Unitree's 8,000x book is now the comparable every humanoid banker will quote

A benchmark is only worth what it is a benchmark for, so it is worth being precise about the business sitting under the price. Unitree booked nearly 1.7 billion yuan ($252m) of 2025 revenue and 278 million yuan ($41m) of net profit ^[7][8], a net margin near 16 percent ^[1], in a segment where profitability is the exception ^[8]. About 42 percent of that revenue came from four-legged machines, the robot dogs ^[9]. Industrial applications accounted for under a tenth of sales through the first three quarters, and the main buyers were research and education institutions ^[10].

Put the delivery figure against the revenue mix and the unit economics come out modest. More than 5,500 humanoids shipped worldwide last year ^[11]; the non-quadruped 58 percent of revenue spread across them is roughly 179,000 yuan, near $27,000, per humanoid ^[2]. That is a ceiling rather than an average, because the same 58 percent carries everything else the company sells.

The offer raised 6.1 billion yuan, about 3.6 times last year's revenue ^[2][3], and the market then paid at least seven times the offer price on day one ^[1][4]. The subscription ratio is the number that will travel furthest. Taken at face value against the whole deal, cover of more than 8,000 times ^[3] implies something on the order of 48.8 trillion yuan, about $7.2 trillion, of applications chasing $905m of stock ^[5]. The report does not say whether the ratio covers the full offering or the retail tranche, so read it as an order of magnitude rather than a settlement figure.

This is the material Agibot's bankers will be working with in Hong Kong ^[5]. Ethan Qi of Counterpoint Research expects the listing to act as a reference point for the IPOs now in preparation ^[6], and it will, because until this week there was nothing on the mainland to point at ^[4]. UBTECH and Dobot have Hong Kong prints ^[5]; neither of those is a mainland retail order book with a exchange record attached ^[3].

The counter-argument is in the same filing. Morningstar's Kangyuxiao Li says the step from demonstrations and early deployments to wide industrial use will take time ^[13], and Unitree's own sales mix agrees with him ^[10]. More than 40 percent of revenue comes from outside China ^[12], which is also the part Washington can reach: Unitree was added to the US list of Chinese military-linked firms in June and barred from Pentagon business ^[14], and last month the US banned imports of new humanoid and quadruped robots from foreign makers on national security grounds ^[15]. The prospectus concedes that further restrictions could hold back overseas sales growth ^[16]. Proceeds are earmarked for embodied AI models, robotics hardware and manufacturing capacity, alongside research work with Nvidia ^[17]. The new Superman model is quoted at a two-metre jump and 12.66 metres per second ^[18]; a specification is not an order. Chinese manufacturers already outsell Tesla, Figure AI and Boston Dynamics by volume ^[19], which is why the comparable now sits in Shanghai and not anywhere else.