Unitree Revenue Rises 69.93% to 665.04 Million Yuan as Quarterly Profit Falls 17.37%
Key Facts
Unitree reported revenue of 665.04 million yuan in the third quarter of 2026, up 69.93% year on year, while net profit attributable to shareholders fell 17.37% to 112.69 million yuan, according to its official report filed via cninfo. The results put strong sales growth alongside a decline in quarterly profit, as the company increased research and development spending. That spending totaled 127.04 million yuan, up 249.58% from the same period. The company did not explicitly attribute the quarterly profit decline to the increase in the report, so research and development expenses form part of the results picture rather than a stated explanation for the profit decline. The figures show that revenue growth alone did not prevent quarterly profit from falling.
Research and development spending accounted for 19.10% of quarterly revenue, an increase of 9.82 percentage points year on year. Unitree said the increase reflected continued investment in embodied intelligence, particularly the development of related large models and computing expenditure. It added that expanding its research and development team and continuing work on new products also contributed to the higher expenses. The reported increase was therefore linked to specific development areas and additional personnel, according to the company’s statement. The spending-to-revenue ratio shows the scale of resources the company directed to this work during the quarter, alongside the annual decline in net profit.
For the first nine months of 2026, revenue rose 55.71% to 1.817 billion yuan, while net profit attributable to shareholders surged 270.54% to 386.69 million yuan, according to the same report. But net profit excluding non-recurring items fell 18.78% to 348.97 million yuan. The indicators’ divergent directions present a different picture for reported and adjusted profit over the period, despite revenue growth. The jump in reported net profit alone therefore does not reflect the earnings trajectory after excluding non-recurring items. The nine-month comparison provides broader context for the quarterly result, which showed an annual decline in net profit attributable to shareholders.
Unitree attributed part of the increase in profit for the period since the start of the year to revenue growth and the resulting rise in gross profit, as well as a large one-time expense for share-based payments recorded in the same period of the previous year. Gross profit rose 143.05% in the first nine months, according to the report. This explanation means the year-on-year comparison for reported net profit was also affected by the prior-year comparison base, not only by sales in the current period. At the same time, adjusted profit excluding non-recurring items declined year on year, according to the published figures. These indicators distinguish the effect of business growth from that of the exceptional expense recorded in the comparison period.
Net cash flow from operating activities was 193.71 million yuan in the first nine months, down 54.69% year on year. The company attributed the decline to higher payments for goods and services, wages and employee-related payments, as well as selling and research and development expenses as revenue grew. Operating cash flow adds another dimension to the period’s results, falling alongside increases in revenue and reported net profit. The company’s explanation is also consistent with the rise in operating spending it cited, without changing the fact that cash flow declined from the previous year. The data thus show a divergence between sales growth and reported profit on one hand, and operating cash flow and adjusted profit on the other.
The results follow Unitree’s listing in Shanghai in August, which drew exceptional interest in its offering. Reuters reported that the $900 million offering was more than 8,000 times oversubscribed by retail investors, while the allocation win rate was about 0.018%, and the shares were priced at 150.80 yuan. On the first trading day, the stock jumped more than fivefold before falling about 45% from its listing level through August 25, according to another Reuters report. The company’s market capitalization reached $66 billion at its trading peak, before it lost $30 billion from that peak. This volatile trajectory puts the quarterly results in the context of a stock that surged sharply and then fell significantly after listing.