Stock price halved vs. loss-making listing: The evenly matched rivalry between Unitree and Agibot, two top-tier players of comparable strength.

For the humanoid robot track, capital is not only the fuel for industry expansion, but also the baton that dictates the fate of enterprises.

On one side is Unitree, which quickly landed on the A-share market with its market value surging then slashed by half, and on the other side is Agibot, which has not yet turned a profit but obtained a high PS premium. The two enterprises represent two paths of hardware ontology and AI brain, betting on two distinct futures of embodied intelligence.

However, when capital measures two completely different business models with the same set of standards, a rift emerges between the hot primary market and the cooling secondary market. Behind the glamorous valuation, the real exam of commercial implementation can never be avoided.

This article will focus on analyzing

1. Why is it difficult for Unitree to get rid of the "advanced toy" label?
2. Will the decline of industry temperature and water level affect the stock price performance of Agibot after IPO?
3. What is the actual shipment volume driven by real market demand?
4. Will the convergence of the "cerebellum" and "cerebrum" routes accelerate the arrival of the commercialization inflection point?

A 50% plunge in stock price has almost become the original sin of Unitree.

Only two days after announcing the good news of fully autonomous humanoid robot combat, Unitree Technology closed at 498.55 yuan per share on September 10, falling below the 500-yuan mark, with a market value of 201.6 billion yuan. Compared with the opening price of 1100 yuan and the market value of 444.9 billion yuan at listing, its stock price has dropped by more than 50%.

No matter how significant the technological breakthrough is, it is difficult to change the disappointment of investors, and the term "toy company" is flooding the comment section. In fact, the anxiety in the secondary market is not groundless, but comes from hidden worries about fundamentals and commercial implementation.

Unitree's 2026 semi-annual report shows that its revenue growth rate has dropped to 48.54%, and its non-net profit deducted from non-recurring items fell by 19.34% year-on-year; in terms of revenue structure, more than 70% of humanoid robot revenue comes from universities and scientific research institutions, and the actual industrial implementation accounts for less than 3%, which is the origin of the "display-oriented enterprise" label.

More than a month ago, the market situation was completely opposite. At the end of July, Agibot confirmed its listing in Hong Kong. Founded only three and a half years ago and still making losses, it has obtained a cornerstone target valuation of HK$40 billion to HK$50 billion, which is exactly at the listing line of Unitree. Calculated based on the revenue of 1.05 billion yuan in 2025, its price-to-sales ratio is 32.8 to 40.9 times. The corresponding figure is that Unitree Technology has a market value of 61 billion yuan after passing the A-share meeting, with a revenue of 1.699 billion yuan in 2025, and a price-to-sales ratio of about 36 times.

In other words, although Agibot has a lower overall market value and is not yet profitable, capital is willing to give a valuation premium for every dollar of its revenue that is comparable to Unitree's listing node. Now, Unitree's A-share trading volume has continued to shrink, the valuation expectation of the embodied intelligence track is constantly declining, and the secondary market is facing huge downward pressure.

In addition, the overall heat and activity of the embodied intelligence track are decreasing, and more and more hot money is flowing to soft tracks such as AI brain and algorithms. Whether Agibot can outperform market sentiment and replicate the listing myth has become the key to maintaining the confidence of the entire embodied intelligence track.

Unitree is a typical sample of technology-oriented entrepreneurship, which uses product and technical influence to capture market attention and obtain listing qualifications. Agibot follows another capitalization solution, with Huawei-related genes to build a capital foundation first, providing continuous financial support for subsequent R&D, capacity expansion, ecological M&A and other layouts.

One side reached its peak immediately after listing, and its market value was cut in half soon; the other side has not yet been listed, but its valuation has been pushed to a high level. This "rivalry of two equally matched giants" in the humanoid robot industry seems to be a close fight in shipment volume on the surface, but under the surface, it is the screening and flow of capital will, which not only disciplines Unitree to prove its commercial value, but also allows Agibot to open up room for imagination.

In this track race, what Unitree and Agibot carry is more than the future of the two enterprises themselves.

Part.1

Dancing Robots VS Huawei's Aggressive Culture

At the 2025 Spring Festival Gala, 16 Unitree H1 humanoid robots holding red handkerchiefs and wearing flower-padded jackets performed the "Yangko BOT" program directed by Zhang Yimou. The scene was funny and magical, quickly becoming a hit, and many people learned about the Unitree company for the first time.

For Unitree, the Spring Festival Gala is not only a remarkable technical show, but also a precise capital roadshow. However, many people do not know that this is actually Unitree's "second battle" at the Spring Festival Gala.

As early as the 2021 Spring Festival Gala, Unitree sent 24 quadruped robots to incarnate as the mascot "Benben" and performed on the same stage with many artists born in the year of Ox. However, quadruped robots lack the imaginative appeal of humanoid robots. Even if the company obtained a ten-million-dollar Series A financing that year, its brand influence never became prominent.

Shortly after that, in 2022, Unitree completed several hundred million yuan of Series B and Series B+ financings respectively, and its valuation rose to 1.12 billion yuan. However, the market's perception of Unitree as a quadruped robot company also restricted the capital market's imagination of its layout in the embodied intelligence track, and 2023 became a rare financing gap period for Unitree since its establishment.

It was also in 2023 that the capital trend quietly turned to Agibot, which started later. In the eyes of capital, Unitree's technical route needs to be "explained", while Agibot's Huawei-related background itself is a certificate of trust.

Agibot was founded in February 2023. Its founder Deng Taihua is the former Vice President of Huawei and President of the Computing Product Line. During his 20 years at Huawei, he led the construction of Kunpeng and Ascend AI computing ecosystems, with rich technical resources and industry connections.

Another ace of the team is Peng Zhihui, co-founder, President and CTO. His better-known identity is "Zhihuijun", a top tech UP host on Bilibili, who became famous with the label of "former Huawei genius youth". In 2020, Peng Zhihui joined Huawei to engage in research on Ascend AI chips and AI algorithms. He was a subordinate of Deng Taihua, and often brought public attention to Agibot.

According to media reports, more than half of Agibot's executives are from Huawei, and its business model has distinct Huawei characteristics. Typical Huawei practices such as internal horse racing, ecological layout, sales orientation and high incentive mechanism have been replicated in Agibot.

Unitree develops products first and then finds markets, while Agibot raises capital first and then scales up its business. In the first year of its establishment, Agibot began intensive financing, and successively completed three additional rounds of financing on the basis of the Series A round. In 2024, Agibot completed two more capital increases. According to public data, Agibot has cumulatively completed 11 rounds of financing, with more than 50 investors, including leading industrial capital and first-tier venture capital institutions such as Tencent, BYD, HSG, GL Ventures, and CAS Star.

The differentiated empowerment of capital quickly narrowed the gap in their startup time. Perhaps feeling the pressure from Agibot on the capital side, Unitree launched the H1 humanoid robot in August 2023, and appeared on the Spring Festival Gala twice in 2025 and 2026 to enhance its presence.

While Unitree was still performing yangko dance on the Spring Festival Gala stage, Agibot further strengthened its capital operation. In July 2025, through related entities, Agibot adopted the combined method of "agreement transfer + tender offer" to acquire 63.62% equity of Sino Composite at a consideration of 2.1 billion yuan, and Deng Taihua personally served as the legal representative of the company.

With Agibot announcing that it will launch a Hong Kong IPO, the parent company will sprint to the Hong Kong capital market independently, and Sino Composite will operate as an A-share listed entity, realizing a two-way layout of capital positions in two places.

Agibot's capital operation logic is also reflected in its business spin-off. Agibot has split its leasing, data service, dexterous hand, cleaning robot and quadruped robot businesses into five independent holding subsidiaries, which conduct independent external financing respectively.

Subsidiaries including Mifeng Technology, Qingtianzu and Critical Point have all obtained financings of several hundred million yuan, and Qingtianzu's valuation has reached 7 billion yuan, making it a unicorn. Independent fundraising of subsidiaries can not only take orders from industrial capital, but also strip off heavy-asset and low-margin businesses, allowing the parent company to maintain the high-valued narrative of general artificial brain, which is a very mature capital separation method.

In August 2026, its leasing platform Qingtianzu went a step further and fully acquired the established 3C leasing platform Aizuji, complementing its RaaS leasing operation capabilities, and pushing the robot leasing business from exhibition performances to industrial and park scenarios.

Traffic builds reputation, and capital builds pattern. For humanoid robots, technology is only one of the chips to participate in the competition. The choice of capital directly shapes two completely different growth paths for Unitree and Agibot.

Part.2

The Mystery of Shipment Volume, Two Distinct Business Territories

Changes in revenue data directly reflect the rapid shift in the power balance between the two leading companies.

In 2025, Unitree achieved a revenue of 1.699 billion yuan, a year-on-year increase of 335%; Agibot's revenue was 1.05 billion yuan, a year-on-year increase of 20 times. Unitree is still leading, but the gap has narrowed sharply.

By the first quarter of 2026, the situation changed suddenly: Unitree achieved a revenue of 423 million yuan, and the year-on-year growth rate dropped to 68.49%; in the same period, Agibot said its revenue exceeded 1 billion yuan, and its full-year target was 4 billion yuan.

It is not difficult to see from the growth rate that Agibot has likely overtaken Unitree in terms of performance. From a revenue of 300,000 yuan to more than 1 billion yuan in a single quarter, Agibot only took three years, behind which is the game of two business logics.

Unitree follows the path of traditional hardware companies, with direct sales to enterprises, scientific research institutions and universities as the main sales method, supplemented by channels such as agents, e-commerce platforms and JD self-operated. In 2025, its humanoid robot revenue surpassed that of quadruped robots for the first time, accounting for more than 51% of the total revenue, proving to the market that its business focus has shifted from relying on mature cash flow products to high-growth segments.

Agibot adopted a different strategy. Centering on the robot ontology, it extends to both data services and equipment leasing, establishing Mifeng Technology for data services and Qingtianzu for robot leasing, building a three-layer monetization closed loop.

Simply put, when Agibot's customers buy robot ontologies, Agibot can earn hardware profits; after deploying robots for customers, it collects real scene data to feed back to the model and sell it externally, so Agibot can earn extra profits from data; customers can also lease robots to others through Qingtianzu, Agibot takes a commission, and even accepts robots for depreciation and repurchase.

Underlying this business model, there is a more hidden driving force. Agibot implements the "partner first" strategy, binding customers and suppliers through equity cooperation, forming a relationship where investors are purchasers and suppliers are partners. In other words, shipment volume is not only the result of market demand, but also a reflection of capital relations.

According to incomplete statistics, Agibot has reached capital-level cooperation with more than 40 listed companies, and set up at least 17 new joint ventures to enter specific scenarios. For example, on the supply chain side, companies such as Perfect Industrial Group, Lens Technology and Aisidi have established joint ventures with Agibot to deeply participate in the manufacturing system.

This is not just about selling robots, but using robots as a link to weave a capital network covering the upstream and downstream of the industrial chain.

In contrast, the size of Unitree's related party transactions is much smaller. According to the disclosure in its prospectus, the largest related party is Beijing Galaxy General Robot, with a purchase amount of 18.1878 million yuan, accounting for 90% of the total related party transactions in 2025. Liang Wangnan, a director of this company, also serves as a director of Unitree.

The dispute over the caliber of shipment volume is also a microcosm of the differences between the two models.

According to data released by Omdia, Agibot's shipment volume of general humanoid robots in 2025 exceeded 5100 units, occupying about 39% of the global market share, ranking first in the world in both shipment volume and market share indicators.

Unitree does not recognize Agibot's first-place shipment performance. Its prospectus discloses that the company's humanoid robot shipment volume in 2025 exceeded 5500 units, and the mass-produced output exceeded 6500 units. During the same period when Agibot announced that its mass production had exceeded 10,000 units, Unitree announced that it had completed mass production of about 11,000 units.

Each side cites its own numbers, and the deeper division lies in the technical route, which is also an extension of capital will.

Unitree focuses on the "cerebellum" of robots, pursuing the ultimate performance of the hardware ontology, so that robots can move stably, run fast, and complete backflips. This is the instinctive intelligence of the body, which needs to be perceived through stages and visual performances, and it is the most direct weapon to capture market attention.

Agibot's target is the "brain" of robots, pointing to a more ambitious and ambiguous future, consisting of complex links such as general intelligence, scene understanding and data flywheel, which is more suitable for telling stories to investors.

However, this clear division of routes is being broken. Unitree, which has long been criticized for "strong cerebellum but weak brain", quickly released world model technology signals after listing. On September 7, Unitree released the UnifoLM-X2-1.0 world action large model, realizing fully autonomous combat of humanoid robots without preset scripts, completing punches, blocks and dynamic dodges, which is regarded as a key signal to make up for the shortcomings of AI large models.

The fundraising direction in the prospectus has also been tilted: 2 billion yuan is allocated to model R&D, and 1.1 billion yuan to ontology hardware. Unitree, which started with hardware, has to make up for the "brain" lesson by force.

Behind the divergence of figures, there is also a cruel game of cost. The hardware price of humanoid robots continues to decline, and the industry has entered the eve of price competition. On the one hand, hardware manufacturers reduce costs through large-scale production;