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    People watch humanoid robots of Unitree Robotics boxing at the World Intelligence Expo 2026 in Tianjin, North China, on May 28, 2026. The expo brings together over 700 exhibitors to showcase cutting-edge technologies, products and application scenarios in the field of artificial intelligence. Photo: Xinhua
Chinese robot company Unitree Robotics held an online investor meeting on Friday for its initial public offering (IPO) on the Shanghai Stock Exchange's STAR Market, with Unitree founder Wang Xingxing saying the firm will continue to advance key software and hardware technologies and explore a broader range of product forms and models.
The company is set to become China's first publicly listed humanoid robot maker, representing an important milestone not only for Unitree itself but also for China's booming robotics industry. Greater access to capital will further accelerate technological innovation and promote the high-quality development of the robotics industry, an expert noted.
Speaking at the online investor meeting, Unitree founder Wang Xingxing said the firm will continue to advance key software and hardware technologies, including embodied AI foundation models, scenario-based data collection and analysis, reinforcement learning, embodied robot models, in-house development of core components, and high-performance actuators.
Wang revealed that the company is also actively exploring a broader range of product forms and models, including humanoid robots, quadruped robots and mecha robots, with the aim of enabling robots to take on physically demanding and high-risk tasks, freeing up human creativity and advancing robotics technology for the benefit of society.
Talking about the potential for the robotics industry, Wang said multiple factors are driving market demand, including an aging population, rising labor costs and growing demand for higher productivity and a better quality of life.
Against this backdrop, high-performance general-purpose robots capable of assisting humans with a wide range of tasks are emerging as an important solution to labor shortages and productivity bottlenecks, pointing to vast market potential, Wang noted.
Since its establishment, Unitree has focused on the research, development, production and sales of high-performance general-purpose humanoid robots, quadruped robots, robotic components and embodied AI models.
Reviewing the company's performance, Wang said his company has recorded steady growth in recent years. In 2025, while its net profit excluding non-recurring items grew rapidly, the company also ranked first globally in humanoid robot shipments.
Ahead of the roadshow, Unitree unveiled the pricing of its IPO and the results of its strategic placement. The company announced on Thursday that its IPO on the STAR Market was priced at 150.80 yuan per share.
Unitree will issue about 40.45 million shares, accounting for 10 percent of its total shares after the offering. The IPO is expected to raise about 6.1 billion yuan, exceeding its previously planned fundraising target of 4.2 billion yuan.
Unitree has attracted significant market attention and is expected to become the first humanoid robot company listed on China's A-share market, Liu Dingding, a veteran industry analyst, told the Global Times on Friday, noting that the company's upcoming listing would mark an important milestone not only for the company but also for China's robotics industry, which is accelerating its commercialization and market-oriented development.
More importantly, for Unitree, tapping the capital market will provide stronger support for sustained R&D investment and capacity expansion, Liu said, adding that "greater access to capital could significantly shorten R&D and market validation cycles that might otherwise take three to five years, further enhancing the global competitiveness of China's robotics industry."
The company is well aware that its current achievements are only a starting point, said Wang at Friday's roadshow. The embodied AI industry is still at an early stage of development, similar to the early days of home appliances and personal computers, and further progress will require joint efforts across the industry, he said.
Founded in 2016, Unitree mainly produces humanoid robots and quadruped robots. According to its prospectus, the company shipped more than 5,500 humanoid robots in 2025, ranking first globally. From 2023 to 2025, Unitree sold more than 33,000 quadruped robots, cementing its leading position in the global quadruped robot market.
The rapid growth of China's robotics industry is underpinned by the country's complete industrial chain and production capabilities. China is now home to more than 140 humanoid robot manufacturers, with annual shipments reaching 14,400 units, accounting for 84.7 percent of the global total, CCTV News reported. In other words, roughly eight out of every 10 humanoid robots shipped worldwide come from China.
。    本文来自微信公众号：经济观察报 （ID：eeo-com-cn），作者：蔡越坤                    北京时间10月21日晚间至22日，国际黄金在连创新高后出现罕见跳水。                   10月21日，现货黄金一度下跌6.3%，跌至约4080美元/盎司，创2013年4月以来最大单日跌幅；当日收盘，黄金价格下跌5.31%，创出近12年来的最大单日跌幅。10月22日，现货黄金盘中再次大幅下探，最低触及4002美元/盎司，随后回调。截至发稿，现货黄金价格在4139美元/盎司附近。                   10月21日，COMEX黄金期货亦大跌5.07%，收于4138.5美元/盎司。                   2025年以来，国际黄金市场上演了一场波澜壮阔的上涨行情。

B | 国际现货黄金价格从年初约2650美元/盎司起步，一路突破多个整数关口。

C | 2025年10月20日夜间，现货黄金一度突破4381美元/盎司，创出历史新高。                   黄金价格大跌也影响了黄金概念股的走势。10月22日开盘，山东黄金（600547.SH）、中金黄金（600489.SH）、赤峰黄金（600988.SH）等大幅低开超过7%，截至收盘，山东黄金、赤峰黄金仍然下跌超过3%。

D |                    10月22日，多家黄金珠宝品牌公布的境内足金首饰价格较前一日下跌，周大福足金、周大生足金克价均为1235元，下跌57元；老庙黄金的足金克价为1211元，下跌83元。                   东方金诚研究发展部副总监瞿瑞表示，这种极端行情主要源于黄金多头市场拥挤度已经过高，自9月金价持续上涨后，获利盘积累丰厚，多头获利了结离场。

E | 这也表明短期内金价波动会成为常态，主因支撑金价长期上行的核心因素（如全球不确定性、实际利率下行趋势等）未发生根本改变，但由于当前多头市场拥挤度已处于较高水平，加之市场参与者对特朗普关税政策、美元指数大幅波动、地缘政治突变、美联储货币政策（降息节奏与幅度等）与预期的差异等突发信息高度敏感。任何相关消息都会影响市场情绪，加大金价的波动。                   回调背后                    黄金价格为何会突然大幅回调？                    恒泰期货总经理助理顾劲涛接受记者采访时表示，这主要是由一系列短期风险因素的缓和所导致。具体来看，中美贸易关系方面传来了一些积极信号。与此同时，俄乌局势也呈现出趋缓的态势，中东地区的紧张局势也有所缓和。这些地缘政治因素的改善，使得市场对贵金属的避险需求相应下降。                   10月21日，法国总统府发布一份多名欧洲领导人关于乌克兰问题的联合声明，称“强烈支持”美国总统特朗普在乌克兰问题上的立场，即俄罗斯与乌克兰立即停火，以当前战线作为谈判起点。

F |                    “此前贵金属价格在短时间内上涨过快，从技术分析角度来看，已经处于超买状态，因此也存在一定的技术性修复需求。”顾劲涛称。                   国信证券研报指出，黄金单日大跌直接受到了诸如俄乌战争谈判、中美贸易缓和、美国政府重新“开门”等一系列传言影响。从交易结构看，9月以来本轮黄金大涨与今年年初最大不同在于，从现有指标看，央行似乎并未介入，本轮金价上涨以投资和投机者为主，这也决定了交易结构更为脆弱。从技术指标看，黄金已经触及三倍标准差上限，下跌是技术面的自然反映。                   后市如何？                    对于黄金价格后市走势，顾劲涛认为，黄金价格的回调属于正常现象，并且这一回调并不会改变其在中长期内的上升趋势。尽管中美贸易关系近期出现了一些缓和迹象，但中美之间的贸易问题尚未得到彻底解决，从大方向来看，黄金价格的上升趋势依然存在。                   “从历史角度来看，黄金曾长期作为货币使用，在货币体系中占据重要地位。二战后，美元取代了黄金的货币功能，成为全球主要储备货币。然而，随着美元霸权逐渐受到削弱，黄金的货币功能开始逐渐恢复。这一趋势在黄金的走势中也有所体现。”顾劲涛称。                   往后看，国信证券认为，黄金长牛逻辑没有动摇。但总结历史经验，黄金连涨9周后，未来1年调整幅度在20%至40%之间。                   对于黄金价格的波动，瑞士宝盛新世纪思维研究部主管Carsten Menke认为，10月17日市场资金对黄金的抛售是潜在盘整的起点，而非趋势性回调。

G | 鉴于近期市场的急速上涨，而这种走势“太快、太猛”，出现盘整并不罕见，反而应视为健康迹象。相比之下，铂金和钯金主要用于工业，避险需求的占比远低于黄金和白银。尽管它们也在一定程度上受益于美国利率下降和美元走弱，但投机性因素的影响更强。而黄金和白银由于具备货币金属的历史属性，情况有所不同。铂金和钯金并不具备这种历史地位。                   10月16日，世界黄金协会发文表示，各经济体央行在过去三年，已展现出“逢低买入”的倾向，其他投资者似乎也在跟进。当前投资者关注黄金的理由充分，包括美国政府内部矛盾，10月初的政府停摆风险；贸易紧张局势未得到缓解；通胀担忧持续存在，同时就业市场表现疲软；美元对冲持续施压金价的关键驱动因素。                   世界黄金协会认为，“或许只有重大的流动性紧缩危机，才能同时颠覆黄金与股市。

H | 但目前信用及银行体系尚未出现明显的破裂迹象。所以，有理由相信黄金将保持韧性，并在股市回调期间有望进一步上行。

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Published on:03:39:08