What is Unitree? A RMB1.7bn robot maker where humanoids are now half of sales

Unitree Robotics is a Hangzhou company that designs and sells legged robots, and since 2025 it earns more from humanoids than from the robot dogs that made its name. The short answer for an executive: revenue of RMB1.70 billion in 2025, a main-business gross margin of 59.45% in the first nine months of that year, more than 5,500 humanoids shipped in 2025, and a Shanghai STAR Market listing on August 19, 2026 that valued the company at about RMB61.0 billion at the issue price. Its funding, products and filings are tracked on the MEKAWIRE profile [Unitree](/companies/unitree).

This brief answers a reader's request for an executive summary. It draws only on Unitree's STAR Market prospectus, its listing announcement and its own product pages, with comparisons from the MEKAWIRE database. The question it tries to settle is what a buyer of the shares, or a rival, is really looking at. A longer company history is in our [October profile](/news/unitree-robotics-company-profile-quadrupeds-humanoids-ipo-20261002).

Revenue quadrupled in a year, profit stalled in 2026

Revenue rose from RMB159.13 million in 2023 to RMB392.37 million in 2024 and RMB1,699.27 million in 2025, a 333% jump in the last year by our calculation from the listing announcement. The first half of 2026 brought RMB1,152.25 million, up 48.54%, already 68% of the whole of 2025. Profit did not keep pace: the company disclosed that recurring net profit fell 19.34% in the half. The 2025 profit also carried a RMB349.1 million share-based payment charge, so the headline figure understates what the business earned that year. The next question is where the revenue comes from.

Humanoids overtook robot dogs, and laboratories buy most of them

Wang Xingxing founded Unitree on August 26, 2016 and remains chairman. The company built its name on quadrupeds such as the Go2 and the IP67-rated industrial B2, and it makes core parts such as motors and controllers in-house. In the first nine months of 2025 humanoids brought in RMB595.19 million, 51.53% of main-business revenue, up from 27.60% in 2024; quadrupeds fell to 42.25% and components to 5.76%.

The buyers are not factories. The prospectus shows that 73.60% of humanoid revenue in that period came from research and education customers and 9.01% from industry. List prices explain why: on unitree.com the G1 starts at US$13,500 and the full-size H2 at US$29,900, sums a university lab or a competition team can approve. Our [humanoid price explainer](/news/how-much-does-a-humanoid-robot-cost-2026-prices-unitree-r1-g1-h2-1x-neo-ff-nova-figure-agility-explained-20261016) sets these against every other verified price.

Gross margin climbed from 44.22% in 2023 to 56.41% in 2024 and 59.45% in January to September 2025. That is a hardware maker earning margins closer to a software company, and it raises the obvious comparison.

Priced at almost twice its listed Chinese peers

Unitree's own listing document compared its valuation with two listed Chinese robot makers. At the RMB150.80 issue price it stood at 35.89 times 2025 sales, against 19.37 times for UBTech and 20.12 times for Dobot, and at 219.23 times 2025 earnings, against a sector average of 38.56 times. Volume points the same way. UBTech sold 1,079 full-size humanoids in 2025, and the International Federation of Robotics counted about 7,000 full-size units sold worldwide that year. Unitree's 5,500 includes smaller machines such as the 132 cm G1, so the numbers are not like for like; AgiBot reported its 10,000th humanoid produced on March 30, 2026, a cumulative production count rather than annual sales. In the US, Figure AI is private and gives no revenue, and Agility Robotics disclosed US$1.8 million of 2025 revenue in its merger filing.