Unitree Robotics debuted on the STAR Market today with an issue price of 150.8 yuan, corresponding to a post-IPO valuation of approximately 61 billion yuan. Based on 2025 earnings, this translates to a PE ratio of approximately 219 and a PS ratio of 36. Retail subscriptions exceeded 8,000 times. According to Reuters,
prices offered by some overseas private trading platforms before the listing were about 176% higher than the issue price, with even more aggressive pricing in derivatives, reflecting the current focus on the "scarcity of a leading humanoid robot manufacturer."
However, the Reuters investigation also points out that the large-scale replacement of human labor by humanoid robots is still limited by cost and reliability: for industrial robots to recoup their investment in two years, the total cost needs to be reduced to approximately 160,000 yuan, while the actual price is generally still between 300,000 and 500,000 yuan; this year, it's even possible that 50% to 70% of humanoid robots will be used for training data collection rather than creating actual production value.
