Unitree's stock nearly halves in four days, market cap erases 200 billion: Wang Xingxing's troubles are just beginning

Unitree Technology's stock price has pulled back sharply, closing at 603.08 yuan on August 24, down more than 45% from its opening price of 1,100 yuan, with market value shedding about 200 billion yuan in just four trading days. The IPO price implied a price-to-earnings ratio of 219 times, already at a high level, and the scarcity of float further amplified the valuation bubble. Meanwhile, although the company's humanoid robot revenue is growing rapidly, over 70% comes from scientific research and education scenarios, with industrial applications accounting for only 9%—commercialization still awaits validation.