Unitree's first Q3 report: net profit up 270% year on year, but why did Q3 alone fall 17%?

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.