Unitree Robotics, the prominent player in the humanoid robot sector, is scheduled to officially begin trading on the STAR Market on August 19, 2026.

The company has finalized its initial public offering price at RMB 150.80 per share, translating to a post-listing total market capitalization of approximately RMB 60.99 billion. This valuation corresponds to a price-to-earnings ratio of 219 times at issuance, significantly surpassing the industry average of roughly 38 times for the general equipment manufacturing sector. Unitree's core operations involve the research, development, production, and sale of both humanoid and quadruped robots. Founder, Chairman, and Chief Technology Officer Wang Xingxing, through a special voting rights structure, will control approximately 65.31% of the voting power following the listing.

The company disclosed that, due to a significantly larger revenue base and a cooling of industry enthusiasm, first-quarter 2026 revenue growth slowed to 68.49% year-over-year. Non-GAAP net profit attributable to shareholders declined by 52.55% during the same period, primarily attributed to rapid increases in research and development and sales expenses. For the first half of 2026, revenue grew 48.54% year-over-year to RMB 1.152 billion, but non-GAAP net profit saw a 19.34% decrease compared to the prior year period.

Notably, just before its stock market debut, the company unveiled a new humanoid robot model named "Superman" on August 17. Promotional videos demonstrate its capabilities, including a standing vertical jump of 2 meters and a top speed of 12.66 m/s, both reportedly breaking human performance records and further fueling market excitement.

IPO Overview: Market Cap Exceeds RMB 60 Billion, Low Public Float

For this offering, Yushu Technology Co.,Ltd. is issuing 40.4464 million shares, representing 10% of the total post-issuance share capital. The gross proceeds are approximately RMB 6.099 billion, with net proceeds of about RMB 5.917 billion after deducting issuance expenses.

The offering price of RMB 150.80 per share corresponds to a diluted price-to-earnings ratio of 219.23 times and a price-to-sales ratio of 35.89 times, both significantly higher than comparable listed companies. According to the prospectus, the arithmetic average 2025 price-to-sales ratio for comparable companies, using UBTech and Dobot as references, is only approximately 4.92 times, indicating a premium of over seven times for Unitree's valuation.

Total issuance expenses, excluding VAT, amount to RMB 182.1731 million. This includes underwriting and sponsorship fees of approximately RMB 144.9932 million, auditing and verification fees of RMB 18.2830 million, and legal fees of RMB 11.00 million. CITIC Securities Co., Ltd. serves as the sponsor.

The post-issuance total share capital is approximately 404 million shares. However, the number of unrestricted tradable shares at the initial listing stage is limited to just 30.08772 million shares, accounting for roughly 7.44% of the total share capital. A substantial portion of shares will be subject to lock-up periods: Wang Xingxing, as the controlling shareholder and actual controller, faces a 36-month lock-up; the employee stock ownership platform Shanghai Yuyi also has a 36-month lock-up; and most financial investors have a 12-month lock-up period.

Ownership Structure: Concentrated Dual-Class Voting, Strategic Investors Include DeepSeek and Tencent Affiliate

Through direct ownership and indirect holdings via the employee platform Shanghai Yuyi, Wang Xingxing will hold approximately 31.29% of the company's shares post-listing. However, thanks to the special voting rights arrangement (where Class A shares carry 10 votes per share), his total controlled voting power reaches approximately 65.31%, giving him decisive influence over shareholder resolutions. The listing announcement highlights the potential risk this mechanism poses to the interests of minority shareholders under specific circumstances.

Institutional investors present before the issuance include Ningbo Hongshan holding approximately 5.59%, with entities like Astrend IV, Jingwei No.1, and Jinshi Growth each holding between 3% and 4%.

The strategic placement has attracted several institutionally significant investors. Hangzhou DeepSeek Artificial Intelligence Basic Technology Research Co., Ltd. has been allocated 933,399 shares with a 36-month lock-up period. Shanghai Qishan Investment Co., Ltd., associated with Tencent Technology, received 903,290 shares, subject to a lock-up expiring on the later of 36 months from Tencent Technology's initial share acquisition or 12 months from the listing date. Additionally, the National Social Security Fund, CNPC Kunlun Capital, China Southern Power Grid Industrial Finance Holding, and Tianyi Capital Holdings have each been allocated approximately 900,000 shares with 12-month lock-up periods.

Financial Trajectory: Growth Decelerates After Rapid Expansion

Yushu Technology Co.,Ltd. has demonstrated explosive financial growth over the past two years. The company's revenue compound annual growth rate from 2023 to 2025 reached 226.78%, climbing from approximately RMB 159 million in 2023 to roughly RMB 1.699 billion in 2025. During the same period, gross margin for its main business improved from 44.22% to 60.13%, and non-GAAP net profit attributable to shareholders turned from a loss of about RMB 18.02 million to a profit of approximately RMB 591 million.

However, growth has moderated entering 2026. In the first quarter, revenue growth slowed to 68.49% year-over-year, while non-GAAP net profit declined 52.55%, which the company attributes to faster growth in operating expenses.

For the first half of 2026, revenue reached approximately RMB 1.152 billion, a 48.54% increase year-over-year. However, non-GAAP net profit was around RMB 244 million, a 19.34% decrease. The interim report shows R&D expenses increased by approximately RMB 82.04 million year-over-year, and sales expenses also rose substantially, partly due to brand promotion activities, including appearances on the 2026 CCTV Spring Festival Gala.

The prospectus identifies potential reasons for this deceleration, including a cooling industry environment, intensifying market competition, downward pressure on product pricing, and uncertainty regarding the commercialization progress of general-purpose robots.