Analysis of the Correlation Between Beijing Capital Development Co., Ltd. and Unitree Robotics and Its Impact on Valuation

Based on the data and analysis I collected, here is a detailed report on the correlation between Beijing Capital Development Co., Ltd. and Unitree Robotics and its impact on valuation:

According to the report from Securities Times Data Treasure, Beijing Capital Development Co., Ltd. (600376.SS) indirectly invested in Unitree Robotics through its subsidiary

[1]. This correlation is an indirect shareholding relationship rather than direct ownership.

• Officially launched listing counseling on July 18, 2025, with CITIC Securities as the counseling institution [1]
• Completed shareholding system reform, increasing registered capital from less than 3 million yuan to 364 million yuan [1]
• Led by well-known enterprises such as Geely Automobile, Tencent, Alibaba, Jinqiu Fund, and Ant Group [1]
• Beijing Robot Industry Development Investment Fund made an additional investment in early July 2025 [1]

As a star enterprise in the humanoid robot track, Unitree Robotics successfully won the 2025 WIPO Global Award with breakthrough innovations in core fields such as robot motion control, high-performance joint motors, and real-time systems, becoming the only Chinese representative among the 10 global award winners this year [1]. This international honor further enhanced the company’s valuation imagination space.

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Indicator	Value	Evaluation
Market Capitalization	$1.705 billion	Medium-sized real estate enterprise
Current Stock Price	$6.61	-
P/E Ratio	-2.45x	Loss-making state
ROE	-63.08%	Severe loss
Net Profit Margin	-21.14%	Operational difficulties
Operating Profit Margin	-16.77%	Sustained loss

Date	Earnings Per Share (EPS)	Revenue (USD)	Market Expectation Comparison
2025-10-30	-$0.49	$5.15B	EPS significantly lower than expected (-1339%), revenue lower than expected (-26%)
2025-04-22	-$0.44	$3.89B	Sustained loss
2024-12-31	-$1.50	$9.75B	Severe loss
2024-10-30	-$0.93	$5.67B	Loss expansion

Beijing Capital Development Co., Ltd. has shown a sustained loss state over the past three years, with a particularly severe loss in 2024, with EPS as low as -$1.50. The latest quarterly financial report shows that the company’s revenue was $5.15 billion, but EPS was still -$0.49, far lower than the market expectation of $0.04 [0].

The company adopts aggressive accounting policies, with a low ratio of depreciation to capital expenditure, which may mean limited upside potential for reported profits [0].

From the perspective of financial structure, the company faces certain debt pressure, but it has not reached a high-risk level [0].

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Three-scenario valuation based on the Discounted Cash Flow (DCF) model [0]:

Scenario	Intrinsic Value	Relative Current Price Increase
Conservative Scenario	$45.23	+584.3%
Base Scenario	$121.86	+1,743.6%
Optimistic Scenario	$169.37	+2,462.3%
Probability-Weighted Value	$112.15	+1,596.7%

• Revenue Growth: -14.0% (reflecting the overall downward trend of the real estate industry)
• EBITDA Margin: 3.7%
• Terminal Growth Rate: 2.5%
• Cost of Equity: 17.7%
• Cost of Debt: 3.9%
• WACC: 5.4%

• Beta Coefficient: 1.88 (high volatility)
• Risk-Free Rate: +4.5%
• Market Risk Premium: +7.0%

• Monthly Opening Price: $2.92
• Monthly Closing Price: $2.47
• Monthly Decline: -15.41%
• Average Daily Trading Volume: 32.19 million shares
• Volatility (Daily Standard Deviation): 2.67%
• 20-Day Moving Average: $2.83

• 6-Month Gain: +167.61%
• 1-Year Gain: +167.61%
• 3-Year Gain: +17.62%

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• Beijing Capital Development Co., Ltd. can enjoy capital appreciation benefits brought by Unitree Robotics’ IPO through indirect investment in Unitree Robotics
• Unitree Robotics’ IPO valuation is expected to increase significantly (referring to the background that it has been co-led by multiple well-known institutions)
• This part of the value may not be fully reflected in the stock price of Beijing Capital Development Co., Ltd. currently

• As an indirect shareholder, Beijing Capital Development Co., Ltd. is expected to receive a market reassessment due to Unitree Robotics’ IPO
• Especially against the background of sustained losses in the company’s main real estate business, the investment income from Unitree Robotics provides a new value support point

• As a star enterprise in the humanoid robot field, Unitree Robotics’ IPO will trigger market speculation on related concept stocks
• Indirectly held companies are expected to receive short-term capital pursuit, driving up stock prices

• The extension of Beijing Capital Development Co., Ltd. from a traditional real estate developer to the high-tech investment field shows the possibility of business diversification
• This helps improve investors’ expectations for the company’s future development

• The specific investment amount and shareholding ratio of Beijing Capital Development Co., Ltd. in Unitree Robotics through its subsidiary are not clear
• Need to pay attention to the proportion of this investment in the overall assets of Beijing Capital Development Co., Ltd.

• Although Unitree Robotics has started listing counseling, the official IPO timing and valuation still have uncertainties
• The value release of indirectly held companies needs to wait for Unitree Robotics to successfully list

• Despite the expected investment income from Unitree Robotics, the main real estate business of Beijing Capital Development Co., Ltd. still faces great pressure
• Sustained loss status may offset part of the positive impact brought by investment appreciation

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Assessment Dimension	Score	Description
Correlation Value with Unitree Robotics	Medium-High	Indirect shareholding, but investment proportion is unclear
Short-Term Stock Price Catalyst	Medium-High	Unitree Robotics’ IPO expectation provides speculation themes
Long-Term Investment Value	Medium-Low	Sustained losses in main real estate business
Valuation Attractiveness	High	DCF shows huge discount (+1596%)

1. Correlation Confirmation
   : Beijing Capital Development Co., Ltd. has indeed indirectly invested in Unitree Robotics through its subsidiary, and this correlation provides the company with an investment exposure to the high-tech field beyond its traditional real estate business [1].

2. Valuation Impact
   : Unitree Robotics’ IPO expectation has a positive impact on the valuation of Beijing Capital Development Co., Ltd., mainly reflected in:
   • Potential investment income appreciation
   • Short-term valuation repair opportunities brought by concept speculation
   • Value reassessment of business diversification expectations

3. Risk Tips
   : The main risk currently faced by Beijing Capital Development Co., Ltd. still comes from the sustained losses in its main real estate business. The investment income from Unitree Robotics may take a long time to fully reflect, and there are uncertainties in investment proportion and specific income.

4. Investment Value Judgment
   : Based on the huge discount space (+1596%) shown by the DCF model, Beijing Capital Development Co., Ltd. may have value investment opportunities at the current price level, but investors need to pay close attention to:
   • Progress of Unitree Robotics’ IPO
   • Details of investment disclosure by Beijing Capital Development Co., Ltd.
   • Progress of turning losses around in the real estate business

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[1] Securities Times Data Treasure - “Unitree Robotics Launches IPO, Participating Companies Exposed! Leveraged Funds Target These 10 High-Performing Stocks” (https://www.stcn.com/article/detail/2659309.html)

[0] Jinling AI Financial Database - Real-time Quotes, Financial Analysis and Valuation Data of Beijing Capital Development Co., Ltd. (600376.SS)