It jumps down from a four-meter-high platform, rolls forward on landing, gets back up, then lifts the front of a car. In that same minute, it also launches into a series of flying kicks, steps onto a car roof, leaps up to strike with an elbow, hurls itself in front of a car to push a pedestrian out of the way, and blocks a knife-wielding person with its bare hands.
The video has been circulating everywhere online, and it still is. The stock of the company behind it once fell from 1,100 to 404.
On October 21, the homegrown humanoid robot H2-X was unveiled. Its Chinese name is “Kung Fu Legend: Guardian.” Its stated battery life is eight hours. The previous-generation H2 lasted three.
Those are undeniably impressive specs. Actually, what’s impressive is those joints. Seriously impressive.
But after all that, the two most important details were still missing: there was no price, and no delivery date. A company whose main pitch is “protection” left both of those blank. At the end of the video, though, there was a warning: please stay at least two to three meters away from the robot when it is in use.
A lot of people saw that stock chart and immediately thought the product must be no good. I wondered the same thing. It wasn’t until I checked the dates that I changed my mind.
Put the dates in order. The sequence runs the other way around. On the 16th, the stock rose 5.4%; on the 19th, 16.15%; and on the 20th, 6.07%. Over those three trading days, the cumulative closing-price deviation exceeded 30%. On the evening of the 21st, the company also issued an announcement on unusual stock-price movements, numbered 2026-003. In black and white, it warned of investment risks from a potential valuation correction. The new product was unveiled that same day.
Against the backdrop of that rally, the video looks more like an explanation after the fact than a spark that set it off. Liu Xingliang put it plainly: the stock had already risen sharply before the product launch, so the entire rally can’t be credited to the new product.
What investors are really betting on is the multiple. At the close on the 20th, its rolling price-to-earnings ratio was 388 times. The average for the general equipment manufacturing industry was 39.5 times. That’s a tenfold difference.
The fundamentals simply don’t line up. First-half revenue was 1.152 billion yuan, up 48% year on year. Net profit excluding non-recurring items was 244 million yuan, down nearly 20%. Revenue is growing, but profit from the core business is shrinking. Its gross margin was 56%, still high compared with a lot of hardware companies.
The eight-hour figure deserves a closer look. It’s designed to cover a work shift—not eight hours of continuous labor. But how much is a shift actually worth? The question isn’t how many moves the robot can perform. It’s how many business parks and security firms are willing to include it in their operating budgets—and then run it for a full quarter.
There’s no answer to that question yet. Nobody can say for sure. Research and education account for 73% of revenue, with a 56% repeat-purchase rate. It’s a stable business, but its ceiling is also easy to see. Security and industrial applications need to be measured in years. They can’t be rushed.
Jiang Han of the Pangoal Institution put it directly: current capabilities are concentrated mainly in performances and demonstrations of specific security scenarios. The hard problems that mass production must solve—yields for core components at scale and sustained reliability in complex operating conditions—are still unsolved. Liu Xingliang added another important point: a simulated rescue in a video is one thing; being able to make independent judgments and be relied upon in a real emergency is another.
The two foreign investment banks aren’t even in agreement. One initiated coverage with a sell rating and a December 2027 target price of 300 yuan. The other rated it buy, with a target of 370 yuan. That’s a 70-yuan gap, and it comes down to the valuation multiple. Their revenue forecasts are much the same.
This latest rebound has already pushed the stock from 404 back to 520, a gain of nearly 30%. It’s still more than halfway short of the 1,100 mark.
People in crypto should find this stretch familiar. The opening price on a company’s first day of trading has always been about the roadshow, not the valuation. Everyone wants to get in first, only to realize afterward that there’s still a long road ahead.
On October 29, the company’s first third-quarter report since its listing will come out. What matters then won’t be another video, but whether that 244 million yuan goes up or down.
Next time you come across another jaw-dropping demo, don’t rush to calculate how many tons it can lift. Look for two numbers first: the price and the delivery date. Until those are announced, all the gains are built on expectations.
$BTC $ETH $TAO #比特币 #Binance Square
The video has been circulating everywhere online, and it still is. The stock of the company behind it once fell from 1,100 to 404.
On October 21, the homegrown humanoid robot H2-X was unveiled. Its Chinese name is “Kung Fu Legend: Guardian.” Its stated battery life is eight hours. The previous-generation H2 lasted three.
Those are undeniably impressive specs. Actually, what’s impressive is those joints. Seriously impressive.
But after all that, the two most important details were still missing: there was no price, and no delivery date. A company whose main pitch is “protection” left both of those blank. At the end of the video, though, there was a warning: please stay at least two to three meters away from the robot when it is in use.
A lot of people saw that stock chart and immediately thought the product must be no good. I wondered the same thing. It wasn’t until I checked the dates that I changed my mind.
Put the dates in order. The sequence runs the other way around. On the 16th, the stock rose 5.4%; on the 19th, 16.15%; and on the 20th, 6.07%. Over those three trading days, the cumulative closing-price deviation exceeded 30%. On the evening of the 21st, the company also issued an announcement on unusual stock-price movements, numbered 2026-003. In black and white, it warned of investment risks from a potential valuation correction. The new product was unveiled that same day.
Against the backdrop of that rally, the video looks more like an explanation after the fact than a spark that set it off. Liu Xingliang put it plainly: the stock had already risen sharply before the product launch, so the entire rally can’t be credited to the new product.
What investors are really betting on is the multiple. At the close on the 20th, its rolling price-to-earnings ratio was 388 times. The average for the general equipment manufacturing industry was 39.5 times. That’s a tenfold difference.
The fundamentals simply don’t line up. First-half revenue was 1.152 billion yuan, up 48% year on year. Net profit excluding non-recurring items was 244 million yuan, down nearly 20%. Revenue is growing, but profit from the core business is shrinking. Its gross margin was 56%, still high compared with a lot of hardware companies.
The eight-hour figure deserves a closer look. It’s designed to cover a work shift—not eight hours of continuous labor. But how much is a shift actually worth? The question isn’t how many moves the robot can perform. It’s how many business parks and security firms are willing to include it in their operating budgets—and then run it for a full quarter.
There’s no answer to that question yet. Nobody can say for sure. Research and education account for 73% of revenue, with a 56% repeat-purchase rate. It’s a stable business, but its ceiling is also easy to see. Security and industrial applications need to be measured in years. They can’t be rushed.
Jiang Han of the Pangoal Institution put it directly: current capabilities are concentrated mainly in performances and demonstrations of specific security scenarios. The hard problems that mass production must solve—yields for core components at scale and sustained reliability in complex operating conditions—are still unsolved. Liu Xingliang added another important point: a simulated rescue in a video is one thing; being able to make independent judgments and be relied upon in a real emergency is another.
The two foreign investment banks aren’t even in agreement. One initiated coverage with a sell rating and a December 2027 target price of 300 yuan. The other rated it buy, with a target of 370 yuan. That’s a 70-yuan gap, and it comes down to the valuation multiple. Their revenue forecasts are much the same.
This latest rebound has already pushed the stock from 404 back to 520, a gain of nearly 30%. It’s still more than halfway short of the 1,100 mark.
People in crypto should find this stretch familiar. The opening price on a company’s first day of trading has always been about the roadshow, not the valuation. Everyone wants to get in first, only to realize afterward that there’s still a long road ahead.
On October 29, the company’s first third-quarter report since its listing will come out. What matters then won’t be another video, but whether that 244 million yuan goes up or down.
Next time you come across another jaw-dropping demo, don’t rush to calculate how many tons it can lift. Look for two numbers first: the price and the delivery date. Until those are announced, all the gains are built on expectations.
$BTC $ETH $TAO #比特币 #Binance Square