Industry Notes / Robots: Tesla and Unitree / Chapter 3 of 10 · Bar
Unitree: high margin, then a profit drop
Spending current profit on “brain” and brand
2025 gross margin
60.13%
2026Q1 adj. net y/y
−52.55%
2025 main-business gross margin ~60%. 2026Q1 adjusted net down ~53% y/y. R&D and selling costs moved forward; the prospectus already warns high margins may not last.
Source：宇树科技科创板招股书；2026Q1 披露与半年指引
Research notes, not investment advice.