On March 20, 2026, the Science and Technology Innovation Board of the Shanghai Stock Exchange accepted a particular prospectus.
Unitree Technology – the robotic firm that carried out yangko dance on the Spring Festival Gala – formally submitted an utility to the A-share market.
There are a number of figures on this prospectus that shouldn’t be ignored: In 2025, the income was 1.708 billion yuan, a year-on-year enhance of 335%; the internet revenue after deducting non-recurring positive factors and losses was 600 million yuan, a year-on-year enhance of 674%; the gross revenue margin of the major enterprise was 60.27%.
Compare these figures with one other firm – in 2025, it had a income of two billion yuan and a lack of 790 million yuan.
The title of this firm is Ubtech, often called the “first stock of humanoid robots”, which was listed on the Hong Kong Stock Exchange at the finish of 2023.
Sleeping in the Same Bed, Two Different Postures
Humanoid robots have been the hottest development globally in the previous two years.
But in the identical area, two varieties of corporations are having fully completely different experiences –
One is Unitree – with high-speed income development, turning losses into earnings, and a gross revenue margin similar to that of luxurious items.
The different is Ubtech, Dobot, Fourier Intelligence, and Zhipu Robotics – all incurring losses and burning cash for the future.
Why?
This just isn’t a victory of 1 firm over one other, however two completely different enterprise logics main to 2 completely different ends in the identical area.
▸ Unitree Technology in 2025: Revenue of 1.708 billion (+335%), internet revenue after deducting non-recurring positive factors and losses of 600 million (+674%), gross revenue margin of 60.27% (Science and Technology Innovation Board prospectus)
▸ Ubtech’s 2024 annual report: Revenue of 1.3 billion, lack of 1.12 billion, gross revenue margin of about 30% (disclosed by the Hong Kong Stock Exchange)
▸ Estimated figures for Ubtech in 2025: Revenue of about 2 billion, lack of about 790 million (complete disclosure by Huxiu)
▸ Dobot in 2024: Revenue of 374 million, lack of 84 million, gross revenue margin of 46.56%
▸ Fourier Intelligence/Zhipu Robotics: Still in the pre-listing financing stage, monetary info not publicly disclosed
On the identical development, one firm has a 60% gross revenue margin whereas the different continues to be shedding cash.
The Secret of Unitree: Who to Sell to, How Much to Sell, and How to Sell
To perceive why Unitree can make cash, three questions have to be answered.
First: Who does it promote to?
Opening Unitree’s prospectus, you’ll find a counterintuitive truth – greater than 90% of the income from humanoid robots is bought to scientific analysis establishments, universities, and company clients.
The largest buyer is JD Group, accounting for 3.54% of gross sales; the third-largest is Beijing Chaoyuan Times Technology, accounting for 1.55% of gross sales.
In different phrases, Unitree has not but entered the manufacturing workshops on a big scale, nor has it entered households.
What it sells just isn’t a “robot”, however a “hardware platform that can run, jump, and do flips” – permitting college professors to conduct analysis, know-how corporations to conduct secondary improvement, and analysis institutes to coach algorithms.
These clients will not be delicate to cost, have low necessities for sturdiness, and will not be choosy about after-sales prices.
Second: How a lot does it promote for?
The common promoting worth of Unitree’s humanoid robots has adopted an inverse curve –
In 2023, it was 593,400 yuan per unit;
In 2024, it was 260,700 yuan per unit;
In the first three quarters of 2025, it was 167,600 yuan per unit.
In two years, the unit worth dropped to lower than one-third of the authentic.
But the gross revenue margin elevated from 44.18% in 2022 to 60.27% in 2025.
The motive lies in the provide chain – Unitree has self-developed core parts akin to motors and reducers, and the {hardware} value is managed at 60,000 to 70,000 yuan per unit. And as a consequence of the recognition from the Spring Festival Gala, the model premium has additionally elevated.
Third: How does it promote?
In 2025, Unitree’s humanoid robotic shipments exceeded 5,500 items – rating first in the world.
The gross sales expense ratio dropped from 21% in 2022 to six.51% in the first three quarters of 2025.
That is to say, for every extra robotic bought, the buyer acquisition value turns into thinner.
This is a typical scale impact of know-how merchandise – not relying on promoting to extend market share, however attaining pure penetration by way of in a single day recognition on the Spring Festival Gala and word-of-mouth unfold.
The Dilemma of Ubtech: Different Customers, Different Financial Statements
The motive why Unitree’s monetary statements look good and Ubtech’s are heavy lies in the distinction ranging from the buyer facet.
Ubtech’s Main Focus: Manufacturing Implementation
Ubtech has positioned its major battlefield in manufacturing workshops.
In the previous yr, Ubtech has carried out collaborative coaching of humanoid robots in car producers akin to BYD, Geely, Mercedes-Benz, Audi, ZEEKR, and Foxconn – in situations akin to meeting, inspection, and dealing with.
The traits of this market are – extraordinarily excessive entry boundaries, extraordinarily price-sensitive, and very excessive necessities for sturdiness.
A humanoid robotic getting into an car manufacturing unit should have the ability to “operate continuously for 8 hours without downtime, have a grasping accuracy in the millimeter range, and seamlessly cooperate with the existing production line”.
To meet these requirements, the R & D division should burn cash – Ubtech’s R & D funding in 2024 was 478 million yuan, seven instances that of Unitree in the identical yr.
Ubtech’s Contradiction: Lagging Mass Production vs. R & D Spending
Ubtech delivered lower than 500 Walker S sequence humanoid robots in 2024.
Behind these 500 items are 478 million yuan in R & D funding, a internet lack of 1.1 billion, and a 30% gross revenue margin.
If it weren’t for the financing channel opened by the Hong Kong Stock Exchange, this enterprise mannequin could be tough to maintain for greater than two years.
In essence, Ubtech has chosen a harder and longer path – tackling the robust issues in industrial situations.
If this path is profitable, the ceiling is extraordinarily excessive – the annual labor prices of trillions of {dollars} in the international manufacturing business are all potential markets.
But this path takes time.
The “Four-Dimensional Coordinates” of Five Companies
Put the 5 main home humanoid robotic corporations in the identical coordinate system –
Dimension One: Commercialization Stage
Unitree has achieved large-scale profitability.
Ubtech is in the stage of large-scale funding.
Dobot, which began with collaborative robots, nonetheless has a low proportion of humanoid robotic enterprise.
Fourier Intelligence and Zhipu Robotics are nonetheless in the small-batch verification stage.
Dimension Two: Main Customers
Unitree – Scientific analysis and training + Commercial consumption (pushed by C – finish recognition from the Spring Festival Gala)
Ubtech – Manufacturing workshops (car producers akin to BYD, ZEEKR, and Audi)
Dobot – Factory collaboration (primarily industrial arms)
Fourier Intelligence – Rehabilitation drugs, scientific analysis
Zhipu Robotics – Industrial situations, particular operations
Dimension Three: Technology Focus
Unitree – Strong in {hardware} (motors, reducers, movement management), comparatively restrained in funding in mind fashions
Ubtech – Invests in each software program and {hardware} full – stack, particularly deeper in AI purposes in industrial implementation situations
Zhipu Robotics – Strong in integrating massive fashions and embodied intelligence
Dimension Four: Valuation Logic
Unitree – Valued at about 42 billion yuan earlier than IPO (comparable to a PE of about 70 instances the internet revenue after deducting non – recurring positive factors and losses in 2025), revenue – pushed
Ubtech – Market worth of about HK$56 billion on the Hong Kong Stock Exchange, story – pushed + possibility worth
Zhipu Robotics – Entered the A – share market not directly by way of the acquisition of Shangwei New Materials. According to market info, the valuation is over 15 billion yuan
Fourier Intelligence, Dobot – Valuations are in the tens of billions and billions respectively
▸ Unitree’s pre – IPO valuation: about 42 billion yuan (plans to situation 10% of shares to lift 4.2 billion yuan)
▸ Ubtech’s market worth on the Hong Kong Stock Exchange: about HK$56 billion (April 2026)
▸ Zhipu Robotics: Entered the A – share market not directly by way of Shangwei New Materials (the inventory worth as soon as elevated by 330% in 2025)
▸ Comparison of R & D funding: Unitree’s 90 million in the first three quarters of 2025 vs. Ubtech’s 478 million in 2024
▸ There are at the least 6 home humanoid robotic unicorns with valuations over 10 billion yuan (early 2026)
Whose Path Is More Sustainable
In the quick time period, Unitree is the winner – turning losses into earnings, with a 60% gross revenue margin, and rating first in international shipments.
But there are three key dangers on this path, all written in the prospectus –
First – Uncertainty of buyer demand. Unitree admitted in the prospectus that the firm doesn’t totally perceive the particular utilization situations of consumers, and its present benefit primarily depends on value – effectiveness relatively than irreplaceability.
Second – The income in the third quarter of 2025 decreased by 26% quarter – on – quarter. This is a standard decline after the recognition impact of the Spring Festival Gala fades, and it additionally reveals that the demand facet has not but fashioned a steady self – development cycle.
Third – Insufficient funding in mind fashions. The actual lengthy – time period worth of humanoid robots lies in the “brain” – embodied intelligence massive fashions, world fashions, and VLA fashions. Unitree’s present R & D depth is considerably decrease than that of corporations akin to Ubtech and Zhipu Robotics.
Making the {hardware} excellent is barely a semi – completed product, and the mind is the different half.
In the long run, corporations like Ubtech that “burn money to attack industrial scenarios” could have an opportunity to entry a really big market if they’ll survive the money – stream strain.
But the phrase “can survive” is the greatest suspense for such corporations.
The Second Robot Bubble or the Golden Age
As of early 2026, there have been greater than 140 home humanoid robotic – associated enterprises, and at the least 6 unicorns with valuations over 10 billion yuan.
This density makes many individuals consider the optical module sector in 2023 – earlier than hunting down the false and retaining the true, each firm on the development was hovering.
But there’s a elementary distinction between robots and optical modules –
The demand for optical modules comes from a particular buyer (cloud suppliers) + a particular state of affairs (AI coaching).
The demand for robots might be divided into at the least three situations – scientific analysis, business, and family – and the commercialization rhythm of every state of affairs is totally completely different.
This implies that not all robotic corporations will win, nor will all situations lose.
Unitree is in the lead, however the one which runs the farthest will not be the first to begin.
The 600 million yuan that Unitree earned comes from the scientific analysis market and the recognition from the Spring Festival Gala.
The 700 million yuan that Ubtech misplaced is the tuition payment for industrial situations and mind R & D.
Looking again ten years later, we could discover –
This 600 million yuan permits Unitree to get the ticket to go public.
That 700 million yuan could permit Ubtech to get one other ticket – the one to really enter factories and substitute some human labor.
The two tickets result in the identical vacation spot, however the costs are completely different.
Information Sources
1. Unitree Technology: Prospectus for IPO on the Science and Technology Innovation Board (accepted on March 20, 2026)
2. Caijing.com: Unitree Technology’s IPO Application Accepted – Net Profit of 600 million in 2025 (March 20, 2026)
3. Huxiu: Unitree Technology Takes the Crown from Ubtech (April 22, 2026)
4. Ruicaijing: Unitree Technology’s IPO – Wang Xingxing Is Making Too Much Money (March 22, 2026)
5. Titanium Media: 10 Things You Should Know About Unitree’s Listing (March 21, 2026)
6. Titanium Media: Unitree Technology’s IPO Finally Comes, Raising 4.2 Billion (March 21, 2026)
7. Phoenix Finance: In – depth Annual Interpretation of Unitree Technology’s Listing (April 2026)
8. Ubtech’s Hong Kong Stock Exchange bulletins and annual report knowledge (2023 – 2025)