Unitree Robotics Shares See Ongoing Abnormal Volatility: 7-Day Surge of 65%, Rolling P/E Hits 465x

For everyday investors, Unitree Robotics’ current share price has heavily front-loaded years of future growth, leaving a valuation gap that can only be filled by real, sustained profit expansion.

On October 15, 2026, Unitree Robotics closed at 404.03 RMB per share, marking an all-time low since its initial public offering (IPO) and a drop of more than 60% from its debut opening price of 1,100 RMB on August 19. However, beginning October 16, the stock staged a sharp reversal: across the three trading sessions of October 16, 19, and 20, the cumulative closing price deviation exceeded 30%. On the evening of October 20, the company released its first post-IPO Announcement on Abnormal Fluctuations in Stock Trading (Announcement No. 2026-003). The daily gains over those three sessions stood at 5.4%, 16.15%, and 6.07%, respectively, with the stock closing at 526.03 RMB on October 20 for a market capitalization of 212.8 billion RMB.

Following a brief consolidation, the rally escalated further. Across October 22, 23, and 26, the closing price deviation once again exceeded 30%, triggering a second volatility announcement (Announcement No. 2026-004). Gains over those three sessions were 0.97%, 20% (its first 20% daily limit-up since listing), and 7.69%. On October 26, the stock touched an intraday high of 737.50 RMB before settling at 672 RMB, bringing its total market capitalization to 271.8 billion RMB—a cumulative gain of more than 65% across seven consecutive trading days.

The price surge coincided with an explosion in trading activity. On October 23, full-day turnover reached 4.770 billion RMB, with a turnover rate of 28.08%; on October 26, turnover expanded to 7.465 billion RMB, with the turnover rate climbing to 37.72%. According to company filings, as of October 26, Unitree Robotics’ trailing twelve-month price-to-earnings (TTM P/E) ratio reached 465.22x, compared to China Securities Index Co., Ltd.’s reported average one-month rolling P/E of just 38.54x for the general equipment manufacturing sector.

Institutional positioning revealed notable divergence. Dragon-Tiger Board (Longhu Bang) data indicated that on October 26, two institutional dedicated seats recorded combined net buying of 249 million RMB, while the top five sell-side seats offloaded a combined 816 million RMB. Net sellers included China International Capital Corporation (CICC) Shanghai Branch, Goldman Sachs Shanghai Pudong Seat, and GF Securities Beijing Chaoyangmen Branch. A similar pattern played out during the limit-up session on October 23: while institutions posted net purchases of 241 million RMB, J.P. Morgan Securities (China) Shanghai Yincheng Middle Road seat recorded net sales of 83.40 million RMB.

Policy, Conferences, and Rating Upgrades

The primary catalyst for this rally emerged on the policy front. On October 19, nine government departments—including the Ministry of Commerce, the Cyberspace Administration of China, and the National Development and Reform Commission (NDRC)—jointly issued the Opinions on Accelerating the Promotion of Science and Technology to Invigorate Commerce. The guidelines called for deepening the “Artificial Intelligence + Manufacturing” initiative, broadening the supply of smart products such as robotics, and explicitly advocating for “promoting the deployment of embodied AI technology in commercial sectors and expanding applications into home services, commercial logistics, and related areas.” With 18 specific measures unveiled, markets immediately identified Unitree Robotics as the most direct beneficiary. Concurrently, industry standardization moved forward: the State Administration for Market Regulation approved and published the first batch of six national standards for humanoid robotics, scheduled to take effect on April 1, 2027. These include five standards under the Technical Requirements for Humanoid Robots series and the Technical Specification for Humanoid Robot Simulation Testing Platforms.

A second catalyst originated from industry developments. On October 22, Unitree Robotics hosted the 2026 World Physical AI Conference and Partner Ecosystem Conference in Hangzhou. Company founder Wang Xingxing stated that with the release of GPT-6, physical AI has “begun to show clear signs of a breakthrough,” projecting that the inflection point could arrive within 1 to 2 years, or 2 to 3 years at most. He emphasized that the primary challenge in reaching embodied AI’s “ChatGPT moment” lies in aligning model inputs and outputs with physical robotics. Wang also noted that while Unitree currently produces tens of thousands of robots and hundreds of thousands of joint motors and modular components annually, production capacity remains “far from sufficient” for widespread mass adoption.

The third catalyst came from an abrupt reversal in foreign institutional sentiment. On October 25, J.P. Morgan published a research report double-upgrading Unitree Robotics from “Underweight” directly to “Overweight,” while raising its December 2027 price target from 300 RMB to 995 RMB. The bank noted that Wang Xingxing’s remarks moved forward its expectations for physical AI deployment timelines—previously estimated at “up to 10 years”—suggesting that the industry sales S-curve could arrive substantially earlier. In volume projections, J.P. Morgan maintained its 2026 forecast at 14,163 units, lifted its 2027 target from 26,226 to 31,701 units, and raised its 2028 outlook from 41,552 to 111,554 units, predicting global market shares of 21% by 2028 and 12% by 2030. In terms of valuation methodology, J.P. Morgan applied a 30x price-to-sales (P/S) multiple on projected 2028 revenues to support the 995 RMB target, characterizing Unitree as “one of the few direct embodied AI investment proxies in the A-share market,” whose public status, hardware platform, and installed base justify a “scarcity premium.”

Cracks in Fundamentals Beneath Sky-High Valuations

In sharp contrast to the 465x P/E ratio is a continuous deceleration in top-line growth. Unitree’s revenue grew 332.64% year-over-year in 2025, slowing to 68.49% in Q1 2026, and decelerating further to 48.54% in the first half of 2026. According to H1 2026 data disclosed in its listing prospectus, the company recorded revenue of 1.152 billion RMB (+48.54% YoY). Net profit attributable to shareholders of the parent turned positive at 274 million RMB; however, net profit excluding non-recurring gains and losses stood at 244 million RMB, down 19.34% year-over-year. The company attributed this contraction primarily to sharp increases in operating expenses, including research and development and sales expenditures.

Customer and demand concentration presents another concern. Nomura’s initiation report in August highlighted that in the first three quarters of 2025, 73.6% of Unitree’s humanoid robot revenue came from scientific research and academic institutions, while industrial and commercial applications accounted for only roughly 5%. Nomura also noted that the average selling price (ASP) of humanoid robots fell from 593,000 RMB in 2023 to 166,000 RMB in 2025.

Competitive dynamics are evolving as well. According to IDC figures, AgiBot (智元机器人) shipped over 8,600 units in the first half of 2026, capturing roughly 35% of the global market and taking the top spot. Equally telling is the rapid pivot in J.P. Morgan’s own coverage: when initiating coverage in late September, the bank assigned an “Underweight” rating and a 300 RMB target price, arguing that “hardware leadership has not yet reliably translated into repeatable commercial demand, with orders still primarily stemming from R&D, developer platforms, and small pilot deployments.” A complete reversal within three weeks highlights just how heavily current pricing leans on speculative sentiment rather than established execution.

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