Unitree's Wang says GPT-6 robots paint without training

What Wang said at the expo

Wang told the Shanghai expo that Unitree's machines, running OpenAI's GPT-6, swapped brush water and blended pigments using real-time model inference alone. "The precision required to change pigments without error is quite high," he said. Watching the robot perform "with zero training was truly stunning," he added. He argued the industry's biggest hurdle is no longer digital reasoning or planning. It is a "last-millimetre" mechanical gap. The claim rests on Wang's account; no independent test of the painting was reported.

Ethan Qi, an associate director at Counterpoint Research, told CNN that Unitree's strengths lie mainly in hardware and motion control. More investment in embodied AI models will be needed, he said.

The listing and the share price

Unitree listed on Shanghai's STAR Market on 19 August at 150.80 yuan a share, becoming the first humanoid robot maker to trade in mainland China. Chinese peers UBTECH and Dobot already trade in Hong Kong. The stock opened at 1,100 yuan, a 629% jump, and closed its first day at 845 yuan.

By 9 September it had fallen to 513.51 yuan, more than 50% below that opening high. Then it turned again. Unitree closed at 672 yuan on 26 October, up from 405.10 yuan on 15 October, a gain of more than 60% in under two weeks, Channel NewsAsia reported. The stock edged down about 1% in Tuesday morning trading. JPMorgan upgraded Unitree to overweight from underweight and more than tripled its price target to 995 yuan from 300 yuan, Investing reported. When the stock briefly reached a market capitalisation of roughly 445 billion yuan, its price-to-earnings ratio topped 1,300, against a STAR Market average closer to 124, The Next Web reported.

The IPO raised about 6.1 billion yuan by selling 40.45 million shares, 10% of the enlarged share capital, implying an initial market value of about 61 billion yuan. Reuters later reported an implied valuation of about 62.4 billion yuan, or roughly $8.7 billion. TechTimes put the base valuation at 42 billion yuan, or about $6.22 billion.

The Information reported on 9 September that China's securities regulator had begun steering humanoid robot companies away from public markets until they can show recurring revenue and a credible path to narrowing losses. The guidance is informal and unpublished. The regulator has published nothing, and The Next Web said it could not independently verify the claim.

Where Unitree's revenue comes from

Shanghai Stock Exchange review materials dated 20 March showed that research and education customers generated 73.60% of Unitree's humanoid robot revenue between January and September 2025, while industrial applications accounted for 9.01% of that humanoid revenue. Across all revenue, only about 9% came from industrial sales in the same nine months, The Next Web reported. Humanoid robots generated 868 million yuan in 2025, more than half of revenue, up from a 1.88% share of revenue in 2023. The exchange also questioned Unitree about commercial use cases, technology, suppliers and large-model development.

Unitree reported total revenue of 1.70 billion yuan in 2025, up from 392.77 million yuan in 2024, with net profit of 278.21 million yuan. Adjusted net profit, excluding non-recurring items, was 590.75 million yuan. Unitree shipped more than 5,500 humanoid robots in 2025, excluding wheeled dual-arm robots, CNN reported, and Counterpoint Research put its share of global shipments at 17%, the most of any manufacturer.

Chinese firms shipped nearly 13,000 units that year. That was about 80% of the world total, according to Counterpoint Research.

Gross margin was 60.27% in 2025, against roughly 18% at Tesla's automotive business and about 15% at Xiaomi, TechTimes reported. In a stock exchange disclosure on 21 October, issued after its shares rose more than 30% over three trading sessions, Unitree said the industry is "still in the early stages of commercialisation." It cited uncertainty over technological maturity, downstream demand and the supporting capabilities of the industrial chain.

What happens next

Unitree plans to put about 4.20 billion yuan of IPO proceeds into four projects, including embodied AI model research and a manufacturing base. JPMorgan's 995 yuan target sits above the 672 yuan close on 26 October.