❯ Unitree Robotics Falls 18.7% on Second Trading Day, Market Cap Breaks Below 300 Billion Yuan

PULLBACKExchange data showed the stock opened 6.51% lower at 790 yuan on its second trading day, at one point falling more than 17% intraday and successively breaking below the 800-yuan and 700-yuan round-number levels. It closed at 687 yuan, down 18.7% for the day. Turnover reached 9.072 billion yuan, with a turnover rate of 41.98%. Total market capitalization pulled back to about 277.8 billion yuan, wiping out over 60 billion yuan from the previous day.

DAY ONEThe gap stems from the first day’s extreme pricing. On the prior trading day — August 19, the listing day — the stock opened at a high of 1,100 yuan, up 629% from the 150.80 yuan IPO price. It closed at 845 yuan, up 460%, with full-day turnover of 24.5 billion yuan and a turnover rate of 85.28%. Over the two sessions, market capitalization has shrunk by more than 160 billion yuan from the peak at the day-one open. Founder Wang Xingxing himself acknowledged in public the day after listing that many of the carefully polished robot demos in recent years used pre-trained actions, and responses to real-time voice commands still have a delay of several seconds.

PRICINGWith the turnover rate above 40% for two consecutive days, the stock has yet to form a stable shareholder base, with the shares basically circulating among short-term funds. Embodied AI companies lack comparable revenue multiples, so the market can only fall back on order scale and demo videos for valuation — and the founder himself just undercut the credibility of those demos. The only thing that can support the stock price going forward is batch delivery order numbers; nothing else will be enough.

▪ SIGNALWhat evaporated 160 billion in two days was not fundamentals — it was the imagination packed into that 629% opening price on day one.