领先的中国机器人公司宇树科技周三报告称，季度营收同比增长69.93%，达到6.65亿元人民币（约合9970万美元），但扣除非经常性损益后的净利润下降17.42%，至1.05亿元人民币，这是该公司上市以来发布的首份财报。
Leading Chinese robotics company Unitree Robotics on Wednesday reported a 69.93 per cent year-on-year increase in quarterly revenue to 665 million yuan (US$99.7 million), though net profits excluding non-recurring items fell 17.42 per cent to 105 million yuan, as the company released its first earnings since going public.
截至9月30日的三个月财报显示，这家位于杭州的公司研发支出持续激增，同比增长249.58%，达到1.2704亿元人民币，约占营收的19%，因为该公司正在加大对其行业领先机器人身体软件“大脑”的投资。
The results for the three months ending September 30 showed a continued surge in research and development spending by the Hangzhou-based company, which jumped 249.58 per cent year-on-year to 127.04 million yuan, or around 19 per cent of revenue, as it ramps up investments in the software “brains” of its industry-leading robotic bodies.
根据提交给上海证券交易所的文件，宇树科技今年前三季度实现归属于股东的净利润3.87亿元人民币，同比增长270.54%。
According to the filing with the Shanghai Stock Exchange, Unitree Robotics posted a net profit attributable to shareholders of 387 million yuan, a 270.54 per cent jump, for the first three quarters of the year.
该公司表示，净利润大幅增加是由于营收增长，以及去年同期发生的“重大”一次性费用。
The company said that the significant increase in net profit was due to revenue growth as well as “significant” one-off expenses incurred in the same period last year.
扣除此类非经常性损益后，该公司今年前三季度净利润同比下降18.78%。
Excluding such non-recurring items, the company reported a year-on-year decrease in net profit of 18.78 per cent in the first three quarters of the year.
宇树科技在上海的股价周三在财报发布前上涨8.74%，至695.90元人民币，这是中国机器人股票近期反弹的一部分，反弹背后是人们对行业即将取得突破的预期。
Unitree shares in Shanghai rose 8.74 per cent to 695.90 yuan on Wednesday before the earnings release, as part of a recent rally in Chinese robotics stocks on the back of expectations about imminent industry breakthroughs.
该公司股价自8月在上海首次交易以来的高点在数周内暴跌超过60%，但最近OpenAI的GPT-6 Astra等AI模型的技术突破——该模型展现了令人惊讶的机器人操作能力——帮助股价本月收回了一些涨幅。
The company saw its stock plummet more than 60 per cent from its peak in the weeks after its Shanghai trading debut in August, though recent technical breakthroughs in AI models such as OpenAI’s GPT-6 Astra, which demonstrated surprising robotics manipulation capabilities, have helped the stock recover some gains this month.
上周，宇树科技首席执行官王兴兴表示，该行业最快可能在两年内出现根本性突破，比他此前估计的更快。与此同时，外界普遍乐观地认为，AI模型可能有助于提升机器人硬件的“智能”水平。
Last week, Unitree CEO Wang Xingxing said that the industry could see fundamental breakthroughs in as little as two years, faster than what he had previously estimated, amid wider optimism that AI models could help boost the “intelligence” of robotic hardware.
尽管如此，投资者仍在密切关注宇树科技的最新财报，因为围绕中国人形机器人企业商业前景的疑问不断涌现，而其中大多数企业仍未实现盈利。
Still, Unitree’s latest earnings are being closely watched by investors as questions swirl over the commercial prospects of Chinese humanoid robot businesses, most of which remain unprofitable.
该公司获得了包括高榕创投、美团和中信证券在内的多家主要机构投资者的支持。
The company is backed by major institutional investors including HSG, Meituan and Citic Securities.
根据其招股书，宇树科技的销售成本增速快于营收增速，今年前三季度的成本增长约78%，达到8.36亿元。
According to its filing, Unitree’s cost of sales is growing faster than its revenue, with costs for the first three quarters of the year increasing around 78 per cent to 836 million yuan.
宇树科技表示，前三季度累计研发费用达到2.63亿元，同比增长191.48%，主要原因是公司在“大规模”AI模型开发及相关算力方面的投入增加。
The cumulative research and development expenses for the first three quarters reached 263 million yuan, a year-on-year increase of 191.48 per cent, primarily due to a rise in investment in the development of “large-scale” AI models and the associated computing power, Unitree said.
不过，该公司表示，其8月的首次公开募股带来了大量现金及现金等价物的注入，使现金及现金等价物从2025年底的14.19亿元跃升至截至9月30日的73.54亿元。
However, the company said that its August initial public offering helped provide a massive injection of cash and cash equivalents, which jumped from 1.419 billion yuan at the end of 2025 to 7.354 billion yuan as of September 30.