Unitree Robotics shares extended their decline.
Gasgoo Munich- On August 24, Unitree Robotics Technology (688836.SH) saw its intraday losses widen to 10%, trading at 605.10 yuan per share with a total market capitalization of approximately 240 billion yuan. This represents an evaporation of nearly 200 billion yuan since its debut intraday peak of 1,100 yuan and a 444.9 billion yuan valuation, as the "first humanoid robot stock on the A-share market" sees its valuation rapidly return to rational levels.
Looking back to August 19: Unitree Robotics Technology saw a speculative surge rarely seen in the history of the STAR Market. With an issue price of 150.80 yuan per share—implying a post-listing valuation of about 61 billion yuan—the stock opened at 1,100 yuan. This was a 629% increase over the issue price, pushing its intraday market capitalization above 440 billion yuan. The full-day turnover rate reached 85.28%, a record high for new STAR Market listings in 2026.
The extreme debut surge reflected an emotional premium placed on the scarcity of the "first humanoid robot stock." It also attracted a large amount of capital from 9.78 million effective subscription applications, fueled by an ultra-low allotment rate of 0.0181%.
Image source: Screenshot from Eastmoney
However, the speculative surge proved short-lived.
Since listing, Unitree Robotics’s stock has followed a steady downward trajectory. In just three trading sessions, it fell from the 1,100 yuan peak to the 600-yuan range, a near 50% decline.
Even at its current valuation of 240 billion yuan, Unitree Robotics’s price-to-sales ratio exceeds 140 times based on its 2025 revenue of 1.699 billion yuan, significantly higher than the industry average.
As a global leader in quadruped and humanoid robotics, Unitree Robotics Technology has achieved large-scale shipments. In 2025, the company delivered more than 5,500 humanoid robots, the highest volume globally, while cumulative sales of quadruped robots exceeded 33,000 units. Overseas revenue has consistently accounted for more than 40% of the total.
For the full year, revenue reached 1.699 billion yuan with a gross margin of 60.13%. Unitree Robotics is one of the few hardware manufacturers in the sector achieving large-scale profitability, with products deployed across diverse scenarios including industrial inspection, emergency rescue, and commercial services.
Unitree Robotics founder and Chairman Wang Xingxing provided a cautious outlook at the 2026 World Robot Congress (WRC 2026). He acknowledged that embodied intelligence still faces a critical industry-wide challenge: insufficient generalization capabilities. The sector’s "ChatGPT moment" is still years away, arriving as soon as two to three years, or taking as long as a decade.
