Under the spotlight, two steel figures engage in fierce combat on the arena—straight punches, hooks, side kicks. This isn’t a sci-fi movie, but the real scene at Unitree Robotics’ booth in the exhibition hall of the 2025 World Artificial Intelligence Conference (WAIC) in Shanghai. As WAIC 2025 just wrapped up, numerous Chinese humanoid robot manufacturers showcased their latest achievements. Among them, Unitree stood out as an industry leader, attracting widespread attention with its outstanding performance. On this global stage, Unitree declared to the world through a robot boxing ring match: the era of Chinese humanoid robots going full throttle has truly arrived!
1. WAIC 2025: Chinese Kung Fu on a Steel Arena
In mid-July at the Shanghai Expo Center, the robotics exhibition area was undeniably the most popular attraction. Unitree Robotics’ booth was surrounded by crowds several layers deep, with attendees raising their phones to record the impressive boxing demonstration by the G1 robot.
“Straight punch! Hook! Beautiful!” When the 1.32-meter-tall G1 robot knocked down its opponent with a side kick and then got back up on its own in seconds thanks to its intelligent balance algorithm, the audience erupted in applause, as if watching a real-life version of Real Steel. These smooth, fluid movements originated from a humanoid robot boxing match previously broadcast live by CCTV, now brought to life at WAIC by Unitree in its original form. This wasn’t a performance—it was a hardcore demonstration of technical prowess.
The G1 is equipped with high-performance joint motors and a real-time control system. Its self-developed high-torque motors and ultra-low-latency motion control system enable reaction times at the millisecond level during combat. According to an on-site technical director, Unitree’s core technologies have passed 261 patents globally, covering major markets including China, the U.S., Japan, and Europe.
Besides the combat-ready humanoid robot G1, Unitree also showcased its quadruped robots B2 and Go2 at the event.
The B2 is a quadruped robot designed for industrial applications. It can move at speeds up to 6 meters per second and carry a maximum standing load of 120 kg (approx. 265 lbs). It is suitable for tasks such as electrical inspection and fire rescue. With strong environmental adaptability, it can operate steadily in temperatures ranging from -20°C to 55°C. In real-world tests, B2 demonstrated excellent terrain adaptability, easily crossing trenches 0.5 to 1.2 meters wide and walking stably on slopes over 45 degrees. In standing mode, it can support 120 kg, and it can carry a continuous load of over 40 kg while walking. By combining 3D LiDAR, depth cameras, and optical cameras through multi-sensor fusion, B2 can precisely perceive its environment and efficiently complete complex tasks. As of now, B2 has been deployed in industrial automation, power inspection, and emergency rescue scenarios, significantly improving efficiency while reducing human risk. In 2024, B2 successfully completed multiple garbage transport tests at Mount Tai, performing excellently.
Go2, on the other hand, is a “social media star” in the quadruped robot field. Since its launch in 2023, it has rapidly become a hot-selling product. In terms of movement, Go2 impresses with its 12 high-performance servos, enabling flexible and smooth actions such as waving, making hearts, handstands, and even backflips. Equipped with 4D LiDAR and vision sensors, it boasts enhanced range and precision in sensing, allowing for smart following and obstacle avoidance during movement. For interaction, Go2 integrates a GPT large language model, enabling natural voice dialogues, understanding everyday commands, and responding accordingly—delivering a more humanized interaction experience.
Right before WAIC, Unitree launched its lightweight humanoid robot R1, weighing only 25 kg, at a standard price of just RMB 39,900 (approx. USD 5,500). Although not featured at the conference, this “sports expert” with multimodal large model integration has drawn attention for its impressive cost-performance ratio and open-source modification capabilities. According to official specs, the Unitree R1 humanoid robot features 26 joints—distributed across the legs (6 joints × 2), arms (5 joints × 2), head (2 joints), and waist (2 joints). In demo videos, R1 performs somersaults, handstand walking, running, boxing, and can rapidly adjust posture while descending slopes to maintain stability. It is integrated with speech and vision multimodal large models, supports intelligent interaction, and is fitted with multiple external interfaces to allow developers and research institutions to carry out customized modifications to hardware and software algorithms, greatly expanding its potential for real-world application.
2. Market Surge: The Business Code Behind RMB 1 Billion in Revenue
On the eve of WAIC 2025, Unitree founder Wang Xingxing dropped a bombshell at the Summer Davos Forum: the company’s annual revenue had surpassed RMB 1 billion (approx. USD 137.8 million) and had remained profitable for five consecutive years since 2020. This achievement is striking in the robotics industry. By comparison, industry leader UBTECH reported 2024 revenue of RMB 1.305 billion (approx. USD 180 million) but recorded a net loss of RMB 1.16 billion (approx. USD 159.9 million); ZY Robotics secured contracts totaling over RMB 120 million (approx. USD 16.5 million) but remains largely confined to lab scenarios without generating mass production revenue.
Unitree’s business success stems from two strategic pillars:
- Exceptional strategic positioning: capturing global dominance in quadruped robots, then pivoting to mass-producing humanoid robots
In its early days, Unitree deliberately avoided the more technically demanding humanoid robot path and instead chose quadrupeds as its commercial breakthrough. Focusing on academic and industrial inspection applications, it successively released XDog, Laikago, AlienGo, A1, Go1, B1, Go2, and B2 quadrupeds. From the sub-RMB 10,000 (approx. USD 1,378) consumer-level Go2 to the industrial-grade B2, its product matrix spans education, inspection, and rescue. The Go2 basic version, priced at only RMB 9,997 (approx. USD 1,377), comes with features like backflips and intelligent tracking. Today, Unitree’s quadrupeds account for roughly 70% of global shipments.
After securing substantial revenue from quadrupeds, Unitree didn’t stop. Instead, it moved into the tougher humanoid robot market. Starting in 2023, it launched the H1, H1-2, and G1 humanoid robots. To date, cumulative shipments of H1 and G1 have exceeded 400 units, primarily for education and R&D purposes. According to Unitree board member Wang Qixin, the company ranks first globally in humanoid robot shipments. This strong delivery volume has helped achieve economies of scale, attracting major clients such as NEV manufacturers, 3C electronics giants, and top research institutes—likely the key to Unitree’s solid revenue and profitability.
- The cost “butcher’s” ultimate weapon: full-stack in-house R&D + Made in China
Unitree’s edge lies in its early achievement of effective cost control. While competitors like UBTECH and ZY Robotics have unit costs exceeding RMB 5 million (approx. USD 689,000) and rely heavily on AI algorithms with less than 60% of components self-developed, Unitree boasts a 90% self-developed rate for core components. It has filed over 200 patent applications globally, with more than 180 granted, and insists on in-house manufacturing. This strategy allows Unitree to convert gross margin into R&D funding and significantly lower costs for both itself and its users—at a time when the rest of the industry struggles with external supply chain issues. For instance, the retail price of its robot dog Go2 starts at RMB 9,997 (approx. USD 1,377), just 1/50 the price of Boston Dynamics’ Spot robot dog, which retails at about USD 75,000 (approx. RMB 538,000).
3. Challenges Remain: Sober Reflections Behind the Hype
The battle for the title of “first humanoid robot stock” has begun. On July 18, 2025, Hangzhou Unitree Robotics Co., Ltd. filed for IPO counseling with the Zhejiang Securities Regulatory Bureau, sparking waves across the industry. With RMB 1 billion in revenue and five years of profitability, Unitree has become a strong contender in the eyes of capital markets. However, the IPO race is heating up, with many players—including ZY Robotics and UBTECH—also vying for a listing. As AI large models deeply integrate with robotics, this trillion-yuan track is on the cusp of explosive growth. According to 21st Century Business Herald, ten robotics-related firms have already filed for IPO on the Hong Kong Stock Exchange in 2025 alone. This race for the “first stock” title not only marks a corporate milestone but also signifies a new stage in the humanoid robot industry.
Beyond fierce industry competition, Unitree still faces structural challenges between cost and demand. For example, despite the G1 being priced down to RMB 99,000 (approx. USD 13,640), it remains beyond the budget of ordinary households. While industrial demand exists, the high procurement cost—often in the millions—makes it unaffordable for small and medium enterprises. This supply-demand mismatch limits the expansion of application scenarios. Currently, humanoid robots are mostly confined to standardized production lines in automotive and 3C electronics sectors, highly reliant on pre-structured environments. In open settings like home services and commercial applications, pain points such as inaccurate environment recognition and poor movement coordination persist due to immature multimodal sensing technologies.
Moreover, Tesla’s humanoid robot Optimus is nearing mass production, and Amazon’s major acquisition of a humanoid robotics firm signals a potential global price war and heightened competition.
The road is winding, but the future is bright. At a closed-door WAIC session, Unitree founder Wang Xingxing declared: “My ultimate vision is to make robots as ubiquitous as smartphones—to let humanity graduate from repetitive labor and go write poetry, fall in love, go to Mars.” From Lunar New Year galas to IPO bell-ringing, Unitree has spent five years turning “robotic dancing” into a “steel money-printing machine.” As the lights dim on WAIC, the G1 robot’s dance loops on the Expo Center’s outdoor screens—silently proclaiming to the world: the future has arrived, and it dances.
[Disclaimer]: The above content reflects analysis of publicly available information, expert insights, and BCC research. It does not constitute investment advice. BCC is not responsible for any losses resulting from reliance on the views expressed herein. Investors should exercise caution.