Shao Lin, founder of RoboScience, spoke at the 2026 World Physical AI Conference and Unitree Partner Ecosystem Conference, presenting a cross-embodiment dexterous manipulation technology path from the ICRA 2025 Best Paper D(R,O) Grasp to the T(R,O) Grasp series and then to the FingerEye visuotactile framework.
Unitree Technology's revenue for the first three quarters of 2026 was 1.817 billion yuan, up 55.71% year-on-year, with net profit attributable to shareholders of 387 million yuan, up 270.54% year-on-year, though third-quarter net profit fell 17.37% year-on-year. R&D investment for the first three quarters rose 191.48% year-on-year to 263 million yuan, including 127 million yuan in the third quarter, up 249.58% year-on-year; the company said it continues to increase R&D and computing power investment in embodied large models.
Unitree disclosed on October 28 its first quarterly report since listing on the STAR Market. In the first three quarters of 2026, revenue was 1.817 billion yuan, up 55.71% year on year, and net profit attributable to shareholders was 387 million yuan, up 270.54% year on year. R&D expenses rose 191.48% year on year over the same period, with third-quarter growth of 249.58%, mainly directed to embodied intelligence model research, computing power procurement, and expansion of the R&D team.
Nvidia's Jensen Huang, Tesla's Musk, and Unitree's Wang Xingxing have recently made aligned public judgments: physical AI is on the eve of an explosion, and humanoid robots are its most important deployment vehicle. Huang said that, relying on the Cosmos world model and the Isaac simulation platform, AI factory deployment cycles have been compressed to 14 days; Musk plans for Optimus to be supplied externally by the end of 2027 after resolving issues such as electromechanical reliability, and says early production has already begun at the Fremont factory.
AgiBot GO-3 Nano Preview ranks first on the latest RoboTwin leaderboard with an average success rate of 85.01%. The leaderboard evaluates dual-arm collaborative manipulation and environmental generalization in complex scenarios, assessing model performance in target recognition, motion coordination, and adaptation to environmental changes.
Several industry figures told HardKr that the turning point for embodied AI funding came in September this year, and NE Times statistics show that funding in the sector fell 40% in September compared with August. Three leading institutions have tightened investment, one FA said the embodied projects it received recently have halved, and some founders are facing fundraising obstacles. The article also reviews the fundraising model of assembly-style startups that drives up valuations, and mentions that Unitree's share price has fallen more than 60% from its peak after listing, and that progress in foundation models such as GPT-6 Astra is eroding the technical moats of embodied-brain companies.
The State Administration for Market Regulation has approved and released China's first batch of 6 national standards for humanoid robots, numbered from GB/T 48316 to GB/T 48317.5, covering general provisions, environmental perception, decision planning, motion control, task operation, and simulation testing platforms. They take effect on April 1, 2027.
In the 50 days since GPT-6 Astra was released, the embodied AI industry has conducted intensive evaluations and discussions around it, and general-purpose large models have begun directly taking over robot operation. Tests by SenseTime and several institutions concluded that Astra is basically capable of completing embodied tasks, but still has a clear gap from practical use in real environments, underperforming in millimeter-level contact, dynamic control, and response speed. The article also reviews industry uses such as using Astra directly for policies, reviewing VLA actions, building simulation environments, and data annotation, as well as chain reactions including cooling financing and major companies stepping up data collection.
Why it matters: It reviews evaluation results, company reactions, and industrial chain changes in the embodied AI industry within 50 days of GPT-6 Astra's release, presenting the differentiated landscape after general-purpose large models entered robot operation.
Unitree Technology released its Q3 2026 financial report: third-quarter operating revenue was 665 million yuan, up 69.93% year on year; net profit attributable to shareholders was 113 million yuan, down 17.37% year on year. Revenue for the first three quarters was 1.817 billion yuan, up 55.71% year on year; net profit attributable to shareholders was 387 million yuan, up 270.54% year on year; non-recurring net profit was 349 million yuan, down 18.78% year on year.
At the 2026 Agibot Innovation Day launch event, Agibot disclosed that its revenue for the first half of 2026 was close to 2 billion yuan, and cumulative output of its general-purpose AI robots reached 20,000 units. The event also claimed that Agibot holds a 43% share of the global humanoid robot market. For comparison, Unitree Technology disclosed the previous day that its revenue for the first three quarters of 2026 was 1.817 billion yuan, up 55.71% year on year, with net profit attributable to shareholders of 387 million yuan, up 270.54% year on year.
Unitree Technology disclosed its 2026 third-quarter report on the evening of October 28. Third-quarter revenue was 665 million yuan, up 69.93% year on year; revenue for the first three quarters was 1.817 billion yuan, up 55.71% year on year. Q3 net profit attributable to shareholders was 113 million yuan, down year on year; the company said this was mainly due to increased share-based payment, R&D, and operating investment. R&D investment in the period was 127 million yuan, nearly 20% of revenue.
Unitree Technology's share price has rebounded by more than 70% over 12 days, with total market value recovering to over 280 billion yuan. JPMorgan raised its target price from 300 yuan per share to 995 yuan per share. Its first post-IPO financial report, released after market close on October 28, showed Q3 revenue of 665 million yuan, up 69.93% year on year, but non-GAAP net profit of 105 million yuan, down 17.42% year on year, and R&D investment of 127 million yuan, up 249.58% year on year.
Unitree Technology's revenue in the third quarter of 2026 was 665 million yuan, up 69.93% year-on-year; net profit attributable to shareholders was 113 million yuan, down 17.37% year-on-year and down 49.55% quarter-on-quarter. The company's R&D investment in the third quarter was 127 million yuan, up 249.58% year-on-year, accounting for 19.10% of revenue. The board secretary's office said the decline in net profit was mainly due to increased R&D investment in computing power and large models, and that the impact is controllable over a longer period.
Unitree Technology's third-quarter operating revenue was 665 million yuan, up 69.93% year on year, while net profit attributable to shareholders was 113 million yuan, down 17.37% year on year, making its first financial report after listing show higher revenue but lower profit. On October 25, JPMorgan raised its target price for Unitree from 300 yuan to 995 yuan, upgraded the rating directly from underweight to overweight, and raised its humanoid robot sales forecasts for 2027 to 2030. The article also notes that cases such as YunShenChu's STAR Market review and Huandong Robot's termination of listing show that listing reviews for robotics companies are tightening, and several second- and third-tier manufacturers have experienced unpaid wages or bankruptcy.
Unitree Technology's 2026 Q3 report shows revenue of 1.817 billion yuan for the first three quarters, up 55.71% year on year, and non-recurring net profit attributable to shareholders of 349 million yuan, down 18.78% year on year; net profit attributable to shareholders and non-recurring profit both declined in the third quarter.
At its Innovation Day, AgiBot disclosed that its revenue for the first half of 2026 was close to 2 billion yuan, a scale exceeding that of Unitree Robotics and UBTech for the same period; its 2025 revenue had already surpassed 1.05 billion yuan. Counterpoint statistics show that AgiBot shipped 9,700 units in the first half of this year, accounting for a 43.1% market share, and that cumulative humanoid robot output exceeded 20,000 units as of September. The company has not yet disclosed profit data; research institutions and data collection projects account for a relatively high share of its orders, while orders for regular deployment on industrial production lines remain limited.
Unitree Robotics released its first post-IPO quarterly report on October 28. Q3 single-quarter revenue was 665 million yuan, up 69.93% year on year, and net profit attributable to shareholders was 113 million yuan, down 17.37% year on year. The profit decline was mainly due to increased R&D spending: Q3 R&D investment was 127 million yuan, up 249.58% year on year, accounting for 19.10% of revenue. Cumulative revenue for the first three quarters was 1.817 billion yuan, up 55.71% year on year, and R&D investment was 263 million yuan, up 191.48% year on year; after IPO proceeds were received, monetary cash reached 7.354 billion yuan.
Unitree Technology reported Q3 2026 revenue of 665 million yuan, up 69.93% year-on-year, and net profit attributable to shareholders of 113 million yuan, down 17.37% year-on-year and nearly 50% quarter-on-quarter. A company board secretary's office representative said the profit decline was mainly due to increased R&D investment in computing power and large models, adding that the impact is controllable over a longer period and that current investment follows the planned use of raised funds and will not be increased blindly.
Unitree Technology released its first quarterly report since going public. Q3 2026 revenue was 665 million yuan, up 69.93% year-on-year, while net profit attributable to shareholders was 113 million yuan, down 17.37% year-on-year. R&D investment this quarter was 127 million yuan, up 249.58% year-on-year, accounting for 19.1% of revenue, mainly for embodied intelligence large models, computing power procurement, and development of new humanoid robot products. Total revenue for the first three quarters was 1.817 billion yuan, up 55.71% year-on-year, and net profit attributable to shareholders was 387 million yuan, up 270.54% year-on-year.
Unitree's 2026 Q3 report shows net profit attributable to shareholders of 387 million yuan for the first three quarters, up 270.54% year on year, while Q3 alone was 113 million yuan, down 17.37% year on year. The author notes that the 270% growth mainly stems from a low base caused by about 349 million yuan in pre-IPO share-based payment expenses in the same period of 2025, and that non-GAAP net profit falling 18.78% year on year over the first three quarters is closer to the actual operating picture.
Several leading institutions have tightened their investment in embodied AI, with one FA saying it no longer takes on embodied projects and that the number of embodied projects it receives has roughly halved. According to NE Times statistics, funding in the embodied AI sector fell 40% in September compared with August, and multiple industry figures say the turning point came in September this year. The article also mentions that Unitree's market value fell by half at one point after its listing, and that rumors of some embodied companies pausing IPOs are circulating privately.
Unitree released its Q3 2026 report, its first earnings report since going public. Cumulative revenue for the first three quarters was 1.817 billion yuan, with net profit attributable to shareholders of 387 million yuan, up 270.54% year-on-year. Single-quarter revenue was 665 million yuan, up 69.93% year-on-year, but net profit attributable to shareholders was 113 million yuan, down 17.37% year-on-year. R&D investment in the first three quarters was 263 million yuan, up 191.48% year-on-year; the company said this was mainly due to increased R&D and computing power investment in embodied intelligence and embodied large models.
Unitree Technology's first earnings report since going public shows that in the first three quarters of 2026, operating revenue was 1.817 billion yuan, up 55.71% year on year, and net profit attributable to shareholders was 387 million yuan, up 270.54% year on year. Third-quarter operating revenue was 665 million yuan, up 69.93% year on year, but net profit attributable to shareholders was 113 million yuan, down 17.37% year on year. R&D expenses rose 191.48% year on year, mainly due to a sharp increase in model R&D and computing power investment.
Beijing issued the "Beijing 15th Five-Year Plan Period New Energy System Plan" on October 28, establishing a "1+3+6" target and task system and specifying that external power receiving capacity will rise to 44 million kilowatts, power supply reliability will rise to 99.998%, and the share of non-fossil energy consumption will rise to 27.6%. The plan proposes adding 2 million kilowatts of photovoltaic and wind power installed capacity, reaching 2.4 million new energy vehicles and 650,000 charging piles built cumulatively, and advancing integrated application of "AI + energy."
Unitree Technology's shares rose more than 65% cumulatively over seven consecutive trading days starting October 16. On October 26, the stock closed at 672 yuan with a total market value of 271.8 billion yuan, and its trailing price-to-earnings ratio reached 465.22x, far above the roughly 38.54x average for the general equipment manufacturing industry over the past month.
Unitree Robotics released its 2026 third-quarter report: revenue for the first three quarters was 1.817 billion yuan, up 55.71% year-on-year, and net profit attributable to shareholders was 387 million yuan, up 270.54% year-on-year. Third-quarter revenue was 665 million yuan, up 69.93% year-on-year, but net profit attributable to shareholders was 113 million yuan, down 17.37% year-on-year.
Unitree Technology announced Q3 2026 operating revenue of 665 million yuan, up 69.93% year-on-year, and net profit attributable to shareholders of 113 million yuan, down 17.37% year-on-year. For the first three quarters of 2026, operating revenue was 1.817 billion yuan, up 55.71% year-on-year, and net profit attributable to shareholders was 387 million yuan, up 270.54% year-on-year.
On October 28, HongShan announced the launch of the 'ShanYu Venture Program' together with Unitree, focused on discovering and investing in early-stage startups in embodied intelligence, robotics applications, and related upstream and downstream key technologies. The program proposes an 'engineer plus investor' investment methodology, with Unitree providing industry perspective and engineering guidance and HongShan providing capital support and post-investment services, with a focus on young teams. Unitree founder and CEO Wang Xingxing said this is a deep collaboration and natural extension of the two sides' cooperation built on a high degree of mutual trust.
On October 28, divergence in the robotics sector intensified: Unitree Robotics rose more than 10% in early trading before closing down more than 4%, while the underlying index of the robotics ETF rose more than 3%. Tesla's Q3 earnings report confirmed that the Optimus production line at the Fremont factory has started, with the first 10,000 to 20,000 units used for its own training, and deliveries to external customers targeted for around the end of 2027. Unitree's trailing price-to-earnings ratio is 465 times; it delivered more than 5,500 units in full-year 2025, mainly purchased by research institutions and universities. UBTech's humanoid robot sales in the first half of the year were 921 units, a decrease of about 10.9% from the second half of 2025.
The study proposes a language-driven navigation framework that enables mobile robots to understand natural-language requests such as "go to the mailbox," identify the referenced object, estimate its position using RGB-D data, and generate a navigation goal that is then executed by the ROS 2 Nav2 navigation stack.
ActiveAlign proposes a framework that uses active perception to narrow the Real2Sim2Real gap, comprising two modules: ActiveAlign-Waving and ActiveAlign-Touching.
The authors propose HumiTransfer, a framework that converts in-the-wild human-human interaction videos into physically feasible human-humanoid interaction motions. The method first reconstructs 3D human motion with foot-ground contact, then transfers one participant to the target humanoid embodiment through interaction modeling, and uses post-retargeting optimization to ensure balance, contact, and collision avoidance.
REACH is an RL-based hierarchical framework that enables a Unitree G1 humanoid robot to traverse height-constrained environments through variable-height bipedal walking and crawling. Its policies regulate body height over complementary command ranges: 1.27–0.50m for bipedal walking and 0.50–0.20m for crawling, and a bidirectional transition policy connects crouched walking and crawling. The framework also combines a LiDAR planner that converts point clouds into collision-free three-dimensional paths and locomotion commands. Real-world experiments validated height and speed tracking, terrain traversal, mode switching, and confined-space traversal; the code and videos have been released.
GRAFT proposes a geometry-aware residual adaptation framework that, without changing the parameters of a frozen humanoid behavior foundation model (BFM) or its motion-reference interface, uses a lightweight adapter to apply terrain-conditioned corrections only to lower-body execution targets. The adapter is trained with task and foot-geometry rewards, is regularized so it produces no unnecessary corrections on flat ground, and is distilled from privileged terrain observations to onboard depth.
This study proposes using a stochastic motion tokenizer to generate concise discrete motion representations that can be fed directly into a whole-body tracking policy to execute dance, fighting, and walking motions on the Unitree G1. At matched capacity, the tokenizer reconstructs Unitree G1 motions better than FSQ and VQ-VAE. In real-robot demonstrations, each generated motion lasted 16.8 seconds, and a 35-second fighting-to-dance sequence was completed.
The study proposes extending PPO into phase-conditioned policy optimization, using a phase-conditioned critic, phase-gated rewards, and a multi-phase reset curriculum to train a single policy for long-horizon loco-manipulation tasks. The method adopts a decoupled hierarchical control architecture that separates low-level balancing dynamics from high-level phase execution, and validates multi-stage skills on real hardware on the Unitree G1 and a Boston Dynamics Spot equipped with a manipulator arm, while testing design choices through ablation experiments.
The robotics sector continued to climb, with Unitree Robotics up over 10%, while Shenhao Technology, Kaierda, Topstar, Juneng Co., and Jingye Intelligent also rose.
Physical AI has become a new hot spot in the AI industry and has driven related A-share concept stocks higher, with Unitree Robotics shares rebounding more than 65% over 7 trading days since mid-October. Accelerating industry evolution and the entry of tech giants are seen as the underlying logic of the rally, while the "training + simulation + edge" computing narrative for physical AI follows the earlier computing narrative and eases market concerns that AI capital expenditure has peaked. The central government and local governments have successively issued policies on developing physical AI, and listed companies are positioning themselves across various links of the supply chain to seize opportunities.
ROBOTECH 2026 Intelligent Robot Expo opened on October 27 at the Shenzhen World Exhibition & Convention Center (Bao'an), with 180,000 square meters of exhibition space. It focuses on three scenarios—industrial, commercial service, and special-purpose robots—and is expected to draw 170,000 professional visitors and more than 3,600 exhibitors.
In its October 20 abnormal-fluctuation announcement, Unitree Technology warned of a rolling P/E ratio of 388x versus an industry average of just 39x, flagging valuation-reversion risk, yet on October 23 it still posted its first 20cm limit-up since listing, and JPMorgan subsequently raised its target price from 300 yuan to 995 yuan. In the first half of 2026, Unitree's revenue was 1.152 billion yuan, up 48.54% year on year, while non-recurring net profit was 244 million yuan, down 19.34% year on year; in the first three quarters of 2025, 73.60% of humanoid robot revenue came from universities and research institutions, with industrial scenarios accounting for only 9.01%.