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Unitree IPO puts physical AI in investor spotlight_我的网站

A |           　　本报讯　暑期临近收官，济南各大景区依旧热度不减，泉水游览、夜游观赏、亲子研学、山野休闲吸引大批市民和外地游客前来打卡。

B |     Unitree: Valuation rise reflects optimism    Investors are showing a strong appetite for Unitree Robotics' initial public offering, reflecting growing optimism about China's ambition to turn its industrial chain strengths into commercially viable artificial intelligence applications in the physical world, market experts and investment banks said.    Though still at an early stage of commercialization, China's embodied intelligence industry is gaining momentum in scaling up applications, first in business scenarios and later in consumer markets, creating a distinctive opportunity set for global investors, they said.    The IPO of Unitree on Shanghai's STAR Market — the first A-share listing of a major producer of humanoid robots — has entered the subscription stage, with buoyant demand helping to lift its issue price and fundraising size above earlier expectations.    Its issuing announcement showed that it had priced its IPO at 150.80 yuan ($22.35) per share, with expected proceeds amounting to 6.099 billion yuan, higher than the 4.202 billion yuan estimated in its earlier IPO filing at an implied price of about 104 yuan per share.    Its IPO price represents a price-to-earnings ratio of 219.23 times, far surpassing the industry average of 38.56 times and giving it a market capitalization of about 60.99 billion yuan at the IPO price, the announcement said.    The offering attracted a group of strategic investors, including the National Council for Social Security Fund, DeepSeek, as well as investment arms or affiliates of China National Petroleum Corp, China Southern Power Grid, China Telecom, Tencent and CITIC Securities.    Notably, the social security fund has become Unitree's largest strategic investor, subscribing to 933,402 shares, or 2.31 percent of the offering, for around 141 million yuan.    The move underscores long-term institutional capital's recognition of the humanoid robotics sector's prospects.    Retail investors have also shown enthusiasm ahead of Unitree's online subscriptions that open on Monday, with posts wishing for successful allocations piling up on financial information platform Eastmoney's online stock forum for the company.    Yang Shuning, executive director and partner at Wenzhi Capital, a Beijing-based private equity company focused on high-tech investments, said the keen demand and high valuation reflect investors' optimism about Unitree's commercialization prospects and its positioning in the embodied intelligence sector.    "Given the scarcity premium enjoyed by leading players in tech sectors and the multibillion-dollar valuations seen among overseas humanoid robotics peers, Unitree's valuation is not without justification," he said.    But Yang cautioned that Unitree's valuation is less about current earnings than about investors pricing in its future profitability. "If Unitree falls behind in scaling up commercialization, revenue growth weakens or investors start using a different valuation yardstick, valuations would come under pressure."    Commercial promise    Wang Xingxing, Unitree's founder and chairman, said on Friday that the company's pure humanoid robot shipments exceeded 5,500 units in 2025, the highest in the world.    Unitree's rise has come as China's humanoid robotics sector takes the lead worldwide in terms of shipments, with its commercialization prospects becoming increasingly visible.    Citing exhibition examples at the World Artificial Intelligence Conference in Shanghai, UBS said in a recent report that humanoid robots are "increasingly being evaluated as production tools rather than exhibition assets".    Commercialization should first scale in structured business-to-business scenarios such as factories, logistics and smart pharmacies, while consumer use cases remain a longer-term prospect, the report said.    Zhao Liang, a partner at Unique Capital, an investment institution focused on AI innovation, said that humanoid robots may integrate with specific application scenarios on a large scale in the next three to five years.    "Given China's advantages in industrial supply chains and talent, the country's embodied intelligence industry chain may bring a surprise to the world," Zhao said.    Unitree's listing, which took only 104 days to go from the application acceptance stage to registration approval, is expected to further boost financing, investment and development of China's embodied intelligence sector, experts said.    Besides Unitree, another major Chinese humanoid manufacturer, AGIBOT, is seeking an IPO in Hong Kong. According to UBS, China's embodied AI sector saw a wave of IPO filings and strong primary market financing this year, with first-half funding going above 34.5 billion yuan.    With a buoyant listing pipeline, China's embodied intelligence industry — and the broader physical AI sector — could offer global investors a distinct exposure to the next phase of AI development where physical-world applications become increasingly important, experts added.    Goldman Sachs said in a report that while the US and North Asian tech companies hold a dominant position in sectors such as semiconductor and AI models, China's AI opportunity set seems better populated in power, infrastructure and physical AI, implying a potentially strong value proposition and diversification benefits to global investors.                    。火热的文旅市场背后，自觉礼让、爱护环境、守护泉源的文明旅游蔚然成风，文明素养成为泉城一道别样风景线。      　　在趵突泉、大明湖、百花洲等泉水核心景区，泉池边游人络绎不绝。

C | 前来观泉戏水的游客自觉遵守游览规范，不向泉池抛掷杂物，不踩踏水边绿植，有序亲水观景。

D | 超然楼亮灯时段，观景平台人头攒动，大家自觉排队拍照，互相礼让位置，不大声喧哗，热闹却不嘈杂。

E | 不少家长以身作则，引导孩子爱护泉水环境。     　　各大景区公园内，文明细节随处可见。游客游玩过后主动将果皮纸屑投入垃圾桶;参观文博古迹时，自觉远离文物，不触摸、不刻画;购票、体验项目时有序排队，老弱妇幼优先的礼让行为时时上演。志愿者提供咨询引导、便民帮扶，与广大游客共同维护舒适有序的游览环境。     　　如今，文明旅游不再是简单口号，已经内化为市民游客的自觉行动。每一位游人既是风景的欣赏者，也是文明风尚的传播者，大家用一言一行守护泉城风貌，为这个暑期留下温暖美好的出游记忆。

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Published on:17:43:12