Unitree Robotics Unveils Record-Breaking Humanoid Robot "Superman" Ahead of IPO
Nashnova编辑部
Unitree Robotics (宇树科技) unveiled its humanoid robot 'Superman' days before its STAR Market debut, posting a 2-meter standing jump and a top speed of 12.66 m/s — both beyond human records; the launch is tightly coupled with a ¥60.99 billion IPO valuation, yet growth deceleration has already surfaced.
What exactly can 'Superman' do?
Standing on legs just 0.85 meters long, it jumped 2 meters from a standstill — surpassing the human male standing-jump record.
Its peak speed hit 12.66 m/s, also exceeding the fastest recorded human sprint velocity.
This means → on the two most intuitive athletic benchmarks — explosive jump and top speed — this robot has numerically outperformed the human body.
Unitree says the entire machine took just over three months to develop, with significant refinements still ahead. In plain terms = this is a capability demo, not a finished product.
Why release it right before the listing?
Unitree's STAR Market pricing is finalized and the listing is imminent; the 'Superman' reveal landed in precise sync with the capital-market calendar.
This means → the product launch is itself part of the IPO narrative — a 30-second video timed to reinforce the "tech leader" image at peak retail-investor attention.
In plain terms = the technology is real, but the timing is a deliberate piece of capital-market marketing.
How extreme is the IPO demand?
The offering price is ¥150.80 per share, implying a post-IPO market cap of roughly ¥60.99 billion.
The online subscription hit rate was just 0.0181% — the lowest in STAR Market history; effective oversubscription reached 8,288×, drawing 9.78 million retail accounts.
This means → roughly one in every 5,500 applicants got an allocation. The frenzy around this stock is at a level rarely seen even on the STAR board.
Is 219× earnings expensive?
At the offer price, the P/E ratio against 2025 net profit is 219×; the sector average is about 38× — nearly 6 times higher.
The bull case: full-year 2025 revenue grew 335.36% year-on-year, with gross margin approaching 60% — a steep growth curve.
This means → the market is not pricing what Unitree earns today; it is pricing how large it could become. That kind of valuation only holds if hyper-growth continues.
Are there signs that growth is slowing?
Q1 2026 revenue growth slowed to 68.49% year-on-year, a sharp drop from the 335% full-year pace in 2025.
Adjusted net profit fell 52.55% year-on-year in the same quarter — revenue still rising, but profitability already contracting.
In plain terms = growth is still there, but the acceleration has clearly faded — and a 219× multiple is precisely a bet on acceleration.
This reflects the central tension after listing: whether 'Superman's' technical breakthrough can convert into sustainable commercial revenue will determine whether this valuation holds.
Content is for reference only, not financial advice.