Unitree's Q3 revenue rises 69.93% to 665 million yuan as net profit falls 17.37%

Unitree reported third-quarter revenue of 665 million yuan, up 69.93% from a year earlier, and net profit attributable to shareholders of 113 million yuan, down 17.37%. It is the humanoid robot and quadruped maker's first quarterly report since it listed on Shanghai's STAR Market in August.

Profit fell even as sales growth sped up, and the largest change in the filing is R&D. Q3 R&D expense rose 249.58% to 127 million yuan, equal to 19.10% of revenue, up 9.82 percentage points. Unitree attributes the increase to embodied AI work, in particular large-model development and compute, along with a bigger R&D team and new products. Net profit excluding non-recurring items fell 17.42% to 105 million yuan.

The 270.54% nine-month gain is mostly last year's base

For the first nine months, revenue was 1.817 billion yuan, up 55.71%, and net profit was 387 million yuan, up 270.54%. Unitree gives two reasons: higher gross profit, and a large one-off share-based payment expense booked in the same period of 2025. Wallstreetcn traces that charge to administrative expenses, which were 381 million yuan in the first nine months of 2025 and 73.5 million yuan this year. Excluding non-recurring items, nine-month net profit fell 18.78% to 349 million yuan.

Costs also grew faster than sales. Cost of revenue rose about 78% to 836 million yuan, and selling expenses reached 230 million yuan, against 76.01 million yuan a year earlier. Operating cash flow fell 54.69% to 194 million yuan.

Quarter on quarter the drop is sharper. Q2 net profit was 224 million yuan, so Q3 was about 49% lower, by ifeng's calculation. Reuters noted the result arrives as China's robotics sector faces cooling investor sentiment and a tech market rout.

IPO cash sits on the balance sheet

The listing changed the balance sheet. Total assets reached 10.156 billion yuan at the end of September, up 216.52% from the end of 2025, and cash rose from 1.419 billion yuan to 7.354 billion yuan, mostly from IPO proceeds. Founder Wang Xingxing holds 21.44% and remains the largest shareholder.

Inventory rose from 368 million yuan at the start of the year to 1.019 billion yuan at the end of September.