CoinW Research Institute

Unitree Technology three days before its listing, the market's response is not simple. If we only look at the issue price, the company's performance is still very strong. Unitree Technology's issue price was 150.80 yuan, and on the first day of listing, it opened as high as 1100 yuan, finally closing at 845 yuan, up 460.34% from the issue price. This indicates that the market is indeed willing to pay a significant premium for labels like "the first humanoid robot stock," "leader of domestic robots," and "gateway to embodied intelligence." But the enthusiasm dissipated quickly. On August 20, Unitree Technology closed at 687 yuan, down 18.70%; on August 21, it closed at 672.41 yuan, down 2.12%. On August 24, the company further closed at 603.08 yuan, down 10.31%, with a maximum intraday price of 642.00 yuan, still not returning above the previous trading day's closing price, and the lowest touching 602.05 yuan, closing almost near the day's low. The market has completed the first round of scarcity pricing, and the next step is to see how the operation performs.

1. What we changed our view on

We originally believed that after Unitree Technology's listing, the scarcity premium might continue to ferment, and the market would continue to give a high enthusiasm around its identity as “the leader of domestic humanoid robots.” Now it seems that the scarcity premium has been quickly realized on the first day, and the short-term judgment needs to shift from active to cautious observation. The reason is straightforward: in the three trading days after listing, trading volume and turnover rate have continued to decline, and the stock price has clearly retreated from the high point of the first day. The further drop of 10.31% on August 24 shows that the market does not deny Unitree but is unwilling to continue paying an infinite price only for the "first stock" label. This is also the most significant change noted today: the narrative phase of Unitree Technology has shifted from "listing event-driven" to "valuation multiple compression + fundamentals awaiting verification." The continued drop on August 24 cannot simply be understood as the company's fundamentals being falsified, as the market has not yet seen new financial reports, orders, or delivery data; rather, the pressure comes directly from the valuation itself. After a high open on the first day, the market has completely filled the scarcity premium of "the first humanoid robot stock," and against the backdrop of rising concerns about the AI bubble, high long-term U.S. Treasury yields, and a cooling risk appetite for global growth assets, high-valuation targets are inherently more susceptible to compression. At the same time, the live videos from the World Robot Conference and humanoid robot competitions also show the market: humanoid robots are still in a very early stage of capability demonstration, far from truly stabilizing in factories, homes, and service scenarios. Therefore, before the listing, the market mainly asked: how much valuation can Unitree bring? After listing, the market began to ask: what can this valuation rely on? The former considers sentiment, scarcity, and imagination; the latter looks at orders, revenue, profits, cash flow, and whether robots can truly transition from demonstration scenarios to high-frequency commercial scenarios.

2. What three days of trading validated

First, let’s look at the parts that have already been validated. The public market has indeed accepted the scarcity of Unitree. The first day saw a significant high opening, high turnover, and high trading volume, indicating that funds are willing to treat Unitree as an important pricing anchor in the robotics industry. It is not just an ordinary new stock but a concentrated test of the entire robotics industry in the secondary market. Secondly, the initial premium was released too quickly. Opening at 1100 yuan on the first day and closing at 603.08 yuan on August 24, there has already been a 45.17% decline. This process indicates that early chasing funds have begun to realize their gains. For ordinary investors, this is particularly important: a good company does not mean that any price is reasonable, and a hot track does not mean that it will not experience significant fluctuations in the short term. Moreover, there has been no simple "all rise" in the robot industry chain. Before Unitree Technology’s listing, we had suggested that Unitree's listing might become a valuation test for the entire industry chain of robots. However, looking at the actual performance over the first three days, the sector has shown more differentiation rather than indiscriminate rises. Funds are more willing to trade on Unitree's scarcity itself rather than re-evaluating all robot concept stocks together.

The most critical point that still needs validation is: can Unitree's commercialization keep pace with its valuation? Unitree has proven that it is not a purely conceptual company. According to the listing announcement and relevant public information, the company is expected to achieve revenue of 1.699 billion yuan in 2025 and 1.152 billion yuan in the first half of 2026, a growth of 48.54%. This is not low for a robotics company. But the current market price implies higher requirements. After closing on August 24, the company's total market capitalization was about 243.924 billion yuan; based on the revenue for 2025, the static price-to-sales ratio is about 143.57 times. Such a high valuation requires subsequent revenue, profit, and cash flow to continually prove that Unitree can not only sell robots but can also sell robots into larger, more stable, and more valuable scenarios.

3. The positive side and the side that needs to cool down

Unitree Technology is worth paying attention to, and the reasons are clear. It has products, sales, brand recognition, and strong cost advantages. From the quadrupedal robot Go series to the humanoid robots G1, H1, and to the lower-priced R1, Unitree has been pushing robots from the laboratory into a more purchasable product form. In particular, the G1 has brought the price of humanoid robots down to the 99,000 yuan level, which is of significant symbolic importance for the industry. More importantly, Unitree does not just do shell assembly. The company continues to develop core components such as joint motors, reducers, and controllers while covering complete machines, components, and embodied intelligent models. This is also why the market is willing to give it high attention: it may not just be a hardware robotics company but a platform company in the future embodied intelligence industry chain.

However, the side that needs to cool down must also be clarified. The robotics industry is still very early. Humanoid robots are still far from entering factories, homes, and service scenarios on a large scale. Previous public information showed that a significant proportion of Unitree's humanoid robot revenue comes from scientific research and education, and the proportion used in industrial manufacturing, inspection, and other high-value scenarios is still not high. In other words, being able to sell to laboratories, schools, and developers is a different matter from being able to stably replace human labor in factories. At the same time, financial data also remind us that growth does not come without cost. In the first half of 2026, Unitree's non-recurring net profit dropped by 19.34% year-on-year, and the net cash flow from operating activities dropped by 32.53% year-on-year. Continued revenue growth is a good thing, but the quality of profits and cash conversion are beginning to come under pressure, indicating that the company is still in the investment and expansion phase. This is the most realistic state: Unitree has industrial status and valuation pressure; it has growth logic and challenges in proving it.

4. What to focus on now is not just Unitree's own financial reports

From now on, the focus should not be on daily ups and downs, but on two questions: whether the company's own order quality has upgraded and whether there are true productivity samples emerging in the global humanoid robot track. Unitree's third-quarter financial report is still worth watching, with a focus on revenue growth rate, gross profit margin, net profit excluding non-recurring items, operating cash flow, and contract liabilities. But simply having revenue growth is not enough; the key is to see where the revenue comes from. If orders are still primarily concentrated in research and education, demonstrations, developers, and early trial scenarios, the market may still question: are humanoid robots really “selling products,” or have they already begun to become production tools? Therefore, the order structure is more critical than the single revenue growth rate. If third-quarter revenue continues to grow rapidly while the proportion of customers in real production scenarios like industry, logistics, and inspection increases, Unitree's valuation recovery will be better supported; if revenue growth mainly comes from early scenarios, the market's doubts about the high valuation will still persist.

There is an easily overlooked variable here: will the funds that Unitree obtained after its listing truly translate into breakthroughs for the robots' "brains." According to the prospectus and issuing information, Unitree's IPO raised a total of about 6.099 billion yuan, with an original plan for fundraising projects totaling about 4.202 billion yuan, among which the largest single item is the intelligent robot model R&D project, with an intended investment of about 2.022 billion yuan, accounting for nearly half of the total planned investment. This project does not point toward simple capacity expansion but aims at capabilities such as embodied large models, embodied body intelligent models, data collection, and simulation training, which is often referred to in the market as the "brain" and "cerebellum" of robots. This investment is crucial; it may involve whether robots can truly understand their environment, generalize tasks, and execute them stably. If this R&D investment can bring improvements in model capability, real scene data, and task success rates afterward, the long-term logic of Unitree will be more solid; if it takes a long time to see changes in product capabilities after the investment, the market may still regard it as a highly-valued but commercially still early-stage robotics hardware company.

In addition, externally, we should also look for two signals. First, when will Tesla Optimus truly enter large-scale production and start working on Tesla's super factory assembly line? It is the biggest benchmark for the commercialization of humanoid robots globally; once it stably takes on tasks such as handling, assembly, sorting, and inspection in real factories, it will weaken the market consensus that "humanoid robots are just toys for now," and the valuation of Unitree as a representative company in China may also benefit. Second, whether there are any significant developments in the "brain" level of embodied intelligence between Nvidia and Unitree. The market is no longer just looking at whether robots can walk or jump, but rather whether robots can understand their environment, generalize tasks, and execute them stably. Nvidia's layout in Isaac GR00T, Jetson Thor, robotic simulation, and physical AI is an important infrastructure for global embodied intelligence. If Unitree can achieve clearer breakthroughs in models, products, or applications within this ecosystem, the market's long-term positioning for it will be easier to upgrade.

5. Long-term perspective: the story is not over, but results must speak

We have not overturned Unitree Technology's long-term industrial status due to a three-day pullback. Unitree remains one of the most deserving companies to continue tracking in the field of domestic robots and embodied intelligence. It has already gained mass production experience, a product matrix, and market recognition, and represents an important path for domestic robots to evolve from high-cost prototypes to purchasable products. But we no longer take short-term strength for granted. The events three days after listing indicate that the market can quickly offer a premium and can also quickly demand realization. Moving forward, Unitree's long-term pricing logic must shift from "the first humanoid robot stock" to four harder metrics: scale delivery, industrial scenarios, profit quality, and cash flow.

Therefore, our current attitude towards Unitree Technology is: in the short term, we should temper our optimistic expectations and wait for orders and financial reports to provide answers; in the long term, we still consider it a key observation object in the fields of domestic robots and embodied intelligence. If third-quarter revenue continues to grow rapidly, gross profit margin remains resilient, the decline in net profit excluding non-recurring items narrows, operating cash flow improves, and verifiable bulk orders from industrial customers emerge, Unitree's long-term logic will be further strengthened. Conversely, if revenue growth slows significantly, profits and cash flow continue to come under pressure, industrial applications fail to break through, or overseas regulatory risks escalate, then the market will need to reassess whether the current valuation stands. The story of Unitree is not over, but the story itself is no longer enough. During the three days before the listing, the market was trading on scarcity; from now on, what the market needs to see is whether Unitree can turn enthusiasm into orders, turn orders into revenue, and then turn revenue into truly sustainable commercial capabilities.

This article is for market research and information analysis only and does not constitute any investment or trading advice.

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