随着零售业对中国的最著名的人形机器人制造商, Unitree Robotics,上市的兴奋达到狂热,怀疑论者质疑这些机器人需要多长时间才能超越跑步和杂技来执行真正有用的工作。
As retail excitement around the listing of China的 best-known humanoid maker, Unitree Robotics, reaches fever pitch, skeptics are questioning how long it will take before these robots can move beyond running and acrobatics to perform genuinely useful work.
这家总部位于杭州的初创公司的 IPO 定价为每股 150.8 元($22.4),，筹集资金 $9 亿，公司估值为 610 亿元, 或约 2490 亿%。
The Hangzhou-based startup priced its IPO at 150.8 yuan ($22.4) a share, raising $900 million and valuing the company at 61 billion yuan, or about $9 billion.
投资者预计 Unitree, 的股票将于本月晚些时候开始交易，首日大幅上涨,，使其成为第一家在大陆上市的人形机器人公司。
Investors expect a big first-day pop from Unitree, when its shares start trading later this month, making it the first humanoid robot firm to list on the mainland.
Unitree的 发行在上海的 科创板, 创下了零售需求纪录，网上部分超额认购超过 5,000 倍,，这意味着中签率达到历史最低水平 0.018%。其IPO还吸引了包括人工智能初创公司DeepSeek在内的战略投资者。
Unitree的 offering saw record retail demand in Shanghai的 STAR market, with the online tranche oversubscribed more than 5,000 times, translating to a historically low lot-winning rate of 0.018%. Its IPO also attracted strategic investors including AI startup DeepSeek.
截至周五,，随着投资者在交易开始前转向加密衍生品交易所押注股票，Hyperliquid 上与 Unitree 相关的 IPO 前永续合约的交易价格约为 IPO 价格的四倍。
A Unitree-linked pre-IPO perpetual contract on Hyperliquid was trading at roughly four times its IPO price as of Friday, as investors turn to crypto-derivative exchanges to bet on stocks before trading begins.
以功夫踢和从击倒中反弹, Unitree的 机器人而闻名，但在人工智能和软件限制尚未解决的情况下，, Unitree的 机器人仍然面临着该技术是否可以商业扩展的问题,。
Celebrated for throwing kung fu kicks and bouncing back from knockdowns, Unitree的 robots still face questions over whether the technology can scale commercially, with AI and software constraints unresolved.
"对于这些人形机器人,说实话,它们'很迷人。莲花资产管理公司管理合伙人郝宏,表示，他们会跳舞等等–，但从未见过他们做任何真正的家务,"。
"For these humanoid robots, to be honest, they're fascinating. They can dance and all that – but never seen them doing any real housework," said Hao Hong, managing partner of Lotus Asset Management.
在招股说明书, Unitree 中表示，大规模商业采用的进展可能比预期慢,，因为机器人手仍然不够精确或耐用，无法可持续使用。
In its prospectus, Unitree said that progress for large-scale commercial adoption may be slower than expected, as robotic hands are still not precise or durable enough for sustainable use.
洪指出，散户投资者纷纷涌入，部分原因是可供投资的人形机器人公司太少。
Hong noted that retail investors are piling in partly because there are so few humanoid robotics companies to invest in.
VP Bank, 的 Dominik Pross, 股票分析师表示，即使是先进的人形机器人通常也只能处理少量任务 –，而且只能处理几个小时，然后就必须充电。大多数人形模型闲置时运行长达四个小时。
Dominik Pross, equity analyst at VP Bank, says even advanced humanoid robots can typically handle only a small number of tasks – and for just a few hours before having to recharge their batteries. Most humanoid models run for up to four hours while sitting idle.
"机器人必须针对委托给它们的每项任务进行专门培训,，即使是最简单的,"他说,补充说，复杂的日常活动尚无法实现。
"Robots have to be specifically trained for each and every task entrusted to them, even the simplest," he said, adding that complex everyday activities are not yet within reach.
更多机器人产品即将上市。 Unitree 的竞争对手 AgiBot 和 Leju Robotics 正在寻求分别在香港和深圳上市,。 LimX Dynamics 创始人 Will Zhang 上个月告诉 CNBC，"上市是必须的。"
More robotics listings are set to follow. Unitree rival AgiBot and Leju Robotics are seeking to go public in Hong Kong and Shenzhen, respectively. LimX Dynamics founder Will Zhang told CNBC last month that "listing is a must."
人形经济学
Humanoid economics
低成本制造帮助中国在机器人领域领先于全球竞争对手。
Lower-cost manufacturing has helped China pull ahead of global rivals in robotics.
Wood Mackenzie 预计，到 2035 年，全球仿人机器人数量每年将增长 90% 以上，达到 1000 万台以上。预计届时年出货量将突破 400 万台。据该研究公司称，中国已成为主导者,，占全球工业机器人安装量的 70% 以上，占去年部署的所有类人机器人的近 90%,。
Wood Mackenzie expects the global humanoid robot fleet to grow more than 90% annually through 2035 to surpass 10 million units. Annual shipments are projected to top 4 million by then. China is already the dominant player, accounting for more than 70% of global industrial robot installations and nearly 90% of all humanoids deployed last year, according to the research firm.
根据 Wood Mackenzie 的数据，2020 年至 2025 年间，人形机器人的平均价格暴跌 93% 至 $58,000,。该公司预计 Unitree的 $16,000 旗舰 G1 型号每天运行 8 小时, 每年的电费仅为 $82，但表示更广泛的采用可能会给已经因人工智能数据中心而捉襟见肘的电力系统增加压力。
Average humanoid robot prices have plunged 93% between 2020 and 2025 to $58,000, according to Wood Mackenzie. The firm projects that Unitree的 $16,000 flagship G1 model costs just $82 a year in electricity to run for eight hours a day, but says wider adoption could add pressure to electricity systems already stretched by AI data centers.
SemiAnalysis 估计，Unitree 已将其 G1 EDU 模型 –（一种为研究而定制的模型 –）的税前价格自去年以来降低了 45% 以上，至 $27,300,，同时保持了 67% 的毛利率。
SemiAnalysis estimates that Unitree has cut the pre-tax price of its G1 EDU model – a customizable one built for research – by more than 45% since last year to $27,300, while maintaining a 67% gross margin.
研究公司 Smart Analytics Global 的创始人 Linda Sui, 表示，机器人价格下降和中国政府的支持 – 包括投资国内制造商 从劳动密集型工作转向自动化 – 正在帮助激发兴趣并吸引资金进入新兴领域,。虽然更高的产量有助于降低成本,，但测试机器人的投资回报率还需要时间, Sui 说。
Falling robot prices and Chinese government support – including investing in domestic manufacturers shift from labor-intensive work to automation – are helping fuel interest and attracting funds into the emerging sector, said Linda Sui, founder of research firm Smart Analytics Global. While higher production volumes helped bring down costs, it will take time to test the robots return on investment, Sui said.
分析人士表示，Unitree'的优势在于其制造规模和成本结构。 Unitree的收入去年增加了四倍多,，但由于 R&D 和营销支出增加，第一季度调整后利润下降了 52% 以上。
Analysts say Unitree的 edge lies in its manufacturing scale and cost structure. Unitree的 revenue more than quadrupled last year, but first-quarter adjusted profit fell more than 52% as spending on R&D and marketing rose.
怀疑论者表示，Unitree 目前的大部分需求仍然集中在研究和演示上。公司文件显示，2025 年前 9 个月，其人形机器人收入近四分之三来自研究和教育,，而企业旅游占其规模仍然较小的工业业务, 的一半以上。
Skeptics say much of Unitree的 current demand is still concentrated in research and demonstrations. Nearly three-quarters of its humanoid revenue came from research and education in the first nine months of 2025, while corporate tours made up more than half of its still-small industrial business, a company filing showed.
"与许多早期机器人公司,不同，Unitree 的故事有实际收入增长的支持," CoinEx 首席分析师 Jeff Ko, 表示。尽管如此,他说, Unitree的高达$90亿的估值–去年超过200倍的的收益–在加密市场被推得更高,指向投机因素。
"Unlike many early-stage robotics companies, the Unitree story is backed by real revenue growth," said Jeff Ko, chief analyst at CoinEx. Still, he said, Unitree的 lofty $9 billion valuation – over 200 times last year的 earnings – was pushed even higher in crypto markets, pointing to a speculative element.
机器人政治
Robot politics
即使美国上个月采取行动禁止进口外国制造的人形机器人和四足机器人,，此举被视为针对中国科技产品，IPO 热潮仍在持续。
The IPO frenzy held up even after the U.S. moved to ban imports of foreign-made humanoid and four-legged robots last month, a move seen as targeting Chinese technology products.
据 SAG 称，Unitree 可能"特别暴露,"，去年其收入的 13% 来自美国,。
Unitree may be "particularly exposed," deriving 13% of its revenue last year from the U.S., according to SAG.
Unitree的低成本机器人已成为美国大学研究类人机器人的首选,，但一些研究人员对新的限制并不担心，因为用于测试和开发的小批量进口仍然不受限制。根据众议院中国问题特别委员会, 的说法，Unitree的四足机器人也被用于美国州惩教系统和军事环境,，引起了国家安全担忧。
Unitree的 lower-cost robots have become a go-to choice for research humanoids at U.S. universities, but some researchers are unfazed about new restrictions because small-batch imports for testing and development remain exempt. Unitree的 four-legged robots were also used in U.S. state correctional systems and military settings, according to the House Select Committee on China, raising national security concerns.
SAG的 Sui 表示，另一个主要的地缘政治风险是中国机器人公司可能无法使用 Nvidia的 硬件和软件堆栈,。中国的行业领导者是Nvidia的平台为机器人提供动力的早期用户之一。
Another major geopolitical risk is the possibility that Chinese robotics companies could lose access to Nvidia的 hardware and software stack, said SAG的 Sui. China的 industry leaders are among the early users of Nvidia的 platforms for powering robots.
"中国机器人生产商还无法完全脱离西方零部件," 副总裁 Bank的 Pross 表示。
"Chinese robot producers are not yet in a position to do without Western components completely," said VP Bank的 Pross.
但伯恩斯坦分析师 Dien Wang, 表示，中国的 在用于人形机器人, 执行器和电机的稀土, 方面占据主导地位，这使该国的 玩家对全球同行, 具有显着影响力。
But China的 dominance in rare earths, used in the actuators and motors of humanoid robots, gives the country的 players significant leverage over global peers, said Dien Wang, an analyst at Bernstein.
虽然人形机器人行业还有很长的路要走,，但潜在的市场机会促使特斯拉首席执行官埃隆·马斯克加倍投入机器人,，改造公司'弗里蒙特工厂的电动汽车生产线，以制造擎天柱人形机器人。预计将于今年晚些时候开始生产。
While the humanoid robotics industry has a long way to go, the potential market opportunity has led to Tesla CEO Elon Musk doubling down on robotics, converting EV production lines at the company的 Fremont factory to make Optimus humanoid robots. Production is expected to start later this year.
Some researchers argue Unitree isn't just a humanoid bet. Humanoids are Unitree的 largest business, but quadruped robots still account for a sizable share.他们说，在重复性工业环境中，专用机器人可能更便宜、更可靠,，而类人机器人最适合不可预测和结构性较差的环境,。
Some researchers argue Unitree isn't just a humanoid bet. Humanoids are Unitree的 largest business, but quadruped robots still account for a sizable share. Purpose-built robots can be cheaper and more reliable in repetitive industrial settings, while humanoids are best-suited for unpredictable and less structured environments, they say.
News Tips
收到机密新闻提示? 我们希望收到您的来信。
CNBC 时事通讯
CNBC Newsletters
注册免费时事通讯，将更多 CNBC 新闻发送到您的收件箱
将此信息发送到您的收件箱,，并获取有关我们产品和服务的更多信息。
与我们一起做广告
Advertise With Us
© 2026 Versant Media, LLC。版权所有。 Versant 媒体公司。
数据为实时快照 *数据至少有15分钟延迟。全球商业和金融新闻, 股票行情, 以及市场数据和分析。