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Source: Wall Street Insights (Hua'er Jie Jianwen)
Unitree Robotics, dubbed "the first humanoid robot stock on the A-share market," has officially entered the capital markets. Priced at a 219x P/E ratio, the IPO has sparked a frenzy among investors, setting off a wave of wealth redistribution centered on the embodied intelligence sector.
Unitree Robotics opened online subscription on the STAR Market on August 10, with an issue price of ¥150.80 per share. The post-IPO market capitalization stands at approximately ¥60.993 billion, with an estimated fundraising scale of around ¥6.1 billion. A total of 9.7846 million valid online subscription accounts were recorded, and the initial online oversubscription ratio reached a staggering 8,288.82x, triggering the clawback mechanism. Following the clawback, the final online winning rate came in at just 0.01809759% — roughly 1.8 in 10,000. According to market insiders, the difficulty of winning an allocation far exceeds that of the earlier Changxin Technologies IPO.
Based on comprehensive estimates from multiple brokerages, the average first-day gain for A-share IPOs since the beginning of 2026 has reached 276.04%. If Unitree maintains this average, a winning lot (500 shares) could see a paper profit of over ¥200,000. Benchmarking against the year-to-date average first-day gain of 466.61% for STAR Market IPOs, the potential profit per lot could even surpass ¥350,000. August 12 is the deadline for winning subscribers to make payment, as the market awaits the final pricing from secondary-market trading.
Extremely Strong Subscription Triggers Clawback Mechanism
According to Unitree Robotics' announcement on online subscription results and the winning rate, the total number of valid online subscription shares reached 53.637 billion, with over 107 million allotment numbers issued. Since the initial online oversubscription ratio of approximately 8,288.82x far exceeded the 100x threshold, the clawback mechanism was triggered. The company and its sponsor, CITIC Securities, decided to claw back 3.236 million shares from the offline tranche to the online tranche.
After the clawback, the final online offering amounted to 9.707 million shares, representing approximately 30% of the total offering (excluding strategic placement shares); the final offline offering stood at 22.6501 million shares, or about 70%. The strategic placement remained unchanged at 8.0893 million shares, accounting for roughly 20% of the total offering — consistent with the initial strategic placement, requiring no clawback to the offline tranche.
The initial online allocation was only 6.471 million shares. At 500 shares per lot, the total number of lots available for the lottery was fewer than 13,000. The offline inquiry process was equally hot, with the valid oversubscription ratio exceeding 2,618x.
A Feast for Early Investors — Meituan and Sequoia Are the Biggest Winners
Unitree's IPO has triggered a considerable wealth realization event. According to a report by The Interface, Meituan holds a pre-IPO stake of 9.65% through three entities — Hanhai Information Technology, Galaxy Z, and Chengdu Longzhu — making it the largest external institutional shareholder, with a paper gain of over ¥3.6 billion. Sequoia China holds a combined 7.11% stake through platforms including Ningbo Sequoia and Xiamen Yaheng; its cumulative investment over the years was approximately ¥102 million, and the estimated shareholding value at the issue price approaches ¥3 billion.
Bianliang Capital invested only ¥2.09 million in 2018, and its return multiple has now exceeded 174x. Matrix Partners China holds 5.45%, Shunwei Capital holds 4.42%, and CITIC Securities' subsidiaries Goldstone Growth and CITIC Investment together hold 4.49% — all poised to reap substantial paper gains. Tech and telecom giants including Tencent, Alibaba, Ant Group, and China Mobile also hold minor stakes.
In stark contrast stands DJI. According to an audit report from RSM China (Rongcheng Accounting Firm) reviewed by The Interface, DJI's fund — DJI New China PE Fund-1 L.P. — had planned to invest ¥10.1286 million in Unitree's second capital increase in 2018 and once completed the business registration to become the largest external shareholder, but chose to reduce its stake and exit in 2019. Had this investment been retained in full through the IPO, the corresponding equity value at the issue price would be approximately ¥3.7 billion. DJI has not publicly explained the reasons for its withdrawal, but in the same year it disclosed an internal anti-corruption notice involving the handling of 45 personnel. Reports suggest that the incident led to a complete suspension of its investment department's operations, with all external investment projects urgently halted for review.
As the sole sponsor, CITIC Securities will receive approximately ¥145 million in sponsorship and underwriting fees, and has also secured 808,900 shares through a ¥122 million strategic co-investment. Its two early-stage investments totaling approximately ¥33.45 million in 2024 could be worth nearly ¥500 million at the issue price, representing a return on investment of close to 1,300%.
High-Growth Fundamentals Back the Premium Valuation
The issue P/E ratio of 219.23x is more than five times the industry's static average P/E of 38.56x. Unitree Robotics' ability to secure market acceptance is underpinned by a set of rapidly growing financial figures.
The company's revenue surged from ¥159 million in 2023 to ¥1.699 billion in 2025, representing a compound annual growth rate of 226.78%. Non-GAAP net profit swung from a loss of over ¥18 million to ¥591 million in 2025; over the same period, the overall gross profit margin improved steadily from 44.22% to 60.13%, with the humanoid robot segment achieving a gross margin of 63.18%. In 2025, net operating cash flow reached ¥670 million, and cash on hand stood at ¥1.419 billion, with virtually zero interest-bearing debt.
The humanoid robot segment has overtaken the quadruped robot business as the company's primary growth engine. Revenue from this segment skyrocketed from ¥2.96 million in 2023 to ¥868 million in 2025, with its share of total revenue leaping from under 2% to 51.78%. In 2025, Unitree shipped over 5,500 humanoid robots, ranking first globally.
On the strategic placement front, Hangzhou DeepSeek — the parent company of DeepSeek — was allocated 933,400 shares with a subscription amount of ¥141 million and a 36-month lock-up period, the longest among all strategic investors in this IPO. The two parties have signed a Strategic Cooperation Memorandum of Understanding to collaborate deeply in three areas: AI large model R&D, robot procurement, and technology cooperation. Three portfolios under the National Social Security Fund also subscribed for a combined ¥141 million.
宇树科技科创板申购火爆，中签率仅0.018%，首日盈利或逾20万元
来源：华尔街见闻
"A股人形机器人第一股"宇树科技正式登陆资本市场，以219倍市盈率定价引发市场狂热追捧，一场围绕具身智能赛道的财富分配正在展开。
宇树科技8月10日正式开启科创板网上申购，发行价150.80元/股，发行后总市值约609.93亿元，预计募资规模约61亿元。网上发行有效申购户数达978.46万户，初步有效申购倍数高达8288.82倍，触发回拨机制后，网上发行最终中签率仅为0.01809759%，约合万分之一点八，据市场人士估计，中签难度远超此前的长鑫科技。
基于多家券商综合测算，2026年以来A股新股上市首日平均涨幅达276.04%，若宇树维持这一均值，中一签（500股）账面浮盈有望超过20万元；对标年内科创板新股首日平均涨幅466.61%，单签潜在盈利更可能突破35万元。8月12日为中签缴款截止日，市场等待二级市场给出最终定价。
申购极度火爆，回拨机制启动
根据宇树科技发布的网上发行申购情况及中签率公告，本次网上发行有效申购股数达536.37亿股，配号总数逾1.07亿个。由于网上初步有效申购倍数约8288.82倍，大幅超过100倍触发回拨机制，发行人与保荐人中信证券决定将323.6万股从网下回拨至网上。
回拨后，网上最终发行数量为970.7万股，约占扣除战略配售后发行数量的30%；网下最终发行数量为2265.01万股，约占70%。战略配售规模维持808.93万股不变，约占发行总量的20%，初始战略配售与最终战略配售数量一致，无需向网下回拨。
本次网上发行初始额度仅647.1万股，以每签500股计算，全市场可供摇号的签数不足1.3万个。网下询价环节同样异常火爆，有效申购倍数突破2618倍。
早期投资人盛宴，美团红杉最大赢家
宇树IPO触发一场可观的财富兑现。据界面新闻报道，美团通过汉海信息技术、Galaxy Z、成都龙珠三家主体合计持有发行前9.65%股份，是外部机构中持股比例最高的一方，账面浮盈超36亿元；红杉中国通过宁波红杉、厦门雅恒等平台合计持股7.11%，历年累计出资约1.02亿元，按发行价估算持股市值接近30亿元。
变量资本2018年仅投入209万元，回报倍数已超174倍。经纬创投持股5.45%，顺为资本持股4.42%，中信证券旗下金石成长与中证投资合计持股4.49%，同样有望收获可观浮盈。腾讯、阿里、蚂蚁集团、中国移动等互联网与通信巨头均有少量参股。
与之对照鲜明的是大疆。据界面新闻查询容诚会计师事务所审计报告，大疆旗下基金DJI NewChina PE Fund-1 L.P曾于2018年计划出资1012.86万元参与宇树第二次增资，并一度完成工商登记成为最大外部股东，但于2019年选择减资退出。若这笔投资完整保留至宇树上市，按发行价估算对应股权市值约37亿元。大疆未就撤资原因作出公开解释，但同年其曾披露内部反腐公告，涉及人员处理45人，据报有消息显示相关事件导致其投资部门工作全面停滞，所有对外投资项目被紧急叫停审查。
作为独家保荐人，中信证券可获约1.45亿元保荐承销费，并通过战略配售跟投1.22亿元获配80.89万股；其在2024年两笔合计约3345万元的早期投资，按发行价估算或涨至近5亿元，投资回报率接近1300%。
高成长基本面支撑高溢价定价
219.23倍的发行市盈率较行业静态平均市盈率38.56倍高出逾五倍，宇树科技得以获得市场认可，背后是一份高速增长的财务数据。
公司营业收入从2023年的1.59亿元飙升至2025年的16.99亿元，年复合增长率达226.78%。扣非净利润从亏损逾1800万元一跃至2025年的5.91亿元；同期主营业务综合毛利率从44.22%持续提升至60.13%，人形机器人业务毛利率更达63.18%。2025年经营性现金流净额为6.70亿元，账面货币资金14.19亿元，有息负债压力几乎为零。
人形机器人板块已取代四足机器人成为公司第一大增长引擎，营收从2023年的296万元激增至2025年的8.68亿元，在总营收中的占比从不足2%跃升至51.78%。2025年宇树人形机器人出货量超过5500台，居全球榜首。
战略配售环节，DeepSeek母公司杭州深度求索获配93.34万股，认购金额1.41亿元，锁定期36个月，为本次IPO最长锁定期。双方已签署《战略合作备忘录》，将在AI大模型研发、机器人采购及技术合作等三大领域展开深度协同。全国社保基金旗下三个组合合计认购约1.41亿元。
Unitree Robotics' STAR Market IPO Subscription Goes Viral — Winning Rate Just 0.018%, First-Day Profit Could Exceed ¥200,000
Source: Wall Street Insights (Hua'er Jie Jianwen)
Unitree Robotics, dubbed "the first humanoid robot stock on the A-share market," has officially entered the capital markets. Priced at a 219x P/E ratio, the IPO has sparked a frenzy among investors, setting off a wave of wealth redistribution centered on the embodied intelligence sector.
Unitree Robotics opened online subscription on the STAR Market on August 10, with an issue price of ¥150.80 per share. The post-IPO market capitalization stands at approximately ¥60.993 billion, with an estimated fundraising scale of around ¥6.1 billion. A total of 9.7846 million valid online subscription accounts were recorded, and the initial online oversubscription ratio reached a staggering 8,288.82x, triggering the clawback mechanism. Following the clawback, the final online winning rate came in at just 0.01809759% — roughly 1.8 in 10,000. According to market insiders, the difficulty of winning an allocation far exceeds that of the earlier Changxin Technologies IPO.
Based on comprehensive estimates from multiple brokerages, the average first-day gain for A-share IPOs since the beginning of 2026 has reached 276.04%. If Unitree maintains this average, a winning lot (500 shares) could see a paper profit of over ¥200,000. Benchmarking against the year-to-date average first-day gain of 466.61% for STAR Market IPOs, the potential profit per lot could even surpass ¥350,000. August 12 is the deadline for winning subscribers to make payment, as the market awaits the final pricing from secondary-market trading.
Extremely Strong Subscription Triggers Clawback Mechanism
According to Unitree Robotics' announcement on online subscription results and the winning rate, the total number of valid online subscription shares reached 53.637 billion, with over 107 million allotment numbers issued. Since the initial online oversubscription ratio of approximately 8,288.82x far exceeded the 100x threshold, the clawback mechanism was triggered. The company and its sponsor, CITIC Securities, decided to claw back 3.236 million shares from the offline tranche to the online tranche.
After the clawback, the final online offering amounted to 9.707 million shares, representing approximately 30% of the total offering (excluding strategic placement shares); the final offline offering stood at 22.6501 million shares, or about 70%. The strategic placement remained unchanged at 8.0893 million shares, accounting for roughly 20% of the total offering — consistent with the initial strategic placement, requiring no clawback to the offline tranche.
The initial online allocation was only 6.471 million shares. At 500 shares per lot, the total number of lots available for the lottery was fewer than 13,000. The offline inquiry process was equally hot, with the valid oversubscription ratio exceeding 2,618x.
A Feast for Early Investors — Meituan and Sequoia Are the Biggest Winners
Unitree's IPO has triggered a considerable wealth realization event. According to a report by The Interface, Meituan holds a pre-IPO stake of 9.65% through three entities — Hanhai Information Technology, Galaxy Z, and Chengdu Longzhu — making it the largest external institutional shareholder, with a paper gain of over ¥3.6 billion. Sequoia China holds a combined 7.11% stake through platforms including Ningbo Sequoia and Xiamen Yaheng; its cumulative investment over the years was approximately ¥102 million, and the estimated shareholding value at the issue price approaches ¥3 billion.
Bianliang Capital invested only ¥2.09 million in 2018, and its return multiple has now exceeded 174x. Matrix Partners China holds 5.45%, Shunwei Capital holds 4.42%, and CITIC Securities' subsidiaries Goldstone Growth and CITIC Investment together hold 4.49% — all poised to reap substantial paper gains. Tech and telecom giants including Tencent, Alibaba, Ant Group, and China Mobile also hold minor stakes.
In stark contrast stands DJI. According to an audit report from RSM China (Rongcheng Accounting Firm) reviewed by The Interface, DJI's fund — DJI New China PE Fund-1 L.P. — had planned to invest ¥10.1286 million in Unitree's second capital increase in 2018 and once completed the business registration to become the largest external shareholder, but chose to reduce its stake and exit in 2019. Had this investment been retained in full through the IPO, the corresponding equity value at the issue price would be approximately ¥3.7 billion. DJI has not publicly explained the reasons for its withdrawal, but in the same year it disclosed an internal anti-corruption notice involving the handling of 45 personnel. Reports suggest that the incident led to a complete suspension of its investment department's operations, with all external investment projects urgently halted for review.
As the sole sponsor, CITIC Securities will receive approximately ¥145 million in sponsorship and underwriting fees, and has also secured 808,900 shares through a ¥122 million strategic co-investment. Its two early-stage investments totaling approximately ¥33.45 million in 2024 could be worth nearly ¥500 million at the issue price, representing a return on investment of close to 1,300%.
High-Growth Fundamentals Back the Premium Valuation
The issue P/E ratio of 219.23x is more than five times the industry's static average P/E of 38.56x. Unitree Robotics' ability to secure market acceptance is underpinned by a set of rapidly growing financial figures.
The company's revenue surged from ¥159 million in 2023 to ¥1.699 billion in 2025, representing a compound annual growth rate of 226.78%. Non-GAAP net profit swung from a loss of over ¥18 million to ¥591 million in 2025; over the same period, the overall gross profit margin improved steadily from 44.22% to 60.13%, with the humanoid robot segment achieving a gross margin of 63.18%. In 2025, net operating cash flow reached ¥670 million, and cash on hand stood at ¥1.419 billion, with virtually zero interest-bearing debt.
The humanoid robot segment has overtaken the quadruped robot business as the company's primary growth engine. Revenue from this segment skyrocketed from ¥2.96 million in 2023 to ¥868 million in 2025, with its share of total revenue leaping from under 2% to 51.78%. In 2025, Unitree shipped over 5,500 humanoid robots, ranking first globally.
On the strategic placement front, Hangzhou DeepSeek — the parent company of DeepSeek — was allocated 933,400 shares with a subscription amount of ¥141 million and a 36-month lock-up period, the longest among all strategic investors in this IPO. The two parties have signed a Strategic Cooperation Memorandum of Understanding to collaborate deeply in three areas: AI large model R&D, robot procurement, and technology cooperation. Three portfolios under the National Social Security Fund also subscribed for a combined ¥141 million.
宇树科技科创板申购火爆，中签率仅0.018%，首日盈利或逾20万元
来源：华尔街见闻
"A股人形机器人第一股"宇树科技正式登陆资本市场，以219倍市盈率定价引发市场狂热追捧，一场围绕具身智能赛道的财富分配正在展开。
宇树科技8月10日正式开启科创板网上申购，发行价150.80元/股，发行后总市值约609.93亿元，预计募资规模约61亿元。网上发行有效申购户数达978.46万户，初步有效申购倍数高达8288.82倍，触发回拨机制后，网上发行最终中签率仅为0.01809759%，约合万分之一点八，据市场人士估计，中签难度远超此前的长鑫科技。
基于多家券商综合测算，2026年以来A股新股上市首日平均涨幅达276.04%，若宇树维持这一均值，中一签（500股）账面浮盈有望超过20万元；对标年内科创板新股首日平均涨幅466.61%，单签潜在盈利更可能突破35万元。8月12日为中签缴款截止日，市场等待二级市场给出最终定价。
申购极度火爆，回拨机制启动
根据宇树科技发布的网上发行申购情况及中签率公告，本次网上发行有效申购股数达536.37亿股，配号总数逾1.07亿个。由于网上初步有效申购倍数约8288.82倍，大幅超过100倍触发回拨机制，发行人与保荐人中信证券决定将323.6万股从网下回拨至网上。
回拨后，网上最终发行数量为970.7万股，约占扣除战略配售后发行数量的30%；网下最终发行数量为2265.01万股，约占70%。战略配售规模维持808.93万股不变，约占发行总量的20%，初始战略配售与最终战略配售数量一致，无需向网下回拨。
本次网上发行初始额度仅647.1万股，以每签500股计算，全市场可供摇号的签数不足1.3万个。网下询价环节同样异常火爆，有效申购倍数突破2618倍。
早期投资人盛宴，美团红杉最大赢家
宇树IPO触发一场可观的财富兑现。据界面新闻报道，美团通过汉海信息技术、Galaxy Z、成都龙珠三家主体合计持有发行前9.65%股份，是外部机构中持股比例最高的一方，账面浮盈超36亿元；红杉中国通过宁波红杉、厦门雅恒等平台合计持股7.11%，历年累计出资约1.02亿元，按发行价估算持股市值接近30亿元。
变量资本2018年仅投入209万元，回报倍数已超174倍。经纬创投持股5.45%，顺为资本持股4.42%，中信证券旗下金石成长与中证投资合计持股4.49%，同样有望收获可观浮盈。腾讯、阿里、蚂蚁集团、中国移动等互联网与通信巨头均有少量参股。
与之对照鲜明的是大疆。据界面新闻查询容诚会计师事务所审计报告，大疆旗下基金DJI NewChina PE Fund-1 L.P曾于2018年计划出资1012.86万元参与宇树第二次增资，并一度完成工商登记成为最大外部股东，但于2019年选择减资退出。若这笔投资完整保留至宇树上市，按发行价估算对应股权市值约37亿元。大疆未就撤资原因作出公开解释，但同年其曾披露内部反腐公告，涉及人员处理45人，据报有消息显示相关事件导致其投资部门工作全面停滞，所有对外投资项目被紧急叫停审查。
作为独家保荐人，中信证券可获约1.45亿元保荐承销费，并通过战略配售跟投1.22亿元获配80.89万股；其在2024年两笔合计约3345万元的早期投资，按发行价估算或涨至近5亿元，投资回报率接近1300%。
高成长基本面支撑高溢价定价
219.23倍的发行市盈率较行业静态平均市盈率38.56倍高出逾五倍，宇树科技得以获得市场认可，背后是一份高速增长的财务数据。
公司营业收入从2023年的1.59亿元飙升至2025年的16.99亿元，年复合增长率达226.78%。扣非净利润从亏损逾1800万元一跃至2025年的5.91亿元；同期主营业务综合毛利率从44.22%持续提升至60.13%，人形机器人业务毛利率更达63.18%。2025年经营性现金流净额为6.70亿元，账面货币资金14.19亿元，有息负债压力几乎为零。
人形机器人板块已取代四足机器人成为公司第一大增长引擎，营收从2023年的296万元激增至2025年的8.68亿元，在总营收中的占比从不足2%跃升至51.78%。2025年宇树人形机器人出货量超过5500台，居全球榜首。
战略配售环节，DeepSeek母公司杭州深度求索获配93.34万股，认购金额1.41亿元，锁定期36个月，为本次IPO最长锁定期。双方已签署《战略合作备忘录》，将在AI大模型研发、机器人采购及技术合作等三大领域展开深度协同。全国社保基金旗下三个组合合计认购约1.41亿元。