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From storytelling to crunching the numbers: will the robot company IPO feast end?

Unitree Technology listed on the Shanghai Stock Exchange on August 19 at 150.8 yuan per share, with its market value briefly exceeding 440 billion yuan before falling below 170 billion yuan, then recovering to 267.824 billion yuan at the November 2 close. The article argues that this fluctuation marks an industry turning point, with companies such as AgiBot and Weiyi Intelligent Manufacturing successively delaying their listings; primary-market financing continues, but valuation approaches are shifting toward performance and orders. The author notes that robot IPOs have not cooled off; rather, the industry has become more rational, and only companies that can achieve sustainable gross margins in a single scenario are qualified to enter the next round.

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