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Unitree IPO puts physical AI in investor spotlight_我的网站

A |           　　一座城市的风骨，藏于高楼林立的壮阔格局，更显于街头巷尾的烟火温情。    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.                    。真正的城市文明，从来不是规整的市容、精致的地标，而是千千万万普通人根植于心、流于言行的善意自觉。近期发生在泉城济南的三则平凡暖心事，一次生死营救、一场萍水相逢、一番默默坚守，看似细碎寻常的凡人善举，层层递进、直抵人心，生动诠释了新时代济南的文明温度，深刻勾勒出千年泉城向善向上、厚德包容的城市底色。     　　危难时刻挺身而出，是泉城人刻在骨子里的大义担当。8月2日午后，玉符河漫水桥附近水流湍急、暗流潜藏，一名男子不慎落水，生命危在旦夕。危急关头，快递小哥、在校大学生、机关干部等素不相识的四名济南市民，闻声而动、向险而行，义无反顾奔赴落水现场。有人纵身入水、奋力托举，有人岸边接应、科学施救，大家默契配合、接力救援，凭借果断行动与专业处置，成功唤醒落水男子。险情褪去、群众获救后，四人不留姓名、悄然离场。      　　平凡身份之下，是不平凡的勇气与担当。他们是奔波市井的劳动者、是朝气蓬勃的青年学子、是履职尽责的公职人员，本无救人的岗位职责，却在生死瞬间选择逆行而上。

B | 更令人动容的是，这场民间自发的救人义举，迅速引发全城关注、全城致敬，相关人员被快速授予“见义勇为先进分子”称号。民间善举、官方赋能，个体微光与城市善意双向奔赴，让见义勇为、崇德向善在济南蔚然成风。

C |      　　如果说挺身而出是危难中的硬核担当，那萍水相逢的热情豁达、真诚待客，便是济南最动人的民生温情。同样在8月，一名外地大学生游览大明湖时，偶遇市民踢球休闲，因志趣相投驻足围观。大爷主动邀请小伙同场竞技，运动过后热情备餐、举杯畅谈，以一碗扎啤、一席闲谈，给予异乡游客最真挚的礼遇。

D |      　　小事见格局，细节见文明。在济南，问路有人耐心指引，出游有人热忱相助，异乡来客总能收获不期而遇的温暖。没有刻意的客套，只有发自内心的淳朴厚道，这一幕温情邂逅，正是“好客山东”最生动、最接地气的鲜活注脚，让城市的烟火气与人情味，跨越山海、温暖人心。

E |      　　相较于惊心动魄的生死营救、温暖治愈的萍水相逢，藏在城市夜色里的无声坚守，更彰显了文明的深度与厚度。6月夜晚，汉峪金谷街头，一对退休老夫妇自发俯身捡拾路面缝隙烟头，手持镊子、收纳盒，耐心清理城市细微垃圾。他们深知烟头污染土壤、损害环境，便主动走出“安逸晚年”的舒适区，以一己之力守护街区整洁，用微小行动呼吁全民爱护环境。平凡的坚守、朴素的初心，收获数十万网友点赞，也带动更多市民主动参与文明守护。      　　不图名利、不求回报，不为褒奖、只为初心。两位老人的自觉行动，打破了“事不关己高高挂起”的冷漠惯性，诠释了文明的真谛：文明从不是阶段性的创建整治，而是常态化的躬身践行;不是外在的硬性要求，而是内化于心的生活习惯。     　　三则暖心故事，三种文明姿态，汇聚成泉城最动人的精神图谱。救人，是危难时刻的大义担当;待客，是烟火人间的淳朴温情;护城，是日复一日的责任自觉。尤为可贵的是，这些善意皆属“分外之举”：快递小哥的本职是穿梭派送，地铁建设者的本职是深耕岗位，退休老人的生活本该是安享晚年，但他们都选择了“多做一点、多帮一分、多守一步”。正是无数普通人的“分外之善”，打破了身份壁垒、消融了人际隔阂，构筑起济南最坚实的文明根基。     　　而凡人善举频频涌现的背后，是一座城市长期涵养的文明底蕴。多年来，济南深耕全国文明城市创建，不止于市容环境的迭代升级，更聚焦市民素养的持续培育、社会风尚的持续涵养。从泉城义工的默默奉献，到街头市民的温情互助;从常态化的文明践行，到制度化的善行激励，文明早已从外在约束转化为全体市民的行动自觉。凭借深厚的文明积淀，济南成功蝉联全国文明城市荣誉，硬核成绩的背后，是千千万万普通人的柔性坚守。     　　城市之美，在于山河壮阔，更在于人心温热。地标高楼定义了城市的发展高度，而凡人微光定义了城市的文明温度。在济南，文明从来不是悬挂的标语、纸面的口号，而是危难时的挺身而出、相处时的真诚厚道、日常里的默默坚守。     　　微光点点，汇聚星河;凡人善举，成就文明泉城。一个个平凡的济南人，用善意温暖城市、用行动诠释担当、用坚守涵养新风。未来，随着崇德向善的文明风尚持续浸润全城，这份生生不息的人间温情，必将持续赋能城市发展，让文明底色愈发厚重。

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Published on:02:18:11