Unitree Technology Rises 35% in 3 Days, Market Cap Tops 220 Billion Yuan

Unitree Technology's share price has rebounded by more than 70% over 12 days, with total market value recovering to over 280 billion yuan. JPMorgan raised its target price from 300 yuan per share to 995 yuan per share. Its first post-IPO financial report, released after market close on October 28, showed Q3 revenue of 665 million yuan, up 69.93% year on year, but non-GAAP net profit of 105 million yuan, down 17.42% year on year, and R&D investment of 127 million yuan, up 249.58% year on year.

Unitree Technology's shares rose more than 65% cumulatively over seven consecutive trading days starting October 16. On October 26, the stock closed at 672 yuan with a total market value of 271.8 billion yuan, and its trailing price-to-earnings ratio reached 465.22x, far above the roughly 38.54x average for the general equipment manufacturing industry over the past month.

Unitree Technology issued an announcement on abnormal stock trading fluctuations after its closing price deviation accumulated to over 30% across three consecutive trading days on October 16, 19, and 20. It closed at 526.03 yuan per share on October 20, with a market value of 212.8 billion yuan.

Unitree Technology's stock rose 16.15% and 6.07% on October 19 and 20, respectively, closing at 526.03 yuan, with its market value returning above 210 billion yuan. The company also announced that operations are normal and that there is no undisclosed material information requiring disclosure.

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.

Unitree Technology issued a stock trading abnormal fluctuation announcement on the evening of October 20, warning that the cumulative deviation of its stock price over three consecutive trading days exceeded 30%. On October 20, the stock closed at 526.03 yuan per share, with a market value of 212.8 billion yuan and a rolling price-to-earnings ratio of 388.25 times, higher than the industry average of 39.51 times. The company stated that there is no major undisclosed information that should be disclosed and that its operations are normal. The announcement warned that the humanoid robot industry is still in the early commercialization stage, and if large-scale commercialization falls short of expectations, there is an investment risk of valuation regression.

Unitree Robotics (688836.SH) closed up 16.15% on October 19, with its market cap returning above 200 billion to 200.58 billion, marking its largest single-day gain since its IPO listing on August 19. Previously, on October 15, its share price had just hit a post-listing low of 404.03 yuan, a decline of 63.27% in less than two months after listing. The article compares the valuations and R&D investment of Unitree Robotics and XPeng Group: Unitree's 2025 R&D investment was 145 million yuan with 5,500 units delivered, while XPeng Group's 2025 R&D investment was 9.49 billion yuan with a market cap of about 61.244 billion yuan.

On the afternoon of October 19, Unitree Robotics surged 16.15% to close at 495.92 yuan, with its total market cap returning to 200 billion yuan, the largest single-day gain since its listing excluding the first day. Its share price had previously fallen more than 60% after it listed on the STAR Market on August 19 at an issue price of 150.80 yuan. Revenue in the first half of 2026 was 1.152 billion yuan, up 48.54% year on year, but non-recurring net profit attributable to shareholders fell 19.34% year on year. On October 22, Unitree will hold a partner ecosystem conference, and on October 29 it will disclose its first third-quarter report.

Unitree Robotics rose more than 10% intraday today, climbing back above 470 yuan with turnover exceeding 1.6 billion, diverging from JPMorgan's 300 yuan and Nomura's 370 yuan price targets. JPMorgan set a 300 yuan target based on a 30x 2027 price-to-sales ratio; it is not pessimistic about the roughly 4 billion yuan 2027 revenue forecast—what it cut is the valuation multiple. Unitree's free float is only 7.44%; first-half revenue was 1.152 billion yuan, and non-GAAP net profit fell 19.34% year on year.

On October 19, humanoid robot concept stocks hit limit-up en masse. Unitree Technology-W (688836.SH) rose more than 16% in the afternoon and closed at 495.92 yuan per share, with its total market cap returning above 200 billion yuan to 200.582 billion yuan. Zhaowei Electromechanical, Zhejiang Rongtai, Fulaixin Materials, Riying Electronics, and Ningbo Dongli hit limit-up, while Siling Zhiqu rose more than 10%. Unitree Technology's gain that day was its largest single-day gain since its listing on the STAR Market on August 19, excluding the first day of its IPO.

On October 19, Unitree Technology rose sharply during intraday trading and closed at 495.92 yuan per share, up 16.15%, with total market cap recovering to 200.582 billion yuan. This was its largest single-day gain since listing on the STAR Market on August 19, excluding its first trading day (a gain of 460.34%).

The three major A-share indices closed mixed, with the Shanghai Composite up 0.39%, the Shenzhen Component up 0.13%, and the ChiNext Index down 0.94%. Robotics stocks led gains, with Unitree Robotics rising over 16%. Zhaowei Machinery & Electronics, Zhejiang Rongtai, and Wanfeng Auto Holding hit the daily limit up, while ICBC and China Construction Bank shares hit record highs. The semiconductor sector weakened, with Skyverse falling over 10% and ChangXin Memory Technologies and Hwatsing Technology falling over 7%.

Unitree Robotics rose over 15% intraday and is now at 492.00 yuan.