China's humanoid and embodied AI sector is drawing strong investor interest, but the central question is shifting from eye-catching performances to whether robots can deliver dependable returns in large-scale commercial deployment. That tension was on display as the World Robot Conference in Beijing opened with more than 300 exhibitors and as Unitree, one of China's largest humanoid robot makers, surged in its Shanghai trading debut after raising about 6.1 billion yuan in a STAR Market listing. Founded in 2016 by Wang Xingxing in Hangzhou, Unitree became the first publicly traded humanoid robotics maker in mainland China. Its shares were priced at 150.80 yuan and rose as much as 629% before closing 460% higher at 845 yuan. Analysts say the listing could help set valuation benchmarks for other robotics IPOs and gives mainland investors direct exposure to one of the sector's leading companies. The market enthusiasm comes as China and the United States compete intensely in advanced robotics, often described as embodied AI. China currently leads in humanoid robot production capacity and manufacturing scale. Omdia said that of roughly 15,000 humanoid robots shipped globally last year, Unitree and AGIBOT each shipped more than 5,000 units, well ahead of U.S. peers. For the first half of 2026, Omdia estimates total global shipments by Chinese humanoid robot makers at about 18,500 units. Even so, analysts say many humanoid robots are still used mainly for demonstrations, performances and research rather than practical real-world work. Unitree's robots have drawn attention with backflips and martial arts appearances at China's Spring Festival gala, but Morningstar analyst Kangyuxiao Li said the real competitive test will be whether Chinese or American companies can achieve reliable performance and attractive returns on investment in large-scale industrial and commercial deployments. Unitree reported about 1.7 billion yuan in 2025 revenue, mainly from humanoid and quadruped robots, with more than 40% coming from overseas markets. The company said the United States accounted for roughly 13% of revenue last year, before the U.S. Federal Communications Commission in July banned imports of new foreign-made humanoid and quadruped robots on national security grounds. Unitree said the restriction applies to its new models and could affect future U.S. sales, while existing advanced models can still be sold. Omdia said Chinese robot makers will likely push further into major markets outside the United States, including Europe.