Hardcore Breakdown of Yushu G1 Robot: Gross Profit Margin Over 40%, Full Supply Chain Exposure, Moat Lies in Top-tier Operation Control Algorithms

A humanoid robot priced at 85,000 yuan—when taken apart, its cost is only 41,600 yuan, with an estimated gross margin of 40.7%. But the real moat of Unitree G1 lies beyond the hardware.

On March 30, postal securities’ E-Dian Xin team analysts Su Qianye, Sheng Wei, and Yang Shuaibo released the “Unitree G1 Humanoid Robot Disassembly Report.” They performed a complete hardware disassembly of the G1 core product that Unitree Technology currently sells, analyzing everything step by step—from BOM cost and supply chain to each subsystem—and provided gross margin calculations and competitive-strength assessments.

The analysts wrote: “All of the G1’s core hardware uses mature components that are purchasable and mass-producible across the industry. There is no high barrier at the hardware layer (including supply-chain partners such as Intel, DJI, Rockchip, PNY, Jiangbo Long, Qiangnao Technology, and so on). The core source of the integrated system’s high-dynamic motion and stable performance comes from Unitree’s self-developed motion-control algorithms; software algorithms are one of Unitree’s core competitive strengths.”

Market background: A shipping surge—Unitree is No. 1 worldwide

According to IDC’s latest report, global humanoid robot shipments in 2025 are approaching 18,000 units, a year-on-year increase of 508%. The market size is about $440 million, mainly used in areas such as entertainment and cultural performances, scientific research and education, and data acquisition.

Unitree Technology shipped more than 5,500 units in full-year 2025, ranking first globally by humanoid robot shipment volume. According to the prospectus, Unitree’s sales in Q1–Q3 2025 were 3,551 units, revenue of 488 million yuan, an average selling price of 168,000 yuan per unit, and a humanoid robot gross margin of 62.9%.

Pricing and cost: 40.7% gross margin for the base version, over 66% for the high-end version

G1 is Unitree’s core product currently on sale. The base version’s after-tax price is 85,000 yuan, its height is 1.32 meters, weight is 35 kg, and it has 23 degrees of freedom; the EDU version’s price ranges from 169,000 yuan to 309,000 yuan depending on configuration, with a maximum of 43 degrees of freedom.

Postal Securities conducted a complete BOM disassembly of the base version:

• The total machine BOM cost is about 41,600 yuan, of which the core joint cost is estimated at 27,500 yuan (14 small joints × 1,000 yuan + 9 large joints × 1,500 yuan = 27,500 yuan)

• Adding the estimated processing expenses of 3,000 yuan, total operating cost is 44,600 yuan

• Pre-tax selling price is 75,200 yuan, estimated gross margin 40.7%

The EDU version has a higher gross margin. EDU standard version (priced at 169,000 yuan) has an estimated gross margin of about 63.5%; EDU advanced version (209,000 yuan) about 66.7%; the flagship version C with the “In-Time Five-Finger Dexterous Hand” (289,000 yuan) about 64.8%.

The report points out that the EDU standard version’s upgrade cost versus the base version is no more than 10,000 yuan, but the selling price increases by 84,000 yuan, so the gross margin jumps significantly. The dexterous hand has a notable impact on pricing—Unitree’s Dex3-1 force-control three-finger dexterous hand with tactile features is priced at 41,000 yuan per single hand, while the In-Time Five-Finger Dexterous Hand’s retail price is 22,000 yuan.

Supply chain: Core self-developed, mature components sourced externally

Postal Securities outlines G1’s supply chain structure:

• Self-developed: motors, driver boards, motion-control algorithms; during disassembly, no supplier logos were found

• Gear reducers: Meihua Co. Ltd. previously publicly stated that the reducer joint module parts it supplies to Unitree are produced and delivered in normal quantities per requirements

• Cross roller bearings: Luoyang Bainao; the disassembly clearly found the supplier logo, specification is CRBT355A 10E4J3

• Depth camera: Intel; model Intel Realsense D435i; BOM cost 1,869 yuan

• 3D LiDAR: DJI; model LIVOX MID360; BOM cost 3,840 yuan

• Main control chip: Rockchip RK3588S (8nm process), with an onboard 6TOPS NPU computing power

• Memory: PNY 8G; Storage: Jiangbo Long 64G

• Dexterous hand: In-Time Robotics (externally purchased dexterous hands are the “one supplier”; in Q1–Q3 2025, 1,210 units were purchased, amounting to 17.2 million yuan, accounting for 96% of the externally purchased dexterous hand amount), Qiangnao Technology, Ruilerman

The report clearly states: “The core hardware is all mature components that can be purchased and mass-produced within the industry; a single hardware item itself does not have extremely high technical barriers.”

Hardware disassembly: joints, power, control, and perception analyzed one by one

The joint system is the core of G1. There are 23 degrees of freedom in the whole body. It uses a “motor–two-stage planetary reducer–encoder–driver” four-in-one integrated module, with wiring routed through the hollow interior and a compact design.

A small joint on the lower leg during disassembly: diameter about 60 mm, height 70 mm, weight 525 g. The reducer adopts a two-stage planetary reduction mechanism, with a total reduction ratio of about 20.58. The motor uses a low-inertia, high-speed inside-rotor permanent magnet synchronous motor. Maximum speed is 3,000–5,000 RPM. The knee joint’s maximum torque is 90 N·m, and the arm’s maximum payload is 2 kg.

The driver board uses permanent magnet synchronous motor vector control (FOC) technology, paired with dual encoders to achieve precise position and speed feedback. It is worth noting that “all chip information is hidden, increasing the difficulty for competitors to copy”—this is Unitree’s anti-reverse-engineering design at the hardware level.

Power system: 13S lithium batteries, rated voltage 46.8V, capacity 9,000mAh, energy 0.42kWh, weight about 2.5 kg, with an estimated runtime of about 1–2 hours.

Control system: the base version uses Rockchip RK3588S; the EDU version additionally uses Nvidia Jetson Orin NX, providing 100TOPS of edge AI computing power.

Perception system: the head integrates DJI LIVOX MID360 3D LiDAR (360° horizontal and up to 59° vertical, full-direction coverage) and an Intel D435i depth camera, together with a four-mic array and a 5W speaker.

The control logic is divided into three layers: perception layer (LiDAR + depth camera collecting 3D point clouds) → decision layer (RK3588 or Orin NX running deep reinforcement learning algorithms and Unitree RobotWorld Model) → execution layer (high-frequency commands sent via the CAN bus to each joint, with millisecond-level precise control).

Core conclusion: no hardware barriers—software decides the outcome

The report’s final core assessment is concise and forceful:

“Our deep disassembly of Unitree’s humanoid robot shows that its core hardware consists of mature components that are purchasable and mass-producible within the industry; a single hardware item itself does not have extremely high technical barriers. Instead, on top of a general hardware platform, Unitree leverages its self-developed top-tier motion-control algorithms to achieve high-dynamic motion performance, stable walking, and complex-scene adaptability that are far beyond the industry average.”

From financial data, Unitree’s humanoid robot gross margin was 87.7% in 2023, down to 68.4% in 2024, and further to 62.9% in the first three quarters of 2025. As mass production scale expanded, it declined somewhat, but it remained at a high level overall. On the revenue side, it rose from 0.03 billion yuan in 2023 to 0.107 billion yuan in 2024, and then to 0.595 billion yuan in the first three quarters of 2025, achieving explosive growth.

A consumer-grade new product R1 released in July 2025 starts at a price of only 29,900 yuan, with the full system at about 25 kg—further confirming Unitree’s cost-control capabilities. The report believes that “G1 precisely positioned itself for commercial leasing and education/research markets, achieving enormous commercial success,” but it “does not fit industrial scenarios requiring high payload, high precision, and continuous operation; it is expected that Unitree will fill this market with other models in the future.”

Four major shortcomings: conservative thermal management, limited payload, shrinking weight-reduction space, and limited industrialization

The report provides direct assessments of G1’s limitations:

Conservative thermal management: The whole machine relies mainly on passive cooling. Only the main control board and hip joints use active forced-air cooling, while the knee joints are equipped with heat spreader plates for passive thermal dissipation. “With continuous working time of only about 1–2 hours, under high-load conditions the joint motors are prone to overheating due to temperature rise; the system must be shut down and cooled down to restore operation.” The report believes this design “matches Unitree G1’s positioning for exhibition and rental leasing and for scientific research and education markets,” but “it is hard to support industrial-grade continuous operation.”

Limited end-effector payload: G1 weighs 35 kg by itself, and the maximum payload on a single arm is only 2 kg. Some high-DOF dexterous hands already weigh more than 1 kg per hand (for example, the Linker Hand L30 single-hand weight is 1.2 kg), further compressing the effective payload space.

Narrowing space for lightweighting: The joint modules account for 49% of G1’s total machine weight (14 small joints × 525 g + 9 large joints × 1,100 g = 17,250 g). The report estimates that even if the housing and end caps are replaced with magnesium alloy, and the output shaft flanges are replaced with titanium alloy, the weight can only be reduced by 48.7 g, which is 9% of the total joint mass. “The space for weight reduction is limited.” The report expects that “future full-size biped industrial humanoid robots will generally reach 50–60 kg.”

Industrialization needs straight-line joints: The report explicitly states, “Pure rotational joints have shortcomings in torque density, rigidity, and sustained output under the constraints of lightweighting humanoid robots. Straight-line joints have advantages such as high thrust density, high rigidity, and self-locking, making them the best solution for industrial-grade high-payload humanoid robots.”

Risk warning and disclaimer terms

        The market involves risk; invest with caution. This article does not constitute personal investment advice, nor does it consider the special investment objectives, financial conditions, or needs of any particular user. Users should consider whether any opinions, viewpoints, or conclusions in this article align with their specific situation. Any investment made based on this is your own responsibility.