#Gate股票观点挑战 ➕$UNITREE Unitree Technology surges 629%, with a P/E ratio above 600x: What kind of future is the capital market betting on?

On August 19, Unitree Technology surged, with its share price briefly reaching ¥1,100 per share. The maximum intraday gain reached 629%, and its market capitalization peaked at nearly ¥450 billion. The closing gain narrowed to 460.34%, with a closing market capitalization of ¥341.77B. However, based on revenue and net profit, Unitree Technology’s revenue in 2025 was only ¥1.7B, while net profit attributable to the parent company excluding non-recurring items was just ¥591 million. Based on these financial results, Unitree Technology’s P/E ratio (TTM) is close to 600x, while its P/B and P/S ratios reached 38.85x and 164.65x, respectively. Based on these P/E, P/B, and P/S figures, Unitree Technology can hardly be considered cheap, or even reasonably valued. Compared with the industry’s average valuation, Unitree Technology is significantly overvalued, having already priced in expectations for several years of future earnings.
On Unitree Technology’s first trading day, its valuation soared directly to around 600x. On the one hand, this was driven by emotional speculation in the market, which pushed up the company’s stock valuation; on the other hand, it reflected the market’s optimistic expectations for Unitree Technology’s long-term development. As the first humanoid robotics company in China’s A-share market and a bona fide global humanoid robotics giant, it is not difficult to understand why the market has assigned Unitree Technology a higher valuation premium. However, its current revenue and net profit levels cannot support its high valuation and market capitalization.
From the perspective of capital-market pricing, Unitree Technology is not merely being positioned as a humanoid robotics company, but as an embodied-intelligence platform company. Expectations for Unitree Technology’s development are mainly centered on whether it can build a complete and mature range of robot products, achieve large-scale commercialization, and raise expectations for future earnings growth.
In addition, Unitree Technology’s most valuable assets are not limited to the robots themselves, but also include core components, AI models, AI brains, and development platforms. Compared with robot sales, Unitree Technology’s core components, AI models, and development platforms have higher gross margins. Once large-scale commercialization is achieved, Unitree Technology’s revenue and profits could rise to a much higher level.
However, for Unitree Technology, considerable challenges remain in transforming itself into an embodied-intelligence platform company. At present, humanoid robots account for the largest share of Unitree Technology’s revenue, followed by quadruped robots. Whether Unitree Technology can achieve mass production of its robots will be a key factor in sustaining revenue growth in the short to medium term.
Based on the valuation assigned to Unitree Technology by the current capital market, expectations that it will become an embodied-intelligence platform company have already been priced in. The capital market has also already assumed that Unitree Technology’s future profits and revenue will rise to a scale of several billion or even tens of billions of yuan.
The story has already been told in advance, and expectations have already been fully priced in. For Unitree Technology, the next few years will be a critical period for turning each of these development expectations into reality. Once Unitree Technology reaches revenue of tens of billions of yuan and becomes an embodied-intelligence platform company, its stock market capitalization could exceed ¥300-400 billion.
In the stock market, a company’s earnings expectations are more likely to attract market attention than its fundamentals. In a bull market, high-profile new stocks are more likely to attract speculation from market funds and obtain higher valuation premiums. However, behind an excessively high valuation premium assigned by the market, the key question is whether the company’s revenue and profits can support its current valuation, and whether the development and earnings expectations for the listed company can be fulfilled in the future.$UNITREE ‌