Unitree IPO Is a "Milestone Event" for Humanoid Robots: Market Faces 1-6 Month Digestion Period, Valuation Logic Shifts from Scarcity to Commercialization Validation

Unitree Technology's listing on the STAR Market marks the most significant capital event in humanoid robot history, simultaneously signaling the end of the sector's "scarcity premium" era. JPMorgan warns that the sector will enter a 1-to-6-month valuation digestion period, with the winning logic shifting from thematic speculation to commercial delivery and manufacturing discipline. Credibility of shipment volumes, production cadence, gross margin improvement pathways, and multi-customer replication capability will be the key variables determining the next round of relative returns.