With Unitree's own filing warning that the valuation could fall back, its third-quarter report becomes the test of whether industrial buyers are taking more humanoid revenue.
Unitree Robotics has told investors that its share price may have run ahead of the humanoid robot business behind it. In a notice released on the evening of October 20 and printed in full the next day by Shanghai Securities News, one of the company’s designated disclosure outlets, the Hangzhou robot maker said its closing-price deviation over three trading sessions, October 16, 19 and 20, had exceeded 30%, the threshold at which the Shanghai exchange treats trading as abnormal. The stock closed at RMB526.03 on October 20.
The warning was blunt for a company less than three months into its listing. Unitree said the humanoid robot industry is still at an early stage of commercialization, with uncertainty over technical maturity, downstream demand and supply-chain readiness. If large-scale adoption arrives later than expected, it said, revenue growth and earnings could suffer, and there is a risk of "估值回归", a return of the valuation to lower levels. Jiemian led its morning technology briefing with the notice.
The company also said its operations were normal and that it had no undisclosed material information. Its directors, senior managers, controlling shareholder and actual controller did not trade the stock during the rally, according to the filing and a report by Taiwan’s Cnyes.
Unitree’s valuation sits far above its industry group
The filing puts a number on the gap. Unitree’s rolling price-to-earnings ratio stood at 388.25 times on October 20, against a one-month average of 39.51 times for general equipment manufacturing. That industry average comes from China Securities Index data cited in the notice.
The rally came in three steps. The shares rose 5.40% on October 16, 16.15% on October 19 and 6.07% on October 20, according to a Qilu Evening News report carried by Sina News, taking the company’s market value to about RMB212.76 billion. Compounded, those moves come to a price gain of about 29.85%. The exchange’s 30% test measures how far the stock outperformed its benchmark, so the deviation can pass 30% even when the price gain alone falls just short.
The rebound followed a long slide. Unitree listed on Shanghai’s STAR Market on August 19 at an offer price of RMB150.80, opened its first session at RMB1,100 and touched an intraday low of RMB404.03 on October 15, Sina’s report said. EastFrontier covered the 460% first-day close at the time.
Research and education buyers drove most humanoid sales through 2025
The company’s own numbers explain why it is cautious. Unitree reported revenue of RMB1.152 billion for the first half of 2026, up 48.54% year on year, and net profit attributable to shareholders of RMB274 million, according to a China Business Journal report published by 21jingji. The same report said inventory rose to RMB671 million and operating cash flow fell 32.5%.
The customer mix matters more than the growth rate. Research and education buyers accounted for more than 70% of humanoid robot revenue in the first three quarters of 2025, while industrial and commercial uses were below 10%, 21jingji reported. A commentary by the research account Alpha Factory, republished by 36Kr, made the same point and noted that humanoid gross margin slipped to 62.91% in that period from 68.44% in 2024 as the cheaper G1 model took a larger share of sales. Factory deployments, the author argued, demand proven reliability and cost savings that university labs do not.
Brokers are split on the price. Bank of America Securities rates the stock "underperform" with a RMB350 target, while Nomura rates it "buy" with a RMB370 target, 21jingji reported. Both targets sit well below the October 20 close.
The first test came the next morning
Trading on October 21 cooled. A quote page on Xueqiu showed the shares closing at RMB515.00, down 2.10%, after trading as low as RMB502.12, which left the company’s market value at about RMB208.30 billion.
The notice itself changes nothing in Unitree’s business; it puts the company’s own caution on record next to a multiple that prices in years of growth. What would change the picture is evidence that humanoid sales are moving beyond laboratories and classrooms. The 36Kr commentary suggested investors track revenue mix, shipment volumes and repeat orders, gross margin against falling unit costs, and research spending against cash flow.
The next data point is Unitree’s third-quarter report. It will show whether industrial and commercial customers are taking a larger share of humanoid revenue, and whether cheaper models are pulling gross margin down further, the two measures that decide how long a 388-times multiple can hold.