#宇树科技涨近12% Unitree’s rally was driven mainly by renewed interest in the sector, amplified by capital flows amid high volatility. On November 9, the stock closed up 9.04% at 716 yuan; it hit an intraday high of 759.99 yuan, at one point gaining more than 15%.

Why the sector is heating up
Apple testing: On November 4, Apple’s team unveiled the humanoid robot system HALO, which achieved a success rate of around 91% in tests on Unitree’s G1.
Industrial deployment: A subsidiary of China National Petroleum joined forces with Unitree and others to sign an agreement, preparing to establish a joint venture focused on industrial robots.
The sector didn’t follow: On the same day, the Unitree Technology concept index actually fell 0.14%, indicating the rally was driven mainly by news about the individual stock.

Signs of capital flows battling it out
Deep earlier pullback: On October 15, the share price hit 404.03 yuan, down more than 60% from its listing-day high.
Fast rebound: From the low to the November 9 intraday high, the stock gained nearly 90% in less than a month.
Heavy turnover: The turnover rate today was 23.41%, with trading volume of 5.12B yuan, indicating frequent changes in ownership.
High valuation: The trailing P/E ratio was around 517x, meaning a lot of expectations are already priced into the stock.

So, the theme has made real progress, but today’s 11.94% gain was only an intraday high; the stock had already pulled back by the close. Whether it can hold its ground will depend on whether these partnerships can actually translate into revenue and profit.

What indicators should be watched, beyond the share price, to judge whether Unitree Technology’s rally can continue?
The focus is on three things: whether orders turn into revenue, whether the core business is profitable, and whether the valuation is too high. The rally can hold only if all three improve.
Orders and revenue
Orders on hand: At the end of 2025, they stood at 282 million yuan, up 93% year over year, showing that new orders are indeed coming in.
Inventory and customer prepayments: Inventory was nearly double its level at the start of the year, while customer prepayments rose by only 70%, suggesting the production line is running ahead of orders.
Where is the money coming from: More than 70% of humanoid robots are sold to universities and research institutions; very few are actually working in factories.
Is the core business profitable?
Net profit excluding non-recurring items: It fell about 17% year over year in the third quarter and was also down 18.78% in the first three quarters.
R&D spending: It was 127 million yuan in the third quarter, up about 250% year over year, with profits weighed down by R&D and selling expenses.
Operating cash flow: It was 194 million yuan in the first three quarters, down 54.69% year over year. Is the valuation too high?
P/E ratio: At the end of October, the trailing P/E ratio was around 465x, while the average for the general equipment manufacturing industry was only around 38x.
The company’s own warning: Unitree says humanoid robots are still in the early stages of commercialization, with uncertainty around both technology and demand.

The most important figures to watch next are net profit excluding non-recurring items and operating cash flow in the annual report. If both turn positive, the share price will have earnings to support it; if it’s still “revenue up, profit down,” this rally is likely being driven mostly by capital flows.#WCTCS9 $UNITREE