Analysis on Goldwind Science & Technology's 4 Consecutive Limit-Ups: Driven by Blue Arrow Aerospace's IPO, Not Unitree Robotics Concept

Based on the latest market data and research materials, I will conduct an in-depth analysis of Goldwind Science & Technology’s 4 consecutive limit-ups, and evaluate the impact of the Unitree Robotics concept on Hong Kong stock valuations.

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Based on verification from multiple sources,

[1][2]. The company has clearly clarified on its interactive platform: [2]. This clarification directly negates the market rumor that the company holds equity in Unitree Technology.

The real driving factor for Goldwind Science & Technology’s stock price surge is

[1]:

Key Information	Details
Shareholding Entity	Jianghan Assets, a subsidiary of Goldwind Science & Technology
Shareholding Ratio	4.14%
Shareholder Status	6th Largest Shareholder
Current Valuation of Blue Arrow Aerospace	Over RMB 20 billion
Market Expected Valuation After Listing	May be revalued to RMB 100 billion

Blue Arrow Aerospace is a well-known commercial aerospace enterprise in China. From October 18 to 20, 2025, the Zhuque-3 launch vehicle successfully completed the fueling joint exercise and static fire test for the first phase of its maiden mission[3].

The market holds clear divergences regarding this round of surges in Goldwind Science & Technology’s stock price:

• Upgraded the Hong Kong stock rating from “Hold” to “Outperform”
• Raised the target price from HK$13 to HK$17[1]
• Believes that SpaceX’s proposed IPO may drive further revaluation

• Believes the stock price surge driven by Blue Arrow Aerospace may be
  overreacted
  [1]
• Calculations show that Blue Arrow Aerospace’s valuation multiple will reach 88x its 2024 fiscal year price-to-book ratio
• Warns investors of valuation risks

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Unitree Technology (Unitree) is a leading enterprise in China’s humanoid robotics sector[4]:

Indicator	Data
Year of Establishment	2016
2024 Revenue	Over RMB 1 billion
Share of Quadruped Robots	65%
Share of Humanoid Robots	30%
Share of Components	5%
Global Market Share of Quadruped Robots	69.75%
Latest Valuation	Over RMB 10 billion
IPO Progress	Expected to submit application in Q4 2025

Investors include well-known institutions such as Tencent, Alibaba, China Mobile Fund, and Ant Group[4].

The impact of Unitree Technology’s IPO on Hong Kong stock valuations is mainly through the following pathways:

• There is currently no evidence that Goldwind Science & Technology directly holds equity in Unitree Technology
• For Hong Kong-listed companies that clearly hold equity in Unitree (if any), specific analysis is required

• Valuation Anchoring Effect:
  If Unitree Technology successfully goes public, it will become the “first humanoid robotics stock” on the A-share market, providing a valuation reference for the industry[4]
• Industry Chain Driving:
  Mass production of humanoid robots requires strong capital strength; the IPO of leading enterprises will accelerate supply chain financing and technological iteration
• Market Sentiment Boost:
  The progress of Unitree Technology’s IPO continues to attract capital to the embodied intelligence track

Risk Type	Details
Commercialization Risk	The share of industrial applications is only 13%, and the large-scale implementation capability of humanoid robots remains to be verified[4]
Patent Litigation Risk	Unitree Technology has recently been sued over a patent dispute, which may affect its IPO progress
Valuation Bubble Risk	The humanoid robotics industry is in the early stage, and high valuations require continuous performance verification
Concept Hype Risk	Investors need to distinguish between substantive shareholding and concept hype

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1. Goldwind Science & Technology’s 4 Consecutive Limit-Ups Are:
   • ✅
     Driven by Substantive Positive Catalysts
     : The STAR Market IPO of Blue Arrow Aerospace brings real expectations of equity investment returns
   • ❌
     Not Hype of the Unitree Robotics Concept
     : The company has clearly clarified that it does not hold equity in Unitree Robotics

2. Impact of the Unitree Robotics Concept on Hong Kong Stocks:
   • No direct impact on Goldwind Science & Technology in the short term
   • May have indirect impacts in the long term through industry chain and valuation system restructuring
   • Investors need to be wary of concept hype and focus on substantive business progress

• Morgan Stanley warns of overreaction in the stock price, and investors need to pay attention to the risk of short-term pullback[1]
• The IPO progress of Blue Arrow Aerospace is uncertain
• The commercialization process of the humanoid robotics industry still needs to be verified

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[1] AASTOCKS - “Goldwind (02208.HK) Surges Nearly 14% to a 4+ Year High, A-Shares Hit 4 Consecutive Limit-Ups, Driven by Blue Arrow Aerospace’s STAR Market IPO Application” (http://www.aastocks.com/sc/mobile/News.aspx?NewsID=NOW.1494961&NewsType=61&NewsSource=HK6)

[2] 36Kr - “4 Consecutive Limit-Ups for Goldwind Science & Technology: Does Not Hold Equity in Unitree Robotics” (https://www.36kr.com/newsflashes)

[3] Stock Review Network - “Information Related to Goldwind Science & Technology” (https://002202.fupanwang.com/)

[4] CLS - “Competing for the ‘First Humanoid Robotics Stock’ on A-Shares: Unitree Technology Expected to Submit IPO Application in Q4, Quadruped Robots Account for 65%” (https://m.cls.cn/detail/2133821)