Unitree Releases First Financial Report Since IPO

Unitree Technology released its first financial report since its initial public offering on October 28, 2026, drawing market attention to revenue quality and order structure. The company listed on the STAR Market of the Shanghai Stock Exchange in August 2026.

Ahead of the earnings release, JPMorgan upgraded Unitree from underweight to overweight and raised its target price from RMB 300 to RMB 995, implying roughly 59% upside from the October 23 closing price of RMB 624. The bank cited CEO Wang Xingxing's recent statement that the expected window for physical AI breakthroughs has narrowed from "up to 10 years" to "one to two years or two to three years."

Unitree reported approximately RMB 1.7 billion in revenue for 2025. JPMorgan forecasts 2026 revenue of RMB 2.819 billion, with 2027 and 2028 projections of RMB 4.888 billion and RMB 13.383 billion, respectively. These figures are analyst estimates, not company disclosures.

Investors are focusing on which customer segments support the company's revenue growth and whether pilot orders can convert into sustainable enterprise-level repeat purchases. Unitree's competitive position is largely attributed to vertical integration of core components such as joint motors, reducers, and sensors, which has helped lower pricing for its quadruped robots and expand into markets including academic research, agricultural inspection, and mine surveying.