Find XO: Reading Unitree's 5,526 Times Oversubscription as Robot Demand Is Incorrect (scmp.com)

- Unitree's IPO on Shanghai's STAR Market attracted 9.78 million individual accounts, resulting in a final winning rate of 0.018%. - After listing, its market capitalization of 61 billion yuan is 219 times its projected net profit for 2025. - However, global humanoid robot shipments in the first half of this year amounted to only 19,100 units. - This multiple is more accurately seen as a premium for the rarity of being the STAR Market's first humanoid robot stock rather than pure robot demand.