Unitree Technology's stock price rose over 65% in 7 trading days; announcement warns humanoid robots are still in early commercialization stage

After the market closed on October 26, Unitree Robotics issued an "Announcement on Abnormal Fluctuations in Stock Trading." The announcement shows that the company's stock closing price rose by a cumulative deviation of more than 30% over three consecutive trading days on October 22, October 23, and October 26. In accordance with the "Trading Rules of the Shanghai Stock Exchange" and the "Real-time Monitoring Rules for Abnormal Trading of Stocks on the Science and Technology Innovation Board of the Shanghai Stock Exchange," this constitutes an abnormal fluctuation in stock trading.

Market data shows that Unitree Robotics listed on the Science and Technology Innovation Board in August 2026, with an issue price of 150.80 yuan per share.

Recently, its forward-adjusted closing price rose rapidly from around 405.1 yuan in mid-October, first rising 16.15% on October 19, then hitting the 20% daily limit on October 23 to close at 624 yuan, and rising another 7.69% on October 26 to close at 672 yuan, with a turnover of 7.465 billion yuan that day and a turnover rate of 37.72%. Over the seven trading days since October 16, Unitree Robotics' stock price has rebounded 65.89%.

The company verified that operations are normal, and its trailing price-to-earnings ratio is significantly higher than the industry average

Unitree Robotics' announcement disclosed that, after self-examination by the company and verification with its controlling shareholder and actual controller, as of the disclosure date of the announcement, the company, its controlling shareholder, and its actual controller do not have any major information that should be disclosed but has not been disclosed; the company's operations are normal and no major changes have occurred. The company's business model and main markets have not undergone major changes, and the market environment and industry policies have not undergone major adjustments.

Regarding major matters of market concern, the company, its controlling shareholder, and its actual controller confirmed that there are no plans for mergers and acquisitions, restructuring, share issuance, debt restructuring, business restructuring, asset divestiture, or asset injection, nor is there any other major information that should be disclosed but has not been disclosed; the company has not found any media reports or market rumors that may have a major impact on the stock trading price and require clarification or response. The announcement also shows that during this period of abnormal stock trading fluctuations, the company's directors, senior management, controlling shareholder, actual controller, and their concert parties did not buy or sell the company's stock.

In the risk warning section, the company provided two sets of specific data. As of October 26, 2026, the company's trailing price-to-earnings ratio was 465.22 times, while according to the latest data released by China Securities Index Co., Ltd., the average trailing price-to-earnings ratio of the general equipment manufacturing industry in which the company operates over the most recent month was 38.54 times; the company's price-to-earnings ratio is higher than the industry level.

The company also stated that the humanoid robot industry is still in the early stage of commercialization, and there is uncertainty regarding technological maturity, cultivation of downstream market demand, and industrial chain supporting capabilities; the large-scale implementation of physical AI technology from laboratory demonstrations to real-world scenarios still faces multiple challenges, including perception accuracy, motion control stability, data accumulation, and software-hardware coordination, and the maturation of relevant technical paths and business models still requires time to verify. If the progress of large-scale commercialization in the industry falls short of expectations, the company's future revenue expansion and performance release may be adversely affected, and there is an investment risk of valuation regression.

The announcement also cautioned that, due to objective limitations, the company cannot grasp the reasons for and trends of stock market movements, and reminds investors to pay attention to stock price fluctuations and the investment risks that may be involved.

Humanoid robot shipments exceeded 5,500 units last year, and non-recurring net profit declined in the first quarter of this year

According to the "Prospectus for the Initial Public Offering of Shares and Listing on the Science and Technology Innovation Board of Unitree Robotics Co., Ltd.," Unitree Robotics is a high-performance general-purpose robotics company focused on the research and development, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robot components, and embodied intelligence models. The company fully self-develops core model algorithms such as embodied intelligence, reinforcement learning, and motion control, as well as core components such as high-performance motors, reducers, dexterous hands, LiDAR, and various sensors. Its products cover application fields including scientific research, industry, and consumer use, and it adopts a sales model combining offline and online, direct sales and distribution. The company was established on August 26, 2016; its controlling shareholder and actual controller is Wang Xingxing; and its sponsor and lead underwriter is CITIC Securities.

In terms of business data, during the reporting period, the company's cumulative sales of quadruped robots exceeded 33,000 units; in 2025, humanoid robot shipments exceeded 5,500 units (pure humanoid, excluding wheeled dual-arm robots), ranking first globally in shipments. In terms of revenue structure, in 2025 the company's main business revenue was 1.676 billion yuan, of which humanoid robots contributed 868 million yuan, accounting for 51.78%; quadruped robots contributed 698 million yuan, accounting for 41.62%; and robot components contributed 104 million yuan, accounting for 6.19%. From 2023 to 2025, the company's operating revenue was 159 million yuan, 393 million yuan, and 1.699 billion yuan, respectively, with a compound growth rate of 226.78%; the gross margin of its main business rose from 44.22% to 60.13%; and net profit attributable to the parent company after deducting non-recurring gains and losses grew from -18.0191 million yuan to 591 million yuan. In 2025, net profit attributable to the parent company was 278 million yuan, and the difference from non-recurring net profit mainly came from 349 million yuan in share-based payment expenses recognized for the capital increase of the equity incentive platform Shanghai Yuyi. In terms of the proportion of overseas revenue, it exceeded 40% in each period of the reporting period.

It is worth noting the operational changes the company flagged in its prospectus. After the audit cutoff date of the financial report, the company achieved operating revenue of 423 million yuan in January-March 2026, with year-on-year growth slowing from 332.64% the previous year to 68.49%; net profit attributable to the parent company after deducting non-recurring gains and losses fell from 84.8365 million yuan in the same period last year to 40.2536 million yuan, a year-on-year decline of 52.55%, mainly due to a relatively large year-on-year increase in period expenses such as research and development expenses and selling expenses, among which research and development expenses increased by 38.328 million yuan year on year.

(Source: National Business Daily) Middle of the article: embedded advertisement