Unitree Technology, heralded as the "pioneer humanoid robot stock" on the A-share market, witnessed a substantial decline in its share price following its listing, with its market capitalization contracting by roughly 57% compared to its initial public offering (IPO) day. Problems such as its lofty valuation overdrafting long-term prospects, revenue growth without corresponding profit increases, and revenue heavily concentrated in the scientific research and education sectors have come to the fore. Nevertheless, the company persists in forging ahead with its industrial layout.

Simultaneously, internal rifts within the industry have surfaced, with the founder of Mech-Mind Robotics lambasting "assembly-type" embodied AI firms for allegedly engaging in related-party transactions to fabricate revenue figures, with several companies implicated. Moreover, there are whispers of unofficial "window guidance" from regulatory bodies concerning humanoid robot IPOs, leading to heightened approval criteria.

At present, the humanoid robot sector may appear to be thriving, yet the majority of orders stem from scientific research procurement, with minimal genuine large-scale deployments. Commercialization is hampered by challenges such as exorbitant costs and constrained capabilities. The industry is now undergoing a value reassessment and entering a knockout phase, with future competition centering on sustainable commercial prowess and foundational original technological innovation. The three primary battlegrounds will be scenario positioning, cost-effective mass production, and data models, with industry evaluation metrics pivoting towards commercial fundamentals such as genuine orders and core technologies.