Industry average 38x, Unitree Technology 219x P/E ratio: Wang Xingxing responds — can earnings sustain the high valuation?

In the afternoon, Unitree Technology held an online roadshow for its IPO. Wang Xingxing, Chairman, General Manager and Chief Technology Officer of Unitree Technology, responded to many topics of concern to investors.

Among them, an investor asked: "With an issuance P/E ratio of 219 times, how does the company ensure that future performance can support the high valuation?"

In response, Wang Xingxing stated: The humanoid and quadruped robot markets in which the company's main products are positioned have enormous market space and application prospects.

Specifically, in the short to medium term, humanoid robots will be primarily applied in fields such as scientific research, application development, education and teaching, cultural performances, and intelligent services; in the medium to long term, the goal of humanoid robots will be to enter factory workshops and thousands of households, providing related services for industrial, household, and social scenarios.

As a result, the enormous market space and broad application prospects will provide strong support for the company's development and business growth.

Previously, Unitree Technology announced the "Announcement on Initial Public Offering and Listing on the STAR Market," with the issuance price for this offering at 150.80 yuan per share.

According to the announcement, Unitree Technology is issuing 40,446,434 shares in this offering, accounting for 10% of the total share capital after issuance. The issuance P/E ratio is 219.23 times, higher than the industry average P/E ratio of 38.56 times. The estimated total funds to be raised are approximately 6.099 billion yuan.

A total of 8,089,286 shares were allocated through the strategic placement, including to the Social Security Fund, DeepSeek, and China National Petroleum Corporation, among others. The online subscription date and payment date have been scheduled.

According to the prospectus, in terms of performance, Unitree Technology's operating revenue increased from 159.13 million yuan in fiscal year 2023 to 1.699 billion yuan in fiscal year 2025, while net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses increased from -18.02 million yuan to 590.75 million yuan during the same period, and the gross margin of the main business also increased from 44.22% to 60.13%.

From January to March 2026, Unitree Technology's operating revenue was 422.84 million yuan, with the year-on-year growth rate falling from 332.64% in the previous year to 68.49%. At the same time, due to substantial increases in period expenses such as R&D expenses and selling expenses, net profit after deductions decreased from 84.84 million yuan in the same period last year to 40.25 million yuan, a year-on-year decrease of 52.55%.