Gasgoo Munich- Unitree Technology (688836.SH) made its debut on the Shanghai Stock Exchange's STAR Market on August 19, earning the title of the first A-share stock dedicated to humanoid robotics.
Unitree priced its IPO at 150.80 yuan per share, but opened at 1,100 yuan — pushing its market cap beyond 400 billion yuan. At that peak, a single lottery allocation could net an investor as much as 470,000 yuan.
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The company issued 40.4464 million new shares, representing 10% of its post-offering capital structure. The offering consisted entirely of new shares, with no sale of existing holdings. Priced at the offer level, the gross proceeds totaled about 6.099 billion yuan. After deducting issuance costs, net proceeds came to 5.917 billion yuan — nearly 1.9 billion yuan above the 4.202 billion yuan originally targeted.
The capital will primarily fund four initiatives: intelligent robot model R&D, robot body development, new product creation, and the construction of a manufacturing base. Notably, nearly half the funds are earmarked for tackling core technologies in embodied AI models.
Data shows 9.7846 million valid online subscription accounts — a record high for the STAR Market. Following the clawback mechanism, the final success rate for online applications dropped to just 0.0181%.
Estimates suggest the average first-day gain on the STAR Market this year is 466%, while new A-share listings have risen an average of 276.04%. By those benchmarks, a single Unitree allocation could have yielded a paper profit of over 200,000 yuan. Matching the STAR Market's 466% average would imply a gain of 351,800 yuan. As it stands, Unitree's surge has far outstripped those projections.
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As a global leader in quadruped and humanoid robotics, Unitree has achieved scaled product shipments. In 2025, the company delivered more than 5,500 humanoid robots, ranking first worldwide. Cumulative sales of quadruped robots topped 33,000 units, with overseas revenue consistently accounting for over 40% of the total.
For the full year, revenue reached 1.699 billion yuan with a gross margin of 60.13% on core businesses. Unitree stands as one of the few hardware manufacturers in the sector to achieve profitability at scale, with products deployed across scenarios ranging from industrial inspection and emergency rescue to commercial services.
As the first pure-play humanoid robotics stock on the A-share market, Unitree's post-listing performance is poised to set a clear valuation anchor for the entire industry. Its debut will likely shape capitalization expectations for companies waiting in the wings, while triggering a revaluation of upstream supply chains — including reducers, servo motors, and sensors — and accelerating the sector's shift from technical validation to large-scale commercial realization.
