UBS issued its first coverage report on Unitree Robotics on August 28th, highlighting the company's significant lead in humanoid robot motion control ("cerebellum") and execution performance ("body") technologies, making it one of the few profitable complete machine manufacturers. Unitree Robotics' humanoid robot shipments are projected to reach 5,500 units in 2025, ranking first globally and capturing approximately 30% of the market share. The report suggests that Unitree Robotics' current valuation already fully reflects its leading position in hardware, and further stock price appreciation will require clearer progress in its AI generalization capabilities ("brain"). Unitree Robotics has allocated approximately 39% of its IPO proceeds to embodied AI R&D and formed a strategic partnership with DeepSeek in August.