Unitree Robotics

Business

Unitree (宇树科技股份有限公司) develops, makes and sells humanoid robots, quadruped robots, robot components and embodied-AI models. It says it was first in the world to sell high-performance quadrupeds publicly and that its humanoid and quadruped robots have led global sales in recent years (listing prospectus, 14 August 2026, pp. 32, 34). It listed on the Shanghai STAR Market under the code 688836.

Results

In 2025 revenue was ¥1.70bn, up from ¥393m in 2024, and net profit was ¥278.2m. Gross margin on its main business was 60.1%, up from 44.2% in 2023 (p. 36). Revenue from the main business was ¥1.676bn, made up of (p. 33):

• Humanoid robots: ¥867.8m, 51.8%, up from ¥107.3m in 2024.
• Quadruped robots: ¥697.6m, 41.6%.
• Robot components: ¥103.7m, 6.2%.

The company says it shipped more than 5,500 humanoids in 2025, counting pure humanoids and not wheeled dual-arm robots, and that this was the most in the world (p. 34). That ranking is its own claim.

In the first quarter of 2026 revenue rose 68.5% to ¥422.8m, but net profit fell 47.7% to ¥50.0m because of higher research and marketing spending, including a China Central Television Spring Festival Gala campaign (p. 38).

First half of 2026

Unitree says it will not publish a separate interim report for the first half of 2026 after listing. Its listing announcement of 18 August 2026 carries the figures instead, and they are unaudited (p. 35). Revenue was ¥1.152bn, up 48.5%. Net profit attributable to shareholders was ¥274.0m, against a loss of ¥32.0m a year earlier, when the company booked a one-off share-based payment expense of ¥349.1m. Profit excluding non-recurring items was ¥243.9m, down 19.3%, because research and selling expenses rose sharply (p. 36).

Price and cost

It sold 5,215 humanoids at an average of ¥166,400, down 36.1% on 2024. Humanoid gross profit of ¥548.3m on ¥867.8m of revenue is a 63.2% margin, down from 69.3% (our calculation from pp. 33, 212). Direct materials were 81.7% of cost of sales, and 50.7% of its ¥793.8m of purchases were mechanical parts such as machined and die-cast parts (pp. 148, 149, 208, 211). The humanoid robots page puts these figures in context.

Its own joints

Unitree says its hardware is designed in-house across mechanics, power systems and embedded control. For joint drive it names the motor, reducer and driver, and says it uses its own high-power-density joint motors with matching servo drivers (p. 136). It says that the cost of buying in sensors, reducers and motors is a barrier for new humanoid makers (p. 127). That means a maker of this scale designs the same parts that Kinco and Inovance sell to others, which affects who can sell actuators to whom. The prospectus does not say how many of its joint parts are bought in. Its five largest raw-material suppliers were 22.5% of purchases in 2025, and most are anonymised; the ones it names for 2023 to 2025 are small electronics and metal-parts firms. Outsourced processes, including rotor winding, surface treatment and machining, were 3.5% of cost of sales in 2025 (pp. 150, 151).

Risks it reports

More than 40% of its revenue comes from outside China, and the United States was 13.3% of revenue in 2025. The company warns that US trade or certification rules could stop it selling current models there (p. 23). About 20% of its raw material purchases are imported materials bought through domestic agents, which it also flags as exposed to export control changes (p. 24).