According to a report by Zhidx on March twenty fifth, on March twentieth, Unitree’s IPO software on the Science and Technology Innovation Board was accepted by the Shanghai Stock Exchange, and it plans to lift 4.202 billion yuan.
Unitree additionally disclosed that it achieved an annual working earnings of 1.708 billion yuan final 12 months, a 12 months-on-12 months enhance of 335.36%; throughout the identical interval, it achieved a web revenue of 600 million yuan after deducting non-recurring features and losses, a 12 months-on-12 months enhance of 674.29%.
Seeing this, many business insiders not solely sighed that making robots is so worthwhile! but additionally grew to become extra curious.
How does Unitree really become profitable? Who is paying for its robots? Beyond dancing and boxing, what different capabilities do Unitree’s robots have?
How does it obtain a gross revenue margin of practically 60%? Once, labor outsourcing prices accounted for practically 80% of labor prices. Is this manufacturing mannequin counting on outsourcing to cut back prices?
Now that automotive corporations and AI corporations are flocking to humanoid robots, how lengthy can Unitree’s current obstacles maintain?
In response to those questions that the outdoors world is interested in, we delved into the practically 300-web page inquiry paperwork launched by Unitree.
Unitree makes cash by the giant-scale software of quadruped robots in industrial consumption and industrial situations, whereas humanoid robots are primarily targeted on the scientific analysis, training, and developer markets. The practically 60% gross revenue margin relies on a value management system of full-stack self-analysis, self-definition of core elements, and the price of externally bought elements accounting for less than about 14% – 18%.
From January to September 2025, the high 5 prospects of Unitree’s quadruped robots had been JD Group and Galaxy General; the high 5 prospects of humanoid robots had been Beijing Chaoyuan Times Technology Co., Ltd., Hangzhou Hewa Robot Technology Development Co., Ltd., and many others.
01. Who is paying for Unitree? Commercial consumption is surpassing scientific analysis and training
The software fields of Unitree’s quadruped robots and humanoid robots may be roughly divided into three main instructions: scientific analysis and training, industrial consumption, and industrial purposes.
1. Quadruped robots: The proportion in the industrial consumption subject is rising quickly
In phrases of quadruped robots, from 2023 to 2024 and from January to September 2025, Unitree’s gross sales income elevated by 28.61%, 93.12%, and 182.22% respectively.
From January to September 2025, the high 5 prospects of Unitree’s quadruped robots had been JD Group and Galaxy General, in addition to brokers in Japan and Germany, and a Swiss expertise firm.
The general income in the scientific analysis and training subject accounts for a comparatively excessive proportion, whereas the income in the industrial consumption and industrial software fields is rising comparatively quick.
Among them, from January to September 2025, the gross sales proportion of quadruped robots in the industrial consumption subject elevated considerably and exceeded that in the scientific analysis subject, primarily benefiting from the speedy enhance in the on-line gross sales income of client-grade quadruped robots.
At the identical time, Unitree believes that as the software of quadruped robots in situations similar to clever inspection and hearth emergency response continues to enhance and step by step expands to situations similar to exploration and detection and clever manufacturing, the income proportion in the industrial software subject will rise steadily.
Currently, the software instances of Unitree’s quadruped robots in business embody: the inspection challenge of the 500kV Lanting Substation in Zhejiang, the inspection challenge of the underground pipe gallery in Binjiang District, Hangzhou, and the inspection challenge of the BASF Zhanjiang Petrochemical Base in Zhanjiang, Guangdong.
In the family subject, the software instances embody: China Mobile’s quadruped robotic canine, which might obtain capabilities similar to emotional companionship, choosing up and delivering specific parcels, autonomous following, and security early warning; the family state of affairs in the offline expertise retailer of JD and Unitree.
2. Humanoid robots: Concentrated in scientific analysis and training situations
From 2024 to January – September 2025, the gross sales income of Unitree’s humanoid robots elevated by 35.03 occasions and 6.42 occasions respectively.
This is expounded to the successive launch of its a number of humanoid robotic merchandise, the speedy growth of AI has pushed the progress of basic humanoid robotic expertise, stimulating the product demand for humanoid robots in the scientific analysis, training, and industrial consumption fields.
From January to September 2025, the high 5 prospects of Unitree’s humanoid robots had been Beijing Chaoyuan Times Technology Co., Ltd., Hangzhou Hewa Robot Technology Development Co., Ltd., and brokers in Japan, South Korea, and Germany.
In phrases of humanoid robots, Unitree’s product demand is principally concentrated in the scientific analysis and training subject. This is principally as a result of the software exploration and industrial growth of humanoid robots began comparatively late. In the stage of expertise R & D and software exploration, the product demand in the scientific analysis and training subject is extra real looking and main.
Referring to the growth course of of quadruped robots and the progress of embodied intelligence-associated applied sciences, it’s anticipated that in the quick and medium time period, the market demand for humanoid robots in fields similar to scientific analysis, training, and industrial consumption will likely be comparatively excessive; in the long run, with the breakthrough and innovation of applied sciences associated to embodied giant fashions and dexterous palms, humanoid robots are anticipated to enter manufacturing facility workshops and household life, offering providers for industrial, family, and extra social situations.
The software instances of its humanoid robots in the industrial subject embody: the 500kV Lanting Substation challenge in Zhejiang, the place it replaces human palms to carry out dwell work to keep away from security accidents; the CSR Zhuzhou Factory challenge, the place it performs dealing with work; the NIO challenge, the place it performs dealing with and meeting work.
In the family subject, its humanoid robots are primarily in the growth and coaching stage. Lingqiwanwu (Shenzhen) Technology Co., Ltd. has developed a humanoid robotic with capabilities similar to watering flowers, choosing up specific parcels, and family cleansing based mostly on the G1; Hangzhou Embodied Intelligence Pilot Base Technology Co., Ltd. conducts coaching on family service capabilities based mostly on its humanoid robotic merchandise.
Unitree emphasizes that for robots to realize giant-scale industrial purposes, the most important points are the functionality of the embodied giant mannequin at the “brain” stage and the fineness and sturdiness of the “dexterous hand”. The most vital technical downside is that the embodied giant fashions are in the early stage of growth globally, and their generalization capability is inadequate.
Unitree believes that conventional industrial robots, collaborative robots, and basic robots have fashioned a transparent useful hierarchy. The actual worth of basic robots lies of their capability to finish the closed-loop of “movement – recognition – operation” in versatile manufacturing and non-normal service situations with human – machine coexistence, scattered areas, and changeable duties. Their core benefit lies in the deep coupling of operation and generalization capability, they usually type a transparent complement to conventional industrial robots and collaborative robots.
02. Behind the practically 60% gross revenue margin, labor outsourcing accounts for practically 80% of labor prices
From 2022 to the first 9 months of 2025, Unitree’s complete gross revenue margins had been 44.94%, 44.75%, 56.98%, and 59.83% respectively, considerably greater than the common of listed corporations in the identical business. Cost management capability is a particularly essential influencing issue.
Comparison of the complete gross revenue margins of Unitree, Ubtech, and Yuejiang
Unitree adopts a full-stack self-analysis and growth mannequin for robotic complete machines and core elements, occupying the excessive-worth-added hyperlinks of the robotic business chain. In the manufacturing hyperlink, it depends on labor outsourcing to finish low-worth-added work similar to meeting and testing.
The inquiry letter disclosed that in the reporting interval, Unitree’s labor outsourcing prices had been 14.0039 million yuan, 11.6169 million yuan, 19.2226 million yuan, and 38.0544 million yuan respectively. The proportion of labor outsourcing prices in labor prices elevated from 58.38% to 77.77%.
So, is Unitree lowering prices and growing the gross revenue margin by labor outsourcing?
Unitree responded that outsourcing is principally concentrated in low-worth-added hyperlinks similar to meeting and testing, and it belongs to labor outsourcing, not labor dispatch. Outsourced staff are managed by suppliers, and Unitree doesn’t instantly handle attendance, scheduling, and efficiency. More importantly, the price of outsourced staff is barely greater than the native common wage in the manufacturing business, and “there is no situation of reducing labor costs through labor outsourcing.”
In phrases of self-analysis and self-manufacturing of core elements, Unitree has achieved in-depth management of the provide chain by step by step establishing its personal manufacturing strains.
Specifically, quadruped robots and humanoid robots have sure commonalities in bodily construction and useful modules, which may be roughly divided into the physique construction, joint modules, power system, computing platform, movement management system, notion system, and the dexterous hand of humanoid robots.
The important elements of Unitree’s quadruped robots
The important elements of Unitree’s humanoid robots
Unitree’s self-analysis content material covers the total bodily construction and core elements of robotic merchandise. Although most elementary elements and elements are externally bought, they’re primarily bought by personalized procurement strategies to satisfy Unitree’s product growth wants.
Among them, though there are instances of buying lidars, cameras, and dexterous palms as an entire, Unitree’s self-analysis capability additionally covers these technical fields and may present self-developed useful elements.
In phrases of price proportion, until excessive-specification equipment are optionally put in, the procurement price of externally bought elements similar to dexterous palms, lidars, and cameras accounts for about 14% – 18% of the whole price.
Dexterous palms: Before the launch of the Dex5 5-finger dexterous hand product in 2025, Unitree primarily bought dexterous palms from Intime Robot, Qiangnao Technology, and Reeman.
Lidars: All the lidars utilized in Unitree’s humanoid robots are externally bought; in quadruped robots, the client-grade Go2 merchandise are all outfitted with self-developed lidars. Unitree has not publicly disclosed the particular names of lidar suppliers.
Optical cameras: The important suppliers embody Shanghai Yaoli Electronic Technology Co., Ltd., and many others. All the optical cameras utilized in Unitree’s humanoid robots are externally bought. In quadruped robots, some are outfitted with externally bought optical cameras in keeping with buyer wants.
Generally talking, Unitree’s self-analysis and self-manufacturing of main key core elements have considerably lowered product prices, which is a crucial foundation for the price – efficiency benefit of its merchandise.
03. Beyond working, leaping, and boxing, what else does Unitree lack?
All alongside, the outdoors world has had a deep impression of Unitree’s robust movement management capability.
Unitree emphasizes that the greater the problem of extremely complicated actions, the extra stringent the necessities for the robotic’s stability, explosive energy, stability, and accuracy. This is a crucial manifestation of measuring the collaborative growth capability of the software program and {hardware} techniques of basic robots and the complete movement management stage, and may be transferred to actual situations similar to industrial manufacturing, warehousing and logistics, and family providers.
In current years, Unitree has made a collection of breakthroughs in excessive – problem actions:
