Unitree Technology (688836), the first humanoid-robot company to go public, has released its third-quarter 2026 results: revenue went through the roof, profits fell, yet the stock took off?
Here are the key points:
1. Revenue was soaring: Q3 revenue reached 665 million yuan, up nearly 70% year over year.
2. Profits fell: Q3 net profit attributable to shareholders and net profit excluding non-recurring items both dropped by more than 17% year over year.
3. There’s a twist in the first three quarters: net profit attributable to shareholders surged 270%, but net profit excluding non-recurring items fell nearly 19%. In other words, its core business is actually finding it harder to make money, and most of the extra profit came from non-recurring gains (you know what I mean).
You’d think that missing profit expectations would send the stock down, right?
Wrong! The stock has already climbed more than 70% from its lows, taking its market cap all the way to 281.5 billion yuan.
Is a market cap of over 280 billion yuan a bubble—or the starting point of something huge?
Here are the key points:
1. Revenue was soaring: Q3 revenue reached 665 million yuan, up nearly 70% year over year.
2. Profits fell: Q3 net profit attributable to shareholders and net profit excluding non-recurring items both dropped by more than 17% year over year.
3. There’s a twist in the first three quarters: net profit attributable to shareholders surged 270%, but net profit excluding non-recurring items fell nearly 19%. In other words, its core business is actually finding it harder to make money, and most of the extra profit came from non-recurring gains (you know what I mean).
You’d think that missing profit expectations would send the stock down, right?
Wrong! The stock has already climbed more than 70% from its lows, taking its market cap all the way to 281.5 billion yuan.
Is a market cap of over 280 billion yuan a bubble—or the starting point of something huge?