Gross Margin at 60% Exceeds Apple's Peak: YunTree IPO Prospectus Breakdown, Insiders Say 2025 Full-Year Revenue Actually Close to RMB 2 Billion

According to 1M AI News monitoring, robotics company Unity Technology submitted its Hong Kong IPO prospectus on March 20. Emerging Technology broke down its key financial data and obtained undisclosed information from insiders.

The prospectus indicates that as of the first three quarters of 2025, Unity's overall gross profit margin reached 59.5%, with humanoid robots at 62.9%, quadruped robots at 55.5%, and robot components at 60.4%. For reference, the average gross profit margin of listed robotics companies such as UBTECH and ANYbotics over the past three years has been 37%, and Apple's gross margin for Q1 of the 2026 fiscal year is 48.2% (its historical high). The prospectus only disclosed a revenue of 1.15 billion yuan for the first three quarters, but insiders informed Emerging Technology that considering the strong sales season in the fourth quarter, Unity's actual full-year revenue for 2025 is close to 2 billion yuan. In the previous three years (2022-2024), Unity's annual revenue has been fluctuating between 100 million and 300 million yuan.

In 2025, Unity sold over 18,000 quadruped robots and 5,500 humanoid robots (H1, G1), with an average selling price of 27,200 yuan for quadrupeds (a 15.8% decrease year-on-year) and 167,600 yuan for humanoids (a 35.7% decrease year-on-year). The production-to-sales ratio was 86% for quadrupeds and 96% for humanoids.

In terms of operational efficiency, Unity's sales expense ratio is only 6.5%, and its management expense ratio is only 4.2%, which are half and one-sixth of the industry average, respectively. The prospectus states that the company and all its subsidiaries have no self-owned properties and operate fully out of leased offices. Several employees have described founder Wang Xingxing's cost-saving style: once, after dismantling a meeting room remote control, he asked the entire staff group not to use "low-cost-performance batteries"; internally, it is rumored that he is "without a house or a car," living in an apartment near the office and walking to work.