Unitree's stock cools after the IPO rally: what it means for buyers

Unitree Robotics closed its debut trading day on 19 August at ¥845 a share, 460% above the IPO price; at the intraday peak that day its market value reached about ¥445 billion. A month later the story is a correction, not a rally: the stock kept sliding through early September, set a fresh post-IPO low on 16 September, then rebounded hard the next day. None of that changes what a buyer in Serbia or the rest of Europe is actually choosing between — Unitree's hardware and price list, or AGIBOT's.

What happened, one date at a time

Each line below comes from a different report on a different day, kept separate rather than merged into one figure — including the 17 September close, where two outlets do not agree.

• 19 Aug — debut close: ¥845 (+460% vs. the IPO price). Intraday high the same day: ¥1,100 — the peak used for comparison below. Market cap at that peak: about ¥445 billion (about $66 billion). Source: The Robot Report.
• 2 Sep — intraday low: ¥546.51 (context only, not used for the 16–17 September numbers below). More than 50% below the ¥1,100 peak. Source: Bloomberg (single source, unconfirmed independently).
• 9 Sep — close: ¥513.93 (about $72.10). 53% below the ¥1,100 peak; 39% below the ¥845 debut close. Market cap: about $30 billion, down from about $66 billion at the peak. Source: The Robot Report.
• 16 Sep — intraday low: ¥458.02. A fresh post-IPO low; the source gives no percentage for it. Source: Chinese financial media (single source, unconfirmed independently).
• 17 Sep — close: ¥500.90 (Tencent, midday print) / ¥501.88 (24topnews, day's-end close). Intraday gain about 6%, above 7% by one outlet's count (21jingji). Market cap back near ¥200 billion in every version. Sources: Tencent News, 24topnews, 21jingji.

A stock chart, not a price list

Nothing in this swing is about what Unitree charges for a robot. It tracks an IPO-hype stock finding its level after a 629% opening pop and retail bids running to thousands of times the shares on offer — the same volatility Rojium wrote about the day Unitree listed. The company's product economics have not been revised since: an average humanoid selling price that fell more than 70% between 2023 and the first nine months of 2025, and a gross margin near 60%. A buyer negotiating a contract this month is pricing against a catalogue, not a ticker.

What actually moves the decision: Unitree or AGIBOT

What has moved since the IPO is the competitive picture. By Smart Analytics Global's count, AGIBOT shipped about 8,400 humanoids in the first half of 2026 against Unitree's roughly 5,900. AGIBOT also left IFA Berlin this September with TÜV Rheinland certification for its A3 Ultra and a distribution deal with Tekpoint in Europe — paperwork a buyer asks for regardless of which stock moved that week. And AGIBOT remains the confirmed partner behind the Šabac assembly line, giving it a manufacturing and service footprint inside Serbia that Unitree does not have yet.

None of that makes Unitree's hardware worse — its 2025 numbers show a profitable company selling real machines, not just a hot stock. But for a contract signed this quarter, certificates, local assembly and service reach decide more than a share price that has already round-tripped from ¥1,100 to ¥458 and back past ¥500 within a month.

Sources

• The Robot Report — Unitree shares down 53% from IPO debut
• 21jingji (21st Century Business Herald) — Unitree market cap returns to ¥200 billion
• Tencent News — Unitree up 5.61% at midday, market cap ¥202.6 billion
• 24topnews — Unitree closes up 5.82% at ¥501.88, market cap ¥203 billion
• Bloomberg — Unitree Plunges 50% From Peak in Fast Reversal After Huge Debut Pop