Unitree Robotics Down Over 50% from Peak, Valuation Still 100x That of Peers
nashnova research
Unitree Robotics has halved from its listing-day high, yet its price-to-sales ratio still sits around 118× — roughly ten times that of comparable listed peers. The market is repricing the embodied-AI story.
How far has it fallen, and how fast?
Unitree traded as low as RMB 546.51 on Wednesday, down over 50% from its RMB 1,100 intraday peak on listing day. Wednesday alone saw a 4.3% drop.
On its debut last month the stock surged as much as 629%, briefly pushing the market cap above RMB 340 billion (about US$51 billion).
This means → the swing from euphoria to a halving took barely a month — one of the fastest peak-to-trough drops among STAR Market IPOs.
It halved — why is it still considered expensive?
Unitree's price-to-sales ratio (P/S — market cap divided by revenue, measuring how much investors pay per dollar of sales) is still roughly 118×.
Peers UBTech Robotics and Shenzhen Dobot both trade at about 13× P/S — Unitree remains nearly ten times their multiple.
In plain terms = even after a 50% haircut, the "imagination premium" the market assigns to Unitree still dwarfs what comparable companies can justify with actual revenue.
What do professional investors say?
Vey-Sern Ling, managing director at Union Bancaire Privée, called the valuation "still at absurd levels" on traditional metrics such as P/E and P/S.
He noted the stock is still several multiples above its IPO price and "there is further downside from here."
This reflects institutional investors reading this pullback not as "enough" but as "not yet done."
How long until commercialisation?
Founder Wang Xingxing said in August that mass production of humanoid robots could take two to ten years.
The core bottleneck: robots still cannot operate reliably in uncontrolled environments — the real world, not the lab.
This means → even the founder cannot pin down a timeline, yet the market had priced the stock as if deployment were imminent. That expectation gap is the root of this sell-off.
Can policy support anchor the valuation?
Beijing continues to designate humanoid robotics as a strategic technology priority, and several brokerages forecast rapid industry growth.
But between policy tailwinds and actual commercialisation lies an uncertain time window — a variable that will keep testing the market's tolerance for sky-high multiples.
In plain terms = policy sets the direction but not the schedule. Until "when does mass production arrive?" has a clear answer, the valuation anchor stays loose.
市场有风险，内容仅供研究参考，不构成投资建议。