On the evening of August 6, Unitree Technology set its STAR Market IPO price at 150.80 yuan per share, with a total market value of 60.99 billion yuan and a P/E ratio of 219.23 times. This price far exceeded the market's prior estimate of 104 yuan per share and 42 billion yuan market cap, ending the suspense over public pricing in the embodied intelligence sector.
According to the prospectus, from 2023 to 2025, Unitree's revenue grew from 159 million yuan to 1.699 billion yuan, a three-year compound annual growth rate of 226.78%; non-GAAP net profit attributable to parent went from a loss of 18.02 million yuan in 2023 to a profit of 591 million yuan in 2025, growing 7.5 times in one year after crossing the breakeven point in 2024. In 2025, it shipped 5,511 humanoid robots, capturing a 32.4% global market share; cumulative sales of quadruped robots exceeded 33,000 units.
In comparison, UBTech, the 'first humanoid robot stock' on the Hong Kong Stock Exchange, had 2025 revenue of 2 billion yuan and a net loss of 790 million yuan, with cumulative losses exceeding 4.2 billion yuan over the past four years; CloudMinds, also queuing for STAR Market listing, had 2025 revenue of 337 million yuan and non-GAAP net profit of 15.12 million yuan. Unitree is one of the few companies in the embodied intelligence sector, which is still mostly loss-making, to achieve scale profitability.