IPO Subscription Funds "Cash in on Gains," Unitree Technology Falls Over 18% on Second Trading Day; Wang Xingxing Admits "Commercialization Still Needs Time"

Unitree Technology set a record for new stock subscription floating profits since the full registration system on its debut day, but plunged 18.7% the next day, with market value shrinking over 160 billion yuan from its peak. Founder Wang Xingxing admitted on the same day that the generalization capability of embodied intelligence remains the biggest bottleneck, with household and production scenario deployment still requiring two to five years. JPMorgan believes sector valuation will shift from a "scarcity premium" to delivery capability, while Nomura is optimistic about growth but emphasizes that industrial repeat orders are key. The market is transitioning from "story-driven" to "delivery-driven."