On August 6, Unitree Robotics (688836.SH) disclosed the results of its strategic placement, revealing that nine investors participated, securing a combined 8,089,286 shares—approximately 20.00% of the total offering. Among the participants were Hangzhou DeepSeek Artificial Intelligence Basic Technology Research Co., Ltd. (DeepSeek), along with Tencent, PetroChina, and China Southern Power Grid, all of whom snagged a spot in this strategic placement round.
Digging into the numbers, DeepSeek landed 933,399 shares through the strategic placement, totaling over 140 million yuan, with a lock-up period of 36 months (three years). Meanwhile, Shanghai Qishan Investment Co., Ltd. (a Tencent affiliate), PetroChina’s Kunlun Capital, and China Southern Power Grid’s Industry-Finance Holding Group each secured 903,290 shares, with investments of approximately 136 million yuan apiece. These firms are described as “large enterprises with strategic cooperation relationships or long-term collaboration visions with the issuer, or their subsidiaries.”
The announcement noted that bringing in strategic investors with the capacity for deep R&D collaboration is a key move. By roping in leading AI model companies, the focus shifts to co-developing AI large models and embodied intelligence technologies. The goal is to pool technical strengths, boost embodied intelligent robots’ ability to grasp complex scenarios and generalize across tasks, and collectively push forward the advancement of general artificial intelligence.
According to the announcement, Unitree Robotics is conducting its initial public offering on the STAR Market at an issue price of 150.80 yuan per share. Based on the post-offering total share capital, this pricing puts the company’s total market value at roughly 60.993 billion yuan.
The offering consists of 40,446,434 shares, representing 10% of the post-offering total share capital. The issue price-to-earnings ratio stands at 219.23 times, with total expected fundraising of approximately 6.099 billion yuan. After deducting issuance expenses (excluding VAT) of 182 million yuan, the net proceeds are expected to be around 5.917 billion yuan—marking a notable oversubscription compared to the originally planned 4.202 billion yuan.
Per the earlier prospectus, the raised funds are earmarked primarily for intelligent robot model R&D projects, robot body R&D projects, new intelligent robot product development initiatives, and the construction of an intelligent robot manufacturing base.
Dubbed the “first humanoid robot stock,” Unitree Robotics’ valuation has been a hot topic on the market, and Chinese investment banks are largely bullish. CCB International has thrown out a secondary market valuation of 109 billion yuan.浦银国际 (SPDB International), meanwhile, argues that given Unitree’s growth pace and profitability far outpacing UBTech’s, the valuation stands on solid ground.
Founded on August 26, 2016, Unitree Robotics was restructured into Hangzhou Unitree Robotics Co., Ltd. on May 28, 2025. The company specializes in high-performance general-purpose robots, focusing on the R&D, production, and sales of humanoid robots, quadruped robots, robotic components, and embodied intelligence models.
As of the prospectus signing date, Wang Xingxing directly holds 86,714,964 shares of Unitree, accounting for 23.8216% of the company’s total share capital, making him the controlling shareholder. Under a special voting rights arrangement, his direct shareholding carries a voting power of 63.5457%. Combined with the Shanghai Yuyi employee equity incentive platform controlled through Hangzhou Tianze, he commands an aggregate voting power of 68.7816%.
The prospectus shows that from 2023 to 2025, Unitree’s revenue climbed from 159 million yuan to 393 million yuan, then jumped to 1.699 billion yuan. Net profit attributable to shareholders swung from a loss of 11.1451 million yuan to 94.5018 million yuan, and finally to 278 million yuan. In the capital-intensive high-performance general-purpose robot sector, Unitree stands out as one of the few robot companies globally to achieve scaled sales and profitability.
In the first quarter of 2026 (January–March), Unitree posted revenue of 423 million yuan, with year-on-year growth cooling from the prior year’s 332.64% to 68.49%. Non-GAAP net profit slipped to 40.2536 million yuan from 84.8365 million yuan in the same period last year, a 52.55% decline.
Looking ahead, Unitree projects first-half 2026 revenue of approximately 1.052 billion to 1.128 billion yuan, representing year-on-year growth of about 35.62% to 45.41%. Due to a sharp uptick in R&D spending and other period expenses, non-GAAP net profit is expected to land between 236 million and 283 million yuan—down roughly 21.97% to 6.43% from a year earlier, though the decline will narrow significantly compared to the Q1 drop.
