Physix FrontierPhysix Frontier · News Briefing Card (TMTPost · Oct 14, 2026)
Unitree shares fall over 61% from debut high; JPMorgan starts at Underweight
KEY FACTS
- Unitree Technology closed at 436.63 yuan on October 13, down more than 61% from its intraday debut high of 1,100 yuan on October 8.
- JPMorgan initiated coverage of Unitree Technology with an Underweight rating and a price target of 300 yuan.
- Wang Xingxing said at the Industry Expo on October 12 that the critical point for embodied intelligence could arrive in as soon as one to two years.
- Wang Xingxing had previously given more conservative timelines twice, in August 2025 and August 2026.
- Wang Xingxing said GPT-6 was deployed and tested on Unitree robots, and the task performance was very good.
KEY DATA
436.63 yuanOctober 13 closing price
1,100 yuanIntraday high on debut day
over 61%Cumulative decline from debut high
300 yuanJPMorgan price target
PHYSIX OBSERVATION
Wang Xingxing is betting the critical point on GPT-7, which amounts to admitting that his own technology cadence is constrained by external model vendors. The Underweight rating from institutions is not necessarily a rejection of the technology, but rather an inability to model a company dependent on such external variables. The valuation challenge for embodied intelligence is fundamentally that physical data modalities such as contact manipulation have not yet broken through, and no matter how strong GPT becomes, it cannot fill this gap.
Source: TMTPost report