Before Unitree had even started trading, the market had already priced its IPO at about 61 billion yuan. With 2025 revenue near 1.699 billion yuan and net profit around 278 million yuan, that implies a static price-to-earnings multiple of roughly 219 times. The natural first reaction: why would a maker of robot dogs and humanoids be worth that much?
The detail that matters is who sits in the strategic-placement roster. DeepSeek and Tencent both appear. One builds large models, the other holds cloud, traffic and enterprise scenes. They are not there to flip IPO shares. The giants are buying a ticket to AI entering the physical world, not a robot.
The valuation climb is steep: a post-money figure near 3.785 billion yuan in September 2024, a pre-C value of 12 billion yuan by June 2025, and now an issue price of 150.80 yuan on about 404.46 million shares, or roughly 60.99 billion yuan. In under two years the market repriced Unitree by about sixteenfold. Revenue rose from 159 million yuan in 2023 to 392 million in 2024 to about 1.699 billion in 2025, a three-year compound rate above 220 per cent, with 2025 gross margin at 60.13 per cent.
Delivery is the real proof. Unitree has sold more than 30,000 quadrupeds cumulatively and over 5,500 humanoids in 2025, with humanoid revenue around 877 million yuan, already ahead of its quadruped figure of about 695 million. While rivals still show prototypes, Unitree books revenue by the thousand. Capital pays up because it has shown robots can be mass-produced, delivered and monetised.
DeepSeek lacks the process data of the real world; a strategic seat is an option on physical-world learning, not a delivered model. Tencent wants scenes, the hands its software still lacks. Together they form brain, body and scene. Unitree’s moat is owning motors, joints and controllers and using scale to cut cost: the G1 fell from 99,000 yuan toward 85,000, the R1 to 39,900. The hard part was never the first unit but the 10,000th at the same reliability, with a customer business case that closes.
The risk is on the page. In the first quarter of 2026 revenue rose 68.49 per cent but non-recurring net profit fell 52.55 per cent. If price cuts outrun cost drops, both margin and multiple compress. What to watch is not the next demo but repurchase rate, software and service revenue share, and hours saved per unit. The endpoint is a robot that shows up to work every day, generates cash flow, and earns the order for the next one.
Editor’s note: This is an adapted translation of the original Sohu report. It has been trimmed and restructured for readability for an international business audience.