Gasgoo Munich-On Sept. 2, Unitree Technology (688836.SH), the A-share market's "first humanoid robot stock," fell below 550 yuan per share during intraday trading—just the 11th day since its debut. Its market capitalization dropped below 223 billion yuan, effectively halving from the opening high of 1,100 yuan set on Aug. 19 and erasing more than 220 billion yuan in value from its peak.
Unitree listed on the STAR Market on Aug. 19 with an offer price of 150.80 yuan per share. It opened at 1,100 yuan—a staggering 629.44% surge from the issue price—pushing its market cap to 444.9 billion yuan at one point. The stock closed the day up 460.34%, with a turnover of 23.16 billion yuan and an 85.28% turnover rate.
Since then, Unitree's stock has been in a steady retreat. It plunged more than 18% on its second day, and by the intraday low on Sept. 2, it had given up roughly 50% from that 1,100-yuan opening high.
Image source: Screenshot from Eastmoney.com
Behind the sustained pullback lies a convergence of factors. On the valuation front, the debut-day frenzy drove the price far detached from fundamental support.
Fundamentally, Unitree generated 1.699 billion yuan in full-year revenue for 2025, with a gross margin of 60.13%. It is one of the few hardware manufacturers in the sector achieving scalable profits, with products spanning industrial inspection, emergency rescue, and commercial services. Yet even that scale struggled to justify the hundreds-of-billions valuation thrust upon it during its early trading days.
In the first half of this year, Unitree recorded revenue of 1.152 billion yuan, a 48.54% jump from a year earlier. Net income attributable to shareholders reached 274 million yuan, swinging from a loss of 32.02 million yuan in the same period last year. Excluding non-recurring items, net profit came to 244 million yuan, down 19.34% year-on-year.
Unitree attributed the revenue growth primarily to the gradual expansion of downstream application scenarios and sustained market demand for humanoid robots. However, as the company's revenue base has widened, industry hype has cooled, and competition has intensified, the first-half growth rate slowed compared to its compound annual growth rate.
Speaking at the World Robot Conference in his first public address since the IPO, founder Wang Xingxing set a quantitative benchmark for the "ChatGPT moment" of embodied intelligence: robots completing about 80% of tasks via voice or text commands in roughly 80% of unfamiliar scenarios.
He estimates reaching this industry tipping point will take "as soon as 2 to 3 years, or as long as 5 to 10." Wang acknowledged that while most current AI models achieve near 100% success in fixed, specialized scenarios, that rate plummets if objects or environments shift slightly. Overall efficiency and generalization capabilities remain lacking—key reasons why the industry hasn't yet seen mass adoption.
