Unitree sells four dogs for every humanoid — and the humanoids still bring in more money

Unitree Robotics is about to list in Shanghai as a humanoid-robot company. Its own prospectus shows that it became one only last year. The filing for code 688836 breaks 2025 revenue of 1.676 billion yuan into two lines. Quadrupeds — the Go2, B2 and A2 family — sold 23,037 units and brought in 697 million yuan, 41.6 percent of the total. Humanoids shipped 5,511 units, of which 5,215 were sold, and brought in 868 million yuan, 51.8 percent. For the first time the walking machines cross half of the company's revenue. The arithmetic behind that crossing is worth stating plainly, because the prospectus does not: Unitree sold 4.4 quadrupeds for every humanoid it sold, and still earned more from the humanoids. The reason is the price tag. Divide revenue by units and the average quadruped left the factory at 30,300 yuan, the average humanoid at 166,400 — 5.5 times as much. One humanoid is worth five and a half robot dogs. The shift happened inside a single year. In 2024 Unitree shipped 537 humanoids; in 2025 it shipped 5,511, a tenfold jump, while quadruped volumes grew 3.2 times, from 7,136 to 23,037. Humanoids went from 27.6 percent of revenue to 51.8 percent in twelve months. One more number in the filing deserves attention. Gross margin is 60.4 percent, but net profit is 280 million yuan — 16.7 percent of revenue. Adjusted for share-based incentive costs the figure is 590 million, more than twice as high. Roughly half of what the company earned before those charges went to paying people in stock, which is a normal cost for a firm heading to an exchange, and a reminder that the 219-times earnings multiple set at pricing rests on the smaller of the two numbers. Unitree priced its shares at 150.8 yuan on 6 August and opened public subscription on 10 August. The exchange has not yet confirmed the first trading day.