人形机器人：对比宇树、优必选、大艾机器人、越疆机器人、乐聚机器人

EdisonYu,HeadofUSAutos&Mobility/+19178932023|edison.yu@db.comLauraLi,USAutos&Mobility/+12122502266/llaura.li@db.comWinnieDong,USAutos&Mobility|+12122505121/winnie.dong@db.con 15June2026 Table of content V.One-pagercompanybackgroundUnitree (not listed)UBTECH(9880.HK)DEEP (not listed)Leju (not listed)DOBOT(2432.HK) Executivesummary:OpportunitiesandriskscoexistExecutivesummaryStockimplications GlobalhumanoidrobotmarketforecastSlightlyincreasemarketforecastfor2026E-2029E ComparingUnitree,UBTECH,DEEP,DobotandLejuRevenueProfitabilityManufacturingLarge modelApplicationGeographicsplitManagement IV.Humanoid robotsupplychain mapMappingthehardwaresupplychainHumanoidrobotconfigurationsofselectiveOEMs 3234 Executivesummary:Opportunitiesandriskscoexist SeveralChinesehumanoidrobot/embodiedAlmanufacturershavefiledforpubliclistingin2o26andreleasedtheirprospectuses.ThesecompaniesincludeUnitreeRobotics(prospectusdisclosedinMarchandupdatedinMaypassedPOhearingon1June2o26),DEEPRobotics(prospectusdisclosedinMay),andLejuRobot(prospectusdisclosedinMarch).Inthisreport,wepresentourfindingsfromtheirprospectusesandcomparetheirdisclosuresagainstthoseofUBTECHandDobot(bothalreadylisted),aswellasAGIBoT(basedonlimitedpublicdata).Modelsoftheabovecompanies(historicaldataonly)areavailableuponrequest. DBview:Opportunities and risks coexist.As an icon for humanoidrobots,Unitreestandsout among itspeerswiththehighestrevenuefromhumanoid andquadruped robots in2025,as wellas impressiveprofitabilityof60%GPMand35%recurringNPM.Beinghardware-savvy,Unitreedevelops andassemblesmanyof itscomponents in-house,whichcontributesto itshighprofitability.Thedecentoverseasrevenueexposureof44%atUnitreeand~20%forUBTECHandDEEP suggests that embodiedAl robots fromChina have gainedtraction globally.Meanwhile,Unitree is at ajunctureof slower revenuegrowth(+41%YoYguidedfor1H26E)andlowerprofit(-14%YoYfor1H26E)asitsbasebecomeslargerandasthecompanyrampsup investment inlargemodels.Wethinkopportunitiesand riskscoexistforembodiedAlroboticspeers,consideringopportunities fromthesizableTAM(DBeUss1tnby2050E)andadvancingtechnologies,amid risksfromhigherexpensesformodel training anddata collection and intensifying competition.lnthisreport,wealsoslightlyincreaseourforecast for theglobal humanoid robotmarketfor2026E-2029E. SevenkeytakeawaysfromcomparingUnitree,UBTECH,DEEP,DobotandLeju: Revenue:Unitreeleads inbothhumanoid and quadruped robots;howevergrowth guidedto slow in1H26E.Unitree generated themost revenue frombothhumanoidandquadrupedrobotsin2025.Inthehumanoidrobotsegment,UnitreerecordedoverRMB860mn in2025,closelyfollowedbyUBTECHandAGIBOT,andthenremotelybyLeju,Dobot,andDEEP.Forquadruped robots,Unitree ledwithRMB70Omn,followedbyDEEPat~RMB3OOmn.Humanoidrobotrevenueexperiencedasharpincreasein2025,growingby23xforUBTECHand8xforUnitree.Nevertheless,asthebasebecomeshigherUnitreeforecasts itsgrouprevenuegrowthtoslowto+41%YoYin1H26E,adecelerationfrom+69%in1Q26and+333%in2025.Incontrast,AGIB0Ttargetsambitiousgrowth,aimingforitsrevenueto increase10xtoRMB10bnby2027EfromRMB1bnin2025. Profitability:Unitree impressivelyprofitable;yet,pressureemerging.UnitreereportedanimpressiveGPMof60%andrecurringNPMof35%in2025.Thisprofitabilityis attributednotonlytoextensive in-housemanufacturingand costoptimisation,butalsotolowerR&D expenses(as Unitree spendsrelativelylessonlargemodels)andlowersellingexpenses(owingtoUnitree'sstrongbrandreputation).AlthoughmostmanufacturersexperiencedanupwardtrajectoryinGPM,Dobot,Leju,andUBTECHallreportednetlossesbetween2022and2025.PressureisalsoemergingforUnitree,asthecompanyforecastsarecurringnetprofitdeclineof-14%YoYfor1H26E,withrecurring NPMprojectedtodecreaseto24%.The companyattributesthistofastergrowth inR&Dandsellingexpenses,asUnitreehasgraduallyincreased investment inlargemodels since2024,withafurtherstep-upfrom2H25 Executivesummary:Opportunitiesandriskscoexist Manufacturing:ln-houseR&Dandassemblykeytofull-stacktechnicalcapabilitiesandcostcontrol.Unitreeisrenownedforits in-houseR&Dandmanufacturingcapabilities-theprocurementcostofexternal componentsconstitutesonly14%-18%ofthetotalcostforitshumanoid robots.Morespecifically,UnitreeundertakestheR&Dandassemblyofvariouscomponents in-house,includingmotors(highpowerdensitypermanentmagnetsynchronousmotors),reducers(planetaryreducers),actuators(quasi-directdriveQDDplanetaryrotaryactuators),thermalcontrolsystems,lidar,dexterous hands, and the complete body assembly. In comparison, we believe peers exhibit less vertical integration,yet they alsopossess in-house R&Dcapabilitiesforkey components. Largemodel:Expensive,yetessential;developmentaccelerating.Traditionallyhardware-focused,Unitreehasprogressivelyincreased its investment inlargemodels-UnitreeintendstoraiseRMB4.2bnfromitsIPO,withhalf,RMB2bn,earmarkedspecificallyforrobotmodeldevelopment.AlthoughUnitreewasannouncedasahumanoidrobotbodypartnerforNviDIA's IsaacGRooTReferenceHumanoidRobotunveiledon1June2026,shortlyafter,Unitreewas addedtotheMilitaryCompanieslistbytheU