Unitree Robotics
ConvictionContext
Vertically integrated robot hardware sales (quadrupeds, humanoids, actuators/components) at aggressive price points; volume-led cost curve; nascent software/embodied-AI layer
Revenue
CNY 1.70B~$235-250M) FY2025, per IPO prospectusRev growth
+333% YoY FY2025CNY 392M FY2024 -> CNY 1.70B FY2025); Q1 2026 +68% YoYGross margin
60.1% FY202544.2% FY2023 -> 56.4% FY2024 -> 60.1% FY2025Op margin
Reported net profit CNY 278M FY2025 per Caixinsome prospectus coverage cites CNY 288M; gap vs adjusted is a one-time CNY 349M share-based-compensation charge) - ~16% net margin; adjusted net CNY 591M (~35%; some coverage cites CNY 600M, +674% YoY); Q1 2026 adjusted net -52% YoY on R&D rampCapex intensity
Historically asset-light for scalestepping up - CNY 4.2B IPO raise funds an intelligent-robot manufacturing base and a ~CNY 2B embodied-AI model R&D programValuation
~$1.7BSeries C post-money ~CNY 12B, Jun 2025); IPO approved Jul 2026 at minimum listing valuation CNY 42B (~$6.2B) - not yet tradingValuation trail
$6.2B3.6× since Jun 2025
3 marks · Jun 2025–Jul 2026
private — no public price
Priced round Secondary / SPAC mark
~3.5x step-up from the Jun 2025 Series C mark to the Jul 2026 approved IPO minimum in ~13 months; debut may price above the minimum given A-share humanoid scarcity dynamics. Series C mark variance (CNY 12B vs 12.7B) flagged per sourceNote.
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Full financial intelligence for Unitree Robotics
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07 (IPO prospectus accepted Mar 20, 2026 + CSRC registration approval Jul 2-3, 2026; pre-first-trade)· sign in (free) for the analyst summary; Pro unlocks full intelligence