UNITREE to List on STAR Market in Two Days!

UNITREE, a star enterprise in the field of humanoid robots, will officially list on the STAR Market on August 19, 2026.

The company has set its issue price at 150.80 yuan per share, corresponding to a total post-issue market capitalization of approximately 60.993 billion yuan. The issue P/E ratio stands at a high 219 times, far exceeding the industry average of about 38 times for the general equipment manufacturing sector. The company's core business focuses on the research and development, production, and sales of humanoid and quadruped robots. Led by founder, chairman, and chief technology officer Wang Xingxing, the company utilizes a special voting rights arrangement, under which he will control approximately 65.31% of the voting rights after listing.

According to disclosures, as the revenue base significantly expanded and industry enthusiasm cooled, the year-on-year revenue growth rate dropped to 68.49% in the first quarter of 2026, while net profit deducting non-recurring items fell by 52.55% year-on-year, primarily due to rapid increases in R&D and selling expenses. In the first half of 2026, the company's revenue increased by 48.54% year-on-year to 1.152 billion yuan, but net profit deducting non-recurring items decreased by 19.34% year-on-year.

Notably, just before listing, the company launched a new humanoid robot product named "Superman" on August 17. Demonstration videos showed it achieving a standing vertical jump of 2 meters and a maximum speed of 12.66 m/s, both breaking human records and further igniting market enthusiasm.

Issuance Overview: Market Cap Exceeds 60 Billion, Low Float Ratio

UNITREE is issuing 40.4464 million shares, accounting for 10% of the total share capital after issuance. The total funds raised amount to approximately 6.099 billion yuan, with net proceeds of about 5.917 billion yuan after deducting issuance expenses.

The issue price of 150.80 yuan per share corresponds to a diluted P/E ratio of 219.23 times and a price-to-sales (P/S) ratio of 35.89 times, both significantly higher than those of comparable listed companies. Prospectus documents show that the arithmetic mean P/S ratio of comparable companies in 2025, using UBTECH and Dobot as benchmarks, was only about 4.92 times, meaning UNITREE's P/S ratio carries a premium of more than seven times.

Total funds raised are approximately 6.099 billion yuan. After deducting issuance expenses (excluding VAT) of 182.1731 million yuan, the net proceeds amount to about 5.917 billion yuan. Among the issuance expenses, underwriting and sponsorship fees were approximately 144.9932 million yuan, audit and capital verification fees were 18.283 million yuan, and legal fees were 11 million yuan. The sponsor is CITIC Securities Co., Ltd.

The total share capital after issuance is approximately 404 million shares. In the initial listing period, the number of unrestricted circulating shares is only 30.08772 million, accounting for about 7.44% of the total share capital. A large portion of shares is subject to lock-up periods: the lock-up period for shares held by the controlling shareholder and actual controller, Wang Xingxing, is 36 months; the lock-up period for the employee stock ownership platform, Shanghai Yuyi, is also 36 months; and the lock-up period for most financial investors is 12 months.

Shareholding Structure: Concentrated Dual Voting Rights, Strategic Investors Including DeepSeek and TENCENT Appear

Through direct shareholding and indirect holdings via the employee stock ownership platform Shanghai Yuyi, Wang Xingxing will hold approximately 31.29% of the company's shares after issuance. However, thanks to the special voting rights arrangement (Class A shares carry 10 votes per share), his total controlled voting rights reach approximately 65.31%, giving him decisive influence over shareholders' meeting resolutions. The company's listing announcement warns that this mechanism poses a risk of harming the interests of minority shareholders under special circumstances.

Pre-issue institutional shareholders include Sequoia China (Ningbo), holding about 5.59%, while institutions such as Astrend IV, Jingwei No. 1, and Jinshi Chengzhang each hold between 3% and 4%.

This issuance introduces several strategically significant institutional investors through strategic placement. Hangzhou DeepSeek Artificial Intelligence Basic Technology Research Co., Ltd. (DeepSeek) was allocated 933,399 shares, with a 36-month lock-up period; Shanghai Qishan Investment Co., Ltd. (associated with Tencent Technology) was allocated 903,290 shares, with a lock-up period ending on the later of 36 months from when Tencent Technology first acquired shares in the issuer or 12 months from the listing date. Additionally, the National Council for Social Security Fund, Kunlun Capital of CNPC, China Southern Power Grid Industry-Finance Holdings, and Tianyi Capital Holdings participated in the strategic placement, each receiving approximately 900,000 shares with a 12-month lock-up period.

Performance Trajectory: Momentum Slows After Rapid Growth

UNITREE's financial data over the past two years shows explosive growth. The compound annual growth rate (CAGR) of revenue from 2023 to 2025 reached 226.78%, jumping from approximately 159 million yuan in 2023 to about 1.699 billion yuan in 2025. During the same period, the gross profit margin of main operations increased from 44.22% to 60.13%, and net profit attributable to shareholders deducting non-recurring items grew from a loss of about 18.02 million yuan to approximately 591 million yuan.

However, growth slowed in 2026. In the first quarter of 2026, the company's year-on-year revenue growth rate dropped to 68.49%, and net profit deducting non-recurring items fell by 52.55% year-on-year, which the company attributed to the rapid growth of period expenses.

In the first half of 2026, the company achieved revenue of approximately 1.152 billion yuan, a year-on-year increase of 48.54%. However, net profit deducting non-recurring items was about 244 million yuan, a year-on-year decrease of 19.34%. The semi-annual report showed that R&D expenses increased by approximately 82.04 million yuan year-on-year, and selling expenses also rose significantly. The company partially attributed the latter to brand promotion efforts leveraging platforms such as the 2026 CCTV Spring Festival Gala.

The prospectus pointed out that potential causes for the downward trend include gradually cooling industry enthusiasm, increasingly fierce market competition, downward pressure on product prices, and uncertainty regarding the commercialization progress of general-purpose robots.