RMB 150.80. A 219x P/E. A RMB 60.993 billion market cap. Today, all three numbers face the market's judgment.

On the evening of August 6, Unitree (688836.SH) filed its STAR Market offering announcement, setting the IPO price at RMB 150.80 per share. Today (August 10), online and offline subscription officially opens; payment is due August 12. At this price, the company's issue-market capitalization is about RMB 60.993 billion, raising roughly RMB 6.099 billion at a P/E of about 219x.

From the July 30 announcement that lifted the suspense, to the preliminary inquiry, to today's subscription — A-shares' "first humanoid robot stock" has finally reached its real-money pricing moment.

Hard Numbers, and a Decelerating Curve

Unitree's fundamentals are genuinely strong. Gross margin sits at 60.13%, and humanoid robots now account for 51.78% of revenue — in an embodied-AI industry still mostly selling slide decks, this is one of the few companies selling robots as its main business.

But lay the numbers flat and the other side is equally clear: H1 2026 revenue is projected at RMB 1.052–1.128 billion, up 35.62%–45.41% year over year. Impressive by A-share standards — yet compared to 2025's high base, the growth curve has visibly decelerated. Once humanoids move from "concept frenzy" to "delivery ramp," how quickly orders convert will decide how long the valuation story lasts.

The overseas reference point is worth holding up. Tesla's Optimus V3 is accelerating mass production, and Musk calls the ramp "the hardest thing Tesla has ever done" but also "the biggest product in company history." One founder complaining about production hell, another market handing the first stock a 219x P/E — the consensus on humanoid value has formed; the production hell is just beginning.

219x P/E: Bubble Pricing, or Sector Premium

A 219x issue P/E is far from cheap by A-share standards. Bulls call it a scarcity premium — the first humanoid stock, no comparables, anchored to the track rather than current earnings. Bears note that STAR Market's IPO-busting wave hasn't fully faded; a hot IPO price isn't a hot terminal price.

Judging by the rhythm from inquiry to subscription, the market leans optimistic: the inquiry was well covered, the offer price sits at the high end of the range, and online subscription will likely trigger heavy oversubscription multiples. Secondary-market sentiment routinely converts the words "first stock" into real liquidity premium.

The real variables come after listing. Unitree's valuation story hinges on three things: whether humanoid mass delivery materializes, whether embodied-AI foundation model iteration keeps widening the gap, and whether overseas giants (Tesla, the NVIDIA ecosystem) squeeze domestic pricing power. 219x is the track's first vote of trust; delivery is the renewal contract.

For the private market, Unitree's listing is a landmark for the embodied-AI sector — it turns "humanoid robots" from a narrative into a tradeable, pricable, testable asset class. For ordinary investors, one line is worth remembering: the excitement of a first stock is never the same as the returns of a first stock.

See you tomorrow.