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Unitree Robotics IPO sparks investor frenzy as policy support fuels capital rush, with sector’s future value tied to continued commercialization_我的网站
一 | 【TechWeb】苹果公司近期对中国大陆市场销售的iPad、Mac及Vision Pro产品价格进行了调整，其中，Mac产品线起售价涨幅显著，从900元至3500元不等；iPad系列起售价涨幅在800元至1800元之间；而Vision Pro的售价也从此前的29999元上调至31999元，涨幅达2000元。
With just one day to go before Chinese humanoid robotics pioneer Unitree Robotics opens subscriptions for its initial public offering (IPO) on Shanghai's STAR Market, investor attention has extended far beyond the company itself, highlighting a broader capital-market rush into embodied intelligence as the sector moves from technological breakthroughs toward commercialization.
As of press time, discussions surrounding the IPO have pushed the topic to the top of trending lists across multiple stock trading platforms. The debate has focused on Unitree Robotics' disclosed short-term financial performance, as well as the potential opportunities for investors from China's policy push to include embodied intelligence and humanoid robots among key areas of medium- and long-term technology and industrial development.
Experts said the wave of IPOs among robotics companies, including Unitree Robotics, represents a shift that allows robot makers to engage more directly with public markets and investors. It also brings companies at different stages of development and pursuing different technological paths into a common valuation framework, promoting market comparisons and competition.
At the same time, the capital-market boom is likely to accelerate a shakeout, separating companies capable of building sustainable business models from those that struggle to turn technological advances into commercial returns.
On Thursday, Unitree Robotics released its announcement on the IPO of shares and listing on the STAR Market. According to the announcement, the offering price was set at 150.80 yuan per share, valuing the company at approximately 61 billion yuan ($9.04 billion) upon listing.
Secondary-market professionals told the Global Times that demand for Unitree Robotics' IPO subscription could be extremely high, meaning the chances of individual investors securing shares are likely to be very limited.
Robotics is currently one of the few categories that can translate AI capabilities into tangible assets with relatively comparable valuation metrics, creating a unique advantage in valuation narratives. This scarcity is one of the key factors drawing the attention of both large and small investors, Tian Feng, former dean of SenseTime's Intelligence Industry Research Institute, told the Global Times on Sunday.
Unlike large language model companies, whose capabilities are often assessed through benchmarks and demonstrations that are difficult for ordinary secondary-market investors to directly evaluate, robots offer visible and verifiable evidence through tasks such as grasping, walking and dexterous manipulation, Tian said. This tangible demonstration of "embodied" intelligence naturally creates a valuation premium in market narratives, he added.
Tian cautioned that extreme subscription figures, such as RobotHoenix's 14,855-fold oversubscription on its listing and LDRobot's 127.62 percent first-day share price surge, were driven by a combination of institutional advantages and sector scarcity rather than serving as evidence of the commercial validation of robotics products. He noted that there is no direct correlation between oversubscription multiples and the certainty of product deliveries or commercialization prospects.
Beyond Unitree Robotics, a broader financing boom in China's robotics industry has also gained significant momentum, with the Hong Kong Stock Exchange emerging as the main battleground for this latest IPO wave.
Citing industry data provider Wind, the China STAR Market reported that five robotics-related companies have gone public in Hong Kong so far in 2026. Meanwhile, 51 companies with businesses spanning industrial robots, service robots and embodied intelligence solutions are currently in the IPO pipeline in Hong Kong, accounting for 12.7 percent of all companies awaiting listing.
According to data from IT industry research platform ITjuzi.com, financing in China's embodied intelligence sector totaled 93.5 billion yuan in the first half of 2026, surpassing 90 billion yuan and marking a fivefold increase from the same period in 2025. The number of financing deals reached 322, up 137 percent year-on-year.
Tian said that while policy support and clearer commercialization pathways are boosting confidence in the sector, the latest IPO wave should also be viewed through a more cautious lens. The surge comes partly as the primary market's ability to continue funding embodied intelligence companies faces limits, prompting firms to seek new liquidity channels through public markets, rather than solely reflecting a dramatic leap in industrial maturity.
As emerging technology sectors increasingly become the focus of public attention, more objective and professional analysis is also needed to help investors assess companies' technological capabilities, commercialization prospects and long-term value, rather than simply following market enthusiasm, Chinese experts noted.
。尽管当前在售的iPhone 17系列尚未调价，但业界普遍预测，将于今年秋季发布的iPhone 18 Pro系列大概率跟进涨价。
二 | 消费者反应：超七成用户考虑推迟或放弃购买 一项针对消费者购买意愿的调查显示，苹果产品的此次涨价正在对销量产生“反噬”效应。具体来看，38%的受访者表示将延长换机周期，14%的人会选择等待降价促销时再购买。另有12%的用户直接表示将放弃购买苹果产品，9%的受访者则计划转向购买入门款等价格更低的机型。仅有9%的用户表示涨价不会影响其购买决策，将继续支持苹果产品。
三 | 一位网友的评论反映了普遍心态：虽仍青睐苹果，但将调整换机节奏，从以往的“一年一换”或“三年一换”，调整为两到三年换一次手机，五到六年换一次电脑，以应对持续的成本压力。 成本压力持续，内存涨价成长期趋势 分析机构Aletheia Capital在报告中指出，上游存储成本上涨是推动此次调价的关键因素。报告预测，2026年第三季度DRAM（动态随机存取存储器）均价预计将再涨30%，第四季度将继续上涨10%至15%。更深层的变化在于，随着AI算力需求爆发，内存在AI硬件系统中的价值占比预计到2027年将从目前的约40%升至超过70%。这种供给侧的结构性失衡已非短期扰动，而是一项长期存在的行业趋势。 因此，消费级内存的涨价趋势仍将持续，不排除苹果后续根据成本变化进一步上调产品售价的可能。对于消费者而言，硬件涨价的压力可能会在较长时间内持续存在。
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Published on:10:18:39