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… round, raising nearly RMB 200 million (USD 29 million). The round was led by China Merchants Capital, with participation from Jingguorui Investment Management, Daxing Industrial Investment, BCT Capital, a Kaiyuan Securities subsidiary, and Prime Light Capital. The company will use the funds for R&amp;D, global expansion, and team building. —<a href="https://36kr.com/p/3753526848897792">36Kr</a></li>
<li aria-level="1"><a href="https://awolvision.com/">AWOL Vision</a>, a smart projection brand, has raised nearly RMB 100 million (USD 14.5 million) in its Series B round. Investors include Silicon Paradise, BizConf Technology, and Kinpard. The company will use the capital to advance R&amp;D, build out its AI-driven entertainment platform ecosystem, expand global channels and branding, strengthen supply chain coordination, and recruit talent. —<a href="https://36kr.com/p/3752260051616512">36Kr</a></li>
<li aria-level="1"><a href="https://en.dynaflow.cn/">Dynaflow</a>, an AI science infrastructure company, has completed a Series B+ round worth nearly RMB 100 million. The round was backed by the Beijing New Materials Industry Investment Fund, managed by Shunxi Fund, and a state-backed fund in Beijing’s Fengtai district. The company said it will use the proceeds for core technology upgrades, capacity expansion, and the joint buildout of a new materials contract research platform with Beijing University of Chemical Technology to accelerate the commercialization of AI-enabled R&amp;D services. —<a href="https://36kr.com/p/3750417621795588">36Kr</a></li>
<li aria-level="1"><a href="https://www.spinquanta.com/">SpinQ</a>, a quantum computing company, has completed a Series C+ round worth RMB 600 million. The round drew support from Shenzhen Co-Stone Asset Management, Guotai Junan Innovation Investment, Caitong Capital, Sichuan Zhenxing, Chengdu’s Tianfu Investment, Addor Capital, and Hua Qiang Capital, among others. The company said it will use the fresh capital to further the industrialization of its quantum computing technologies. Including its Series C round completed three months earlier, SpinQ has raised nearly RMB 1 billion (USD 145.1 million) within one quarter. —<a href="https://36kr.com/p/3750411191550467">36Kr</a></li>
<li aria-level="1"><a href="https://www.hengtron.com/">Hengtron</a>, a Jiangsu-based developer of lithium manganese iron phosphate cathode materials, has completed its Series B round, raising a nine-figure RMB sum. The round was backed by the Yinchuan Yucheng Phoenix Science and Technology Innovation Fund, while Daion Capital served as financial advisor. The company will use the funds to build out capacity in Yinchuan, where it plans a 130,000-ton annual LMFP (lithium manganese iron phosphate) cathode material production line, including a first-phase capacity of 30,000 tons, while also expanding its Yancheng base. —<a href="https://36kr.com/p/3746236378202631">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Harvey, Amity, Tazapay, and others made recent headlines:</h3>
<ul>
<li aria-level="1">Harvey, a legal infrastructure company, raised USD 200 million in a funding round co-led by returning investors GIC and Sequoia, at a valuation of USD 11 billion. Existing backers Andreessen Horowitz, Coatue, Conviction Partners, Elad Gil, Evantic, and Kleiner Perkins also participated.</li>
<li aria-level="1">Amity, an AI and software company founded in Thailand, raised USD 100 million in a Series D round led by EDBI, alongside Asia Partners and SMDV, with participation from existing and new investors including CMLIM Capital.</li>
<li aria-level="1">Tazapay, a fintech firm, closed a Series B extension round led by Circle Ventures, bringing its total Series B funding to USD 36 million. New investors CMT Digital and Coinbase Ventures joined Circle Ventures, Peak XV Partners, GMO Venture Partners, and January Capital in the extension round.</li>
</ul>
If there are any news or updates you'd like us to feature, get in touch with us at: <a href="mailto:hello@kr-asia.com">hello@kr-asia.com</a>.
Note: RMB figures are converted to USD at rates of RMB 6.89 = USD 1 based on estimates as of April 6, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Deals in brief: Kitar and PolicyStreet raise funding; Western Union completes Dash acquisition; five China investments; and more

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China is enlisting startups from the private sector to build out its space industry in areas like rockets and satellites.
The world's second largest economy has made space-related business a priority for growth but has yet to produce its answer to Elon Musk's SpaceX, which has a wide lead in launch services and satellite internet.
State-owned China Satellite Communications Group leads a push to launch over 50,000 satellites into low Earth orbit to create a satellite internet constellation that can rival SpaceX's Starlink.
The Chinese effort will incorporate technology from startups and other private companies to develop reusable rockets for low-cost, high-frequency launches.
To lower the barriers to the necessary research and development, China will let the private companies access national facilities including a rocket engine test site and facilities that replicate the environment of space. Such access typically has been limited to the military and state-owned companies.
SpaceX and Blue Origin, another US space business, are the only companies with viable reusable rockets. In December, Chinese startup LandSpace Technology delivered a payload into orbit with its Zhuque-3 rocket, but failed to retrieve the first-stage booster. CAS Space, another Chinese startup, attempted a launch and recovery of its Kinetica-2 rocket last month.
China's leadership sees the space industry as a driver of economic growth. The country's last five-year plan, finalized last month, adds the ambition of becoming a space power to the government's goals of strengthening domestic manufacturing.
Over 600 space-related companies operated in China as of the end of last year, government data shows. A RMB 20 billion (USD 2.9 billion) government fund is planned to raise that number even higher. China also intends to create a national space law by 2027 to support private-sector participation.
China's space industry market is projected to reach RMB 9.1 trillion (USD 1.3 trillion) by 2030, four times last year's size, the China Commercial Industry Research Institute estimates. In addition to development and production of rockets and satellites, the scope of related services, including satellite communications and data use, is expected to grow.
Government bodies in Beijing, as well as in Hunan and Hainan, have announced plans to attract space industry players. The effort is part of the Chinese government’s broader push to lead the country’s exploration of the moon, Mars, and asteroids, while bringing the private sector into low Earth orbit projects, which have a greater likelihood of being profitable.
China aims to collect samples from Mars in 2028 and become the second nation to achieve a crewed lunar landing in 2030.
This article first appeared on <a href="https://asia.nikkei.com/business/aerospace-defense-industries/china-taps-rocket-satellite-startups-to-catch-up-to-spacex">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.
Note: RMB figures are converted to USD at rates of RMB 6.89 = USD 1 based on estimates as of April 6, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

China taps rocket, satellite startups to catch up to SpaceX

Space Tech

Deep Tech

… are cost-conscious, and recommend products accordingly.
The results have been encouraging. Prawira said online sales are growing rapidly, now accounting for 8% of the company's total revenue from 6% in December 2024. He is upbeat about its future growth thanks to customers like Yati and other "very [tech-] savvy young moms."
Prawira, who earned his master's in business administration from Australia's Monash University, was a finance director at Alfa Mitramart Utama before it was acquired by Sumber Alfaria in 2002. He became Sumber Alfaria's president director in 2014, replacing the founder's daughter, Feny Djoko Susanto, who now serves as president commissioner.
Omnichannel strategies are also being adopted by Indomaret with its Klik app and other major Indonesian retailers such as beauty commerce company <a title="" href="https://asia.nikkei.com/spotlight/asean-money/indonesian-beauty-retailer-sociolla-eyes-500-stores-and-asean-expansion" target="_blank" rel="noopener">Sociolla</a>.
Josua Pardede, chief economist at Permata Bank, sees Alfagift's expanding membership as a "valuable" asset to Alfamart, giving it "a large pool of first-party customer data linked to frequent everyday missions." Alfagift's growth shows "a strong signal that digital can lift basket economics, not just shift channels."
Beyond grocery business, Prawira envisions Alfamart becoming a "preferred retail distribution network" over the next decade, citing its existing payment point services, through which customers can pay their utility, motorcycle loan and other bills, and expanding them to other items such as event tickets.
"We are quite open to … enter into other potential businesses," he said, citing a new partnership with startup Layar Digi to explore a "micro cinema" business that would use vacant space at Alfamart outlets for movie viewings with around 30 seats.
Prawira stopped short of saying more about the venture, but on March 5, the two companies held a soft opening of their first micro cinema in an Alfamart outlet outside Jakarta.
Abida Massi Armand, an analyst at BRI Danareksa Sekuritas, said Indomaret, in contrast to Alfamart, focuses on "affordable pricing strategies through bundling promotions and direct discounts to attract price-sensitive buyers." He noted that being part of a large conglomerate gives Indomaret "the advantage of competitive purchasing prices."
But both minimart chains are also facing a new challenge in the form of Prabowo's "Koperasi Merah Putih" program, under which the government is seeking to establish 80,000 village cooperatives nationwide that will offer affordable staples, medicine and loan options.
Yandri Susanto, the minister of villages and development of disadvantaged regions, said the government considered stopping the issuance of permits for new convenience stores in rural areas to support the cooperatives program.
Pardede of Permata Bank said there might be room for future collaborations in which Alfamart and Indomaret could supply those cooperatives. But for now, the program "can meaningfully slow the [companies'] rural expansion runway and raise competitive pressure on basket size and pricing in the same catchment areas."
"Regulatory uncertainty rather than an immediate nationwide demand shock" will pose a main near-term potential risk for businesses, Pardede noted.
This article first appeared on <a href="https://asia.nikkei.com/spotlight/asean-money/indonesian-minimart-king-alfamart-boosts-quick-commerce-to-reverse-slowdown">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.
Note: IDR figures are converted to USD at rates of IDR 17003.11 = USD 1 based on estimates as of April 6, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Indonesian minimart king Alfamart boosts quick commerce to reverse slowdown

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<a href="/company/huawei">Huawei</a> has reported its highest annual revenue in five years, driven by robust demand for <a href="/industry/ai">artificial intelligence</a> and computing, while its nascent smart car solutions also logged healthy growth, defying a persistent US crackdown that limits the Chinese tech company's access to American technologies.
Sales for 2025 came to RMB 880.9 billion (USD 127.8 billion), a 2.18% increase from a year earlier and nearly back to the record 891.37 billion it made in 2020, the company announced on March 31. Net profit for 2025 climbed 8.7% to RMB 68 billion (USD 9.9 billion).
Washington first put Huawei on the so-called Entity List in May 2019 and tailored much stricter export controls to restrict its access to American technologies in mid-2020.
"In 2025, Huawei's connectivity business weathered the impact of industry investment cycles, while its computing business continued to seize opportunities in AI," said Meng Wanzhou, rotating chairwoman at Huawei.
Meng said Huawei's consumer business worked to overcome formidable challenges, including to enhance the user experience of its HarmonyOS ecosystem, which the company developed as an answer to Google's Android operating system.
"We are moving toward a future that is full of uncertainty, so we have to remain true to our strategy and maintain strategic focus. We will translate strategy to execution, keep cultivating the developer ecosystem, and pursue high-quality development," she said
The Chinese tech giant said the key revenue growth drivers include computing infrastructure and AI-related solutions, and intelligent system solutions, including for automotive applications.
Revenue from intelligent automotive solutions, which includes self-driving systems, grew 72% from a year earlier. Huawei's advanced driving system (ADS), its answer to Tesla's Full Self-Driving (FSD), commands a leading 28% share in its home market, according to the company.
Its digital power business, which covers energy solutions like converters and superchargers, also grew by a double-digit percentage in 2025. Its devices business, including smartphones, wearables, and other consumer electronics, accounted for about 39% of its total revenue and grew 1.6% from a year earlier.
Huawei said its overseas business showed some signs of recovery, accounting for 30% of its total revenue last year. In 2024, China contributed more than 71% of its sales revenue.
The company has been working to regain global attention. In early March, it showcased its <a title="" href="https://asia.nikkei.com/business/china-tech/huawei-debuts-top-ai-supercomputer-overseas-in-challenge-to-nvidia" target="_blank" rel="noopener">most advanced AI supercomputer</a> overseas for the first time. Its Atlas 950 SuperPoD is widely seen as the Chinese market's most competitive alternative to Nvidia. The company also brought some handsets and smart wearables overseas last year, Nikkei Asia earlier reported.
Huawei's R&amp;D spending in 2025 reached a record of RMB 192.3 billion (USD 27.9 billion), the highest in the company's history. In 2024, it invested about RMB 179.7 billion (USD 26.1 billion) in R&amp;D. In the past ten years, it has spent RMB 1.38 trillion (USD 200.2 billion) on R&amp;D.
Key areas of R&amp;D spending in 2025 included computing technologies, wireless communications and optical networks, all critical technologies enabling AI data centers, according to the company.
This article first appeared on <a href="https://asia.nikkei.com/spotlight/huawei-crackdown/huawei-revenues-nearly-back-to-pre-us-clampdown-level-amid-ai-boom">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.
Note: RMB figures are converted to USD at rates of RMB 6.89 = USD 1 based on estimates as of April 6, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Huawei revenues nearly back to pre-US-clampdown level amid AI boom

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… volume-first phase is losing force, while competition over existing demand is becoming more important. Now, the next content may depend on how precisely brands can meet different layers of demand.
This <a href="https://mp.weixin.qq.com/s/nbS8NqWkRnke3nW9j-7Vbw">article</a> was adapted based on a feature originally written by and published on China Restaurant Insider. KrASIA is authorized to translate, adapt, and publish its contents.
Note: EUR, RMB figures are converted to USD at rates of EUR 0.87 = USD 1 and RMB 6.90 = USD 1 based on estimates as of April 1, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

China’s coffee market splits in two as Luckin moves upmarket and Mixue digs deeper

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… structural depth. The former is built for milestones. The latter is built to last.
That is why the most important change at DJI may not be that some people are leaving. It is that the company is trying to evolve from a place full of people who can get things done into an organization capable of sustaining growth after the zero-to-one phase.
This also helps explain why outsiders can come away with a false impression. On the surface, departure stories keep appearing. Beneath that, the organization may be reinforcing itself. What is visible is movement at the surface. What is harder to see is the structural reshaping underneath.
<h3>Taking the long view on talent</h3>
What is a more advanced capability than simply retaining every employee?
It may be neither control nor the ability to bind people to the company. Rather, DJI suggests another model: creating a stable field of attraction for talent, one in which people may leave but still retain respect for the company, identify with it, and continue to benefit from what they gained there.
That is precisely the point most easily missed in outside interpretations of DJI.
From fragments of internal remarks that have surfaced, DJI’s emphasis on “seeking truth” in its corporate values is also reflected in its respect for objective realities: that talent is shared wealth for both companies and society, and that the movement of talent is a natural part of industrial progress and value creation. DJI is willing to draw talent from society, and it is also willing to cultivate people for society who possess innovative spirit and practical capability.
The idea sounds straightforward, but it is difficult to practice. Many companies approach talent with a desire to possess it. More mature organizations understand mobility, respect it, and use it to support faster growth and iteration as they move into the next stage.
That respect can also show up in smaller, more personal details.
Consider, for example, the discussion of DJI’s “departure gift boxes,” which circulated widely online before the Lunar New Year. The recipients were not current employees, but former staff who had left years earlier. The contents were reportedly nearly identical to those given to current employees, including Lunar New Year couplets, red envelopes, badges, tea sets, and fountain pens. Some former employees commented that only after leaving DJI did they fully appreciate the experience, and that despite their complaints at the time, many still felt proud to have worked there.
What made that episode resonate during a period of visible talent tension was the signal it appeared to send: this is not a company that treats employees as disposable resources. Leaving does not mean being erased. Remembering people instead suggests the confidence of an organization that feels secure in itself.
whereRelatedArticle
At a time when competition for talent is intensifying, that way of handling relationships can itself become a source of attraction. Top talent often cares not only about pay and title, but also about respect, growth, and organizational character. A company that speaks only of loyalty and does not understand mobility may struggle to attract the best people. By contrast, an organization that remains open to movement and treats former employees with respect is often better positioned to build a lasting pull for talent.
From a broader perspective, DJI appears to be in the middle of an identity shift. It is no longer just a company that makes breakout products, nor merely a place that produces notable founders. It is becoming something closer to a self-renewing system. People will leave it, and people will enter it. It will spill outward, and it will draw inward. Anyone who focuses only on how many people have gone will miss the larger picture.
In fact, the best way to judge whether a technology company has weakened has never been to ask whether people have resigned. Better questions are these:
<ul>
<li aria-level="1">Can it still attract top performers?</li>
<li aria-level="1">Can it still build new things?</li>
<li aria-level="1">Can it continue growing as its stage becomes more complex?</li>
</ul>
For now, DJI appears to remain on an upward path on all three measures.
So when it comes to DJI, what matters most may not be who left most recently, but that today’s DJI appears to function as a living reservoir of talent: always in motion, never static, and still capable of renewing itself through each departure and arrival.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3721255174568326">article</a> was written by Xiao Xi for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.92 = USD 1 based on estimates as of March 30, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Why DJI’s talent outflow may be a sign of strength, not weakness

… 3D printing for large industrial components. It said it will use the capital for product optimization, production line construction, and to increase delivery capacity. —<a href="https://36kr.com/p/3738196912881927">36Kr</a></li>
<li aria-level="1"><a href="http://www.njcets.com.cn/">Chance Digital Science &amp; Technology</a>, an industrial spatial intelligence company, has completed a Series B round worth an eight-figure RMB sum. The round was jointly backed by Lanpu Capital Management and Enxi Investment. It said it will use the funding to expand globally and continue product iteration tied to industrial world models and spatial intelligence. —<a href="https://36kr.com/p/3736567799169283">36Kr</a></li>
<li aria-level="1">AstronStone, a reusable liquid rocket developer, has closed a RMB 200 million pre-Series A+ round. The deal was co-led by GL Ventures and Xingxiang Investment Holding Group, with participation from Mornway Capital and follow-on investments from existing shareholders including Fibonacci VC, Tuofeng Investment, Zhisheng Ruiying, and Yunqi Partners. It said it will use the funds for assembly and testing, production capacity, and team expansion. —<a href="https://36kr.com/p/3736614731694082">36Kr</a></li>
<li aria-level="1">Muxi Technology, an AI marketing startup, has raised a seven-figure RMB sum in an angel round led by Guangzhou Leveraged Investment Holdings, with participation from two undisclosed angel investors. It said it will use the funds for product development and market expansion. —<a href="https://36kr.com/p/3736329898754048">36Kr</a></li>
<li aria-level="1">Cellgenes, a stem cell drug developer and manufacturer, has raised over RMB 100 million in a pre-Series C round. The round was jointly led by funds managed by China Taiping, a Shenzhen state-backed healthcare fund, and Yuecai Zhongyin Private Equity. Existing shareholder Green Pine Capital Partners also participated. It said it will use the proceeds to advance clinical programs, build its commercialization team, expand market reach, and support preclinical R&amp;D for new pipelines. —<a href="https://36kr.com/p/3736283209363977">36Kr</a></li>
<li aria-level="1">Xcanbot, a mobility assistance robot maker, has raised an eight-figure RMB sum in an angel plus round. Investors include Shandong Yarward, YAT Electrical Appliance, and several undisclosed backers. It said it will use the capital for technology R&amp;D, mass production, global expansion, and team growth. —<a href="https://36kr.com/p/3734941843980545">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Grab, Video Rebirth, Carsome, and others made recent headlines:</h3>
<ul>
<li aria-level="1">Grab, operator of the Southeast Asian superapp, agreed to acquire Delivery Hero’s Foodpanda delivery business in Taiwan for USD 600 million. The transaction remains subject to regulatory approvals and customary closing conditions and is expected to close in the second half of 2026.</li>
<li aria-level="1">Video Rebirth, an AI startup, announced the final close of a USD 80 million funding round, including a USD 30 million extension on top of the USD 50 million it raised last November. Investors in the round expansion include AMD Ventures and Hyundai, among other backers.</li>
<li aria-level="1">Carsome, an Asia-focused car marketplace platform, secured more than USD 30 million from new and existing investors including Hong Kong Investment Corporation, Gobi Partners, and Asia Partners.</li>
</ul>
If there are any news or updates you'd like us to feature, get in touch with us at: <a href="mailto:hello@kr-asia.com">hello@kr-asia.com</a>.
Note: MYR, RMB figures are converted to USD at rates of MYR 4.03 = USD 1 and RMB 6.92 = USD 1 based on estimates as of March 31, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Deals in brief: GIC backs legal AI firm Harvey; Amity and Startale raise funding; China logs 14 investments; and more

… generate better returns for brands.
Tmall is also trying to improve that matching through algorithm changes. By extending the memory cycle of its recommendation systems, the platform said it can look beyond users’ immediate searches and clicks and better track longer-term interests and life-stage changes, allowing more precise recommendations. By Tmall’s account, that has improved its ability to connect higher-value users with higher-quality goods.
<h3>AI and merchant efficiency</h3>
<a href="/industry/ai">Artificial intelligence</a> is another part of this upgrade. Tmall said its goal is to improve the operating efficiency of different types of merchants as much as possible.
Large brands with stronger operating capabilities tend to need more specialized AI tools that can execute tasks for central teams. During last year’s Singles’ Day, for example, Tmall said AI-generated red packets lifted conversion rates by 81% from the previous period. This year, the platform said it is adding RMB 10 billion (USD 1.4 billion) in investment to continue distributing store-level “red packets.”
Its AI-driven customer service product, Dianxiaomi, has also reached meaningful scale. Tmall said it has handled 300 million user interactions cumulatively.
Smaller businesses with weaker operating capabilities may have even more to gain from platform-level AI. One upcoming upgrade is the rollout, by the end of March, of OpenClaw-style agent features in the merchant backend and dashboard, designed to support the full operating chain around the clock.
These moves extend Taobao and Tmall’s longer-term AI push. Before last year’s Singles’ Day, the platform had already rolled out a series of AI tools for operations, marketing, and customer service. Tmall said the real-time operating strategies generated by its campaign assistant reduced merchants’ workloads by an average of 30%, while Quanzhantui and related platforms helped improve conversion.
Taken together, those tools point to higher productivity on the supply side. In practical terms, that could mean lower operating costs and more room for margin expansion.
As AI tools become more widely available, the business factors AI cannot fully replace, including brand visibility, innovation capability, and the ability to attract and retain core consumers, are likely to become even more important.
Liu Bo, president of Tmall, said the platform’s biggest priority is ensuring merchant efficiency and improving operating output around goals shared with brands. “Over the past year, the brands that worked more closely with Tmall achieved greater growth. In the new year, we will further strengthen these capabilities and invest more comprehensively.”
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3740963453337602">article</a> was written by Chen Xi for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.92 = USD 1 based on estimates as of March 30, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Tmall ramps up merchant support as focus shifts to profitability

Taobao

Tmall

… operation.
Its administrative expense ratio was 4.2%, or about one-sixth of the industry average.
Unitree said this was due in part to its lean management structure. It also said in the prospectus that neither the company nor any of its subsidiaries owns real estate, with leased properties helping lower depreciation and amortization.
<h3>What changed in 2025</h3>
High gross margins still depend on revenue scale. By that measure, the 2025 Lunar New Year gala appears to have been an important point in Unitree’s growth.
That is clear in its revenue figures. According to the prospectus, Unitree’s revenue remained in the RMB 100–300 million (USD 14.5–43.5 million) range from 2022–2024. At one point, that amounted to only one-tenth of UBTech’s revenue and about half of Dobot’s.
But in the first nine months of 2025, Unitree’s total revenue jumped to RMB 1.15 billion (USD 166.7 million). A person familiar with the matter told 36Kr that, including the fourth quarter, a peak season for robot sales, Unitree’s full-year 2025 revenue was close to RMB 2 billion (USD 289.9 million).
Those revenues translated into product shipments. In 2025, Unitree sold more than 18,000 quadruped robots and 5,500 humanoid robots, including the H1 and G1.
According to 36Kr, one reason for the jump in sales and the return to profitability in 2025 was Unitree’s decision to capitalize on the attention created by the Lunar New Year gala. The visibility generated by the event appears to have translated into sales, while also broadening awareness of humanoid robots in consumer-facing scenarios such as commercial performances and exhibition guide services.
Outside the consumer market, Unitree had already built a more stable shipment base. According to the prospectus, its robots are deployed mainly in two areas. In industrial settings, they are used primarily for inspection and surveying, firefighting and rescue, and public services. In the consumer market, they are used mainly in scientific research and education.
Components have also become a meaningful contributor to revenue. In the first three quarters of 2025, Unitree’s components business contributed more than RMB 60 million (USD 8.7 million) in revenue. In 2022, that business at one point accounted for 18% of its total revenue.
Taken together, Unitree’s roughly 60% gross margin appears to rest on two things: tight cost control and a sharp increase in revenue in 2025. More specifically, it benefited from exposure tied to the Lunar New Year gala, steadier demand in its core markets, and an additional revenue stream from components. That combination may also help explain why the company <a href="https://kr-asia.com/after-this-years-gala-spectacle-where-is-unitree-robotics-headed">returned to the gala this year</a>.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3735272591212546">article</a> was written by Qiu Xiaofen for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.90 = USD 1 based on estimates as of March 25, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

What is the secret behind Unitree’s high gross margins?

Robotics

Embodied Intelligence