宇树科技正式启动IPO申购，发行价为150.80元/股，发行市值约609.93亿元，成为"人形机器人第一股"[1]。公司2025年营收达16.99亿元，扣非净利润5.91亿元，实现规模盈利[1]。其中人形机器人出货量超过5500台，在全球市场中占有率第一[1]。公司核心零部件自研率超90%，毛利率达60.13%[1]。
此次上市背后反映出中国民营硬科技企业的重大变化[1]。从估值逻辑看，宇树科技发行市盈率为219倍，远高于行业平均市盈率38.56倍，市场对其长期增长潜力的认可程度显著提升[1]。从商业能力看，公司已从技术验证阶段跨越到规模盈利阶段，证明人形机器人产品具备真实的市场需求和盈利能力[1]。此次募资中，超过八成资金将投向研发，体现了企业对产业链协同发展的持续投入[1]。
Unitree Robotics has officially commenced its initial public offering with a share price of 150.80 yuan, establishing a market valuation of approximately 609.93 billion yuan and becoming "China's first humanoid robot stock" [1]. The company achieved 2025 revenues of 16.99 billion yuan with a non-GAAP net profit of 5.91 billion yuan, while maintaining a gross margin of 60.13% [1]. Unitree's humanoid robots hold the largest global market share, with shipments exceeding 5,500 units [1], and the company has achieved in-house development of over 90% of core components [1].
The company's public listing reflects a significant valuation shift within China's private hard technology sector, with Unitree trading at a price-to-earnings multiple of 219 times compared to the industry average of 38.56 times [1]. The offering demonstrates commercial viability in the robotics industry, as Unitree has reached profitability at scale [1]. Over 80% of the raised capital will be directed toward research and development [1], underscoring the company's commitment to technological advancement and product innovation in the humanoid robotics market.