Physix Frontier · News Briefing Card (TMTPost · Nov 7, 2026)

Unitree market cap halves post-IPO as humanoid rental prices fall 90%

KEY FACTS

Unitree Robotics shipped over 5,500 pure bipedal humanoid robots in 2025, generating 868 million yuan in humanoid robot revenue.
Unitree Robotics listed on the STAR Market on August 19, 2026, at an issue price of 150.80 yuan per share; the stock closed at 845 yuan on its first trading day.
One month after listing, Unitree's market cap briefly fell below 200 billion yuan, a drawdown of over 55% from its peak.
Daily rental prices for humanoid robots dropped from roughly 20,000 yuan in early 2025 to the thousand-yuan level in 2026.
In the first half of 2026, global humanoid robot shipments exceeded 22,000 units, with about 4,000 entering factories.

KEY DATA

1.699 billion yuanUnitree 2025 revenue

591 million yuanUnitree 2025 non-GAAP net profit

150.80 yuan/shareUnitree issue price

Over 22,000 unitsGlobal shipments in H1 2026

PHYSIX OBSERVATION

Unitree's financials prove humanoid robots can sell, but what sells is mostly performance and research props, not production-line workers. The collapse in rental prices and secondhand residual value shows the demonstration economy has hit its ceiling, and capital is shifting from chasing spectacle to watching repeat purchases. The real watershed for the industry is whether robots can reliably work a full shift in a factory, not whether they can pull off another flip.

Source: TMTPost report