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Unitree reports revenue growth with lower adjusted profit

AI summary

Unitree Technology reported third-quarter revenue of RMB 665 million, up 69.93% year over year, while attributable net profit fell 17.37% to RMB 113 million. For the first nine months, revenue rose 55.71% to RMB 1.817 billion and attributable net profit increased 270.54% to RMB 387 million, but adjusted net profit declined 18.78% to RMB 349 million. R&D spending rose 191.48% to RMB 263 million, while net operating cash flow fell 54.69%. An analyst cited by TMTPost said the sharp increase in attributable profit was largely due to a low comparison base affected by share-based payment, rather than stronger underlying profitability. Unitree did not separately disclose how much revenue came from humanoid robots.

In-depth insight

The results provide evidence of rapid company-wide revenue growth alongside pressure on adjusted profit and operating cash flow as R&D spending rises. They make the economics of Unitree’s commercialization a relevant issue for assessing its physical-AI business, although the report does not disclose revenue specifically attributable to physical-AI products.

#Unitree Technology#JPMorgan#Unitree G1#Unitree H2-X

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