200 billion yuan; based on the pre-market contract pricing data on Hyperliquid (trade.xyz), the likelihood of a rise to 250 billion yuan followed by a drop to 190-210 billion yuan is higher.

    -- Price

    --

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