On September 2nd, Unitree Robotics Co., Ltd (Unitree Robotics, 688836), known as the "first humanoid robot stock," saw its share price fall below 550 yuan per share during its 11th trading day, two weeks after its market debut, pushing its market capitalization under 222.4 billion yuan. This represents a halving from the 1,100 yuan per share peak recorded on its first day of trading.
On August 19th, Unitree made its A-share market debut, opening at 1,100 yuan per share, up 629.44%, with total market value surging to 444.9 billion yuan. Since then, the stock has been in steady decline, and during trading on September 2nd, it broke through the 550 yuan mark intraday, dropping over 4%, with total market value falling below 222 billion yuan.
The sharp decline has drawn market attention, with *Securities Daily* publishing an article arguing against defining the future of humanoid robots through short-term K-line charts. The article states that Unitree's share price correction is the result of multiple factors and does not indicate a sudden shift in the company's fundamentals, nor does the pullback signify a change in the industry's development logic. Unitree is one of the few companies in the global humanoid robot space that has achieved scaled shipments and profitability. Short-term price swings should not be used to judge a company's true quality; while recognizing the era-defining opportunity of domestic humanoid robot breakthroughs, full awareness of the various uncertainties inherent in the early-stage industry is equally necessary.
The article continues that the humanoid robot industry has ample room for future development, but the cycle for realizing performance results is lengthy, with uncertainties surrounding technological iteration and commercialization progress. If commercialization falls short of market expectations, companies may face valuation pressure.
In reality, Unitree's listing has been interpreted by the market as the industry transitioning from the "burning cash on storytelling" phase to a new stage of "profitability verification." For the capital markets, Unitree simultaneously carries three distinct narratives: one is its already validated quadrupded robot commercialization, another is its push into scaled-delivery humanoid robots, and the third is its ambition to extend beyond a single form factor, evolving toward a general-purpose embodied intelligence platform.
During an online investor communication session, founder Wang Xingxing addressed concerns regarding the stock price, valuation, and post-listing pressures. He stated that the company hopes investors purchase its stock because "they identify with the company's value," rather than purely for speculative trading. When discussing the pressures following the listing, he responded that "pressure also brings motivation," adding that the company will make good use of the raised capital, expedite the implementation of fundraising projects, and repay shareholders with strong performance.
Unitree Robotics is a high-performance general robotics company focused on the research, development, production, and sale of high-performance general-purpose humanoid robots, quadruped robots, robot components, and embodied intelligence models. Its predecessor, Unitree Limited, was established on August 26, 2016, and was converted into Hangzhou Unitree Robotics Co., Ltd. through an overall company change on May 28, 2025. The year 2026 marks the tenth anniversary of Unitree's founding.