Unitree Launches Online Subscription as Humanoid Robot Sales Top 5,500 Units but Q1 Profit Drops

Unitree Technology launched its online subscription on August 10, completing the regulatory review process and formally entering the issuance phase. The company received acceptance on March 20, passed the listing committee review on June 1, obtained regulatory approval from the CSRC in July, and listed in August, a total of about five months. According to the prospectus, Unitree plans to publicly issue no less than 40.4464 million shares, accounting for no less than 10% of the total share capital after the issuance, with planned fundraising of RMB 4.202 billion. Of this, RMB 2.022 billion will be used for intelligent robot model R&D, representing 48% of the total fundraising; the manufacturing base construction accounts for less than 15% of the fundraising amount. Founded in 2016, Unitree started with quadruped robots and launched its first full-size humanoid robot, the H1, in 2023, selling only 5 units that year at an average unit price of approximately RMB 593,400. After launching the smaller humanoid robot G1 in 2024, sales rose to 410 units, and in the first three quarters of 2025, sales climbed to 3,551 units, with the average unit price falling to RMB 167,600. In 2025, actual deliveries of humanoid robots exceeded 5,500 units, with total production exceeding 6,500 units. Revenue from humanoid robots as a proportion of main business revenue rose from 1.88% in 2023 to 51.53% in the first three quarters of 2025, surpassing quadruped robots for the first time. In 2025, Unitree achieved operating revenue of RMB 1.699 billion, a gross margin on main business of 60.13%, net profit attributable to parent of RMB 278 million, and non-GAAP net profit of RMB 591 million. Cumulative global shipments of quadruped robots exceeded 30,000 units, with a global market share exceeding 60%, while humanoid robots held a global market share of 32.4%. In the first three quarters of 2025, the top five customers accounted for 10.61% of revenue, with the largest customer, JD. com, at 3.54%. R&D personnel accounted for more than 65% of staff, core components self-development rate exceeded 95%, and localization rate exceeded 85%. In the first quarter of 2026, Unitree's revenue was RMB 423 million, up 68.49% year-on-year, while non-GAAP net profit fell from RMB 84.84 million in the same period of 2025 to RMB 40.25 million, a decline of 52.55%. The company officially explained that the profit decline was mainly due to a rapid increase in R&D and sales expenses, with R&D expenses up RMB 38.33 million year-on-year, directed toward robot bodies, embodied intelligence large models, and motion control. The company also used platforms such as the Spring Festival Gala to boost brand promotion. In 2025, the unit cost of humanoid robots fell from RMB 73,200 in 2023 to RMB 62,200, while unit labor costs fell 55.24% and unit manufacturing costs fell 38.84% in the first three quarters of 2025. Unitree's product line includes quadruped robots, humanoid robots, and dexterous robotic arms. The quadruped robot Go2 starts at RMB 9,000, the G1 humanoid robot features a dexterous hand and an upgraded 3D LiDAR layout, and the R1 series of dual-arm humanoid robots launched in April 2026 starts at RMB 26,900. In terms of revenue structure, scientific research and education customers account for 73.6%, industrial customers for 9%, and offline sales for 86.5%. As of the first three quarters of 2025, the production-sales ratio for humanoid robots was 95.95%, while the ratio for quadruped robots fell from near 100% to 84.96%. The company said that after cooperating with JD. com's self-operated channel, some robot dogs have been sent to JD warehouses but have not yet met the conditions for settlement and revenue recognition.