CoinWResearch Institute
On August 19, Unitree Technology opened at 1100 yuan. Based on the transaction price and corresponding volume weighted, the average transaction price on the first day was about 902.63 yuan, which is 17.94% lower than the opening price. Data shows that most trading concentrated in the first half hour after opening, with the average cost of the whole day significantly affected by the dense transactions in the morning; even so, the market's dense transaction position was still lower than the opening quote. The total transaction was 23.16 billion yuan, with a turnover rate of 85.28%, indicating that the attention accumulated before the listing had fully transformed into trading, but high-level support did not persist throughout the first day. The total transaction was 23.16 billion yuan, with a turnover rate of 85.28%, which indicates that the attention accumulated before listing had fully transformed into actual transactions.
After the A-share market closed on August 20, Unitree Technology reported 687 yuan, down 18.70%, and the volume-weighted average price dropped to 718.31 yuan, with the price center continuing to decline. The UNITREE perpetual contract launched on CoinW showed a 15.78% drop over the past 24 hours. Further attention is on the buying pressure, whether it can return to the daily average transaction cost, and whether the robotics sector can stop falling.
Why Was There a Lack of Support After a High Opening?
Before listing, the market's clearest expectation for Unitree Technology was that there would be high participation on the first day. The first batch of freely tradable shares was about 30.877 million shares, accounting for 7.44% of the total share capital after issuance. The limited circulation scale combined with the attention on the robotics industry provided a supply and demand basis for the opening quote. The first-day transaction was 25.6579 million shares, with a transaction value of 23.16 billion yuan and a turnover rate of 85.28%, which is basically consistent with the market participation expectation before listing.
The price structure provided more critical information, as the opening price reflected the initial price formed during the market opening stage, approximating the average transaction price of all transactions completed throughout the day; the latter is 17.94% lower than the opening price, indicating that as trading progressed, the market was willing to trade repeatedly at positions significantly below the opening quote, and most positions of those entering the market on the first day held costs lower than 1100 yuan.
This discrepancy has a clear background; during the opening phase, the limited circulating chips amplified the initial quote; after entering continuous trading, participants began to compare the current price with the company's orders, product deliveries, and the pace of application landing. This difference in support is also quite apparent among popular new stocks. Changxin Technology opened the day at 49.50 yuan, dipped to a low of 38.11 yuan during the day, and then buying pressure pushed the closing price back to 49.00 yuan, almost returning to the opening position. The transactions of Unitree Technology after the opening were also dense, but the price moved further away from the initial quote, without equivalent support appearing. The first day's volatility could only describe the amplitude, and whether continuous buying pressure would appear after the pullback could better indicate whether the high quote was accepted by the market. If Unitree can maintain the average transaction cost during the volume pullback, it indicates that short-term chips are gradually stabilizing; orders, deliveries, overseas sales, and industrial application data will determine whether such support has long-term sustainability.
First Day Listings Attract Massive Transactions, Robotics Sector Does Not Follow Up
From the distribution of transactions, the enthusiasm for listing was highly concentrated on Unitree Technology itself. The first day's transaction amount of 23.16 billion yuan was about 2.67 times the total transaction amount of three companies, including Green Harmonic, Robotics, and Estun; on the same day, Ubiquitous, Green Harmonic, Robotics, and Estun fell by 9.81%, 17.67%, 8.46%, and 9.99% respectively, and the total transaction value of the aforementioned three A-share companies decreased by 26.7% compared to the previous trading day. It can be observed that funds did not spill over from Unitree Technology to the robotics sector, and adjustments among peers continued amidst declining volumes.
This differentiation is consistent with the judgment in the previous CoinW Research Institute's industrial chain research report, which stated that the sales growth of Unitree would increase the demand for components such as reducers and servo systems, but judging from the current shipping scale, the new orders and profit contributions to most listed suppliers remain limited. The listing of Unitree primarily changes the valuation reference, with the rare complete machine entering public trading, the market will re-evaluate the growth premium of complete machine manufacturers versus component companies, and the profit expectations in the supply chain will not be raised synchronously due to a single listing event.
Before the listing, the robotics industrial chain had been repeatedly trading around the "first stock of humanoid robots." After the event landed, Unitree gained the first day's liquidity premium, but the robotics sector generally fell back, with the market closer to realizing previous valuations. Unitree's performance was mainly driven by new stock supply and demand and its scarcity, while Ubiquitous, Green Harmonic, Robotics, and Estun did not strengthen simultaneously.
After High Turnover, Three Signals Are Worth Continued Monitoring
The first signal is that the value center of Unitree Technology is continuously declining. On August 20, the stock price opened low and continued to weaken, closing still below the day's weighted average transaction price; the transaction volume and turnover rate showed a significant decline compared to the first day, and there were no signs of stabilization in volume reduction. What is more worth watching next is whether the price can return to the day's average transaction cost and gain continuous buying pressure during pullbacks. If the rebound is always limited by the average price, the floating loss chips formed by the high turnover on the first day will continue to affect the short-term market.
The second signal is the collective devaluation of humanoid robot sectors. At the close on August 20, Green Harmonic fell 1.13%, Robotics fell 2.03%, Estun fell 9.07%, and Unitree Technology fell 18.70% during the same period. Different targets fell in the same direction, with the divergence from the first day turning into a consistent direction on the next day, but the adjustment amplitude of Unitree Technology was significantly larger. If peers stop falling before Unitree Technology, it can only indicate an improvement in the sector environment; whether Unitree Technology can establish its own price basis still needs to be verified by public information on orders, deliveries, overseas sales, and industrial applications.
The third signal is the linkage between UNITREE and the humanoid robot industrial chain. If we put Unitree back into the robotics industrial chain, related contracts already launched on CoinW can cover complete manufacturers, robot platforms, as well as upstream computing power and control chips. UNITREE reflects the market's pricing changes regarding Unitree's order fulfillment, product delivery, and commercialization progress; Tesla's (TSLA) Optimus and Hyundai's (HYUNDAI) Boston Dynamics Atlas can be used to observe the research and development and mass production rhythm of overseas humanoid robots; Teradyne's (TER) collaborative robots and AMR business supplement the progress of industrial robots entering actual production scenarios. On the upstream side, NVIDIA (NVDA) represents AI computing, robot training, and simulation platforms, while TSMC (TSM) and Texas Instruments (TXN) correspond to chip manufacturing and simulation chips, MCUs, and sensor control respectively. Observing these targets together can help determine whether the robotics-related market is mainly driven by individual company events, mass production expectations for humanoid robots, progress in industrial applications, or the upstream chip sector.
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