Unitree Tech's IPO ignites the embodied intelligence market trend, with First Capital Holdings (0697.HK) welcoming dual catalysts of 'investment realization + platform revaluation'.

Unitree Technology's IPO Ignites Embodied AI Market; Shoucheng Holdings (0697.HK) Welcomes Dual Catalysts of "Investment Realization + Platform Revaluation"

The humanoid robot sector has reached another milestone event. On March 20th, the Shanghai Stock Exchange website showed that Unitree Technology Co., Ltd.'s application for a STAR Market IPO has been accepted, with a fundraising amount of 4.202 billion yuan and a review status of "accepted." This means Unitree Technology has officially launched its sprint to become the "first humanoid robot stock on the A-share market," and also marks the beginning of a new stage for the embodied AI industry, moving from thematic catalysts towards capital market realization.

Based on public disclosures, Unitree Technology's IPO is not merely a concept heating up, but is built upon expectations of high-performance growth and capacity expansion. According to the company's prospectus, its 2025 operating revenue reached 1.708 billion yuan, a year-on-year increase of 335.36%; non-GAAP net profit exceeded 600 million yuan, a year-on-year increase of 674.29%; the public offering of new shares is not less than 40.4464 million shares, accounting for no less than 10% of the total share capital after the offering.

For the capital market, the most significant meaning of Unitree Technology is that it begins to provide a clearer valuation reference framework for humanoid robots. Public reports indicate that Unitree Technology's valuation was approximately 5 billion yuan in early 2025, rising to about 12 billion yuan by June 2025; the initial post-issuance market capitalization corresponding to this prospectus is at least 42 billion yuan, meaning its public market valuation threshold has seen another significant leap compared to the private market valuation from mid-2025. For the capital market, Unitree Technology's listing process releases a clear signal: humanoid robots are no longer just a story of "technological imagination," but are beginning to enter a new stage where "revenue, profit, capacity, and financing" advance simultaneously. For the industry chain, this will enhance the clarity of the market's valuation anchor for the entire sector; for capital platforms that have already invested in leading robotics companies, it means the book value, exit expectations, and potential for business synergies are all expected to rise in tandem.

Among the beneficiaries in this round, Shoucheng Holdings (0697.HK) stands out for its scarcity. The company clearly stated in its official disclosure that it has invested in several leading companies, including Unitree Technology, Galaxy General, Xinghai Tu, and Songyan Power, through the Beijing Robotics Industry Development Investment Fund and its affiliated industrial funds; by the first three quarters of 2025, its managed industrial funds further completed investments in core robotics industry chain companies such as Unitree Technology, Yunshenchu, Accelerated Evolution, Weifenzhifei, and Quanzhibo, covering humanoid robots, flying robots, and upstream key components. In other words, Shoucheng Holdings is not making a single-point bet, but has formed a portfolio layout across "leading OEMs + upstream key components + regional fund networks."

More crucially, Shoucheng Holdings' advantage lies not only in "investing" but also in "post-investment empowerment." The company's 2025 interim and third-quarter reports both mentioned that it is advancing an integrated path of "investment + operation + ecosystem" around "capital + scenarios + industry chain," and has established Beijing Shoucheng Robot Technology Industry Co., Ltd. and Shoucheng Robot Advanced Materials Industry Co., Ltd. to expand sales agency, leasing, consulting, supply chain management, and upstream material extension. Simultaneously, the company has deployed regular robot experience stores and pop-up stores in scenarios such as Shougang Park, Beijing Capital International Airport T3, and Chengdu Chunxi Road, promoting the transition of robot products from display to commercial implementation. For star companies like Unitree Technology with mass production capabilities, such scenario resources mean lower trial-and-error costs and faster commercial validation speed.

This is also the core reason why Shoucheng Holdings is viewed by the market as a Unitree concept stock: it is not merely a secondary market "mirror," but an ecosystem platform with capital ties, application scenarios, and industrial service capabilities. Once Unitree Technology's IPO progresses smoothly, the first beneficiary will be the market recognition of Shoucheng Holdings' robotics investment portfolio. After leading projects enter the capital market, external investors will find it easier to benchmark the valuation of Shoucheng Holdings' existing unlisted robotics assets.

Market analysts believe that, from a valuation logic perspective, Unitree Technology's IPO constitutes at least threefold benefits for Shoucheng Holdings.

First, the expectation for realizing investment returns from Shoucheng Holdings is elevated. Shoucheng Holdings holds a 3.8262% stake in Unitree Technology through the Beijing Robotics Industry Fund, ranking among the top ten shareholders pre-issuance. Considering dilution from the new share issuance, this portion of old shares corresponds to approximately 3.44% of the post-issuance shareholding. Assuming a post-issuance market capitalization of 42 billion yuan, the value of this equity portion is approximately 1.446 billion yuan; if corresponding to post-listing market capitalizations of 50 billion yuan and 60 billion yuan, the equity values would be approximately 1.722 billion yuan and 2.066 billion yuan, respectively. Compared to Shoucheng Holdings' net asset scale, this represents a significant marginal contribution and will provide marginal support to its existing valuation system.

Second, it is the uplift of the platform-type valuation anchor. Shoucheng Holdings is not a traditional single financial investor. The company's main business consists of infrastructure asset operations on one hand, and entering new sectors like robotics and smart manufacturing through funds and industrial platforms on the other. After the formation of a public market valuation anchor for the robotics sector, Shoucheng Holdings' entire robotics investment portfolio is expected to be revalued as a whole.

Third, it is the second growth curve brought about by the acceleration of robotics ecosystem commercialization. In the past, market valuations for robotics concept stocks often remained at the level of "equity investment returns"; but Shoucheng Holdings is attempting to turn robotics into a real operational business. The company disclosed that it has promoted robot deployment in multiple scenarios including offline experience stores, airport scenarios, cultural tourism parks, and smart parking, and is cooperating with industry players to promote new formats like "robotics + automotive." If Unitree Technology's brand effect and financing capabilities further strengthen after its IPO, Shoucheng Holdings is expected to expand its benefits from "investment gains" to diversified benefits including "operational revenue sharing, channel services, scenario services, and supply chain synergies." At that point, the market's framework for viewing Shoucheng Holdings will be upgraded from a "Unitree concept stock" to a "robotics ecosystem infrastructure platform."

Furthermore, Shoucheng Holdings' financial structure provides a margin of safety for valuation recovery. The company's 2024 profit attributable to owners of the parent was 410 million HKD, and the equity and reserves attributable to owners of the parent at the end of 2024 were 9.421 billion HKD. The debt-to-capital ratio decreased from 15.9% at the end of 2024 to 10.9% in the third quarter of 2025. The company declared a total final dividend and special dividend of 888 million HKD for the 2024 fiscal year, plus an interim dividend of 208 million HKD, resulting in a total annual dividend payout of 1.096 billion HKD, exceeding 200% of the year's profit attributable to owners of the parent. Strong dividend willingness, low leverage, and sustained profitability make it more likely to attract capital favor on both the "growth" and "income" fronts.

Overall, the formal advancement of Unitree Technology's IPO is one of the most important capital events for the embodied AI industry in 2026. It not only increases the certainty of capitalization for leading robotics companies but also opens a window for value revaluation for ecosystem platforms like Shoucheng Holdings. As the logic of "star project listing—investment return realization—industry scenario expansion—platform valuation uplift" gradually unfolds, Shoucheng Holdings is expected to become one of the core beneficiaries in this round of the robotics market trend, offering both a margin of safety and potential upside.