Correlation Analysis of Beijing Capital Development Co., Ltd. and Unitree Robotics: Equity Penetration and Cross-Industry Investment Synergy Effects

Based on the collected information, I will systematically analyze the correlation between Beijing Capital Development Co., Ltd. and Unitree Robotics and their cross-industry investment synergy effects.

Beijing Capital Development Co., Ltd. and Unitree Robotics have an

:

• Beijing Capital Development Co., Ltd. indirectly invests in
  Jinshi Growth Fund
  through its holding subsidiary
  Yingxin Company
• Jinshi Growth Fund holds
  4.7683% equity
  in Unitree Robotics
• After layer-by-layer penetration calculation,
  Yingxin Company actually indirectly holds approximately 0.3% equity in Unitree Robotics
  [1]

The stock price fluctuation shows

:

• Started on September 3, catalyzed by Unitree Robotics’ IPO expectations
• Recorded
  12 limit-up days
  in September
• Monthly increase reached
  181.2%
  , becoming the top gainer in A-shares that month[1]
• On September 2, Unitree Robotics announced it expects to submit an IPO application to the stock exchange from October to December

• Hit the limit-up again on December 25, recording
  6 consecutive limit-up days
• The turnover on that day was 1.818 billion yuan, with a turnover rate of 12.14%[3]
• Annual increase reached
  117.49%
  , ranking among the top in the Shenwan Real Estate Sector[4]

Indicator	Data
Establishment Time	2016
Main Business	High-performance quadruped robots and humanoid robots
Actual Controller	Wang Xingxing (holds 34.76% equity)
Current Valuation	Exceeded 10 billion yuan (12 billion yuan after Series C round)
Annual Revenue	Approximately 1 billion yuan
IPO Progress	Completed listing guidance filing in July 2025, passed guidance acceptance on December 15[5]

Unitree Robotics completed the IPO guidance, which usually takes 6-12 months, in only

, making it one of the humanoid robot enterprises with the fastest progress currently[2].

• Equity appreciation gains
  from tech enterprise IPOs can boost the performance of listed companies
• As a unicorn in the embodied intelligence track, Unitree Robotics is expected to have valuation premium after listing

• The real estate industry is in a period of deep adjustment, and
  diversified investment
  is an important transformation direction
• Beijing Capital Development Co., Ltd. clearly proposed the “innovation transformation” strategy in its 2025 semi-annual report[6]

• Tech enterprises need
  physical space carriers
  (data centers, R&D centers, etc.)
• The
  property resources and space operation capabilities
  of real estate enterprises can complement tech enterprises

• Beijing Capital Development Co., Ltd. indirectly holds only
  0.3%
  equity, contributing limited
  actual gains
  to Unitree Robotics’ IPO appreciation
• Difficult to form substantial business synergy

• The
  business synergy
  between real estate and robot industries is low
• Difficult to form effective integration in technology, market, supply chain, etc.

• Tech enterprises have large valuation fluctuations, with
  value retracement risk
• A 0.3% shareholding ratio means
  weak risk resistance capability

The current valuation of Beijing Capital Development Co., Ltd. has

:

• The 181.2% monthly increase in September was mainly driven by sentiment and expectations[1]
• After 6 consecutive limit-up days in December, the turnover rate reached 12.14%, indicating
  loose chips
  [3]
• The 0.3% indirect shareholding ratio has
  negligible impact
  on performance growth

• Unitree Robotics’ IPO schedule still has uncertainties
• Even if listed, the
  market value contribution
  of the 0.3% equity is limited

• The real estate sector is under overall pressure, and
  fundamentals are difficult to support
  the current increase
• After an annual increase of 117.49% in 2025,
  correction risk has accumulated
  [4]

• After 6 consecutive limit-up days, trading volume increased, indicating
  main funds may be exiting
• Small investors need to be alert to
  high-level takeover risk

For such concept speculation, investors are advised to:

1. Avoid chasing high prices
   : The current increase has fully reflected expectations, and the risk of intervention is high
2. Focus on fundamentals
   : Evaluate the recovery of Beijing Capital Development Co., Ltd.'s main business, rather than pure concept speculation
3. View synergy effects rationally
   : A 0.3% shareholding ratio is difficult to form substantial business synergy
4. Set stop-loss
   : If Unitree Robotics’ IPO progress is less than expected, the stock price may correct quickly

The correlation between Beijing Capital Development Co., Ltd. and Unitree Robotics is essentially a

; the 0.3% indirect shareholding ratio is difficult to support the concept of “synergy effect”. From an investment perspective, the current stock price movement is more rather than value discovery based on fundamentals. Investors should remain rational, pay attention to changes in the fundamentals of the real estate main business, and carefully evaluate the risk of chasing high prices.

[1] Sina Finance - Lanfu Year-End Data Review: All Monthly Speculative Stocks Purchased in 2025

[2] Jiuyan Community - IPO Analysis of Kingfa Technology and Unitree Robotics

[3] StockStar - Unitree Robotics IPO Countdown Analysis

[4] East Money - Real Estate and Building Materials Industry Biweekly Report

[5] Sina Finance - Robot Year-End Review: Unitree Robotics Officially Announces IPO

[6] Beijing Capital Development Co., Ltd. 2025 Semi-Annual Report