Unitree: The First Humanoid Robot Stock
Welcome back to "Learn English with Podcasts"! Sarah, quick question. Do you remember the little robot dogs that danced on TV during the Spring Festival?欢迎回到"Learn English with Podcasts"！Sarah，快问快答。你还记得春晚在电视上跳舞的小机器狗吗？
Of course! Little white dogs moving in perfect rhythm. My nephew watched them again and again. He said they were cooler than real dogs.当然记得！动作整齐划一的小白狗。我侄子反复看了好多遍。他说它们比真狗还酷。
Those dancing dogs have a company name, and it is Unitree. This week, Unitree is doing something huge. It is selling pieces of itself to the public. In one word: it is going public.那些跳舞的小狗有一个公司名字，叫宇树科技。本周，宇树要干一件大事。它要把自己的一部分卖给公众。用一个词说：它要上市了。
Going public? That means the company is joining the stock market, right? So people can buy and sell it?上市？就是说这家公司要进股票市场了，对吧？人们可以买卖它？
Exactly. On August 19, Unitree will start trading on Shanghai's STAR Market. And it is the first humanoid robot company to list on the Chinese stock market.没错。8月19日，宇树将在上海的科创板开始交易。它也是中国股市上第一家上市的人形机器人公司。
"Humanoid" — a robot that looks like a person. But wait, those dogs do not look human at all!"人形"——就是长得像人的机器人。可是等等，那些小狗一点也不像人啊！
Ha, good catch. Unitree makes both kinds. Four-legged robots like the Go2, and two-legged human-shaped robots called the H1. The H1 can walk, run, and even climb stairs.哈，问得好。宇树两种都做。有像Go2这样四条腿的机器人，也有叫H1的双腿人形机器人。H1能走路、跑步，甚至还会爬楼梯。
A robot family: some on four legs, some on two. So what exactly happens when a company goes public? Can I just buy one share?一个机器人大家庭：有的四条腿，有的两条腿。那公司上市到底会发生什么？我能直接买一股吗？
Yes, you can. When a company goes public, it sells shares — small pieces of itself — to anyone. One Unitree share costs 150.80 yuan. Buy one, and you own a tiny part of the company.可以。公司上市时，会把股份——也就是它自己的一小部分——卖给所有人。宇树一股卖150.80元。买一股，你就拥有这家公司的一小部分。
One hundred fifty yuan for a piece of a robot company? That sounds much cheaper than an actual robot dog.150元就能买机器人公司的一小部分？听起来比真正的机器狗便宜多了。
An actual robot dog costs tens of thousands of yuan. But the whole company is worth about 61 billion yuan. That is a lot of robot dogs!真正的机器狗要好几万元。而整个宇树市值大约610亿元。那是好多机器狗啊！
Wait, but does Unitree really earn 61 billion yuan a year? That cannot be right.等等，可宇树一年真的能赚610亿元吗？那不可能吧。
You are right, it does not. And this is the interesting part. People are not just buying what Unitree makes today. They are buying what robots will do tomorrow.你说得对，它赚不了那么多。而有趣的地方就在这里。人们买的不仅是宇树今天做的东西，更是机器人明天能做的事。
So the share price is like a bet on the future?所以股价就像是对未来的一场赌注？
A very expensive bet. Unitree's price is 219 times its yearly profit. The industry average is only about 38 times. That means the market believes this robot company is special.一场很贵的赌注。宇树的市盈率是219倍。行业平均只有大约38倍。这说明市场相信这家机器人公司很特别。
Ah, the P/E ratio. Price divided by yearly profit. A high P/E means people expect fast growth. But is Unitree even making money now?啊，市盈率。价格除以年利润。市盈率高，说明人们预期它会快速增长。但宇树现在到底赚钱吗？
Good news: yes. In 2023, it lost money — small sales and a loss. Then in 2024, it turned a profit. And in 2025, sales jumped to 1.7 billion yuan, with a profit of 278 million.好消息：赚钱。2023年它还在亏钱——销售额小，还有亏损。然后2024年它扭亏为盈。到了2025年，销售额跳到17亿元，利润2.78亿元。
From a loss to 1.7 billion in two years. That is one fast-growing robot family. So what will Unitree do with all the money it raises?两年时间从亏损到17亿销售额。这个机器人家庭成长得真快。那宇树要拿募来的这些钱做什么呢？
It plans to raise about 6.1 billion yuan. And here is the surprise: almost half of that money, about 2 billion yuan, is going to one thing — smarter AI models for its robots.它计划募资约61亿元。而让人意外的是：这笔钱里几乎一半，大约20亿元，会投到一件事上——为它的机器人打造更聪明的AI模型。
Not new robot bodies? The money is for the brain, not the legs?不是造新的机器人身体？钱是给大脑的，不是给腿的？
Right. Unitree wants its robots to do more than dance. It wants them to open doors, pick up boxes, and work in factories. That needs a smart brain, not just strong legs.对。宇树想让它的机器人做的比跳舞更多。它想让它们开门、搬箱子、在工厂里干活。这需要聪明的大脑，而不只是强壮的腿。
So the dog that dances today is learning to work tomorrow. And who else is buying in? Only small investors like us?所以今天跳舞的狗，明天正在学着干活。那还有谁在买？只有像我们这样的小投资者吗？
No, some big names joined too. The social security fund bought shares. And so did an AI company called DeepSeek — the same DeepSeek that made the famous chatbot.不，还有一些大机构也加入了。社保基金买了股份。一家叫DeepSeek的AI公司也买了——就是做出那个著名聊天机器人的DeepSeek。
Wait, the chatbot company is buying robot shares? The "brain" company wants a piece of the "body" company. This is starting to sound like a family reunion.等等，做聊天机器人的公司来买机器人的股票？"大脑"公司想要"身体"公司的一份。这越来越像一场大团圆了。
A family reunion of tech companies, exactly. And in two days, the dancing dogs officially become a stock market star.一场科技公司的大团圆，没错。而两天后，这些跳舞的小狗就正式成为股市明星了。
You know what my nephew would say? Last year he told me, "Those dogs are going places!" And look at them now. They really are going places — all the way to the stock market.你知道我侄子会说什么吗？去年他告诉我："那些狗要去好地方了！"再看看它们现在。它们真的去好地方了——一路走到了股票市场。
Ha! Literally going public. So if you believe robots will change the world, you can buy a tiny piece of that belief for 150.80 yuan. Cheaper than a robot dog... and almost as loyal.哈！字面意义上的"上市"。所以如果你相信机器人会改变世界，你可以花150.80元买下这份信念的一小片。比机器狗便宜……而且几乎一样忠诚。
Almost. A share will not bring you your slippers. Not yet. Thanks for listening to "Learn English with Podcasts" — see you next time!差一点。股票现在还不会帮你叼拖鞋。感谢收听"Learn English with Podcasts"——下次见！
And remember: today you buy the shares, tomorrow the robots do the dishes. Bye!还有记住：今天你买股票，明天机器人来洗碗。再见！