Unitree Robotics (688836.SH) has been trading for just over a month, and its share price has already given back more than half of its first-day gains. At the close on Sep 18, Unitree stood at ¥514.98, down 53.18% from its Aug 19 opening price of ¥1,100, putting total market capitalization at roughly ¥208.3 billion. Measured against the roughly ¥444.9 billion market cap set at the opening bell on day one, the company has shed about ¥236.6 billion in value in a month — a sum comparable to roughly a third of Xiaomi Group's market capitalization.
Against the ¥150.80 IPO price, investors who won shares in the lottery are still sitting on a 241.5% paper gain. The ones losing money are mostly those who bought in at the elevated prices on day one and in the days that followed.
The Steepest Drop Among Its IPO Peers
Financial outlet Beike Caijing tracked the 15 stocks that listed in China in August. Unitree's first-day gain of 460.34% over its offer price ranked third among the group. But by its 20th trading day, its drawdown from the first-day closing price had reached 44.40% — the worst of the 15.
The decline has barely paused. Fewer than ten trading days after listing in late August, the stock had already halved from its peak. On Sep 11, it fell below ¥500 intraday for the first time, touching a low under ¥490, and the company's total market cap dropped below ¥200 billion that same day. Founder Wang Xingxing's stake, worth roughly ¥139.2 billion at its peak on the first day of trading, had shrunk to about ¥65.2 billion by Sep 18.
A thin float is the reason most often cited. Unitree's total share count after listing is about 404 million shares, of which only about 30.0877 million shares — 7.44% — were unrestricted and freely tradable at the outset. With so few shares available, the stock surged hard on debut and has found little support on the way back down. One investor interviewed by Beike Caijing said the more than ¥400 billion valuation the market pushed Unitree to on listing day “was, on its own terms, already in an unreasonable range.”
Doing the Math on Revenue
The IPO price implied a diluted, static price-to-sales ratio of 35.89 times 2025 revenue — already high by the standards of Shanghai's STAR Market. Unitree's 2025 revenue came to ¥1.699 billion; at the roughly ¥208.3 billion market cap on Sep 18, the price-to-sales ratio is still above 120 times. At the ¥444.9 billion opening-day valuation, it worked out to roughly 260 times.
Revenue growth itself has been strong. From 2023 to 2025, Unitree's revenue grew at a compound annual rate of 226.78%, and gross margin rose from 44.22% to 60.13%. Cited figures show first-quarter 2026 revenue up 68.49% year over year, while non-GAAP net profit fell 52.55% year over year; previously disclosed first-half figures also showed a year-over-year decline in non-GAAP net profit. The gap between rising revenue and falling profit tracks with Unitree's strategy of cutting prices to chase scale: the humanoid robot G1, originally priced at ¥99,000, now sells for ¥85,000; the new G1+ standard edition starts at ¥95,000; and the seven-axis dexterous robotic arm starts at ¥9,900.
One industry figure told Beike Caijing that secondary-market pricing of embodied AI companies is “not based purely on current revenue and profit” — everyone believes the technology has a real shot, so share prices climb accordingly. Seen the other way, the past month's pullback can be read as the market pulling back some of that “real shot” premium.
What Wang Xingxing Himself Says
Unitree's founder has consistently been more guarded than the market about the industry's timeline. According to public reports, Wang Xingxing said at the 2026 World Robot Conference that embodied AI still faces an industry-wide challenge of insufficient generalization, and that reaching a “ChatGPT moment” for the field will still take time.
From the company's own messaging to its share price, what's missing now is a formal post-listing earnings report to check the numbers against. Unitree's first quarterly report as a public company will be the first to disclose shipment volumes and gross margin for a quarter after listing. When lock-up periods for shares held by strategic placement investors and early shareholders will expire, and whether any of them plan to sell, will depend on the company's future disclosures.
Sources: Sina Finance, CocoLoop, Beike Caijing, Unitree Robotics IPO prospectus; verified against closing prices, market-cap figures, float ratios, IPO price-to-sales ratio and product pricing across trading days.