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  "text": "Tencent Tech, one of China's major tech outlets, reports that Agibot is about to hit 10,000 humanoid robots off the production line. That is double its 5,000 milestone from just one quarter ago. The Chinese humanoid robot industry is in a full production sprint.\n\nBut production volume is the easy metric. The harder question is commercial reality. And right now, only one company in the sector has provided audited financial data with legal consequences for inaccuracy: Unitree.\n\nIts 363-page IPO prospectus filed on the STAR board tells a surprising story. \n\nRevenue hit RMB 1.71 billion in 2025, up 335%. Gross margins reached 60%. Positive operating cash flow of RMB 672 million. These are extraordinary numbers for a hardware company. Then you reach page 132. Less than 9% of humanoid revenue came from industrial applications. Of that 9%, the majority was corporate guided tours.\n\nThat single data point reshapes how you should think about every production milestone in this sector.\n\nI spent the past week going through the full prospectus. My analysis covers what Unitree actually sells, why its margins look like a luxury brand, and what the $610M raise is really funding: https://t.co/hoVEHQqppc",
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