Unitree Robotics (688836), dubbed "A-share's first humanoid robot stock," opened lower and continued to slide on Monday, closing at 603.08 yuan per share, down over 10%, with a market capitalization of 243.9 billion yuan. This marks the fourth consecutive trading day of declines since the company's listing, intensifying the debate surrounding its valuation and performance.

Adding fuel to the controversy, Unitree's showing at a recent robotics event has drawn scrutiny. On August 22, at the opening of the second World Humanoid Robot Games held at the National Speed Skating Oval "Ice Ribbon" in Beijing, the Unitree team finished last in its group in the 100-meter large-class preliminary with a time of 12.41 seconds. The company responded: "Unfortunately, due to time constraints, limited new-model availability, and testing restrictions, we had to reduce our participation in several registered events. Our recent focus has been primarily on mass-produced products, and we regret not being able to fully prepare for the competition."

In response to questions about the company's stock performance and valuation, Kang Yu, Capital Markets Manager at Shoucheng Holdings (00697.HK), addressed the media on Friday. According to public records, Shoucheng Holdings, through its managed Beijing Robot Industry Development Investment Fund, holds 13.928 million shares of Unitree, having invested in the company twice since 2024.

Kang Yu argued that it is too early to draw conclusions about Unitree's post-listing performance. "The previous trading days are not particularly indicative," she said. She noted that the company's profitability and industry fundamentals are publicly available, adding, "Everyone sees things differently; people can make their own judgments."

Addressing frequent questions about Unitree's worth, Kang Yu stated that the pricing power has shifted. "After listing, the pricing authority has moved from a few institutional investors in the primary market to the broad participants in the secondary market," she explained. "The secondary market is, to some extent, a form of nationwide pricing. If you are bullish on Unitree, you can buy; if not, you can sell. That is the meaning of going public." She further commented that as an investor, she hopes companies like Unitree can be seen by the public through listing, but acknowledged the risks: "Believers may ultimately make money, but they could also lose. Everyone pays for their own convictions."

Kang Yu also praised the company's team, describing Unitree as an excellent enterprise with a long development history despite its young workforce. "Many companies can share hardships but not prosperity, especially startups. When excessive fame and fortune arrive, some founders cannot handle it. But look at the overall state of Unitree's team. As board members, we are pleased to see the company operating soundly," she said.

Expressing long-term optimism, Kang Yu said, "Unitree's listing is just the beginning." She suggested that if the company can leverage its current position and industry influence over the next decade to strengthen its core business and expand into other areas, "it will certainly not remain a 200-billion-yuan market cap company." She predicted that the global landscape of physical AI and embodied intelligence will inevitably produce "several trillion-yuan companies — that is certain. The only question is which ones they will be."