Published on: 2026-08-19
Updated on: 2026-08-19
Unitree’s 629% opening was fuelled by extraordinary demand for a very small pool of shares available to trade. The business beneath the frenzy was already profitable and led global humanoid shipments in 2025, yet its RMB1,100 opening price briefly valued the company at nearly RMB445 billion.
Hours later, more than RMB100 billion of that value had disappeared while Unitree still traded at more than 200 times last year’s revenue.
Unitree traded at RMB851.21 at 14:15 China time, still 464.46% above its RMB150.80 IPO price after opening at RMB1,100.
Retail demand exceeded 5,500 times the final allocation, while only about 7.44% of Unitree’s post-IPO shares were immediately tradable.
Humanoid shipments exceeded 5,500 units in 2025, giving Unitree a 32.4% share of global shipments and the industry’s top ranking.
The RMB1,100 opening price implied a market value near RMB445 billion, equivalent to about 262 times Unitree’s 2025 revenue.
H1 2026 revenue rose 48.54% while adjusted profit fell 19.34%, creating the clearest test of whether operating growth can catch the valuation.
Unitree Robotics trades as 688836 on Shanghai’s STAR Market. At 14:15:31 China time, the official Shanghai Stock Exchange quote showed the shares at RMB851.21, up 464.46% from the RMB150.80 IPO price after opening at RMB1,100.
The retreat cut Unitree’s market value from roughly RMB445 billion at the open to about RMB344 billion, erasing more than RMB100 billion in less than one trading session. The shares had fallen 22.6% from the opening price while remaining more than five times above the IPO price.
Unitree sold 40.45 million new shares in the IPO, equal to 10% of its enlarged share count. Strategic allocations and locked institutional placements left about 30.09 million shares immediately tradable, or roughly 7.44% of the company.
Retail demand reached another scale. The offering attracted about 9.8 million orders, while the final online allocation rate was only 0.0181%, equivalent to demand of more than 5,500 times the shares ultimately allocated online.
Prices formed within that small tradable pool, yet those prices determined the quoted value of all 404.46 million Unitree shares.
Unitree generated RMB1.70 billion of revenue in 2025, up from RMB159 million in 2023, while adjusted profit excluding non-recurring items reached about RMB591 million.
Humanoid robots generated roughly RMB868 million, accounting for 51.78% of 2025 main-business revenue, while annual shipments exceeded 5,500 units. First-half 2026 revenue then reached RMB1.15 billion, up 48.54% YoY.
Unitree also entered public markets from a position of sector leadership. Its 2025 humanoid shipments represented 32.4% of the global market, ranking first worldwide, while the Shanghai listing gave mainland public markets direct exposure to one of the sector’s leading humanoid manufacturers.
That combination of scale, profitability and market leadership helps explain why demand centred on Unitree rather than robotics enthusiasm alone.
Unitree’s operating growth looks very different when placed beside its market valuation. The IPO price valued the company near RMB61 billion, or roughly 35.9 times 2025 revenue. The opening price expanded that figure to almost RMB445 billion and about 262 times sales.
By 14:15, the share-price retreat had reduced the valuation substantially, although not the underlying premium.
| Valuation point | Market value | 2025 sales multiple |
|---|---|---|
| IPO price | ~RMB61.0bn | 35.9x |
| RMB1,100 opening | ~RMB444.9bn | 261.9x |
| RMB851.21 at 14:15 | ~RMB344.3bn | 202.6x |
Calculations use approximately 404.46 million post-IPO shares and RMB1.699 billion of 2025 revenue.
The opening price assigned roughly RMB262 of equity value to every RMB1 of revenue Unitree generated in 2025. Even after the pullback, that figure remained above RMB200.
A RMB344 billion valuation would require about RMB5.7 billion of annual profit at 60 times earnings, or RMB8.6 billion at 40 times. Unitree produced RMB591 million of adjusted profit in 2025, leaving even the more generous scenario almost ten times above the current earnings base.
Recent results make that gap harder to dismiss. Adjusted profit fell 19.34% YoY to RMB244 million in H1 2026 even as revenue rose 48.54%. Higher research, development and selling expenses absorbed more of the rapid revenue growth.
Unitree increasingly needs profit to follow its rapid revenue expansion. Higher humanoid shipments can enlarge the business, but the current valuation requires much stronger earnings conversion than H1 2026 delivered.
Overseas markets generated 43.65% of Unitree’s 2025 main-business revenue, making foreign access a material part of its growth path. The US added foreign-produced advanced robotic devices, including humanoids and quadrupeds, to the FCC Covered List in July 2026. The restrictions apply to authorization of new covered models, while previously authorized products are not automatically removed from sale.
Share supply presents a separate test. Strategic IPO allocations carry lock-up periods ranging from 12 to 36 months, with some shares locked for 24 months. As those restrictions eventually expire, the scarcity that magnified Unitree’s debut will weaken unless demand grows alongside the supply.
Unitree Robotics trades under 688836 on the Shanghai Stock Exchange’s STAR Market. The shares began trading on August 19, 2026, after the IPO was priced at RMB150.80 per share.
Access is more restricted than for widely traded US or Hong Kong stocks. Qualified foreign institutions can access STAR Market securities directly, while Northbound Stock Connect trading in eligible STAR shares is limited to institutional professional investors. Availability therefore depends on Unitree becoming an eligible security and on the broker and account being permitted to trade it.
Unitree issued about 40.45 million new shares at RMB150.80 each, raising approximately RMB6.10 billion before issuance expenses. The company plans to use IPO capital for robot models, hardware research and development, new products and manufacturing capacity.
Strategic IPO allocations carry stated lock-ups of 12, 24 and 36 months. The first 12-month strategic allocations therefore reach the end of their stated lock-up period in August 2027, while longer restrictions extend into 2028 and 2029. Lock-up expiry makes shares eligible for sale subject to applicable rules and holder decisions; it does not mean they will automatically enter the market.
Yes. STAR Market IPO stocks have no daily price limit during their first five trading days, before a 20% daily limit applies. Unitree’s limited initial float and valuation above 200 times 2025 revenue leave room for unusually large price swings while the market searches for a more durable valuation.
The first 12-month strategic allocations end their stated lock-up period in August 2027, when part of the supply excluded from the debut can become eligible for trading. By then, Unitree needs the business to have expanded faster than stock supply.
