Unitree third-quarter revenue surges 70pc but net profit misses forecasts
Chinese humanoid robot maker Unitree reported a 70 per cent rise in third-quarter revenue but net profit fell 17.4 per cent, missing analyst expectations, as R&D spending more than doubled. The results mark the company's first earnings since listing amid a broader tech stock rout.
Chinese humanoid robot maker Unitree said on Wednesday that third-quarter revenue rose 70 per cent from a year earlier, but net profit fell as the company faced its first market test since listing amid a tech sector rout.
The company generated 665 million yuan (HK$782.35 million) in revenue, while net profit attributable to shareholders fell 17.4 per cent to 112.7 million yuan, below analysts' 224 million yuan forecast, according to a Shanghai Stock Exchange filing. Unitree more than doubled research and development expenses in the quarter.
For the first nine months of the year, revenue climbed 55.7 per cent to 1.82 billion yuan and net profit rose 270.5 per cent to 386.7 million yuan. The company attributed the January-September profit surge to higher gross profit and a large one-time share-based payment expense booked in the prior-year period.
Unitree is one of the few profitable domestic robot firms as the sector searches for viable commercial applications. Research and development spending jumped 249.6 per cent in the third quarter to 127.0 million yuan, or 19.1 per cent of revenue, as the company invested more in embodied-intelligence large models, computing capacity and its R&D team.
Investors are closely watching the company's performance as a bellwether for future listings of Chinese humanoid robot makers, whose technology has not yet proved commercial viability. Reuters reported last month that Chinese regulators are slowing down IPOs for humanoid robot firms amid tech stock volatility.
Unitree's shares have surged over 65 per cent in the past two weeks after slumping almost 55 per cent from their August debut. The company issued an abnormal trading announcement on October 21, warning investors of significant valuation risks. US investment bank JPMorgan hiked its stock rating on Monday, and the company last week released a demo video of its new H2-X 'Kung Fu Legend Guardian' humanoid robot showing off combat moves, spurring the latest rally.
The results come amid a broader market rout led by Chinese AI and technology shares. The STAR50 index of Shanghai-listed chip and AI leaders has tumbled 40 per cent since July, wiping out around US$480 billion in market value. Unitree, which competes with Tesla and Hyundai Motor Group-owned Boston Dynamics, is backed by influential Chinese companies including Alibaba and Tencent.