Reported by NUPIAO News | Song Jianan
On August 10, Unitree Robotics — widely touted as the “first humanoid robot stock” on A-shares — officially opened its simultaneous online and offline subscription. The online subscription code is “787836”, while the securities code and offline subscription code are both “688836”.
According to the offering prospectus, Unitree set its final issue price at 150.80 yuan per share, with a price-to-earnings ratio of 219.23 times and a post-issuance market valuation of approximately 60.993 billion yuan. Each online subscription lot consists of 500 shares, meaning investors who win a lot must pay 75,400 yuan. The initial online offering is just 6.471 million shares, translating to roughly 12,900 available lots across the entire market.
Given the massive pool of qualified STAR Market investors, multiple brokerage firms project the online subscription ratio to fall between 0.02% and 0.05%. Some institutions believe the actual ratio could dip even lower amid red-hot subscription sentiment. Compared with CXMT’s 0.47% online subscription ratio on the STAR Market this year, Unitree’s odds are less than one-tenth of that — a textbook case of “high capital requirement, ultra-low win probability” among hot new listings.
Wind data shows that A-share new stocks have averaged a 276.04% first-day gain since 2026. Based on that benchmark, a winning lot of Unitree could yield paper profits exceeding 200,000 yuan. If measured against the STAR Market’s average first-day gain of 466.61% this year, the floating profit per lot could reach around 350,000 yuan.
But not everyone is buying the rosy picture. CCB International’s research report estimates that if Unitree’s market cap only reaches 109 billion yuan post-listing — a roughly 79% share price increase — the profit per lot would be just 59,000 yuan. Some institutions even project a market cap range of 30-45 billion yuan, in which case the stock could break its issue price on debut. In other words, IPO lotteries are not a guaranteed money-maker. Several analysts caution against linearly extrapolating historical new stock gains, noting that STAR Market stocks have no price limits for the first five trading days, so high-valuation new stocks can swing far more violently than ordinary ones.
For everyday investors looking to participate, there are several practical details to keep in mind. You must have STAR Market trading access, which requires at least 24 months of trading experience and an average daily asset balance of no less than 500,000 yuan over the 20 trading days prior to account activation, plus a risk assessment rating of C4 or above.
The online subscription window runs from 9:30 to 11:30 and 13:00 to 15:00 on August 10. If you win a lot, you need to ensure sufficient funds in your account by 4 PM on August 12. Missing payment three times within any 12-month period will get you banned from IPO lotteries for six months.
Brokerages also advise against dumping money into stocks at the last minute just to boost your account balance for this subscription — you don’t want to rack up extra losses from portfolio volatility. Additionally, since STAR Market new stocks have no price limits in their first five trading days, even if you do win a lot, brace yourself for potentially wild price swings.
Looking at Unitree’s preliminary inquiry results, a total of 367 offline investors managing 12,161 targeted allocation accounts submitted bids, with prices ranging from 15.20 yuan to 154.88 yuan per share. After excluding the highest quotes and invalid bids, the effective offline subscription multiple reached an eye-popping 2,618.30 times — a clear testament to institutional enthusiasm for the humanoid robot track. The final issue price landed at the high end of the inquiry range, with total fundraising hitting 6.099 billion yuan, significantly oversubscribed compared to the originally planned 4.201 billion yuan.
The strategic placement list is equally impressive, featuring the Social Security Fund, Tencent, and industrial capital among the institutional participants locking in shares — further bolstering market optimism about the company’s growth prospects.
Unitree’s prospectus reveals that from 2023 to 2025, the company’s revenue grew from 159 million yuan to 393 million yuan and then to 1.699 billion yuan. Net profit attributable to shareholders swung from a loss of 11.1451 million yuan to a profit of 95.4747 million yuan, and then to 278 million yuan — a clean turnaround from red to black. In 2025, the company ranked first globally in humanoid robot shipments, with revenue from its humanoid robot segment surpassing its traditional quadruped robot business to become the largest income source. Unitree’s H1 2026 earnings guidance maintains a year-over-year revenue growth rate of 35.62% to 45.41%.
Among domestic robot manufacturers, Unitree was one of the earliest to commercialize its robot products for external sales. Overseas research institutions and universities make up a significant portion of its customer base, and the company has achieved large-scale shipments — a clear differentiator from peers that are still stuck in the prototype stage. This is also a key reason institutions are willing to assign such a high valuation.
As Unitree enters the secondary market, the entire humanoid robot supply chain is getting a valuation boost. This is expected to directly benefit upstream core component makers in harmonic reducers, servo systems, and sensors, while whole-machine manufacturers and embodied AI algorithm companies will also ride the wave of sector sentiment. Several A-share suppliers in bearings, precision structural parts, and driver chips have already begun batch shipments to Unitree, and the expected ramp-up in whole-machine production opens up vast order potential for upstream parts makers.
At the same time, as the first humanoid robot company to be priced on A-shares, Unitree’s valuation fluctuations will serve as a key benchmark for financing and pricing of similar unlisted companies in the primary market — pushing the entire industry from concept speculation toward a real test of commercial viability.
But for all the shine, risks are impossible to ignore. First, there’s the sky-high offering P/E ratio — 219.23 times static earnings has already priced in an enormous amount of optimism. If future earnings growth fails to sustain its earlier high-growth trajectory, the stock could face significant valuation compression pressure.
Looking at the business structure, the company’s customers during the reporting period have been concentrated in universities and research institutions. Large-scale deployment in consumer (To C) and industrial scenarios still needs time to materialize. Meanwhile, competitors like AgiBot, UBTech, and Xiaomi are doubling down on their own efforts, and intensifying market competition could squeeze Unitree’s product gross margins.
It’s also worth noting that the humanoid robot industry as a whole is still in its early industrialization phase. Mass-production cost reduction and scenario expansion both carry uncertainties, and there’s still a long road ahead before widespread adoption. For IPO lottery participants, it’s crucial to not only see the wealth effect but also clearly recognize the potential risks — and approach new stock speculation with a level head.
