Can Unitree Justify a $243.9 Billion Valuation After Its Post-IPO Pullback?
Unitree Technology’s first days on Shanghai’s STAR Market produced one of the most dramatic valuation swings in China’s robotics sector this year. The company listed on Aug. 19, 2026, at RMB 150.80 per share, implying a post-offering market capitalization of roughly RMB 61 billion. Intraday on its debut, the stock surged to RMB 1,100, briefly lifting its value to about RMB 444.9 billion, before closing at RMB 341.8 billion. By Aug. 24, after several sessions of declines, the stock had fallen to RMB 603.08, leaving Unitree with a market capitalization of about RMB 243.9 billion. In a lengthy valuation analysis carried by MarsBit and attributed to CEIBS accounting professor Zhang Feida, the question is not whether Unitree has real products or real revenue. The company posted about RMB 16.99 billion in revenue in 2025, more than 5,500 humanoid robot shipments, roughly RMB 591 million in adjusted net profit, and positive operating cash flow. The issue is whether those operating results can support a valuation that still prices in years of high returns after a sharp pullback. Using the Ohlson residual income model, Zhang examines four pillars behind that question: return on equity after IPO dilution, the durability of Unitree’s moat, the quality of its future growth, and risks tied to management, governance, ESG, and overseas regulation. The article argues that investors are not paying for Unitree’s current earnings alone, but for a much larger expectation that robots can move from demonstrations into repeatable labor across factories, warehouses, services, and eventually homes.








