Unitree IPO: Wang Xingxing Addresses Questions on Valuation, Break, and Profit Decline

At Unitree Technology's IPO roadshow, CEO Wang Xingxing responded to over 200 of more than 360 questions, addressing concerns about potential stock price break, high valuation, and slowing profit growth. He clarified that the issue price corresponds to a price-to-earnings ratio of 92.92 based on 2025 audited net profit, and a price-to-sales ratio of 32.30 based on revenue. Wang confirmed that DeepSeek participated in strategic placement with about 141 million yuan and a 36-month lock-up period, and that they will cooperate in AGI, high-performance general robots, and AI large models. He stated that Unitree shipped over 5,500 humanoid robots in 2025, ranking first globally. Regarding the 'brain' shortcoming, he mentioned investments in WMA and VLA routes. He also revealed that Unitree's self-developed industrial-grade embodied large model UnifoLM-X1-0 is being tested in its own factory. Wang dismissed the 'remote-controlled toy company' label, comparing the remote control to a safety guarantee like a steering wheel and brakes in autonomous vehicles. The company plans to use IPO proceeds for model R&D, robot body development, new product development, and a manufacturing base with an annual capacity of 190,000 units. Wang reiterated the goal of becoming a global leader in high-performance general robots and achieving AGI.