HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Unitree Robotics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/unitree-robotics" target="_blank" data-smartkarma-citation="entities:48008:1" rel="noopener">Unitree Robotics (UNITREE CH)</a> intends to raise Rmb4.2bn in the A-share STAR market. Given its leadership in humanoid robots, we expect good interests.</li>
<li>The key investment thesis includes its global market leadership with proven scale, vertical integration, which creates a moat, and massive AI investment to build the "brain".</li>
<li>We initially estimate its FY26F PER and P/S at 74.5x and 19.3x. The higher-than-peer P/S is justified by its better profit margin. </li>
</ul>



Unitree Robotics (UNITREE CH) intends to raise Rmb4.2bn in the A-share STAR market. Given its leadership in humanoid robots, we expect good interests.
The key investment thesis includes its global market leadership with proven scale, vertical integration, which creates a moat, and massive AI investment to build the "brain".
We initially estimate its FY26F PER and P/S at 74.5x and 19.3x. The higher-than-peer P/S is justified by its better profit margin. 


Unitree Robotics (宇树科技) Pre-IPO: Key Investment Thesis

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Consumer Staples ($4,362m of outflows) and financials ($1,929m of outflows) led the outflows in October.</li>
<li>We highlight inflows into Tianqi Lithium, BOE Technology, and outflows from Moutai, Ping An Bank/Insurance, Wulianye, Yili.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
Consumer Staples ($4,362m of outflows) and financials ($1,929m of outflows) led the outflows in October.
We highlight inflows into Tianqi Lithium, BOE Technology, and outflows from Moutai, Ping An Bank/Insurance, Wulianye, Yili.


Northbound Flows Monthly (September): One Year High Outflows of $8.3bn

China

Guangdong Topstar Technology Co., Ltd develops automation equipment. The Company researches, designs, produces, and sells factory automation equipment, robots, control systems, conveyors, and related devices.

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Guangdong Topstar Technolo-A (300607 CH)

Unitree Robotics (宇树科技) Pre-IPO: Key Investment Thesis

Unitree Robotics plans to raise Rmb4.2bn in the A-share STAR market, showcasing leadership in humanoid robots with strong market potential and...

Osbert Tang, CFA

Northbound Flows Monthly (September): One Year High Outflows of $8.3bn

We analyzed the Shanghai/Shenzhen Connect Scheme for October and highlight flows for Tianqi Lithium, BOE Technology, Moutai, Ping An Bank...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Unitree Robotics (宇树科技) Pre-IPO: Key Investment Thesis

​Unitree Robotics plans to raise Rmb4.2bn in the A-share STAR market, showcasing leadership in humanoid robots with strong market potential and...

Osbert Tang, CFA

Northbound Flows Monthly (September): One Year High Outflows of $8.3bn

We analyzed the Shanghai/Shenzhen Connect Scheme for October and highlight flows for Tianqi Lithium, BOE Technology, Moutai, Ping An Bank...

Ke Yan, CFA, FRM

Unitree Robotics plans to raise Rmb4.2bn in the A-share STAR market, showcasing leadership in humanoid robots with strong market potential and...