UNITREE 1. IPO Info Total shares: Approximately 404.46 million shares Initial offering shares: About 40.4464 million shares, accounting for 10% of the total post-IPO shares, all newly issued shares Actual initial circulating shares: Estimated at around 29.77 million shares. Initial strategic placement is about 8.0893 million shares, with an additional 10% of the offline placement locked for 6 months. Stock code: 688836 Listing date: August 19, 2026 IPO pricing: ¥150.80 RMB/share, approximately $22.27 USD/share Current pre-market price: $100 USD, around ¥680 RMB, discounted 2. Fundamentals Unitree Robotics is one of the most representative general-purpose robotics companies in China. Its core products include humanoid robots, quadruped robots, and key robotic components. In 2025, the company achieved revenue of approximately ¥1.708 billion, a year-on-year growth of about 335%; net profit attributable to shareholders was around ¥288 million, with non-recurring net profit at ¥600 million. The significant difference between attributable and non-recurring profits is mainly due to share-based payment expenses. In 2025, humanoid robot revenue was approximately ¥868 million, accounting for about 51.8% of main business revenue; quadruped robot revenue was around ¥698 million, making up about 41.6%. Humanoid robots have surpassed robot dogs to become the largest business segment. 3. Valuation and Opportunities Unitree is a rare pure-play robotics leader in the A-share market. Coupled with new shares, low circulating volume, and the "first humanoid robot stock" concept, it's normal to see significant premiums during the initial listing phase. Institutions generally estimate its valuation near ¥100 billion. Robotics technology is the next frontier. The next 250 years in the U.S. will be built by robots, and China accounts for over 54% of global robot deployment. The leading robotics company Figure has a latest valuation of $39 billion. Unitree's AI capabilities are clearly weaker than Figure's, but its hardware implementation and commercialization are ahead. On the secondary market, there’s typically a discount in the range of 0-5%. Once turnover exceeds 50% on the listing day, it becomes easier to maneuver. My take: It’s unlikely to drop below ¥200 billion market cap this month. There should be opportunities on the opening day, with a buy-in range of ¥220 billion-¥260 billion.