It is confirmed that Unitree Robotics will be listed on the STAR Market on Qixi Festival.

On the evening of August 17, Unitree Robotics released its listing prospectus, and its shares will be listed and traded on the Science and Technology Innovation Board of the Shanghai Stock Exchange on August 19, with the stock code 688836.SH. Two days later, the A-share market will welcome the "first humanoid robot stock".

The speed of this IPO is impressive. Its listing application was accepted on March 20 this year, and the registration took effect on July 2. The whole process took only 104 days, setting the fastest review record since the implementation of the pre-review mechanism of the Science and Technology Innovation Board.

The issuance schedule is also extremely tight: the issuance arrangement was announced on July 30, the preliminary inquiry was completed on August 5, and the issue price was determined at 150.8 yuan per share the next day; the subscription opened on August 10, and the payment deadline was August 12. The interval from pricing to formal listing is less than two weeks.

The price set is not cheap. The issue price of 150.8 yuan per share corresponds to an issue P/E ratio as high as 219.23 times, while the average P/E ratio of the general equipment manufacturing industry is only 38.56 times, the former is nearly 6 times that of the latter.

Calculated based on the total share capital of 404 million shares after issuance, the issued market value of Unitree Robotics is about 60.993 billion yuan, approaching the 61 billion yuan mark. This public offering of 40.4464 million shares accounts for 10% of the total share capital after issuance. The total expected raised funds are 6.099 billion yuan, and the net raised funds after deducting issuance expenses are about 5.917 billion yuan — nearly 1.9 billion yuan oversubscribed compared with the original plan of 4.202 billion yuan in the prospectus. The funds come in more than expected, and the pressure to spend them also increases accordingly.

The buying enthusiasm in the secondary market has pushed the expectation of the "first humanoid robot stock" to the full level.

After the callback mechanism was launched, the final online offering success rate was only 0.01809759%, about 0.018%, setting the lowest record in the history of the Science and Technology Innovation Board. The number of valid subscription households reached 9.7846 million, which is also the largest in the history of the Science and Technology Innovation Board. The number of valid subscription shares was 53.637 billion, and only 19,416 winning numbers were finally generated. Winning one lot of 500 shares requires a payment of 75,400 yuan, which is in the higher threshold range of new shares issued within the year. Even so, 8,734 shares were still abandoned by online investors, with an abandoned amount of 1.3171 million yuan.

The lineup of strategic placement is more like a business circle business card.

A total of 9 investors participated in this strategic placement, with a total of 8.0893 million shares allocated, accounting for 20% of the total issuance. Three portfolios under the National Social Security Fund were allocated a total of 933,400 shares, with an amount of about 141 million yuan and a lock-up period of 12 months; DeepSeek, which is also one of the "Hangzhou Six Little Dragons", was allocated 933,400 shares, with an amount of 141 million yuan and a lock-up period of up to 36 months, which is the longest lock-up period among all strategic placement parties; Shanghai Qishan Investment under Tencent was allocated 903,300 shares, about 136 million yuan. State-owned enterprise-backed institutions such as PetroChina Kunlun Capital, China Southern Power Grid Industrial Finance and Tianyi Capital are also included, and CITIC Securities followed the investment of 808,900 shares.

In addition, 171 core employees contributed a total of about 271 million yuan through two asset management plans to participate in the strategic investment, and founder Wang Xingxing personally contributed 15 million yuan. Calculated at the issue price, Wang Xingxing holds a total of 33.36% of shares directly and indirectly, corresponding to a net worth of about 20.35 billion yuan.

Supporting this valuation is a transcript with an impressive high growth rate.

The prospectus shows that Unitree Robotics achieved revenue of 1.708 billion yuan in 2025, a year-on-year increase of 335.36%; non-recurring profit and loss deducted net profit was 600 million yuan, a year-on-year increase of 674.29%, and net profit attributable to shareholders was 288 million yuan. The revenue structure has quietly changed: the revenue of humanoid robots in 2025 was 868 million yuan, accounting for 51.78%, with a shipment volume of 5,511 units and a global market share of 32.4%, ranking first in the world; the revenue of the four-legged robots that the company started with was 698 million yuan, accounting for 41.62%, with a global market share of about 60%, ranking first for many consecutive years; the revenue of robot components was 104 million yuan, with a gross profit margin of 59.36%, which is the most profitable segment among the three product lines.

On the same day when the listing announcement was released, Unitree Robotics also launched a humanoid robot named "Superman", claiming that it can jump 2 meters high in place and reach a limit speed of 12 meters per second.

The 104-day review record confirms the capital enthusiasm in the hard technology track. But listing is never the end point, isn't the tough battle of technology iteration and commercial implementation just about to start?