Unitree IPO Fundamentals: Is Unitree Profitable? Revenue, Robot Sales, Margins and R&D Explained

Unitree Robotics has moved from an early-stage quadruped robot company into a profitable robotics manufacturer with rapidly growing humanoid robot sales.

Revenue increased from RMB 159.1 million in 2023 to RMB 1.70 billion in 2025. Humanoid robots became Unitree’s largest revenue source, while gross margin expanded and operating cash flow turned strongly positive.

The key IPO question is no longer whether Unitree can sell humanoid robots. It is whether the company can maintain its margins and cash generation as robot prices fall, production scales and competition increases.

As of August 6, 2026, Unitree’s STAR Market IPO registration had taken effect, according to the Shanghai Stock Exchange IPO project page, following approval from the China Securities Regulatory Commission.

Investors can separately review the Unitree IPO date and subscription timetable, the expected Unitree IPO price and valuation, and when Unitree shares may begin trading.

Yes. Unitree became profitable during the audited IPO reporting period.

Revenue rose from RMB 159.1 million in 2023 to RMB 392.8 million in 2024 and RMB 1.70 billion in 2025. That means revenue increased more than tenfold in two years and grew approximately 333% in 2025 alone.

Unitree reported a net loss of RMB 11.1 million in 2023. It then generated net profit of RMB 95.5 million in 2024 and RMB 278.2 million in 2025.

Operating profit followed the same direction. It improved from a loss of RMB 21.4 million in 2023 to a profit of RMB 100.7 million in 2024 and RMB 367.7 million in 2025.

The company’s overall gross margin also increased from 44.75% in 2023 to 57.22% in 2024 and 60.44% in 2025, according to Unitree’s official IPO prospectus.

Unitree’s cash generation was stronger than its reported net profit in 2025. Operating cash flow reached approximately RMB 670.0 million, compared with net profit of RMB 278.2 million.

At the end of 2025, Unitree held approximately RMB 1.42 billion in cash and monetary funds. It had almost no bank borrowing, with most remaining debt-like obligations related to leases rather than traditional loans.

These figures show that Unitree entered the IPO process as a profitable and cash-generative company rather than a robotics business dependent on continuous debt financing.

Unitree reports four main product categories: humanoid robots, quadruped robots, robot components and other products or services.

The company also develops embodied-intelligence models, algorithms and software capabilities. However, it does not separately disclose software or model revenue as an independent business line.

Humanoid robots became Unitree’s largest business in 2025.

Revenue from humanoid robots increased from only RMB 3.0 million in 2023 to RMB 107.3 million in 2024 and RMB 867.8 million in 2025. Their share of main-business revenue rose from 1.88% in 2023 to 27.68% in 2024 and 51.78% in 2025.

Unitree recognized sales of 5,215 humanoid robots in 2025, compared with 412 in 2024 and only five in 2023. It produced 5,716 humanoid robots and shipped 5,511 during 2025. The difference between shipments and recognized sales matters. Some robots had been shipped under customer orders but had not completed acceptance, signing or other revenue-recognition procedures by the end of the reporting period. Shipment data therefore should not be treated as identical to reported sales. Unitree’s humanoid product portfolio includes models such as the H1, G1, R1, H2 and other developer or industry-focused robots. Some products support secondary development, algorithms, software programs and hardware expansion.

Quadruped robots remain Unitree’s largest business by unit volume. Quadruped robot revenue increased from RMB 119.4 million in 2023 to RMB 230.5 million in 2024 and RMB 697.6 million in 2025. However, their share of main-business revenue declined from 75.78% in 2023 to 59.47% in 2024 and 41.62% in 2025 as humanoid robots expanded more quickly.

Unitree sold 23,037 quadruped robots in 2025, compared with 7,136 in 2024 and 3,121 in 2023. It produced 26,032 units during 2025. Part of the difference between production and recognized sales was related to channel inventory. Unitree explained that products held in JD-operated warehouses were not necessarily recognized as revenue until final settlement occurred. Quadruped models cover consumer, education, research and industry applications. The portfolio includes the Go, B, A and AlienGo product families.

Robot components generated RMB 103.7 million in 2025, equal to 6.19% of main-business revenue. The category includes robotic arms, lidar, dexterous hands, joint modules, computing kits, batteries, charging equipment and wireless control systems. Other main products and services contributed only RMB 6.9 million, or 0.41% of main-business revenue. These products mainly include intelligent fitness equipment and smaller product or service lines.

Unitree also generated RMB 23.2 million in other business revenue in 2025, mainly from leasing and technical services. This represented only around 1.36% of total revenue.

The available disclosure does not support describing Unitree as a software subscription business. Its measurable revenue still comes overwhelmingly from robot hardware and components.

Yes, when measured by revenue.

Humanoid robots contributed 51.78% of main-business revenue in 2025, compared with 41.62% from quadruped robots. This is a major change from 2023, when humanoid robots contributed less than 2%.

However, humanoid robots still represented much lower unit volume. Unitree recognized sales of 5,215 humanoid robots in 2025, compared with 23,037 quadruped robots.

The revenue difference is explained by the higher average selling price of humanoid models.

In 2025, the average recognized selling price of a humanoid robot was approximately RMB 166,400. The average price of a quadruped robot was approximately RMB 30,300.

Unitree can therefore generate more revenue from fewer humanoid units. The long-term question is whether demand remains strong as more competitors enter the market and customers move from research or pilot purchases toward larger commercial deployments.

Unitree’s expansion has been driven by higher sales volume rather than higher prices.

The average humanoid robot selling price declined from approximately RMB 593,400 in 2023 to RMB 260,400 in 2024 and RMB 166,400 in 2025.

During the same period, recognized humanoid robot sales increased from five units to 5,215 units.

Quadruped robot prices also declined. Their average selling price fell from approximately RMB 38,300 in 2023 to RMB 32,300 in 2024 and RMB 30,300 in 2025.

The combination of lower prices and rapidly higher volume suggests that Unitree is broadening access to its products rather than relying only on small numbers of expensive, customized systems.

Lower selling prices can support market adoption. They can also create margin pressure if manufacturing costs do not decline at a similar rate.

Investors should therefore watch both unit growth and gross margin. Sales volume alone does not show whether each additional robot creates the same level of profit.

Unitree’s overall gross margin improved to 60.44% in 2025, but the direction differed across product lines.

Humanoid robot gross margin declined from 87.67% in 2023 to 69.26% in 2024 and 63.18% in 2025.

The very high 2023 margin came from only five recognized unit sales and may not represent the economics of larger-scale production. By 2025, humanoid robots were being sold at much greater volume and at substantially lower average prices.

Despite the decline, a 63.18% product gross margin remained above Unitree’s overall company margin.

Quadruped robot gross margin moved in the opposite direction. It increased from 43.71% in 2023 to 51.65% in 2024 and 56.72% in 2025.

Robot component gross margin also improved, rising from 48.76% to 59.36% during the same period.

This suggests that lower selling prices did not automatically translate into lower profitability across the entire portfolio. Scale, supply-chain efficiency, product design and component economics appear to have helped support margins.

The prospectus does not provide enough detail to isolate the contribution of every individual model or production change. Investors should avoid assuming that the margin of one robot model represents the entire category.

Unitree has a relatively diversified customer base.

Its five largest customers accounted for only 12.08% of total revenue in 2025. The largest customer represented 3.11%.

No single customer accounted for more than half of revenue, and Unitree reported no related-party relationship with its five largest customers during the reporting period.

The company sells to technology companies, research institutions, universities, distributors, e-commerce platforms and other customers in China and overseas.

However, the prospectus does not separately quantify revenue from universities, research institutions, businesses, developers or consumers. It is therefore not possible to determine exactly which end-customer category drove most of the 2025 growth.

Unitree remains primarily an offline business. Offline channels generated 89.28% of main-business revenue in 2025.

Offline direct sales accounted for 51.10%, while distributors contributed 38.18%. Online sales represented only 10.72%.

This channel structure suggests that enterprise selling, distributors and direct customer relationships remain more important than purely consumer-focused online sales.

Unitree has meaningful exposure to both China and overseas markets.

Overseas revenue represented 55.63% of main-business revenue in 2023 and 55.74% in 2024. In 2025, domestic China revenue became the larger segment, rising to 56.35%, while overseas revenue represented 43.65%.

Unitree attributed the domestic increase partly to stronger brand recognition and higher Chinese demand for artificial intelligence and robotics products.

The shift reduced reliance on overseas revenue and created a more balanced geographic mix. However, the prospectus does not provide a full revenue breakdown for Europe, North America, Asia or individual countries.

Investors will need to watch whether the rapid increase in domestic sales represents sustainable commercial demand or a shorter period of heightened attention around humanoid robotics.

Unitree also reports relatively low supplier concentration.

The five largest raw-material suppliers accounted for 22.54% of raw-material purchases in 2025. The largest supplier represented only 5.44%.

Mechanical parts were the largest procurement category, accounting for 50.71% of raw-material purchases. Electronic components represented 22.40%, while electrical materials contributed 22.23%.

Unitree reported no related-party relationship with its major suppliers and no single supplier responsible for more than half of purchases.

The figures suggest that the company is not heavily dependent on one raw-material supplier. However, the disclosed concentration data covers raw materials rather than every type of procurement or outsourced service.

Unitree increased research and development spending every year during the audited reporting period.

R&D expense rose from RMB 50.0 million in 2023 to RMB 70.0 million in 2024 and RMB 145.0 million in 2025.

R&D spending almost tripled in absolute terms over two years. However, its share of revenue declined from 31.39% in 2023 to 17.83% in 2024 and 8.53% in 2025 because revenue increased much faster than R&D expense.

This does not mean that Unitree reduced its investment in technology. It means that the company gained operating scale while continuing to expand its R&D budget.

Employee compensation remained the largest R&D expense, reaching approximately RMB 85.0 million in 2025.

Direct R&D materials rose to RMB 29.0 million. Cloud-computing and cloud-service costs increased to RMB 15.2 million, reflecting greater investment in model development and computing infrastructure.

Unitree employed 184 R&D personnel at the end of 2025, compared with 104 in 2023. R&D employees represented 35.66% of its workforce.

As of January 31, 2026, the company reported 262 patents, including 169 authorized domestic patents and 93 overseas patents. It also held software copyrights and hundreds of registered trademarks.

Unitree’s 2025 operating cash flow of RMB 670.0 million was well above its RMB 278.2 million net profit.

Contract liabilities increased from RMB 29.1 million in 2023 to RMB 92.5 million in 2024 and RMB 137.0 million in 2025. Contract liabilities can include customer payments received before revenue recognition, although the exact composition should not be treated as a direct measure of future orders.

Inventory increased to RMB 367.8 million in 2025, from RMB 141.3 million in 2024. Accounts receivable rose to RMB 58.7 million from RMB 20.6 million.

Both inventory and receivables grew as Unitree expanded, but they increased more slowly than annual revenue in 2025.

The company also ended the year with substantial cash and minimal borrowing. This gives Unitree financial flexibility as it invests in production, research and new products.

Unitree does not disclose a fixed design capacity or a traditional capacity-utilization rate.

The company describes its manufacturing system as flexible. Employees can be moved between production lines, and the company combines internal assembly with customized procurement, labor outsourcing and outsourced processing.

Whole robots and core components are assembled internally, while some non-core parts and repetitive assembly, testing, warehousing and support activities use external labor or processing services.

This model can allow Unitree to increase output without first building a fully automated factory for each product line. It also makes the company’s maximum sustainable production capacity harder to calculate.

Unitree produced 26,032 quadruped robots and 5,716 humanoid robots in 2025. However, these figures represent actual production, not a disclosed annual capacity ceiling.

The company has not stated how many robots its planned IPO manufacturing base will eventually be able to produce each year.

Unitree plans to invest approximately RMB 4.20 billion of IPO proceeds across four projects.

Around RMB 2.02 billion is allocated to intelligent robot model research and development. The project covers embodied-intelligence models, computing infrastructure, data collection and model training.

Approximately RMB 1.11 billion is allocated to robot body and core-technology development, including motors, transmission systems, drivers, lightweight structures and thermal control.

Another RMB 445.4 million is planned for the development of new intelligent robot products.

The intelligent robot manufacturing base project will receive approximately RMB 624.1 million. It will fund a new production base, production and testing equipment, smart warehousing and expanded supply capability.

About 85% of the planned proceeds are therefore directed toward models, robot body technology and new product development rather than the manufacturing base alone.

The allocation shows that Unitree’s IPO strategy is centered on strengthening technology and future products. It is not simply raising capital to reproduce its existing robot models at a larger scale.

Unitree’s audited growth is strong, but the company still faces important execution risks.

Humanoid robot prices have declined rapidly. Lower prices may expand demand, but future profitability depends on Unitree reducing production costs and maintaining product differentiation.

Humanoid robot gross margin has also declined as sales expanded. The 2025 margin remained high, but early-period margins based on very small volumes should not be treated as a permanent benchmark.

The company’s domestic revenue increased sharply in 2025. Investors will need to determine whether that demand is repeatable and whether large-scale industrial or commercial deployments replace short-term interest and research purchases.

Unitree’s production model is flexible but difficult to measure. Heavy use of manual assembly, labor outsourcing and external processing may support rapid expansion, but it may also create quality-control, staffing and delivery challenges at greater scale.

Software and embodied-intelligence models may strengthen Unitree’s products, but the company does not yet disclose software as an independent revenue stream.

Finally, the IPO projects require several years of investment and execution. Higher R&D spending does not guarantee that new models, robot bodies or manufacturing facilities will produce commercial returns on schedule.

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The contract allows eligible users to take long or short exposure to UNITREE’s market-implied reference price. UNITREEUSDT is a derivative contract, not Unitree stock.

Holding the contract does not provide company ownership, voting rights, dividends or other shareholder rights. Its price may differ from Unitree’s IPO offer price and from the price at which Unitree shares eventually trade on the STAR Market.

Available leverage, position limits and regional availability are subject to the latest rules shown on the MEXC contract page.

Readers new to the company can first review What Is Unitree Robotics? How to Buy and Short It on MEXC. The MEXC stock futures trading guide explains margin, long and short positions, and futures trading risks.

Yes. Unitree reported net profit of approximately RMB 278.2 million in 2025, compared with RMB 95.5 million in 2024 and a net loss in 2023.

Unitree generated approximately RMB 1.70 billion in revenue in 2025, up from RMB 392.8 million in 2024 and RMB 159.1 million in 2023.

Yes. Humanoid robots contributed 51.78% of main-business revenue in 2025, compared with 41.62% from quadruped robots.

Unitree recognized sales of 5,215 humanoid robots in 2025. It shipped 5,511 units, but some shipments had not completed the required revenue-recognition process by year-end.

Unitree’s overall gross margin was 60.44%. Humanoid robot gross margin was 63.18%, while quadruped robot gross margin was 56.72%.

No. Unitree describes software, algorithms and embodied-intelligence models as part of its technology platform, but it does not disclose them as a separate audited revenue category.

Unitree spent approximately RMB 145.0 million on R&D in 2025, equal to 8.53% of revenue. It employed 184 R&D personnel at year-end.

Unitree shares are not yet freely traded on the public market. MEXC offers UNITREEUSDT Pre-IPO futures, but this is a derivative contract rather than ownership of Unitree shares.