Unitree hits 20% limit-up as physical-AI conference caps a 46% weekly surge
The humanoid leader closed at 624 yuan, reclaiming a $35.5B market cap days after unveiling the H2-X and hosting its ecosystem conference.
Unitree Robotics closed limit-up 20% at 624.00 yuan on Friday, pushing its market capitalization back above 252.4 billion yuan (about $35.5 billion) and extending a ferocious weekly rally to more than 46%. The STAR Market listing (688836.SH) surged in afternoon trading, the latest leg of a rebound that has lifted the stock 54% from its October 15 intraday low of 404.03 yuan.
The immediate spark was this week's one-two punch of company events. On Wednesday, Unitree hosted the 2026 World Physical AI Conference and partner ecosystem conference in Hangzhou, where founder Wang Xingxing said a breakthrough in physical AI could arrive within one to three years, with the core challenge being the alignment between AI model inputs and outputs and real robots. A day earlier, the company released the H2-X humanoid, demonstrating high platform jumps and front flips that underscored its full-stack grip on both the machine and its motion intelligence. Policy tailwinds helped too: nine ministries issued an opinion accelerating intelligent goods including robots in commerce, and regulators approved the first six national humanoid-robot standards — with Wang among the drafters — effective April 2027.
The rally marks a sharp turn in one of the year's wildest listings. Unitree debuted on August 19 at 150.80 yuan and spiked 629% to 1,100 yuan on day one, briefly worth 440 billion yuan — then surrendered more than 60% over two months as the market balked at a 219-times IPO earnings multiple. Even after this week's surge, the stock remains more than 40% below its peak, and the valuation debate is unresolved: the shares trade at 432 times trailing earnings against an industry average near 40.
Fundamentals are improving but uneven. First-half revenue reached 1.152 billion yuan, up 48.54% year on year, and the company swung to a 274 million yuan net profit — though core profit fell 19.34% and gross margin slipped 4.15 points to 56.01%. Unitree itself has tried to cool the frenzy, issuing abnormal-trading risk warnings on October 20 and 21 and cautioning that the humanoid industry remains in early commercialization, with technology maturity, demand development and supply-chain readiness all uncertain. The next reality check arrives October 29, when the company reports third-quarter results — its first formal quarterly report since listing.