Industry Notes

Industry Notes / Robots: Tesla and Unitree / Chapter 1 of 10 · Bar

The machine itself is a thin business

See which step keeps the margin

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Gross margin
Unitree
60%
UBTECH
38%
Typical assembly
12%

Unitree's 2025 gross margin was 60%. UBTECH's overall gross margin was about 38%, and it still lost money. Typical assembly margins are about 10% to 15%.

Source：宇树科技科创板招股书；优必选 2025 年报；组装环节毛利率为行业常见区间

Research notes, not investment advice.