[{"data":1,"prerenderedAt":261},["ShallowReactive",2],{"header-counts":3,"footer-counts":6,"news-2026-unitree-ipo-2026":9},{"tools":4,"reviews":5},78,26,{"tools":4,"reviews":5,"playbooks":7,"news":8},22,24,{"id":10,"title":11,"body":12,"cover":249,"description":250,"extension":251,"lastVerified":252,"meta":253,"navigation":254,"path":255,"published":252,"seo":256,"sourceName":257,"sourceUrl":258,"stem":259,"__hash__":260},"news\u002Fnews\u002F2026\u002Funitree-ipo-2026.md","宇树 IPO 过会：A 股'具身智能第一股'来了，NVIDIA 同日选它为 GR00T 参考平台",{"type":13,"value":14,"toc":236},"minimark",[15,19,62,69,73,76,98,101,105,125,129,136,153,156,176,179,182,196,200,207,210],[16,17,18],"h2",{"id":18},"要点",[20,21,22,30,40,46,56],"ul",{},[23,24,25,29],"li",{},[26,27,28],"strong",{},"73 天过会","：2026-03-20 受理，2026-06-01 上市委审议通过，创科创板最快纪录；2026-07-02 证监会注册获批，预计 2026 年 7 月下旬上市",[23,31,32,35,36,39],{},[26,33,34],{},"募资约 42 亿元","，估值约 ",[26,37,38],{},"$6.2B","，投向具身 AI 大模型、新产品线与智能制造基地",[23,41,42,45],{},[26,43,44],{},"同日被 NVIDIA 选中","：H2 Plus 成为 Isaac GR00T 开放参考机器人本体，软硬协同获生态背书",[23,47,48,51,52,55],{},[26,49,50],{},"财务硬核","：2025 营收 16.99 亿（+335%），核心毛利率 ",[26,53,54],{},"60.13%","，2025 人形出货全球第一（5,500+ 台，约 30% 份额）",[23,57,58,61],{},[26,59,60],{},"战略亏损","：2026 Q1 净利同比 -47.7%，因研发与产能前置投入",[63,64,65],"blockquote",{},[66,67,68],"p",{},"本文为 AIHO 基于 TechTimes、中国工业报、China Daily、RobotMall 等公开报道整合，财务数据来自宇树招股书与 Caixin 等报道。",[16,70,72],{"id":71},"从春晚机器狗到具身智能第一股","从春晚机器狗到\"具身智能第一股\"",[66,74,75],{},"宇树科技的公众印象，很多人来自 2025 年春晚的机器狗舞蹈。但一年之后，它站到了 A 股\"具身智能第一股\"的门口：",[20,77,78,89,95],{},[23,79,80,81,84,85,88],{},"2023 营收 1.59 亿 → 2024 3.93 亿 → 2025 ",[26,82,83],{},"16.99 亿","，复合增长率 ",[26,86,87],{},"226.78%","；",[23,90,91,92,88],{},"扣非净利润由 2023 亏损 1801 万，转为 2025 盈利 ",[26,93,94],{},"5.91 亿",[23,96,97],{},"2025 人形机器人业务收入已占过半，验证\"具身智能不只是实验室产品\"。",[66,99,100],{},"监管层对\"战略性亏损\"态度包容：2026 Q1 在营收 +68.49% 的同时扣非净利 -52.55%（研发 +3832 万、销售费用大增），但硬科技成长期的逻辑被接受。",[16,102,104],{"id":103},"为什么是73-天和42-亿","为什么是\"73 天\"和\"42 亿\"",[20,106,107,113,119],{},[23,108,109,112],{},[26,110,111],{},"73 天","过会，得益于证监会去年推出的\"预审阅\"机制，是科创板最快上市委审议纪录；",[23,114,115,118],{},[26,116,117],{},"约 42 亿元","募资，主要投向三件事：① 机器人\"大脑\"研发（具身 AI、VLA 模型、自主决策）；② 新一代产品线（新形态人形 + 垂直专用型号）；③ 产能从数万台扩到数十万台；",[23,120,121,122,124],{},"估值约 ",[26,123,38],{},"，按硬科技成长股逻辑（营收增速 + 技术壁垒）给予 PS\u002FPSG 倍数。",[16,126,128],{"id":127},"nvidia-的同日背书最值得玩味","NVIDIA 的同日背书最值得玩味",[66,130,131,132,135],{},"2026-06-01，NVIDIA 宣布把 ",[26,133,134],{},"宇树 H2 Plus"," 选为 Isaac GR00T 开放参考机器人平台——组合为 H2 Plus 机身 + Sharpa Wave 五指触觉手 + Jetson Thor 边端算力 + GR00T 软件栈。初始研究用户包括 Ai2、ETH Zurich、Stanford、UC San Diego。",[66,137,138,139,142,143,146,147,152],{},"资本过会与生态背书同一天发生，",[26,140,141],{},"不是巧合","：机器人产业链与资本市场在同时为同一平台投票。对宇树而言，这意味着它不只是 GR00T 的使用者，而是",[26,144,145],{},"共同定义者","——在 ",[148,149,151],"a",{"href":150},"\u002Fmodels\u002Fisaac-gr00t.html","NVIDIA Isaac GR00T"," 的全栈里占了一个锚点位置。",[16,154,155],{"id":155},"真实落地信号",[20,157,158,164,170],{},[23,159,160,163],{},[26,161,162],{},"东京羽田机场","：由日本航空启动试点，G1 承担行李装卸、货物转运、传送带协同，实证试验持续至 2028；",[23,165,166,169],{},[26,167,168],{},"GD01 载人变形机甲","：2026-05-12 发布，四足 \u002F 双足形态快速切换；",[23,171,172,175],{},[26,173,174],{},"WVLA 2.0 具身大模型","：2026-05-25 测试发布，G1 在外部干扰下自主完成物品整理收纳。",[66,177,178],{},"客观评价（据行业专家）：宇树应对日常基础任务表现不错，但复杂 \u002F 多变场景下综合能力仍弱于 Google 等海外顶尖模型；优势在\"量产数据反哺\"，短板在开放世界长尾——属\"单点突破 + 局部并跑\"状态。",[16,180,181],{"id":181},"风险提示",[20,183,184,187,190,193],{},[23,185,186],{},"过会 ≠ 上市：注册、发行、定价仍在进行；2026 Q1 净利下滑需关注；",[23,188,189],{},"行业竞争加剧，头部效应会吸引更多资本但也会压利润；",[23,191,192],{},"海外供应链与地缘风险（NVIDIA 为应对美方关切，把软件更新交付改由其芯片中转）；",[23,194,195],{},"部分\"万台 \u002F 出货第一\"口径含展示 \u002F 试点机，持续商业运行占比需独立验证。",[16,197,199],{"id":198},"aiho-观点","AIHO 观点",[66,201,202,203,206],{},"宇树 IPO 的意义远超一家公司的里程碑。它把国产机器人从\"一级市场融资驱动\"推入\"二级市场独立定价\"，是 AI 从数字世界迈向物理世界的一个风向标。当全球最大人形机器人制造商带着 NVIDIA 背书、真实利润和规模出货上市，",[26,204,205],{},"具身智能作为一个\"产业\"而非\"概念\"的身份，正式被盖章","。",[16,208,209],{"id":209},"相关阅读",[20,211,212,219,231],{},[23,213,214,215],{},"行业全景：",[148,216,218],{"href":217},"\u002Fnews\u002F2026\u002Fembodied-ai-h1-2026.html","2026 上半年具身智能十大进展",[23,220,221,222,226,227],{},"概念层：",[148,223,225],{"href":224},"\u002Fwiki\u002Fembodied-ai.html","具身智能"," \u002F ",[148,228,230],{"href":229},"\u002Fwiki\u002Frobot-foundation-model.html","机器人基础模型",[23,232,233,234],{},"模型卡：",[148,235,151],{"href":150},{"title":237,"searchDepth":238,"depth":238,"links":239},"",3,[240,242,243,244,245,246,247,248],{"id":18,"depth":241,"text":18},2,{"id":71,"depth":241,"text":72},{"id":103,"depth":241,"text":104},{"id":127,"depth":241,"text":128},{"id":155,"depth":241,"text":155},{"id":181,"depth":241,"text":181},{"id":198,"depth":241,"text":199},{"id":209,"depth":241,"text":209},null,"宇树科技科创板上市委 73 天过会，成为 A 股首家过会的'具身智能'企业；同一天 NVIDIA 宣布将其 H2 Plus 选为 Isaac GR00T 开放参考机器人。2025 年营收 16.99 亿、毛利率 60%，全球人形出货第一。本文拆解它的资本、技术与产业信号。","md","2026-07-23",{},true,"\u002Fnews\u002F2026\u002Funitree-ipo-2026",{"title":11,"description":250},"TechTimes \u002F 中国工业报 \u002F China Daily 综合","https:\u002F\u002Fwww.techtimes.com\u002Farticles\u002F317632\u002Funitree-ipo-cleared-agibot-hits-10000-units-china-humanoid-robot-duopoly-takes-shape.htm","news\u002F2026\u002Funitree-ipo-2026","66f58s7vcN7WWQ27Sg8sJjx8rcyXFIXwIk-MmI89O0s",1784900534195]