Unitree swings to profit of 274m yuan in H1

China's humanoid robot maker Unitree posted a net profit of 274 million yuan (HK$318.75 million) for the first half before its Shanghai debut on Wednesday, compared with a net loss of 32.02 million a year ago.

After deducting non-recurring items, its profit stood at 244 million yuan during the period, down 19.34 percent year-on-year, dragged down by rising research and sales costs.

Revenue jumped 48.54 percent to 1.15 billion yuan, mainly due to the strong market demand and the expanding application scenarios of humanoid robots.

Unitree said that as its revenue base has expanded significantly, coupled with a moderated industry enthusiasm and intensified competition, its first-half growth of revenue represented a decline compared with the annual compound growth rate.

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