34
0Episode: Unitree: The First Humanoid Robot Stock
Duration: approximately 7 minutes
Level: B1 (Intermediate)
---
[Mike]: 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?
zh: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？
[Sarah]: Of course! Little white dogs moving in perfect rhythm. My nephew watched them again and again. He said they were cooler than real dogs.
zh: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。
[Mike]: 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.
zh: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。
[Sarah]: Going public? That means the company is joining the stock market, right? So people can buy and sell it?
zh: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？
[Mike]: 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.
zh: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。
[Sarah]: "Humanoid" — a robot that looks like a person. But wait, those dogs do not look human at all!
zh:"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！
[Mike]: 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.
zh: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。
[Sarah]: 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?
zh: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？
[Mike]: 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.
zh: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。
[Sarah]: One hundred fifty yuan for a piece of a robot company? That sounds much cheaper than an actual robot dog.
zh: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。
[Mike]: 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!
zh: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！
[Sarah]: Wait, but does Unitree really earn 61 billion yuan a year? That cannot be right.
zh:等等，可宇树一年真的能赚610亿元吗？那不可能吧。
[Mike]: 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.
zh: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。
[Sarah]: So the share price is like a bet on the future?
zh:所以股价就像是对未来的一场赌注？
[Mike]: 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.
zh: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。
[Sarah]: 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?
zh: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？
[Mike]: 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.
zh: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。
[Sarah]: 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?
zh: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？
[Mike]: 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.
zh: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。
[Sarah]: Not new robot bodies? The money is for the brain, not the legs?
zh:不是造新的机器人身体？钱是给大脑的，不是给腿的？
[Mike]: 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.
zh: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。
[Sarah]: So the dog that dances today is learning to work tomorrow. And who else is buying in? Only small investors like us?
zh: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？
[Mike]: 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.
zh: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。
[Sarah]: 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.
zh: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。
[Mike]: A family reunion of tech companies, exactly. And in two days, the dancing dogs officially become a stock market star.
zh: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。
[Sarah]: 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.
zh: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。
[Mike]: 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.
zh: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。
[Sarah]: Almost. A share will not bring you your slippers. Not yet. Thanks for listening to "Learn English with Podcasts" — see you next time!
zh: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！
[Mike]: And remember: today you buy the shares, tomorrow the robots do the dishes. Bye!
zh:还有记住：今天你买股票，明天机器人来洗碗。再见！
