学校2015

Unitree IPO puts physical AI in investor spotlight_我的网站

一 |     　　成都8月24日电(祝欢)四川省人民政府新闻办公室24日在成都举行“万千气象看四川·起步奋进‘十五五’”南充专场新闻发布会。

二 | 发布会上透露，“十五五”时期，南充将围绕调结构、转动能、促转型的时代任务，加快建成省域经济副中心，力争到2030年，规上工业总产值在2025年的基础上翻一番。    Unitree: Valuation rise reflects optimism    Investors are showing a strong appetite for Unitree Robotics' initial public offering, reflecting growing optimism about China's ambition to turn its industrial chain strengths into commercially viable artificial intelligence applications in the physical world, market experts and investment banks said.    Though still at an early stage of commercialization, China's embodied intelligence industry is gaining momentum in scaling up applications, first in business scenarios and later in consumer markets, creating a distinctive opportunity set for global investors, they said.    The IPO of Unitree on Shanghai's STAR Market — the first A-share listing of a major producer of humanoid robots — has entered the subscription stage, with buoyant demand helping to lift its issue price and fundraising size above earlier expectations.    Its issuing announcement showed that it had priced its IPO at 150.80 yuan ($22.35) per share, with expected proceeds amounting to 6.099 billion yuan, higher than the 4.202 billion yuan estimated in its earlier IPO filing at an implied price of about 104 yuan per share.    Its IPO price represents a price-to-earnings ratio of 219.23 times, far surpassing the industry average of 38.56 times and giving it a market capitalization of about 60.99 billion yuan at the IPO price, the announcement said.    The offering attracted a group of strategic investors, including the National Council for Social Security Fund, DeepSeek, as well as investment arms or affiliates of China National Petroleum Corp, China Southern Power Grid, China Telecom, Tencent and CITIC Securities.    Notably, the social security fund has become Unitree's largest strategic investor, subscribing to 933,402 shares, or 2.31 percent of the offering, for around 141 million yuan.    The move underscores long-term institutional capital's recognition of the humanoid robotics sector's prospects.    Retail investors have also shown enthusiasm ahead of Unitree's online subscriptions that open on Monday, with posts wishing for successful allocations piling up on financial information platform Eastmoney's online stock forum for the company.    Yang Shuning, executive director and partner at Wenzhi Capital, a Beijing-based private equity company focused on high-tech investments, said the keen demand and high valuation reflect investors' optimism about Unitree's commercialization prospects and its positioning in the embodied intelligence sector.    "Given the scarcity premium enjoyed by leading players in tech sectors and the multibillion-dollar valuations seen among overseas humanoid robotics peers, Unitree's valuation is not without justification," he said.    But Yang cautioned that Unitree's valuation is less about current earnings than about investors pricing in its future profitability. "If Unitree falls behind in scaling up commercialization, revenue growth weakens or investors start using a different valuation yardstick, valuations would come under pressure."    Commercial promise    Wang Xingxing, Unitree's founder and chairman, said on Friday that the company's pure humanoid robot shipments exceeded 5,500 units in 2025, the highest in the world.    Unitree's rise has come as China's humanoid robotics sector takes the lead worldwide in terms of shipments, with its commercialization prospects becoming increasingly visible.    Citing exhibition examples at the World Artificial Intelligence Conference in Shanghai, UBS said in a recent report that humanoid robots are "increasingly being evaluated as production tools rather than exhibition assets".    Commercialization should first scale in structured business-to-business scenarios such as factories, logistics and smart pharmacies, while consumer use cases remain a longer-term prospect, the report said.    Zhao Liang, a partner at Unique Capital, an investment institution focused on AI innovation, said that humanoid robots may integrate with specific application scenarios on a large scale in the next three to five years.    "Given China's advantages in industrial supply chains and talent, the country's embodied intelligence industry chain may bring a surprise to the world," Zhao said.    Unitree's listing, which took only 104 days to go from the application acceptance stage to registration approval, is expected to further boost financing, investment and development of China's embodied intelligence sector, experts said.    Besides Unitree, another major Chinese humanoid manufacturer, AGIBOT, is seeking an IPO in Hong Kong. According to UBS, China's embodied AI sector saw a wave of IPO filings and strong primary market financing this year, with first-half funding going above 34.5 billion yuan.    With a buoyant listing pipeline, China's embodied intelligence industry — and the broader physical AI sector — could offer global investors a distinct exposure to the next phase of AI development where physical-world applications become increasingly important, experts added.    Goldman Sachs said in a report that while the US and North Asian tech companies hold a dominant position in sectors such as semiconductor and AI models, China's AI opportunity set seems better populated in power, infrastructure and physical AI, implying a potentially strong value proposition and diversification benefits to global investors.                    。　　中共南充市委副书记、市人民政府市长黄志权介绍，南充是全省第二人口大市、全国消费“三新”试点城市、全国零售业创新提升试点城市。“十五五”时期，南充将坚定“产业为本、工业当家”不动摇，深入实施工业立市、文旅兴市、绿色优市、开放活市、人才强市“五市战略”，深化新型工业化攻坚突破、商贸提质增效、营商环境优化争先、民生福祉持续增进等“八大行动”，为建成社会主义现代化南充奠定坚实基础。　　工业发展是“十五五”期间南充实现高质量发展的重中之重。据介绍，针对工业发展的短板弱项，南充坚持“产业为本、工业当家”理念，大力实施“工业立市”战略，集中精力打基础、增后劲，在未来五年将努力实现“再造一个南充工业”的目标。　　在招商引资方面，南充已构建起市本级招大商、县(市、区)大招商的工作格局，百亿级惠科新型显示芯片项目、电解铜箔项目，50亿级熙泰科技微显示项目、永杉锂业高端锂盐项目等一批重大产业项目相继签约落地。

三 | 该市将坚持圈链思维，围绕汽车汽配、化工轻纺、电子信息等重点产业上下游精准发力，力争在建圈强链成势等方面有质的提升。

四 | 　　在培育壮大市场主体方面，南充从2025年开始创新开展工业企业产能利用率提升行动，全市规上工业企业产能利用率比2024年底提升了12.6个百分点，经验做法入选工信部制造业高质量发展特色类案例。吉利四川商用车公司今年上半年产值同比增长45%以上，全年产值将突破百亿大关。“十五五”期间，南充力争培育百亿级工业龙头企业3户以上，年均新升规企业100户以上。　　据了解，“十五五”期间南充系统谋划总投资超1万亿元的重大项目集群。其中，重大产业项目470个、总投资3200亿元，聚焦汽车汽配、化工轻纺、食品医药三大支柱产业和电子信息、高端装备制造两大成长性产业，以及低空经济、氢能、人工智能三大新赛道产业；重大民生项目680个、总投资2250亿元，涵盖城乡融合发展、民生短板补齐、宜居条件改善等领域；重大基础设施项目410个、总投资4600亿元，着力构建完善现代水网、新型电网、算力网等。

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