Unitree Robotics Surges 35% in 3 Days: Is a 399x PE Faith or a Bubble?

Unitree Robotics' stock rose more than 35% cumulatively over 3 trading days, reaching a high of 549.44 yuan per share, with total market value above 220 billion and a price-to-earnings ratio of 399x. The rally was driven by three catalysts: the Ministry of Industry and Information Technology disclosed that in the first half of 2026, China's humanoid robot complete-machine products exceeded 400 models, with output surpassing 40,000 units and expected to exceed 100,000 units for the full year; Nvidia's GTC focused on physical AI, and OpenAI announced its entry into humanoid robots; Tesla's Optimus V3 hardware plan is basically frozen, with upstream component orders booked through 2027.