With its prospectus, Unitree Robotics has redefined the humanoid robot sector—transforming it from a "cash-burning segment" into a "verified high-margin business model," boasting 1.7 billion yuan in revenue, 600 million yuan in net profit, a 60% gross margin, and over 5,500 humanoid units shipped, ranking first globally.

Currently, the "physical body" + "cerebellum" constitute Unitree's core moat. Looking ahead, we believe that whoever can first achieve scene generalization at the "brain" level will upgrade from a "robot manufacturer" to an "embodied AI platform company," enjoying a completely different valuation system. For Unitree, it currently leads in the cerebellum while accelerating the development of brain capabilities, potentially unlocking trillion-yuan application scenarios in industry, logistics, and home settings.

We believe that as the first humanoid robot stock on the A-share market, Unitree has achieved a closed-loop business model to a certain extent. Standing out in brand effect, financial strength, and technical moats, the company offers a strong case for deeply capturing domestic supply chain names centered on the Unitree chain at this juncture.

Basic overview: Unitree Robotics is projected to achieve revenue of 1.708 billion yuan and adjusted net profit attributable to the parent company of approximately 600 million yuan in 2025, with a gross margin reaching 60%. The unit cost for quadruped and humanoid robots continues to decline, showing significant scale effects. The equity structure is dominated by founder Wang Xingxing, with Meituan as the second-largest shareholder, backed by top VCs like Sequoia and Matrix Partners. 85% of the 4.2 billion yuan raised will be directed towards R&D & new product development, focusing on breakthroughs in "brain" models, with plans for an annual production capacity of 190,000 robots.

Market characteristics: Cumulative sales of quadruped robots exceed 30,000 units, maintaining the top global market share for multiple consecutive years, with commercial consumption becoming the primary sales area. Humanoid robot shipments surpassed 5,500 units in 2025, ranking first globally. Current demand is concentrated in scientific research and education, with medium-to-long-term expansion planned into industrial and home scenarios. The proportion of domestic revenue has increased to 60.8%. The number of offline clients with annual revenue of RMB5mn and above surged to 38, indicating a diverse and healthy channel structure.

Product strategy: The product evolution strategy from small to large quadrupeds, from quadruped to biped, and from "large" to "small" humanoids has formed a complete product matrix covering both quadruped and biped robots. The technology leap strategy from "body capability" to "brain intelligence" has led the company to establish a system of 12 core technologies covering the entire technical chain of "brain, cerebellum, and body." The "body" adopts a high-bandwidth force-controlled quasi-direct-drive planetary rotary joint approach and has achieved large-scale commercialization. The "cerebellum" has iterated through five versions over three years via reinforcement learning, making the company the world's first to achieve large-scale commercialization in this area. The "brain" follows a dual-track strategy advancing both WMA and VLA. The transformation strategy from manufacturer to ecosystem builder includes platformizing products with unified interfaces to empower developers, open-sourcing core technologies to co-build the R&D system, and deepening academic and competition engagements to build a developer community. Over 80 global tech companies and research institutions have conducted application development based on Unitree Robotics, with hundreds of high-level academic papers published using its platform.

Product features: "Body" and "cerebellum" are the current core advantages. Motion control capabilities continuously set new industry records, with high-dynamic motion control demonstrated multiple times in scenarios such as the Spring Festival Gala, concerts, and robot sports games. In terms of specific product performance, Unitree's quadruped robot achieves a running speed of 6.0 m/s, setting a world record. The B2 series leads the industry in load-to-endurance ratio, features IP68 protection rating, and operates across a wide temperature range. The humanoid robot runs at over 5 m/s, is the world's only electric humanoid robot capable of performing backflips, side flips, catapult flips, and other highly difficult maneuvers, and possesses the world's only large-scale swarm capability.

Supply chain characteristics: Unitree adheres to full-stack in-house R&D of core components, ensuring self-control over key areas such as joints, drives, and structures. The perception system combines in-house development and external procurement. The in-house breakthrough in dexterous hands has made them an optional configuration.

Related Listed Companies: JINTUO (603211.SH), CSB (300718.SZ), ROBOSENSE (2498.HK), PINMING TECHNOLOGY (688109.SH), WOLONG ELECTRIC (600580.SH), SHUANGLIN AUTO PARTS (300100.SZ), MPT (000700.SZ), and MHIM (603319.SH).

Risks:

1. Risk of technological breakthroughs and product innovation falling short of expectations. The high-performance general-purpose robotics industry is one of the most complex and cutting-edge technological fields within robotics. As a technology-driven and talentintensive sector, it integrates numerous disciplines and technical directions, including hardware and software algorithms, AI reinforcement learning, embodied large models, scenario data analysis, motors/gearboxes/sensors, etc. Technological innovation in these areas is frequent, requires substantial upfront investment, and carries significant uncertainty.

2. Risk of downstream large-scale commercial applications falling short of expectations. Currently, the technological maturity of humanoid robots in areas such as the generalization capabilities of embodied large models and the fine durability of dexterous hands is limited. The robots' capabilities for precise operation, intelligent decision-making, and adaptation to non-standardized scenarios are not yet fully developed. If the relevant technical challenges remain unresolved, the intelligence level, generalization capabilities, and work efficiency of general-purpose robot products will struggle to meet commercial requirements.

3. Risk of intensifying industry competition and disorderly/unfair competition. With accelerated deployments by global tech giants and the widespread emergence of startups, market competition in the high-performance general-purpose robotics industry is intensifying further.