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Unitree IPO puts physical AI in investor spotlight_我的网站

A |     　　讯 8月14日，重庆市政府新闻办召开《重庆市建立健全长期护理保险制度实施方案》（简称《实施方案》）政策吹风会。重庆市医保局副局长、新闻发言人仲姝婕在会上介绍，重庆市作为国家长期护理保险首批试点城市，经过充分准备，于2019年正式落地实施，历经了“启动试点、扩大试点、扩面提质”三个阶段。    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.                    。　　在启动试点阶段，从2019年5月1日起，在大渡口区、巴南区、石柱县、垫江县4个区县正式开展长期护理保险试点，覆盖的人群为职工医保参保人。　　第二个阶段是在扩大试点阶段，从2022年1月1日起，重庆市将试点范围扩大到全市所有的区县，覆盖全市所有职工医保参保人，实现全域覆盖。

B | 　　第三个阶段就是扩面提质阶段，从2024年3月1日起，职工参加长护险以后的待遇享受范围从初期的重度失能人员扩大到中度及以上失能人员，同时调整完善了待遇享受方式，进一步促进全市护理市场发展，并且就经办服务、机构管理等方面工作提出更高更规范的要求。2025年8月1日起，对于享受待遇的人员又增加定期评估流程，同时将机构上门护理结算从按“日”调整为按“次”结算，这样就更精细化管理了。目前，重庆市长期护理保险制度已经覆盖了全市职工，待遇覆盖重度和中度失能人员，实现全域覆盖、全市通办。　　通过试点，切实为失能人员提供了专业照护服务，减轻了家庭照护负担和经济负担，现在，重庆市每个月提供的最高待遇结算标准为1860元。简单来说，失能人员一年最多能少花2万多元护理费用。截至今年上半年，全市的参保人数已经超过800万人，累计已经有10.51万名失能人员享受长期护理服务待遇，减轻家庭护理经济负担累计已经有20.91亿元。　　同时，长护险制度的建立也明显地促进了护理产业的发展，目前全市定点护理机构768家，专职护理人员1.75万人；全市设立了长期照护师培训机构36个，特别是长期照护师这样一个新的职业从无到有，全市已经有8334人取得了长期照护师的职业资格证书；现在失能等级评估机构全市已经有148家，评估人员有6432人。重庆市实现了成渝地区长期护理保险评估结论互认，在全国范围内率先实现长护的跨省异地评估，目前两地已经互评1168人次。　　通过试点，初步建立起了重庆市长期护理保险政策和运行体系，培养了专业的管理团队和经办队伍，培育了专门的护理服务机构和评估机构，为重庆市正式建立健全长期护理保险制度，在制度体系、人才队伍、服务供给等各个方面起到了有力支撑作用，也为制度下一步全面落地打好了坚实基础。版权申明：凡注有“”或电头为“”的稿件，均为独家版权所有，未经许可不得转载或镜像；授权转载必须注明来源为“”，并保留“”的电头。    。

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