Unitree Robotics' humanoid robot is displayed at the 14th China Information Technology Expo in Shenzhen, South China's Guangdong Province, on April 10, 2026. Photo: VCG With just one day to go before Chinese humanoid robotics pioneer Unitree Robotics opens subscriptions for its initial public offering (IPO) on Shanghai's STAR Market, investor attention has extended far beyond the company itself, highlighting a broader capital-market rush into embodied intelligence as the sector moves from technological breakthroughs toward commercialization. As of press time, discussions surrounding the IPO have pushed the topic to the top of trending lists across multiple stock trading platforms. The debate has focused on Unitree Robotics' disclosed short-term financial performance, as well as the potential opportunities for investors from China's policy push to include embodied intelligence and humanoid robots among key areas of medium- and long-term technology and industrial development. Experts said the wave of IPOs among robotics companies, including Unitree Robotics, represents a shift that allows robot makers to engage more directly with public markets and investors. It also brings companies at different stages of development and pursuing different technological paths into a common valuation framework, promoting market comparisons and competition. At the same time, the capital-market boom is likely to accelerate a shakeout, separating companies capable of building sustainable business models from those that struggle to turn technological advances into commercial returns. On Thursday, Unitree Robotics released its announcement on the IPO of shares and listing on the STAR Market. According to the announcement, the offering price was set at 150.80 yuan per share, valuing the company at approximately 61 billion yuan ($9.04 billion) upon listing. Secondary-market professionals told the Global Times that demand for Unitree Robotics' IPO subscription could be extremely high, meaning the chances of individual investors securing shares are likely to be very limited. Robotics is currently one of the few categories that can translate AI capabilities into tangible assets with relatively comparable valuation metrics, creating a unique advantage in valuation narratives. This scarcity is one of the key factors drawing the attention of both large and small investors, Tian Feng, former dean of SenseTime's Intelligence Industry Research Institute, told the Global Times on Sunday. Unlike large language model companies, whose capabilities are often assessed through benchmarks and demonstrations that are difficult for ordinary secondary-market investors to directly evaluate, robots offer visible and verifiable evidence through tasks such as grasping, walking and dexterous manipulation, Tian said. This tangible demonstration of "embodied" intelligence naturally creates a valuation premium in market narratives, he added. Tian cautioned that extreme subscription figures, such as RobotHoenix's 14,855-fold oversubscription on its listing and LDRobot's 127.62 percent first-day share price surge, were driven by a combination of institutional advantages and sector scarcity rather than serving as evidence of the commercial validation of robotics products. He noted that there is no direct correlation between oversubscription multiples and the certainty of product deliveries or commercialization prospects. Beyond Unitree Robotics, a broader financing boom in China's robotics industry has also gained significant momentum, with the Hong Kong Stock Exchange emerging as the main battleground for this latest IPO wave. Citing industry data provider Wind, the China STAR Market reported that five robotics-related companies have gone public in Hong Kong so far in 2026. Meanwhile, 51 companies with businesses spanning industrial robots, service robots and embodied intelligence solutions are currently in the IPO pipeline in Hong Kong, accounting for 12.7 percent of all companies awaiting listing. According to data from IT industry research platform ITjuzi.com, financing in China's embodied intelligence sector totaled 93.5 billion yuan in the first half of 2026, surpassing 90 billion yuan and marking a fivefold increase from the same period in 2025. The number of financing deals reached 322, up 137 percent year-on-year. Tian said that while policy support and clearer commercialization pathways are boosting confidence in the sector, the latest IPO wave should also be viewed through a more cautious lens. The surge comes partly as the primary market's ability to continue funding embodied intelligence companies faces limits, prompting firms to seek new liquidity channels through public markets, rather than solely reflecting a dramatic leap in industrial maturity. As emerging technology sectors increasingly become the focus of public attention, more objective and professional analysis is also needed to help investors assess companies' technological capabilities, commercialization prospects and long-term value, rather than simply following market enthusiasm, Chinese experts noted. 。
D | 3个低客单，1个高客单，但是利润就不一样了。利润有多少呢？这个就是我来定的了。 因为定价决定玩法，玩法就是起店模型，定价对了，玩法对了，起店模型对了，才能成功起店。
E | 就说品牌防晒霜，由于官方控价，有个统一指导价，毋庸多言，直接玩强付费。这种起店模型，就是低价高利润+强付费。
F | 我接手的非源头品牌类的商品都是这样起店的，想换个思路，玩低利润，不好意思，没跑通，直通车没有空间去烧，低价还拿不到单量。
G | 在说白牌香水，这个品不控价，成本低，可操作空间就大了，有高利润+强付费，低利润+微付费，低利润+自然流，三种起店模型可以选。 选哪个呢？很好理解，排除法，低利润+自然流的直接剔除，因为市场容量不大，玩不了自然流。那就只能在强付费和微付费两种起店模型里面去选了，两种方式我都试过，跑出来的效果确实不一样。
H | 再说源头水果和3C数码，这2个类目的体量和价格完全不一样，成本也不一样。起水果用的是哪个模型，限额+自然单。3C数码呢，还是常规玩法：强付费。 这只是随便举的几个店铺例子，实际我们接的品可是五花八门的，品不一样，市场容量不一样，产品成本也有高有低，我们就会根据体量+成本+商品属性，来判断用怎样的起店模型来起。 经验只会提高把一件事做成功的概率，最终能不能起店成功，还有很多其他因素会影响结果。
