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Unitree Technology hits limit-up despite warning of 388x P/E valuation risk: physical AI sector frenzy hard to deter

In its October 20 abnormal-fluctuation announcement, Unitree Technology warned of a rolling P/E ratio of 388x versus an industry average of just 39x, flagging valuation-reversion risk, yet on October 23 it still posted its first 20cm limit-up since listing, and JPMorgan subsequently raised its target price from 300 yuan to 995 yuan. In the first half of 2026, Unitree's revenue was 1.152 billion yuan, up 48.54% year on year, while non-recurring net profit was 244 million yuan, down 19.34% year on year; in the first three quarters of 2025, 73.60% of humanoid robot revenue came from universities and research institutions, with industrial scenarios accounting for only 9.01%.

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