Nomura Surveys Unitree: Full-Stack Cost Advantages Significant, but 'Brain' Technology Remains Bottleneck

Overview

This report is meeting minutes following Nomura Securities' visit to global high-performance general-purpose humanoid robot and quadruped robot leader Unitree (Unlisted) on June 15, 2026. Unitree passed the Shanghai Stock Exchange STAR Market Listing Committee review on June 1, 2026. Core view of report considers Unitree maintained complete cost leadership advantage through full-stack in-house R&D capability and has achieved profitability, but long-term development constrained by uncertainty in General AI ('Brain'/World Model) technical route. Additionally, report updates views on robot supply chain enterprise Tuopu Group (601689.SH), maintaining Neutral rating.

Core views

Unitree demonstrates strong financial performance and cost advantages. In 2025, Unitree humanoid robot shipments exceeded 5,500 units, ranking first globally; revenue grew 335% YoY to 1.7 billion RMB, net profit reached 288 million RMB. Management stated company gross margin approx. 60%, production-sales rate over 90%. This profitability benefits from full-stack in-house R&D model: motors, reducers, LiDAR and other core components all self-developed, purchased components account only for 14-18% of total costs. Mature quadruped robot business cash flow is providing funding support for humanoid robot R&D and market expansion. Industry bottleneck shifted from 'limbs' to 'brain'. Although external survey shows Unitree globally leading in motion control, industry constraint bottleneck has shifted to 'brain' (e.g., World Model) this general technology. Currently mainstream technical routes not yet converged, researchers shifting from VLA (Vision-Language-Action) models to World Models, but definition of 'world' and scenario understanding still huge differences among manufacturers. Due to high-level paths and sub-paths not fixed, prospectus did not give clear timetable. Industry survey believes hardware manufacturers may face increasingly intense pressure from AI giants in future. To this end, Unitree plans to allocate over 50% of IPO fundraising proceeds for 'brain' development. Commercialization landing: Grid and Firefighting First. Application scenarios are main lever of company growth story. Although currently 74% humanoid robot income still from universities and research institutions, non-academic domain demand rapidly scaling up. Prospectus shows grid inspection and firefighting became fastest growing industrial use cases. For other vertical domains, Unitree adopts 'demand pull' rather than proactive promotion strategy, consistent with positioning as general robot manufacturer rather than specific scenario machine manufacturer. Management stated only when market demand appears, may develop dedicated solutions targeting specific sub-markets jointly with partners.

Analysis framework

Nomura Securities adopted analysis method combining field research and industry chain cross-validation. First, via direct interviews with Unitree management, obtained first-hand financial data (revenue, profit, gross margin), technical parameters (self-research ratio) and strategic planning (IPO fundraising usage). Second, combined with external industry survey, compared Unitree leadership position in motion control field with industry common bottlenecks at AI 'brain' level, thereby judging long-term competitive landscape changes facing hardware manufacturers. Finally, linked upstream component suppliers (such as Tuopu Group) business prospects with humanoid robot whole machine mass production progress and technical maturity, assessing sustainability of earnings growth.

Methodology notes

• Industry/Industrial Analysis FrameworkUpstream-Midstream-Downstream Transmission in Industry Chain

  Impact of OEM Technical Routes and Mass Production Progress on Upstream Component Suppliers

  The report analyzes technical bottlenecks (brain not converged) and mass production rhythm of OEMs (Unitree) to infer uncertainty of upstream component manufacturers (Tuopu Group) earnings release, reflecting logic transmission between upstream and downstream of industry chain.

• Competition and Strategy FrameworkMoat / competitive advantage

  Cost Leadership Advantage brought by Full-Stack In-House R&D

  Report emphasizes Unitree builds high gross margin (60%) cost moat by greatly reducing purchased cost proportion (14-18%) through self-developed motors, reducers and other core components.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• Ningbo Tuopu Group (601689.SS)

  Potential beneficiary of humanoid robot supply chain, but report holds cautious attitude

  Weaknesses

  Uncertainty regarding sustainability and scale of humanoid robot business contribution; Core business growth expected to decelerate in 2026 due to lack of scale advantage

  Risks

  Key customer shipment below expectations; Humanoid robot company mass production progress slower than expected

Key data

• Unitree 2025 Revenue1.7 Billion RMBGrowth 335% YoY
• Unitree 2025 Net Profit288 Million RMBAchieved Profitability
• Unitree 2025 Humanoid Robot Shipments>5,500 UnitsRanked 1st Globally
• Unitree Gross MarginApprox. 60%Benefiting from Full-Stack In-House R&D
• Purchased Components Cost Ratio14-18%Core Components Self-Developed
• Academic Sector Revenue Ratio74%Humanoid Robot Income Source
• Tuopu Group Target Price55.00 CNYBased on 2026 Expected PE 34x

Impact & implications

For Unitree, successful STAR Market review provided sufficient funds for long-term investment in AI 'brain' R&D, but whether hardware advantage can convert to long-term intelligent advantage remains doubtful. For Supply Chain, Nomura holds cautious attitude on Tuopu Group, believes human-robot business contribution scale and sustainability unclear, and core business growth may slow in 2026 due to lack of scale advantage. Investors should pay attention to convergence of humanoid robot technical routes and actual scaling speed of demand in non-academic sectors (such as grid, firefighting).

Risks

• Weak key customer shipments
• Humanoid robot company mass production progress slower than expected
• AI technical route convergence slower than expected, hardware manufacturers face pressure from AI giants

What to watch

• Progress of 'brain' R&D after Unitree IPO and technical route convergence status
• Scaling speed of demand in non-academic areas such as grid inspection and firefighting
• Actual order implementation status of Tuopu Group core business and humanoid robot business