Yushu Technology Co., Ltd. (宇树科技股份有限公司) IPO Prospectus

This IPO prospectus for Unitree Technology (宇树科技股份有限公司) will be listed on the STAR Market. Companies listed on the STAR Market are characterized by high R&D investment, high operational risk, unstable performance, and high delisting risk. Investors face significant market risks. Investors should fully understand the investment risks of the STAR Market and the risk factors disclosed by the Company, and make investment decisions prudently.

Unitree Technology Co., Ltd. (宇树科技股份有限公司) (Building 1, No. 88 Dongliu Road, Xixing Sub-district, Binjiang District, Hangzhou City, Zhejiang Province)

Initial Public Offering and Listing on the STAR Market Prospectus (Draft for Declaration)

The Company's issuance application is still subject to the corresponding procedures of the Shanghai Stock Exchange and the China Securities Regulatory Commission. This Prospectus (Draft for Declaration) does not have legal effect for the issuance of shares and is for advance disclosure purposes only. Investors should rely on the formally announced prospectus as the basis for making investment decisions.

Sponsor (Lead Underwriter)

North Tower, Excellence Times Plaza (Phase II), No. 8 Zhongxin Third Road, Futian District, Shenzhen City, Guangdong Province

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

Issuer's Declaration Any decision or opinion made by the China Securities Regulatory Commission or the Exchange regarding this offering does not constitute a guarantee of the authenticity, accuracy, or completeness of the issuer's registration application documents and disclosed information, nor does it constitute a substantive judgment or guarantee of the issuer's profitability, investment value, or returns to investors. Any statement to the contrary is a false misrepresentation. In accordance with the provisions of the Securities Law, after shares are lawfully issued, changes in the issuer's operations and earnings are the sole responsibility of the issuer. Investors shall independently judge the investment value of the issuer, make investment decisions independently, and bear on their own the investment risks arising from changes in the issuer's operations and earnings or fluctuations in share price after the shares are lawfully issued.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

Statement to Investors

I. Purpose of the Company's Listing Unitree Technology (宇树科技) is a world-renowned and internationally leading high-performance general-purpose robotics company, focused on the research and development, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robot components, and embodied intelligence models. The Company was the first in the world to achieve public sales and industry deployment of high-performance quadruped robots, and in recent years has maintained a leading position in global sales of high-performance general-purpose humanoid robots and quadruped robots. The Company's high-performance general-purpose robot products are widely used by numerous well-known domestic and international universities and research institutions, technology enterprises, and developers worldwide. In particular, the Company enjoys a high level of recognition in overseas markets, and through its globally leading market share and continuously breakthrough technological innovations, has driven technological advancement and industrialization of high-performance general-purpose robots.

Unitree Technology (宇树科技) has achieved steady growth in operating performance in recent years. In 2025, while achieving rapid growth in net profit after deducting non-recurring items, the Company also achieved the world's No. 1 position in humanoid robot shipments. The Company is deeply aware that current achievements are only a starting point, and that the wave of embodied intelligence has just begun. Unitree Technology (宇树科技) bears the mission of driving global technological and productivity advancement. This is both the Company's dream and the public's expectation of the Company. Therefore, we hope to gather broader support through the listing, walk hand in hand with all investors, continuously cultivate the core technology R&D and industrial deployment of general-purpose embodied intelligent robots, and enable intelligent robots to serve the whole of society earlier and better.

(I) Seizing Opportunities in the Robotics Industry and Advancing Research into Key Core Technologies The Company focuses on independent innovation in core technologies for high-performance general-purpose robots. In the area of quadruped robots, the Company's Series B industrial-grade products and Go Series consumer-grade products have been widely applied in scientific research, industrial inspection, emergency rescue, intelligent services, and other fields. In the area of humanoid robots, since the launch of the first general-purpose humanoid robot H1 in August 2023, the Company has independently developed and released four series of humanoid robots (excluding wheeled variants), achieving breakthrough technological advances and performance in motion performance and anthropomorphic capability, impact and drop resistance, product robustness, and cluster scheduling capability. Currently, the Company's humanoid robots are widely used in scientific research, application development, education and teaching, cultural performance, intelligent services, and other fields.

As the Company's product sales continue to grow, the Company is further expanding from a manufacturer of quadruped robots and humanoid robots to a builder of a high-performance general-purpose robot industrial ecosystem. In order to respond to and lead the development of global intelligent manufacturing and the artificial intelligence industry, and to accelerate the breakthrough and industrialization of key core technologies, the Company urgently needs to establish a scaled and intelligent manufacturing system and continuously increase R&D investment. This listing aims to enhance the Company's capital strength, continue to improve the Company's independent innovation capability and comprehensive leading advantages across the entire embodied intelligence industry chain, continuously enrich the product portfolio, and lead the trend of technological innovation and large-scale scenario applications in the high-performance general-purpose robotics industry.

(II) Optimizing Corporate Governance and Talent Strategy, and Building Momentum for Sustainable Development The general-purpose robotics industry is characterized by intensive talent and technology requirements and rapid innovation iteration. Continuously attracting outstanding talent and improving talent innovation incentives are the core competitiveness of enterprise development. Through this listing, the Company will further improve its modern corporate governance structure, strengthen the Board of Directors' strategic decision-making and risk management functions; implement long-term equity incentive plans, establish long-term talent recruitment and cultivation mechanisms, and focus on expanding R&D teams in the fields of artificial intelligence, motion control, and perception and interaction. The Company will use the funds raised from the listing to further enhance investment in frontier technologies such as embodied intelligence, high-precision control, and reinforcement learning, consolidate its technological advantages, and create long-term value returns for investors.

II. Establishment and Improvement of the Issuer's Modern Corporate System The Company strictly complies with the Company Law, the Securities Law, the Guidelines for the Governance of Listed Companies, and other laws and regulations, and has established a hierarchical governance structure centered on the General Meeting of Shareholders, the Board of Directors and its specialized committees, and the operational management team. The Company has formulated and improved the Articles of Association and other corporate governance and internal control systems, and has established and improved a corporate governance structure and modern corporate system that meets the governance requirements of listed companies and ensures that minority shareholders can fully exercise their rights. The Company places great importance on the protection of investors' rights and interests, and has established a scientific and transparent profit distribution mechanism. The Company commits to continuously sharing the results of its operational development with all investors through a long-term and reasonable dividend policy, on the premise of meeting business development needs.

III. Necessity of the Issuer's Current Financing and Plan for Use of Raised Funds General-purpose robotics is a technology-intensive and R&D-driven industry, and the development and application exploration of software and hardware technologies are currently in the rapid early-development stage. Based on its own competitive advantages and strategic development needs, the Company has planned the investment projects for the funds to be raised in this offering: the Intelligent Robot Model R&D Project, the Robot Body R&D Project, the New Intelligent Robot Product Development Project, and the Intelligent Robot Manufacturing Base Construction Project. These projects are all centered on the Company's main business and directed toward the field of technological innovation, and will assist the Company's sustainable development in terms of enhancing capital strength, strengthening R&D investment, and improving industrialization capability.

IV. The Issuer's Ability to Continue as a Going Concern and Future Development Plans

(I) Ability to Continue as a Going Concern In recent years, leveraging its first-mover technological advantages in the field of high-performance general-purpose robots, its continuous technology and product iteration capability, and its rapid commercialization capability, the Company has achieved rapid growth in operating performance. From January to September 2025, the Company achieved operating revenue of RMB 1,167,490,100 (116,749.01 万元) and net profit after deducting non-recurring items of RMB 430,612,300 (43,061.23 万元), with significantly improved financial condition and sustained profitability.

(II) Future Development Plans The Company's development goal is to become a continuously leading enterprise in the field of global high-performance general-purpose robots. With independent R&D as its core, through years of accumulated effort, the Company has established an independently developed and produced system covering robot bodies, core intelligent algorithms, embodied intelligence, and core components and assemblies, forming a rich product portfolio including core products represented by humanoid robots and quadruped robots, as well as robot components represented by joint modules, dexterous hands, collaborative robotic arms, perception sensors, and other components. The Company carries out product promotion and industry application around these products.

In the future, the Company will continue to invest in frontier technology R&D, and strive to accelerate high-quality development of the embodied intelligence industry chain through the listing, while enhancing financial strength, optimizing corporate governance, and improving talent incentives. Through continuous technological innovation, the Company aims to lead the global robotics industry toward large-scale scenario applications.

2026 marks the 10th anniversary of the founding of Unitree Technology (宇树科技). Over the past ten years, we have always held true to our original aspirations, dreaming of using technology to drive the advancement of human society. At present, we stand on the eve of a global breakthrough in AI and embodied intelligence technology, at the dawn of humanity's march toward a higher civilization. Once, this dream seemed distant, but through ten years of unremitting effort, we have truly built the confidence and capability to pursue and realize our dreams. The road ahead is long, and we will redouble our efforts and remain steadfast in our commitment, so as not to disappoint all the friends who have helped and supported Unitree Technology (宇树科技). We sincerely hope to walk alongside all investors, sharing in the joy of Unitree Technology's (宇树科技) growth and the fruits of its development. Let us together realize humanity's ultimate dream — AGI!

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

(This page contains no body text and is the signature page of the "Statement to Investors.")

Actual Controller and Chairman of the Board: Wang Xingxing (王兴兴) Unitree Technology Co., Ltd. (宇树科技股份有限公司) Year Month Day

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

Overview of This Offering

| Item | Details | |---|---| | Type of Shares to Be Issued | RMB-denominated ordinary shares (A Shares) | | Number of Shares to Be Issued | The initial number of shares to be issued in this offering is no fewer than 40,446,434 shares (before exercise of the over-allotment option), representing no less than 10% of the total share capital after the offering. All shares in this offering are newly issued shares; existing shareholders are not publicly selling shares. | | Par Value Per Share | RMB 1.00 | | Offering Price Per Share | RMB 【】 | | Offering Date | 【】Year 【】Month 【】Day | | Intended Stock Exchange and Board | Shanghai Stock Exchange STAR Market | | Total Share Capital After Offering | No fewer than 404,464,340 shares (before exercise of the over-allotment option) | | Sponsor (Lead Underwriter) | CITIC Securities Co., Ltd. (中信证券股份有限公司) | | Date of Prospectus Signing | 【】Year 【】Month 【】Day |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

TABLE OF CONTENTS

Issuer's Declaration ....................................................................................................... 1 Statement to Investors ................................................................................................ 2 I. Purpose of the Company's Listing ................................................................................. 2 II. Establishment and Improvement of the Issuer's Modern Corporate System ................................................. 3 III. Necessity of the Issuer's Current Financing and Plan for Use of Raised Funds ................................... 3 IV. The Issuer's Ability to Continue as a Going Concern and Future Development Plans ................................................. 3 Overview of This Offering ................................................................................................... 6 Table of Contents .............................................................................................................. 7

Section 1 Definitions ................................................................................................. 11 I. General Definitions .......................................................................................... 11 II. Professional Definitions .......................................................................................... 14

Section 2 Overview ................................................................................................. 17 I. Significant Matters Notice ................................................................................. 17 II. Basic Information of the Issuer and Intermediaries for This Offering ............................................ 21 III. Overview of This Offering ................................................................................... 22 IV. The Issuer's Main Business Operations ................................................................. 23 V. The Company Meets the STAR Market's Positioning for Science and Technology Innovation Enterprises ................................................... 26 VI. The Issuer's Main Financial Data and Indicators for the Reporting Period ........................................ 27 VII. Main Financial Information and Operating Conditions After the Audit Cut-off Date of the Financial Report .......................... 28 VIII. The Specific Listing Standard Selected by the Issuer .............................................................. 28 IX. Important Matters Such as Special Arrangements in the Issuer's Corporate Governance ............................................... 30 X. Main Uses of Raised Funds and Future Development Plans ................................................... 30 XI. Other Matters That Have a Material Impact on the Issuer ................................................... 31

Section 3 Risk Factors .......................................................................................... 32 I. Risks Related to the Issuer ........................................................................ 32 II. Risks Related to the Industry ............................................................................ 34

Section 4 Basic Information of the Issuer ............................................................................... 35 I. Basic Information of the Issuer ............................................................................... 35

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II. Company Establishment and Changes in Share Capital and Shareholders During the Reporting Period ................................. 35 III. Major Events Since the Company's Establishment ..................................................................... 55 IV. Listing and Trading of the Issuer on Other Securities Markets ............................................ 55 V. Equity Structure of the Issuer ............................................................................ 55 VI. Subsidiaries and Equity-Participation Companies of the Issuer .......................................................... 56 VII. Major Shareholders Holding More Than Five Percent of the Issuer's Shares and the Actual Controllers ............ 57 VIII. Special Voting Rights Shares or Similar Arrangements of the Issuer ................................................... 62 IX. Contractual Control Structure of the Issuer ........................................................................ 67 X. Share Capital of the Issuer ............................................................................... 68 XI. Directors, Supervisors, Senior Management and Core Personnel ................................. 76 XII. Equity Incentive Plans and Related Arrangements and Implementation of the Issuer ........................................ 83 XIII. Employee Information of the Issuer ........................................................................ 89

Section 5

Business and Technology ...................................................................................... 91

I. Principal Business, Main Products and Services of the Issuer ............................................ 91 II. Basic Conditions and Competitive Landscape of the Industry in Which the Issuer Operates .......................................... 103 III. Sales Conditions and Major Customers ...................................................................... 134 IV. Procurement Conditions and Major Suppliers ................................................................... 137 V. Major Fixed Assets and Intangible Assets of the Issuer .......................................... 140 VI. Franchise Rights of the Issuer ............................................................... 144 VII. Core Technologies and Research & Development of the Issuer ..................................... 144 VIII. Production Safety and Environmental Protection ............................................................... 154 IX. Overseas Operations of the Issuer ............................................................... 155

Section 6

Financial Accounting Information and Management Analysis ........................................................... 156

I. Financial Accounting Statements ................................................................................. 156 II. Audit Opinions, Key Audit Matters and Criteria for Judging Significant Matters Related to Financial Accounting Information .............................................................................................................. 160 III. Basis of Preparation, Scope of Consolidation and Changes in Financial Statements ................................... 162 IV. Significant Accounting Policies and Accounting Estimates ............................................................... 163 V. Non-Recurring Gains and Losses ................................................................................. 188 VI. Taxation ............................................................... 189

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

VII. Major Financial Indicators During the Reporting Period ................................................................... 191 VIII. Analysis of Operating Results ................................................................................. 193 IX. Analysis of Asset Quality ................................................................................. 211 X. Analysis of Solvency, Liquidity and Going Concern Ability .......................................... 232 XI. Basic Information on Major Investments or Capital Expenditures During the Reporting Period ........................ 238 XII. Post-Balance Sheet Date Events, Contingencies, Other Significant Matters, and Significant Guarantees, Litigation and Other Matters ...................................................................................................... 239 XIII. Profit Forecast ............................................................................. 239 XIV. Principal Financial Information and Operating Conditions After the Audit Cut-off Date of the Financial Report .................... 239

Section 7

Use of Proceeds and Future Development Plan ........................................................ 240

I. Basic Information on the Use of Proceeds ................................................................... 240 II. Analysis of the Necessity and Feasibility of Proposed Investment Projects Using the Proceeds .......................................... 242 III. Specific Details of Proposed Investment Projects Using the Proceeds ............................................................ 248 IV. Future Development Plan ................................................................................. 248

Section 8

Corporate Governance and Independence .......................................................................... 251

I. Deficiencies in Corporate Governance During the Reporting Period and Improvements Made ...................................... 251 II. Internal Control of the Issuer ...................................................................... 251 III. Violations of Laws and Regulations by the Issuer During the Reporting Period .................................................... 252 IV. Fund Occupation and External Related-Party Guarantees During the Reporting Period .......................................... 252 V. Independent Operations of the Issuer ...................................................................... 252 VI. Competition in the Same Industry ........................................................................................ 253 VII. Related Parties and Related-Party Transactions .......................................... 254

Section 9

Investor Protection .................................................................................... 262

I. Distribution Arrangements for Accumulated Profits Prior to the Completion of This Offering and Decision-Making Procedures Fulfilled ............. 262 II. Dividend Distribution Policy and Long-Term Return Plan ........................................................ 262 III. Differences in Dividend Distribution Policy Before and After the Offering ........................................................ 265 IV. Special Voting Rights Shares, Contractual Control Structure or Similar Special Arrangements ........................... 266 V. Investor Protection Measures in the Event of Unprofitability or Accumulated Unrecovered Losses ................. 266

Section 10

Other Important Matters ................................................................................. 267

I. Significant Contracts ........................................................................................ 267

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

II. External Guarantees of the Issuer ............................................................... 268 III. Litigation or Arbitration Matters Having a Material Impact on the Issuer ...................................... 269

Section 11

Declarations ............................................................................................ 271

I. Declarations by the Issuer and All Directors, Members of the Audit Committee and Senior Management ............. 271 II. Declarations by the Controlling Shareholder and Actual Controllers of the Issuer ................................................. 274 III. Declaration by the Sponsor (Lead Underwriter) ............................................................... 275 IV. Declaration by the Issuer's Legal Counsel ............................................................................. 278 V. Declaration by the Accounting Firm .......................................................................... 279 VI. Declaration by the Asset Valuation Institution .......................................................................... 280 VII. Declaration by the Capital Verification Institution ................................................................................. 281 VIII. Declaration by the Capital Verification Review Institution .......................................................................... 282

Section 12

Appendices ............................................................................................ 283

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

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### Documents Available for Inspection ........................................................................................ 283

**Annex 1:** Commitments Related to This Offering ................................................................... 284

**Annex 2:** Arrangements for Implementing Investor Relations Management Regulations, Dividend Distribution Decision Procedures, and Establishment of Shareholder Voting Mechanisms ..................................................................................... 315

**Annex 3:** Description of the Establishment, Improvement, and Operation of the General Meeting of Shareholders, Board of Directors, Independent Directors, and Board Secretary Systems ................................................................................................... 317

**Annex 4:** Description of the Establishment of the Audit Committee and Other Special Committees ........................ 318

**Annex 5:** List of Trademarks Owned by the Issuer ............................................................ 319

**Annex 6:** List of Patents Owned by the Issuer ............................................................ 340

**Annex 7:** List of Major Business Licenses or Qualifications Owned by the Issuer ................................... 350

**Annex 8:** Shareholding Status and Basic Information of Newly Added Shareholders of the Issuer in the Most Recent Year .................... 351

**Annex 9:** Specific Use of Proceeds Raised ............................................................ 355

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

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Section 1

Definitions

In this Prospectus, unless the context otherwise requires, the following abbreviations have the following meanings:

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I. General Definitions

| Term | | Definition | |---|---|---| | Unitree Technology; the Company; the Issuer | refers to | Unitree Technology Co., Ltd. (宇树科技股份有限公司), formerly known as Hangzhou Unitree Technology Co., Ltd. (杭州宇树科技股份有限公司) | | Unitree Limited (宇树有限) | refers to | Hangzhou Unitree Technology Co., Ltd. (杭州宇树科技有限公司), the predecessor entity prior to the Company's conversion | | Shanghai Yuyi; Tianjin Unitree (上海宇翼、天津宇树) | refers to | Shanghai Yuyi Enterprise Management Consulting Partnership (Limited Partnership) (上海宇翼企业管理咨询合伙企业（有限合伙）), formerly known as Tianjin Unitree Enterprise Management Consulting Partnership (Limited Partnership) (天津宇树企业管理咨询合伙企业（有限合伙）), the Company's equity incentive platform | | Hangzhou Tianze (杭州天则) | refers to | Hangzhou Tianze Technology Co., Ltd. (杭州天则科技有限公司), the executive partner of Shanghai Yuyi | | Hangzhou Yixin (杭州翌心) | refers to | Hangzhou Yixin Enterprise Management Consulting Partnership (Limited Partnership) (杭州翌心企业管理咨询合伙企业（有限合伙）) | | Hangzhou Yiyi (杭州翌意) | refers to | Hangzhou Yiyi Enterprise Management Consulting Partnership (Limited Partnership) (杭州翌意企业管理咨询合伙企业（有限合伙）) | | Shanghai Yixin (上海翌心) | refers to | Shanghai Yixin Enterprise Management Consulting Partnership (Limited Partnership) (上海翌心企业管理咨询合伙企业（有限合伙）) | | Hanhai Information (汉海信息) | refers to | Hanhai Information Technology (Shanghai) Co., Ltd. (汉海信息技术（上海）有限公司), a shareholder of the Company | | Galaxy Z | refers to | Galaxy Z Holding Limited, a shareholder of the Company | | Chengdu Longzhu (成都龙珠) | refers to | Chengdu Longzhu Equity Investment Fund Partnership (Limited Partnership) (成都龙珠股权投资基金合伙企业（有限合伙）), a shareholder of the Company | | Meituan (美团) | refers to | The collective name for Hanhai Information (汉海信息), Galaxy Z, and Chengdu Longzhu (成都龙珠) | | Ningbo Hongshan (宁波红杉) | refers to | Ningbo Hongshan Kesheng Equity Investment Partnership (Limited Partnership) (宁波红杉科盛股权投资合伙企业（有限合伙）), a shareholder of the Company | | Xiamen Yaheng (厦门雅恒) | refers to | Xiamen Yaheng Venture Capital Fund Partnership (Limited Partnership) (厦门雅恒创业投资基金合伙企业（有限合伙）), a shareholder of the Company | | Sequoia China (红杉中国) | refers to | The collective name for Ningbo Hongshan (宁波红杉) and Xiamen Yaheng (厦门雅恒) | | Astrend IV | refers to | Astrend IV (Hong Kong) Alpha Limited, a shareholder of the Company | | Jingwei No. 1 (经纬壹号) | refers to | Nanjing Jingwei Chuang No. 1 Investment Partnership (Limited Partnership) (南京经纬创壹号投资合伙企业（有限合伙）), a shareholder of the Company | | Jingwei No. 3 (经纬叁号) | refers to | Nanjing Jingwei Chuang No. 3 Investment Partnership (Limited Partnership) (南京经纬创叁号投资合伙企业（有限合伙）), a shareholder of the Company | | Matrix Partners China (经纬创投) | refers to | The collective name for Jingwei No. 1 (经纬壹号) and Jingwei No. 3 (经纬叁号) | | Robot Fund (机器人基金) | refers to | Beijing Robot Industry Development Investment Fund (Limited Partnership) (北京机器人产业发展投资基金（有限合伙）), a shareholder of the Company | | Jiaxing Huamao (嘉兴骅茂) | refers to | Jiaxing Huamao Equity Investment Partnership (Limited Partnership) (嘉兴骅茂股权投资合伙企业（有限合伙）), a shareholder of the Company | | Junwan Hongyi (君万弘毅) | refers to | Tianjin Junwan Hongyi Enterprise Management Consulting Partnership (Limited Partnership) (天津君万弘毅企业管理咨询合伙企业（有限合伙）), a shareholder of the Company | | Source Code Capital (源码资本) | refers to | Wuhan Yuanxia Equity Investment Partnership (Limited Partnership) (武汉源夏股权投资合伙企业（有限合伙）), a shareholder of the Company | | China Internet Investment (中网投资) | refers to | China Internet Investment Fund (Limited Partnership) (中国互联网投资基金（有限合伙）), a shareholder of the Company | | Jiaxing Ruili (嘉兴睿利) | refers to | Jiaxing Ruili Jinyu Venture Capital Investment Partnership (Limited Partnership) (嘉兴睿利锦玉创业投资合伙企业（有限合伙）), a shareholder of the Company | | Hexagon (海克斯康) | refers to | Hexagon Software Technology (Qingdao) Co., Ltd. (海克斯康软件技术（青岛）有限公司), a shareholder of the Company | | Xinjiang Shenchuangtou (新疆深创投) | refers to | Shenzhen Capital Group SME Development Fund (Xinjiang) Limited Partnership (深创投中小企业发展基金（新疆）有限合伙企业), a shareholder of the Company | | Guanghe Second Phase (光合贰期) | refers to | Hangzhou Guanghe Second Phase Venture Capital Investment Partnership (Limited Partnership) (杭州光合贰期创业投资合伙企业（有限合伙）), a shareholder of the Company | | Zhejiang Rongteng (浙江容腾) | refers to | Zhejiang Rongteng Venture Capital Investment Partnership (Limited Partnership) (浙江容腾创业投资合伙企业（有限合伙）), a shareholder of the Company |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

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| Term | | Definition | |---|---|---| | Zhongguancun Science City (中关村科学城) | refers to | Beijing Zhongguancun Science City Technology Growth Investment Partnership (Limited Partnership) (北京中关村科学城科技成长投资合伙企业（有限合伙）), a shareholder of the Company | | Rongteng No. 2 (容腾二号) | refers to | Hangzhou Rongteng No. 2 Venture Capital Investment Partnership (Limited Partnership) (杭州容腾二号创业投资合伙企业（有限合伙）), a shareholder of the Company | | Jisi Investment (极思投资) | refers to | Ningbo Meishan Bonded Port Area Jisi Investment Partnership (Limited Partnership) (宁波梅山保税港区极思投资合伙企业（有限合伙）), a shareholder of the Company | | Dexun Investment (德迅投资) | refers to | Shenzhen Dezhiqing Investment Co., Ltd. (深圳市德之青投资有限公司), a shareholder of the Company | | Guangzhou Chuxin (广州初心) | refers to | Guangzhou Chuzhezhixin Equity Investment Partnership (Limited Partnership) (广州初者之心股权投资合伙企业（有限合伙）), a shareholder of the Company | | Hangzhou Chuxin (杭州初心) | refers to | Hangzhou Chuzhexinyu Enterprise Management Consulting Partnership (Limited Partnership) (杭州初者心宇企业管理咨询合伙企业（有限合伙）), a shareholder of the Company | | China Mobile Hechuang (中移和创) | refers to | Shanghai China Mobile Digital Transformation Industry Private Equity Fund Partnership (Limited Partnership) (上海中移数字转型产业私募基金合伙企业（有限合伙）), a shareholder of the Company | | Tencent Technology (腾讯科技) | refers to | Tencent Technology (Shanghai) Co., Ltd. (腾讯科技（上海）有限公司), a shareholder of the Company | | Wuxi Jinqiu (无锡锦秋) | refers to | Wuxi Jinqiu Hualei Technology Co., Ltd. (无锡锦秋华雷科技有限公司), a shareholder of the Company | | Hupo Anyun (琥珀安云) | refers to | Guangzhou Hupo Anyun Second Phase Venture Capital Investment Partnership (Limited Partnership) (广zhou琥珀安云二期创业投资合伙企业（有限合伙）), a shareholder of the Company | | Jiangsu Jiequan (江苏疌泉) | refers to | Jiangsu Jiequan Hongtu Intelligent Venture Capital Investment Fund (Limited Partnership) (江苏疌泉红土智能创业投资基金（有限合伙）), a shareholder of the Company | | Hangzhou Haoyue (杭州灏月) | refers to | Hangzhou Haoyue Enterprise Management Co., Ltd. (杭州灏月企业管理有限公司), a shareholder of the Company | | Innovation Capital (创新资本) | refers to | Shenzhen Innovation Capital Investment Co., Ltd. (深圳市创新资本投资有限公司), a shareholder of the Company | | Shanghai Kechuang (上海科创) | refers to | Shanghai Science and Technology Innovation Center No. 2 Private Investment Fund Partnership (Limited Partnership) (上海科创中心贰号私募投资基金合伙企业（有限合伙）), a shareholder of the Company | | Jinshi Growth (金石成长) | refers to | Jinshi Growth Equity Investment (Hangzhou) Partnership (Limited Partnership) (金石成长股权投资（杭州）合伙企业（有限合伙）), a shareholder of the Company | | CITIC Investment (中证投资) | refers to | CITIC Securities Investment Co., Ltd. (中信证券投资有限公司), a shareholder of the Company | | Shenzhen Capital Group (深创投集团) | refers to | Shenzhen Capital Group Co., Ltd. (深圳市创新投资集团有限公司), a shareholder of the Company | | Tianjin Suanli (天津算力) | refers to | Tianjin Suanli Wujin Enterprise Management Consulting Partnership (Limited Partnership) (天津算力无尽企业管理咨询合伙企业（有限合伙）), a shareholder of the Company | | Xiangfeng Xiamen (祥峰厦门) | refers to | Xiangfeng Second Phase (Xiamen) Equity Investment Partnership (Limited Partnership) (祥峰二期（厦门）股权投资合伙企业（有限合伙）), a shareholder of the Company | | Xiangfeng Rongsheng (祥峰荣晟) | refers to | Xiangfeng Rongsheng (Xiamen) Management Consulting Partnership (Limited Partnership) (祥峰荣晟（厦门）管理咨询合伙企业（有限合伙）), a former shareholder of the Company | | Vertex | refers to | Vertex Ventures China IV, L.P., a shareholder of the Company | | Shanghai Yunyang (上海云玚) | refers to | Shanghai Yunyang Enterprise Management Consulting Co., Ltd. (上海云玚企业管理咨询有限公司), a shareholder of the Company | | Junshi Venture Capital (钧石创投) | refers to | Xiamen Junshi Zhanxin Venture Capital Investment Partnership (Limited Partnership) (厦门钧石战新创业投资合伙企业（有限合伙）), a shareholder of the Company | | Hechuang Investment (合创投资) | refers to | Hechuang Investment (Tianjin) Partnership (Limited Partnership) (合创投资（天津）合伙企业（有限合伙）), a shareholder of the Company | | Guangyue Investment (光越投资) | refers to | Suzhou Guangyue Venture Capital Investment Partnership (Limited Partnership) (苏州光越创业投资合伙企业（有限合伙）), a shareholder of the Company | | Hainan Chuxin; Weifang Chuxin (海南初心、潍坊初心) | refers to | Hainan Chuzhezhixin Enterprise Management Consulting Co., Ltd. (海南初者之心企业管理咨询有限公司), formerly known as Weifang Chuzhezhixin Enterprise Management Consulting Co., Ltd. (潍坊市初者之心企业管理咨询有限公司), a shareholder of the Company | | Shanghai Mida (上海米达) | refers to | Shanghai Mida Investment Management Co., Ltd. (上海米达投资管理有限公司), a shareholder of the Company | | Anchuang Technology (安创科技) | refers to | Shenzhen Anchuang Technology Equity Investment Partnership (Limited Partnership) (深圳安创科技股权投资合伙企业（有限合伙）), a former shareholder of the Company | | Jingqian No. 2 (经乾二号) | refers to | Nanjing Jingqian No. 2 Equity Investment Partnership (Limited Partnership) (南京经乾二号股权投资合伙企业（有限合伙）), a former shareholder of the Company | | Shenzhen Tianyi (深圳天羿) | refers to | Shenzhen Tianyi Technology Co., Ltd. (深圳天羿科技有限公司), a wholly-owned subsidiary of the Issuer | | Shanghai Gaoyi (上海高羿) | refers to | Shanghai Gaoyi Technology Co., Ltd. (上海高羿科技有限公司), a wholly-owned subsidiary of the Issuer | | Beijing Lingyi (北京灵翌) | refers to | Beijing Lingyi Technology Co., Ltd. (北京灵翌科技有限公司), a wholly-owned subsidiary of the Issuer | | Beijing Branch (北京分公司) | refers to | Beijing Lingyi Technology Co., Ltd. Dongcheng District Branch (北京灵翌科技有限公司东城区分公司) |

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1-1-12

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

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| Term | | Definition | |---|---|---| | Unitree Robot (宇树机器人) | refers to | Hangzhou Unitree Robot Co., Ltd. (杭州宇树机器人有限公司), a wholly-owned subsidiary of the Issuer | | Ningbo Unitree (宁波宇树) | refers to | Unitree Technology (Ningbo) Co., Ltd. (宇树科技（宁波）有限责任公司), a wholly-owned subsidiary of the Issuer | | Chongqing Yuyi (重庆宇羿) | refers to | Chongqing Yuyi Technology Co., Ltd. (重庆宇羿科技有限公司), a wholly-owned subsidiary of the Issuer | | Pilot Base (中试基地) | refers to | Hangzhou Embodied Intelligence Pilot Base Technology Co., Ltd. (杭州具身智能中试基地科技有限公司), an equity-participating company of the Issuer | | Hong Kong Unitree (香港宇树) | refers to | Unitree Technology (Hong Kong) Co., Ltd. (香港宇樹科技有限公司), a wholly-owned subsidiary of the Issuer, which completed deregistration in September 2025 | | Fundraising Investment Projects (募投项目) | refers to | Investment projects financed by the proceeds raised | | Shopify | refers to | Shopify is a one-stop SaaS-model e-commerce service platform originating from Canada, enabling individuals and enterprises of all sizes to quickly build, operate, and expand online stores | | Amazon (亚马逊) | refers to | A well-known U.S. online e-commerce company and globally recognized cross-border e-commerce platform | | JD Self-Operated (京东自营) | refers to | JD.com's B2C online sales model, where procurement, sales, and delivery are conducted by Beijing Jingdong Century Trade Co., Ltd. (北京京东世纪贸易有限公司) | | Joybuy | refers to | JD.com's cross-border B2C e-commerce platform, with procurement, sales, and delivery conducted by JD.com's subsidiaries in the Netherlands, United Kingdom, Poland, France, Germany, and other locations | | UBTECH (优必选) | refers to | UBTECH Robotics Corp Ltd. (深圳市优必选科技股份有限公司), a company listed on the Hong Kong Stock Exchange, stock code 9880.HK | | Dobot (越疆) | refers to | Dobot Co., Ltd. (深圳市越疆科技股份有限公司), a company listed on the Hong Kong Stock Exchange, stock code 2432.HK | | ANYbotics | refers to | ANYbotics AG, a Swiss technology company engaged in the research and development of industrial inspection robots | | Figure | refers to | Figure AI Inc., a U.S. technology company engaged in the research, development, production, and sale of humanoid robots | | Company Law (《公司法》) | refers to | The Company Law of the People's Republic of China and its amendments | | Securities Law (《证券法》) | refers to | The Securities Law of the People's Republic of China and its amendments | | Articles of Association (《公司章程》) | refers to | Articles of Association of Unitree Technology Co., Ltd. (《宇树科技股份有限公司章程》) | | Articles of Association (Draft) (《公司章程（草案）》) | refers to | Articles of Association (Draft) of Unitree Technology Co., Ltd. (《宇树科技股份有限公司章程（草案）》) | | CSRC (中国证监会) | refers to | China Securities Regulatory Commission | | SSE (上交所) | refers to | Shanghai Stock Exchange | | MIIT (工信部) | refers to | Ministry of Industry and Information Technology of the People's Republic of China | | NDRC (发改委) | refers to | National Development and Reform Commission of the People's Republic of China | | MOST (科技部) | refers to | Ministry of Science and Technology of the People's Republic of China | | This Offering; This Offering Application (本次发行、本次发行申请) | refers to | The Company's application to publicly issue no less than 40,446,434 shares (before exercise of the over-allotment option) of RMB-denominated ordinary shares (A shares) for the first time within the territory of China | | This Listing (本次发行上市) | refers to | The Company's application to publicly issue no less than 40,446,434 shares (before exercise of the over-allotment option) of RMB-denominated ordinary shares (A shares) for the first time within the territory of China and list on the STAR Market of the SSE | | This Prospectus (本招股说明书、本招股书) | refers to | Prospectus for Unitree Technology Co., Ltd.'s Initial Public Offering of A Shares and Listing on the STAR Market | | Fundraising Investment Projects; This Offering's Investment Projects (募投项目、本次募投项目) | refers to | Investment projects financed by the proceeds raised in this offering | | Sponsor; Sponsoring Institution; Lead Underwriter; CITIC Securities (保荐人、保荐机构、主承销商、中信证券) | refers to | CITIC Securities Co., Ltd. (中信证券股份有限公司) | | Issuer's Legal Counsel; Deheng Law Firm (发行人律师、德恒律所) | refers to | Beijing Deheng Law Offices (北京德恒律师事务所) |

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1-1-13

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

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| Term | | Definition | |---|---|---| | Issuer's Accountant; Rongcheng Accountant (发行人会计师、容诚会计师) | refers to | Rongcheng Certified Public Accountants (Special General Partnership) (容诚会计师事务所（特殊普通合伙）) | | Issuer's Appraiser; Zhongshui Zhiyuan (发行人评估师、中水致远) | refers to | Zhongshui Zhiyuan Asset Appraisal Co., Ltd. (中水致远资产评估有限公司) | | Reporting Period; Most Recent Three Years and One Interim Period (报告期、最近三年及一期) | refers to | Fiscal years 2022, 2023, 2024, and January–September 2025 | | First Three Years of the Reporting Period (报告期前三年) | refers to | Fiscal years 2022, 2023, and 2024 | | End of Each Period of the Reporting Period (报告期各期末) | refers to | End of 2022, end of 2023, end of 2024, and end of September 2025 | | Net Profit After Deducting Non-Recurring Items (扣非后净利润) | refers to | Net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses | | Yuan; Wan Yuan; Yi Yuan (元、万元、亿元) | refers to | Unless a specific currency is otherwise indicated, refers to RMB yuan, RMB ten thousand yuan (万元), and RMB hundred million yuan (亿元) |

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II. Professional Definitions

| Term | | Definition | |---|---|---| | High-Performance General-Purpose Robot (高性能通用机器人) | refers to | An intelligent robot with environmental perception capabilities, flexible locomotion abilities, autonomous learning and collaboration capabilities, and the ability to adapt to different tasks | | Artificial Intelligence / AI (人工智能/AI) | refers to | Artificial Intelligence; a new technological science dedicated to researching and developing theories, methods, technologies, and application systems for simulating, extending, and expanding human intelligence | | Embodied Intelligence (具身智能) | refers to | Embodied Intelligence; a form of intelligence that is generated, developed, and enables autonomous behavior and adaptive capabilities through real-time interaction with the physical world, relying on a physical body | | Artificial General Intelligence / AGI (通用人工智能/AGI) | refers to | Artificial General Intelligence; a form of intelligence with general cognitive capabilities comparable to humans, capable of understanding, learning, and executing intellectual tasks in any domain, and autonomously reasoning, planning, making decisions, and continuously learning in unknown environments | | AI Large Model / Artificial Intelligence Large Model (AI大模型/人工智能大模型) | refers to | An artificial intelligence model with an ultra-large number of parameters, built on deep learning and pre-trained on massive amounts of data | | Embodied Intelligence Model (具身智能模型) | refers to | A general term for embodied intelligence technologies related to general-purpose robots, mainly comprising Physical Intelligence Model technology and Embodied Large Model technology | | Physical Intelligence Model (具身本体智能模型) | refers to | Physical Intelligence technology enabling robots to achieve highly stable, highly complex, and highly dynamic-responsive motion control capabilities; often analogized to the robot's "cerebellum" | | Embodied Large Model (具身大模型) | refers to | Cognitive Intelligence technology enabling robots to achieve capabilities such as interactive understanding, autonomous decision-making, and task planning; often analogized to the robot's "cerebrum" | | "Body" ("本体") | refers to | The physical structure and actuators of a general-purpose robot, including the structure, actuators, and communication buses; an analogy for the overall physical structure of a general-purpose robot | | "Cerebrum" ("大脑") | refers to | The cognitive intelligence of a general-purpose robot; an analogy for the robot's cognitive decision-making system, task planning capabilities, and embodied large model | | "Cerebellum" ("小脑") | refers to | The physical intelligence of a general-purpose robot; an analogy for the robot's motion control system, whole-body agile locomotion capabilities, and physical intelligence model | | World Model (世界模型) | refers to | World-Model; a core technical framework in the field of artificial intelligence used to simulate environmental dynamics and predict future states, building an internal representation of the system through multimodal data training | | Multimodal (多模态) | refers to | The expression, communication, and understanding of information using multiple different forms or perceptual channels, typically including multimodal sensory inputs and outputs such as vision, hearing, text, and touch | | WMA Large Model / WMA Model (WMA大模型/WMA模型) | refers to | "World-Model–Action" (WMA) Large Model; the core of this model technology lies in constructing a world model that can explicitly model the physical laws of robot-environment interaction, providing a unified cognitive and predictive foundation for robot decision-making and control | | VLA Large Model / VLA Model (VLA大模型/VLA模型) | refers to | "Vision-Language-Action" (VLA) Large Model; the core of this model technology lies in the unified modeling of visual information (Vision), language information (Language), and action output (Action), learning end-to-end mapping relationships from multimodal environmental perception and language task instructions to robot control actions, thereby enabling robots to have task perception, understanding, planning, and execution capabilities in real physical environments |

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1-1-14

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

| Term | | Definition | |---|---|---| | Spatiotemporal Modeling (时空建模) | refers to | | | Reinforcement Learning (强化学习) | refers to | | | Secondary Development (二次开发) | refers to | | | Motor (电机) | refers to | | | Reducer (减速器) | refers to | | | Planetary Reducer (行星减速器) | refers to | |

Encoder

Refers to

Ball Screw

Refers to

Motion Control

Refers to

Environmental Perception

Refers to

Human-Robot Interaction

Refers to

Robotic Arm

Refers to

LiDAR

Refers to

Millimeter-Wave Radar

Refers to

Depth Camera

Refers to

Dexterous Hand

Refers to

Linear Actuator

Refers to

Rotary Actuator

Refers to

Machine Learning

Refers to

Prospectus

A device that encodes, compiles, or converts signals (such as bitstreams) or data into signal forms suitable for communication, transmission, and storage. It is primarily used to measure joint angles and positions to ensure the precision and stability of robot motion.

Ball Screw

Refers to

A mechanical transmission element that converts rotational motion into linear motion or linear motion into rotational motion, widely used in machine tools, robots, and automated equipment. Its core structure consists of a screw (rotating component) and a nut (linear motion component); according to friction characteristics, it can be classified into three types: sliding ball screws (trapezoidal screws), rolling ball screws, and hydrostatic screws.

Motion Control

Refers to

The control of precise pose (position and orientation) of a robot by coordinating core components such as motors, sensors, and mechanical structures through algorithms.

Environmental Perception

Refers to

The process of collecting visual, auditory, tactile, and other information through sensor arrays, processing data using computer vision, pattern recognition, and other technologies, and outputting cognitive results that transcend basic sensory perception, enabling robots to understand and adapt to the environment in which tasks are performed.

Human-Robot Interaction

Refers to

The transfer of information between humans and robots through voice recognition, gesture control, touchscreens, and other means; natural language processing, computer vision, and other technologies enable robots to understand human instructions and ultimately generate responses.

Robotic Arm

Refers to

An electromechanical device that simulates the functions of a human arm, wrist, and hand. It can move any object or tool according to time-varying requirements of spatial pose (position and orientation) to fulfill task requirements.

LiDAR

Refers to

An active optical remote sensing device that detects characteristics such as the position and velocity of target objects by emitting laser beams.

Millimeter-Wave Radar

Refers to

A device that transmits electromagnetic waves in the millimeter-wave frequency band (30–300 GHz), receives echo signals reflected by targets, and calculates the distance, velocity, and angle information of targets; it combines high resolution, all-weather operational capability, and anti-interference characteristics.

Depth Camera

Refers to

A device capable of acquiring depth information of objects in a scene (i.e., the distance from objects to the camera), achieving three-dimensional imaging through structured light, time-of-flight, or binocular stereo vision technologies.

Dexterous Hand

Refers to

A high-degree-of-freedom robotic end-effector that simulates the functions of a human hand; it is a core component of humanoid robots, achieving grasping and manipulation of complex objects through multi-joint, multi-modal perception, and intelligent control technologies.

Linear Actuator

Refers to

An electromechanical device that converts input energy (such as electrical energy, hydraulic energy, or pneumatic energy) into linear displacement output through electronic, electrical, or mechanical control means.

Rotary Actuator

Refers to

An electromechanical device that converts input energy (such as electrical energy, hydraulic energy, or pneumatic energy) into rotational motion through electronic, electrical, or mechanical control means, thereby driving mechanical components to perform circular motion.

Machine Learning

Refers to

A technology that enables computers to automatically learn from data and make predictions or decisions through algorithms and models; it is a branch of artificial intelligence.

1-1-15

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Generalization Capability

Refers to

Robustness

Refers to

SLAM

Refers to

Open-Source Ecosystem

Refers to

Obstacle Recognition

Refers to

PCBA

Refers to

Load / Limit Load

Refers to

Bionics / Bionic Technology

Refers to

OTA / Over-the-Air Upgrade

Refers to

Prospectus

The core capability of machine learning algorithms, referring to the ability of a model to produce reasonable results in scenarios beyond the training dataset. In the field of robotics, this capability manifests as the robot's ability to recognize and handle previously unseen objects and adapt to environmental changes.

Robustness

Refers to

The ability of a control system to maintain stable performance and functionality when facing changes in internal structure and external environment.

SLAM

Refers to

Simultaneous Localization and Mapping. Its core involves collecting environmental data through sensors (such as LiDAR, cameras, inertial measurement units, etc.) to simultaneously estimate the robot's own pose and construct an environmental map.

Open-Source Ecosystem

Refers to

A dynamic system based on the principles of openness, sharing, and collaboration, whose core is to promote the free flow and efficient allocation of technological resources through open-source code. It is a collaborative system composed of multiple participants including developers, enterprises, and communities, aimed at driving technological innovation and industrial upgrading through sharing and collaboration.

Obstacle Recognition

Refers to

One of the key technologies in fields such as robot navigation, autonomous driving, and intelligent surveillance. Its core objective is to accurately and rapidly detect potential obstacles in complex environments to ensure the safety and reliability of the system.

PCBA

Refers to

Printed Circuit Board Assembly. A functional module formed by mounting electronic components onto a PCB (Printed Circuit Board) through soldering and other processes; it is the core component of electronic devices.

Load / Limit Load

Refers to

Load refers to an external force acting on an object or structure in mechanics and engineering, which can cause stress, deformation, or internal forces; limit load is an important parameter in safety engineering for evaluating structural failure, defined as the instability load or design load when the structure enters a plastic state.

Bionics / Bionic Technology

Refers to

The study of the structural, functional, energy conversion, and information control characteristics of biological systems, and the application of these principles to engineering technology to create more efficient, intelligent, and environmentally friendly technological systems.

OTA / Over-the-Air Upgrade

Refers to

Over-the-Air Technology. A technology that enables remote management of mobile terminal devices and SIM card data through the air interface of mobile communications.

Special Note: Data listed in this prospectus may differ slightly in the last digit from the sum of the directly added individual data items listed in the prospectus due to rounding.

Industry-related statistical and forecast information cited in this prospectus is sourced from various public publications, research reports, and professional industry organizations. Since the statistical calibers of information from different sources may differ to some extent, the statistical information may not be fully comparable.

1-1-16

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

Section 2

Overview

This overview provides only a brief summary of the full text of the prospectus. Investors should carefully read the full text of the prospectus before making investment decisions.

I. Notice of Material Matters

(I) Equity Incentive Arrangements Established Prior to the Company's Listing and the Financial Impact of Share-Based Payments

The Company implements its employee stock ownership plan by establishing the equity incentive platform Shanghai Yuyi (上海宇翼) and its upper-tier partnership enterprises, and by granting partnership interests in the incentive platform to incentivized employees. During the reporting period, in order to maintain the proportional scale of the incentive equity, Shanghai Yuyi made two capital contributions to the Company in January 2022 and June 2025, respectively. As of the date of signing of this prospectus, Shanghai Yuyi holds a 10.94% equity interest in the Company.

The Company reminds investors to pay attention to the net profit attributable to owners of the parent company after deducting non-recurring gains and losses and the profitability it reflects. In addition to the share-based payment expenses arising from grants to incentive recipients, the Company's two capital contributions to Shanghai Yuyi resulted in the recognition of share-based payment expenses of RMB 18,722,600 (1,872.26万元) in 2022 and RMB 349,065,500 (34,906.55万元) in 2025, respectively, both of which were fully charged to management expenses for the respective periods. The accounting treatment of such share-based payment expenses does not involve any cash outflow from the Company; although it has an impact on net profit during the reporting period, it does not change the net profit attributable to owners of the parent company after deducting non-recurring gains and losses, nor the cash flow position. For example, the Company's net profit after deducting non-recurring gains and losses for January to September 2025 was RMB 430,612,300 (43,061.23万元), and the audited/reviewed net profit after deducting non-recurring gains and losses for the full year 2025 was RMB 600,104,700 (60,010.47万元).

Pursuant to the Company's employee stock ownership plan, all partnership interests in the upper-tier partnership enterprises of Shanghai Yuyi held by Wang Xingxing (王兴兴), the actual controller of the Company, will in the future be used entirely for employee equity incentives of the Company (incentive recipients do not include Wang Xingxing himself). It is planned that no less than 50% will be granted within two natural years after the expiration of 36 months from the Company's initial public offering and listing, with the remainder to be granted within the remaining validity period of the employee stock ownership plan. The implementation of this equity incentive arrangement will not result in the issuance of new shares by the Company or the dilution of the interests of new and existing shareholders after listing. The exercise consideration paid by incentive recipients, after deducting the cost of partnership interest contributions and relevant taxes and fees, will be delivered to the Company free of charge in full. In the future, the Company will recognize the relevant share-based payment expenses for the applicable periods based on the fair value of the shares at the time of granting the incentive interests, the grant price for employees, and the agreed service periods. Such share-based payment expenses may have a significant impact on the Company's operating results in future periods.

(II) Special Risk Disclosures

The Company specifically reminds investors to carefully read "Section 3: Risk Factors" of this Prospectus, and to pay particular attention to the following matters:

1-1-17

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

**1. Risk of Insufficient Technological Breakthroughs and Product Innovation**

The high-performance general-purpose robot industry in which the Company operates is one of the most complex and cutting-edge technological fields in the robotics sector. As a technology-driven and talent-intensive industry, it integrates numerous disciplines and technical directions including software and hardware algorithms, artificial intelligence reinforcement learning, embodied large models, scenario data analysis, motors/reducers/sensors, and many others. Technological innovation in these fields is frequent, with high upfront investment and significant uncertainty. Among these, the embodied intelligence technology for general-purpose robots is primarily composed of the embodied body intelligence model and the embodied large model, which are often compared to the cerebellum and brain of a robot, respectively. The embodied body intelligence model enables robots to possess highly stable and highly complex whole-body dexterous motion capabilities, and serves as an important foundation for robots to autonomously complete complex operational tasks in real-world environments. The embodied large model enables robots to possess intelligent interaction capabilities such as environmental understanding, intent perception, autonomous decision-making, and task execution, and is an important prerequisite for general-purpose robots to be more widely applied in environments such as industrial production, social services, and household life.

Currently, the Company's general-purpose robot products have already integrated self-developed embodied body intelligence models, possessing globally leading body intelligence motion capabilities, and have integrated relatively mature large language models in products such as the G1 model. However, given that embodied large model technology is still in the research and development testing phase globally, the Company has not yet scaled the application of its self-developed general-purpose embodied large model to robot products during the reporting period, though it has conducted research and development testing, deployment, and verification in pilot scenarios such as its own factory, and has accumulated the corresponding technical reserves.

The Company places great importance on independent innovation and technological research and development, and will continue to increase investment in the research and development of embodied large models through the investment projects funded by this fundraising. However, if the Company and the global embodied intelligence industry fail to achieve significant technological progress in the field of embodied large models, there will be uncertainty in the pace of large-scale application of general-purpose robots. Furthermore, if the Company fails to accurately grasp industry technology trends, makes poor decisions in technology research and development or product development, or fails to achieve breakthroughs in key technologies or meet expected performance metrics, causing the Company's products to fall behind industry technology peers, this will have an adverse impact on the Company's sustained competitive advantages and operating results.

**2. Risk of Insufficient Large-Scale Downstream Commercial Application**

The large-scale commercialization of humanoid robots still faces uncertainty, with the risk that progress may fall short of expectations. Currently, humanoid robots have limited technological maturity in areas such as the generalization capability of embodied large models and the precision and durability of dexterous hands, and the robots' fine-grained manipulation, intelligent decision-making, and adaptability to non-standardized scenarios have not yet been fully developed. In particular, embodied large model technology is currently in the research and development testing phase globally, and beyond generalization capability, its stability

1-1-18

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

and reliability also remain to be continuously verified and improved. If the relevant technical difficulties continue to be unresolved, the intelligence level, generalization capability, and work efficiency of general-purpose robot products will be difficult to meet commercial needs.

On the demand side, apart from specific application scenarios, the consumer-grade market for general-purpose robots has not yet formed rigid demand, and the process of building an application ecosystem and the market cultivation cycle are lengthy. At the same time, the supporting capabilities of the industrial chain for general-purpose robots, such as energy systems and real-time computing platforms, also have shortcomings, and product battery life, computing speed, and durability have not yet been verified at scale. In addition, factors such as regulatory policies, industry standards, and social acceptance may also constrain the commercialization process. If progress in technological breakthroughs, cost control, and market cultivation falls short of expectations, the commercial promotion of general-purpose robots will face material delays.

**3. Risk of Escalating International Trade Friction and Control Policies**

In recent years, international trade friction has created certain obstacles for Chinese enterprises conducting overseas market business, and the uncertainty risks associated with international trade and the overseas commercial environment have increased. In particular, since 2025, the United States government's policies on tariffs on imports of foreign goods have fluctuated, causing the uncertainty risks associated with international trade and the overseas commercial environment to rise further. During each period of the reporting period, the Company's revenue derived from overseas markets accounted for more than 35% of total revenue, representing a relatively high proportion. If the United States continues to intensify the implementation of materially unfavorable trade, tariff, and other policies against Chinese enterprises' export business, or places the Company on lists restricting procurement cooperation or controlling technology exports, the Company faces the risk of being unable to maintain high-speed growth in overseas sales and even the possibility of a decline in performance.

In addition, during the reporting period, the Company procured imported materials through domestic agents, accounting for approximately 20% of the total overall procurement of raw materials. Given the uncertainty of industrial trade policies and the international political situation, if adverse changes occur in external supply chain and overseas market control policies, compounded by further escalation of relevant U.S. trade restrictions and export control policies, this may have an adverse impact on the Company's procurement of imported materials and technical cooperation.

**4. Risk of Intensified Industry Competition and Disorderly Improper Competition**

With the accelerated deployment of global technology giants and the widespread emergence of startup companies, market competition in the high-performance general-purpose robot industry is further intensifying. For example, international enterprises such as Tesla, which possess large-scale mass production capabilities and artificial intelligence technology resources, may potentially impact market participants including the Company through the scaled mass production and technological evolution of their humanoid robot products. Leveraging their accumulated algorithmic advantages in fields such as autonomous driving, supply chain management experience, and economies of scale, these competitors are expected to rapidly reduce the unit cost of their humanoid robots such as Optimus, which will directly intensify price competition in the industry and place potential pressure on the Company's product pricing, market share, and profit margin levels.

1-1-19

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

Furthermore, the core of industry competition is shifting from hardware manufacturing toward full-stack technology encompassing "perception-decision-execution." If the Company fails to continuously increase investment in research and development, or fails to effectively leverage the first-mover advantages it has accumulated in fields such as high-performance general-purpose robots to rapidly achieve deep penetration into vertical industries and build a stable customer base, it will face the operational risk of having its core technological advantages eroded in market competition and its market position adversely affected. Although the Company has formulated corresponding technology development pathways and market expansion strategies, uncertainty remains as to whether the measures to address the aforementioned risks can be effectively implemented and what their ultimate effects will be.

**5. Corporate Governance Risk from the Special Voting Rights Mechanism**

Prior to this issuance, Wang Xingxing (王兴兴), the Company's controlling shareholder and actual controller, controls in aggregate 34.7630% of the Company's shares. Through the arrangement of special voting rights, Wang Xingxing controls in aggregate 68.7816% of the Company's voting rights. Under the special voting rights mechanism, the actual controller is able to determine ordinary resolutions of the Company's shareholders' meeting and can also play a similarly decisive role with respect to special resolutions of the shareholders' meeting, significantly enhancing the actual controller's material influence over shareholders' meeting decisions. Following this issuance, the proportion of voting rights controlled in aggregate by Wang Xingxing will decrease to no more than 65.3090%. In special circumstances, the actual controller's interests may be inconsistent with those of other shareholders of the Company, giving rise to the possibility of harming the interests of other shareholders, particularly minority shareholders.

**6. Risk of Decline in High Revenue Growth Rate and Gross Margin Level**

From 2023 to 2025, the Company's primary business revenue grew year-on-year by 29.95%, 145.83%, and 335.31% (reviewed), respectively, while the gross margin on primary business was 44.22%, 56.41%, and 60.27% (reviewed), respectively for the same periods, with both revenue growth rates and gross margins gradually increasing and remaining at relatively high levels. The Company's revenue growth rate is jointly determined by factors such as the overall development of the industry, the status of large-scale downstream commercial applications, and the competitiveness and market reputation of the Company's products. Fluctuations in gross margins across various business lines are also jointly influenced by multiple factors including changes in product mix, shifts in the proportion of various business models, and changes in unit price and costs. If future developments such as intensified industry market competition, technology upgrades, or product iterations occur, they may cause the Company to face a more complex operating environment. For example, in terms of product application, if the pace of commercial application expansion falls short of expectations, or the Company's product technology fails to meet downstream market demand, the Company's operating revenue growth will slow. In terms of industry competition, if the Company is unable to maintain sustained technological leadership in its products, homogeneous competition and inventory overstocking may lead to product price declines. In terms of project implementation, if the results of the Company's production line automation upgrades and fundraising investment projects fall short of expectations, the Company will be unable to continuously advance cost reduction and efficiency improvements, or new equipment and facility depreciation and amortization will drive up costs. All of the above circumstances may cause the Company's gross margin to decline in the future, with an adverse impact on profitability and performance.

1-1-20

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

**(III) Important Commitments Made by Parties Relevant to This Issuance**

The Company reminds investors to carefully read the important commitments made by the Company, shareholders, actual controllers, directors, senior management, core technical personnel, the sponsor of this issuance, and securities service institutions, as well as the restrictive measures in the event of non-fulfillment of commitments. Specific commitment matters are detailed in "Appendix 1: Commitments Related to This Issuance" under "Section 12: Appendices" of this Prospectus.

**(IV) Distribution Arrangements for Accumulated Profits and Profit Distribution Policy**

The Company reminds investors to pay attention to the Company's distribution plan for accumulated profits and the profit distribution policy following the Company's listing, the specific content of which is detailed in "Section 9: Investor Protection" of this Prospectus under "I. Distribution Arrangements for Accumulated Profits Prior to Completion of This Issuance and Decision-Making Procedures Already Fulfilled" and "II. Dividend Distribution Policy and Long-Term Return Plan."

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**II. Basic Information of the Issuer and Intermediary Institutions for This Issuance**

**(I) Basic Information of the Issuer**

| | | |---|---| | Name of Issuer | Unitree Technology Co., Ltd. (宇树科技股份有限公司) | | Date of Establishment | August 26, 2016 | | Registered Capital | RMB 364,017,906 yuan (36,401.7906万元) | | Legal Representative | Wang Xingxing (王兴兴) | | Registered Address | Room 306, Building 1, No. 88 Dongliu Road, Xixing Street, Binjiang District, Hangzhou City, Zhejiang Province | | Principal Production and Operating Address | Fengda Creative Park, No. 88 Dongliu Road, Binjiang District, Hangzhou City, Zhejiang Province, China | | Controlling Shareholder | Wang Xingxing (王兴兴) | | Actual Controller | Wang Xingxing (王兴兴) | | Industry Classification | C3499 Manufacturing of Other General-Purpose Equipment Not Elsewhere Classified | | Listing or Application for Listing on Other Exchanges | Not applicable |

**(II) Intermediary Institutions for This Issuance**

| | | |---|---| | Sponsor | CITIC Securities Co., Ltd. (中信证券股份有限公司) | | Lead Underwriter | CITIC Securities Co., Ltd. (中信证券股份有限公司) | | Issuer's Counsel | Beijing Deheng Law Offices (北京德恒律师事务所) | | Other Underwriting Institutions | None | | Auditing Institution | Rongcheng Certified Public Accountants (Special General Partnership) (容诚会计师事务所（特殊普通合伙）) | | Valuation Institution | Zhongshui Zhiyuan Asset Appraisal Co., Ltd. (中水致远资产评估有限公司) | | Direct or indirect equity relationships or other interest relationships existing between the issuer and the sponsor, underwriting institutions, securities service institutions, and their responsible persons, senior management, and handling personnel in connection with this issuance | As of the date of signing of this Prospectus, Jinshi Growth, a private equity investment fund of the sponsor CITIC Securities, and its wholly-owned subsidiary Zhongzheng Investment hold 4.1520% and 0.3377% of the Issuer's shares, respectively, totaling 4.4897% of the Issuer's shares. Except for the foregoing, there are no direct or indirect equity relationships or other interest relationships between the Issuer and the securities service institutions involved in this issuance and their responsible persons, senior management, and handling personnel. |

1-1-21

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

**(III) Other Relevant Institutions for This Issuance**

| | | |---|---| | Share Registration Institution | China Securities Depository and Clearing Corporation Limited, Shanghai Branch (中国证券登记结算有限责任公司上海分公司) | | Receiving Bank | 【】 |

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**III. Overview of This Issuance**

**(I) Basic Information of This Issuance**

| | | |---|---| | Type of Shares | RMB-denominated ordinary shares (A shares) | | Par Value per Share | RMB 1.00 yuan | | Number of Shares to Be Issued | Not less than 40,446,434 shares (before exercise of over-allotment option) | | Of which: Number of New Shares to Be Issued | Not less than 40,446,434 shares (before exercise of over-allotment option) | Proportion of Total Share Capital After Issuance | Not less than 10% (before exercise of over-allotment option) | | | | Proportion of Total Share Capital After Issuance | Not less than 10% (before exercise of over-allotment option) | | Number of Shares Offered for Public Sale by Shareholders | Not applicable | Proportion of Total Share Capital After Issuance | Not less than 10% (before exercise of over-allotment option) | | Total Share Capital After Issuance | Not less than 404,464,340 shares (before exercise of over-allotment option) | | Issuance Price per Share | 【】 yuan | | Issuance Price-to-Earnings Ratio | 【】 times (calculated by dividing the issuance price per share by the post-issuance earnings per share; post-issuance earnings per share is calculated by dividing the lower of audited net profit attributable to parent company shareholders before and after deducting non-recurring gains and losses for the year 【】 by the total share capital after this issuance) | | Net Assets per Share Before Issuance | 【】 yuan | | Earnings per Share Before Issuance | 【】 yuan | | Net Assets per Share After Issuance | 【】 yuan | | Earnings per Share After Issuance | 【】 yuan | | Price-to-Book Ratio | 【】 times (calculated by dividing the issuance price by the post-issuance net assets per share) | | Method of Issuance | This issuance will be conducted through a combination of targeted placement to strategic investors, offline book-building placement to eligible investors through inquiry, and online fixed-price issuance to public investors holding non-restricted A shares and non-restricted depositary receipts in the Shanghai market | | Offering Targets | Qualified strategic investors, offline investors, and domestic natural persons, legal persons, and other investors with accounts at the Shanghai Stock Exchange (except those prohibited by Chinese laws, regulations, rules, and normative documents), or other entities as stipulated by the CSRC | | Underwriting Method | Residual underwriting (余额包销) | | Total Amount of Funds to Be Raised | 【】 万元 | | Net Amount of Funds to Be Raised | 【】 万元 | | Fundraising Investment Projects | Intelligent Robot Model Research and Development Project | | | Robot Body Research and Development Project | | | New Intelligent Robot Product Development Project | | | Intelligent Robot Manufacturing Base Construction Project | | Estimated Issuance Expenses | Total issuance expenses for this issuance amount to 【】 万元 (excluding VAT), of which underwriting and sponsorship fees are 【】 万元, audit and capital verification fees are 【】 万元, legal fees are 【】 万元, information disclosure fees for this issuance are 【】 万元, and issuance handling fees and others are 【】 万元 | | Planned Participation of Senior Management and Employees in Strategic Placement | If the Company decides to implement strategic placement for senior management and employees, then after registration of this public share issuance and before issuance, the Company will fulfill internal procedures to deliberate on the specific plan for such matter and make disclosures in accordance with the law |

1-1-22

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| | | |---|---| | Planned Participation of Sponsor's Relevant Subsidiaries in Strategic Placement | The sponsor's relevant subsidiaries will participate in the strategic placement of this issuance, to be implemented in accordance with relevant regulations of the Shanghai Stock Exchange. The sponsor and its relevant subsidiaries will subsequently further clarify the specific plans for participating in the strategic placement of this issuance as required and submit relevant documents to the Shanghai Stock Exchange in accordance with regulations | | Other Strategic Placement Arrangements | If the Company has other strategic placement arrangements, then after registration of this public share issuance and before issuance, the Company will fulfill internal procedures to deliberate on the specific plan for such matter and make disclosures in accordance with the law |

**(II) Important Dates for This Issuance and Listing**

| | | |---|---| | Date of Publishing Issuance Announcement | 【】Year 【】Month 【】Day | | Date of Commencement of Inquiry Roadshow | 【】Year 【】Month 【】Day | | Date of Publishing Pricing Announcement | 【】Year 【】Month 【】Day | | Date of Subscription and Payment | 【】Year 【】Month 【】Day | | Date of Stock Listing | 【】Year 【】Month 【】Day |

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**IV. Operating Conditions of the Issuer's Primary Business**

**(I) The Company's Principal Business, Principal Products or Services, and Their Uses**

Unitree Technology (宇树科技) is a world-renowned and internationally leading high-performance general-purpose robot company, focused on the research and development, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robot components, and embodied intelligence models. The Company was the first in the world to achieve public sales and industry deployment of high-performance quadruped robots, and global sales of its high-performance general-purpose humanoid robots and quadruped robots have maintained a leading position in recent years. The Company uses technological innovation to build a robot product ecosystem; its humanoid and quadruped robots are widely used by numerous well-known domestic and international universities and research institutions, technology enterprises, and global developers, and enjoy a high level of recognition particularly in overseas markets. With its globally leading market share and continuously advancing technological innovation, the Company has driven the industry's technological progress and industrialization process of high-performance general-purpose robots.

The Company places great importance on independent research and development and technological innovation. While continuously iterating on research and development and enriching its humanoid and quadruped robot body products, it has developed full-stack core robot model algorithms including embodied intelligence, reinforcement learning, and motion control; intelligent systems for thermal management, energy management, and motor drive; and core robot components and assemblies including high-performance motors, reducers, dexterous hands, LiDAR, and various sensors. The Company adheres to full-stack self-development of high-performance general-purpose robots and core components and assemblies, which has significantly improved the integration level and whole-body dexterous motion capability of general-purpose robots, and has continuously led technological innovation in the general-purpose robot industry.

During the reporting period, there were no material changes in the Company's primary business. The composition of primary business revenue for each period is as follows:

Unit: 万元 (RMB 10,000)

| Category | Jan–Sep 2025 | | FY 2024 | | FY 2023 | | FY 2022 | | |---|---|---|---|---|---|---|---|---| | | Amount | % | Amount | % | Amount | % | Amount | % |

1-1-23

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| Category | Jan–Sep 2025 | | FY 2024 | | FY 2023 | | FY 2022 | | |---|---|---|---|---|---|---|---|---| | | Amount | % | Amount | % | Amount | % | Amount | % | | Quadruped Robots | 48,798.55 | 42.25% | 23,054.37 | 59.53% | 11,938.09 | 75.78% | 9,282.38 | 76.57% | | Humanoid Robots | 59,518.79 | 51.53% | 10,689.76 | 27.60% | — | — | — | — | | Robot Components | | | | | | | | |

6,653.89 5.76% 4,453.82 11.50% 2,692.34 17.09% 2,141.42 17.66% 523.72 0.45%

Other Total

296.71 1.88%

115,494.95

529.33 1.37%

100% 38,727.28

826.51 5.25%

100% 15,753.65

698.97 5.77%

100% 12,122.77

100%

The Company's primary business revenue during the reporting period was mainly comprised of quadruped robots and humanoid robots, and showed a rapid growth trend.

(II) Main Raw Materials and Key Suppliers

The raw materials required by the Company are mainly various types of mechanical components, electronic components, electrical materials, etc. The main

Unitree Technology Co., Ltd. (宇树科技股份有限公司) ## Prospectus

Details regarding suppliers are set forth in this Prospectus under "Section 5: Business and Technology," "IV. (II) Procurement from the Top Five Raw Material Suppliers." The Company implements a dynamic procurement model based on "safety stock," has established a rigorous qualified-supplier admission system, and conducts supplier admission and day-to-day management with comprehensive consideration of lead time, quality, cost, and service factors. At the same time, the Company has established multiple supply channels for the same category of raw materials in order to ensure the stability of raw material supply.

**(III) Overview of Principal Production Model**

The Company adopts a production planning model of "sales-driven production + safety stock." Each month, the Company convenes a production-supply-sales meeting based on its sales plan and product inventory status, formulates an overall production plan in accordance with the sales plan, breaks the production plan down into specific production tasks, and issues those tasks to each production department, which then organizes and schedules production accordingly. In terms of production method, the Company adopts an organizational model that combines in-house assembly of complete machines and core components/assemblies with outsourced procurement and processing of parts and certain processes — that is, complete robots and core components/assemblies are produced and assembled internally, while non-core parts and certain processes are handled through customized procurement and contract processing. The foregoing production model ensures that the Company can effectively control every key and critical link in the product manufacturing process, achieving the optimal balance between technological advancement and cost-effectiveness.

**(IV) Principal Sales Methods, Channels, and Key Customers**

The Company's products cover the research, industrial, and consumer application segments simultaneously. Given the wide range of downstream use scenarios and the diverse needs of customers, and in conjunction with different sales channels and product delivery models, the Company has adopted a sales model that combines offline and online channels as well as direct sales and distribution.

1-1-24

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**Unitree Technology Co., Ltd. (宇树科技股份有限公司)** **Prospectus**

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The Company's high-performance general-purpose robots, by virtue of their outstanding product performance, provide critical support for cutting-edge robot algorithm verification, system integration research, and embodied intelligence exploration. They have been widely recognized and adopted by the academic community and technology enterprises, with representative customers including numerous well-known domestic and foreign universities, research institutions, and industry-leading technology enterprises.

**(V) Industry Competition and the Issuer's Competitive Position within the Industry**

The Company adheres to full-stack in-house development of core technologies for general-purpose robots, continuously enriches its product matrix, and has led the innovation and large-scale commercialization of high-performance general-purpose robots. The Company has captured major shares of the global quadruped robot and humanoid robot markets, with particularly high brand recognition and market share in overseas markets. During the reporting period, the Company's cumulative quadruped robot sales exceeded 30,000 units, establishing its dominant position in the global quadruped robot market. Meanwhile, since the in-house development and launch of the Company's first humanoid robot, the H1, in 2023, and the launch of the mid-sized humanoid robot G1 in 2024, sales of the Company's humanoid robot products have achieved rapid growth. In 2025, the Company's humanoid robot shipments exceeded 5,500 units (purely humanoid, excluding wheeled dual-arm robots), ranking first globally in shipment volume — demonstrating that the Company has leveraged its core in-house development capabilities to achieve first-mover commercialization advantages, establishing a leading market position in the general-purpose robot sector.

In terms of performance, since its founding, the Company has achieved outstanding technological innovation in the field of high-performance general-purpose robots and has continuously broken numerous industry performance records. For example, in 2020, the A1 quadruped robot achieved a maximum running speed of 3.3 meters per second, making it the fastest small-to-medium quadruped robot in China at the time; in 2021, the Go1 quadruped robot increased the running speed to 4.7 meters per second, setting a world record for running speed among quadruped robots of comparable specifications at the time. In the humanoid robot field, the Company's first humanoid robot H1, released in 2023, successfully completed the world's first electrically-driven standing backflip of high difficulty in early the following year, and in 2025 achieved a running speed exceeding 5 meters per second, breaking the world record for full-size humanoid robots.

Since 2024, the Company's humanoid robot motion control and swarm scheduling performance has continued to improve. Following the pioneering of autonomous swarm performances by full-size humanoid robots in 2024, in early 2025, 16 H1 humanoid robots participated in the dance performance *"Yang BOT" (秧BOT)* at the CCTV Spring Festival Gala in a fully AI-driven swarm configuration. In March 2025, the G1 humanoid robot achieved an electrically-driven standing side flip, once again setting an industry record. In May of the same year, the G1 humanoid robot became the sole participating model in the *CMG World Robot Competition – Series – Mech Combat Arena*, opening a new global arena for humanoid robot combat competition. In August, at the inaugural World Robot Athletics Games, the H1 and G1 humanoid robots performed outstandingly: H1 won first place in the 1,500-meter run, first place in the 400-meter run, and first place in the 4×100-meter relay, while G1 won first place in the 100-meter obstacle race with a time of 33.71 seconds. The Company won a total of 11 medals, achieving the highest number of gold medals and total medals of any participating company, fully demonstrating the motion

1-1-25

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**Unitree Technology Co., Ltd. (宇树科技股份有限公司)** **Prospectus**

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performance and reliability advantages of the Company's products in highly dynamic tasks. By early 2026, the Company once again set a new benchmark in humanoid robot technology with the fully autonomous swarm-controlled martial arts performance *"Wu BOT" (武BOT)*: 24 G1 robots and 1 H2 robot demonstrated millisecond-level synchronization in high-speed parkour and drunken-fist sparring, breaking multiple global records including continuous acrobatic table-flip parkour and catapult flips.

In terms of scenario applications, the Company's general-purpose robots have achieved large-scale deployment across numerous industrial-grade and consumer-grade markets. On one hand, the Company has promoted the expanded application of general-purpose robots globally in areas such as inspection and surveying, fire rescue, and public services, bringing more efficient, safe, and intelligent new solutions to industries including energy and chemicals, intelligent fire protection, and smart cities. On the other hand, the Company's "high performance + high value-for-money" strategy has broadly covered the research and consumer markets for general-purpose robots, driving applications in scientific research, education and teaching, cultural performance, intelligent services, and other fields, and achieving industry-leading market share.

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## V. The Company Meets the Positioning Requirements for Science and Technology Innovation Enterprises on the STAR Market

**(I) The Company Meets the Industry Sector Requirements**

| Industry Sector | Principal Description | |---|---| | ☐ Next-Generation Information Technology | | | ✓ **High-End Equipment** *(The Company's applicable industry sector)* | The Company is an internationally leading enterprise in high-performance general-purpose robots, focused on the research and development, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robot components, and embodied intelligence models. The Company places great emphasis on independent R&D and technological innovation. While continuously iterating through R&D and enriching its humanoid robot and quadruped robot hardware products, the Company has conducted full-stack development of core robot model algorithms including embodied intelligence, reinforcement learning, and motion control; intelligent systems including thermal management, energy management, and motor drive; and core robot components including high-performance motors, reducers, dexterous hands, LiDAR, and various sensors. The Company's commitment to full-stack in-house development of high-performance general-purpose robots and core components has significantly improved the integration level and whole-body dexterous motion capabilities of general-purpose robots, and has continuously led technological innovation in the general-purpose robot industry. The Company meets the requirements set forth in Article 5 of the *Shanghai Stock Exchange STAR Market Enterprise Issuance and Listing Application and Recommendation Interim Provisions (Revised April 2024)* pertaining to "the high-end equipment sector, which principally includes intelligent manufacturing, aerospace, advanced rail transit, marine engineering equipment and related services, etc." | | ☐ New Materials | | | ☐ New Energy | | | ☐ Energy Conservation and Environmental Protection | | | ☐ Biomedicine | |

**(II) The Company Meets the Requirements of the Relevant Indicators for Science and Technology Innovation Attributes**

| Science and Technology Innovation Attribute Evaluation Criterion 1 | Meets Requirement | Indicator Status | |---|---|---| | R&D expenditure as a percentage of revenue exceeds 5% for the most recent three years, or cumulative R&D expenditure for the most recent three years exceeds RMB 80 million (8,000万元) | Yes | From 2022 to 2024, the Company's cumulative R&D expenditure amounted to RMB 149.9535 million (14,995.35万元), exceeding RMB 80 million (8,000万元) | | R&D personnel as a percentage of total employees for the current year is not less than 10% | Yes | As of the end of December 2024, the Company had 124 R&D personnel and a total workforce of 328 employees; R&D personnel as a percentage of total employees at year-end was 37.80%, exceeding 10% | | Invention patents applicable to the Company's principal business and capable of commercialization number 7 or more | Yes | As of January 31, 2026, the Company held 20 domestic invention patents applicable to its principal business and capable of commercialization, exceeding 7 | | Compound annual revenue growth rate for the most recent three years reaches 25%, or revenue for the most recent year reaches RMB 300 million (3亿元) | Yes | From 2022 to 2024, the Company's revenue was RMB 122.9195 million (12,291.95万元), RMB 159.1344 million (15,913.44万元), and RMB 392.3706 million (39,237.06万元), respectively; the compound annual revenue growth rate was 78.66%, exceeding 25%, and revenue for the most recent year exceeded RMB 300 million (3亿元) |

1-1-26

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**Unitree Technology Co., Ltd. (宇树科技股份有限公司)** **Prospectus**

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VI. Principal Financial Data and Indicators for the Issuer During the Reporting Period

Unit: RMB 10,000 (万元)

| Item | 2025.9.30 / January–September 2025 | 2024.12.31 / Full Year 2024 | 2023.12.31 / Full Year 2023 | 2022.12.31 / Full Year 2022 | |---|---|---|---|---| | Total Assets | 286,476.07 | 152,689.65 | 39,127.15 | 36,618.43 | | Equity Attributable to Owners of the Parent Company | 243,014.33 | 127,957.61 | 29,904.49 | 30,969.21 | | Asset-Liability Ratio (Parent Company) | 14.94% | 16.20% | 23.57% | 15.43% | | Asset-Liability Ratio (Consolidated) | 15.17% | 16.20% | 23.57% | 15.43% | | Revenue | 116,749.01 | 39,237.06 | 15,913.44 | 12,291.95 | | Gross Margin from Principal Business | 59.45% | 56.41% | 44.22% | 44.18% | | Net Profit | 10,533.14 | 9,450.18 | -1,114.51 | -2,210.05 | | Net Profit Attributable to Owners of the Parent Company | 10,533.14 | 9,450.18 | -1,114.51 | -2,210.05 | | Net Profit Attributable to Owners of the Parent Company after Deducting Non-Recurring Gains and Losses | 43,061.23 | 7,750.36 | -1,801.91 | -807.08 | | Basic Earnings Per Share (RMB/share) | 0.29 | — | — | — | | Diluted Earnings Per Share (RMB/share) | 0.29 | — | — | — | | Weighted Average Return on Net Assets | 6.06% | 10.36% | -3.66% | -8.57% | | Weighted Average Return on Net Assets after Deducting Non-Recurring Gains and Losses | 24.76% | 8.50% | -5.92% | -3.13% | | Net Cash Flows from Operating Activities | 42,753.22 | 19,239.13 | 494.25 | -3,019.73 | | Cash Dividends | — | — | — | — | | R&D Expenditure as a Percentage of Revenue | 7.73% | 17.84% | 31.39% | 24.39% |

The Company draws investors' attention to the net profit attributable to owners of the parent company after deducting non-recurring gains and losses and the profitability reflected thereby. In 2022 and January–September 2025, there are significant differences between the Company's net profit and net profit after deducting non-recurring items. This is primarily because the Company recognized share-based payment expenses of RMB 18.7226 million (1,872.26万元) and RMB 349.0655 million (34,906.55万元), respectively, in connection with two capital contributions made to the Company in 2022 and 2025 by Shanghai Yuyi (上海宇翼), the equity incentive platform, and these amounts were charged in full to management expenses for the respective periods. The accounting treatment for these share-based payment expenses does not involve any cash outflow from the Company. Although they have an impact on net profit during the reporting period, they do not alter the net profit attributable to owners of the parent company after deducting non-recurring gains and losses, nor do they affect the cash flow position.

1-1-27

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**Unitree Technology Co., Ltd. (宇树科技股份有限公司)** **Prospectus**

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## VII. Principal Financial Information and Operating Conditions After the Audit Cut-Off Date of the Financial Report

**(I) Principal Operating Conditions After the Audit Cut-Off Date of the Financial Report**

The audit cut-off date for the Company's financial report is September 30, 2025. Between the audit cut-off date of the financial report and the date of signing of this Prospectus, the Company's overall operations have been in good condition, with no material adverse changes to its operating environment or business model; the Company's cooperation with customers and suppliers has remained in good standing, with no material adverse changes; and no material changes have occurred with respect to the Company's directors, senior management, and other key personnel, tax policies, or other significant matters that may affect investor judgment.

**(II) Principal Financial Information After the Audit Cut-Off Date of the Financial Report**

Rongcheng Certified Public Accountants (容诚会计师) performed a review of the Company's consolidated balance sheet as of December 31, 2025, as well as the consolidated income statement, consolidated cash flow statement, and notes to the financial statements for the year ended December 31, 2025, and issued a *Review Report* (Rongcheng Review [2026] No. 230Z0011). Based on the reviewed financial data, the Company's principal financial position is as follows:

**1. Principal Data from the Consolidated Balance Sheet**

Unit: RMB 10,000 (万元)

| Item | December 31, 2025 | December 31, 2024 | Change (%) | |---|---|---|---| | Total Assets | 321,491.73 | 152,689.65 | 110.55% | | Total Liabilities | 60,187.97 | 24,732.04 | 143.36% | | Owners' Equity | 261,303.76 | 127,957.61 | 104.21% | | Equity Attributable to Owners of the Parent Company | 261,303.76 | 127,957.61 | 104.21% |

As of December 31, 2025, total assets increased by 110.55% compared to the end of the prior year, total liabilities increased by 143.36% compared to the end of the prior year, and equity attributable to owners of the parent company increased by 104.21% compared to the end of the prior year. This was primarily due to the completion of an equity financing round by the Company in June 2025, as well as the simultaneous growth of all major assets and liabilities in line with the expansion of the Company's operating scale.

**2. Principal Data from the Consolidated Income Statement**

Unit: RMB 10,000 (万元)

| Item | Full Year 2025 | Full Year 2024 | Change (%) | |---|---|---|---| | Revenue | 170,820.87 | 39,237.06 | 335.36% | | Net Profit | 28,756.24 | 9,450.18 | 204.29% | | Net Profit Attributable to Owners of the Parent Company | 28,756.24 | 9,450.18 | 204.29% | | Net Profit Attributable to Owners of the Parent Company after Deducting Non-Recurring Gains and Losses | 60,010.47 | 7,750.36 | 674.29% |

1-1-28

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**Unitree Technology Co., Ltd. (宇树科技股份有限公司)** **Prospectus**

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In 2025, the Company achieved revenue of RMB 1,708.2087 million (170,820.87万元), representing a year-on-year increase of 335.36%; during the same period, net profit after deducting non-recurring gains and losses amounted to RMB 600.1047 million (60,010.47万元), representing a year-on-year increase of 674.29%, primarily driven by the rapid growth in product sales volume during the period.

**3. Principal Data from the Consolidated Cash Flow Statement**

Unit: RMB 10,000 (万元)

| Item | Full Year 2025 | Full Year 2024 | Change (%) | |---|---|---|---| | Net Cash Flows from Operating Activities | 67,208.10 | 19,239.13 | 249.33% | | Net Cash Flows from Investing Activities | -47,256.43 | -71,350.62 | — | | Net Cash Flows from Financing Activities | 67,505.36 | 86,008.22 | -21.51% |

In 2025, net cash flows from operating activities increased by RMB 479.6897 million (47,968.97万元) compared to the same period of the prior year, primarily due to the rapid growth in the Company's revenue scale. Net cash flows from investing activities increased by RMB 240.9419 million (24,094.19万元) compared to the same period of the prior year, primarily due to the combined effect of purchases and disposals of wealth management products. Net cash flows from financing activities decreased by RMB 185.0286 million (18,502.86万元) compared to the same period of the prior year, primarily because the proportion and amount of equity financing in 2024 were relatively higher.

**4. Schedule of Non-Recurring Gains and Losses**

Unit: RMB 10,000 (万元)

| Item | Full Year 2025 | Full Year 2024 | Change (%) | |---|---|---|---| | [Line item 1] | 9.29 | -3.17 | — | | [Line item 2] | — | 1,797.04 | 986.60 | 82.14% | | [Line item 3] | 2,408.79 | 1,022.88 | 135.49% | | [Line item 4] | 74.52 | -5.31 | — | | Other items meeting the definition of non-recurring gains and losses | -34,906.55 | — | — | | **Total Non-Recurring Gains and Losses** | **-30,616.90** | **2,001.00** | **-1,630.08%** | | Less: Income tax effect | 637.33 | 301.18 | 111.61% | | [Minority interest effect] | — | — | — | | **Net Non-Recurring Gains and Losses Attributable to Shareholders of the Parent Company** | **-31,254.23** | **1,699.82** | **-1,938.68%** | | Net profit attributable to shareholders of the parent company before deducting non-recurring gains and losses | 28,756.24 | 9,450.18 | 204.29% | | **Net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses** | **60,010.47** | **7,750.36** | **674.29%** |

1-1-28

Item

Gains and losses on disposal of non-current assets (including the write-off portion of asset impairment provisions that have already been accrued)

Government subsidies recognized in current period profit or loss (excluding government subsidies that are closely related to the company's normal business operations, comply with national policy requirements, are enjoyed according to defined standards, and have a continuous impact on the company's profit or loss)

Fair value changes in financial assets and financial liabilities held by non-financial enterprises, and gains and losses on disposal of financial assets and financial liabilities, other than effective hedging transactions related to the company's normal business operations

Other non-operating income and expenses other than the above items

Impact of minority shareholders' equity (after tax)

Change ratio

1-1-29

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

In 2025, the net non-recurring gains and losses attributable to shareholders of the parent company was -31,254.23 万元 (approximately -312.54 million yuan), primarily due to the one-time recognition of share-based payment expenses of 34,906.55 万元 (approximately 349.07 million yuan) during the period.

VIII. Specific Listing Standards Selected by the Issuer

The company has a dual-class share structure with special voting rights arrangements and has selected the listing standard under Article 2.1.4, Paragraph (1) of the Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules: estimated market capitalization of no less than RMB 10 billion (100亿元). In June 2025, the pre-money valuation of the company's most recent market-based equity financing round was RMB 12 billion (120亿元), and the post-money valuation was RMB 12.7 billion (127亿元). Based on the above valuations, the company's estimated market capitalization after this offering satisfies the aforementioned listing standard.

IX. Important Matters Including Special Corporate Governance Arrangements of the Issuer

On May 16, 2025, the company convened the inaugural general meeting and the first extraordinary shareholders' meeting of Hangzhou Unitree Technology Co., Ltd. (杭州宇树科技股份有限公司), at which the resolution regarding the "Proposal on the Plan for the Establishment of Special Voting Right Shares of the Joint Stock Company" was voted on and approved, establishing special voting right shares.

As of the date of signing of this prospectus, Wang Xingxing (王兴兴) directly holds 86,714,964 shares of the company (8,671.4964万股), representing 23.8216% of the company's total share capital, and is the controlling shareholder of the company. At the same time, under the special voting rights arrangement, the voting rights ratio attributable to Wang Xingxing's directly held shares is 63.5457%. Combined with the Shanghai Yuyi (上海宇翼) employee equity incentive shareholding platform controlled through Hangzhou Tianze (杭州天则), the aggregate voting rights controlled by Wang Xingxing amount to 68.7816% of the company's total voting rights. The aforementioned voting

The specific details of the differential voting rights arrangement are set out in "Section 4: Basic Information of the Issuer," sub-section "VIII. Special Voting Rights Shares or Similar Arrangements of the Issuer" of this Prospectus.

X. Primary Use of Proceeds and Future Development Plans

(I) Use of Proceeds

The Company's current public offering consists of no fewer than 40,446,434 new shares, representing no less than 10.00% of the total share capital following the offering. The investment projects to be funded by the proceeds of this offering have been approved at the 14th meeting of the First Board of Directors and the First Extraordinary General Meeting of Shareholders in 2026. After deducting issuance costs, the net proceeds will be invested in the following projects in order of priority:

Unit: 万元 (RMB 10,000)

| No. | Project Name | Total Project Investment | Planned Use of Proceeds | |-----|--------------|--------------------------|-------------------------| | 1 | Intelligent Robot Model Research and Development Project | 202,245.93 | 202,245.93 | | 2 | Robot Hardware Body Research and Development Project | 110,973.80 | 110,973.80 | | 3 | New Intelligent Robot Product Development Project | 44,540.00 | 44,540.00 |

1-1-30

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| No. | Project Name | Total Project Investment | Planned Use of Proceeds | |-----|--------------|--------------------------|-------------------------| | 4 | Intelligent Robot Manufacturing Base Construction Project | 62,411.39 | 62,411.39 | | — | Total | 420,171.12 | 420,171.12 |

The above fundraising investment projects are consistent with the direction of the Company's core business development, and will contribute to the Company's continued deepening of technological innovation and expansion of its production and business operations.

For details on the specific use of funds raised in this offering, please refer to "Section 7: Use of Proceeds and Future Development Plans," subsection "III. Specific Details of Investment Projects Funded by the Proceeds" of this Prospectus.

(II) Future Development Plans

The Company is committed to becoming a continuously leading enterprise in the field of global high-performance general-purpose robotics. Currently, with independent research and development at its core, the Company has established — through years of accumulation — a full-stack proprietary R&D system encompassing robot bodies, core intelligent algorithms, embodied intelligence, and core components and assemblies. This has given rise to complete robot products represented by humanoid robots and quadruped robots, as well as core robot components and assemblies including body structures, joint modules, energy systems, computing platforms, motion control systems, perception systems, and dexterous hands. The Company conducts product promotion and industry application development around the aforementioned products. In the future, the Company will continue to invest in cutting-edge technology research and development, expand into international markets, and leverage sufficient capital support and standardized corporate governance to help achieve the Company's development objectives.

For details on the Company's future development plans, please refer to "Section 7: Use of Proceeds and Future Development Plans," subsection "IV. Future Development Plans" of this Prospectus.

XI. Other Matters Having a Material Impact on the Issuer

For details on other matters having a material impact on the Issuer, please refer to "Section 10: Other Important Matters" of this Prospectus.

1-1-31

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

Section 3

Risk Factors

I. Risks Related to the Issuer

(I) Risk That Technological Breakthroughs and Product Innovation May Fall Short of Expectations

See Section 2 "Overview," Sub-section "I. (II) Special Risk Warnings" of this Prospectus.

(II) Risk of Key Technology Leakage and Loss of Core Personnel

Through years of technological innovation and experience accumulation, the Company has developed a series of independently researched and developed core technologies centered on its high-performance general-purpose robotics business, and has rapidly risen to a leading position in the industry. The Company's independently developed core components and algorithm systems — including high-performance motors, reducers, motion control systems, and various sensors — have reached advanced industry levels, providing a high-performance, cost-effective hardware foundation for the research, development, and commercial application of general-purpose robots worldwide. At the same time, under the leadership of founder Wang Xingxing (王兴兴), the Company has assembled a core R&D team with a foundation in self-developed technology, an entrepreneurial and innovative culture, extensive project experience, and leading research and development capabilities.

The aforementioned core technological achievements and core R&D team are critical to the Company's ability to maintain its industry-leading competitiveness. As industry competition intensifies, competition for talent among enterprises and regions is also becoming increasingly fierce. Should key core technologies be leaked or core R&D team members depart, this would have an adverse impact on the Company's technological innovation capabilities, market competitiveness, and operating results.

(III) Corporate Governance Risk Arising from the Special Voting Rights Mechanism for Shareholders

See Section 2 "Overview," Sub-section "I. (II) Special Risk Warnings" of this Prospectus.

(IV) Risk of Declining Gross Margin Levels Despite High Revenue Growth

See Section 2 "Overview," Sub-section "I. (II) Special Risk Warnings" of this Prospectus.

(V) Risk of Rapid Growth in Inventory Scale and Inventory Write-Down Losses

At the end of each reporting period, the Company's inventory book values were 7,753.74 万元 (RMB 77.5374 million), 7,895.77 万元 (RMB 78.9577 million), 14,058.05 万元 (RMB 140.5805 million), and 27,803.66 万元 (RMB 278.0366 million), respectively, representing 24.12%, 24.20%, 11.07%, and 11.14% of current assets, respectively. The amounts have continued to grow and the proportions remain relatively high. Inventory valuation allowance balances were 652.50 万元, 971.07 万元, 1,679.37 万元, and 2,281.06 万元, respectively, with provision ratios of 7.76%, 10.95%, 10.67%, and 7.58%, respectively. If raw material prices, the supply chain, or market conditions change, or if the unit prices of the Company's main products experience adverse changes due to product iteration or supply-demand dynamics, causing the net realizable value of relevant products in the Company's inventory to decline significantly, the Company will face the risk of increased inventory write-downs adversely affecting its operating results.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

(VI) Risk of Rapid Growth in Accounts Receivable and Bad Debt Losses

At the end of each reporting period, the Company's accounts receivable balances were 784.67 万元, 1,106.71 万元, 2,159.48 万元, and 8,345.65 万元, respectively, representing 6.38%, 6.95%, 5.50%, and 7.15% of revenue for the corresponding periods, respectively. During the reporting period, the Company's business grew rapidly, and accounts receivable grew accordingly. The Company's primary accounts receivable counterparties are domestic and overseas universities, well-known technology and industrial enterprises, or long-term cooperative customers, all of which are in good operating condition and have relatively high creditworthiness. In the future, as the Company's business scale expands, accounts receivable may continue to increase. If the financial condition of downstream customers deteriorates, there is a risk that accounts receivable may become irrecoverable, which would in turn have an adverse impact on the Company's operating results.

(VII) Risk of Large Additional Capital Expenditures and Outlays from Fund-Raising Investment Projects

During the implementation of the fundraising investment projects in this offering, significant amounts of depreciation, amortization, and expense outlays will be incurred, which will have a certain impact on the Company's future operating results. Since the construction, completion, and generation of returns from fundraising investment projects requires a certain time cycle and involves various uncertainties, if the industry development trends, market conditions, or other factors relevant to the Company undergo material adverse changes in the future, causing the fundraising investment projects to fail to achieve their projected returns, the additional depreciation, amortization, and period expenses from such projects will have an adverse impact on the Company's future operating results.

(VIII) Risk of Exchange Rate Fluctuations Related to Foreign Currency Settlement of Overseas Revenue

During the reporting period, the Company's overseas principal business revenue amounted to 6,935.28 万元, 8,764.24 万元, 21,570.73 万元, and 45,278.62 万元, respectively, representing 57.21%, 55.63%, 55.70%, and 39.20% of principal business revenue, respectively. During the reporting period, the Company's foreign exchange gains and losses were -567.82 万元, -298.12 万元, -443.77 万元, and 1,422.82 万元, respectively. In January–September 2025, benefiting from a significant increase in domestic revenue scale, the proportion of overseas revenue declined somewhat; however, its sales amount and year-on-year growth rate still achieved good growth, with its proportion of the Company's principal business revenue remaining above 35%. The Company's overseas sales are primarily settled in US dollars. If future fluctuations in the USD/RMB exchange rate intensify, or if exchange rate policies undergo major changes, this will have a certain impact on the Company's financial performance.

(IX) Risk of Declining Operating Performance Due to Multiple Factors

During the reporting period, the Company's operating performance achieved relatively rapid growth. In 2024 and January–September 2025, operating revenue was 39,237.06 万元 (RMB 392.3706 million) and 116,749.01 万元 (RMB 1,167.4901 million), respectively, and net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was 7,750.36 万元 and 43,061.23 万元, respectively.

1-1-33

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

Benefiting from factors such as the accelerated development of the general-purpose robotics industry, continuous performance breakthroughs of the Company's core products, continuous enrichment of the product line, and ongoing expansion of application scenarios, the Company's operating revenue and profit levels achieved substantial growth during the reporting period. If, in the future, the Company is adversely affected by factors such as below-expected progress in new technology development or new product promotion, rising raw material costs, increased R&D investment intensity, and large share-based payment expenses arising from the grant of a significant proportion of equity incentives, and the Company fails to take effective measures to respond to such changes in a timely manner, the Company will face the risk of a significant decline in operating performance or even losses.

II. Industry-Related Risks

(I) Risk of Below-Expected Large-Scale Downstream Commercial Applications

See Section 2 "Overview," Sub-section "I. (II) Special Risk Warnings" of this Prospectus.

(II) Risk of Escalating International Trade Friction and Control Policies

See Section 2 "Overview," Sub-section "I. (II) Special Risk Warnings" of this Prospectus.

(III) Risk of Intensified Industry Competition and Disorderly/Improper Competition

See Section 2 "Overview," Sub-section "I. (II) Special Risk Warnings" of this Prospectus.

(IV) Risk of Social Media Spotlight and Market Demand Volatility

As a cutting-edge technology field, high-performance general-purpose robots have received extensive and high-level attention from the capital markets, industry, and social media in recent years, with market expectations broadly optimistic. However, the industry as a whole is still in the early stages of technological breakthroughs and commercialization exploration. If progress in key technological breakthroughs, cost control, or scenario applications is slow in the future, current market enthusiasm and capital attention may decline significantly, causing overall industry development to fall short of expectations and thereby adversely affecting the Company's market expansion and operating results.

In the long term, the large-scale commercial application of humanoid robots must overcome multiple factors including technological reliability, production costs, market acceptance, and laws and regulations. If the cultivation of demand in downstream application markets lags behind, or if phased or cyclical demand fluctuations occur, this will directly affect the industry's and the Company's capacity absorption and revenue realization. At the same time, changes in global industry policies and laws and regulations may also bring uncertainty to market demand.

1-1-34

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

Section 4 Basic Information of the Issuer

I. Basic Information of the Issuer

| Item | Details | |------|---------| | Registered Name (Chinese) | 宇树科技股份有限公司 | | Registered Name (English) | Yushu Technology Co., Ltd. | | Registered Capital | 36,401.7906 万元 | | Legal Representative | Wang Xingxing (王兴兴) | | Date of Establishment | August 26, 2016 | | Registered Address | Room 306, Building 1, No. 88 Dongliu Road, Xixing Street, Binjiang District, Hangzhou City, Zhejiang Province | | Postal Code | 310000 | | Contact Phone | 0571-58129599 | | Fax Number | 0571-58129599 | | Website | www.unitree.com | | Email | ir@unitree.com | | Department Responsible for Information Disclosure and Investor Relations | Board of Directors Office | | Person Responsible for Information Disclosure and Investor Relations and Contact Information | Board Secretary: Fu Fenghua; Office Phone: 0571-58129599 |

II. Establishment of the Company and Changes in Share Capital and Shareholders During the Reporting Period

The predecessor of Unitree Technology (宇树科技), Unitree Limited (宇树有限), was established on August 26, 2016, and was converted in its entirety into Hangzhou Unitree Technology Co., Ltd. (杭州宇树科技股份有限公司) on May 28, 2025. The major changes in the Company's share capital and shareholders during the reporting period are shown in the following diagram:

**First Capital Increase in 2022:** 2 new investment institutions, existing shareholders, and equity incentive platforms made capital contributions; registered capital increased to 21.4293 万元.

| Shareholder | Percentage | |---|---| | Wang Xingxing (王兴兴) | 40.8080% | | Shanghai Yuyi (上海宇翼) | 10.0000% | | Ningbo Sequoia (宁波红杉) | 10.4651% | | Astrend IV | 8.7413% | | Jingqian No. 2 (经乾二号) | 8.0202% | | Junwan Hongyi (君万弘毅) | 6.6866% | | Vertex | 3.0477% | | Dexun Investment (德迅投资) | 2.7173% | | Anchuang Technology (安创科技) | 2.6044% | | Jisi Investment (极思投资) | 2.4634% | | Hexagon (海克斯康) | 2.2434% | | Guangzhou Chuxin (广州初心) | 2.1335% | | Weifang Chuxin (潍坊初心) | 0.0691% |

**Second Capital Increase in 2022:** 4 new investment institutions added; registered capital increased to 23.7529 万元.

| Shareholder | Percentage | |---|---| | Wang Xingxing (王兴兴) | 36.8161% | | Shanghai Yuyi (上海宇翼) | 9.0216% | | Astrend IV | 10.0000% | | Ningbo Sequoia (宁波红杉) | 9.4414% | | Jingqian No. 2 (经乾二号) | 7.2357% | | Junwan Hongyi (君万弘毅) | 6.0325% | | Jiaxing Huamao (嘉兴骅茂) | 4.5110% | | Vertex | 2.7496% | | Dexun Investment (德迅投资) | 2.4515% | | Anchuang Technology (安创科技) | 2.3496% | | Jisi Investment (极思投资) | 2.2225% | | Hexagon (海克斯康) | 2.0238% | | Guangzhou Chuxin (广州初心) | 1.9248% | | Zhejiang Rongteng (浙江容腾) | 1.8044% | | Jiangsu Jiequan (江苏疌泉) | 0.9022% | | Shenzhen Venture Capital Group (深创投集团) | 0.4509% | | Weifang Chuxin (潍坊初心) | 0.0623% |

**Third Capital Increase in 2022** (conversion of capital reserve into registered capital): registered capital increased to 190.0232 万元.

1-1-35

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

**Fourth Capital Increase in 2022:** 1 new investment institution added; registered capital increased to 193.4520 万元.

| Shareholder | Percentage | |---|---| | Wang Xingxing (王兴兴) | 36.1636% | | Shanghai Yuyi (上海宇翼) | 8.8617% | | Astrend IV | 9.8228% | | Ningbo Sequoia (宁波红杉) | 9.2740% | | Jingqian No. 2 (经乾二号) | 7.1075% | | Junwan Hongyi (君万弘毅) | 5.9256% | | Jiaxing Huamao (嘉兴骅茂) | 4.4311% | | Vertex | 2.7008% | | Dexun Investment (德迅投资) | 2.4080% | | Anchuang Technology (安创科技) | 2.3080% | | Jisi Investment (极思投资) | 2.1831% | | Hexagon (海克斯康) | 1.9879% | | Guangzhou Chuxin (广州初心) | 1.8907% | | Zhejiang Rongteng (浙江容腾) | 1.7724% | | Zhongwang Investment (中网投资) | 1.7724% | | Jiangsu Jiequan (江苏疌泉) | 0.8862% | | Shenzhen Venture Capital Group (深创投集团) | 0.4429% | | Weifang Chuxin (潍坊初心) | 0.0612% |

**First Share Transfer in 2024:** Jingqian No. 2 (经乾二号) transferred registered capital of 10.7702 万元 and 2.9794 万元 to Jingwei No. 1 (经纬壹号) and Jingwei No. 3 (经纬叁号), respectively.

| Shareholder | Percentage | |---|---| | Wang Xingxing (王兴兴) | 36.1636% | | Shanghai Yuyi (上海宇翼) | 8.8617% | | Astrend IV | 9.8228% | | Ningbo Sequoia (宁波红杉) | 9.2740% | | Junwan Hongyi (君万弘毅) | 5.9256% | | Jingwei No. 1 (经纬壹号) | 5.5674% | | Jiaxing Huamao (嘉兴骅茂) | 4.4311% | | Vertex | 2.7008% | | Dexun Investment (德迅投资) | 2.4080% | | Anchuang Technology (安创科技) | 2.3080% | | Jisi Investment (极思投资) | 2.1831% | | Hexagon (海克斯康) | 1.9879% | | Guangzhou Chuxin (广州初心) | 1.8907% | | Zhejiang Rongteng (浙江容腾) | 1.7724% | | Zhongwang Investment (中网投资) | 1.7724% | | Jingwei No. 3 (经纬叁号) | 1.5401% | | Jiangsu Jiequan (江苏疌泉) | 0.8862% | | Shenzhen Venture Capital Group (深创投集团) | 0.4429% | | Weifang Chuxin (潍坊初心) | 0.0612% |

**First Capital Increase in 2024:** 9 new investment institutions and 1 existing shareholder follow-on investment added; registered capital increased to 239.9071 万元.

| Shareholder | Percentage | |---|---| | Wang Xingxing (王兴兴) | 29.1610% | | Shanghai Yuyi (上海宇翼) | 7.1458% | | Hanhai Information (汉海信息) | 8.0000% | | Astrend IV | 7.9207% | | Ningbo Sequoia (宁波红杉) | 7.4782% | | Jinshi Growth (金石成长) | 5.0000% | | Junwan Hongyi (君万弘毅) | 4.7782% | | Jingwei No. 1 (经纬壹号) | 4.4893% | | Jiaxing Huamao (嘉兴骅茂) | 3.5730% | | Zhongwang Investment (中网投资) | 2.3968% | | Vertex | 2.1778% | | Dexun Investment (德迅投资) | 1.9418% | | Anchuang Technology (安创科技) | 1.8611% | | Jisi Investment (极思投资) | 1.7603% | | Yuanma Capital (源码资本) | 1.6127% | | Hexagon (海克斯康) | 1.6030% | | Guangzhou Chuxin (广州初心) | 1.5246% | | Zhejiang Rongteng (浙江容腾) | 1.4292% | | Xinjiang Shenzhen Venture Capital (新疆深创投) | 1.2902% | | Jingwei No. 3 (经纬叁号) | 1.2419% | | Rongteng No. 2 (容腾二号) | 0.9676% | | Jiaxing Ruili (嘉兴睿利) | 0.8805% | | Jiangsu Jiequan (江苏疌泉) | 0.7146% | | Shenzhen Venture Capital Group (深创投集团) | 0.3571% | | Innovation Capital (创新资本) | 0.3225% | | Junshi Venture Investment (钧石创投) | 0.1935% | | Shanghai Mida (上海米达) | 0.1290% | | Weifang Chuxin (潍坊初心) | 0.0494% |

**(1) Second Share Transfer in 2024:** Astrend IV transferred registered capital of 2.5688 万元, 2.5688 万元, and 1.0823 万元 to Galaxy Z, Chengdu Longzhu (成都龙珠), and Shanghai Sci-Tech (上海科创), respectively; Dexun Investment (德迅投资) transferred registered capital of 2.1560 万元 to Yuanma Capital (源码资本); Jisi Investment (极思投资) transferred registered capital of 1.6289 万元 to Hupo Anyun (琥珀安云).

**(2) Second Capital Increase in 2024:** 7 new investment institutions and 7 existing shareholders' follow-on investments added; registered capital increased to 259.4223 万元.

| Shareholder | Percentage | |---|---| | Wang Xingxing (王兴兴) | 26.9673% | | Shanghai Yuyi (上海宇翼) | 6.6082% | | Hanhai Information (汉海信息) | 8.0000% | | Ningbo Sequoia (宁波红杉) | 6.9157% | | Astrend IV | 4.9273% | | Jinshi Growth (金石成长) | 4.6239% | | Jingwei No. 1 (经纬壹号) | 4.4837% | | Junwan Hongyi (君万弘毅) | 4.4187% | | Robot Fund (机器人基金) | 3.9633% | | Jiaxing Huamao (嘉兴骅茂) | 3.3043% | | Yuanma Capital (源码资本) | 2.3225% | | Zhongwang Investment (中网投资) | 2.2165% | | Vertex | 2.0140% | | Anchuang Technology (安创科技) | 1.7211% | | Hexagon (海克斯康) | 1.4824% | | Guangzhou Chuxin (广州初心) | 1.4099% | | Xinjiang Shenzhen Venture Capital (新疆深创投) | 1.3546% | | Zhejiang Rongteng (浙江容腾) | 1.3217% | | Jingwei No. 3 (经纬叁号) | 1.2475% | | Galaxy Z | 1.0708% | | Chengdu Longzhu (成都龙珠) | 1.0708% | | Zhongguancun Science City (中关村科学城) | 1.0367% | | Jisi Investment (极思投资) | 1.0000% | | Dexun Investment (德迅投资) | 0.9646% | | Rongteng No. 2 (容腾二号) | 0.8948% | | Jiaxing Ruili (嘉兴睿利) | 0.8143% | | Jiangsu Jiequan (江苏疌泉) | 0.6609% | | Hupo Anyun (琥珀安云) | 0.6279% | | Xiamen Yaheng (厦门雅恒) | 0.5625% | | Shanghai Sci-Tech (上海科创) | 0.4172% | | Zhongzheng Investment (中证投资) | 0.3761% | | Innovation Capital (创新资本) | 0.3386% | | Shenzhen Venture Capital Group (深创投集团) | 0.3303% | | Junshi Venture Investment (钧石创投) | 0.1935% | | Xiangfeng Rongsheng (祥峰荣晟) | 0.1638% | | Shanghai Mida (上海米达) | 0.1290% | | Weifang Chuxin (潍坊初心) | 0.0456% |

**Third Share Transfer in 2024:** Anchuang Technology (安创科技) transferred registered capital of 3.3354 万元 and 0.3706 万元 to Guanghe Second Phase (光合贰期) and Guangyue Investment (光越投资), respectively.

| Shareholder | Percentage | |---|---| | Wang Xingxing (王兴兴) | 26.9673% | | Shanghai Yuyi (上海宇翼) | 6.6082% | | Hanhai Information (汉海信息) | 8.0000% | | Ningbo Sequoia (宁波红杉) | 6.9157% | | Astrend IV | 4.9273% | | Jinshi Growth (金石成长) | 4.6239% | | Jingwei No. 1 (经纬壹号) | 4.4837% | | Junwan Hongyi (君万弘毅) | 4.4187% | | Robot Fund (机器人基金) | 3.9633% | | Jiaxing Huamao (嘉兴骅茂) | 3.3043% | | Yuanma Capital (源码资本) | 2.3225% | | Zhongwang Investment (中网投资) | 2.2165% | | Vertex | 2.0140% | | Hexagon (海克斯康) | 1.4824% | | Guangzhou Chuxin (广州初心) | 1.4099% | | Xinjiang Shenzhen Venture Capital (新疆深创投) | 1.3546% | | Zhejiang Rongteng (浙江容腾) | 1.3217% | | Guanghe Second Phase (光合贰期) | 1.2857% | | Jingwei No. 3 (经纬叁号) | 1.2475% | | Galaxy Z | 1.0708% | | Chengdu Longzhu (成都龙珠) | 1.0708% | | Zhongguancun Science City (中关村科学城) | 1.0367% | | Jisi Investment (极思投资) | 1.0000% | | Dexun Investment (德迅投资) | 0.9646% | | Rongteng No. 2 (容腾二号) | 0.8948% | | Jiaxing Ruili (嘉兴睿利) | 0.8143% | | Jiangsu Jiequan (江苏疌泉) | 0.6609% | | Hupo Anyun (琥珀安云) | 0.6279% | | Xiamen Yaheng (厦门雅恒) | 0.5625% | | Shanghai Sci-Tech (上海科创) | 0.4172% | | Zhongzheng Investment (中证投资) | 0.3761% | | Innovation Capital (创新资本) | 0.3386% | | Shenzhen Venture Capital Group (深创投集团) | 0.3303% | | Anchuang Technology (安创科技) | 0.2925% | | Junshi Venture Investment (钧石创投) | 0.1935% | | Xiangfeng Rongsheng (祥峰荣晟) | 0.1638% | | Guangyue Investment (光越投资) | 0.1429% | | Shanghai Mida (上海米达) | 0.1290% | | Weifang Chuxin (潍坊初心) | 0.0456% |

**2025:** Conversion of the limited liability company in its entirety into a joint stock company.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

May 2025 Equity Transfer: Junwan Hongyi (君万弘毅) transferred 25,942 shares to Jiaxing Ruili (嘉兴睿利); Anchuang Technology (安创科技) transferred 7,588 shares to Tianjin Suanli (天津算力); Guangzhou Chuxin (广州初心) transferred 15,390 shares to Hangzhou Chuxin (杭州初心); Guangzhou Chuxin (广州初心) transferred 2,439 shares to Weifang Chuxin (潍坊初心); Xiangfeng Rongsheng (祥峰荣晟) transferred 4,249 shares to Xiangfeng Xiamen (祥峰厦门).

Wang Xingxing (王兴兴): 26.9673%; Shanghai Yuyi (上海宇翼): 6.6082%; Hanhai Information (汉海信息): 8.0000% Ningbo Hongshan (宁波红杉): 6.9157%; Astrend IV: 4.9273%; Jinshi Growth (金石成长): 4.6239% Jingwei No. 1 (经纬壹号): 4.4837%; Junwan Hongyi (君万弘毅): 3.4188%; Robot Fund (机器人基金): 3.9633% Jiaxing Huamao (嘉兴骅茂): 3.3043%; Source Code Capital (源码资本): 2.3225%; Zhongwang Investment (中网投资): 2.2165% Vertex: 2.0140%; Hexagon (海克斯康): 1.4824%; Guangzhou Chuxin (广州初心): 0.7226% Xinjiang Shenchuangtou (新疆深创投): 1.3546%; Zhejiang Rongteng (浙江容腾): 1.3217%; Guanghe Second Phase (光合贰期): 1.2857% Jingwei No. 3 (经纬叁号): 1.2475%; Galaxy Z: 1.0708%; Chengdu Longzhu (成都龙珠): 1.0708% Zhongguancun Science City (中关村科学城): 1.0367%; Jisi Investment (极思投资): 1.0000%; Dexun Investment (德迅投资): 0.9646% Rongteng No. 2 (容腾二号): 0.8948%; Jiaxing Ruili (嘉兴睿利): 1.8143%; Jiangsu Jiequan (江苏疌泉): 0.6609% Hupo Anyun (琥珀安云): 0.6279%; Xiamen Yaheng (厦门雅恒): 0.5625%; Shanghai Kechuang (上海科创): 0.4172% Zhongzheng Investment (中证投资): 0.3761%; Innovation Capital (创新资本): 0.3386%; Shenchuangtou Group (深创投集团): 0.3303% Tianjin Suanli (天津算力): 0.2925%; Junshi Venture (钧石创投): 0.1935%; Xiangfeng Xiamen (祥峰厦门): 0.1638% Guangyue Investment (光越投资): 0.1429%; Shanghai Mida (上海米达): 0.1290%; Weifang Chuxin (潍坊初心): 0.1397% Hangzhou Chuxin (杭州初心): 0.5932%

(1) June 2025 Capital Increase: 6 new investment institutions and 21 existing shareholders made additional capital contributions; Source Code Capital (源码资本) acquired 11,378 shares through transfer; (2) 2025 Equity Incentive Plan Expansion: Shanghai Yuyi (上海宇翼) subscribed to 144,668 newly issued shares, increasing the registered capital to 2,889,031 yuan (288.9031万元).

Wang Xingxing (王兴兴): 23.8216%; Shanghai Yuyi (上海宇翼): 10.9414%; Hanhai Information (汉海信息): 7.6114% Ningbo Hongshan (宁波红杉): 6.2100%; Astrend IV: 4.4245%; Jingwei No. 1 (经纬壹号): 4.2598% Jinshi Growth (金石成长): 4.1520%; Robot Fund (机器人基金): 3.8262%; Jiaxing Huamao (嘉兴骅茂): 3.1873% Junwan Hongyi (君万弘毅): 3.0699%; Source Code Capital (源码资本): 2.6035%; Zhongwang Investment (中网投资): 2.1089% Vertex: 1.8085%; Jiaxing Ruili (嘉兴睿利): 1.6292%; Hexagon (海克斯康): 1.3311% Xinjiang Shenchuangtou (新疆深创投): 1.2888%; Guanghe Second Phase (光合贰期): 1.2232%; Jingwei No. 3 (经纬叁号): 1.1930% Zhejiang Rongteng (浙江容腾): 1.1868%; Galaxy Z: 1.0187%; Chengdu Longzhu (成都龙珠): 1.0187% Zhongguancun Science City (中关村科学城): 0.9309%; Rongteng No. 2 (容腾二号): 0.9220%; Xiamen Yaheng (厦门雅恒): 0.9049% Jisi Investment (极思投资): 0.8980%; Dexun Investment (德迅投资): 0.8662%; Guangzhou Chuxin (广州初心): 0.6489% Hangzhou Chuxin (杭州初心): 0.6105%; China Mobile Hechuang (中移和创): 0.5986%; Tencent Technology (腾讯科技): 0.5986% Wuxi Jinqiu (无锡锦秋): 0.5986%; Hupo Anyun (琥珀安云): 0.5974%; Jiangsu Jiequan (江苏疌泉): 0.5934% Hangzhou Haoyue (杭州灏月): 0.4490%; Innovation Capital (创新资本): 0.3752%; Shanghai Kechuang (上海科创): 0.3746% Zhongzheng Investment (中证投资): 0.3377%; Shenchuangtou Group (深创投集团): 0.2966%; Tianjin Suanli (天津算力): 0.2783% Xiangfeng Xiamen (祥峰厦门): 0.2635%; Shanghai Yunyang (上海云玚): 0.2245%; Junshi Venture (钧石创投): 0.1841% Hechuang Investment (合创投资): 0.1497%; Guangyue Investment (光越投资): 0.1359%; Weifang Chuxin (潍坊初心): 0.1254% Shanghai Mida (上海米达): 0.1227%

June 2025 Capitalization of Capital Reserve: Registered capital increased to 364,017,906 yuan (36,401.7906万元).

(I) Establishment of the Limited Liability Company

On August 26, 2016, Unitree Limited (宇树有限) was established by Wang Xingxing with a registered capital of 100,000 yuan (10.00万元).

The shareholding structure of Unitree Limited at the time of establishment was as follows:

Unit: 万元 (10,000 yuan)

| No. | Shareholder Name | Subscribed Registered Capital | Shareholding Percentage | |-----|-----------------|------------------------------|------------------------| | 1 | Wang Xingxing (王兴兴) | 10.00 | 100.00% | | Total | | 10.00 | 100.00% |

After the Company's establishment, Wang Xingxing successively paid in 30,000 yuan (3万元) of registered capital in April 2018 and 70,000 yuan (7万元) of registered capital in December 2021. In accordance with the Articles of Association of Unitree Limited then in effect, shareholder Wang Xingxing was required to pay in the subscribed registered capital of 100,000 yuan (10万元) before August 1, 2025. Wang Xingxing's actual payment timeline was in compliance with the provisions of the Articles of Association.

1-1-37

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

(II) Establishment of the Joint Stock Company

On May 6, 2025, Unitree Limited convened a shareholders' meeting and approved the audit and assessment of the net assets of Unitree Limited using March 31, 2025 as the reference date for the audit and valuation, and agreed to convert Unitree Limited as a whole into a joint stock limited company by converting the audited net assets into shares.

On May 12, 2025, Rongcheng Certified Public Accountants (容诚会计师) issued Audit Report No. "Rongcheng Shen Zi [2025] 230Z3996" (容诚审字[2025]230Z3996号). Upon verification, as of the audit reference date of March 31, 2025, the net assets of Unitree Limited amounted to RMB 1,371,618,138.76. On the same date, Zhongshui Zhiyuan (中水致远) issued Asset Valuation Report No. "Zhongshui Zhiyuan Ping Bao Zi [2025] No. 020447" (中水致远评报字[2025]第020447号). Upon valuation, as of the valuation reference date of March 31, 2025, the appraised value of the net assets of Unitree Limited was RMB 1,432,959,000 (143,295.90万元).

On May 15, 2025, Unitree Limited convened a shareholders' meeting and approved the conversion of Unitree Limited as a whole into Hangzhou Unitree Technology Co., Ltd. (杭州宇树科技股份有限公司) with all shareholders of Unitree Limited acting as promoters. This overall conversion was based on the audited net assets of Unitree Limited as of March 31, 2025, amounting to RMB 1,371,618,138.76, which were converted into 2,594,223 shares (259.4223万股) at a ratio of 1:0.0019, with a par value of RMB 1 per share (registered capital of RMB 2,594,223 (259.4223万元), with the registered capital remaining unchanged before and after the conversion). The remaining RMB 1,369,023,915.76 was recorded as capital reserve of the joint stock company. On the same date, all shareholders of Unitree Limited, acting as promoters, jointly signed the Promoters' Agreement (《发起人协议书》).

On May 16, 2025, Unitree Technology (宇树科技) convened its inaugural general meeting and first extraordinary shareholders' meeting, at which the following resolutions were deliberated and approved: the "Proposal on the Overall Conversion of the Company into a Joint Stock Company" (《关于公司整体变更为股份公司的议案》), the "Proposal on the Work Report on the Preparation for Establishment of the Joint Stock Company" (《关于股份公司筹办工作报告的议案》), and the "Proposal on Formulating the Articles of Association" (《关于制定<公司章程>的议案》), among others. Non-employee directors and non-employee supervisors of the Company's first Board of Directors were also elected at the meeting. On the same date, all promoters of the Company signed the Articles of Association (《公司章程》).

On May 26, 2025, Rongcheng Certified Public Accountants (容诚会计师) issued Capital Verification Report No. "Rongcheng Yan Zi [2025] 230Z0052" (容诚验字[2025]230Z0052号). Upon verification, as of May 16, 2025, Hangzhou Unitree Technology Co., Ltd. (筹) (杭州宇树科技股份有限公司（筹）) had received registered capital contributions from all shareholders totaling RMB 2,594,223 (259.4223万元), contributed in the form of net assets, of which RMB 2,594,223 (259.4223万元) was recorded as share capital and the remainder was recorded as capital reserve.

On May 28, 2025, Unitree Limited completed the industrial and commercial registration procedures for the change in connection with the overall conversion into a joint stock limited company, and obtained a Business License (《营业执照》) with the Unified Social Credit Code 91330108MA27YJ5H56, issued by the Hangzhou Hi-Tech Industry Development Zone (Binjiang) Market Supervision and Administration Bureau.

The shareholding structure of the Company after the conversion is as follows:

1-1-38

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

Unit: 万股 (10,000 shares)

| No. | Shareholder Name | Number of Shares | Shareholding Percentage | Method of Contribution | |-----|-----------------|-----------------|------------------------|----------------------| | 1 | Wang Xingxing (王兴兴) | 69.9592 | 26.9673% | Conversion of net assets into shares | | 2 | Shanghai Yuyi (上海宇翼) | 17.1432 | 6.6082% | Conversion of net assets into shares | | 3 | Hanhai Information (汉海信息) | 20.7538 | 8.0000% | Conversion of net assets into shares | | 4 | Ningbo Hongshan (宁波红杉) | 17.9408 | 6.9157% | Conversion of net assets into shares | | 5 | Astrend IV | 12.7825 | 4.9273% | Conversion of net assets into shares | | 6 | Jinshi Growth (金石成长) | 11.9954 | 4.6239% | Conversion of net assets into shares | | 7 | Jingwei No. 1 (经纬壹号) | 11.6317 | 4.4837% | Conversion of net assets into shares | | 8 | Junwan Hongyi (君万弘毅) | 11.4632 | 4.4187% | Conversion of net assets into shares | | 9 | Robot Fund (机器人基金) | 10.2817 | 3.9633% | Conversion of net assets into shares | | 10 | Jiaxing Huamao (嘉兴骅茂) | 8.5720 | 3.3043% | Conversion of net assets into shares | | 11 | Source Code Capital (源码资本) | 6.0250 | 2.3225% | Conversion of net assets into shares | | 12 | Zhongwang Investment (中网投资) | 5.7502 | 2.2165% | Conversion of net assets into shares | | 13 | Vertex | 5.2248 | 2.0140% | Conversion of net assets into shares | | 14 | Hexagon (海克斯康) | 3.8456 | 1.4824% | Conversion of net assets into shares | | 15 | Guangzhou Chuxin (广州初心) | 3.6576 | 1.4099% | Conversion of net assets into shares | | 16 | Xinjiang Shenchuangtou (新疆深创投) | 3.5142 | 1.3546% | Conversion of net assets into shares | | 17 | Zhejiang Rongteng (浙江容腾) | 3.4288 | 1.3217% | Conversion of net assets into shares | | 18 | Guanghe Second Phase (光合贰期) | 3.3354 | 1.2857% | Conversion of net assets into shares | | 19 | Jingwei No. 3 (经纬叁号) | 3.2363 | 1.2475% | Conversion of net assets into shares | | 20 | Galaxy Z | 2.7778 | 1.0708% | Conversion of net assets into shares | | 21 | Chengdu Longzhu (成都龙珠) | 2.7778 | 1.0708% | Conversion of net assets into shares | | 22 | Zhongguancun Science City (中关村科学城) | 2.6894 | 1.0367% | Conversion of net assets into shares | | 23 | Jisi Investment (极思投资) | 2.5943 | 1.0000% | Conversion of net assets into shares | | 24 | Dexun Investment (德迅投资) | 2.5024 | 0.9646% | Conversion of net assets into shares | | 25 | Rongteng No. 2 (容腾二号) | 2.3214 | 0.8948% | Conversion of net assets into shares | | 26 | Jiaxing Ruili (嘉兴睿利) | 2.1125 | 0.8143% | Conversion of net assets into shares | | 27 | Jiangsu Jiequan (江苏疌泉) | 1.7144 | 0.6609% | Conversion of net assets into shares | | 28 | Hupo Anyun (琥珀安云) | 1.6289 | 0.6279% | Conversion of net assets into shares | | 29 | Xiamen Yaheng (厦门雅恒) | 1.4593 | 0.5625% | Conversion of net assets into shares | | 30 | Shanghai Kechuang (上海科创) | 1.0823 | 0.4172% | Conversion of net assets into shares | | 31 | Zhongzheng Investment (中证投资) | 0.9757 | 0.3761% | Conversion of net assets into shares | | 32 | Innovation Capital (创新资本) | 0.8785 | 0.3386% | Conversion of net assets into shares |

1-1-39

| No. | Shareholder Name | Number of Shares | Shareholding Percentage | Method of Contribution | |-----|-----------------|-----------------|------------------------|----------------------| | 33 | Shenchuangtou Group (深创投集团) | 0.8568 | 0.3303% | Conversion of net assets into shares | | 34 | Anchuang Technology (安创科技) | 0.7588 | 0.2925% | Conversion of net assets into shares | | 35 | Junshi Venture (钧石创投) | 0.5020 | 0.1935% | Conversion of net assets into shares | | 36 | Xiangfeng Rongsheng (祥峰荣晟) | 0.4249 | 0.1638% | Conversion of net assets into shares | | 37 | Guangyue Investment (光越投资) | 0.3706 | 0.1429% | Conversion of net assets into shares | | 38 | Shanghai Mida (上海米达) | 0.3347 | 0.1290% | Conversion of net assets into shares | | 39 | Weifang Chuxin (潍坊初心) | 0.1184 | 0.0456% | Conversion of net assets into shares | | **Total** | | **259.4223** | **100.0000%** | |

(III) Changes in Share Capital and Shareholders During the Reporting Period

At the beginning of the reporting period, the Company's registered capital was 182,635 yuan (18.2635万元), and the shareholders and their shareholdings were as follows:

| No. | Shareholder Name | Registered Capital (万元) | Shareholding Percentage | |-----|-----------------|--------------------------|------------------------| | 1 | Wang Xingxing (王兴兴) | 8.7449 | 47.8818% | | 2 | Shanghai Yuyi (上海宇翼) | 1.1765 | 6.4418% | | 3 | Ningbo Hongshan (宁波红杉) | 2.2426 | 12.2791% | | 4 | Astrend IV | 1.8732 | 10.2565% | | 5 | Junwan Hongyi (君万弘毅) | 1.4329 | 7.8457% | | 6 | Vertex | 0.6531 | 3.5760% | | 7 | Dexun Investment (德迅投资) | 0.5823 | 3.1883% | | 8 | Anchuang Technology (安创科技) | 0.5581 | 3.0558% | | 9 | Jisi Investment (极思投资) | 0.5279 | 2.8905% | | 10 | Guangzhou Chuxin (广州初心) | 0.4572 | 2.5034% | | 11 | Weifang Chuxin (潍坊初心) | 0.0148 | 0.0810% | | **Total** | | **18.2635** | **100.0000%** |

The specific details of each change in share capital and shareholders during the reporting period are set out below:

**1. First Capital Increase in 2022**

On December 30, 2021, Unitree Limited, the original shareholders of Unitree Limited, and the new shareholders Jingqian No. 2 (经乾二号) and Hexagon (海克斯康) signed a Capital Increase Agreement (《增资协议》), stipulating that the registered capital of Unitree Limited would be increased from 182,635 yuan (18.2635万元) to 214,293 yuan (21.4293万元), of which: the newly added registered capital of 9,664 yuan (0.9664万元) would be subscribed by Shanghai Yuyi (上海宇翼) with a cash contribution of 9,664 yuan (0.9664万元); the newly added registered capital of 17,187 yuan (1.7187万元) would be subscribed by Jingqian No. 2 (经乾二号) with a cash contribution of RMB 71,500,000 (7,150万元); and the newly added registered capital of 4,807 yuan (0.4807万元) would be subscribed by Hexagon (海克斯康) with a cash contribution of RMB 20,000,000 (2,000万元).

1-1-40

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

On December 30, 2021, Unitree Limited convened a shareholders' meeting and deliberated and approved the above capital increase matters. On January 5, 2022, Unitree Limited completed the industrial and commercial registration and filing for the above capital increase.

Upon completion of this capital increase, the shareholding structure of Unitree Limited was as follows:

Unit: 万元 (10,000 yuan)

| No. | Shareholder Name | Subscribed Registered Capital | Paid-in Registered Capital | Shareholding Percentage | |-----|-----------------|------------------------------|---------------------------|------------------------| | 1 | Wang Xingxing (王兴兴) | 8.7449 | 8.7449 | 40.8080% | | 2 | Shanghai Yuyi (上海宇翼) | 2.1429 | 1.1765 | 10.0000% | | 3 | Ningbo Hongshan (宁波红杉) | 2.2426 | 2.2426 | 10.4651% | | 4 | Astrend IV | 1.8732 | 1.8732 | 8.7413% | | 5 | Jingqian No. 2 (经乾二号) | 1.7187 | 1.7187 | 8.0202% | | 6 | Junwan Hongyi (君万弘毅) | 1.4329 | 1.4329 | 6.6866% | | 7 | Vertex | 0.6531 | 0.6531 | 3.0477% | | 8 | Dexun Investment (德迅投资) | 0.5823 | 0.5823 | 2.7173% | | 9 | Anchuang Technology (安创科技) | 0.5581 | 0.5581 | 2.6044% | | 10 | Jisi Investment (极思投资) | 0.5279 | 0.5279 | 2.4634% | | 11 | Hexagon (海克斯康) | 0.4807 | 0.4807 | 2.2434% | | 12 | Guangzhou Chuxin (广州初心) | 0.4572 | 0.4572 | 2.1335% | | 13 | Weifang Chuxin (潍坊初心) | 0.0148 | 0.0148 | 0.0691% | | **Total** | | **21.4293** | **20.4629** | **100.0000%** |

According to the articles of association in effect at the time, Shanghai Yuyi (上海宇翼) had completed the paid-in contribution of RMB 1.1765 万元 in registered capital, with the remaining RMB 0.9664 万元 in registered capital to be paid in before December 31, 2025. Shanghai Yuyi completed the paid-in contribution of RMB 0.9664 万元 in registered capital on March 14, 2025, with the timing of the paid-in contribution in accordance with the provisions of the articles of association.

**2. Second Capital Increase in 2022**

On February 28, 2022, Unitree Limited (宇树有限), the existing shareholders of Unitree Limited, and new investors Jiaxing Huamao (嘉兴骅茂), Zhejiang Rongteng (浙江容腾), Jiangsu Jiequan (江苏疌泉), and Shenzhen Venture Capital Group (深创投集团) entered into a Capital Increase Agreement, pursuant to which the registered capital of Unitree Limited would be increased from RMB 21.4293 万元 to RMB 23.7529 万元. Specifically: the newly added RMB 1.0715 万元 in registered capital would be subscribed by Jiaxing Huamao (嘉兴骅茂) with a cash contribution of RMB 5,000 万元; the newly added RMB 0.4286 万元 in registered capital would be subscribed by Zhejiang Rongteng (浙江容腾) with a cash contribution of RMB 2,000 万元; the newly added RMB 0.2143 万元 in registered capital would be subscribed by Jiangsu Jiequan (江苏疌泉) with a cash contribution of RMB 1,000 万元; the newly added RMB 0.1071 万元 in registered capital would be subscribed by Shenzhen Venture Capital Group (深创投集团) with a cash contribution of RMB 500 万元; and the newly added RMB 0.5021 万元 in registered capital would be subscribed by Astrend IV with a cash contribution in USD equivalent to RMB 2,343 万元.

On February 28, 2022, Unitree Limited held a shareholders' meeting which deliberated and approved the aforementioned capital increase matters. On March 7, 2022, 1-1-41

**Unitree Technology Co., Ltd. (宇树科技股份有限公司)**

**Prospectus**

Unitree Limited completed the industrial and commercial change registration and filing for the aforementioned capital increase.

Upon completion of this capital increase, the equity structure of Unitree Limited is as follows:

Unit: 万元

| No. | Shareholder Name | Subscribed Registered Capital | Paid-in Registered Capital | Shareholding Percentage | |-----|-----------------|------------------------------|---------------------------|------------------------| | 1 | Wang Xingxing (王兴兴) | 8.7449 | 8.7449 | 36.8161% | | 2 | Shanghai Yuyi (上海宇翼) | 2.1429 | 1.1765 | 9.0216% | | 3 | Astrend IV | 2.3753 | 2.3753 | 10.0000% | | 4 | Ningbo Sequoia (宁波红杉) | 2.2426 | 2.2426 | 9.4414% | | 5 | Jingqian No. 2 (经乾二号) | 1.7187 | 1.7187 | 7.2357% | | 6 | Junwanhongyi (君万弘毅) | 1.4329 | 1.4329 | 6.0325% | | 7 | Jiaxing Huamao (嘉兴骅茂) | 1.0715 | 1.0715 | 4.5110% | | 8 | Vertex | 0.6531 | 0.6531 | 2.7496% | | 9 | Dexun Investment (德迅投资) | 0.5823 | 0.5823 | 2.4515% | | 10 | Anchuang Technology (安创科技) | 0.5581 | 0.5581 | 2.3496% | | 11 | Jisi Investment (极思投资) | 0.5279 | 0.5279 | 2.2225% | | 12 | Hexagon (海克斯康) | 0.4807 | 0.4807 | 2.0238% | | 13 | Guangzhou Chuxin (广州初心) | 0.4572 | 0.4572 | 1.9248% | | 14 | Zhejiang Rongteng (浙江容腾) | 0.4286 | 0.4286 | 1.8044% | | 15 | Jiangsu Jiequan (江苏疌泉) | 0.2143 | 0.2143 | 0.9022% | | 16 | Shenzhen Venture Capital Group (深创投集团) | 0.1071 | 0.1071 | 0.4509% | | 17 | Weifang Chuxin (潍坊初心) | 0.0148 | 0.0148 | 0.0623% | | **Total** | | **23.7529** | **22.7865** | **100.0000%** |

**3. Third Capital Increase in 2022 (Capitalization of Capital Reserves)**

On June 15, 2022, Unitree Limited held a shareholders' meeting and agreed to increase the registered capital of Unitree Limited from RMB 23.7529 万元 to RMB 190.0232 万元, by converting capital reserves into registered capital in proportion to each shareholder's existing shareholding.

On June 17, 2022, Unitree Limited completed the industrial and commercial change registration and filing for the aforementioned capitalization of capital reserves. The registered capital following this capitalization of capital reserves is exactly 8 times the registered capital prior to the capitalization. Upon completion, the equity structure of Unitree Limited is as follows:

Unit: 万元

| No. | Shareholder Name | Subscribed Registered Capital | Paid-in Registered Capital | Shareholding Percentage | |-----|-----------------|------------------------------|---------------------------|------------------------| | 1 | Wang Xingxing (王兴兴) | 69.9592 | 69.9592 | 36.8161% | | 2 | Shanghai Yuyi (上海宇翼) | 17.1432 | 16.1768 | 9.0216% | 1-1-42

**Unitree Technology Co., Ltd. (宇树科技股份有限公司)**

**Prospectus**

| No. | Shareholder Name | Subscribed Registered Capital | Paid-in Registered Capital | Shareholding Percentage | |-----|-----------------|------------------------------|---------------------------|------------------------| | 3 | Astrend IV | 19.0024 | 19.0024 | 10.0000% | | 4 | Ningbo Sequoia (宁波红杉) | 17.9408 | 17.9408 | 9.4414% | | 5 | Jingqian No. 2 (经乾二号) | 13.7496 | 13.7496 | 7.2357% | | 6 | Junwanhongyi (君万弘毅) | 11.4632 | 11.4632 | 6.0325% | | 7 | Jiaxing Huamao (嘉兴骅茂) | 8.5720 | 8.5720 | 4.5110% | | 8 | Vertex | 5.2248 | 5.2248 | 2.7496% | | 9 | Dexun Investment (德迅投资) | 4.6584 | 4.6584 | 2.4515% | | 10 | Anchuang Technology (安创科技) | 4.4648 | 4.4648 | 2.3496% | | 11 | Jisi Investment (极思投资) | 4.2232 | 4.2232 | 2.2225% | | 12 | Hexagon (海克斯康) | 3.8456 | 3.8456 | 2.0238% | | 13 | Guangzhou Chuxin (广州初心) | 3.6576 | 3.6576 | 1.9248% | | 14 | Zhejiang Rongteng (浙江容腾) | 3.4288 | 3.4288 | 1.8044% | | 15 | Jiangsu Jiequan (江苏疌泉) | 1.7144 | 1.7144 | 0.9022% | | 16 | Shenzhen Venture Capital Group (深创投集团) | 0.8568 | 0.8568 | 0.4509% | | 17 | Weifang Chuxin (潍坊初心) | 0.1184 | 0.1184 | 0.0623% | | **Total** | | **190.0232** | **189.0568** | **100.0000%** |

**4. Fourth Capital Increase in 2022**

On August 15, 2022, Unitree Limited (宇树有限), the existing shareholders of Unitree Limited, and new investor Zhongwang Investment (中网投资) entered into a Capital Increase Agreement, pursuant to which the registered capital of Unitree Limited would be increased from RMB 190.0232 万元 to RMB 193.4520 万元, with the newly added RMB 3.4288 万元 in registered capital to be subscribed by Zhongwang Investment (中网投资) with a cash contribution of RMB 2,000 万元.

On August 15, 2022, Unitree Limited held a shareholders' meeting which deliberated and approved the aforementioned capital increase matters. On August 23, 2022, Unitree Limited completed the industrial and commercial change registration and filing for the aforementioned capital increase.

Upon completion of this capital increase, the equity structure of Unitree Limited is as follows:

Unit: 万元

| No. | Shareholder Name | Subscribed Registered Capital | Paid-in Registered Capital | Shareholding Percentage | |-----|-----------------|------------------------------|---------------------------|------------------------| | 1 | Wang Xingxing (王兴兴) | 69.9592 | 69.9592 | 36.1636% | | 2 | Shanghai Yuyi (上海宇翼) | 17.1432 | 16.1768 | 8.8617% | | 3 | Astrend IV | 19.0024 | 19.0024 | 9.8228% | | 4 | Ningbo Sequoia (宁波红杉) | 17.9408 | 17.9408 | 9.2740% | | 5 | Jingqian No. 2 (经乾二号) | 13.7496 | 13.7496 | 7.1075% | | 6 | Junwanhongyi (君万弘毅) | 11.4632 | 11.4632 | 5.9256% | 1-1-43

**Unitree Technology Co., Ltd. (宇树科技股份有限公司)**

**Prospectus**

| No. | Shareholder Name | Subscribed Registered Capital | Paid-in Registered Capital | Shareholding Percentage | |-----|-----------------|------------------------------|---------------------------|------------------------| | 7 | Jiaxing Huamao (嘉兴骅茂) | 8.5720 | 8.5720 | 4.4311% | | 8 | Vertex | 5.2248 | 5.2248 | 2.7008% | | 9 | Dexun Investment (德迅投资) | 4.6584 | 4.6584 | 2.4080% | | 10 | Anchuang Technology (安创科技) | 4.4648 | 4.4648 | 2.3080% | | 11 | Jisi Investment (极思投资) | 4.2232 | 4.2232 | 2.1831% | | 12 | Hexagon (海克斯康) | 3.8456 | 3.8456 | 1.9879% | | 13 | Guangzhou Chuxin (广州初心) | 3.6576 | 3.6576 | 1.8907% | | 14 | Zhejiang Rongteng (浙江容腾) | 3.4288 | 3.4288 | 1.7724% | | 15 | Zhongwang Investment (中网投资) | 3.4288 | 3.4288 | 1.7724% | | 16 | Jiangsu Jiequan (江苏疌泉) | 1.7144 | 1.7144 | 0.8862% | | 17 | Shenzhen Venture Capital Group (深创投集团) | 0.8568 | 0.8568 | 0.4429% | | 18 | Weifang Chuxin (潍坊初心) | 0.1184 | 0.1184 | 0.0612% | | **Total** | | **193.4520** | **192.4856** | **100.0000%** |

**5. First Equity Transfer in 2024**

On January 16, 2024, the equity transferors and equity transferees entered into an Equity Transfer Agreement, pursuant to which Jingqian No. 2 (经乾二号) would transfer RMB 10.7702 万元 and RMB 2.9794 万元 in registered capital to Jingwei No. 1 (经纬壹号) and Jingwei No. 3 (经纬叁号), respectively, for a consideration of RMB 5,600.6590 万元 and RMB 1,549.3410 万元, respectively.

On January 16, 2024, Unitree Limited held a shareholders' meeting which deliberated and approved the aforementioned equity transfer matters. On January 26, 2024, Unitree Limited completed the industrial and commercial change registration and filing for the aforementioned equity transfer.

**6. First Capital Increase in 2024**

On January 31, 2024, Unitree Limited (宇树有限), the existing shareholders of Unitree Limited, and new investors Hanhai Information (汉海信息), Jinshi Growth (金石成长), Yuanma Capital (源码资本), Xinjiang Shenzhen Venture Capital (新疆深创投), Rongteng No. 2 (容腾二号), Jiaxing Ruili (嘉兴睿利), Innovation Capital (创新资本), Junshi Venture (钧石创投), and Shanghai Mida (上海米达) entered into a Capital Increase Agreement, pursuant to which the registered capital of Unitree Limited would be increased from RMB 193.4520 万元 to RMB 239.9071 万元. The details are as follows:

Unit: 万元

| No. | Investor | Subscribed Registered Capital | Capital Contribution Amount | |-----|----------|------------------------------|----------------------------| | 1 | Hanhai Information (汉海信息) | 19.1926 | 24,802.7586 | | 2 | Jinshi Growth (金石成长) | 11.9954 | 15,501.7241 | | 3 | Yuanma Capital (源码资本) | 3.8690 | 5,000.0000 | | 4 | Xinjiang Shenzhen Venture Capital (新疆深创投) | 3.0952 | 4,000.0000 | 1-1-44

**Unitree Technology Co., Ltd. (宇树科技股份有限公司)**

**Prospectus**

| No. | Investor | Subscribed Registered Capital | Capital Contribution Amount | |-----|----------|------------------------------|----------------------------| | 5 | Zhongwang Investment (中网投资) | 2.3214 | 3,000.0000 | | 6 | Rongteng No. 2 (容腾二号) | 2.3214 | 3,000.0000 | | 7 | Jiaxing Ruili (嘉兴睿利) | 2.1125 | 2,730.0000 | | 8 | Innovation Capital (创新资本) | 0.7738 | 1,000.0000 | | 9 | Junshi Venture (钧石创投) | 0.4643 | 600.0000 | | 10 | Shanghai Mida (上海米达) | 0.3095 | 400.0000 | | **Total** | | **46.4551** | **60,034.4827** |

On January 31, 2024, Unitree Limited held a shareholders' meeting which deliberated and approved the aforementioned capital increase matters. On February 2, 2024, Unitree Limited completed the industrial and commercial change registration and filing for the aforementioned capital increase.

Upon completion of this capital increase, the equity structure of Unitree Limited is as follows:

Unit: 万元

| No. | Shareholder Name | Subscribed Registered Capital | Paid-in Registered Capital | Shareholding Percentage | |-----|-----------------|------------------------------|---------------------------|------------------------| | 1 | Wang Xingxing (王兴兴) | 69.9592 | 69.9592 | 29.1610% | | 2 | Shanghai Yuyi (上海宇翼) | 17.1432 | 16.1768 | 7.1458% | | 3 | Hanhai Information (汉海信息) | 19.1926 | 19.1926 | 8.0000% | | 4 | Astrend IV | 19.0024 | 19.0024 | 7.9207% | | 5 | Ningbo Sequoia (宁波红杉) | 17.9408 | 17.9408 | 7.4782% | | 6 | Jinshi Growth (金石成长) | 11.9954 | 11.9954 | 5.0000% | | 7 | Junwanhongyi (君万弘毅) | 11.4632 | 11.4632 | 4.7782% | | 8 | Jingwei No. 1 (经纬壹号) | 10.7702 | 10.7702 | 4.4893% | | 9 | Jiaxing Huamao (嘉兴骅茂) | 8.5720 | 8.5720 | 3.5730% | | 10 | Zhongwang Investment (中网投资) | 5.7502 | 5.7502 | 2.3968% | | 11 | Vertex | 5.2248 | 5.2248 | 2.1778% | | 12 | Dexun Investment (德迅投资) | 4.6584 | 4.6584 | 1.9418% | | 13 | Anchuang Technology (安创科技) | 4.4648 | 4.4648 | 1.8611% | | 14 | Jisi Investment (极思投资) | 4.2232 | 4.2232 | 1.7603% | | 15 | Yuanma Capital (源码资本) | 3.8690 | 3.8690 | 1.6127% | | 16 | Hexagon (海克斯康) | 3.8456 | 3.8456 | 1.6030% | | 17 | Guangzhou Chuxin (广州初心) | 3.6576 | 3.6576 | 1.5246% | | 18 | Zhejiang Rongteng (浙江容腾) | 3.4288 | 3.4288 | 1.4292% | | 19 | Xinjiang Shenzhen Venture Capital (新疆深创投) | 3.0952 | 3.0952 | 1.2902% | | 20 | Jingwei No. 3 (经纬叁号) | 2.9794 | 2.9794 | 1.2419% | 1-1-45

**Unitree Technology Co., Ltd. (宇树科技股份有限公司)**

**Prospectus**

| No. | Shareholder Name | Subscribed Registered Capital | Paid-in Registered Capital | Shareholding Percentage | |-----|-----------------|------------------------------|---------------------------|------------------------| | 21 | Rongteng No. 2 (容腾二号) | 2.3214 | 2.3214 | 0.9676% | | 22 | Jiaxing Ruili (嘉兴睿利) | 2.1125 | 2.1125 | 0.8805% | | 23 | Jiangsu Jiequan (江苏疌泉) | 1.7144 | 1.7144 | 0.7146% | | 24 | Shenzhen Venture Capital Group (深创投集团) | 0.8568 | 0.8568 | 0.3571% | | 25 | Innovation Capital (创新资本) | 0.7738 | 0.7738 | 0.3225% | | 26 | Junshi Venture (钧石创投) | 0.4643 | 0.4643 | 0.1935% | | 27 | Shanghai Mida (上海米达) | 0.3095 | 0.3095 | 0.1290% | | 28 | Weifang Chuxin (潍坊初心) | 0.1184 | 0.1184 | 0.0494% | | **Total** | | **239.9071** | **238.9407** | **100.0000%** |

**7. Second Equity Transfer and Second Capital Increase in 2024**

During the period from June to August 2024, the following equity transferors and equity transferees entered into Equity Transfer Agreements. The details are as follows:

| No. | Transferor | Transferee | Transferred Registered Capital (万元) | Transfer Consideration | |-----|-----------|-----------|--------------------------------------|------------------------| | 1 | | Galaxy Z | 2.5688 | USD 5,000,000 | | 2 | Astrend IV | Chengdu Longzhu (成都龙珠) | 2.5688 | USD 5,000,000 | | 3 | | Shanghai Kechuang (上海科创) | 1.0823 | USD equivalent to RMB 15,000,000 | | 4 | Dexun Investment (德迅投资) | Yuanma Capital (源码资本) | 2.1560 | RMB 30,000,000 | | 5 | Jisi Investment (极思投资) | Hupo Anyun (琥珀安云) | 1.6289 | RMB 24,556,987 |

On August 31, 2024, Unitree Limited (宇树有限), the existing shareholders of Unitree Limited, and new investors Robot Fund (机器人基金), Zhongguancun Science City (中关村科学城), Xiamen Yaheng (厦门雅恒), Zhongzheng Investment (中证投资), Xiangfeng Rongsheng (祥峰荣晟), Chengdu Longzhu (成都龙珠), and Galaxy Z entered into a Capital Increase Agreement, pursuant to which the registered capital of Unitree Limited would be increased from RMB 239.9071 万元 to RMB 259.4223 万元. The details are as follows:

Unit: 万元

| No. | Investor | Subscribed Registered Capital | Capital Contribution Amount | |-----|----------|------------------------------|----------------------------| | 1 | Robot Fund (机器人基金) | 10.2817 | 15,000.0000 | | 2 | Zhongguancun Science City (中关村科学城) | 2.6894 | 3,923.5259 | | 3 | Hanhai Information (汉海信息) | 1.5612 | 2,277.5947 | | 4 | Xiamen Yaheng (厦门雅恒) | 1.4593 | 2,128.9841 | | 5 | Zhongzheng Investment (中证投资) | 0.9757 | 1,423.4602 | | 6 | Jingwei No. 1 (经纬壹号) | 0.8615 | 1,256.8124 | 1-1-46

**Unitree Technology Co., Ltd. (宇树科技股份有限公司)**

**Prospectus**

| No. | Investor | Subscribed Registered Capital | Capital Contribution Amount | |-----|----------|------------------------------|----------------------------| | 7 | Xiangfeng Rongsheng (祥峰荣晟) | 0.4249 | 619.8804 | | 8 | Xinjiang Shenzhen Venture Capital (新疆深创投) | 0.4190 | 611.2539 | | 9 | Jingwei No. 3 (经纬叁号) | 0.2569 | 374.8253 | | 10 | Chengdu Longzhu (成都龙珠) | 0.2090 | [amount continues in next chunk] |

304.8474

11

Galaxy Z

0.2090

304.8474

12

创新资本 (Chuangxin Capital)

0.1047

152.8135

13

钧石创投 (Junshi Venture)

0.0377

54.9741

14

上海米达 (Shanghai Mida)

0.0252

36.6980

| Total | 19.5152 | 28,470.5173 | | | | Capital Contribution |

On August 31, 2024, Unitree Limited (宇树有限) held a shareholders' meeting and reviewed and approved the aforementioned equity transfer and capital increase matters. On September 13, 2024, Unitree Limited completed the industrial and commercial change registration and filing for the above equity transfer and capital increase matters.

Upon completion of this equity transfer and capital increase, the shareholding structure of Unitree Limited was as follows:

Unit: 万元 (RMB 10,000)

| No. | Shareholder Name | Subscribed Registered Capital | Paid-in Registered Capital | Shareholding Ratio | |-----|-----------------|------------------------------|---------------------------|-------------------| | 1 | 王兴兴 (Wang Xingxing) | 69.9592 | 69.9592 | 26.9673% | | 2 | 上海宇翼 (Shanghai Yuyi) | 17.1432 | 16.1768 | 6.6082% | | 3 | 汉海信息 (Hanhai Information) | 20.7538 | 20.7538 | 8.0000% | | 4 | 宁波红杉 (Ningbo Hongshan) | 17.9408 | 17.9408 | 6.9157% | | 5 | Astrend IV | 12.7825 | 12.7825 | 4.9273% | | 6 | 金石成长 (Jinshi Growth) | 11.9954 | 11.9954 | 4.6239% | | 7 | 经纬壹号 (Matrix One) | 11.6317 | 11.6317 | 4.4837% | | 8 | 君万弘毅 (Junwan Hongyi) | 11.4632 | 11.4632 | 4.4187% | | 9 | 机器人基金 (Robotics Fund) | 10.2817 | 10.2817 | 3.9633% | | 10 | 嘉兴骅茂 (Jiaxing Huamao) | 8.5720 | 8.5720 | 3.3043% | | 11 | 源码资本 (Source Code Capital) | 6.0250 | 6.0250 | 2.3225% | | 12 | 中网投资 (Zhongwang Investment) | 5.7502 | 5.7502 | 2.2165% | | 13 | Vertex | 5.2248 | 5.2248 | 2.0140% | | 14 | 安创科技 (Anchuang Technology) | 4.4648 | 4.4648 | 1.7211% | | 15 | 海克斯康 (Hexagon) | 3.8456 | 3.8456 | 1.4824% | | 16 | 广州初心 (Guangzhou Chuxin) | 3.6576 | 3.6576 | 1.4099% | | 17 | 新疆深创投 (Xinjiang Shenzhen Venture Investment) | 3.5142 | 3.5142 | 1.3546% |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| No. | Shareholder Name | Subscribed Registered Capital | Paid-in Registered Capital | Shareholding Ratio | |-----|-----------------|------------------------------|---------------------------|-------------------| | 18 | 浙江容腾 (Zhejiang Rongteng) | 3.4288 | 3.4288 | 1.3217% | | 19 | 经纬叁号 (Matrix No. 3) | 3.2363 | 3.2363 | 1.2475% | | 20 | Galaxy Z | 2.7778 | 2.7778 | 1.0708% | | 21 | 成都龙珠 (Chengdu Longzhu) | 2.7778 | 2.7778 | 1.0708% | | 22 | 中关村科学城 (Zhongguancun Science City) | 2.6894 | 2.6894 | 1.0367% | | 23 | 极思投资 (Jisi Investment) | 2.5943 | 2.5943 | 1.0000% | | 24 | 德迅投资 (Dexun Investment) | 2.5024 | 2.5024 | 0.9646% | | 25 | 容腾二号 (Rongteng No. 2) | 2.3214 | 2.3214 | 0.8948% | | 26 | 嘉兴睿利 (Jiaxing Ruili) | 2.1125 | 2.1125 | 0.8143% | | 27 | 江苏疌泉 (Jiangsu Jiequan) | 1.7144 | 1.7144 | 0.6609% | | 28 | 琥珀安云 (Hupo Anyun) | 1.6289 | 1.6289 | 0.6279% | | 29 | 厦门雅恒 (Xiamen Yaheng) | 1.4593 | 1.4593 | 0.5625% | | 30 | 上海科创 (Shanghai Kechuang) | 1.0823 | 1.0823 | 0.4172% | | 31 | 中证投资 (Zhongzheng Investment) | 0.9757 | 0.9757 | 0.3761% | | 32 | 创新资本 (Chuangxin Capital) | 0.8785 | 0.8785 | 0.3386% | | 33 | 深创投集团 (Shenzhen Venture Investment Group) | 0.8568 | 0.8568 | 0.3303% | | 34 | 钧石创投 (Junshi Venture) | 0.5020 | 0.5020 | 0.1935% | | 35 | 祥峰荣晟 (Xiangfeng Rongsheng) | 0.4249 | 0.4249 | 0.1638% | | 36 | 上海米达 (Shanghai Mida) | 0.3347 | 0.3347 | 0.1290% | | 37 | 潍坊初心 (Weifang Chuxin) | 0.1184 | 0.1184 | 0.0456% | | Total | | 259.4223 | 258.4559 | 100.0000% |

**8. Third Equity Transfer in 2024**

On September 26, 2024, the equity transferor and transferee signed an Equity Transfer Agreement, stipulating that Anchuang Technology (安创科技) would transfer 33,354 yuan (RMB 3.3354万元) and 3,706 yuan (RMB 0.3706万元) of registered capital held in the company to Guanghe Second Phase (光合贰期) and Guangyue Investment (光越投资), respectively, for transfer considerations of RMB 45,000,000 (4,500万元) and RMB 5,000,000 (500万元), respectively.

On November 30, 2024, Unitree Limited held a shareholders' meeting and reviewed and approved the aforementioned equity transfer matters. On December 5, 2024, Unitree Limited completed the industrial and commercial change registration and filing for the above equity transfer matters.

**9. Establishment of Joint Stock Company in 2025**

Regarding the overall conversion of Unitree Limited into a joint stock company, please refer to "Section II, (II) Establishment of the Joint Stock Company" of this section for details.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

**10. Equity Transfer in May 2025**

From May 29 to May 30, 2025, the share transferors and transferees signed Equity Transfer Agreements. The specific details are as follows:

| No. | Transferor | Transferee | Shares Transferred (万股) | Transfer Consideration (万元) | |-----|-----------|------------|--------------------------|------------------------------| | 1 | 君万弘毅 (Junwan Hongyi) | 嘉兴睿利 (Jiaxing Ruili) | 2.5942 | 5,800.0000 | | 2 | 安创科技 (Anchuang Technology) | 天津算力 (Tianjin Suanli) | 0.7588 | 1,462.5000 | | 3 | 广州初心 (Guangzhou Chuxin) | 杭州初心 (Hangzhou Chuxin) | 1.5390 | 2,966.1058 | | 4 | 广州初心 (Guangzhou Chuxin) | 潍坊初心 (Weifang Chuxin) | 0.2439 | 470.0000 | | 5 | 祥峰荣晟 (Xiangfeng Rongsheng) | 祥峰厦门 (Xiangfeng Xiamen) | 0.4249 | 619.8804 | | Total | | | 5.5608 | 11,318.4862 |

On May 30, 2025, Unitree Technology (宇树科技) held the Second Extraordinary General Meeting of Shareholders of 2025 and reviewed and approved the aforementioned equity transfer matters.

Upon completion of this equity transfer, the shareholding structure of Unitree Technology was as follows:

| No. | Shareholder Name | Number of Shares (万股) | Shareholding Ratio | |-----|-----------------|------------------------|-------------------| | 1 | 王兴兴 (Wang Xingxing) | 69.9592 | 26.9673% | | 2 | 上海宇翼 (Shanghai Yuyi) | 17.1432 | 6.6082% | | 3 | 汉海信息 (Hanhai Information) | 20.7538 | 8.0000% | | 4 | 宁波红杉 (Ningbo Hongshan) | 17.9408 | 6.9157% | | 5 | Astrend IV | 12.7825 | 4.9273% | | 6 | 金石成长 (Jinshi Growth) | 11.9954 | 4.6239% | | 7 | 经纬壹号 (Matrix One) | 11.6317 | 4.4837% | | 8 | 君万弘毅 (Junwan Hongyi) | 8.8690 | 3.4188% | | 9 | 机器人基金 (Robotics Fund) | 10.2817 | 3.9633% | | 10 | 嘉兴骅茂 (Jiaxing Huamao) | 8.5720 | 3.3043% | | 11 | 源码资本 (Source Code Capital) | 6.0250 | 2.3225% | | 12 | 中网投资 (Zhongwang Investment) | 5.7502 | 2.2165% | | 13 | Vertex | 5.2248 | 2.0140% | | 14 | 海克斯康 (Hexagon) | 3.8456 | 1.4824% | | 15 | 广州初心 (Guangzhou Chuxin) | 1.8747 | 0.7226% | | 16 | 新疆深创投 (Xinjiang Shenzhen Venture Investment) | 3.5142 | 1.3546% | | 17 | 浙江容腾 (Zhejiang Rongteng) | 3.4288 | 1.3217% | | 18 | 光合贰期 (Guanghe Second Phase) | 3.3354 | 1.2857% |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| No. | Shareholder Name | Number of Shares (万股) | Shareholding Ratio | |-----|-----------------|------------------------|-------------------| | 19 | 经纬叁号 (Matrix No. 3) | 3.2363 | 1.2475% | | 20 | Galaxy Z | 2.7778 | 1.0708% | | 21 | 成都龙珠 (Chengdu Longzhu) | 2.7778 | 1.0708% | | 22 | 中关村科学城 (Zhongguancun Science City) | 2.6894 | 1.0367% | | 23 | 极思投资 (Jisi Investment) | 2.5943 | 1.0000% | | 24 | 德迅投资 (Dexun Investment) | 2.5024 | 0.9646% | | 25 | 容腾二号 (Rongteng No. 2) | 2.3214 | 0.8948% | | 26 | 嘉兴睿利 (Jiaxing Ruili) | 4.7067 | 1.8143% | | 27 | 江苏疌泉 (Jiangsu Jiequan) | 1.7144 | 0.6609% | | 28 | 琥珀安云 (Hupo Anyun) | 1.6289 | 0.6279% | | 29 | 厦门雅恒 (Xiamen Yaheng) | 1.4593 | 0.5625% | | 30 | 上海科创 (Shanghai Kechuang) | 1.0823 | 0.4172% | | 31 | 中证投资 (Zhongzheng Investment) | 0.9757 | 0.3761% | | 32 | 创新资本 (Chuangxin Capital) | 0.8785 | 0.3386% | | 33 | 深创投集团 (Shenzhen Venture Investment Group) | 0.8568 | 0.3303% | | 34 | 天津算力 (Tianjin Suanli) | 0.7588 | 0.2925% | | 35 | 钧石创投 (Junshi Venture) | 0.5020 | 0.1935% | | 36 | 祥峰厦门 (Xiangfeng Xiamen) | 0.4249 | 0.1638% | | 37 | 光越投资 (Guangyue Investment) | 0.3706 | 0.1429% | | 38 | 上海米达 (Shanghai Mida) | 0.3347 | 0.1290% | | 39 | 潍坊初心 (Weifang Chuxin) | 0.3623 | 0.1397% | | 40 | 杭州初心 (Hangzhou Chuxin) | 1.5390 | 0.5932% | | Total | | 259.4223 | 100.0000% |

**11. Equity Capital Increase and Equity Incentive Plan Expansion in June 2025**

**(1) Equity Financing**

On June 6, 2025, Unitree Technology held the Third Extraordinary General Meeting of Shareholders of 2025 and reviewed and approved the proposal regarding the increase of the company's registered capital. On the same day, Unitree Technology, its existing shareholders, and the new shareholders China Mobile Oneness Capital (中移和创), Tencent Technology (腾讯科技), Wuxi Jinqiu (无锡锦秋), Hangzhou Haoyue (杭州灏月), Shanghai Yunyang (上海云玚), and Hechuang Investment (合创投资) signed a Capital Increase Agreement.

The basic details of this capital increase are as follows:

| No. | Investor | Shares Subscribed (万股) | Capital Contribution (万元) | |-----|---------|------------------------|---------------------------| | 1 | 中移和创 (China Mobile Oneness Capital) | 1.7295 | 8,000.0833 |

1-1-50

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| No. | Investor | Shares Subscribed (万股) | Capital Contribution (万元) | |-----|---------|------------------------|---------------------------| | 2 | 腾讯科技 (Tencent Technology) | 1.7295 | 8,000.0833 | | 3 | 无锡锦秋 (Wuxi Jinqiu) | 1.7295 | 8,000.0833 | | 4 | 杭州灏月 (Hangzhou Haoyue) | 1.2971 | 5,999.9468 | | 5 | 上海云玚 (Shanghai Yunyang) | 0.6486 | 3,000.2047 | | 6 | 合创投资 (Hechuang Investment) | 0.4324 | 2,000.1365 | | 7 | 汉海信息 (Hanhai Information) | 1.2357 | 5,715.9312 | | 8 | 经纬壹号 (Matrix One) | 0.6749 | 3,121.6597 | | 9 | 机器人基金 (Robotics Fund) | 0.7723 | 3,572.3991 | | 10 | 嘉兴骅茂 (Jiaxing Huamao) | 0.6362 | 2,942.8465 | | 11 | 源码资本 (Source Code Capital) | 0.3587 | 1,659.2251 | | 12 | 中网投资 (Zhongwang Investment) | 0.3424 | 1,583.8268 | | 13 | 新疆深创投 (Xinjiang Shenzhen Venture Investment) | 0.2092 | 967.6886 | | 14 | 光合贰期 (Guanghe Second Phase) | 0.1986 | 918.6566 | | 15 | 经纬叁号 (Matrix No. 3) | 0.2104 | 973.4393 | | 16 | 成都龙珠 (Chengdu Longzhu) | 0.1654 | 765.0846 | | 17 | Galaxy Z | 0.1654 | 765.0846 | | 18 | 容腾二号 (Rongteng No. 2) | 0.3424 | 1,583.8268 | | 19 | 琥珀安云 (Hupo Anyun) | 0.0970 | 448.6893 | | 20 | 厦门雅恒 (Xiamen Yaheng) | 1.1551 | 5,343.1028 | | 21 | 创新资本 (Chuangxin Capital) | 0.2054 | 950.1111 | | 22 | 天津算力 (Tianjin Suanli) | 0.0452 | 209.0799 | | 23 | 钧石创投 (Junshi Venture) | 0.0299 | 138.3073 | | 24 | 祥峰厦门 (Xiangfeng Xiamen) | 0.3364 | 1,556.0729 | | 25 | 光越投资 (Guangyue Investment) | 0.0221 | 102.2271 | | 26 | 上海米达 (Shanghai Mida) | 0.0199 | 92.0507 | | 27 | 杭州初心 (Hangzhou Chuxin) | 0.2248 | 1,039.8489 | | Total | | 15.0140 | 69,449.6968 |

Concurrently, during this equity financing, shareholder Source Code Capital (源码资本) and Wang Xingxing (王兴兴) signed a Share Transfer Agreement on June 4, 2025, stipulating that Source Code Capital would transfer 11,378 shares (1.1378万股) of the company to Wang Xingxing for a transfer consideration of RMB 50,000,000 (5,000万元).

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

**(2) Equity Incentive Plan Expansion**

On June 6, 2025, Unitree Technology held the Third Extraordinary General Meeting of Shareholders of 2025 and reviewed and approved the proposal regarding the capital increase in the company by the equity incentive platform Shanghai Yuyi (上海宇翼). On June 12, 2025, Unitree Technology and Shanghai Yuyi signed a Capital Increase Agreement, under which Shanghai Yuyi subscribed for 144,668 newly issued shares (14.4668万股) of the company at RMB 144,668 yuan (14.4668万元), increasing its shareholding ratio in the company to 10.9414%.

On June 12, 2025, Unitree Technology completed the industrial and commercial change registration and filing for the aforementioned June 2025 equity capital increase and equity incentive plan expansion matters.

Upon completion of the aforementioned share changes, the shareholding structure of Unitree Technology was as follows:

| No. | Shareholder Name | Number of Shares (万股) | Shareholding Ratio | |-----|-----------------|------------------------|-------------------| | 1 | 王兴兴 (Wang Xingxing) | 68.8214 | 23.8216% | | 2 | 上海宇翼 (Shanghai Yuyi) | 31.6100 | 10.9414% | | 3 | 汉海信息 (Hanhai Information) | 21.9895 | 7.6114% | | 4 | 宁波红杉 (Ningbo Hongshan) | 17.9408 | 6.2100% | | 5 | Astrend IV | 12.7825 | 4.4245% | | 6 | 经纬壹号 (Matrix One) | 12.3066 | 4.2598% | | 7 | 金石成长 (Jinshi Growth) | 11.9954 | 4.1520% | | 8 | 机器人基金 (Robotics Fund) | 11.0540 | 3.8262% | | 9 | 嘉兴骅茂 (Jiaxing Huamao) | 9.2082 | 3.1873% | | 10 | 君万弘毅 (Junwan Hongyi) | 8.8690 | 3.0699% | | 11 | 源码资本 (Source Code Capital) | 7.5215 | 2.6035% | | 12 | 中网投资 (Zhongwang Investment) | 6.0926 | 2.1089% | | 13 | Vertex | 5.2248 | 1.8085% | | 14 | 嘉兴睿利 (Jiaxing Ruili) | 4.7067 | 1.6292% | | 15 | 海克斯康 (Hexagon) | 3.8456 | 1.3311% | | 16 | 新疆深创投 (Xinjiang Shenzhen Venture Investment) | 3.7234 | 1.2888% | | 17 | 光合贰期 (Guanghe Second Phase) | 3.5340 | 1.2232% | | 18 | 经纬叁号 (Matrix No. 3) | 3.4467 | 1.1930% | | 19 | 浙江容腾 (Zhejiang Rongteng) | 3.4288 | 1.1868% | | 20 | Galaxy Z | 2.9432 | 1.0187% | | 21 | 成都龙珠 (Chengdu Longzhu) | 2.9432 | 1.0187% | | 22 | 中关村科学城 (Zhongguancun Science City) | 2.6894 | 0.9309% | | 23 | 容腾二号 (Rongteng No. 2) | 2.6638 | 0.9220% |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| No. | Shareholder Name | Number of Shares (万股) | Shareholding Ratio | |-----|-----------------|------------------------|-------------------| | 24 | 厦门雅恒 (Xiamen Yaheng) | 2.6144 | 0.9049% | | 25 | 极思投资 (Jisi Investment) | 2.5943 | 0.8980% | | 26 | 德迅投资 (Dexun Investment) | 2.5024 | 0.8662% | | 27 | 广州初心 (Guangzhou Chuxin) | 1.8747 | 0.6489% | | 28 | 杭州初心 (Hangzhou Chuxin) | 1.7638 | 0.6105% | | 29 | 中移和创 (China Mobile Oneness Capital) | 1.7295 | 0.5986% | | 30 | 腾讯科技 (Tencent Technology) | 1.7295 | 0.5986% | | 31 | 无锡锦秋 (Wuxi Jinqiu) | 1.7295 | 0.5986% | | 32 | (continued) | | |

| 32 | Hupo Anyun (琥珀安云) | 1.7259 | 0.5974% | | 33 | Jiangsu Jiequan (江苏疌泉) | 1.7144 | 0.5934% | | 34 | Hangzhou Haoyue (杭州灏月) | 1.2971 | 0.4490% | | 35 | Chuangxin Capital (创新资本) | 1.0839 | 0.3752% | | 36 | Shanghai Kechuang (上海科创) | 1.0823 | 0.3746% | | 37 | Zhongzheng Investment (中证投资) | 0.9757 | 0.3377% | | 38 | Shenzhen Venture Investment Group (深创投集团) | 0.8568 | 0.2966% | | 39 | Tianjin Suanli (天津算力) | 0.8040 | 0.2783% | | 40 | Xiangfeng Xiamen (祥峰厦门) | 0.7613 | 0.2635% | | 41 | Shanghai Yunyang (上海云玚) | 0.6486 | 0.2245% | | 42 | Junshi Venture Investment (钧石创投) | 0.5319 | 0.1841% | | 43 | Hechuang Investment (合创投资) | 0.4324 | 0.1497% | | 44 | Guangyue Investment (光越投资) | 0.3927 | 0.1359% | | 45 | Weifang Chuxin (潍坊初心) | 0.3623 | 0.1254% | | 46 | Shanghai Mida (上海米达) | 0.3546 | 0.1227% | | Total | | 288.9031 | 100.0000% |

Shareholding Percentage

**12. Capitalization of Capital Reserves into Share Capital in June 2025**

On June 18, 2025, Unitree Technology (宇树科技) convened its Fourth Extraordinary General Meeting of Shareholders for 2025, at which a resolution was considered and approved regarding the capitalization of the company's capital reserves into share capital. The shareholders agreed to change the registered capital of Unitree Technology (宇树科技) from RMB 2,889,031 (288.9031万元) to RMB 364,017,906 (36,401.7906万元), with the capital reserves of the joint-stock company to be converted into share capital and distributed to all shareholders.

On June 18, 2025, Unitree Technology (宇树科技) completed the industrial and commercial change registration and filing procedures for the above-mentioned capitalization of capital reserves into share capital.

The registered capital following this capitalization of capital reserves into share capital is exactly 126 times the pre-conversion registered capital. Upon completion, the equity structure of Unitree Technology (宇树科技) is as follows:

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| No. | Shareholder Name | Number of Shares (10,000 shares) | Shareholding Percentage | |-----|-----------------|----------------------------------|------------------------| | 1 | Wang Xingxing (王兴兴) | 8,671.4964 | 23.8216% | | 2 | Shanghai Yuyi (上海宇翼) | 3,982.8600 | 10.9414% | | 3 | Hanhai Information (汉海信息) | 2,770.6770 | 7.6114% | | 4 | Ningbo Hongshan (宁波红杉) | 2,260.5408 | 6.2100% | | 5 | Astrend IV | 1,610.5950 | 4.4245% | | 6 | Jingwei No. 1 (经纬壹号) | 1,550.6316 | 4.2598% | | 7 | Jinshi Growth (金石成长) | 1,511.4204 | 4.1520% | | 8 | Robot Fund (机器人基金) | 1,392.8040 | 3.8262% | | 9 | Jiaxing Huamao (嘉兴骅茂) | 1,160.2332 | 3.1873% | | 10 | Junwanhongyi (君万弘毅) | 1,117.4940 | 3.0699% | | 11 | Source Code Capital (源码资本) | 947.7090 | 2.6035% | | 12 | Zhongwang Investment (中网投资) | 767.6676 | 2.1089% | | 13 | Vertex | 658.3248 | 1.8085% | | 14 | Jiaxing Ruili (嘉兴睿利) | 593.0442 | 1.6292% | | 15 | Hexagon (海克斯康) | 484.5456 | 1.3311% | | 16 | Xinjiang Shenchuangtou (新疆深创投) | 469.1484 | 1.2888% | | 17 | Guanghe Phase II (光合贰期) | 445.2840 | 1.2232% | | 18 | Jingwei No. 3 (经纬叁号) | 434.2842 | 1.1930% | | 19 | Zhejiang Rongteng (浙江容腾) | 432.0288 | 1.1868% | | 20 | Galaxy Z | 370.8432 | 1.0187% | | 21 | Chengdu Longzhu (成都龙珠) | 370.8432 | 1.0187% | | 22 | Zhongguancun Science City (中关村科学城) | 338.8644 | 0.9309% | | 23 | Rongteng No. 2 (容腾二号) | 335.6388 | 0.9220% | | 24 | Xiamen Yaheng (厦门雅恒) | 329.4144 | 0.9049% | | 25 | Jisi Investment (极思投资) | 326.8818 | 0.8980% | | 26 | Dexun Investment (德迅投资) | 315.3024 | 0.8662% | | 27 | Guangzhou Chuxin (广州初心) | 236.2122 | 0.6489% | | 28 | Hangzhou Chuxin (杭州初心) | 222.2388 | 0.6105% | | 29 | China Mobile Hechuang (中移和创) | 217.9170 | 0.5986% | | 30 | Tencent Technology (腾讯科技) | 217.9170 | 0.5986% | | 31 | Wuxi Jinqiu (无锡锦秋) | 217.9170 | 0.5986% | | 32 | Hupo Anyun (琥珀安云) | 217.4634 | 0.5974% |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| No. | Shareholder Name | Number of Shares (10,000 shares) | Shareholding Percentage | |-----|-----------------|----------------------------------|------------------------| | 33 | Jiangsu Jiequan (江苏疌泉) | 216.0144 | 0.5934% | | 34 | Hangzhou Haoyue (杭州灏月) | 163.4346 | 0.4490% | | 35 | Chuangxin Capital (创新资本) | 136.5714 | 0.3752% | | 36 | Shanghai Kechuang (上海科创) | 136.3698 | 0.3746% | | 37 | Zhongzheng Investment (中证投资) | 122.9382 | 0.3377% | | 38 | Shenzhen Venture Investment Group (深创投集团) | 107.9568 | 0.2966% | | 39 | Tianjin Suanli (天津算力) | 101.3040 | 0.2783% | | 40 | Xiangfeng Xiamen (祥峰厦门) | 95.9238 | 0.2635% | | 41 | Shanghai Yunyang (上海云玚) | 81.7236 | 0.2245% | | 42 | Junshi Venture Investment (钧石创投) | 67.0194 | 0.1841% | | 43 | Hechuang Investment (合创投资) | 54.4824 | 0.1497% | | 44 | Guangyue Investment (光越投资) | 49.4802 | 0.1359% | | 45 | Weifang Chuxin (潍坊初心) | 45.6498 | 0.1254% | | 46 | Shanghai Mida (上海米达) | 44.6796 | 0.1227% | | Total | | 36,401.7906 | 100.0000% |

From the completion of the share capital conversion in June 2025 through to the date of signing of this Prospectus, there have been no changes to the company's share capital or to the above-mentioned shareholders.

On September 28, 2025, the company convened its Fifth Extraordinary General Meeting of Shareholders for 2025, at which the "Resolution on the Renaming of the Company" was considered and approved. All shareholders unanimously agreed to rename the company "Unitree Technology Co., Ltd. (宇树科技股份有限公司)." On October 23, 2025, the company completed the industrial and commercial change registration for the renaming, and the company's name was officially changed to "Unitree Technology Co., Ltd. (宇树科技股份有限公司)."

**III. Significant Events Since the Company's Establishment**

Since its establishment, the company has not experienced any significant events such as major asset restructurings.

**IV. Listing and Trading Status on Other Securities Markets**

Since its establishment, the company has not been listed or traded on any other securities markets.

**V. Equity Structure of the Issuer**

As of the date of signing of this Prospectus, the shareholding positions held by the actual controller, major shareholders holding five percent or more of the company's shares, and the company's shareholdings in its subsidiaries are as follows:

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| Wang Xingxing (王兴兴) | | | |---|---|---| | 12.1772% | | | | 100.00% | | | | 99.6813% | 0.2871% | 0.3187% |

| Hangzhou Yixin (杭州翌心) | 0.1255% | | |---|---|---| | 43.7231% | | |

| Hanhai Information (汉海信息) | Ningbo Hongshan (宁波红杉) | |---|---| | 7.6114% | 6.2100% |

| 70.9241% | | | |---|---|---| | Hangzhou Tianze (杭州天则) | Hangzhou Yiyi (杭州翌意) | | | 43.7231% | | |

| Shanghai Yuyi (上海宇翼) | Other shareholders holding less than 5% | |---|---| | 10.9414% | |

| 51.4156% | 23.8216% | |---|---|

**Unitree Technology Co., Ltd. (宇树科技股份有限公司)**

| 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |---|---|---|---|---|---|---| | Unitree Robot (宇树机器人) | Shanghai Gaoyi (上海高羿) | Beijing Lingyi (北京灵翌) | Shenzhen Tianyi (深圳天羿) | UNITREE LIMITED | Ningbo Unitree (宁波宇树) | Chongqing Yuyi (重庆宇羿) |

| 10.00% | |---| | Beijing Branch (北京分公司) |

| Pilot Test Base (中试基地) |

**VI. Subsidiaries and Equity-Participation Companies of the Issuer**

As of the date of signing of this Prospectus, Unitree Technology (宇树科技) has a total of 7 wholly-owned subsidiaries and 1 equity-participation company. Based on the operating conditions of each subsidiary over the most recent year, none of the aforementioned subsidiaries currently qualify as a material subsidiary of the company. The basic information of the company's subsidiaries is as follows:

| No. | Name | Equity Structure | Capital Contribution | Contribution Percentage | Date of Establishment/Acquisition | Business Status and Notes | |-----|------|-----------------|----------------------|------------------------|-----------------------------------|---------------------------| | 1 | Unitree Robot (宇树机器人) | 100% held by Unitree Technology (宇树科技) | RMB 100,000 (10万元) | 100% | 2019-04-08 | Not yet in actual operations | | 2 | Shanghai Gaoyi (上海高羿) | 100% held by Unitree Technology (宇树科技) | RMB 100,000 (10万元) | 100% | 2024-11-07 | R&D in the field of embodied intelligence and robotics, as well as certain sales functions | | 3 | Beijing Lingyi (北京灵翌) | 100% held by Unitree Technology (宇树科技) | RMB 100,000 (10万元) | 100% | 2024-12-31 | R&D in the field of embodied intelligence and robotics | | 4 | Shenzhen Tianyi (深圳天羿) | 100% held by Unitree Technology (宇树科技) | RMB 100,000 (10万元) | 100% | 2025-03-05 | Not yet in actual operations | | 5 | UNITREE LIMITED | 100% held by Unitree Technology (宇树科技) | 10,000 shares | 100% | 2025-10-08 | Not yet in actual operations | | 6 | Ningbo Unitree (宁波宇树) | 100% held by Unitree Technology (宇树科技) | RMB 1,000,000 (100万元) | 100% | 2025-11-20 | Not yet in actual operations | | 7 | Chongqing Yuyi (重庆宇羿) | 100% held by Unitree Technology (宇树科技) | RMB 1,000,000 (100万元) | 100% | 2025-12-30 | Not yet in actual operations |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| No. | Name | Equity Structure | Capital Contribution | Contribution Percentage | Date of Establishment/Acquisition | Business Status and Notes | |-----|------|-----------------|----------------------|------------------------|-----------------------------------|---------------------------| | 8 | Pilot Test Base (中试基地) | 10% held by Unitree Robot (宇树机器人) | RMB 10,000,000 (1,000万元) | 10% | 2025-05-29 | Hangzhou Hi-Tech Innovation Group Co., Ltd. (杭州高新科创集团有限公司) holds 50%; Hangzhou Data Group Co., Ltd. (杭州市数据集团有限公司) holds 36%; Unitree Robot (宇树机器人) holds 10%; Chuanhua Logistics Co., Ltd. (传化智联股份有限公司) holds 4% |

**VII. Basic Information on Major Shareholders Holding Five Percent or More of the Issuer's Shares and the Actual Controller**

**(I) Basic Information on the Controlling Shareholder and Actual Controller**

As of the date of signing of this Prospectus, Wang Xingxing (王兴兴) directly holds 86,714,964 shares (8,671.4964万股) of the company, representing 23.8216% of the company's total share capital, and is the controlling shareholder of the company. Furthermore, under the differential voting rights arrangement, the voting rights percentage attributable to Wang Xingxing's directly held shares is 63.5457%; combined with the equity incentive shareholding platform Shanghai Yuyi (上海宇翼) under his control, the total voting rights percentage controlled amounts to 68.7816%. Accordingly, Wang Xingxing is both the controlling shareholder and the actual controller of the company.

The résumé of Wang Xingxing (王兴兴), the actual controller of the company, is as follows:

Wang Xingxing (王兴兴), male, Chinese national, without permanent foreign residency rights, ID card number 3302811990********, holds a master's degree. From August 2016 to the present, he has served as the company's Chairman of the Board, General Manager, and Chief Technology Officer.

As of the date of signing of this Prospectus, the shares of the company directly and indirectly held by the controlling shareholder and actual controller are not subject to any pledge, freezing, or litigation disputes.

During the reporting period, the controlling shareholder and actual controller of the company have not been involved in any criminal offenses of corruption, bribery, misappropriation of property, embezzlement of property, or disruption of the socialist market economic order, nor have they engaged in any major violations involving fraudulent issuance, material information disclosure violations, or other major illegal activities in areas related to national security, public safety, ecological security, production safety, or public health safety.

**(II) Basic Information on Other Major Shareholders Holding Five Percent or More of the Issuer's Shares or Voting Rights**

As of the date of signing of this Prospectus, in addition to the company's controlling shareholder and actual controller, other major shareholders who individually or collectively directly hold five percent or more of the company's shares include Shanghai Yuyi (上海宇翼), Hanhai Information (汉海信息), Ningbo Hongshan (宁波红杉), Xiamen Yaheng (厦门雅恒), Jingwei No. 1 (经纬壹号), and Jingwei No. 3 (经纬叁号).

The shareholding details of the above shareholders are as follows:

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

**1. Shanghai Yuyi (上海宇翼)**

As of the date of signing of this Prospectus, the shareholding percentage of Shanghai Yuyi (上海宇翼) in the company is 10.9414%. The basic information of Shanghai Yuyi (上海宇翼) is as follows:

| Name | Shanghai Yuyi Enterprise Management Consulting Partnership (Limited Partnership) (上海宇翼企业管理咨询合伙企业（有限合伙）) | |------|------| | Executive Partner | Hangzhou Tianze Technology Co., Ltd. (杭州天则科技有限公司) |

| No. | Partner Name | Capital Contribution (RMB 10,000) | Contribution Percentage | |-----|-------------|----------------------------------|------------------------| | 1 | Hangzhou Tianze Technology Co., Ltd. (杭州天则科技有限公司) | 0.1000 | 0.1255% | | 2 | Hangzhou Yixin (杭州翌心) | 34.8286 | 43.7231% | | 3 | Hangzhou Yiyi (杭州翌意) | 34.8286 | 43.7231% | | 4 | Wang Xingxing (王兴兴) | 9.7000 | 12.1772% | | 5 | Chen Li (陈立) | 0.1000 | 0.1255% | | 6 | Yang Zhiyu (杨知雨) | 0.1000 | 0.1255% | | Total | | 79.6572 | 100% |

**2. Meituan (美团)**

Hanhai Information (汉海信息), Galaxy Z, and Chengdu Longzhu (成都龙珠) constitute a concerted action relationship as shareholders of the company with respect to their respective shareholdings, with a combined shareholding percentage of 9.6488%.

**(1) Hanhai Information (汉海信息)**

As of the date of signing of this Prospectus, the shareholding percentage of Hanhai Information (汉海信息) in the company is 7.6114%. As of December 31, 2025, the basic information of Hanhai Information (汉海信息) is as follows:

| Company Name | Hanhai Information Technology (Shanghai) Co., Ltd. (汉海信息技术（上海）有限公司) | |---|---| | Date of Establishment | 2006-03-16 | | Registered Capital | USD 495,000,000 (49,500万美元) | | Paid-in Capital | USD 495,000,000 (49,500万美元) | | Registered Address and Principal Place of Business | Room 102, Building D2 (Building 8), No. 221 Huangxing Road, Yangpu District, Shanghai | | Principal Business | Technology services | | Relationship with the Issuer's Principal Business | Unrelated to the issuer's principal business |

| No. | Shareholder Name | Capital Contribution | Contribution Percentage | |-----|-----------------|----------------------|------------------------| | 1 | Solid Bit Hong Kong Limited | USD 495,000,000 (49,500万美元) | 100% | | Total | | USD 495,000,000 (49,500万美元) | 100% |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

**(2) Chengdu Longzhu (成都龙珠)**

As of the date of signing of this Prospectus, the shareholding percentage of Chengdu Longzhu (成都龙珠) in the company is 1.0187%. As of December 31, 2025, the basic information of Chengdu Longzhu (成都龙珠) is as follows:

| Name | Chengdu Longzhu Equity Investment Fund Partnership (Limited Partnership) (成都龙珠股权投资基金合伙企业（有限合伙）) | |---|---| | Executive Partner | Chengdu Meizhu Enterprise Management Co., Ltd. (成都美珠企业管理有限责任公司) |

| No. | Partner Name | Share Amount (RMB 10,000) | Share Percentage | |-----|-------------|--------------------------|-----------------| | 1 | Chengdu Meizhu Enterprise Management Co., Ltd. (成都美珠企业管理有限责任公司) | 2,330.00 | 1.0117% | | 2 | Tianjin Sankuai Technology Co., Ltd. (天津三快科技有限公司) | 100,000.00 | 43.4216% | | 3 | Chengdu Hi-Tech Ceyuan Qihang Equity Investment Fund Partnership (Limited Partnership) (成都高新策源启航股权投资基金合伙企业（有限合伙）) | 50,000.00 | 21.7108% | | 4 | Hengqin Guangdong-Macao In-Depth Cooperation Zone Industrial Investment Fund (Limited Partnership) (横琴粤澳深度合作区产业投资基金（有限合伙）) | 20,000.00 | 8.6843% | | 5 | Chengdu Jiaozi Industrial Equity Investment Fund Partnership (Limited Partnership) (成都交子产业股权投资基金合伙企业（有限合伙）) | 10,000.00 | 4.3422% | | 6 | Shenzhen Tencent Industrial Investment Fund Co., Ltd. (深圳市腾讯产业投资基金有限公司) | 10,000.00 | 4.3422% | | 7 | Chengdu Jiaozi Park Investment Holdings Co., Ltd. (成都交子公园投资控股有限公司) | 10,000.00 | 4.3422% | | 8 | Chengdu Wutongshu Innovation and Entrepreneurship Investment Partnership (Limited Partnership) (成都梧桐树创新创业投资合伙企业（有限合伙）) | 10,000.00 | 4.3422% | | 9 | Ruiyuan Capital Management Co., Ltd. (瑞元资本管理有限公司) | 5,830.00 | 2.5315% | | 10 | CICC Ruisheng (Haining) Equity Investment Partnership (Limited Partnership) (中金睿盛（海宁）股权投资合伙企业（有限合伙）) | 5,000.00 | 2.1711% | | 11 | Wuhu Chenhui Equity Investment Partnership (Limited Partnership) (芜湖辰辉股权投资合伙企业（有限合伙）) | 3,940.00 | 1.7108% | | 12 | Hangzhou Cultural and Creative Industry Venture Investment Management Co., Ltd. (杭州文化创意产业创业投资管理有限公司) | 3,000.00 | 1.3026% | | 13 | Ningbo Meishan Bonded Port Area Feizhu Equity Investment Partnership (Limited Partnership) (宁波梅山保税港区飞珠股权投资合伙企业（有限合伙）) | 200.00 | 0.0868% | | Total | | 230,300.00 | 100.0000% |

**(3) Galaxy Z**

As of the date of signing of this Prospectus, the shareholding percentage of Galaxy Z in the company is 1.0187%. As of December 31, 2025, the basic information of Galaxy Z is as follows:

| Company Name | Galaxy Z Holding Limited | |---|---| | Date of Establishment | 2022-01-20 | | Registered Address | British Virgin Islands | | Principal Business | Holding Company | | Relationship with the Issuer's Principal Business | Unrelated to the issuer's principal business |

| Shareholder Composition | No. |

Shareholder Name 1-1-59

Number of Shares

Contribution Ratio

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| | Long-Z Fund I, LP | | 1 | | 100.0000% | | | Total | | 1 | | 100.0000% |

3. Sequoia China (红杉中国) Ningbo Hongshan (宁波红杉) and Xiamen Yaheng (厦门雅恒) are persons acting in concert, collectively holding a 7.1149% equity interest in the Company.

(1) Ningbo Hongshan (宁波红杉) As of the date of signing of this Prospectus, Ningbo Hongshan holds a 6.2100% equity interest in the Company. As of December 31, 2025, the basic information of Ningbo Hongshan is as follows:

| Name | Ningbo Hongshan Kesheng Equity Investment Partnership (Limited Partnership) (宁波红杉科盛股权投资合伙企业（有限合伙）) | |---|---| | Executive Partner | Jiaxing Hongshan Kunsheng Investment Management Partnership (Limited Partnership) (嘉兴红杉坤盛投资管理合伙企业（有限合伙）) |

| No. | Partner Name | Contribution (10,000 yuan / 万元) | Contribution Ratio | |---|---|---|---| | 1 | Jiaxing Hongshan Kunsheng Investment Management Partnership (Limited Partnership) (嘉兴红杉坤盛投资管理合伙企业（有限合伙）) | 100.00 | 0.1996% | | 2 | Ningbo Meishan Bonded Port Area Hongshan Yaosheng Equity Investment Partnership (Limited Partnership) (宁波梅山保税港区红杉曜盛股权投资合伙企业（有限合伙）) | 40,000.00 | 79.8403% | | 3 | Ningbo Meishan Bonded Port Area Hongshan Weisheng Equity Investment Partnership (Limited Partnership) (宁波梅山保税港区红杉巍盛股权投资合伙企业（有限合伙）) | 10,000.00 | 19.9601% | | | Total | 50,100.00 | 100% |

(2) Xiamen Yaheng (厦门雅恒) As of the date of signing of this Prospectus, Xiamen Yaheng holds a 0.9049% equity interest in the Company. As of December 31, 2025, the basic information of Xiamen Yaheng is as follows:

| Name | Xiamen Yaheng Venture Investment Fund Partnership (Limited Partnership) (厦门雅恒创业投资基金合伙企业（有限合伙）) | |---|---| | Executive Partner | Xiamen Hongshan Kunteng Investment Partnership (Limited Partnership) (厦门红杉坤腾投资合伙企业（有限合伙）) |

| No. | Shareholder Name | Contribution (10,000 yuan / 万元) | Contribution Ratio | |---|---|---|---| | 1 | Xiamen Hongshan Kunteng Investment Partnership (Limited Partnership) (厦门红杉坤腾投资合伙企业（有限合伙）) | 100.00 | 0.0143% | | 2 | Xiamen Hongshan Peiheng Investment Partnership (Limited Partnership) (厦门红杉沛恒投资合伙企业（有限合伙）) | 700,000.00 | 99.9857% | | | Total | 700,100.00 | 100.0000% |

4. Matrix Partners China (经纬创投) Jingwei No. 1 (经纬壹号) and Jingwei No. 3 (经纬叁号) are persons acting in concert, collectively holding a 5.4528% equity interest in the Company.

(1) Jingwei No. 1 (经纬壹号) As of the date of signing of this Prospectus, Jingwei No. 1 holds a 4.2598% equity interest in the Company. 1-1-60

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

As of December 31, 2025, the basic information of Jingwei No. 1 is as follows:

| Name | Nanjing Jingwei Chuang No. 1 Investment Partnership (Limited Partnership) (南京经纬创壹号投资合伙企业（有限合伙）) | |---|---| | Executive Partner | Nanjing Jingwei Jiangchuang Investment Management Partnership (Limited Partnership) (南京经纬江创投资管理合伙企业（有限合伙）) |

| No. | Shareholder Name | Contribution (10,000 yuan / 万元) | Contribution Ratio | |---|---|---|---| | 1 | Nanjing Jingwei Jiangchuang Investment Management Partnership (Limited Partnership) (南京经纬江创投资管理合伙企业（有限合伙）) | 10,000.00 | 1.3427% | | 2 | National Council for Social Security Fund (全国社会保障基金理事会) | 200,000.00 | 26.8535% | | 3 | Bosera Capital Management Co., Ltd. (博时资本管理有限公司) | 119,330.00 | 16.0221% | | 4 | China Cultural Industry Investment Fund II (Limited Partnership) (中国文化产业投资基金二期（有限合伙）) | 50,000.00 | 6.7134% | | 5 | Nanjing Industrial Development Fund Co., Ltd. (南京市产业发展基金有限公司) | 28,000.00 | 3.7595% | | 6 | Wuhu Gefei Chengzhuo Equity Investment Center (Limited Partnership) (芜湖歌斐承卓股权投资中心（有限合伙）) | 24,653.32 | 3.3101% | | 7 | Pingyang Rongli Equity Investment Partnership (Limited Partnership) (平阳荣礼股权投资合伙企业（有限合伙）) | 24,050.00 | 3.2291% | | 8 | Galaxy Capital Asset Management Co., Ltd. (银河资本资产管理有限公司) | 23,000.00 | 3.0882% | | 9 | Wuhu Gefei Chengzhao Equity Investment Center (Limited Partnership) (芜湖歌斐承兆股权投资中心（有限合伙）) | 22,771.99 | 3.0575% | | 10 | Wuhu Gefei Xiangru Equity Investment Center (Limited Partnership) (芜湖歌斐祥如股权投资中心（有限合伙）) | 21,586.30 | 2.8983% | | 11 | Beihai Hangjing Hengsheng Investment Development Co., Ltd. (北海航景恒晟投资发展有限公司) | 21,300.00 | 2.8599% | | 12 | Pingyang Rongnuo Equity Investment Partnership (Limited Partnership) (平阳荣诺股权投资合伙企业（有限合伙）) | 20,290.00 | 2.7243% | | 13 | Nanjing Yangtze River Innovation and Entrepreneurship Investment Fund (Limited Partnership) (南京扬子江创新创业投资基金（有限合伙）) | 20,000.00 | 2.6853% | | 14 | Pingyang Ronghan Equity Investment Partnership (Limited Partnership) (平阳荣函股权投资合伙企业（有限合伙）) | 18,910.00 | 2.5390% | | 15 | Wuhu Gefei Chengyu Equity Investment Center (Limited Partnership) (芜湖歌斐承宇股权投资中心（有限合伙）) | 18,542.49 | 2.4897% | | 16 | Qingdao Luhui Equity Investment Partnership (Limited Partnership) (青岛陆晖股权投资合伙企业（有限合伙）) | 15,600.00 | 2.0946% | | 17 | Pingyang Xuxing Equity Investment Partnership (Limited Partnership) (平阳许兴股权投资合伙企业（有限合伙）) | 15,000.00 | 2.0140% | | 18 | Wuhu Gefei Xiangyi Equity Investment Center (Limited Partnership) (芜湖歌斐祥意股权投资中心（有限合伙）) | 13,418.09 | 1.8016% | | 19 | Fuan Da Asset Management (Shanghai) Co., Ltd. (富安达资产管理（上海）有限公司) | 12,670.00 | 1.7012% | | 20 | Ruiyuan Capital Management Co., Ltd. (瑞元资本管理有限公司) | 12,420.00 | 1.6676% | | 21 | Beijing Shougang Fund Co., Ltd. (北京首钢基金有限公司) | 10,500.00 | 1.4098% | | 22 | Xiamen C&D Emerging Industry Equity Investment No. 11 Partnership (Limited Partnership) (厦门建发新兴产业股权投资拾壹号合伙企业（有限合伙）) | 10,000.00 | 1.3427% | | 23 | Zhuhai Hengqin Renjun Chunyi Equity Investment Fund (Limited Partnership) (珠海横琴任君淳宜股权投资基金（有限合伙）) | 5,500.00 | 0.7385% | | 24 | Zibo Zhaochun Equity Investment Partnership (Limited Partnership) (淄博昭淳股权投资合伙企业（有限合伙）) | 4,320.00 | 0.5800% | 1-1-61

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| 25 | Jinan Dade Hongqiang Investment Center (Limited Partnership) (济南大得宏强投资中心（有限合伙）) | 4,000.00 | 0.5371% | | 26 | Shenzhen Hanxin No. 7 Investment Center (Limited Partnership) (深圳涵鑫七号投资中心（有限合伙）) | 4,000.00 | 0.5371% | | 27 | Shenzhen Hanxin No. 8 Investment Center (Limited Partnership) (深圳涵鑫八号投资中心（有限合伙）) | 4,000.00 | 0.5371% | | 28 | Chongqing Liangjiang New Area Jinzhi Private Equity Investment Fund Partnership (Limited Partnership) (重庆两江新区金智私募股权投资基金合伙企业（有限合伙）) | 3,500.00 | 0.4699% | | 29 | Yingtan Rongtang Daxin Enterprise Service Center (Limited Partnership) (鹰潭榕棠达鑫企业服务中心（有限合伙）) | 2,320.00 | 0.3115% | | 30 | Tianjin Jingcheng Information Consulting Partnership (Limited Partnership) (天津经成信息咨询合伙企业（有限合伙）) | 2,100.00 | 0.2820% | | 31 | Zhongtou Ruishi Puyu Phase II No. 1 Private Equity Investment Fund of Funds (Zhuhai Hengqin) Partnership (Limited Partnership) (中投瑞石浦钰贰期壹号私募股权投资母基金（珠海横琴）合伙企业（有限合伙）) | 1,878.90 | 0.2523% | | 32 | Zhongtou Ruishi Puyu Phase II No. 2 Private Equity Investment Fund of Funds (Zhuhai Hengqin) Partnership (Limited Partnership) (中投瑞石浦钰贰期贰号私募股权投资母基金（珠海横琴）合伙企业（有限合伙）) | 1,121.10 | 0.1505% | | | Total | 744,782.19 | 100% |

(2) Jingwei No. 3 (经纬叁号) As of the date of signing of this Prospectus, Jingwei No. 3 holds a 1.1930% equity interest in the Company. As of December 31, 2025, the basic information of Jingwei No. 3 is as follows:

| Name | Nanjing Jingwei Chuang No. 3 Investment Partnership (Limited Partnership) (南京经纬创叁号投资合伙企业（有限合伙）) | |---|---| | Executive Partner | Nanjing Jingwei Jiangchuang Investment Management Partnership (Limited Partnership) (南京经纬江创投资管理合伙企业（有限合伙）) |

| No. | Partner Name | Contribution (10,000 yuan / 万元) | Contribution Ratio | |---|---|---|---| | 1 | Nanjing Jingwei Jiangchuang Investment Management Partnership (Limited Partnership) (南京经纬江创投资管理合伙企业（有限合伙）) | 235.00 | 0.1156% | | 2 | Alibaba (China) Network Technology Co., Ltd. (阿里巴巴（中国）网络技术有限公司) | 60,000.00 | 29.5080% | | 3 | Taibao Changhang Equity Investment Fund (Wuhan) Partnership (Limited Partnership) (太保长航股权投资基金（武汉）合伙企业（有限合伙）) | 50,000.00 | 24.5900% | | 4 | AIA Life Insurance Co., Ltd. (友邦人寿保险有限公司) | 40,000.00 | 19.6720% | | 5 | Nanjing Jinglan Enterprise Management Partnership (Limited Partnership) (南京经岚企业管理合伙企业（有限合伙）) | 23,300.00 | 11.4589% | | 6 | Sino-US MetLife Insurance Co., Ltd. (中美联泰大都会人寿保险有限公司) | 20,000.00 | 9.8360% | | 7 | GLP C&D (Xiamen) Equity Investment Fund Partnership (Limited Partnership) (普洛斯建发（厦门）股权投资基金合伙企业（有限合伙）) | 5,000.00 | 2.4590% | | 8 | Nanjing Jingman Enterprise Management Partnership (Limited Partnership) (南京经曼企业管理合伙企业（有限合伙）) | 4,800.00 | 2.3606% | | | Total | 203,335.00 | 100% |

VIII. Special Voting Rights Shares or Similar Arrangements of the Issuer

As of the date of signing of this Prospectus, the Company has special voting rights shares in place. The specific arrangements are as follows: 1-1-62

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

(I) Basic Information on the Special Voting Rights Arrangement

1. Shareholders' Resolution on the Special Voting Rights Arrangement

On May 16, 2025, the Company convened the Inaugural General Meeting and First Extraordinary Shareholders' Meeting of the joint-stock company, at which the resolution "Proposal Regarding the Plan for the Establishment of Special Voting Rights Shares by the Joint-Stock Company" was voted on and approved, agreeing to establish special voting rights shares. Pursuant to the special voting rights arrangement, 44,074,296 shares held by Wang Xingxing (王兴兴), the actual controller of the Company, constitute Class A Special Voting Rights Shares and carry special voting rights; all remaining shares of the Company are Class B Ordinary Shares and do not carry special voting rights.

Except for matters stipulated in the Articles of Association, when shareholders exercise their voting rights on matters reviewed at a shareholders' meeting, each special voting rights share carries 10 votes, and each ordinary share carries 1 vote.

2. Duration of the Special Voting Rights Arrangement

After the Company establishes the special voting rights arrangement, unless the shareholders' meeting resolves to terminate the special voting rights arrangement, the special voting rights arrangement shall continue and remain in effect for the long term in accordance with the relevant laws, regulations, and the Articles of Association.

3. Eligibility Requirements for Holders

Shareholders holding Class A shares shall be persons who have made significant contributions to the development or business growth of the Company and who continuously serve as directors of the Company, or shareholding entities actually controlled by such persons. The aggregate number of shares in which holders of Class A shares have interests in the Company shall reach 10% or more of all issued shares with voting rights. The controlling shareholder and actual controller of the Company, Wang Xingxing (王兴兴), meets the above requirements.

4. Ratio Arrangement Between the Number of Votes Carried by Special Voting Rights Shares and the Number of Votes Carried by Ordinary Shares

Prior to this issuance, the number of Class A shares with special voting rights established by the Company is 44,074,296 shares, held by actual controller Wang Xingxing (王兴兴), and the remaining 319,943,610 shares are Class B Ordinary Shares. The specific details are as follows:

| No. | Shareholder Name | Share Class | Number of Shares | Shareholding Ratio | Number of Votes | Voting Rights Ratio | |---|---|---|---|---|---|---| | 1 | Wang Xingxing (王兴兴) | Class A | 44,074,296 | 12.1077% | 440,742,960 | 57.9402% | | | | Class B | 42,640,668 | 11.7139% | 42,640,668 | 5.6056% | | | | Subtotal | 86,714,964 | 23.8216% | 483,383,628 | 63.5457% | | 2 | Shanghai Yuyi (上海宇翼) | Class B | 39,828,600 | 10.9414% | 39,828,600 | 5.2359% | | 3 | Other Shareholders | Class B | 237,474,342 | 65.2370% | 237,474,342 | 31.2184% | | | Total | | 364,017,906 | 100.0000% | 760,686,570 | 100.0000% |

1-1-63

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

5. Scope of Shareholders' Meeting Matters in Which the Special Voting Rights Shares Held by the Holder May Participate in Voting

In accordance with the Articles of Association, when holders of Class A shares and Class B shares vote on all resolutions submitted to the shareholders' meeting, holders of Class A shares may cast 10 votes per share, and holders of Class B shares may cast 1 vote per share. When shareholders exercise voting rights on the following matters, the number of votes carried by each Class A share shall be the same as the number of votes carried by each Class B share:

(1) Amendments to the Articles of Association; (2) Changes to the number of votes carried by special voting rights shares; (3) Appointment or dismissal of independent directors; (4) Appointment or dismissal of members of the audit committee; (5) Appointment or dismissal of the accounting firm that issues audit opinions on the listed company's periodic reports; (6) Division, spin-off, merger, dissolution, and liquidation of the Company.

For a shareholders' meeting resolution on item (2) above, it shall require approval by no less than two-thirds of the voting rights held by shareholders present at the meeting; however, this excludes the conversion of a corresponding number of Class A shares into Class B shares in accordance with the Articles of Association and the Listing Rules of the STAR Market.

6. Lock-up Arrangements and Transfer Restrictions on Special Voting Rights Shares

(1) Prohibition on Issuance of Additional Class A Shares

After the Company's shares are listed on a domestic securities exchange, except in cases of pro-rata rights issues or capitalization of reserves, no special voting rights shares may be issued domestically or overseas, and the proportion of Class A shares may not be increased. If the proportion of Class A shares increases due to share buybacks or other reasons, the Company shall simultaneously take measures such as converting a corresponding number of Class A shares into Class B shares to ensure that the proportion of Class A shares does not exceed the original level.

(2) Transfer Restrictions on Class A Shares

Class A shares of the Company may not be traded on the secondary market, but may be transferred in accordance with the relevant regulations of the stock exchange.

(3) Conversion of Class A Shares

Upon the occurrence of any of the following circumstances, Class A shares shall be converted into Class B shares on a 1:1 basis:

1) The holder of Class A shares no longer meets the eligibility requirements and minimum shareholding requirements stipulated in the Articles of Association, or loses the corresponding capacity to perform their duties, resigns, or dies;

2) The shareholder who actually holds the Class A shares loses actual control over the relevant shareholding entity;

3) The holder of Class A shares transfers the Class A shares held to another person, or entrusts another person to exercise the voting rights attached to the Class A shares;

4) A change of control of the Company occurs.

Upon the occurrence of circumstance 4) in the preceding paragraph, all issued Class A shares of the Company shall be converted into Class B shares. Upon the occurrence of circumstance 1) in the preceding paragraph, the Class A shares shall be converted into Class B shares at the time the relevant circumstance occurs; the relevant shareholder shall immediately notify the Company, and the Company shall promptly disclose the specific circumstances, the time of occurrence, the number of Class A shares converted into Class B shares, the number of remaining Class A shares, and other relevant information.

(II) Relevant Risks That May Arise from Special Voting Rights and Their Impact on the Company

Under the special voting rights mechanism, the actual controller of the Company is able to determine ordinary resolutions at the shareholders' meeting and can also exert significant influence over special resolutions at the shareholders' meeting, thereby further strengthening the actual controller's influence over the Company's major decisions through the shareholders' meeting. If minority shareholders, including public investors, disagree with the actual controller on major decisions of the Company and vote against them at the shareholders' meeting, they may be unable to exert significant influence on the outcome of the shareholders' meeting vote due to the relative difference in the number of voting rights per share. In special circumstances, the interests of the actual controller may not be consistent with the interests of other shareholders of the Company, particularly minority shareholders, and the special voting rights established by the Company may have the possibility of affecting the interests of other shareholders, particularly minority shareholders.

(III) Investor Protection Measures

1. Measures to Prevent Abuse of the Special Voting Rights Mechanism

In order to prudently establish and operate the special voting rights mechanism and prevent its abuse, the Company has implemented the following measures to form effective constraints on the special voting rights and the shareholders holding special voting rights:

(1) Strict legal restrictions on the scope of authority of special voting rights

The Company has established special voting rights in order to enhance the stability and continuity of its business strategy as a science and technology innovation enterprise. The boundaries of the special voting rights are clearly defined and do not apply to certain significant matters concerning the fundamental rights of investors.

In accordance with the Articles of Association, when the shareholders' meeting deliberates on certain significant matters, the number of votes carried by each special voting rights share shall be the same as the number of votes carried by each ordinary share. For specific details, please refer to "VIII. (I) 5. Scope of Shareholders' Meeting Matters in Which the Special Voting Rights Shares Held by the Holder May Participate in Voting" in this section. 1-1-65

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

(2) Imposing Strict Restrictions on the Reduction of Special Voting Rights Shares

Class A shares with special voting rights are subject to stricter restrictions on reduction compared to Class B shares, which causes Class A shareholders to place greater emphasis on the long-term, stable development of the company relative to other shareholders holding Class B shares and public investors, thereby constraining any behavior that abuses special voting rights to the detriment of the company's interests.

In accordance with the provisions of the Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules, Class A shares of the company may be transferred in accordance with relevant exchange regulations, but may not be traded on the secondary market. In the event that a shareholder holding Class A shares of the company transfers such shares to another party, the Class A shares shall be converted into Class B shares at a ratio of 1:1.

(3) Broad, Prudent, and Independent Deliberation and Voting Procedures for Establishing Special Voting Rights

Prior to convening an extraordinary general meeting of shareholders to consider the proposal to establish special voting rights, all shareholders of the company fully consulted on the content and implications of the special voting rights mechanism. When the extraordinary general meeting of shareholders deliberated on the proposal to establish special voting rights, the proposal was approved unanimously by all shareholders with voting rights.

2. Measures and Institutional Arrangements to Protect Investor Rights and Interests

In addition to the above measures to prevent the abuse of the special voting rights mechanism, the company has also established the following specific systems and measures to fully protect investor rights and interests:

(1) Emphasis on Shareholders' Right to Dividends

The company has deliberated and approved the "Proposal on Formulating the Three-Year Shareholder Dividend Return Plan Following the Company's Initial Public Offering and Listing on the Science and Technology Innovation Board" at the ninth meeting of the first Board of Directors and the sixth extraordinary general meeting of shareholders of 2025. When the shareholders' general meeting deliberates on specific cash dividend plans, it shall fully consider the opinions and demands of minority shareholders, adhere to the basic principle of prioritizing cash dividends, and, absent any major investment plans or major cash expenditures, annual cash dividends shall not be less than 10% of the distributable profits realized in the current period.

(2) Giving Full Play to the Supervisory Function of Independent Directors

The company has established 3 independent directors and has formulated the "Independent Directors Working System," which grants independent directors special powers including the right to propose the convening of board meetings, to request the convening of extraordinary general meetings of shareholders, and to independently engage external audit institutions and consulting agencies, and stipulates that they have the right to issue independent opinions on material matters. When the general meeting of shareholders deliberates on the appointment or dismissal of independent directors, the number of votes to which each special voting rights share is entitled is equal to the number of votes to which each ordinary share is entitled, which is conducive to strengthening the ability of independent directors to exercise independent supervisory functions in representing the interests of minority shareholders.

(3) Minority Shareholders Enjoy the Right to Nominate Directors and to Convene Extraordinary Board Meetings

In accordance with Article 83 of the Articles of Association, shareholders who individually or collectively hold more than 1% of the voting shares of the company may propose candidates for director to the Board of Directors, and the Board of Directors shall submit the candidates proposed by such shareholders to the general meeting of shareholders for deliberation.

In accordance with Article 117 of the Articles of Association and Article 123 of the Articles of Association (Draft), shareholders representing more than 1/10 of voting rights, more than 1/3 of directors, the chairman of the board, the audit committee, or a majority of independent directors may propose the convening of an extraordinary board meeting. The chairman of the board shall convene and chair the extraordinary board meeting within 10 days of receiving the proposal.

(4) Establishing a Series of Systems Including Regulating Related-Party Transactions

The company has lawfully established a series of systems including the "Rules of Procedure for General Meetings of Shareholders," "Rules of Procedure for the Board of Directors," "Related-Party Transaction Management System," "Financing and External Guarantee Management System," "External Investment Management System," and "Independent Directors Working System" to improve corporate governance. By placing approval authority for larger transactions and important matters at the level of the general meeting of shareholders, a multi-tiered decision-making mechanism has been formed comprising management decision-making, board of directors deliberation and approval, audit committee supervision, and general meeting of shareholders deliberation and approval, so as to prevent improper conduct by management that may harm the interests of the company and public investors.

(5) Strengthening Information Disclosure and Investor Relations Management

The company will strictly comply with the regulatory requirements for information disclosure set forth in the Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules, the Measures for the Continuous Supervision of Science and Technology Innovation Board Listed Companies (Trial), and the Shanghai Stock Exchange Science and Technology Innovation Board Listed Company Self-Regulatory Guidelines No. 1 — Standard Operations. The ninth meeting of the first Board of Directors deliberated and approved the "Information Disclosure Management System," which sets out clear provisions regarding the principles, procedures, authority, responsibilities, confidentiality measures, and contact information for information disclosure. In addition, the company will disclose in its periodic reports the implementation and changes in the special voting rights arrangement during the reporting period, as well as the implementation of measures related to protecting the lawful rights and interests of investors under the special voting rights arrangement.

IX. Issuer's Contractual Control Structure

The company does not have a contractual control (VIE) structure.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

X. Issuer's Share Capital

(I) Share Capital Structure Before and After This Offering

Prior to this offering, the company's total share capital is 36,401.7906 万shares (10,000 shares). This offering proposes to publicly issue no fewer than 4,044.6434 万shares, with the proportion of new shares issued being no less than 10%. The changes in the company's share capital structure before and after the issuance are as follows:

| No. | Shareholder Name | Shares Before Issuance (10,000 shares) | Shareholding Ratio Before | Shares After Issuance (10,000 shares) | Shareholding Ratio After | |-----|-----------------|----------------------------------------|--------------------------|---------------------------------------|--------------------------| | 1 | Wang Xingxing (王兴兴) | 8,671.4964 | 23.8216% | 8,671.4964 | 21.4395% | | 2 | Shanghai Yuyi (上海宇翼) | 3,982.8600 | 10.9414% | 3,982.8600 | 9.8472% | | 3 | Hanhai Information (汉海信息) | 2,770.6770 | 7.6114% | 2,770.6770 | 6.8502% | | 4 | Ningbo Hongshan (宁波红杉) | 2,260.5408 | 6.2100% | 2,260.5408 | 5.5890% | | 5 | Astrend IV | 1,610.5950 | 4.4245% | 1,610.5950 | 3.9820% | | 6 | Jingwei Yihao (经纬壹号) | 1,550.6316 | 4.2598% | 1,550.6316 | 3.8338% | | 7 | Jinshi Growth (金石成长) | 1,511.4204 | 4.1520% | 1,511.4204 | 3.7368% | | 8 | Robot Fund (机器人基金) | 1,392.8040 | 3.8262% | 1,392.8040 | 3.4436% | | 9 | Jiaxing Huamao (嘉兴骅茂) | 1,160.2332 | 3.1873% | 1,160.2332 | 2.8686% | | 10 | Junwan Hongyi (君万弘毅) | 1,117.4940 | 3.0699% | 1,117.4940 | 2.7629% | | 11 | Yuanma Capital (源码资本) | 947.7090 | 2.6035% | 947.7090 | 2.3431% | | 12 | China Net Investment (中网投资) | 767.6676 | 2.1089% | 767.6676 | 1.8980% | | 13 | Vertex | 658.3248 | 1.8085% | 658.3248 | 1.6276% | | 14 | Jiaxing Ruili (嘉兴睿利) | 593.0442 | 1.6292% | 593.0442 | 1.4662% | | 15 | Hexagon (海克斯康) | 484.5456 | 1.3311% | 484.5456 | 1.1980% | | 16 | Xinjiang Shenchuangtou (新疆深创投) | 469.1484 | 1.2888% | 469.1484 | 1.1599% | | 17 | Guanghe Period II (光合贰期) | 445.2840 | 1.2232% | 445.2840 | 1.1009% | | 18 | Jingwei Sanhao (经纬叁号) | 434.2842 | 1.1930% | 434.2842 | 1.0737% | | 19 | Zhejiang Rongteng (浙江容腾) | 432.0288 | 1.1868% | 432.0288 | 1.0682% | | 20 | Galaxy Z | 370.8432 | 1.0187% | 370.8432 | 0.9169% | | 21 | Chengdu Longzhu (成都龙珠) | 370.8432 | 1.0187% | 370.8432 | 0.9169% | | 22 | Zhongguancun Science City (中关村科学城) | 338.8644 | 0.9309% | 338.8644 | 0.8378% | | 23 | Rongteng No. 2 (容腾二号) | 335.6388 | 0.9220% | 335.6388 | 0.8298% | | 24 | Xiamen Yaheng (厦门雅恒) | 329.4144 | 0.9049% | 329.4144 | 0.8144% | | 25 | Jisi Investment (极思投资) | 326.8818 | 0.8980% | 326.8818 | 0.8082% | | 26 | Dexun Investment (德迅投资) | 315.3024 | 0.8662% | 315.3024 | 0.7796% |

1-1-68

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| No. | Shareholder Name | Shares Before Issuance (10,000 shares) | Shareholding Ratio Before | Shares After Issuance (10,000 shares) | Shareholding Ratio After | |-----|-----------------|----------------------------------------|--------------------------|---------------------------------------|--------------------------| | 27 | Guangzhou Chuxin (广州初心) | 236.2122 | 0.6489% | 236.2122 | 0.5840% | | 28 | Hangzhou Chuxin (杭州初心) | 222.2388 | 0.6105% | 222.2388 | 0.5495% | | 29 | China Mobile Hechuang (中移和创) | 217.9170 | 0.5986% | 217.9170 | 0.5388% | | 30 | Tencent Technology (腾讯科技) | 217.9170 | 0.5986% | 217.9170 | 0.5388% | | 31 | Wuxi Jinqiu (无锡锦秋) | 217.9170 | 0.5986% | 217.9170 | 0.5388% | | 32 | Hupo Anyun (琥珀安云) | 217.4634 | 0.5974% | 217.4634 | 0.5377% | | 33 | Jiangsu Jiequan (江苏疌泉) | 216.0144 | 0.5934% | 216.0144 | 0.5341% | | 34 | Hangzhou Haoyue (杭州灏月) | 163.4346 | 0.4490% | 163.4346 | 0.4041% | | 35 | Innovation Capital (创新资本) | 136.5714 | 0.3752% | 136.5714 | 0.3377% | | 36 | Shanghai Kechuang (上海科创) | 136.3698 | 0.3746% | 136.3698 | 0.3372% | | 37 | CSIC Investment (中证投资) | 122.9382 | 0.3377% | 122.9382 | 0.3040% | | 38 | Shenchuangtou Group (深创投集团) | 107.9568 | 0.2966% | 107.9568 | 0.2669% | | 39 | Tianjin Computing Power (天津算力) | 101.3040 | 0.2783% | 101.3040 | 0.2505% | | 40 | Xiangfeng Xiamen (祥峰厦门) | 95.9238 | 0.2635% | 95.9238 | 0.2372% | | 41 | Shanghai Yunyang (上海云玚) | 81.7236 | 0.2245% | 81.7236 | 0.2021% | | 42 | Junshi Venture Investment (钧石创投) | 67.0194 | 0.1841% | 67.0194 | 0.1657% | | 43 | Hechuang Investment (合创投资) | 54.4824 | 0.1497% | 54.4824 | 0.1347% | | 44 | Guangyue Investment (光越投资) | 49.4802 | 0.1359% | 49.4802 | 0.1223% | | 45 | Weifang Chuxin (潍坊初心) | 45.6498 | 0.1254% | 45.6498 | 0.1129% | | 46 | Shanghai Mida (上海米达) | 44.6796 | 0.1227% | 44.6796 | 0.1105% | | 47 | Shares issued in this public offering | — | — | 4,044.6434 | 10.0000% | | | Total | 36,401.7906 | 100.00% | 40,446.4340 | 100.0000% |

Following this offering, the actual controller Wang Xingxing (王兴兴) directly holds 21.4395% of the company's equity. Under the differential voting rights arrangement, Wang Xingxing collectively controls 65.3090% of the company's voting rights, making him the actual controller of the company. This offering will not result in a change of the company's actual controller.

(II) Top Ten Shareholders Prior to This Offering

Prior to this offering, the shareholding status of the company's top ten shareholders is as follows:

| No. | Shareholder Name | Number of Shares Held (10,000 shares) | Shareholding Ratio | |-----|-----------------|---------------------------------------|-------------------| | 1 | Wang Xingxing (王兴兴) | 8,671.4964 | 23.8216% | | 2 | Shanghai Yuyi (上海宇翼) | 3,982.8600 | 10.9414% |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| No. | Shareholder Name | Number of Shares Held (10,000 shares) | Shareholding Ratio | |-----|-----------------|---------------------------------------|-------------------| | 3 | Hanhai Information (汉海信息) | 2,770.6770 | 7.6114% | | 4 | Ningbo Hongshan (宁波红杉) | 2,260.5408 | 6.2100% | | 5 | Astrend IV | 1,610.5950 | 4.4245% | | 6 | Jingwei Yihao (经纬壹号) | 1,550.6316 | 4.2598% | | 7 | Jinshi Growth (金石成长) | 1,511.4204 | 4.1520% | | 8 | Robot Fund (机器人基金) | 1,392.8040 | 3.8262% | | 9 | Jiaxing Huamao (嘉兴骅茂) | 1,160.2332 | 3.1873% | | 10 | Junwan Hongyi (君万弘毅) | 1,117.4940 | 3.0699% | | | Total | 26,028.7524 | 71.5041% |

(III) Top Ten Natural Person Shareholders Prior to This Offering and Their Positions at the Issuer

Prior to this offering, the company has one natural person shareholder, Wang Xingxing (王兴兴). Wang Xingxing serves as the company's Chairman of the Board, General Manager, and Chief Technology Officer. He directly holds 8,671.4964 万shares of the company, representing 23.8216% of the company's total share capital. He indirectly holds a 9.5367% shareholding ratio through the equity incentive platform Shanghai Yuyi (上海宇翼). His combined direct and indirect shareholding ratio totals 33.3583%.

(IV) State-Owned Shares and Foreign-Invested Shares in the Issuer's Share Capital

1. State-Owned Shares

As of the date of signing of this prospectus, the state-owned shareholders of the company are as follows:

| No. | Shareholder Name | Number of Shares Held (10,000 shares) | Shareholding Ratio | |-----|-----------------|---------------------------------------|-------------------| | 1 | Innovation Capital (创新资本) (CS) | 136.5714 | 0.3752% | | 2 | Shenchuangtou Group (深创投集团) (CS) | 107.9568 | 0.2966% | | | Total | 244.5282 | 0.6718% |

According to statements issued by Innovation Capital (创新资本) and Shenchuangtou Group (深创投集团), the securities accounts of the above shareholders have been marked as "CS." Apart from this, the company has no other state-owned shares requiring a state-owned shareholder identifier.

2. Foreign-Invested Shares

As of the date of signing of this prospectus, the foreign-invested shareholders of the company are as follows:

| No. | Shareholder Name | Number of Shares Held (10,000 shares) | Shareholding Ratio | |-----|-----------------|---------------------------------------|-------------------| | 1 | Astrend IV | 1,610.5950 | 4.4245% | | 2 | Vertex | 658.3248 | 1.8085% |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| No. | Shareholder Name | Number of Shares Held (10,000 shares) | Shareholding Ratio | |-----|-----------------|---------------------------------------|-------------------| | 3 | Galaxy Z | 370.8432 | 1.0187% | | | Total | 2,639.7630 | 7.2517% |

(V) Newly Added Shareholders in the Twelve Months Prior to the Issuer's Filing

1. Overview of Newly Added Shareholders in the Twelve Months Prior to Filing

From March 2025 to the date of signing of this prospectus, a total of 9 new shareholders were added in the twelve months prior to the company's filing. The basic information regarding the acquisition of the company's shares by the new shareholders is as follows:

| No. | Shareholder Name | Date of Acquisition | Shares Acquired (10,000 shares) | Total Consideration (10,000 RMB) | Unit Price (RMB/share) | |-----|-----------------|--------------------|---------------------------------|----------------------------------|------------------------| | 1 | Xiangfeng Xiamen (祥峰厦门) | May 2025 | 0.4249 | 619.8804 | 1,458.89 | | 2 | Hangzhou Chuxin (杭州初心) | May 2025 | 1.5390 | 2,966.1058 | 1,927.29 | | 3 | Tianjin Computing Power (天津算力) | May 2025 | 0.7588 | 1,462.5000 | 1,927.39 | | 4 | China Mobile Hechuang (中移和创) | June 2025 | 1.7295 | 8,000.0833 | 4,625.66 | | 5 | Tencent Technology (腾讯科技) | June 2025 | 1.7295 | 8,000.0833 | 4,625.66 | | 6 | Wuxi Jinqiu (无锡锦秋) | June 2025 | 1.7295 | 8,000.0833 | 4,625.66 | | 7 | Hangzhou Haoyue (杭州灏月) | June 2025 | 1.2971 | 5,999.9468 | 4,625.66 | | 8 | Shanghai Yunyang (上海云玚) | June 2025 | 0.6486 | 3,000.2047 | 4,625.66 | | 9 | Hechuang Investment (合创投资) | June 2025 | 0.4324 | 2,000.1365 | 4,625.66 |

The above 9 shareholders acquired shares in the Company through equity transfers or capital contributions, with the relevant transfer or capital contribution prices determined through negotiation between the transacting parties or contributing parties. Among these, due to adjustments in shareholding relationships between affiliated shareholders, Xiangfeng Xiamen (祥峰厦门), Hangzhou Chuxin (杭州初心), and Tianjin Suanli (天津算力) became new shareholders by acquiring portions of the Company's shares respectively held by shareholders Xiangfeng Rongsheng (祥峰荣晟), Guangzhou Chuxin (广州初心), and Anchuang Technology (安创科技); China Mobile Hechuang (中移和创), Tencent Technology (腾讯科技), Wuxi Jinqiu (无锡锦秋), Hangzhou Haoyue (杭州灏月), Shanghai Yunyang (上海云玚), and Hechuang Investment (合创投资) became new shareholders of the Company through capital contribution, as investors who endorsed the Company's development prospects.

The aforementioned new shareholders have no affiliated relationships with the Company's other shareholders, directors, senior management, or the intermediaries involved in this offering and their responsible persons, senior management, and handling personnel. The new shareholders are not subject to any nominee shareholding arrangements.

2. Shareholding status and basic information of shareholders newly added in the most recent year

The shareholding status and basic information of shareholders newly added in the most recent year are detailed in "Section 12: Appendices" of this Prospectus, under "Appendix 8: Shareholding Status and Basic Information of Shareholders Newly Added in the Most Recent Year by the Issuer."

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

(VI) Affiliated relationships, concerted action relationships, and respective shareholding percentages among shareholders prior to this offering

Prior to this offering, the affiliated relationships and concerted action relationships among the Company's shareholders are as follows:

1. Wang Xingxing (王兴兴) and Shanghai Yuyi (上海宇翼) hold 23.8216% and 10.9414% of the Company's shares, respectively. Hangzhou Tianze (杭州天则), controlled by Wang Xingxing, is the executive partner of Shanghai Yuyi; the two are parties acting in concert.

2. Hanhai Information (汉海信息), Chengdu Longzhu (成都龙珠), and Galaxy Z hold 7.6114%, 1.0187%, and 1.0187% of the Company's shares, respectively. Among these, Hanhai Information is a wholly-owned subsidiary of Meituan/美团 (3690.HK); Tianjin Sankuai Technology Co., Ltd. (天津三快科技有限公司), controlled by Meituan/美团 (3690.HK), acts as a limited partner of Chengdu Longzhu, holding a 43.42% partnership interest in Chengdu Longzhu; Dianping Investment Limited, controlled by Meituan/美团 (3690.HK), acts as a limited partner of Long-Z Fund I, LP, the sole shareholder of Galaxy Z, holding a 37.80% partnership interest in Long-Z Fund I, LP. Furthermore, Wang Xing (王兴), the actual controller of Meituan/美团 (3690.HK), indirectly holds 29% and 29.90% of the equity in the executive partners of Long-Z Fund I, LP and Chengdu Longzhu, respectively. Pursuant to the concerted action agreement signed by Hanhai Information, Chengdu Longzhu, and Galaxy Z, the three parties constitute concerted actors as shareholders of the Company with respect to their shareholdings in the Company.

3. Ningbo Hongshan (宁波红杉) and Xiamen Yaheng (厦门雅恒) hold 6.2100% and 0.9049% of the Company's shares, respectively. The fund managers of Ningbo Hongshan and Xiamen Yaheng are Beijing Hongshan Kunde Investment Management Center (Limited Partnership) ("Hongshan Kunde"/红杉坤德) and Sequoia Capital Equity Investment Management (Tianjin) Co., Ltd. ("Hongshan Tianjin"/红杉天津), respectively. Hongshan Kunde and Hongshan Tianjin are both controlled by Beijing Hongshan Huanrui Management Consulting Co., Ltd. (北京红杉桓瑞管理咨询有限公司); Ningbo Hongshan and Xiamen Yaheng are parties acting in concert.

4. Jingwei No. 1 (经纬壹号) and Jingwei No. 3 (经纬叁号) hold 4.2598% and 1.1930% of the Company's shares, respectively. The executive partner of both Jingwei No. 1 and Jingwei No. 3 is Nanjing Jingwei Jiangchuang Investment Management Partnership (Limited Partnership) (南京经纬江创投资管理合伙企业（有限合伙）); the two are parties acting in concert.

5. Jinshi Growth (金石成长) and Zhongzheng Investment (中证投资) hold 4.1520% and 0.3377% of the Company's shares, respectively. The executive partner of Jinshi Growth is CITIC Jinshi Investment Co., Ltd. (中信金石投资有限公司), which is a private equity fund subsidiary of CITIC Securities (中信证券), while Zhongzheng Investment is an alternative investment subsidiary of CITIC Securities. As of the date of signing of this Prospectus, Zhongzheng Investment has undertaken to waive the voting rights attached to its shares in the Company, and accordingly it does not constitute a concerted action relationship with Jinshi Growth.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

6. Xinjiang Shenchuangtou (新疆深创投), Jiangsu Jiequan (江苏疌泉), Chuangxin Capital (创新资本), and Shenchuangtou Group (深创投集团) hold 1.2888%, 0.5934%, 0.3752%, and 0.2966% of the Company's shares, respectively. Chuangxin Capital is a wholly-owned subsidiary of Shenchuangtou Group; both Xinjiang Shenchuangtou and Jiangsu Jiequan are investment vehicles managed by fund managers controlled by Shenchuangtou Group. Xinjiang Shenchuangtou, Jiangsu Jiequan, Chuangxin Capital, and Shenchuangtou Group are parties acting in concert.

7. Zhejiang Rongteng (浙江容腾) and Rongteng No. 2 (容腾二号) hold 1.1868% and 0.9220% of the Company's shares, respectively. The executive partner of both Zhejiang Rongteng and Rongteng No. 2 is Zhejiang Rongyi Investment Management Co., Ltd. (浙江容亿投资管理有限公司); the two are parties acting in concert.

8. Vertex and Xiangfeng Xiamen (祥峰厦门) hold 1.8085% and 0.2635% of the Company's shares, respectively. Vertex and Xiangfeng Xiamen share a common indirect shareholder, namely Vertex Venture Holdings Ltd, which indirectly holds partnership interests of 26.52% and 29.86% in Xiangfeng Xiamen and Vertex, respectively.

9. Guangzhou Chuxin (广州初心), Hangzhou Chuxin (杭州初心), and Weifang Chuxin (潍坊初心) hold 0.6489%, 0.6105%, and 0.1254% of the Company's shares, respectively. The actual controller of both Guangzhou Chuxin and Hangzhou Chuxin is Tian Jiangchuan (田江川), who also holds 11.98% equity in Weifang Chuxin; Guangzhou Chuxin, Hangzhou Chuxin, and Weifang Chuxin are parties acting in concert.

10. Guanghe Phase II (光合贰期) and Guangyue Investment (光越投资) hold 1.2232% and 0.1359% of the Company's shares, respectively. The fund manager of both Guanghe Phase II and Guangyue Investment is Suzhou Guanghe Private Fund Management Co., Ltd. (苏州光合私募基金管理有限公司); the two are parties acting in concert.

11. Hangzhou Haoyue (杭州灏月) and Shanghai Yunyang (上海云玚) hold 0.4490% and 0.2245% of the Company's shares, respectively. Hangzhou Haoyue is an indirect wholly-owned subsidiary of Alibaba Group Holding Limited ("AGH"), and Shanghai Yunyang is a direct wholly-owned subsidiary of Ant Technology Group Co., Ltd. ("Ant Group"/蚂蚁集团). AGH holds 32.65% of the shares of Ant Group through its subsidiaries. As of the date of signing of this Prospectus, Shanghai Yunyang has undertaken to waive the voting rights attached to its shares in the Company, and accordingly it does not constitute a concerted action relationship with Hangzhou Haoyue.

(VII) Supervision and regulation of private equity investment funds and other financial products

As of the date of signing of this Prospectus, the Company's shareholders consist of 1 individual natural person shareholder and 45 institutional shareholders. Among these, the shareholders involving private equity fund manager registration or fund filing matters are as follows:

| No. | Shareholder Name | Fund No. | Manager Registration No. | Fund Filing Date | |-----|-----------------|----------|--------------------------|-----------------| | 1 | Ningbo Hongshan (宁波红杉) | SEP715 | P1018323 | 2018-10-18 | | 2 | Jingwei No. 1 (经纬壹号) | SQQ064 | P1019378 | 2021-05-25 | | 3 | Robot Fund (机器人基金) | SAGJ87 | P1031345 | 2024-01-31 |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| No. | Shareholder Name | Fund No. | Manager Registration No. | Fund Filing Date | |-----|-----------------|----------|--------------------------|-----------------| | 4 | Jiaxing Huamao (嘉兴骅茂) | STL041 | P1029954 | 2022-01-06 | | 5 | Yuanma Capital (源码资本) | SSV532 | P1011126 | 2021-09-30 | | 6 | Zhongwang Investment (中网投资) | SS8838 | P1060330 | 2017-06-06 | | 7 | Jiaxing Ruili (嘉兴睿利) | SAGC11 | P1072407 | 2024-01-24 | | 8 | Xinjiang Shenchuangtou (新疆深创投) | STW615 | P1074236 | 2022-03-01 | | 9 | Guanghe Phase II (光合贰期) | SZE336 | P1073337 | 2023-04-07 | | 10 | Jingwei No. 3 (经纬叁号) | SSF141 | P1019378 | 2021-08-09 | | 11 | Zhejiang Rongteng (浙江容腾) | SJR786 | P1032920 | 2020-03-17 | | 12 | Chengdu Longzhu (成都龙珠) | SZV506 | P1063706 | 2023-05-10 | | 13 | Zhongguancun Science City (中关村科学城) | STL649 | P1070714 | 2021-12-17 | | 14 | Rongteng No. 2 (容腾二号) | SXL721 | P1032920 | 2022-12-13 | | 15 | Xiamen Yaheng (厦门雅恒) | SXJ225 | P1000645 | 2022-09-15 | | 16 | Jisi Investment (极思投资) | SY8755 | P1065688 | 2018-03-02 | | 17 | Guangzhou Chuxin (广州初心) | SX0086 | P1063454 | 2018-03-08 | | 18 | China Mobile Hechuang (中移和创) | SAEP48 | P1073625 | 2023-12-27 | | 19 | Hupo Anyun (琥珀安云) | SXR638 | P1069401 | 2022-11-22 | | 20 | Jiangsu Jiequan (江苏疌泉) | SCJ892 | P1067093 | 2018-04-11 | | 21 | Chuangxin Capital (创新资本) | SD2403 | P1000980 | 2014-04-22 | | 22 | Shanghai Kechuang (上海科创) | SQW762 | P1065963 | 2021-08-11 | | 23 | Shenchuangtou Group (深创投集团) | SD2401 | P1000284 | 2014-04-22 | | 24 | Xiangfeng Xiamen (祥峰厦门) | SACN55 | P1071923 | 2023-11-06 | | 25 | Junshi Venture (钧石创投) | SADJ65 | P1071139 | 2023-12-08 | | 26 | Guangyue Investment (光越投资) | SAAW39 | P1073337 | 2023-09-18 | | 27 | Jinshi Growth (金石成长) | SB7480 | PT2600030645 | 2023-09-28 |

(VIII) Valuation adjustment mechanisms (VAM agreements) prior to this offering and their termination

As of the date of signing of this Prospectus, no currently valid VAM agreements or other VAM arrangements exist between the Company and its shareholders or among the shareholders themselves. The specific circumstances are as follows:

1. Special rights arrangements for shareholders

Pursuant to the Shareholders' Agreement Regarding Hangzhou Unitree Technology Co., Ltd. (《关于杭州宇树科技股份有限公司的股东协议》) (the "Shareholders' Agreement") signed between the Company and existing shareholders in connection with the financing in June 2025, the relevant provisions stipulate that investor shareholders shall have special shareholder rights including redemption rights, information and inspection rights, pre-emptive rights, rights of first refusal, co-sale rights, anti-dilution rights, dividend

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

rights, liquidation preference rights, drag-along rights, and other special shareholder rights. Among these, the shareholder redemption right constitutes a listing VAM provision with the Company as the redemption counterparty.

2. Termination of special rights

In September 2025, the Company and existing shareholders signed the Termination Agreement for Special Shareholder Rights Provisions of Hangzhou Unitree Technology Co., Ltd. (《关于杭州宇树科技股份有限公司股东特殊权利条款之终止协议》) (the "Termination Agreement"), which stipulates: with respect to the redemption rights enjoyed by each shareholder, as well as other VAM-type provisions and/or arrangements satisfying any of the following conditions: 1) with the Company as the VAM counterparty; 2) containing provisions that may lead to a change in control of the Company; 3) linked to the Company's market capitalization; 4) containing circumstances that would materially affect the Company's ability to continue as a going concern or otherwise materially affect investors' interests — the Termination Agreement provides that the redemption rights and similar provisions shall be completely and permanently terminated and void ab initio as of the day preceding the date of issuance of the audit report for the Company's listing application, and shall not be reinstated.

The Company's auditor, Rongcheng (容诚所), issued the audit report for this offering application on October 15, 2025. Accordingly, the shareholder redemption rights provisions were completely terminated and rendered void ab initio prior to the filing, and shall not be reinstated.

In order to treat all investors fairly and better protect the rights and interests of small and medium investors, the Company and its existing shareholders signed the Supplemental Agreement to the Termination Agreement for Special Shareholder Rights Provisions of Unitree Technology Co., Ltd. (《关于宇树科技股份有限公司股东特殊权利条款之终止协议之补充协议》) (the "Supplemental Agreement") in January 2026, making supplementary stipulations regarding the termination of other special rights provisions enjoyed by investor shareholders. The other special shareholder rights provisions have been completely terminated as of the date of signing of the Supplemental Agreement and shall not be reinstated. The specific content is as follows:

Other special shareholder rights apart from redemption rights (including information and inspection rights, pre-emptive rights, rights of first refusal, co-sale rights, anti-dilution rights, dividend rights, liquidation preference rights, drag-along rights, priority investment rights, most favored nation clauses, special rights over material matters of the shareholders' meeting and board of directors, special rights of investor directors, share transfer restrictions, director appointment rights (including board observer rights), and supervisor appointment rights) were completely terminated as of the date of signing of the Supplemental Agreement, and such termination is permanent, unconditional, irrevocable, and non-restorable.

Upon review, the sponsor, the issuer's legal counsel, and the issuer's auditor are of the opinion that the redemption rights enjoyed by the Company's investor shareholders have been completely terminated and rendered void ab initio as of the day preceding the date of issuance of the audit report for the Company's listing application (October 15, 2025), and shall not be reinstated; the other special rights provisions enjoyed by investor shareholders have been completely terminated as of the date of signing of the Supplemental Agreement in January 2026, and shall not be reinstated. Accordingly, the Company has effected a complete and non-restorable termination of the special rights provisions of investor shareholders, in compliance with the relevant regulatory requirements of the Regulatory Rules Application Guidelines — Issuance Category No. 4 (《监管规则适用指引——发行类第4号》).

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

XI. Directors, Supervisors, Senior Management, and Core Personnel

(I) Overview of Directors, Senior Management, and Other Core Personnel

1. Board of Directors Members

As of the date of signing of this Prospectus, the Company currently has 9 directors, of whom 3 are independent directors. The basic information of the Company's directors is as follows:

| No. | Name | Position | Term of Current Appointment | Nominator | |-----|------|----------|----------------------------|-----------| | 1 | Wang Xingxing (王兴兴) | Chairman, General Manager, and Chief Technology Officer | 2025.05–2028.05 | Wang Xingxing | | 2 | Yang Zhiyu (杨知雨) | Director | 2025.05–2028.05 | Wang Xingxing | | 3 | Chen Li (陈立) | Director | 2025.05–2028.05 | Wang Xingxing | | 4 | Zhang Yangguang (张阳光) | Director | 2025.05–2028.05 (Employee Representative Director from September 2025) | Employee Representative Congress | | 5 | Cui Wenhan (崔文瀚) | Director | 2025.05–2028.05 | Jinshi Growth (金石成长) | | 6 | Liang Wangnan (梁望南) | Director | 2025.05–2028.05 | Robot Fund (机器人基金) | | 7 | Li Zongyan (李宗彦) | Independent Director | 2025.09–2028.05 | Wang Xingxing, Shanghai Yuyi (上海宇翼) | | 8 | Ni Chenkai (倪晨凯) | Independent Director | 2025.09–2028.05 | Wang Xingxing, Shanghai Yuyi (上海宇翼) | | 9 | Song Huasheng (宋华盛) | Independent Director | 2025.09–2028.05 | Wang Xingxing, Shanghai Yuyi (上海宇翼) |

The specific information of the Company's directors is as follows:

Wang Xingxing (王兴兴): For biographical details, please refer to "Section VII, (I) Basic Information of the Controlling Shareholder and Actual Controller" of this section.

Yang Zhiyu (杨知雨): Male, born in 1991, Chinese nationality, no right of permanent residence abroad, holds a master's degree. Has been employed at the Company from October 2016 to the present; currently serves as Director and Head of Mechanical Structure.

Chen Li (陈立): Male, born in 1990, Chinese nationality, no right of permanent residence abroad, holds a master's degree. Has been employed at the Company from May 2018 to the present; currently serves as Director and Head of Sales and Service Systems.

Zhang Yangguang (张阳光): Male, born in 1993, Chinese nationality, no right of permanent residence abroad, holds a bachelor's degree. From July 2015 to March 2017, served as Algorithm Engineer at Qinu (Beijing) Technology Co., Ltd. (奇弩（北京）科技有限公司); from April 2017 to October 2017, served as Algorithm Engineer at Sainovex Medical Technology (Beijing) Co., Ltd. (赛诺微医疗科技（北京）有限公司); has been employed at the Company from January 2018 to the present; currently serves as Director and Head of Algorithms and Software.

Cui Wenhan (崔文瀚): Male, born in 1988, Chinese nationality, no right of permanent residence abroad, holds a doctoral degree. From July 2016 to August 2019, served as Head of Early-Stage Projects at Shanghai Ziyou Investment Management Co., Ltd. (上海自友投资管理有限公司); from August 2019 to May 2021, served as investment

1-1-76

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

Director, President Assistant; from May 2021 to present, serves as Senior Vice President of CITIC Goldstone Investment Co., Ltd. (中信金石投资有限公司); has served as a Director of the Company since January 2024.

Liang Wangnan (梁望南), male, born in 1974, Chinese nationality, no permanent right of abode abroad, undergraduate education. From August 1996 to October 2022, successively held positions at Beijing Grain Group Co., Ltd. (北京粮食集团有限责任公司), the Beijing Municipal Party Committee Commerce and Trade Work Committee (北京市委商贸工委), the Beijing Municipal People's Government State-owned Assets Supervision and Administration Commission (北京市人民政府国有资产监督管理委员会), and Beijing State-owned Capital Operation and Management Center (Beijing State-owned Capital Operation and Management Co., Ltd.) (北京国有资本经营管理中心（北京国有资本运营管理有限公司）); from October 2022 to present, serves as Director and General Manager of Beijing Jingguo Rui Equity Investment Fund Management Co., Ltd. (北京京国瑞股权投资基金管理有限公司); from February 2026 to present, serves as Deputy General Manager of Beijing State-owned Capital Operation and Management Co., Ltd. (北京国有资本运营管理有限公司); has served as a Director of the Company since May 2025.

Li Zongyan (李宗彦), male, born in 1979, Chinese nationality, no permanent right of abode abroad, doctoral degree. From August 2001 to December 2013, served as a lecturer at Nanjing Audit University (南京审计大学); from January 2014 to present, holds a position at Zhejiang University of Finance and Economics (浙江财经大学), currently serving as Deputy Dean and Professor of the School of Accounting; has served as an Independent Director of the Company since September 2025.

Ni Chenkai (倪晨凯), male, born in 1985, Chinese nationality, no permanent right of abode abroad, doctoral degree. From August 2014 to April 2016, served as a lecturer at Renmin University of China (中国人民大学); from May 2016 to present, holds a position at Fudan University (复旦大学), currently serving as Professor at the School of Management of Fudan University; has served as an Independent Director of the Company since September 2025.

Song Huasheng (宋华盛), male, born in 1978, Chinese nationality, no permanent right of abode abroad, doctoral degree. From April 2006 to present, holds a position at Zhejiang University (浙江大学), currently serving as Professor at the School of Economics of Zhejiang University and Executive Director of the Zhejiang University Institute of International Economics; has served as an Independent Director of the Company since September 2025.

**2. Audit Committee**

In September 2025, the Fifth Extraordinary General Meeting of Shareholders deliberated and approved the Company's Articles of Association, abolishing the Board of Supervisors, and empowering the Board of Directors' Audit Committee to exercise the supervisory powers stipulated under the Company Law.

The Audit Committee consists of 3 members: Li Zongyan, Ni Chenkai, and Zhang Yangguang, with Li Zongyan serving as the convener. For the biographical details of the aforementioned directors, please refer to "XI. (I) 1. Members of the Board of Directors" in this section.

**3. Senior Management**

As of the date of signing of this Prospectus, the Company has 3 current senior management members in total, with basic information as follows:

| No. | Name | Position | Current Term of Office | |-----|------|----------|----------------------| | 1 | Wang Xingxing | Chairman, General Manager and Chief Technology Officer | 2025.05–2028.05 |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| 2 | Wang Feng | Chief Financial Officer | 2025.07–2028.05 | | 3 | Fu Fenghua | Board Secretary | 2025.07–2028.05 |

Wang Xingxing (王兴兴): for biographical details, please refer to "XI. (I) 1. Members of the Board of Directors" in this section.

Wang Feng (王枫), male, born in 1982, Chinese nationality, no permanent right of abode abroad, undergraduate education. From July 2006 to May 2009, served as Assistant Director of Chun'an Zhenye Tax Agent Firm Co., Ltd. (淳安振业税务师事务所有限责任公司); from June 2009 to April 2014, served as Finance Manager of Ningbo Xintai Machinery Co., Ltd. (宁波信泰机械有限公司); from April 2014 to May 2015, served as Chief Financial Officer of Hangzhou Feizhu Technology Co., Ltd. (杭州菲助科技有限公司); from May 2015 to March 2021, served as Chief Financial Officer of Zhejiang Shuanglin Environmental Co., Ltd. (浙江双林环境股份有限公司); from March 2021 to present, has been employed at the Company, currently serving as Chief Financial Officer.

Fu Fenghua (傅风华), male, born in 1988, Chinese nationality, no permanent right of abode abroad, undergraduate education. From September 2010 to May 2018, successively served as Auditor, Senior Auditor, Project Manager, and Senior Project Manager at Tianjian Accounting Firm (Special General Partnership) (天健会计师事务所（特殊普通合伙）); from June 2018 to May 2025, successively served as Deputy Chief Financial Officer, Chief Financial Officer and Board Secretary, and Deputy General Manager at Zhejiang Hangke Technology Co., Ltd. (浙江杭可科技股份有限公司); from May 2025 to present, has been employed at the Company, currently serving as Board Secretary.

**4. Core Technical Personnel**

As of the date of signing of this Prospectus, the Company has 3 core technical personnel in total: Wang Xingxing, Yang Zhiyu, and Zhang Yangguang. For their biographical details, please refer to "XI. (I) 1. Members of the Board of Directors" in this section.

**(II) Concurrent Positions Held by Directors, Senior Management, and Other Core Personnel**

As of the date of signing of this Prospectus, the major concurrent positions held by the Company's directors, senior management, and core technical personnel at entities other than the issuer and its subsidiaries are as follows:

| Name | Position at Company | Concurrent Entity | Concurrent Position | Relationship Between Concurrent Entity and Company | |------|--------------------|--------------------|--------------------|----------------------------------------------------| | Wang Xingxing | Chairman, General Manager and Chief Technology Officer | Hangzhou Tianze (杭州天则) | Director | Hangzhou Tianze controls 10.9414% of the Company's shares through Shanghai Yuyi (上海宇翼) | | | | Shanghai Baoshan District Shangda General Intelligent Robot Research Institute (上海宝山区上大通用智能机器人研究院) | Dean | Related party | | Zhang Yangguang | Director, Head of Algorithm and Software | Hangzhou Tianze (杭州天则) | General Manager, Chief Financial Officer | Hangzhou Tianze controls 10.9414% of the Company's shares through Shanghai Yuyi | | Chen Li | Director, Head of Sales and Service | Hangzhou Yuhang District Cangqian Street Fengyi Technology Studio (杭州余杭区仓前街道锋逸科技工作室) | Operator | Related party |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| Name | Position at Company | Concurrent Entity | Concurrent Position | Relationship Between Concurrent Entity and Company | |------|--------------------|--------------------|--------------------|----------------------------------------------------| | Cui Wenhan (崔文瀚) | Director | Shanghai Liantai Technology Co., Ltd. (上海联泰科技股份有限公司) | Director | Related party | | Liang Wangnan | Director | Beijing Jingguo Rui Equity Investment Fund Management Co., Ltd. (北京京国瑞股权投资基金管理有限公司) | Director, General Manager | Related party | | | | Beijing Jingguo Yi Investment Management Co., Ltd. (北京京国益投资管理有限公司) | Executive Director, General Manager | Related party | | | | Beijing Jingguo Rui Investment Management Co., Ltd. (北京京国瑞投资管理有限公司) | Director | Related party | | | | Beijing Jingguan Taifu Fund Management Co., Ltd. (北京京管泰富基金管理有限责任公司) | Director | Related party | | | | Beijing Galaxy General Robot Co., Ltd. (北京银河通用机器人股份有限公司) | Director | Related party | | | | First Capital Securities Co., Ltd. (第一创业证券股份有限公司) | Director | Related party | | | | Ruihezhi Xin (Beijing) Enterprise Management Center (Limited Partnership) (瑞合致新（北京）企业管理中心（有限合伙）) | Representative of the Executive Partner | None | | | | Beijing Guorui Zhongxin Equity Investment Fund (Limited Partnership) (北京国瑞中鑫股权投资基金（有限合伙）) | Representative of the Executive Partner | None | | | | Beijing Zijin Guorui Industrial Finance Equity Investment Fund Partnership (Limited Partnership) (北京市紫金国瑞工融股权投资基金合伙企业（有限合伙）) | Representative of the Executive Partner | None | | | | Beijing Daxing Jingguo Rui Equity Investment Fund Partnership (Limited Partnership) (北京大兴京国瑞股权投资基金合伙企业（有限合伙）) | Representative of the Executive Partner | None | | | | Beijing Yizhuang Jingguo Rui Equity Investment Fund (Limited Partnership) (北京亦庄京国瑞股权投资基金（有限合伙）) | Representative of the Executive Partner | None | | | | Beijing Chaoyang Jingguo Rui Equity Investment Fund Partnership (Limited Partnership) (北京朝阳京国瑞股权投资基金合伙企业（有限合伙）) | Representative of the Executive Partner | None | | | | Beijing Jingxi Rui Ling Equity Investment Fund Partnership (Limited Partnership) (北京京西瑞瓴股权投资基金合伙企业（有限合伙）) | Representative of the Executive Partner | None | | Li Zongyan | Independent Director | Zhejiang Crystal-Optech Co., Ltd. (浙江水晶光电科技股份有限公司) | Independent Director | None | | | | Zhejiang Huazhi Shume Media Co., Ltd. (浙江华智数媒传媒股份有限公司) | Independent Director | None | | | | Zhejiang Zheneng Electric Power Co., Ltd. (浙江浙能电力股份有限公司) | Independent Director | None | | Ni Chenkai | Independent Director | Shanghai Hugong Welding Group Co., Ltd. (上海沪工焊接集团股份有限公司) | Independent Director | None |

**(III) Family Relationships Among Directors, Senior Management, and Core Technical Personnel**

As of the date of signing of this Prospectus, there are no family relationships among the Company's directors, senior management, and core technical personnel.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

**(IV) Legal Compliance of Directors, Senior Management, and Core Technical Personnel**

During the reporting period, none of the Company's directors, supervisors, senior management, or core technical personnel have been subject to administrative penalties, supervisory measures, disciplinary sanctions or self-regulatory measures, criminal investigation by judicial authorities, or investigation by the China Securities Regulatory Commission (CSRC).

**(V) Agreements Signed Between the Company and Directors, Senior Management, and Core Technical Personnel**

As of the date of signing of this Prospectus, the Company has not entered into any agreements with directors, senior management, or core technical personnel other than standard agreements such as employment contracts, non-compete agreements, and confidentiality agreements.

**(VI) Shareholdings of Directors, Senior Management, Core Technical Personnel, and Their Close Relatives**

As of the date of signing of this Prospectus, Wang Xingxing directly holds 86,714,964 shares (8,671.4964万股) of the Company, representing 23.8216% of the Company's total share capital, and indirectly holds a 9.5367% equity interest in the Company through the equity incentive platform Shanghai Yuyi (上海宇翼); his combined direct and indirect shareholding is 33.3583%.

Apart from the above, no directors, senior management, core technical personnel, or their close relatives directly hold shares in the Company. The indirect shareholdings of the Company's directors, senior management, core technical personnel, and their close relatives through the Company's equity incentive platform are as follows:

| No. | Name | Position | Indirect Shareholding Ratio | |-----|------|----------|-----------------------------| | 1 | Yang Zhiyu | Director | 0.49% | | 2 | Chen Li | Director | 0.26% | | 3 | Zhang Yangguang | Director | 0.15% |

As of the date of signing of this Prospectus, the above indirectly held shares are not subject to any pledge, freeze, or litigation disputes.

**(VII) Changes in Directors, Supervisors, Senior Management, and Other Core Personnel Over the Past Two Years**

Since 2023, the changes in the Company's Board of Directors and the main reasons are as follows:

| Time | Before Change | After Change | Reason for Change | |------|--------------|--------------|-------------------| | 2024.01 | Wang Xingxing, Yin Fangming, Yang Zhiyu, Chen Li, Zhang Yangguang, Zhang Shi, Li Yannan, Wang Huadong | Wang Xingxing, Yin Fangming, Yang Zhiyu, Chen Li, Zhang Yangguang, Zhang Shi, Li Yannan, Geng Yixuan, Tong Di, Zhang Haifeng, Cui Wenhan, Zhao Yongzheng, Wang Qixin | Wang Huadong resigned as Director; Geng Yixuan, Tong Di, Zhang Haifeng, Cui Wenhan, Zhao Yongzheng, and Wang Qixin were elected as Directors | | 2024.06 | Wang Xingxing, Yin Fangming, Yang Zhiyu, Chen Li, Zhang Yangguang, Zhang Shi, Li Yannan, Geng Yixuan, Tong Di, Zhang Haifeng, Cui Wenhan, Zhao Yongzheng, Wang Qixin | Wang Xingxing, Yin Fangming, Yang Zhiyu, Chen Li, Zhang Yangguang, Zhang Shi, Li Yannan, Tong Di, Zhang Haifeng, Cui Wenhan, Zhao Yongzheng, Wang Qixin | Geng Yixuan resigned as Director |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| Time | Before Change | After Change | Reason for Change | |------|--------------|--------------|-------------------| | 2024.08 | Wang Xingxing, Yin Fangming, Yang Zhiyu, Chen Li, Zhang Yangguang, Zhang Shi, Li Yannan, Tong Di, Zhang Haifeng, Cui Wenhan, Zhao Yongzheng, Wang Qixin | Wang Xingxing, Yang Zhiyu, Chen Li, Zhang Yangguang, Zhang Shi, Zhang Haifeng, Cui Wenhan, Zhao Yongzheng, Wang Qixin, Qin Shichun | Yin Fangming, Tong Di, and Li Yannan resigned as Directors; Qin Shichun was elected as Director | | 2024.12 | Wang Xingxing, Yang Zhiyu, Chen Li, Zhang Yangguang, Zhang Shi, Zhang Haifeng, Cui Wenhan, Zhao Yongzheng, Wang Qixin, Qin Shichun | Wang Xingxing, Yang Zhiyu, Chen Li, Zhang Yangguang, Zhang Haifeng, Cui Wenhan, Zhao Yongzheng, Wang Qixin, Qin Shichun | Zhang Shi resigned as Director | | 2025.05 | Wang Xingxing, Yang Zhiyu, Chen Li, Zhang Yangguang, Zhang Haifeng, Cui Wenhan, Zhao Yongzheng, Wang Qixin, Qin Shichun | Wang Xingxing, Yang Zhiyu, Chen Li, Zhang Yangguang, Cui Wenhan, Wang Qixin, Qin Shichun, Liang Wangnan, Zhao Yongzheng | Zhang Haifeng resigned as Director; upon the overall restructuring and conversion of the Company into a joint-stock company, Wang Xingxing, Yang Zhiyu, Chen Li, Zhang Yangguang, Cui Wenhan, Wang Qixin, Qin Shichun, Liang Wangnan, and Zhao Yongzheng were elected as Directors | | 2025.07 | Wang Xingxing, Yang Zhiyu, Chen Li, Zhang Yangguang, Cui Wenhan, Wang Qixin, Qin Shichun, Liang Wangnan, Zhao Yongzheng | Wang Xingxing, Yang Zhiyu, Chen Li, Zhang Yangguang, Cui Wenhan, Wang Qixin, Liang Wangnan, Zhao Yongzheng | Qin Shichun resigned as Director | | 2025.09 | Wang Xingxing, Yang Zhiyu, Chen Li, Zhang Yangguang, Cui Wenhan, Wang Qixin, Liang Wangnan, Zhao Yongzheng | Wang Xingxing, Yang Zhiyu, Chen Li, Zhang Yangguang, Cui Wenhan, Liang Wangnan, Li Zongyan, Ni Chenkai, Song Huasheng | Wang Qixin and Zhao Yongzheng resigned as Directors; 3 independent directors — Li Zongyan, Ni Chenkai, and Song Huasheng — were elected |

Since 2023, the changes in the Company's Board of Supervisors and the main reasons are as follows:

| Time | Before Change | After Change | Reason for Change | |------|--------------|--------------|-------------------| | 2024.11 | Wu Jiang, Li Wenyang, Ying Jing | Wu Jiang, Li Wenyang, Zhu Jia | Ying Jing resigned as Supervisor; Zhu Jia was elected as Supervisor | | 2025.09 | Wu Jiang, Li Wenyang, Zhu Jia | None | The Fifth Extraordinary General Meeting of Shareholders deliberated and approved the Articles of Association, abolishing the Board of Supervisors; the Board of Directors' Audit Committee was empowered to exercise the supervisory powers stipulated under the Company Law |

Since 2023, the changes in the Company's senior management and the main reasons are as follows:

| Time | Before Change | After Change | Reason for Change | |------|--------------|--------------|-------------------| | 2025.07 | General Manager: Wang Xingxing; Chief Financial Officer: Wang Feng | General Manager: Wang Xingxing; Chief Financial Officer: Wang Feng; Board Secretary: Fu Fenghua | The Fifth Meeting of the First Board of Directors appointed senior management members |

Since 2023, there have been no changes in the Company's core technical personnel.

The changes in the Company's directors, supervisors, and senior management over the past two years have been carried out through the necessary decision-making procedures. They are primarily attributable to the addition and replacement of nominees by investor shareholders, improvements to the corporate governance structure, and internal re-elections, and do not constitute significant adverse changes, nor have they had any significant adverse impact on the Company's production and operations. There have been no changes in the Company's core technical personnel over the past two years.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

**(VIII) External Investments by Directors, Supervisors, Senior Management, Core Technical Personnel, and Their Associates Related to the Issuer and Its Business**

As of the date of signing of this Prospectus, apart from the Company's equity incentive platform, the Company's directors, senior management, and other core personnel have no other external investments related to the issuer and its business.

**(IX) Remuneration of Directors, Supervisors, Senior Management, and Core Technical Personnel**

**1. Composition and Basis for Determining Remuneration**

The Remuneration and Evaluation Committee under the Board of Directors is responsible for reviewing the overall remuneration plans for the Company's directors, senior management, and core technical personnel in accordance with the Articles of Association and applicable laws and regulations.

For directors, supervisors (prior to the abolition of the Board of Supervisors), senior management, and core technical personnel who hold specific operational positions at the Company, their remuneration consists of two components: salary and bonus. Salary includes a base salary and performance-based salary determined according to factors such as position, seniority, and professional competence; bonuses are distributed based on annual performance, performance evaluations, and the Company's business results.

The Company appointed 3 independent directors commencing September 2025; the annual allowance for independent directors is RMB 100,000 (10万元).

**2. Procedures Followed**

The remuneration of the Company's directors, supervisors (prior to the abolition of the Board of Supervisors), and senior management has been subject to the corresponding review procedures in accordance with the Articles of Association, the Working Rules of the Remuneration and Evaluation Committee, and other corporate governance rules.

**3. Remuneration as a Proportion of Total Profit**

During the reporting period, the total remuneration of the Company's directors, supervisors (prior to the abolition of the Board of Supervisors), senior management, and core technical personnel (excluding share-based payments) and its proportion to the Company's total profit are as follows:

Unit: 万元 (RMB 10,000)

| Item | January–September 2025 | Year 2024 | Year 2023 | Year 2022 | |------|------------------------|-----------|-----------|-----------| | Total Remuneration | 859.09 | 863.89 | 534.60 | 484.30 | | Total Profit | 17,103.59 | 9,947.32 | -2,140.87 | -2,772.14 | | Proportion | 5.02% | 8.68% | -24.97% | -17.47% |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

**4. Remuneration Received from the Issuer and Related Enterprises in the Most Recent Year**

During the reporting period, directors and supervisors who have not entered into employment contracts with the Company do not receive remuneration from the Company; independent directors receive only their independent director allowances from the Company and are not entitled to any other benefits.

Directors, supervisors (prior to the abolition of the Board of Supervisors), senior management, and core technical personnel who have entered into employment contracts with the Company receive remuneration from the Company. The total remuneration received from the Company in 2024 amounted to RMB 8,638,900 (863.89万元), as detailed below:

Unit: 万元 (RMB 10,000)

| No. | Name | Position | Remuneration Amount | |-----|------|----------|---------------------| | 1 | Wang Xingxing | Chairman, General Manager and Chief Technology Officer, Core Technical Personnel | 249.52 | | 2 | Yang Zhiyu | Director, Core Technical Personnel | 97.04 | | 3 | Chen Li | Director | 136.69 | | 4 | Zhang Yangguang | Director, Core Technical Personnel | 133.82 | | 5 | Zhang Shi | Director (Resigned) | 42.86 | | 6 | Zhao Yongzheng | Director (Resigned) | 53.48 | | 7 | Wang Qixin | Director (Resigned) | 37.56 | | 8 | Li Wenyang | Supervisor (Board of Supervisors Abolished) | 66.24 | | 9 | Wang Feng | Chief Financial Officer | 46.68 |

The above persons have not received remuneration from other enterprises controlled by the actual controllers. Apart from the above remuneration, the Company's directors, senior management, and core technical personnel do not enjoy any other benefits or retirement plans from the Company.

XII. Equity Incentive Plans, Related Arrangements, and Implementation of the Issuer

In order to further improve the Company's incentive system, motivate employees who have made important contributions to the Company, attract outstanding talent, establish medium- and long-term incentive and constraint mechanisms, and effectively align the interests of shareholders, the Company, and individual incentive recipients so as to promote the Company's long-term development, the Company formulated equity incentive arrangements in the form of an employee share ownership plan prior to the filing of this public offering. Shanghai Yuyi (上海宇翼) and its upper-tier partnership enterprises Hangzhou Yixin (杭州翌心) and Hangzhou Yiyi (杭州翌意) serve as the shareholding platforms through which the Company implements its equity incentives. Incentive recipients become limited partners of the shareholding platforms by holding partnership interests in the incentive platforms, thereby indirectly holding shares in the Company.

As of the date of signing of this Prospectus, Shanghai Yuyi (上海宇翼) holds 39,828,600 shares of the Company, representing a shareholding ratio of 10.9414%. For details regarding the basic information of Shanghai Yuyi (上海宇翼), please refer to Section VII, (II), 1, "Shanghai Yuyi (上海宇翼)" of this Section.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

(I) Implementation of Equity Incentive Plans

From September 2017 to December 2021, the Company successively entered into Option Agreement Letters (hereinafter referred to as the "First Batch Subscription Agreements") with 17 employees including Yang Zhiyu (杨知雨), granting such employees the right to subscribe for equity interests in the Company at a price of RMB 1 per unit of registered capital (hereinafter referred to as the "First Equity Incentive").

In January 2024, the shareholders' meeting of Unitree Co., Ltd. (宇树有限) resolved to approve the Hangzhou Unitree Technology Co., Ltd. 2023 Option Incentive Plan (hereinafter referred to as the "Second Equity Incentive" and the "2023 Incentive Plan"), and resolved to use Tianjin Unitree (天津宇树) (the former name of Shanghai Yuyi (上海宇翼)) as the implementation platform for the equity incentive, and to incorporate the First Equity Incentive into the 2023 Incentive Plan for unified implementation and management. The incentive plan stipulates that the equity interests in the Company held by the incentive platform shall serve as the incentive equity, and incentive employees shall indirectly hold the incentive equity by holding a certain number of property interest units in the incentive platform. The validity period of this incentive plan is 10 years.

From March 2024 to July 2025, pursuant to the 2023 Incentive Plan, the Company successively granted incentive interests to 6 employees and entered into Option Subscription Agreements for Hangzhou Unitree Technology Co., Ltd. (hereinafter referred to as the "Second Batch Subscription Agreements").

In order to further improve the Company's equity incentive plan, in May 2025, the board of directors and shareholders' meeting of Unitree Co., Ltd. (宇树有限) resolved to confirm the exercise and implementation of the Company's First Equity Incentive, and reaffirmed that the First Equity Incentive and the Second Equity Incentive would be merged and managed on a unified basis under the incentive platform Shanghai Yuyi (上海宇翼).

In June 2025, the Company convened the Third Extraordinary General Meeting of Shareholders for 2025, which considered and approved the proposal regarding the capital increase by Shanghai Yuyi (上海宇翼), the Company's equity incentive platform, into the Company. As a result, the proportion of the Company's shares corresponding to the Shanghai Yuyi (上海宇翼) partnership interests available for granting equity incentives increased to 10.9414%.

In September 2025, the Eighth Meeting of the First Board of Directors and the Fifth Extraordinary General Meeting of Shareholders for 2025 considered and approved the Proposal on Amending the Employee Share Ownership Plan Charter and the amended Employee Share Ownership Plan Charter, revising the Company's 2023 Incentive Plan into the Employee Share Ownership Plan Charter. Based on the aforementioned shareholders' meeting resolutions and the Employee Share Ownership Plan Charter, the Company and the incentive employees executed supplemental agreements to the subscription agreements.

In March 2026, the Fourteenth Meeting of the First Board of Directors and the First Extraordinary General Meeting of Shareholders for 2026 considered and approved the Proposal on Amending the Employee Share Ownership Plan Charter and the amended Employee Share Ownership Plan Charter, adjusting the form of granting and exercising equity incentives from a single grant with phased exercise to restricted shares granted and exercised at once with phased lifting of restrictions. The amendments will take effect with respect to future incentive matters.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

As of the date of signing of this Prospectus, among the incentive recipients who have been granted incentive interests, 9 employees have successively resigned, and the corresponding granted incentive interests have been cancelled. Based on the total number of shares following the capitalization of capital reserves in June 2022 and June 2025, the total number of the Company's shares corresponding to the granted incentive interests for 14 employees amounts to 5,926,576 shares, of which the number of shares corresponding to the exercised incentive interests for 11 employees amounts to 5,113,372 shares in aggregate. Among the employees who have been granted incentive interests, 12 are from the research and development department, and 2 are from the sales department and the production department respectively.

(II) Related Arrangements of the Equity Incentive Plan

In accordance with the Company's Employee Share Ownership Plan Charter, the main related arrangements of the employee share ownership plan formulated by the Company prior to this offering are as follows:

1. Incentive Interests

Under the above employee share ownership plan, the equity incentive interests consist of partnership interests in the incentive platform Shanghai Yuyi (上海宇翼) and its upper-tier partnership enterprises Hangzhou Yixin (杭州翌心) and Hangzhou Yiyi (杭州翌意).

2. Unlocking Period Provisions

The incentive recipients shall unlock the granted incentive interests in four tranches. Provided that the incentive recipient meets the assessment criteria during the assessment year, the incentive recipient may unlock 25% of the total granted incentive interests upon the first anniversary of the grant date, a further 25% upon the second anniversary, a further 25% upon the third anniversary, and a further 25% upon the fourth anniversary. If the incentive recipient fails to meet the performance assessment criteria in a given year, the unvested interests for that year may not be carried forward to subsequent years.

3. Service Period Provisions

Prior to a Qualified Listing, incentive recipients may not transfer, encumber, or otherwise dispose of all or any part of their incentive interests in the incentive platform. Following a Qualified Listing, if the Company has been Qualified Listed for at least 36 months and the incentive interests unlocked in each tranche have been unlocked for at least five years from the respective unlock date, the incentive recipient may apply to dispose of their held incentive interests. In other words, the service period for each tranche of unlocked incentive interests shall be the later of: (i) 36 months after the Company's Qualified Listing, and (ii) five years after exercise of each respective tranche.

4. Repurchase of Incentive Interests

In accordance with the relevant provisions of the Company's Employee Share Ownership Plan Charter, the handling of repurchases of incentive interests under different circumstances is as follows:

(1) Blameless Resignation During the Service Period

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

If an incentive recipient's employment relationship is terminated during the service period due to mutual agreement between the recipient and the Company, loss of capacity to work, death, disability, retirement, or economic layoffs by the Company, the repurchase price for the exercised incentive interests held by such recipient shall be calculated according to the following formula:

Repurchase Price = Exercise Unit Price × Number of Incentive Interests × (1 + Applicable Benchmark Interest Rate for Time Deposits of the Same Term at the Time × 150% × N)

Where N is the coefficient obtained by dividing the actual number of days from the unlock date to the repurchase date by 365.

(2) Unilateral Abandonment or Termination of Service by the Employee During the Service Period

If an incentive recipient unilaterally abandons their position or terminates service prior to reaching a mutual agreement after initiating the termination of the employment relationship during the service period, the administrator shall have the right to designate a specific purchaser to repurchase the incentive interests held by such recipient at a repurchase price equal to the actual consideration paid by the recipient.

(3) Misconduct by Incentive Recipient or Participation in Other Incentive Plans

If an incentive recipient engages in misconduct or participates in incentive plans of other companies, the administrator shall have the right to designate a specific purchaser to repurchase the incentive interests held by such recipient at a repurchase price equal to the actual consideration paid by the recipient.

(III) Impact of the Equity Incentive Plan on the Company's Operating Conditions, Financial Condition, and Changes in Control, and Post-Listing Exercise Arrangements

1. Accounting Treatment for Share-Based Payments Related to Equity Incentives

The Company's equity incentive involves accounting treatment for share-based payments. Share-based payment expenses allocated and recognized over employees' vesting periods are recorded in recurring profit or loss, and the related treatment complies with the requirements of the Accounting Standards for Business Enterprises and other applicable regulations.

Grant Date: The specific grant date agreed upon in the relevant incentive agreements entered into between the Company and the incentive recipients.

Vesting Period: The service period for each tranche of exercised incentive interests is the later of 36 months after the Company's Qualified Listing or five years after the exercise of each respective tranche, and share-based payment expenses are amortized and recognized on a monthly basis.

Fair Value: The Company's equity incentives, with reference to the second category of restricted shares, are calculated using the Black-Scholes model based on the investment prices of institutional investors at comparable points in time, to determine the fair value of the incentive interests. Zhongshui Zhiyuan Assets Appraisal Co., Ltd. (中水致远资产评估有限公司) conducted an assessment of the fair value of the equity instruments and issued Report No. "Zhongshui Zhiyuan Ping Zi [2025] No. 020114" — Value Analysis Report on the Fair Value of Stock Options Involved in the Implementation of Option Incentives by Hangzhou Unitree Technology Co., Ltd. (杭州宇树科技股份有限公司), and Report No. "Zhongshui Zhiyuan Zi Bao Zi [2025] No. 020019" — Value Analysis Report on the Fair Value of Stock Options Involved in the Implementation of Option Incentives by Unitree Technology Co., Ltd. (宇树科技股份有限公司).

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

Treatment of Resigned Employees: During the service period, upon the resignation of an incentive recipient, unexercised incentive interests shall be cancelled, and the share-based payment expenses already recognized for the resigned employee shall be reversed in the period of resignation.

2. Share-Based Payment During the Reporting Period and Future Impact of Share-Based Payments

During the reporting period, the share-based payment expenses generated from grants to incentive recipients and recorded in recurring profit or loss were RMB 293,800 (29.38万元), RMB 498,000 (49.80万元), RMB 979,400 (97.94万元), and RMB 1,519,000 (151.90万元) respectively, representing a relatively small proportion of the net profit after deducting non-recurring items for each respective period. The implementation of the above equity incentives is lawful and compliant. Before and after the implementation of the equity incentives, the Company's controlling shareholder and actual controller have not changed, and there has been no material adverse impact on the Company's operating condition, financial condition, or control, nor do any circumstances exist that would harm the interests of the Company and its shareholders.

In addition to the share-based payment expenses generated from grants to incentive recipients and recorded in recurring profit or loss, in connection with the two capital increases in Shanghai Yuyi (上海宇翼) conducted at registered capital prices in January 2022 and June 2025 respectively, the Company recognized share-based payment expenses of RMB 18,722,600 (1,872.26万元) and RMB 349,065,500 (34,906.55万元) in fiscal year 2022 and the period from January to September 2025 respectively, both of which were recorded in full as non-recurring profit or loss for the respective periods. This caused the Company's net profit as calculated for accounting purposes in fiscal year 2022 and the period from January to September 2025 to decline to RMB -22,100,500 (-2,210.05万元) and RMB 105,331,400 (10,533.14万元) respectively. These share-based payment expenses do not involve any cash outflows from the Company. Although they have an impact on net profit during the reporting period, they do not alter the net profit attributable to the owners of the parent company after deducting non-recurring items, nor the cash flow position. The Company's net profit attributable to the owners of the parent company after deducting non-recurring items for fiscal year 2022 and the period from January to September 2025 was RMB -8,070,800 (-807.08万元) and RMB 430,612,300 (43,061.23万元) respectively.

As of the date of signing of this Prospectus, the aggregate upper-tier partnership interests in Shanghai Yuyi (上海宇翼) held by the Company's actual controller Wang Xingxing (王兴兴) correspond to a 9.54% equity interest in the Company, which will be used in the future to grant equity incentives to the Company's employees. At that time, the Company will calculate and recognize the relevant share-based payment expenses for the applicable periods based on the fair value of the shares at the time of grant, the employee grant price, and the agreed service period, and such share-based payment expenses may have a significant impact on the Company's future operating performance.

(IV) Nominee Shareholding and Restoration of Equity Incentives

1. Nominee Shareholding in the Company's Historical Development

(1) Establishment of the Nominee Shareholding Arrangement

During the period from September 2017 to December 2021, the Company entered into the First Batch Subscription Agreements with the incentive employees under the First Equity Incentive. In consideration of protecting the confidentiality of the incentive employees' information, the agreements stipulated that the equity interests in the Company corresponding to the exercises by such incentive recipients would be held on their behalf by the Company's actual controller, Wang Xingxing (王兴兴). From March 2018 to April 2025, pursuant to the terms of the First Batch Subscription Agreements, the equity interests in the Company corresponding to the exercises completed by 4 incentive recipients under the First Equity Incentive were successively held on their behalf by Wang Xingxing (王兴兴). As of April 2025, the proportion of the exercised equity interests held on their behalf to the total share capital of the Company at that time was 0.56%.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

(2) Termination of the Nominee Shareholding Arrangement

In order to further improve the Company's equity incentive plan, in May 2025, the board of directors and shareholders' meeting of Unitree Co., Ltd. (宇树有限) resolved to confirm the exercise and implementation of the Company's First Equity Incentive, and determined that the First Equity Incentive and the Second Equity Incentive would be merged and managed on a unified basis under the incentive platform Shanghai Yuyi (上海宇翼). In the same month, the Company and the incentive recipients under the First Equity Incentive each entered into a Supplemental Agreement to the First Batch Subscription Agreements, stipulating that the incentive equity corresponding to the incentive recipients' exercises would be fully converted into the corresponding property interest units in the incentive platform, Wang Xingxing (王兴兴) would no longer hold the equity interests in the Company on behalf of the incentive recipients, and all matters related to the equity incentives of the incentive recipients would be incorporated into the 2023 Incentive Plan and Shanghai Yuyi (上海宇翼) for unified implementation and management.

As a result, the nominee shareholding arrangement between the incentive employees who had exercised their interests and Wang Xingxing (王兴兴) in respect of the equity interests corresponding to the exercised incentive equity was terminated. Following exercise under the First Equity Incentive, the corresponding exercised property interest units in the incentive platform that would have been held on behalf of the incentive recipients by Wang Xingxing (王兴兴) are now held by the incentive recipients themselves; Wang Xingxing (王兴兴) no longer holds, directly or on behalf of others, any equity interests in the Company.

2. Nominee Holding of Property Interests in the Historical Development of Shanghai Yuyi (上海宇翼)

(1) Establishment of the Nominee Holding Arrangement for Property Interests

In 2024, pursuant to the 2023 Incentive Plan, the Company successively entered into Second Batch Subscription Agreements with 3 employees. In accordance with the terms of the Second Batch Subscription Agreements, the incentive recipients would not be registered as named partners of the incentive platform at the registration authority upon acquiring incentive interests; instead, the exercised incentive interests would be held on their behalf by Wang Xingxing (王兴兴), a partner in the shareholding platform.

At the same time, after the incentive recipients under the First Equity Incentive executed the Supplemental Agreement to the First Batch Subscription Agreements in May 2025, the incentive interests arising from the exercises of such recipients were held on their behalf by Wang Xingxing (王兴兴), a partner in the incentive platform. As of September 2025, the proportion of the Company's shares corresponding to the partnership interests held by Wang Xingxing (王兴兴) on behalf of the aforementioned 11 incentive employees who had exercised their interests in the incentive platform Shanghai Yuyi (上海宇翼) was 1.40%.

(2) Termination of the Nominee Holding Arrangement for Property Interests

In September 2025, the aforementioned 11 employees entered into the Second Supplemental Agreement to the First Batch Subscription Agreements and the Supplemental Agreement to the Second Batch Subscription Agreements with the Company, stipulating that from the date on which such supplemental agreements become effective and the exercised incentive interests complete the registration or filing of changes for named registration with the relevant industrial and commercial authorities,

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

the nominee holding arrangement for the exercised incentive interests between the incentive recipients and the actual controller shall be terminated. In November 2025, the exercising employees completed the industrial and commercial change registration, and the nominee holding arrangement for the partnership interests corresponding to 1.40% of the Company's equity in the Shanghai Yuyi (上海宇翼) shareholding platform was thereby fully terminated.

Based on interviews with the aforementioned individuals and written confirmation letters issued by them, the nominee shareholding arrangements in the Company's historical development and the nominee holding arrangements for property interests in the historical development of the equity incentive platform have been completely terminated. All parties to the nominee arrangements have confirmed that there are no disputes or potential disputes arising during the nominee holding period or in the course of terminating the nominee arrangements.

XIII. Employee Information of the Issuer

(I) Number of Employees and Their Structure

1. Number of Employees and Changes

At the end of each period during the reporting period, the Company's total number of employees was 209, 264, 328, and 480 respectively.

2. Employee Structure

As of the end of September 2025, the breakdown of the Company's employees by position category is as follows:

Unit: persons

| Position Category | Number of Employees | Percentage | |---|---|---| | Management Personnel | 48 | 10.00% | | Sales Personnel | 141 | 29.38% | | Research and Development Personnel | 175 | 36.46% | | Production Personnel | 116 | 24.17% | | Total | 480 | 100.00% |

3. Compliance with Social Insurance and Housing Provident Fund Contribution Requirements

At the end of each period during the reporting period, the Company's enrollment of employees in social insurance and the housing provident fund is as follows:

Unit: persons

| Item | End of September 2025 | End of 2024 | End of 2023 | End of 2022 | |---|---|---|---|---| | Number of Employees | 480 | 328 | 264 | 209 | | Number of Employees Enrolled in Social Insurance | 474 | 325 | 260 | 207 | | Social Insurance Enrollment Ratio | 98.75% | 99.09% | 98.48% | 99.04% | | Number of Employees Contributing to Housing Provident Fund | 473 | 325 | 260 | 207 | | Housing Provident Fund Contribution Ratio | 98.54% | 99.09% | 98.48% | 99.04% |

At the end of each period during the reporting period, there is a minor discrepancy between the number of employees enrolled in social insurance and the housing provident fund and the total number of employees.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

differences in numbers, mainly because for some employees who joined at the end of the month, the Company was in the process of completing their social insurance registration or transfer procedures, and subsequently enrolled them in social insurance and housing provident fund contributions in the following month on a timely basis. During the Reporting Period, the amounts of unpaid social insurance premiums and housing provident fund contributions of the Company and its subsidiaries were relatively small, accounting for a low proportion of total profits for the respective periods, and had no material impact on the Company's operating results during the Reporting Period.

According to the credit reports issued by the competent government authorities at the locations of the Company and its subsidiaries, the Company and its subsidiaries had no violations of laws or regulations in the areas of social security and housing provident fund during the Reporting Period. The Company and its subsidiaries were not subject to any administrative penalties during the Reporting Period for violations of applicable national and local laws, regulations, or normative documents relating to labor and social security.

(II) Labor Outsourcing

During the Reporting Period, the Company engaged in labor outsourcing. Outsourced personnel were primarily involved in assembly and testing work of a highly repetitive nature and relatively simple technical requirements within the production and assembly process, as well as auxiliary production tasks such as warehouse management and cleaning. During each period of the Reporting Period, the Company's labor outsourcing expenses were RMB 14,003,900, RMB 11,616,900, RMB 19,222,600, and RMB 50,401,100, respectively. The scale of the Company's orders maintained rapid growth during the Reporting Period, and self-recruitment was unable to meet the rapidly growing labor demand in a short period of time. In order to ensure product delivery, the Company adopted labor outsourcing as a means of employment to expand its production scale. Going forward, the Company plans to alleviate production labor demand through the construction of automated production lines, and the scale of labor outsourcing is expected to gradually decrease as production line construction progresses.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

Section 5

Business and Technology

I. Information on the Issuer's Principal Business, Main Products, and Services

(I) Principal Business and Main Products

1. Overview of Principal Business

Unitree Technology (宇树科技) is a globally renowned, internationally leading high-performance general-purpose robotics company, dedicated to the research and development, production, and sale of high-performance general-purpose humanoid robots, quadruped robots, robot components, and embodied intelligence models. The Company was the first in the world to achieve public sales and industry-level deployment of high-performance quadruped robots, and the global sales of its high-performance general-purpose humanoid robots and quadruped robots have maintained a leading position in recent years. The Company builds a robot product ecosystem through technological innovation. Its humanoid and quadruped robots are widely used by numerous well-known domestic and international universities and research institutions, technology enterprises, and global developers, enjoying a high degree of recognition particularly in overseas markets. With its globally leading market share and continuously breakthrough technological innovations, the Company has driven industry-wide technological advancement and the industrialization process of high-performance general-purpose robots.

The Company places great emphasis on independent research and development and technological innovation. While continuously iterating on research and development and enriching its humanoid and quadruped robot body products, the Company has conducted full-stack research and development of core robot model algorithms including embodied intelligence, reinforcement learning, and motion control; intelligent systems including thermal management, energy management, and motor drive; and core robot components and sub-assemblies including high-performance motors, reducers, dexterous hands, LiDAR sensors, and various other sensors. By insisting on full-stack self-development of high-performance general-purpose robots and core components and sub-assemblies, the Company has significantly improved the integration level and whole-body dexterous motion capabilities of general-purpose robots, continuously leading technological innovation in the general-purpose robotics industry.

The Company's high-performance general-purpose robots, by virtue of their outstanding product performance, have provided important support for cutting-edge robot algorithm validation, system integration research, and embodied intelligence exploration, and have exerted significant influence in the fields of global general-purpose robotics scientific research and technological development. At the same time, the Company has promoted industry-level applications of general-purpose robots in areas such as inspection and survey, fire rescue, and public services on a global scale, bringing more efficient, safe, and intelligent new solutions to industries such as energy and chemicals, intelligent firefighting, and smart cities. In addition, the Company pioneered the critical path from technological research and development to large-scale application of general-purpose robots through its "high performance + high cost-effectiveness" strategy, significantly lowering the barrier to use for consumer-level users and promoting the application of general-purpose robot products in consumer-level markets such as education, cultural performances, and intelligent services. The Company has also won widespread user favor with its outstanding product experience and scene adaptability, achieving industry-leading market share and brand influence.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

2. Main Products

With independent research and development at its core, the Company has, through years of accumulation, established a self-developed and self-manufactured technology system covering robot bodies, intelligent algorithm systems, and core components and sub-assemblies. This has resulted in main products represented by humanoid robots and quadruped robots, as well as core robot components including joint modules, dexterous hands, collaborative robotic arms, and perception sensors. The Company conducts product promotion and industry applications around the above products.

(1) Humanoid Robots

In August 2023, the Company's first self-developed full-size humanoid robot, the H1, was launched, marking the Company's formal entry into the humanoid robot sector. This robot possesses the highest dynamic performance among electrically driven humanoid robots of similar specifications globally at the time.

In May 2024, the Company released its first self-developed mid-size humanoid robot, the G1, featuring a more anthropomorphic structural design and degree-of-freedom layout, higher integration, more diverse achievable movements, and richer human-machine interaction functions. Subsequently, the Company continuously upgraded the G1's walking and running gait and complex motion capabilities through model algorithm iterations, further enhancing its motion performance and anthropomorphism, enabling it to more smoothly and stably complete long-sequence dances, boxing, martial arts, and other complex movements as well as swarm coordination, with significantly enhanced product robustness. The G1 was the world's best-selling humanoid robot from 2024 to 2025.

In July 2025, the Company released its new self-developed small-to-medium-sized humanoid robot, the R1. As the Company's lightweight robot product, it is capable not only of performing high-difficulty complex movements such as running, boxing, handstands, and rolling, but also features voice and image multimodal interaction capabilities. The R1 was developed and mass-produced with the aim of providing individual consumers, AI developers, educational institutions, and technology enthusiasts with a high-performance, high cost-effectiveness, and highly open development platform to further advance the technological development and ecosystem building of humanoid robots. It was named one of TIME Magazine's Best Inventions of 2025.

In October 2025, the Company released its second self-developed full-size general-purpose humanoid robot, the H2, featuring a 31-degree-of-freedom anthropomorphic configuration capable of precisely reproducing highly dynamic complex movements. At the same time, the H2 has proportions and dimensions close to those of a real human, making it more suitable for deploying various embodied intelligence models, empowering diverse work scenarios, and driving humanoid robots to continuously explore the boundaries of application, further enriching the Company's product matrix.

A brief overview of the above humanoid robot products is as follows:

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

| Model | Product Image | Main Specifications | Key Features | |-------|---------------|---------------------|--------------| | H1 | [Image] | Height: approx. 180 cm; Weight: approx. 47 kg; Maximum movement speed: 5 m/s; Degrees of freedom per leg: 5; Degrees of freedom per arm: 4 | Advanced power system, stable gait, and highly flexible movement capabilities; possesses a high level of speed, strength, maneuverability, and agility; capable of autonomously walking and running in complex terrain and environments | | G1 | [Image] | Height: approx. 132 cm; Weight: approx. 35 kg; Degrees of freedom per leg: 6; Degrees of freedom per arm: 5–7; Degrees of freedom at waist: 3; Degrees of freedom per dexterous hand: 6–20 | Exceptionally wide range of joint movement angles with high flexibility; robot imitation and reinforcement learning accelerated by AI; combined with force-position hybrid control, sensitive and reliable, capable of simulating human hands for precise manipulation of objects | | R1 | [Image] | Height: approx. 123 cm; Weight: approx. 25 kg; Degrees of freedom per leg: 6; Degrees of freedom per arm: 5; Degrees of freedom at waist: 2; Degrees of freedom at head: 2 | Lightweight build with outstanding motion performance; dual-degree-of-freedom head enhances environmental perception; fully open joint and sensor control interfaces; supports mainstream ecological simulation platforms | | H2 | [Image] | Height: approx. 182 cm; Weight: approx. 70 kg; Degrees of freedom per leg: 6; Degrees of freedom per arm: 7; Degrees of freedom at waist: 3; Degrees of freedom at head: 2 | Precisely reproduces complex highly dynamic movements; can be used to deploy various embodied intelligence large models; empowers diverse work scenarios | | G1-D | [Image] | Dimensions: 168×50×50 cm; Weight: approx. 50 kg; Total degrees of freedom: 17; Degrees of freedom per arm: 7; Degrees of freedom at waist: 2 | Not easily prone to falling in flat environments; reduced energy consumption; height-adjustable; can be rapidly deployed in workshop and other work scenarios; supports the full workflow from data processing to model training, simulation evaluation, and one-click deployment; can seamlessly integrate multiple mainstream open-source robot model frameworks |

Note: Key performance parameters of the Company's products may vary across different application scenarios and different model configurations.

Prospectus

Among the Company's humanoid robot products, the EDU versions of the G1, R1, and H1 series, as well as the H1 series and G1-D series, are equipped with secondary development functionality, supporting users in adding model algorithms, software programs, and hardware configurations to achieve functions such as customized motion, model development and testing, autonomous navigation, and scene interaction. The standard versions of the G1, R1, and H1, as well as the Air version of the R1 series, are not equipped with secondary development functionality; users can implement specific programmed functions such as walking, running, dancing, and interaction in accordance with standard commands.

(2) Quadruped Robots

Since 2017, the Company has successively developed and mass-produced multiple quadruped robots, including: the Company's first motor-driven quadruped robot Laikago in 2017; the second quadruped robot AlienGo in 2019, featuring an all-new power system and integrated body design; the new high cost-effectiveness quadruped robot A1 in 2020; the first-generation consumer-grade quadruped robot Go1 in 2021; the new-generation industry-grade quadruped robot B1 in 2022; the new-generation consumer-grade quadruped robot Go2 and new-generation industry-grade quadruped robot B2 in 2023; the industry-grade four-wheeled-leg robot B2-W in 2024; and the new-generation industry-grade mid-size quadruped robot A2 in 2025.

Among these, the Company's consumer-grade quadruped robots are primarily used in areas such as scientific and technological research and development, education, consumer entertainment, and intelligent services, while the industry-grade quadruped robots are primarily used for inspection, operation, rescue, surveying, and related research and application development in vertical industries such as energy and chemicals, intelligent manufacturing, fire emergency response, public services, and smart cities.

The details of the Company's aforementioned quadruped robot products are as follows:

| Model | Product Image | Main Specifications | Key Features | |-------|---------------|---------------------|--------------| | AlienGo | [Image] | Standing dimensions: 65×31×60 cm; Weight with battery: approx. 21.5 kg; Maximum movement speed: approx. 1.5 m/s; Slope-walking capability: approx. 25°; No-load battery life: 3 hours | Compact product layout with outstanding motion capabilities and good impact resistance; the body can effectively withstand impact force loads during running, jumping, collisions with external objects, or falls; supports development of walking, running, and other high-performance gaits | | A1 | [Image] | Standing dimensions: 50×30×40 cm; Weight with battery: approx. 12 kg; Maximum movement speed: approx. 3.3 m/s; Maximum joint torque: approx. 33.5 N·m; No-load battery life: 2.5 hours | Supports basic movement and dance movement functions; supports secondary development by domestic and international universities and research institutions | | Go1 | [Image] | Standing dimensions: 64.5×28×40 cm; Weight with battery: approx. 12 kg; Maximum movement speed: approx. 3.7 m/s; Maximum joint torque: approx. 35 N·m | Supports basic movement, dance movements, object detection and obstacle avoidance, and intelligent following functions; supports secondary development by domestic and international universities and research institutions |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

| Model | Product Image | Main Specifications | Key Features | |-------|---------------|---------------------|--------------| | B1 | [Image] | Standing dimensions: 112.6×46.7×63.6 cm; Weight with battery: approx. 50 kg; Continuous walking payload: >20 kg; Operating temperature: -5°C to 45°C; No-load battery life: 2–3 hours | Adapts to complex terrain and various harsh weather conditions; high maneuverability and flexibility | | Go2 | [Image] | Standing dimensions: 70×31×40 cm; Weight with battery: approx. 15 kg; Maximum payload: 12 kg; Climbing step height: approx. 20 cm; Climbing slope angle: 40°; No-load battery life: 2–4 hours | Supports basic movement, dance movements, object detection and obstacle avoidance, voice interaction, and intelligent following functions; supports secondary development by domestic and international universities and research institutions | | Go2-W | [Image] | Standing dimensions: 70×43×50 cm; Weight with battery: approx. 18 kg; Maximum payload: 12 kg; Climbing step height: approx. 70 cm; Climbing slope angle: 35°; No-load battery life: 2–3 hours | Supports consumers' basic movement, object detection and obstacle avoidance, and voice interaction functions; also supports secondary development by domestic and international universities and research institutions | | B2 | [Image] | Standing dimensions: 109.8×45×64.5 cm; Weight with battery: approx. 60 kg; Continuous walking payload: >40 kg; Climbing step height: 40 cm; Climbing slope angle: approx. 45°; Operating temperature: -20°C to 55°C; No-load battery life: >5 hours; Cruising range with 20 kg payload: >15 km; Highest protection rating: IP68 | Stable traversal capability on complex rugged terrain and structured terrain; industry-grade flexibility and stability; superior obstacle avoidance capability; sustained endurance under large payload; all-weather autonomous mobility | | B2-W | [Image] | Standing dimensions: 109.8×55×75.8 cm; Weight with battery: approx. 85 kg; Continuous walking payload: >40 kg; Maximum movement speed: approx. 15 km/h; Climbing step height: 40 cm; Climbing slope angle: approx. 45°; Operating temperature: -20°C to 55°C; No-load battery life: 5 hours; Cruising range with 40 kg payload: 25 km; Highest protection rating: IP67 | Stable traversal capability on complex rugged terrain and structured terrain; industry-grade flexibility and stability; superior obstacle avoidance capability; excellent cruising range under large payload; all-weather autonomous mobility; stable high-speed mobility | | A2 | [Image] | Standing dimensions: 82×44×57 cm; Weight with battery: approx. 37 kg; Continuous walking payload: >25 kg; Maximum movement speed: approx. 5 m/s; Climbing step height: approx. 1 m; Climbing slope angle: approx. 45°; Operating temperature: -20°C to 55°C; No-load battery life: 5 hours; Cruising range with 25 kg payload: 12.5 km; Highest protection rating: IP67 | Capable of application in various industry scenarios including logistics, industrial inspection, and emergency rescue; adapts to climbing and walking in various complex and extreme environments; features extended battery life and supports a hot-swappable dual-battery system |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

Note: Key performance parameters of the Company's products may vary across different application scenarios and different model configurations.

Among the Company's quadruped robot products, the EDU versions of the AlienGo series, B series, A series, and Go series, as well as the Go2-W model, are equipped with secondary development functionality, supporting users in adding model algorithms, software programs, and hardware configurations to achieve functions such as gait optimization, intelligent interaction, terrain adaptation, and autonomous navigation. The Air/Pro/Max versions of the Go series are not equipped with secondary development functionality; users can implement specific programmed functions such as walking, running, dancing, and interaction in accordance with standard commands.

(3) Robot Components

In 2021, the Company self-developed and mass-produced its first dexterous robotic arm, the Z1, suitable for mounting on mobile robot platforms to perform tasks such as grasping and interaction. In 2023, the Company self-developed and released the omnidirectional ultra-wide-angle bionic LiDAR sensors L1 and L2. Beginning in May 2024, the Company successively developed and completed the dexterous hands Dex1-1, Dex3-1, and Dex5-1, which can be paired with humanoid robots. The details of these component products are as follows:

| Model | Product Image | Main Specifications | Key Features | |-------|---------------|---------------------|--------------| | Z1 (Collaborative Robotic Arm) | [Image] | Degrees of freedom: 6-axis; Self-weight: 4.5 kg; Payload: ≥3 kg; Maximum reach: 740 mm | Compact, lightweight, and dexterous; can collaborate with quadruped and other mobile robots to complete complex tasks; provides user-friendly secondary development interfaces and expansion interfaces; compatible with different end-effectors | | L1 (LiDAR) | [Image] | Dimensions: 75×75×65 mm; Scanning range: 30 m; Field of view: 360°×90°; Measurement accuracy: ±2.0 cm; Near blind spot: 0.05 m; Sampling frequency: 43,200 points/second; Effective frequency: 21,600 points/second; Circumferential scan frequency: 11 Hz; Vertical scan frequency: 180 Hz; Ranging resolution: 8 mm | | | L2 (LiDAR) | [Image] | Dimensions: 75×75×65 mm; Scanning range: 30 m; Field of view: 360°×96°; Measurement accuracy: ±2.0 cm; Near blind spot: 0.05 m; Sampling frequency: 128,000 points/second; Effective frequency: 64,000 points/second; Circumferential scan frequency: 5.55 Hz; Vertical scan frequency: 216 Hz; Ranging resolution: 4.5 mm | |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

With omnidirectional ultra-wide-angle scanning capability, minimal blind spots and stable operation; provides open-source SLAM solution; capable of quickly and accurately acquiring three-dimensional structural information of the environment, facilitating mobile robot positioning and autonomous navigation; through omnidirectional ultra-wide-angle non-repetitive scanning, high-precision and high-density point cloud data can be obtained to achieve image-level scanning effects.

With omnidirectional ultra-wide-angle scanning capability, minimal blind spots and stable operation; provides open-source SLAM solution; capable of quickly and accurately acquiring three-dimensional structural information of the environment, facilitating mobile robot positioning and autonomous navigation; effectively resists indoor ambient light and outdoor strong light interference to achieve stable ranging and high-precision mapping; through omnidirectional ultra-wide-angle non-repetitive scanning, high-precision and

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Model | Product Image | Key Parameters | Core Features --- | --- | --- | ---

Prospectus

high-density point cloud data can be obtained to achieve image-level scanning effects.

Dex1-1 (Dexterous Hand Gripper)

Weight: 550g Dimensions: 143×78×67mm Gripping Force: 5~120N Speed: 50~375 mm/s Maximum Load: 20kg Fingertip Position Resolution: 0.1mm Minimum Full-Stroke Closing Time: 0.24 seconds

Large gripper tip stroke, capable of operating a wide variety of objects; built-in company's self-developed joint motors with outstanding gripping force; supports position, velocity, torque, stiffness, and damping control commands for high-precision control; can be used independently or in combination with humanoid robots.

Dex3-1 (Three-Finger Dexterous Hand)

Weight: 710g Dimensions: 175×88×77mm Degrees of Freedom: Thumb 3 / Index Finger 2 / Middle Finger 2 Fingertip Repeat Positioning Accuracy: ±2mm Maximum Load: approximately 500g

Features 7 degrees of freedom, with 33 tactile sensors per hand. Compatible with humanoid robots to perform various complex hand movements; supports secondary development of dexterous hand tactile algorithms; designed for use with humanoid robots.

Dex5-1 (Five-Finger Dexterous Hand)

Weight: 1,000g Dimensions: 217.3×127.5×72.1mm Degrees of Freedom: Thumb 4 / Index Finger 3 / Middle Finger 3 / Ring Finger 3 / Little Finger 3 Four-Finger Lateral Swing: ±22° Fingertip Repeat Positioning Accuracy: ±1mm Maximum Load: 4.5kg

Features 20 degrees of freedom, with 94 tactile sensors per hand; capable of finger lateral swinging to improve grasping reliability; supports secondary development of dexterous hand tactile algorithms; designed for use with humanoid robots.

Note: Key performance parameters of the company's products may vary across different scenarios and different model configurations.

In addition to the above component products, the company's other robot components include joint modules, high-computing-power kits, companion kits, navigation kits, charging stations, battery modules, wireless control terminals, and other functional components applicable to the company's various robot products.

(4) Others

The company's other products primarily consist of intelligent fitness equipment. In 2022 and 2025, the company successively developed two smart fitness pump products, PUMP and PUMP MAX. Their functional principles are derived from the company's robot joint force-control technology, extending the application of the company's core robot technology into the consumer market. The specifics of these products are as follows:

| Model | Product Image | Key Parameters | Core Features | |---|---|---|---| | PUMP | | Dimensions: 104×104×60mm; Weight: 700g; Resistance Adjustment Range: 2–10kg | Equipped with a smart APP; lightweight, portable, simple and efficient; can be used for exercise and fitness anytime, anywhere |

1-1-97

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| Model | Product Image | Key Parameters | Core Features | |---|---|---|---| | PUMP MAX | | Dimensions: 190×220×98mm; Weight: 4,500g; Resistance Adjustment Range: 4–70kg | Real-time monitoring of the user's exercise data; lightweight, portable, simple and efficient; supports connection with a mobile app to provide personalized workout plans and progress tracking |

3. Main Composition and Characteristics of Primary Business Revenue

During the reporting period, the composition of the company's primary business revenue by product category is as follows:

Unit: 万元 (RMB 10,000)

| Category | Jan–Sep 2025 Amount | Jan–Sep 2025 % | FY2024 Amount | FY2024 % | FY2023 Amount | FY2023 % | FY2022 Amount | FY2022 % | |---|---|---|---|---|---|---|---|---| | Quadruped Robots | 48,798.55 | 42.25% | 23,054.37 | 59.53% | 11,938.09 | 75.78% | 9,282.38 | 76.57% | | Humanoid Robots | 59,518.79 | 51.53% | 10,689.76 | 27.60% | — | — | — | — | | Robot Components | 6,653.89 | 5.76% | 4,453.82 | 11.50% | 2,692.34 | 17.09% | 2,141.42 | 17.66% | | Others | 523.72 | 0.45% | 529.33 | 1.37% | 296.71 | 1.88% | 698.97 | 5.77% | | — | — | — | — | — | 826.51 | 5.25% | — | — | | **Total** | **115,494.95** | **100%** | **38,727.28** | **100%** | **15,753.65** | **100%** | **12,122.77** | **100%** |

During each period of the reporting period, the company achieved primary business revenues of 12,122.77 万元, 15,753.65 万元, 38,727.28 万元, and 115,494.95 万元 respectively, primarily composed of quadruped robots and humanoid robots, showing a rapid growth trend.

(II) Main Operating Models

During the reporting period, the company's main operating models did not undergo material changes. The specifics are as follows:

1. Procurement Model

The company implements a dynamic procurement model based on "safety stock" and has established a strict qualified supplier admission system, comprehensively considering delivery lead time, quality, cost, and service in the admission and day-to-day management of suppliers. To ensure continuity of production and operations, the company conducts demand forecasting based on actual orders and market changes, plans production tasks in advance and converts them into purchase orders to replenish inventory, and dynamically adjusts inventory levels according to actual production and sales conditions. At the same time, the company establishes multiple supply channels for the same type of raw materials to ensure stability of raw material supply. In addition, to reduce overall procurement costs, the company flexibly adjusts procurement quotas based on purchase prices offered by different suppliers.

2. Production Model

The company adopts a "production-to-order + safety stock" production planning model. Each month, based on sales plans and product inventory conditions, a production, supply and sales meeting is convened to formulate the overall production plan. The production plan is broken down into specific production tasks and distributed to each production department, which then organizes and arranges production accordingly.

1-1-98

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

The company adopts a production organizational model that combines in-house assembly of complete machines and core components with outsourced procurement and processing of parts and certain processes. That is, the complete robot units and core sub-components are produced and assembled internally, while non-core parts and certain processes adopt a customized procurement and subcontracting model. In particular, the company adopts a customized procurement model for most mechanical parts, implementing strict incoming inspection for each batch of customized parts to ensure that the quality specifications of externally purchased customized parts meet the company's technical requirements. For most PCBA SMT (surface mount technology) soldering, injection molding, and certain machining processes, the company adopts a subcontracting model, whereby subcontractors perform the processing based on raw materials and relevant technical requirements provided by the company. This production model ensures that the company can effectively control all key core aspects of the production process, achieving optimal integration of technological advancement and cost efficiency.

3. Sales Model

The company's products cover both industrial-grade and consumer-grade applications, with a wide range of downstream use scenarios and diverse customer types. Combining different product sales channels and delivery methods, the company adopts a sales model that integrates offline and online, as well as direct sales and distribution. The specifics are as follows:

| Sales Model | Main Content | Main Customer Types | |---|---|---| | Offline Direct Sales | The company's sales department is organized by downstream application industry and region, directly interfacing with end customers through customer visits, trade show exchanges, on-site inspections, and contract signing to establish cooperative relationships; the company delivers products or solutions directly to customers. | Domestic and overseas technology companies, research institutions, universities, etc. | | Offline Distribution | The company has established a distribution network through agents domestically and overseas, leveraging the channel and regional advantages of agents to broaden customer acquisition sources and increase regional coverage depth. The company sells products to domestic and overseas agents, who then sell the company's products to downstream customers through their own sales channels. The company comprehensively manages agents by specifying distribution territories, sales targets, and other terms. | Domestic and overseas agents | | Online Direct Sales | The company sells directly to online customers through e-commerce platforms. Under this model, online customers place orders and make payments through e-commerce platforms, and the company ships goods directly to customers. | Major e-commerce platforms include Tmall, JD.com, Shopify, Amazon, etc. | | E-Commerce Warehousing | The company ships products to designated warehouses of e-commerce platforms, which then sell to end customers. The company's direct customers are the e-commerce platforms. During the reporting period, the company primarily adopted this model with JD.com Self-Operated (京东自营) and JD.com Joybuy. | JD.com Self-Operated (京东自营), JD.com Joybuy |

4. R&D Model

The company has long been committed to the research, development, and technological exploration of high-performance general-purpose robots. Through years of innovation and accumulation, it has established a broad and efficient independent R&D system, and by virtue of its strong R&D capabilities and continuous innovation, has rapidly advanced to a leading position in the industry.

1-1-99

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

The company implements a full-stack independent R&D model. R&D activities cover the robot body; embodied intelligence models including embodied native intelligence models and embodied large models; functional module systems including energy management, computing platforms, motion control systems, and perception systems; as well as core sub-components such as high-performance motors, reducers, dexterous hands, and LiDAR sensors. Through full-stack independent R&D across multiple hardware and software domains and at every stage, the company has substantially improved the integration level and whole-body dexterous motion capabilities of its robots, ensuring continuous iterative updates of major products and rapid industrialization of core technologies.

The company has established a sound R&D organizational management system and carries out R&D activities through its R&D departments. The main responsibilities of the R&D departments include analyzing and assessing the direction of technological development in the industry, formulating R&D plans based on R&D objectives, and executing R&D activities. R&D projects must undergo corresponding reviews at key stages including project initiation, engineering testing, and project completion, ensuring the orderly conduct of the company's daily R&D management and technological innovation.

(III) Evolution of Primary Business, Main Products or Services

1. Technology Foundation Period, 2016–2019

The founding and development of the company began with breakthroughs in core quadruped robot technologies. Upon its establishment in 2016, the company focused on motor-driven technology routes, independently developed the motor drive, overall mechanical structure, and whole-body control system for quadruped robots, and, based on the early-stage XDog prototype developed by the founder, completely re-architected and developed the company's first commercially available product, "Laikago," marking the official commercial delivery of the company's quadruped robot products. By 2019, the founder led the team to successfully develop high-torque motor technology, independently developing and releasing the high-dynamic-performance quadruped robot AlienGo, propelling the motion performance of quadruped robots to the international frontier. During this phase, the company placed great emphasis on technological accumulation, established the full-stack in-house R&D model for complete machines and core sub-components in the hardware domain, and continuously innovated and optimized motion control algorithms for quadruped robots, laying the foundation for the company's technology leadership in the quadruped robot field both domestically and internationally.

2. Market Development Period, 2020–2023

During this phase, the company gradually expanded the commercial applications of quadruped robots in multiple fields through continuous technological innovation and new product launches. In 2020, the company independently developed and mass-produced a new-generation quadruped robot, A1, and for the first time lowered the product price to the consumer-grade range. In 2021, Go1 entered the mass consumer market at a retail price of 16,000 yuan (RMB 1.6万元). In 2022, the company independently developed a new-generation industrial-grade quadruped robot, B1, which was successfully applied in the field of industrial inspection. In 2023, Go2, at a retail price of 9,997 yuan, became the company's first quadruped robot product priced below 10,000 yuan. Also in 2023, the company launched the industrial-grade quadruped robot B2, featuring further enhanced performance. At this point, the company had built a dual-track product matrix of "consumer-grade + industrial-grade": consumer-grade products focus on scientific research, education, cultural tourism, and sports scenarios, while industrial-grade products focus on environmental inspection and emergency rescue scenarios, creating synergistic effects through technology sharing and market segmentation. Leveraging the full-stack in-house R&D of core sub-components to drive cost control and supply chain integration, the company achieved rapid large-scale mass production of quadruped robots. With the technological leadership and widespread application of the company's products in consumer-grade and industrial-grade markets, the company has captured a major share of the global quadruped robot market.

In 2023, the company extended its core technologies — including motion control algorithms and self-developed core components — to humanoid robots, and independently developed the first full-size humanoid robot product in Unitree Technology's history, H1, marking the company's formal technological and product entry into the humanoid robot field.

3. Industry Expansion Period, 2024 to Present

Since 2024, the company has entered an industry expansion phase, achieving multi-dimensional breakthroughs with embodied intelligence technology at its core. At the product and technology level, the company developed the mid-sized humanoid robot G1 with a starting price below 100,000 yuan (RMB 10万元), which became the company's first mid-sized general-purpose humanoid robot delivered to the market at large scale; the industrial-grade B2-W wheeled-legged robot, through reinforcement learning, is able to adaptively navigate complex terrain, greatly expanding the operational radius of quadruped robots. At the commercial application level, the company further established a business system of "hardware products + scenario solutions + ecosystem services," using the "quadruped robot + humanoid robot" product matrix as a fulcrum to promote the development and application of general-purpose robots in scientific research and education, commercial consumption, and industrial application fields. At the model R&D level, following the open-sourcing of two self-developed embodied large models, UnifoLM-WMA-0 and UnifoLM-VLA-0, which achieved industry-leading test results and received broad industry recognition, in early 2026 the company's self-developed industrial-grade embodied large model UnifoLM-X1-0 completed pilot deployment and testing in its own factory, capable of autonomously completing tasks such as joint motor assembly, marking a major milestone in the deployment and validation of embodied large models globally.

As the scale of product sales continues to grow, the company is further expanding from being a developer and manufacturer of quadruped robots and humanoid robot products toward becoming a builder of the high-performance general-purpose robot industrial ecosystem. The company is building an ecosystem centered on its own products, open-sourcing the full-process algorithms for data collection, model training, real-machine deployment, and motion control based on the company's products, attracting global developers to participate in algorithm optimization and general-purpose robot research and development.

(IV) Main Business Operations and Industrialization of Core Technologies

During the reporting period, the company's primary business revenues were entirely derived from sales of humanoid robots, quadruped robots, robot components, and other products, with total sales revenues of 12,122.77 万元, 15,753.65 万元, 38,727.28 万元, and 115,494.95 万元 for each period respectively.

The company has formed relevant core technologies around the R&D and manufacturing of general-purpose robot products, their core sub-components, and embodied intelligence models,

1-1-101

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

including integrated joint integration technology, high-compactness robot body integration technology, high-dynamic motion control algorithm technology, robot anti-fall protection core technologies, robot heat dissipation and active cooling related technologies, self-developed core components and high-performance actuators, and others. These core technologies have been applied in the company's various related products, achieving deep industrialization of core technologies. During each period of the reporting period, the sales revenues from core technology-related products and their proportion of operating revenue are as follows:

Unit: 万元 (RMB 10,000)

| Item | Jan–Sep 2025 | FY2024 | FY2023 | FY2022 | |---|---|---|---|---| | Sales Revenue from Core Technology-Related Products | 115,494.95 | 38,727.28 | 15,753.65 | 12,122.77 | | Operating Revenue | 116,749.01 | 39,237.06 | 15,913.44 | 12,291.95 | | Core Technology Product Revenue as % of Operating Revenue | 98.93% | 98.70% | 99.00% | 98.62% |

(V) Business Flow Charts for Main Products or Services

1. Quadruped Robot Production Process

The main production process flow chart for the company's quadruped robots is as follows:

[Chart]

2. Humanoid Robot Production Process

The main production process flow chart for the company's humanoid robots is as follows:

1-1-102

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

The core technologies of the Company are applied in the production processes of its main products. For details regarding the technical advancement and specific applications of each core technology, please refer to "Section VII, (I), 1: Basic Situation of Major Core Technologies" in this section. For the performance of the Company's core technologies, please refer to "Section II, (V), 4: Issuer's Technical Strength and Key Business Data and Indicators for Measuring Core Competitiveness" in this section.

(VI) Representative Business Indicators and Their Changes

For the production volume, sales volume, and production-to-sales ratio of the Company's products during the reporting period, please refer to "Section III, (I): Production Status of Main Products" in this section. For other representative business indicators measuring the Company's technical strength and core competitiveness, please refer to "Section II, (V), 4: Issuer's Technical Strength and Key Business Data and Indicators for Measuring Core Competitiveness" in this section.

(VII) Compliance with Industrial Policies and National Economic Development Strategy

The Company is primarily engaged in the research and development, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robot components, and embodied intelligence models. In recent years, the State has formulated a series of industrial policies and strategic plans to support and encourage the rapid development of the industry to which the Company belongs. For relevant details, please refer to "Section II, (II): Industry Regulatory Authorities, Regulatory System, Major Laws, Regulations and Policies, and Their Impact on the Company's Operations and Development" in this section.

II. Basic Situation and Competitive Landscape of the Industry in Which the Issuer Operates

(I) Industry Classification and Basis for Determination

The Company focuses on the research and development, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robot components, and embodied intelligence models. Its main products include humanoid robots and quadruped robots as representative products, as well as core robot components such as joint modules, dexterous hands, collaborative robotic arms, and perception sensors.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

The Company also conducts product promotion and industry application activities centered around the aforementioned products.

In accordance with the National Economic Industry Classification (GB/T4754-2017), the Company's principal business falls under "C34 General Equipment Manufacturing" — "C349 Other General Equipment Manufacturing" — "C3499 Other General Equipment Manufacturing Not Elsewhere Classified."

Additionally, in accordance with the Classification of Strategic Emerging Industries (2018) issued by the National Bureau of Statistics, the Company's principal business falls under "2 High-End Equipment Manufacturing Industry" — "2.1 Intelligent Manufacturing Equipment Industry" — "2.1.4 Other Intelligent Equipment Manufacturing," as well as under the Guidance Catalogue of Key Products and Services for Strategic Emerging Industries (2016 Revision) — "2 New Generation Information Technology" — "2.5 Artificial Intelligence Industry" — "2.5.2 Artificial Intelligence Hardware."

(II) Industry Regulatory Authorities, Regulatory System, Major Laws, Regulations and Policies, and Their Impact on the Company's Operations and Development

1. Industry Regulatory Authorities and Regulatory System

The main regulatory authorities of the industry in which the Company operates and their primary responsibilities are as follows:

| Name of Regulatory Authority | Primary Functions of the Institution | |---|---| | National Development and Reform Commission (NDRC) | Formulates and organizes the implementation of national economic and social development strategies, medium- and long-term plans, and annual plans; proposes overall objectives, major tasks, and related policies for accelerating the construction of a modern economic system and promoting high-quality development, among other responsibilities | | Ministry of Industry and Information Technology (MIIT) | Proposes strategies and policies for new industrialization development, coordinates and resolves major issues in the process of new industrialization, formulates and organizes the implementation of development plans for industry, communications, and informatization, promotes strategic adjustment and optimization and upgrading of industrial structure, and promotes the integration of informatization and industrialization | | Ministry of Science and Technology (MOST) | Formulates and organizes the implementation of the national innovation-driven development strategy, guidelines, and plans and policies for scientific and technological development and the introduction of foreign expertise; comprehensively promotes the construction of the national innovation system and reform of the science and technology system; works with relevant departments to improve the incentive mechanism for technological innovation, among other responsibilities |

The industry self-regulatory organizations of the industry in which the Company operates and their primary responsibilities are as follows:

| Name of Regulatory Authority | Primary Functions of the Institution | |---|---| | China Machinery Industry Federation | Conducts investigations and research, proposes policy recommendations; performs statistical analysis and publication of industry economic information; organizes the formulation and revision of national standards, industry standards, group standards, and technical specifications; carries out technical exchange and cooperation and coordination services for major equipment and science and technology projects, among other responsibilities | | China Mechatronics Technology Application Association | Entrusted by government departments, conducts investigations and research on the development and application of mechatronics, industrial automation, and intelligent equipment products; conducts preliminary research for government departments in formulating industry development plans, industrial policies, trade policies, laws and regulations, and other major decisions; proposes contingency plans and recommendations, among other responsibilities | | China Industrial Design Association | Conducts investigations and research, organizes exchanges and discussions, and makes recommendations to government departments; conducts industry statistics and information analysis; organizes research, formulation, and publication of various group standards, among other responsibilities | | China Artificial Intelligence Industry Development Alliance | Formulates industry safety standards, issues self-regulatory commitments (such as the "Artificial Intelligence Safety Commitment"), and promotes the establishment of an efficient and coordinated governance mechanism |

1-1-104

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

2. Industry Laws, Regulations, and Industrial Policies

The Company operates in the robotics industry. The major relevant policies for the robotics industry in recent years are as follows:

| No. | Issuing Authority | Policy Name | Main Content and Impact on the Company's Operations and Development | |---|---|---|---| | 1 | State Council (2026) | 2026 Government Work Report of the State Council | Cultivate and expand emerging industries and future industries. Establish mechanisms for increased investment and risk sharing in future industries, and foster the development of future industries such as future energy, quantum technology, embodied intelligence, brain-computer interfaces, and 6G. | | 2 | CPC Central Committee (2025) | Proposals of the Central Committee of the Communist Party of China on Formulating the 15th Five-Year Plan for National Economic and Social Development | Proactively plan for future industries; explore multiple technology pathways, typical application scenarios, viable business models, and market regulatory rules; promote quantum technology, biomanufacturing, hydrogen energy and nuclear fusion energy, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communications to become new economic growth drivers. Innovate regulatory approaches, develop venture capital investment, and establish mechanisms for increased investment and risk sharing in future industries. Promote the specialized, refined, distinctive, and innovative development of small and medium-sized enterprises and cultivate unicorn enterprises. | | 3 | MIIT and Six Other Ministries (2024) | Implementation Opinions on Promoting Innovative Development of Future Industries | Targeting major national strategic needs and the people's desire for a better life, accelerate the implementation of major technology and equipment breakthrough projects; achieve breakthroughs in high-end equipment products including humanoid robots, quantum computers, ultra-high-speed trains, next-generation large aircraft, green intelligent ships, and unmanned vessels; drive the industrialization of new technologies through complete machine development; build a globally leading high-end equipment system. Deeply implement the industrial foundation re-engineering project to fill gaps in basic components, basic parts, basic materials, basic processes, and basic software, thereby consolidating the foundation for the development of future industries. | | 4 | NDRC and Four Other Ministries (2024) | Measures on Creating New Consumer Scenarios and Cultivating New Consumer Growth Points | Create new consumer scenarios for electronic products: expand the functions of intelligent robots in cleaning, entertainment and leisure, elderly care and assistance for persons with disabilities, education and training, and other areas; explore the development of humanoid robots based on large artificial intelligence models. | | 5 | MIIT (2023) | Guiding Opinions on the Innovative Development of Humanoid Robots | By 2025, the humanoid robot innovation system will be preliminarily established; breakthroughs will be achieved in a number of key technologies including "brain, cerebellum, and limbs"; the safe and effective supply of core components will be ensured. Complete machine products will reach internationally advanced levels and achieve mass production; demonstration applications will be realized in special, manufacturing, and livelihood service scenarios; effective governance mechanisms and means will be explored and established. Two to three globally influential ecosystem enterprises and a group of specialized, refined, distinctive, and innovative small and medium-sized enterprises will be cultivated; two to three industry development clusters will be built; and a number of new businesses, models, and business formats will be incubated and pioneered. By 2027, the technological innovation capability of humanoid robots will be significantly enhanced; a safe and reliable industrial and supply chain system will be formed; an industrial ecosystem with international competitiveness will be established; and overall strength will reach world-advanced levels. The industry will accelerate toward large-scale development, application scenarios will become more diverse, related products will be deeply integrated into the real economy, and the sector will become an important new engine of economic growth. | | 6 | MIIT and Sixteen Other Ministries (2023) | Implementation Plan for the "Robots+" Application Action | By 2025, robot density in the manufacturing sector will double compared to 2020; the depth and breadth of service robot and special-purpose robot applications will be significantly improved; and robots' capacity to promote high-quality economic and social development will be significantly enhanced. Focusing on 10 key application fields, more than 100 innovative robot application technologies and solutions will be developed; more than 200 typical robot application scenarios with high technical levels, innovative application models, and significant application results will be promoted; a group of "Robots+" application benchmark enterprises will be established; and a number of application experience centers and test and verification centers will be built. | | 7 | MIIT (2023) | 2023 Future Industry Innovation Task Solicitation Work | By 2025, high-dynamic walking control algorithms for humanoid robots will be established, capable of supporting humanoid bionic structures with no fewer than 28 degrees of freedom including bipedal legs, dual arms, waist, hips, knees, and ankles. Support humanoid robots in achieving high-dynamic walking in environments including flat ground, slopes, |

1-1-105

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

| No. | Issuing Authority | Policy Name | Main Content and Impact on the Company's Operations and Development | |---|---|---|---| | | | | stairs, uneven surfaces, and soft surfaces, with a maximum walking speed on flat ground of ≥4 km/h and a maximum running speed of ≥9 km/h. | | 8 | Ministry of Science and Technology and Five Other Ministries (2022) | Guiding Opinions on Promoting High-Level Applications of Artificial Intelligence to Drive High-Quality Economic Development through Scenario Innovation | In the manufacturing sector, priority exploration of intelligent scenarios such as industrial brains, robot-assisted manufacturing, machine vision industrial inspection, and equipment interconnection management. In the agricultural sector, priority exploration of intelligent scenarios such as automatic satellite navigation driving for agricultural machinery, agricultural geographic information engines, on-demand agricultural machinery services, rubber tree tapping, smart farms, industrial chain digital management, drone crop protection, agricultural production IoT monitoring, and agricultural product quality and safety management. In the logistics sector, priority exploration of intelligent scenarios such as robotic diversion and sorting, material handling, intelligent three-dimensional warehousing, and traceability terminals. |

Prospectus

(III) Industry Development and Future Trends

1. Position and Role of High-Performance General-Purpose Robots in the Industrial Chain, and Correlation with Upstream and Downstream Industries

High-performance general-purpose robots are intelligent electromechanical integrated platforms with high robustness, stability, and reliability, possessing the potential to surpass human capability boundaries in terms of payload, speed, and dynamic performance. By virtue of their multi-degree-of-freedom structural design and agile locomotion capabilities, they are capable of working in multiple scenarios and traversing complex terrain, and are progressively developing artificial intelligence that integrates perception, decision-making, and interaction to achieve coordination with the human social environment.

The industrial chain in which the Company's high-performance general-purpose robots operate primarily consists of upstream components of various types, midstream high-performance general-purpose robot complete machine platform suppliers, and downstream terminal applications, and can be divided into two major directions: quadruped robots and humanoid robots.

Among these, the quadruped robot industry has currently entered the commercial start-up stage of application exploration, with market applications in inspection, emergency response, and other fields growing rapidly. Stimulated by the potential market space, the number of companies and institutions deploying quadruped robots globally continues to increase, and an upstream and downstream industrial chain of initial scale has been formed. Humanoid robots are currently in the early commercial stage of technological exploration; the commercial implementation of downstream application fields is accelerating exploration and verification; the technological development and application of certain components in the humanoid robot field is developing rapidly; and the relevant supply chain is in the process of continuous and accelerated construction. As the humanoid robot innovation system is progressively established and key technologies continue to break through, China is expected to gradually form an efficient and reliable high-performance general-purpose robot industrial and supply chain system.

The industrial chain for high-performance general-purpose robots is as follows:

1-1-106

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

The upstream of the high-performance general-purpose robot industrial chain includes perception and interaction systems, control systems, motion execution systems, and other components. The specific composition of each component is as follows:

| Category | Overview | |---|---| | Perception and Interaction System | The robot perception and interaction system is used to realize the robot's perception and to further enable functions such as learning, decision-making, and control. This component is responsible for sensing the external world and simulating human thinking and decision-making processes; its primary functions are environmental understanding, intelligent interaction, and cognitive reasoning. Robots are equipped with various types of sensors depending on their functions and application scenarios, including visual sensors, auditory sensors, olfactory sensors, tactile sensors, and inertial navigation systems, in order to perceive and analyze the external environment, respond to their own state, and accomplish subsequent complex interaction and operational tasks. | | Control System | The robot control system refers to the core algorithms and control system that govern robot motion, consisting of a series of algorithms and hardware devices. Based on information received from various sensors and actuators, it adjusts the robot's motion state in a timely manner, with the aim of enabling the robot to achieve autonomous, precise, and efficient motion control and balance regulation, including real-time adjustment of parameters such as the robot's posture, position, and speed. It also needs to possess a certain degree of learning and adaptive capability so as to adjust its control strategies in response to changes in environment and tasks. | | Motion Execution System | The carrier and foundation for the robot to perform its actual functions, primarily comprising actuators, dexterous hands, new material structural components, and other elements; this is the critical component affecting the robot's hardware costs and motion performance. Based on considerations of cost, technical performance, and software-hardware coupling, robotics manufacturers exhibit certain differences in their motion execution system solutions and design details. | | Other | Comprises the robot's power management system, thermal management system, communication system, and other components. |

Throughout the entire industrial chain, high-performance general-purpose robots have relatively high requirements for system integration. Through full-stack in-house development, companies can achieve a closed-loop technological cycle encompassing perception, decision-making, and control, thereby driving technological synergy and advancement. This not only helps build core technology barriers but also facilitates enhanced control over the industrial chain, thereby supporting rapid product iteration and ecosystem development. At the software level, companies with core in-house capabilities in motion control, artificial intelligence algorithms, and similar areas will master the robot's key control systems, thereby influencing to a certain extent the technological evolution path of high-performance general-purpose robots. At the hardware level, the components with more prominent incremental space primarily include sensors, reducers, motors, batteries, lead screws, bearings, and other parts. Relevant companies need to strengthen independent design and development to ensure product consistency and delivery efficiency, and by improving rapid response and large-scale delivery capabilities, expand market share and progressively establish brand recognition and first-mover advantages.

The midstream of the high-performance general-purpose robot industrial chain consists of complete machine platform providers, which are primarily responsible for the definition, design, manufacturing, and delivery of products such as quadruped robots and humanoid robots. This segment is the core of the industrial chain and is the key to driving the industrialization and commercialization of high-performance general-purpose robots. Complete machine platform providers build comprehensive development ecosystems and deliver robot tools with high robustness, high stability, and high reliability to downstream applications, playing a leading role in industry technology pathways and development directions. Currently, the high-performance general-purpose robot hardware industry as a whole is in the early stage of industrialization development, and the specific pathways for large-scale commercial implementation remain under exploration. Different companies continue to iterate in areas such as component selection, software system development, hardware design, and application scenario focus, with various technical solutions advancing in parallel. With the rapid development of software and hardware technologies such as artificial intelligence, intelligent control, and high-precision sensors, participants in the high-performance general-purpose robot field include both emerging domestic and international startups such as Unitree Technology (宇树科技), Boston Dynamics, and Figure, as well as cross-industry companies such as Tesla, XPENG, and Xiaomi. As this field involves a wide variety of technologies with high development difficulty, and both the overall capital threshold and technology threshold are high, and no mature general-purpose application scenarios have yet been formed, companies without strong technological accumulation and capital support will find it difficult to complete the development of excellent products. Therefore, leading companies with first-mover advantages and sustained research and development capabilities hold a relatively clear competitive advantage at the current stage.

The downstream of the high-performance general-purpose robot industrial chain is primarily oriented toward commercial scenarios of practical application. Its core value lies in replacing or assisting humans in completing various tasks, particularly in achieving replacement or assistance functions in abnormally arduous or dangerous task scenarios. From an application scenario perspective, high-performance general-purpose robots are primarily oriented toward two directions: industry-level applications and consumer-level applications. At the industry-level application level, robots help address the trend of population aging and alleviate future structural labor shortages. Currently, quadruped robots have achieved preliminary applications in fields such as power inspection, fire and rescue, and unmanned delivery, and companies within the industry are further exploring pathways for the deployment of quadruped and humanoid robots in industrial scenarios such as automobile manufacturing, petrochemicals, and 3C manufacturing. At the consumer-level application level, high-performance general-purpose robots are expected to take on roles in public services, domestic services, elderly care services, and similar areas, as well as in children's education, science popularization activities, and commercial

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scaled and robust sensing systems for the integration of physical embodied intelligence.

(2) Industry Competition Pattern: Chinese enterprises are actively laying out humanoid robot development, and the competitive landscape is gradually taking shape

Under the global wave of humanoid robot development, Chinese enterprises, relying on their advantages in supply chain, talent pool, market size, and policy support, are actively entering this track and have become an important force in the global humanoid robot industry. Representative domestic enterprises include Unitree Technology (宇树科技), Leju Robotics (乐聚机器人), Fourier Intelligence (傅利叶智能), UBTECH Robotics (优必选), DEEP Robotics (深圳深动), and others.

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performances, forming a scaled market demand in sub-sectors such as commercial performances and cultural exhibitions.

**2. Technology Level, Market Overview, and Future Development Trends of the High-Performance General-Purpose Quadruped Robot Industry**

**(1) Software and Hardware Technologies Are Increasingly Mature, with Significant Advantages in Complex Environments**

A quadruped robot is a highly capable bionic legged robot. Its design concept is to imitate the limb structure and locomotion of animals, using highly complex mechanical structures and robust control algorithms, equipped with multiple types of sensors, actuators, and control systems, endowing it with exceptional environmental adaptability and the ability to walk stably and execute tasks across a variety of complex terrains.

In the early 21st century, advances in computer control technology led to the emergence of early quadruped robot prototypes; however, the development of these early-concept-stage quadruped robots was relatively slow. With the rapid development of control theory, machine learning, precision manufacturing, and precision sensors, European and American research institutions and companies (such as Boston Dynamics) released quadruped robot prototypes. Subsequently, Unitree Technology (宇树科技) was the first in the world to achieve the technical solution and commercialization of high-performance electrically-driven quadruped robots. In recent years, the maturation of artificial intelligence, environmental perception, reinforcement learning, high-performance sensors, and high-computing-power chips has driven the development of high-performance quadruped robots toward a higher level of intelligence. Meanwhile, domestic enterprises have engaged in extensive technological exploration and process improvement, developing quadruped robot products with superior cost-performance ratios, thus leading the industry development of high-performance quadruped robots. Currently, against the backdrop of "technological maturity + cost reduction," quadruped robots are emerging as new products in fields such as scientific research, industry, fire rescue, and educational entertainment, with commercial application space gradually opening up.

At the current stage, quadruped robots possess the advantages of stable and agile complex-terrain traversal capability, load-bearing capacity, and autonomous navigation capability. As a result, they demonstrate strong adaptability in various complex environments, which is an important foundation for their commercial application.

**(2) Commercialization is Accelerating, with Broad Future Application Prospects**

Compared with bipedal humanoid robots, quadruped robots have higher effective payload and significantly stronger balance capability, and are also more amenable to control, design, and maintenance; consequently, their commercial deployment is faster. Both domestic and foreign enterprises have achieved mass production of quadruped robots at lower production costs through technological iteration and in-house development and manufacturing, and quadruped robots have already completed initial commercial deployment in certain scenarios (such as industrial inspection and fire rescue). Furthermore, from a technological perspective, quadruped robots share a degree of technological commonality with humanoid robots; the technology iteration and commercialization progress of quadruped robots also provide valuable technical and application experience for the future application of humanoid robots.

Currently, the application scenarios of quadruped robots can be divided into industry-level applications and consumer-level applications. In the short term, 1-1-109

**Unitree Technology Co., Ltd. (宇树科技股份有限公司)**

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the commercial deployment of industry-level scenarios such as power inspection and fire rescue is relatively fast; in the medium to long term, consumer-level commercial applications, supported by a vast consumer base, will be one of the core drivers of future market growth.

In industry-level applications, the primary commercial deployment of quadruped robots is currently concentrated in smart inspection and emergency fire-fighting scenarios. Quadruped robots can perform equipment monitoring and condition monitoring in industrial scenarios such as petrochemical, coal, power, and steel industries, while also conducting patrol and search-and-rescue operations in emergency response scenarios such as firefighting and disaster relief. Traditional manual inspection and rescue operations face problems such as harsh environments, high labor intensity, low efficiency, and high safety risks. Quadruped robots equipped with LiDAR, cameras, and gas sensors can autonomously navigate in complex environments, accurately collect data and monitor the environment, improving the accuracy and timeliness of inspection and rescue operations, ensuring safe facility operation, and precise completion of rescue missions.

In consumer-level applications, quadruped robots can accompany the elderly and children, providing entertainment and interaction to meet people's emotional needs; they can also serve as teaching aids, helping students learn new knowledge through interaction. As people's living standards improve and consumer concepts evolve, consumers are showing increasingly high acceptance of high-tech, intelligent, and highly interactive products, which is expected to drive explosive growth in the consumer-level market for quadruped robots. Performance and cost are important variables affecting deployment in the consumer sector. In terms of performance, natural human-machine interaction capability is an essential skill for quadruped robots to enter the home; the development of embodied large models is expected to achieve the integration of embodied intelligence at the model level, enabling quadruped robots to understand human behavior and make autonomous decisions, truly realizing their positioning as home companions. In terms of cost, the current retail price of consumer-level quadruped robots has already fallen below 10,000 yuan (RMB), and with subsequent expansion of production volume, costs are expected to continue declining under large-scale production. At that point, quadruped robots will truly begin to enter the home, becoming new consumer products in areas such as education, entertainment, and companionship.

**(3) Market Scale is Continuously Expanding, with Domestic Enterprises Holding a Far-Leading Market Share**

Although quadruped robot technology is currently still primarily in the R&D stage and being trialed in special scenarios, with continuous technological maturation, cost reduction, and expansion of application scenarios, quadruped robot prices will continue to decline and the overall market scale will continue to grow.

According to forecasts by industry research institutions, by 2030 global quadruped robot sales are expected to exceed 560,000 units, and the global quadruped robot market size is expected to exceed 8 billion yuan (RMB); by 2030, China's quadruped robot market sales will approach 400,000 units, accounting for approximately 71% of global sales, and China's quadruped robot market size in 2030 is expected to exceed 4.8 billion yuan (RMB), accounting for approximately 60% of the global market. China will become the world's largest market for quadruped robots.

According to estimates by industry research institutions, in 2024 the global quadruped robot market size was approximately USD 180 million, with 1-1-110

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products covering consumer-level and commercial-level quadruped robots, with sales shipments of approximately 20,000 units. Among these, consumer-level quadruped robots dominated in terms of shipments, accounting for 72.1% of total market shipments, primarily applied in education, training, and entertainment scenarios, and with strong accessibility and interactivity, driving technology popularization and user awareness. Commercial-level quadruped robots, although shipping in smaller volumes, have significantly higher per-unit added value due to their higher requirements for intelligence, environmental adaptability, and system reliability, and have achieved initial deployment in high-intensity scenarios such as university research, power, and petroleum industries.

At present, the global quadruped robot industry is still in the commercial start-up phase of technological exploration, and large-scale application has not yet been achieved. However, stimulated by the potential market space, the number of enterprises and institutions laying out the quadruped robot market worldwide continues to increase. The main participants in the global quadruped robot industry currently include Unitree Technology (宇树科技), Boston Dynamics, ANYbotics, and other manufacturers. Among these, domestic manufacturers have excelled in technological innovation, cost control, and local market adaptability. By continuously developing new products and services and actively expanding consumer-level and industry-level market share, they have gradually come to dominate the major global market share of quadruped robots.

In terms of the overall competitive landscape, the global quadruped robot market is increasingly dominated by domestic manufacturers. The Company has gained broad recognition from global users through its high-performance and high cost-performance advantages, demonstrating leading international competitiveness. Its quadruped robots have ranked first in global market share for multiple consecutive years.

**3. Technology Level, Market Overview, and Future Development Trends of the High-Performance General-Purpose Humanoid Robot Industry**

**(1) A Preliminary Innovation System Has Been Established, and Key Core Technologies Still Require Further Breakthroughs**

The development of the humanoid robot industry requires the collaborative innovation and joint breakthroughs of advanced technologies including artificial intelligence, high-end manufacturing, and new materials. According to the *Guiding Opinions on the Innovative Development of Humanoid Robots* issued by the Ministry of Industry and Information Technology, by 2025, the humanoid robot innovation system is to be preliminarily established, with breakthroughs achieved in a series of key technologies including the "brain," "cerebellum," and "body," ensuring a safe and effective supply of core components. Among these, the "brain," "cerebellum," and "body" are in fact an analogical understanding of the overall functional architecture of a general-purpose robot, with the main functions as follows:

| Main Architecture | Main Functions | |---|---| | "Brain" | Responsible for perceiving the external environment and simulating the human thinking and decision-making process; its primary functions are environmental understanding, intelligent interaction, and cognitive reasoning. Its foundation is the development of multimodal large models composed of machine vision, large language models, and other components. It generally refers to the cognitive intelligence or embodied large model that enables robots to achieve interactive understanding, autonomous decision-making, and task planning capabilities. | | "Cerebellum" | Imitates biological organisms in performing complex motion control; its primary functions are motion control, path planning, and gait balance. It generally refers to the intrinsic intelligence or embodied intrinsic intelligence model that enables robots to achieve high-stability, high-complexity, and high-dynamic-response motion control capabilities. | | "Body" | Encompasses the physical structure and actuators of the robot; it performs precise servo closed-loop control of each motor for efficient and accurate execution based on the motion planning from the cerebellum layer, completing predetermined motion tasks. |

Among these, the "brain" technology represented by embodied large models is the cognitive capability foundation for robots to achieve interactive understanding, autonomous decision-making, and task planning, and to enter application scenarios such as industrial production, social services, and household life at scale. The "cerebellum" technology represented by embodied intrinsic intelligence models is the motion capability prerequisite for robots to complete various complex tasks with high stability and high flexibility. 1-1-111

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**1) Current Technology Level and Future Development Direction of the Humanoid Robot "Brain"**

The "brain" of a humanoid robot is the core center for achieving intelligent decision-making and environmental interaction, and its technological development is undergoing a fundamental transformation from specialized, closed, pre-programmed systems to general-purpose, open embodied large models. This evolution is primarily built upon breakthrough progress in multimodal large model technology. At the current stage, advanced research systems are devoted to constructing cognitive architectures capable of deeply integrating and understanding multi-source heterogeneous information from vision, language, acoustics, and even touch. Such architectures enable robots to perform semantic-level deconstruction and modeling of unstructured environments, thereby completing natural language instructions that contain complex constraints and implicit premises.

At the system architecture level, in order to balance the generality of high-level cognition with the real-time performance and reliability of low-level control, the hierarchically collaborative framework of "brain-cerebellum" has become one of the mainstream technical routes. Within this framework, the high-level "brain" undertakes macro-cognitive functions such as symbolic reasoning, task planning, and scene understanding, with its output being abstract action intentions and goal states; the low-level "cerebellum" specializes in translating these abstract intentions into specific joint-space trajectories and torque control commands, while handling lower-level issues such as dynamic constraints and balance maintenance.

Furthermore, end-to-end Vision-Language-Action (VLA) models, as an emerging technical route, are receiving widespread attention. This model aims to bypass traditional explicit state estimation and symbolic planning steps, attempting to establish a direct mapping from high-dimensional perceptual inputs to low-level control commands, demonstrating good generalization capability when handling unknown tasks, and holding good development prospects.

Moreover, with breakthroughs in video generation, spatiotemporal modeling, and multimodal fusion technologies, "world models" have become another most promising technical route in the field of embodied intelligence. Their core significance lies in endowing agents with "intrinsic world understanding and simulation capabilities," enabling them to extract physical laws, causal structures, and environmental dynamics from high-dimensional, multimodal perceptual data corresponding to the process of interaction with the environment, thereby forming internal representations that can be used for reasoning and planning, and consequently improving decision-making performance. This gives rise to two core functions of "world models." The first is as a simulation engine, enabling robots to perform internal future scenario prediction and task rehearsal without having to rely entirely on real-world trial and error, providing synthetic data, significantly reducing data collection costs, and improving the speed of policy iteration. The second is policy enhancement, constructing a "World-Model–Action (WMA)" architectural paradigm, enabling the agent to not only understand "what is happening now" but, more critically, to predict "what will happen next" during its interactive operations with the environment, thereby supporting the decision-making model in generating safer, more efficient, and more universally applicable action policies. The gradual maturation of this WMA model technology is expected to lead a fundamental leap in the technological capabilities of embodied intelligence.

In addition to VLA models and WMA models, the dual-system architecture is also one of the important technical routes in the current field of embodied intelligence. This architecture imitates the human "fast-slow thinking" cognitive mode, using multimodal large models as the slow system to provide cross-scenario generalization perception and planning capabilities, and VLA/action expert strategies as the fast system to ensure real-time performance and reliability of actions, while also possessing advantages such as interpretability and interventionability of the decision-making process and independent iterative upgrading of each subsystem. Although efficient collaboration between the fast and slow systems still faces certain technical bottlenecks, the dual-system architecture, with its clear functional division and outstanding scalability, is still regarded as one of the most promising technical paths in the field of embodied intelligence. 1-1-112

**Unitree Technology Co., Ltd. (宇树科技股份有限公司)**

**Prospectus**

At present, embodied large models worldwide are in an exploratory stage of rapid technological development, and no unified, mature technical consensus or competitive landscape has yet been formed within the industry. Multiple technical routes including VLA models, WMA models, and dual-system approaches are developing in parallel, jointly exploring the future of embodied intelligence, and this situation also provides enterprises in the industry with broader space for innovation and differentiated competitive opportunities.

**2) Current Technology Level and Future Development Direction of the Humanoid Robot "Cerebellum"**

The "cerebellum" of a humanoid robot is the center of its motion control, responsible for translating the abstract motion intentions of the high-level "brain" into precise, stable, and compliant physical movements, while solving real-time control and dynamic balance problems in high-dimensional, nonlinear, underactuated dynamic systems. The current level of technology has significantly surpassed the traditional control technical route that relied on accurate analytical models and pre-programmed action libraries in early stages, entering a new phase of hybrid intelligent control characterized by the combination of data-driven methods and optimization theory.

At the level of whole-body motion control, current research is primarily focused on reinforcement learning control directions. Reinforcement learning is an important branch of machine learning, in which a robot learns through continuous interaction with the environment, using trial and error based on rewards or punishments received, ultimately finding the optimal strategy to achieve long-term goals. At the level of manipulation execution control, the technical path is shifting from cumbersome manual programming that relies on expert knowledge, toward autonomous manipulation paradigms based on large-scale demonstration datasets, diffusion models, deep learning, reinforcement learning, and other related technologies. By deploying parallel training clusters in highly realistic physical simulation environments and using deep reinforcement learning and other algorithms to explore vast policy spaces, robots can autonomously discover and master manipulation strategies that adapt to object shape uncertainty, environmental parameter changes, and task goal diversity. These strategies are then effectively transferred to physical entities through system identification and domain randomization simulation-to-reality techniques. 1-1-113

**Unitree Technology Co., Ltd. (宇树科技股份有限公司)**

**Prospectus**

**3) Current Technology Level and Future Development Direction of the Humanoid Robot Body**

The humanoid robot body is the physical carrier and execution terminal through which its cognitive intelligence and motion control capabilities are realized. The comprehensive performance of its mechanical structure, drive system, sensor configuration, and material selection fundamentally sets the upper limit of the robot's overall capabilities. Currently, the development trend of body technology exhibits the distinct characteristic of a mutual contest and integration between the pursuit of high performance and the feasibility of industrialization.

At the level of core drive and transmission components, joint modules, as the motion core of robots, are exhibiting increasing complexity in their technological integration. Advanced joint modules adopt a highly integrated mechatronic design, typically incorporating high-power-density frameless torque motors, low-backlash high-rigidity reducers, high-resolution encoders, and joint force or torque sensors, thereby achieving high-bandwidth force-position hybrid control and collision detection capabilities. In terms of end effectors, dexterous hands have evolved from functionally simple two-finger grippers to anthropomorphic designs with multiple active degrees of freedom and integrated distributed tactile sensing skins, enabling them to perform tasks requiring fine control of force and posture, such as stably gripping fragile items or operating specialized tools.

In terms of overall configuration and motion modality, there are currently multiple technical routes, primarily "biped humanoid" supplemented by "wheel-legged hybrid." Among these, the biped humanoid configuration theoretically has the best morphological adaptability to the existing infrastructure of human environments, and through the technical balance and overall improvement in dynamic balance control, energy efficiency, mechanical complexity, and manufacturing cost, it possesses strong commercialization capability. The hybrid configuration of "humanoid upper limbs and wheeled lower limbs" has higher mobility efficiency, longer endurance, better static stability, and lower commercialization costs on flat or slightly rough terrain, giving it the feasibility for priority deployment in specific application scenarios such as logistics, guide services, and reception.

Looking ahead, the evolution of humanoid robot body technology will unfold around the following directions. First is the standardization of the supply chain and the optimization and control of full-lifecycle costs. Currently, the R&D and manufacturing costs of prototype machines are relatively high; promoting the standardization, modularization, and performance grading of core components (such as joint modules, sensing units, and control interfaces) is a key prerequisite for achieving large-scale batch production, reducing marginal costs, and fostering a healthy industrial ecosystem. Second is the deep empowerment of new materials and advanced manufacturing processes. In order to achieve the balance of "lightweight," "high strength," and "high rigidity," high-performance carbon fiber composite materials, titanium-aluminum alloys, and lightweight lattice structures and topology-optimized components achieved through additive manufacturing technology will be widely explored and applied in the future, with the aim of radically reducing the rotational inertia of moving components and overall energy consumption while ensuring structural integrity. Third is the bionic optimization of the biped humanoid configuration solution, including simulating the response characteristics of biological tendons, designing passive safety structures during loss of balance, integrating high-density, multimodal (visual, tactile, force, inertial, auditory) body sensor networks, and constructing redundant 1-1-114

**Unitree Technology Co., Ltd. (宇树科技股份有限公司)**

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reliable, real-time proprioceptive sensing system.

(2) Commercial applications are in the exploratory stage, with enormous future market potential

Humanoid robot manufacturers have targeted multiple downstream application scenarios in their product development and market positioning. Based on the application plans of mainstream domestic and foreign manufacturers, in the short to medium term, humanoid robots will primarily be concentrated in fields such as scientific research, application development, education and teaching, cultural performances, and intelligent services; in the medium to long term, the goal for humanoid robots will be to enter factory workshops and ordinary households, providing relevant services for industrial, household, and social scenarios. The order in which application scenarios are realized will be jointly determined by the degree of structural organization of the application scenario and the complexity of the tasks to be performed.

As humanoid robots continue to evolve, they will serve as a new form of productive force in the future, replacing inefficient, repetitive, and high-risk manual operations in various scenarios. Humanoid robots, equipped with robotic arms, dexterous hands, and similar components, will first be suited to simple industrial processes such as handling, quality inspection, interfacing, and basic assembly, as well as work in service sectors such as performance, education, and health monitoring; as the technology progresses through successive stages, they will gradually become competent in higher-level tasks such as hazardous operations, flexible manufacturing, and complex household work. Applications in different fields are as follows:

1) Industrial application fields. The application of humanoid robots is in the exploratory and early stage, primarily being piloted in enterprises with demands for automation and intelligent operation. Compared to industrial robots and mobile robots, humanoid robots have better adaptability and flexibility in certain specific scenarios, but their large-scale application is still constrained by factors such as cost, technology, and market acceptance. On one hand, humanoid robots need to possess high-precision, high-speed, and high-stability motion control capabilities to meet the demands of various production tasks in industrial manufacturing, and also need to work in coordination with other equipment and systems to improve overall production efficiency; on the other hand, the research, development, and production costs of humanoid robots are relatively high, particularly with regard to key components such as sensors, actuators, and control systems, resulting in relatively high market prices for humanoid robots. Once these bottlenecks are overcome, humanoid robots are expected to first replace humans in complex, dangerous, and harsh environments such as intelligent patrol, hazardous operations, and disaster rescue, improving work efficiency and safety; at the same time, as their generalization capability and intelligence continue to improve, humanoid robots will be widely used in multiple industrialized scenarios such as automobile manufacturing, 3C electronics manufacturing, and smart logistics.

2) Consumer services sector. With the rapid development of artificial intelligence, machine learning, and sensor technology, as well as the continuously growing demand for convenient living, humanoid robots will play an important role in the fields of services, entertainment, healthcare, and elderly care. In household service and companionship scenarios, humanoid robots as companion robots can provide a variety of services including domestic work, education, and entertainment; in healthcare and rehabilitation scenarios, humanoid robots can assist medical personnel in their daily work, reducing their workload and burden, while providing personalized medical care and rehabilitation support; in educational and scientific research scenarios, humanoid robots can serve as teaching assistants in classrooms, imparting knowledge in vivid and engaging ways to stimulate students' interest in learning. At the same time, due to a series of technical and ethical issues including technological maturity, product performance, cost-effectiveness, user acceptance, and privacy protection, the commercial application of humanoid robots in the service sector is still in its early stages. As the above issues are progressively resolved and market demand continues to grow, it is expected that humanoid robots will continue to penetrate all the aforementioned fields in the future, profoundly changing people's lifestyles and the social service system.

(3) Application scenarios are gradually expanding, with technological innovation activating enormous market space

Currently, the global humanoid robot industry is in the early stage of technological exploration, and large-scale application of humanoid robots has not yet been achieved. Starting from 2024, domestic and foreign manufacturers including Unitree Technology (宇树科技), Tesla, and Agility Robotics have launched humanoid robots with potential for commercial deployment; based on the deployment scenarios planned by various enterprises, the industrial manufacturing and warehousing logistics sectors will be the first to achieve application. With continuous technological advancement, cost reduction, and expansion of application scenarios, the penetration rate of humanoid robots in multiple downstream fields including industrial manufacturing, consumer services, and public services is expected to gradually increase in the coming years.

According to predictions by industry research institutions, by 2030 the global humanoid robot market size is expected to reach USD 15 billion, with sales volume growing to 605,700 units. Among this, China's humanoid robot market size is expected to reach approximately 38 billion yuan (RMB) by 2030, with sales volume growing to 271,200 units. At the current stage, the development of China's humanoid robot industry relies on industry policy guidance and institutional safeguards, as well as a solid industrial chain foundation, a huge domestic demand market, and strong research and development capabilities, creating favorable conditions for large-scale technological innovation and commercial application of humanoid robots in the Chinese market.

**4. Major Barriers to Entry in This Industry**

(1) Professional technology and talent barriers

High-performance general-purpose robots are not a competition of individual technologies, but rather a comprehensive contest integrating software and hardware algorithms, artificial intelligence, scenario data, core component research and development, and production process optimization across multiple disciplines and fields. On one hand, R&D teams need to possess deep reserves of the aforementioned professional knowledge and technology, as well as a thorough understanding of upstream and downstream industries, in order to design high-performance robotic products that both meet customer needs and suit supply chain capabilities; on the other hand, production personnel need to form more efficient and cost-effective technical pathways through extensive process optimization, experimental testing, and product iteration, while ensuring high reliability and high consistency of products. Therefore, the multi-disciplinary, cross-domain technical characteristics of the industry place high demands on the professional knowledge and industry experience of practitioners.

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(2) Capital investment and cost barriers

The commercialization process of the high-performance general-purpose robot industry is significantly constrained by capital and cost barriers. On the R&D side, due to the complex mechatronic design and the cross-integration of software and hardware technologies, new entrants often require substantial and long-term R&D investment. On the manufacturing side, a single humanoid robot typically contains thousands of precision components, and the procurement costs of core components such as high-precision sensors, reducers, and motors are relatively high; if core components are to be self-developed and self-produced, significant human and capital investment is required. At the same time, because the industry has not yet formed a large-scale supply chain and downstream commercial applications have not yet achieved mature use, the steepness of the marginal cost reduction curve is lower than expected. These industry characteristics of "high R&D investment, long cycles, and high technology" place extremely high demands on capital investment and cost control, creating a competitive moat that is difficult for new entrants to overcome.

(3) Market competition and brand barriers

High-performance general-purpose robots are oriented toward both industry-level and consumer-level applications. For industry-level applications, customers in sectors such as power and firefighting that have achieved commercially mature applications tend to prefer working with enterprises that have successful deployment cases; future applications in fields such as industrial production, healthcare, and emergency rescue will also be dominated by leading enterprises, with a significant market leader effect. For consumer-level applications, a large number of consumers prioritize well-known brands of robotic products; market education, brand recognition cultivation, and brand ecosystem development are all key competitive elements. Leading enterprises are accelerating the construction of an integrated "hardware + software + services" ecosystem, and the gradually improving ecosystem stickiness will cause the customer acquisition costs for new robot brands to surge.

**5. Opportunities and Risks Faced**

(1) Opportunities faced

1) Continuous technological progress drives commercial deployment of products

Over the past decade, an increasing number of enterprises, universities, and academic institutions have continued to invest in the R&D of high-performance general-purpose robots, accelerating the technological advancement and commercial application of general-purpose robots. Although humanoid robots are currently mostly in the prototype development stage and partial mass production stage, the potential technological transformation they represent and their potential to change certain production and life scenarios deserve close attention.

At the same time, large AI models provide humanoid robots with more powerful perception, understanding, and decision-making capabilities, offering more comprehensive and intelligent functional support for humanoid robots. Meanwhile, China has already reached an internationally leading level in certain robot hardware fields, and Chinese enterprises, leveraging their significant cost advantages and technology accumulation, are expected to seize the initiative in industry development and lead breakthroughs in industry technology.

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2) Wide range of application fields drives enormous market space

Driven by multiple demands including population aging, rising labor costs, and the need to improve production efficiency and quality of life, high-performance general-purpose robots capable of replacing or assisting humans in performing various tasks have become an important breakthrough point for addressing labor shortages and efficiency bottlenecks, containing enormous market demand. On one hand, humanoid robots have gradually been applied to various industrialized scenarios such as power systems, emergency firefighting, construction sites, and smart factories by virtue of their terrain adaptability advantages, and their commercialization process is entering a stage of rapid development. On the other hand, humanoid robots are at a critical juncture of breaking through technological inflection points and building applications spanning both consumer-level and industry-level uses, and they also have the potential for application in multiple industries in the future, including but not limited to household services, education and entertainment, commercial services, healthcare, and industrial production. The realization of applications in these fields implies enormous market prospects, with the potential to drive a broad and vast consumer-level and industry-level market.

3) Policy support and social investment reinforce development momentum

In recent years, the central government and various regions across the country have successively issued policies related to the robotics industry, standardizing and encouraging the rapid growth of the industry and further increasing the acceptance of robots across various industries. China's industrial policies will bring positive impacts on the industry from both the supply side and the demand side. On the supply side, enterprises engaged in intelligent robot technology research and product development across various forms will receive policy support, which will facilitate the rapid development of enterprises; on the demand side, various industries will increase their acceptance of robots and attempt to explore robot applications, which will facilitate commercially mature applications. This plays a key role in the promotion, application, and iterative upgrading of robotic products.

The powerful social impact and potential economic benefits of general-purpose robots have driven large-scale investment by social capital and industrial funds, bringing enormous development opportunities to the robotics industry and its upstream and downstream industrial chain, accelerating the productization and industrialization process of the general-purpose robot industry, and potentially helping to accelerate its commercial deployment.

(2) Challenges faced

1) Core technologies still face bottlenecks requiring further breakthrough and innovation

As the most complex, highest-level, and most cutting-edge sub-segment of the robotics field, the development of high-performance general-purpose robots still faces numerous technical challenges, including but not limited to motion control and dynamic balance, perception and environmental interaction, artificial intelligence and learning capability, energy efficiency and endurance, more powerful human-machine interaction, and the precision and response speed of actuators. The development of the aforementioned core technologies involves cross-disciplinary integration, and continuous technological breakthroughs and innovations are still needed from hardware to software and from underlying control to advanced cognition, thereby further affecting the progress of high-performance general-purpose robots toward generalized, intelligent, and large-scale application.

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2) Persistently high R&D and production costs constrain large-scale application

The persistently high costs of high-performance general-purpose robots are an important reason constraining their development. On one hand, their production costs are high, with substantial investments in hardware, software, and artificial intelligence during the production process; since high-performance general-purpose robots have not yet achieved large-scale application, the economies of scale on the production side have not yet materialized. On the other hand, the upfront R&D investment in high-performance general-purpose robots in areas such as complex mechanical structures, high-performance sensing and interaction systems, and artificial intelligence is substantial, and the relevant technology R&D is fraught with uncertainty, making it difficult to accurately estimate the difficulty and time required for core technology breakthroughs. In many industrial scenarios, natural human labor, industrial robots, and automated equipment offer higher cost-effectiveness and can achieve automation functions at lower costs. Therefore, reducing the comprehensive costs of high-performance general-purpose robots to improve their cost-effectiveness is crucial for their large-scale application.

3) Current application scenario limitations are significant, with uncertainty in future market demand

There are numerous and complex application scenarios in the real world, with many edge cases or unconventional scenarios. When dealing with these special situations, high-performance general-purpose robots need to possess an extremely high degree of autonomy and adaptability, which is still difficult to achieve at the current level of technology. Therefore, the large-scale application market for high-performance general-purpose robots at the current stage is not yet mature, application scenarios are relatively limited and highly fragmented, and current commercial applications are mainly concentrated in scenarios such as quadruped robot inspection, quadruped/humanoid robot scientific research, and consumer entertainment. In broader industry-level applications, high-performance general-purpose robots have not yet formed complete commercially mature applications; in consumer-level applications, high prices and limited functionality present enormous challenges for large-scale commercial use.

**6. Cyclical Characteristics of the Industry**

The Company is primarily engaged in the research and development, production, and sale of high-performance general-purpose humanoid robots, quadruped robots, robot components, and embodied intelligence models. With the continuous increase in downstream industry demand and the sustained expansion of market space, there are no obvious cyclical characteristics in the industry.

During the reporting period, the industry in which the Company operates is in a stage of rapid development, with rapidly growing downstream market demand. The market size is expected to continue growing in the future, and the industry's technological level, development trends, barriers to entry, and other characteristics will remain basically stable.

**(IV) Competitive Landscape of the Industry**

**1. Competition in Sub-Segments**

Empowered by technologies such as artificial intelligence, large models, and cloud computing, general-purpose robots will gradually acquire powerful intelligence, reasoning capabilities, and human-like language abilities, and the industry's development is in the pre-stage of commercial explosion. The market generally expects that as the commercial deployment of general-purpose robots is gradually realized, the market size could reach tens of billions of dollars by 2030, with the potential to drive the development of a trillion-yuan-level industrial chain in the future.

Against this backdrop, in recent years an increasing number of manufacturers have begun to position themselves in industry-level and consumer-level quadruped/humanoid robots, leading to increasingly fierce competition. Among overseas enterprises, Boston Dynamics, Tesla, Figure, and others have pioneered exploration in technology development and commercial applications, providing important references for industry development; among domestic enterprises, specialized startup companies represented by Unitree Technology (宇树科技) focus on independent product development, iteration, and commercial scenario positioning, while some large technology enterprises leverage their advantages in AI and intelligent hardware ecosystems to explore ecosystem empowerment, and domestic vehicle manufacturers use the component advantages and production experience accumulated in automobile manufacturing to provide potential feasibility for robot R&D and industrial application scenario exploration. Major manufacturers are continuously launching products with superior performance and lower prices in order to compete for market share. Competitive market pressure has continuously driven down robot prices while also driving technological progress and cost optimization.

For quadruped robots, the competitive landscape has taken on relatively clear tiered characteristics, with participants broadly divided into domestic and overseas categories. In the domestic market, leading enterprises represented by Unitree Technology (宇树科技) possess full-stack independent R&D capabilities and first-mover product advantages, with Unitree Technology and DEEP Robotics (云深处) having established leading advantages in commercial application and large-scale delivery; beyond these two leading enterprises, other participating enterprises are mostly startups, with their products mostly in the new product promotion and market expansion stage. The rapid development and continuous innovation of domestic manufacturers have enabled quadruped robots to enter downstream fields such as scientific research and education, commercial consumption, and industry applications relatively quickly. By comparison, although overseas manufacturers started earlier, their current shipment volumes and application scale are generally lower than those of domestic enterprises, with downstream applications more concentrated in scientific research and industrial scenarios. European and American manufacturers represented by Boston Dynamics and ANYbotics primarily focus their quadruped robot business on high-unit-price equipment sales and customized project delivery, with relatively slow market expansion progress, and there is already a gap with domestic manufacturers in terms of large-scale popularization and commercial application.

For humanoid robots, domestic manufacturers have already shown significant scale differentiation. In the domestic market, Unitree Technology (宇树科技), as a leading manufacturer that was among the earliest to achieve commercial delivery and large-scale mass production, has products widely covering numerous real-world scenarios including scientific research and education, commercial consumption, and industry applications. Unitree Technology's 2025 shipment volume of purely humanoid robots (excluding dual-arm wheeled humanoid forms) has exceeded 5,500 units, ranking first globally in shipments. Apart from Unitree Technology and a small number of other enterprises whose 2025 shipment volumes have exceeded the thousand-unit scale, the shipment volumes of other major industry enterprises remain below the thousand-unit threshold, with mass production scale showing tiered differentiation, though all have achieved relatively rapid growth compared to the previous year. By comparison, overseas humanoid robot enterprises currently focus primarily on prototype development and iteration, pilot deployment, and small-scale delivery,

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paid for goods delivered, with mass production shipment volumes significantly lower than those of domestic companies. In 2025, the humanoid robot shipment volumes of major overseas manufacturers Figure and Agility Robotics were approximately 150 units each; the above data have not been publicly confirmed by the respective companies. Tesla has not yet publicly offered its humanoid robots for external sale, and its humanoid robots are currently used primarily for the company's internal development and testing.

At the current stage, the key focus of industry competition has shifted from prototype development and demonstration to product delivery and continuous iteration. Domestic manufacturers have demonstrated increasingly pronounced advantages in terms of industrialization pace, shipment scale, and scenario coverage. Among them, the Company stands out most prominently in terms of industrialization results—by simultaneously covering three categories of scenarios ("scientific research—industry—consumer") and building a platform-based ecosystem—and has maintained a leading market position. Meanwhile, some domestic enterprises place greater emphasis on advancing the validation and deployment of humanoid robots in industrial scenarios, which as a whole is currently in an exploratory and validation stage.

The high-performance general-purpose robotics industry is currently in its early stage of industrialization, facing numerous constraints including core technologies yet to be breakthroughed, high production costs, and limited commercial application scenarios. All companies entering the industry will face the constraints of the aforementioned issues. Companies that can first break through core technology bottlenecks, explore mature commercial application scenarios and establish mature applications, and achieve economies of scale on the production side while reducing costs will stand out and become leaders in the high-performance general-purpose robotics industry, capturing greater market share.

2. Major Companies in the Industry

(1) Tesla (TSLA.O)

Tesla was founded in 2003 and is a leading global enterprise in the electric vehicle sector. Tesla's robotics project is called Tesla Bot, also known as Optimus—a general-purpose bipedal humanoid robot developed by Tesla under the leadership of CEO Elon Musk. In August 2021, Tesla unveiled the humanoid robot concept machine Tesla Bot; in February 2022, Tesla introduced a humanoid robot prototype; in December 2023, Tesla released Optimus-Gen2, achieving certain improvements in stability, flexibility, speed, and lightweight design.

(2) Figure

Figure is a technology company focused on developing humanoid robots, founded in 2022. It is dedicated to creating general-purpose humanoid robots capable of autonomously completing complex tasks, with the aim of applying them diversely in the manufacturing, logistics, warehousing, and retail industries. In August 2024, the company launched its robot product Figure 02 and piloted its application in automotive factory production.

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(3) Boston Dynamics

Boston Dynamics was founded in 1992 and is a well-known American high-performance general-purpose robotics company. In 2013, Boston Dynamics released the humanoid robot Atlas and has continuously improved its performance; it is now capable of traversing obstacles, performing aerial rotations, back flips, and autonomous navigation in confined terrain.

(4) UBTECH Robotics Corp., Ltd. (深圳市优必选科技股份有限公司) (9880.HK)

UBTECH was founded in March 2012 and is primarily engaged in the business of intelligent service robots and intelligent robotics solutions. Its main products include educational intelligent robots, logistics intelligent robots, humanoid and commercial service robots, as well as consumer-grade robots and other hardware products such as intelligent lawn mowers, pool-cleaning robots, and floor-sweeping robots. Since 2018, UBTECH has successively launched multiple humanoid robot products in the Walker series.

(5) Shenzhen Dobot Co., Ltd. (深圳市越疆科技股份有限公司) (2432.HK)

Dobot was founded in July 2015 and is one of the enterprises specializing in the development, manufacturing, and commercialization of collaborative robots; it is also a participant in the embodied intelligent robotics industry. Dobot's collaborative robot products have been applied in the fields of industrial manufacturing, commercial retail, medical surgery, health therapy, and scientific research and education.

(6) Leju Robotics (Shenzhen) Co., Ltd. (乐聚智能（深圳）股份有限公司)

Leju Robotics (Shenzhen) Co., Ltd. was founded in March 2016 and is an enterprise engaged in the research, development, and production of intelligent robot products. The company has successively launched multiple intelligent robot products and derivatives.

(7) Hangzhou Yushu Technology Co., Ltd. (杭州云深处科技股份有限公司)

Hangzhou Yushu Technology Co., Ltd. was founded in November 2017. The "Jueying" series of quadruped robots developed by the company have been applied in scenarios including power station, factory, and pipeline inspection, as well as emergency rescue, fire investigation, and scientific research and development.

(8) Zhiyuan Innovation (Shanghai) Technology Co., Ltd. (智元创新（上海）科技股份有限公司)

Zhiyuan Innovation (Shanghai) Technology Co., Ltd. was founded in February 2023. Its main products include humanoid robots in the Yuanzheng, Jingling, and Lingxi series; it has reportedly been applied in scenarios such as education and scientific research, industrial manufacturing, cultural performance, interactive services, and commercial logistics.

3. The Issuer's Market Position

The Company adheres to the full-stack in-house development of core technologies for general-purpose robots and continuously enriches its product matrix. It has led innovation and large-scale commercialization in the high-performance general-purpose

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robotics industry, capturing a major share of the global market for both quadruped robots and humanoid robots—with particularly high brand recognition and market share in overseas markets. During the reporting period, the Company's cumulative quadruped robot sales exceeded 30,000 units, establishing the Company's dominant position in the global quadruped robot market. Meanwhile, since launching its first self-developed humanoid robot H1 in 2023 and the mid-sized humanoid robot G1 in 2024, the Company's humanoid robot product sales have achieved rapid growth. In 2025, the Company's humanoid robot shipment volume exceeded 5,500 units (pure humanoid robots, excluding wheeled dual-arm robots), ranking first globally in shipment volume, demonstrating the Company's first-mover commercial advantage driven by core in-house development and its leading market position in the general-purpose robotics sector.

Since its founding, the Company has continuously carried out technology research and development and product innovation in the field of high-performance general-purpose robotics. In particular, the Company has repeatedly achieved numerous industry-level breakthroughs in motion control capabilities—which represent the comprehensive performance of high-performance general-purpose robots—as exemplified below:

| Category | Event Date | Product Model | Event | Significance | |---|---|---|---|---| | High-Difficulty Movements | 2024 | H1 Humanoid | Full-size electrically-driven humanoid robot performs standing back flip | World's first | | | 2025 | G1 Humanoid | Electrically-driven humanoid robot performs standing side flip | World's first | | Movement Speed | 2020 | A1 Quadruped | Maximum running speed of 3.3 m/s | Fastest small-to-medium quadruped robot of similar specifications publicly available at that time domestically | | | 2021 | Go1 Quadruped | Maximum running speed of 4.7 m/s | Broke world record for running speed of quadruped robots of similar specifications | | | 2023 | B2 Quadruped | Maximum running speed of 6.0 m/s | Broke world record for running speed of quadruped robots of similar specifications | | | 2024 | H1 Humanoid | Running speed of 3.3 m/s achieved | Established world record for running speed of full-size humanoid robots | | | 2025 | H1 Humanoid | Running speed exceeding 5 m/s achieved | Broke world record for running speed of full-size humanoid robots | | | 2025 | H1 Humanoid | Completed 1,500 meters in 6 minutes 34 seconds | Broke long-distance running speed record for humanoid robots of the same specifications | | Load Capacity | 2025 | A2 Quadruped | Continuous walking of over 12 km for 3 hours with 25 kg ballast | Highest payload-to-endurance ratio quadruped robot of similar specifications publicly disclosed at that time | | Innovative Applications | 2026 | G1 Humanoid / H2 Humanoid | CCTV Year of the Horse Spring Festival Gala group dance "Wu BOT" | Multiple world records including continuous fancy table-running parkour and launched aerial flips; fully AI-driven autonomous swarm humanoid robot performance | | | 2025 | H1 Humanoid | CCTV Year of the Snake Spring Festival Gala group dance "Yang BOT" | Initiated the world's first humanoid robot combat competition | | Robot Games | 2025 | G1 Humanoid | Became the only participating model in the "CMG World Robot Championship · Series Competition" mech combat arena | — | | | 2025 | H1 Humanoid | Won 1st place in the 1,500-meter race with a time of 6 minutes 34 seconds | The Company won a total of 11 medals at the inaugural World Robot Sports Games, with the most gold medals and the highest total medal count among all enterprises, fully validating the Company's humanoid robots' outstanding | | | 2025 | H1 Humanoid | Won 1st place in the 400-meter race with a time of 1 minute 28 seconds | | | | 2025 | H1 Humanoid | Won 1st place in the 4×100-meter relay race with a time of 1 minute 48 seconds | | | | 2025 | G1 Humanoid | Won 1st place in the 100-meter obstacle race with a time of 33.71 seconds | |

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| Category | Event Date | Product Model | Event | Significance | |---|---|---|---|---| | | | | | athletic performance and reliability in competitive running, obstacle racing, and other high-dynamic tasks |

Note: The above performance records were compiled by the Company based on publicly available industry information at the time.

The Company has continued to expand the application of robots across multiple industry sectors. The Company's high-performance general-purpose robots, with their outstanding product performance, have provided critical support for cutting-edge robot algorithm validation, system integration research, and embodied intelligence exploration. They have been widely recognized by the academic community and technology enterprises, with representative customers including numerous well-known domestic and international universities, research institutions, and industry-leading technology companies.

In terms of industrial applications, the Company has promoted industry-level applications of general-purpose robots globally in the fields of inspection and surveying, fire rescue, and public services, bringing more efficient, safe, and intelligent new solutions to industries such as energy and chemicals, intelligent fire protection, and smart cities. These have been validated and applied at numerous domestic and international industry-leading enterprises including State Grid Corporation of China, China Southern Power Grid, PetroChina, Sinopec, and Baowu Group.

In the consumer sector, the Company's strategy of "high performance + high value-for-money" was the first to open up the critical pathway for general-purpose robots from technology R&D to large-scale application, significantly lowering the usage threshold for consumer-level users. The Company broadly covers the consumer-grade market demand for general-purpose robot products, facilitating the application of general-purpose robot products in consumer-grade markets such as education and teaching, cultural performance, and intelligent services. The Company has also won wide user favor through its excellent product experience and scenario adaptability, thereby gaining industry-leading market share and brand influence.

In addition, the Company's products have successively appeared at multiple international exhibition and performance events, including the 2021 CCTV Spring Festival Gala, the 2023 American Super Bowl, the 2023 19th Asian Games, the 4th Asian Para Games, the 2025 CCTV Spring Festival Gala, and the 2026 CCTV Spring Festival Gala, and have been reported on multiple occasions by authoritative media such as CCTV News. The Company's product strength has received widespread recognition from industry participants and users both domestically and internationally, demonstrating the technological stability and environmental adaptability of the Company's products.

4. Competitive Advantages and Disadvantages

(1) Competitive Advantages

1) Innovative Proprietary Algorithms and Intelligent Motion Control Advantages

The Company relies on its full-stack in-house development capabilities spanning from embedded low-level drivers to advanced motion control algorithms, building deep technical barriers in the field of robot software and algorithms. The Company's core algorithms are closely oriented toward the high-dynamic motion demands of robots in unknown and unstructured environments, covering multi-level capabilities including "cerebellum" motion control and "cerebrum" understanding and prediction. Through a continuous OTA upgrade mechanism and an open secondary development ecosystem, the Company continuously enhances the adaptability of various algorithms and commercialization efficiency.

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At the "cerebellum" level, the Company introduces deep reinforcement learning technology to address environmental uncertainty and complexity. Through large-scale parallel simulation and training, the Company improves the robot's motion capabilities and generalization in unknown environments. Through dynamic modeling and feedforward of the physical robot, the Company enhances consistency from simulation to the physical machine, while ensuring control precision and reliability. At the same time, the Company's motion control algorithms deeply integrate multi-modal sensing information from LiDAR, vision, inertial measurement units (IMU), and force sensors, achieving a closed-loop integration of multi-modal perception and motion control. In the continuous development and evolution of "cerebellum"-related embodied proprioceptive intelligence model technologies, the Company has demonstrated leading technological foresight and engineering execution capabilities, forming a clear, stable, and high-frequency iteration rhythm, reflecting continuously leading R&D efficiency and systematic innovation capability in the field of motion control.

At the "cerebrum" level, the Company uses large volumes of data collected from physical machines for training, enabling high-performance general-purpose robots to better understand natural language instructions and environmental perception interactions, and to generate corresponding action strategies, advancing toward true "embodied intelligence." At the same time, the Company actively explores and develops embodied intelligence models for robots, aiming to build embodied large models capable of predicting the robot's own interaction states with the environment. By predicting future interaction processes with the physical world to dynamically optimize decision-making performance, and combining the advantages of imitation learning and reinforcement learning, the Company significantly compresses algorithm iteration and task adaptation cycles, accelerating the transfer from simulation to physical implementation. With respect to R&D progress in "cerebrum"-related embodied large model technologies, the Company currently has layout and investment in both the WMA model and VLA model technology tracks. It has successively open-sourced and released the general WMA model "UnifoLM-WMA-0" in September 2025 and the general VLA model "UnifoLM-VLA-0" in January 2026, achieving relatively significant R&D results. The Company's overall R&D capabilities and technological maturity have already reached the industry-leading tier.

At the system-level support layer, the Company supports OTA upgrade mechanisms, which—compared to offline upgrades—enable faster and more continuous iteration of algorithm functions and improvement of user experience. The Company's self-developed onboard system algorithms possess monitoring and management capabilities for onboard resources, enabling sensing and calculation of load conditions, resource utilization, and other factors for effective scheduling. At the same time, the Company provides user-friendly visualization interfaces, flexible calling interfaces, and easy-to-use secondary development kits, allowing users to conveniently modify configuration parameters. This lowers the threshold for product use, attracts large numbers of developers for R&D and creation, and promotes algorithm optimization for deployment in specific scenarios through community feedback.

2) Full-Stack Proprietary Mechanical Design System and Hardware Advantages

Leveraging its hardware accumulation and deep vertical integration capabilities in the high-performance general-purpose robotics field, the Company has built a hardware proprietary development system covering mechanical structure, power systems, and embedded control. Facing the comprehensive requirements of hardware design for high-performance general-purpose robots, the Company focuses on the collaborative optimization of core aspects including joint actuation (motors, reducers, and drivers), energy management (high-power batteries, thermal control), and highly integrated lightweight structures, ensuring comprehensive whole-machine performance. Addressing the unstructured and high-dynamic complex operating conditions faced by high-performance general-purpose robots, the Company breaks through the fixed design paradigms of traditional industrial equipment and has independently developed a proprietary design theory and methodology system for high-performance general-purpose robots. This system encompasses transmission design, configuration optimization, structural strength verification, electromagnetic compatibility, and thermal management, providing a theoretical foundation and engineering practice support for the R&D of reliability, durability, and impact resistance of high-performance general-purpose robots in variable environments. At the same time, through the innovative application of new materials and advanced design methods such as topology optimization, the Company has significantly reduced the weight of key components and endowed the whole machine with an excellent balance between lightweight design and structural rigidity.

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At the level of joint actuation technology, the Company pioneered and adheres to the motor-driven route for general-purpose robots. Through self-developed high-power-density joint motors and matching servo drivers, the Company achieves precise control and efficient conversion of power output. The driver hardware selection and solution design take into account both high load capacity and instantaneous response characteristics, supporting millisecond-level torque adjustment and overheating protection, ensuring the stability of high-performance general-purpose robots during high-dynamic movements.

At the level of hardware system design, the Company deeply integrates embedded software and hardware with motion control algorithms. Through customized control architecture, the Company has built a high-real-time closed-loop system that not only ensures precise execution of complex movements, but also achieves intelligent management of motor heat and battery status. In addition, the Company implements a rigorous test and verification system and simulation-driven design, ensuring the reliability and adaptability of the hardware system under extreme operating conditions, laying a solid foundation for rapid product iteration and large-scale application.

3) Cost Control and Large-Scale Delivery Advantages

Since its founding, the Company has adhered to the technical path of in-house development of core components, and was among the first in the high-performance general-purpose robotics field to adopt motor-driven technology. Leveraging the deep accumulation of its core technology team, the Company has achieved independent R&D for motor drives, the overall mechanical structure, and whole-body control systems, significantly improving whole-machine performance and product reliability, resulting in advantages such as high control precision, fast response speed, low operating noise, and easy maintenance, while significantly reducing hardware costs.

Leveraging a flexible organizational structure and forward-looking market judgment, the Company has achieved technology reuse and collaborative R&D of core modules—including joint actuation, mechanical structure, battery management, and software algorithms—across humanoid robots and quadruped robots. This strategy has not only significantly reduced redundant R&D investment and effectively amortized the development cost per product, but has also markedly accelerated the process from prototype development to mass delivery. In addition, multi-product, multi-scenario technology validation

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and data feedback, continuously driving iterative optimization of key technologies to form a closed technology loop. Facing the industry characteristics of the AI era—rapid product iteration of high-performance general-purpose robots and continuously evolving hardware requirements—the Company emphasizes the stability and reliability of production processes and component selection, prioritizing solutions with high maturity and stable supply, while conducting in-depth optimization and custom development on this basis to meet the performance requirements of high-performance general-purpose robots. By building a highly flexible production process and supply chain system, the Company is able to respond quickly to technological changes and market demands, with shorter development cycles and faster mass delivery capabilities compared to competitors.

In terms of cost control, through the in-house research and production of core components and assemblies, the Company has progressively established its own production lines, achieving deep control over the supply chain. This vertical integration capability not only ensures rapid product and technology iteration but also significantly reduces material procurement and manufacturing costs. Scaled production further strengthens the Company's bargaining power with upstream suppliers, creating a sustained cost advantage. For example, the starting price of the Company's Go2 Air quadruped robot has dropped to below 10,000 yuan (万元); the starting price of the basic version of the G1 humanoid robot is 85,000 yuan (8.5万元); and the R1 Air humanoid robot further continues the high cost-performance positioning, with a starting price of 29,900 yuan (2.99万元), once again lowering the market price threshold for high-performance general-purpose humanoid robots, demonstrating the Company's industry-leading capabilities in cost control and scaled delivery.

4) Advantages in Rapid Product Iteration and Continuous Innovation

The Company has established a highly flat organizational structure that breaks down collaboration barriers between departments, significantly improving decision-making and response efficiency. Supported by this mechanism, the Company's product iteration speed significantly leads the industry, enabling rapid responses to technological changes and market demands, and continuously developing competitive innovative products.

The Company adheres to self-developed technology as its core, achieving breakthroughs in key components such as high-performance motors, reducers, and dexterous hands, with performance reaching industry-leading levels, laying a solid foundation for the high performance and high cost-performance ratio of complete products. Leveraging rapid prototyping and iterative upgrades, as well as advanced reinforcement learning-based algorithms, the Company's products have achieved continuous and efficient technology accumulation and innovation breakthroughs. For example, in March 2024, the Company was the first in the world to achieve a backflip by a full-size electrically driven humanoid robot; during the same period, the humanoid robot H1 broke the world record with a running speed of 3.3 m/s; in the first quarter of 2025, the humanoid robot G1 successively completed five iterations of high-dynamic motion upgrades; and in August of the same year, the Company's humanoid robot products achieved four championship titles at the 2025 inaugural World Robot Sports Games. These achievements not only demonstrate the Company's formidable technical strength but also reflect the rapid responsiveness of its technology system.

The Company's core technology team possesses the technical foundation and innovative DNA to persist in self-developed research, comprising primarily master's and doctoral talent from numerous well-known domestic and international universities, with rich project experience and solid research capabilities. Under the leadership of founder Wang Xingxing (王兴兴), the Company's core technology team upholds the corporate culture of "extreme insight, self-achievement, and collaborative win-win," fulfills its mission of "creating the world's technology tree," and continues to innovate and break through toward the corporate vision of "advancing the world through technology."

5) First-Mover Advantage and Extensive Product Matrix Advantage

At its founding, the Company demonstrated keen market foresight, rapidly gaining market share through technologically advanced quadruped robots, and progressively building an open, collaborative industrial chain cooperation network leveraging first-mover advantages and cost control capabilities, establishing close cooperative relationships with various high-quality partners, and continuously enhancing product diversity and business flexibility. Based on the Company's deep technical accumulation and in-house production experience in the quadruped robot sector, in 2023 the Company self-developed and mass-produced its first humanoid robot product, H1, officially entering the humanoid robot sector, and leading the development of the humanoid robot industry through rapid mass production capabilities. Currently, the Company has formed a product layout covering quadruped robots (Go series, A series, B series) and humanoid robots (H series, G series, R series), and has expanded into key components such as dexterous hands, collaborative robotic arms, and LiDAR, constructing a robot product matrix centered on "mobility + manipulation + interaction." With full-chain in-house R&D and production capabilities and multi-product synergy advantages, the Company not only continuously leads in performance but has also established an industry benchmark in high cost-performance ratio, continuously driving innovative R&D and application breakthroughs in robot technology.

6) Open and Leading Industrial Chain Cooperation Advantage

The Company attaches great importance to deepening its presence in the scientific research and education market, establishing deep cooperation with globally renowned universities and technology enterprises to jointly explore frontier robotics technology. Against the backdrop of rapidly evolving AI technology, the Company maintains keen sensitivity to the latest technology trends, actively builds an open and collaborative robotics ecosystem, establishes first-mover advantages in the high-performance general-purpose robot industry, and provides continuous empowerment in robot intelligence.

By building an embodied intelligence open-source community, the Company open-sources full-process algorithms based on its products, covering data collection, model training, real-robot deployment, and motion control; products have high scalability in structure, interfaces, and functionality, supporting developers to customize hardware configurations, add peripherals, or upgrade modules according to their needs, thereby providing developers with full-chain secondary development support. The Company's open-source reinforcement learning platform has attracted extensive collaboration from numerous well-known domestic and international universities and research institutions, mutually promoting theoretical and algorithmic innovation and iteration. Under this open innovation cooperation model, the iteration speed of modules such as world models and motion control is several times faster than traditional closed R&D models, forming a virtuous cycle of technology feedback and product iteration.

In terms of industrial commercialization, the Company not only provides software development and mechanical modification support, but also offers customized solutions for different industry

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needs, configuring dedicated peripheral equipment for scenarios such as intelligent inspection, exploration and detection, and emergency fire response. Currently, the Company's quadruped robot and humanoid robot products and technology services have been applied in multiple sectors including petrochemicals, electric power, and education. By continuously expanding ecosystem development and strategic cooperation, the Company is steadily advancing the innovation and application of robot technology globally.

(2) Competitive Disadvantages

1) Relatively Concentrated Financing Channels

The high-performance general-purpose robot industry is at the initial stage of commercial explosion. In order to maintain the Company's technological competitiveness, continuously strengthen the core competitiveness of products, and ensure timely responses to market demand changes, the Company must make large-scale capital and R&D investments on a long-term, sustained basis, requiring substantial financial support in areas such as factory expansion, equipment procurement, market development, R&D investment, and talent recruitment. Currently, the Company's capital investment primarily comes from primary market equity financing and its own accumulated resources, resulting in relatively concentrated financing channels and limited overall financial strength, which to a certain extent constrains the Company's scale expansion and business development.

2) Industry Application Yet to Be Deepened

With technological advancement, the market broadly anticipates that humanoid robots will see significant improvements in production efficiency in the future, playing a more important role in industrial production, medical services, warehousing and logistics, home companionship, scientific research and education, and other fields. As products of emerging technology, although a large number of enterprises have entered the global robot industrial chain to participate in production and R&D, most humanoid robots currently on the market remain at the stage of application scenario verification and testing, and large-scale commercial deployment has not been achieved in everyday domains. As an industry leader, the Company continuously explores practical applications of humanoid robots through technical cooperation with top domestic and international universities, commercial validation with leading downstream industry customers, and other means. There remains a certain degree of uncertainty as to whether the enormous potential of the relevant markets can be realized in practice.

(V) Comparison with Comparable Companies in the Same Industry

1. Main Business Overview

The Company is primarily engaged in the R&D, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robot components, and embodied intelligence models. Currently, there are no general-purpose robot listed companies on the A-share market; the Company has selected humanoid robot-related listed companies on the Hong Kong stock market as comparable companies. The relevant information is as follows:

| Comparable Company | Main Business Description | |---|---| | UBTECH (优必选) | Primarily engaged in intelligent service robots and intelligent robot solution businesses; main products include educational intelligent robots, logistics intelligent robots, humanoid and commercial service robots, and consumer-grade robots such as intelligent lawn mowers, pool cleaning robots, and sweeping robots, as well as other hardware products |

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| Comparable Company | Main Business Description | |---|---| | Dobot (越疆) | Primarily engaged in the design, development, manufacturing, and commercialization of collaborative robots. In March 2025, Dobot officially launched its embodied intelligence humanoid robot Atom; main products include six-axis collaborative robots, four-axis collaborative robots, and composite robots |

2. Operating Results

A comparison of operating results between the issuer and comparable companies in the same industry is as follows:

Unit: 万元 (RMB 10,000)

| Company Name | Reporting Period | Revenue | Net Profit After Non-Recurring Items | Net Margin After Non-Recurring Items | |---|---|---|---|---| | UBTECH (优必选) | January–September 2025 | — | — | — | | | 2024 | 130,536.10 | -109,310.10 | -83.74% | | | 2023 | 105,569.80 | -120,984.90 | -114.60% | | | 2022 | 100,827.20 | -97,480.90 | -96.68% | | Dobot (越疆) | January–September 2025 | — | — | — | | | 2024 | 37,367.80 | -9,536.30 | -25.52% | | | 2023 | 28,674.90 | -10,328.10 | -36.02% | | | 2022 | 24,101.30 | -5,247.70 | -21.77% | | Unitree Technology (宇树科技) | January–September 2025 | 116,749.01 | 43,061.23 | 36.88% | | | 2024 | 39,237.06 | 7,750.36 | 19.75% | | | 2023 | 15,913.44 | -1,801.91 | -11.32% | | | 2022 | 12,291.95 | -807.08 | -6.57% |

Data source: Wind calculations, periodic reports and publicly disclosed documents of each listed company.

3. Market Position

For a comparison of the Company's market position with that of comparable companies in the same industry, please refer to "II. (IV) 3. Issuer's Market Position" in this section.

4. Issuer's Technological Strength and Key Business Data and Indicators Measuring Core Competitiveness

As a complex system integrating software and hardware algorithms, artificial intelligence technology, production engineering technology, and R&D of various components and parts across multiple disciplines and fields, the technological strength and core competitiveness of enterprises in the high-performance general-purpose robot industry are difficult to reflect through specific technical indicators; they are typically reflected in a comprehensive manner across engineering mass production capabilities, product layout and iteration speed, motion control capabilities, and open-source ecosystem systems.

(1) Engineering Mass Production Status

Based on publicly available information, the engineering mass production status of the Company and comparable listed companies in the same industry is as follows:

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| Company Name | Main Robot Products | Cumulative Sales of General-Purpose Robots | |---|---|---| | UBTECH (优必选) | Educational intelligent robots, logistics intelligent robots, humanoid and commercial service robots, and consumer-grade products such as intelligent lawn mowers, pool cleaning robots, and intelligent sweeping robots | According to the company's public disclosures, Walker S2 robot deliveries exceeded 500 units in 2025. According to third-party reports, UBTECH's 2025 shipment volume was 1,000 units or 600 units | | Dobot (越疆) | Collaborative robots, embodied intelligence humanoid robots | According to the company's public disclosures, Dobot released its first humanoid robot Atom in June 2025 and achieved small-batch delivery of embodied intelligence robots in the first half of 2025 | | Unitree Technology (宇树科技) | High-performance general-purpose humanoid robots, quadruped robots, robot components | During the reporting period from 2022 to September 2025, the Company's cumulative humanoid robot sales were nearly 4,000 units, and cumulative quadruped robot sales exceeded 30,000 units. In 2025, humanoid robot shipments have exceeded 5,500 units (pure humanoid robots, excluding wheeled dual-arm robots); based on data released by third parties on 2025 global humanoid robot shipment volumes of other industry enterprises, the Company's 2025 humanoid robot shipment volume ranks first globally in the industry. |

Data source: Periodic reports of each listed company, company official websites, and publicly disclosed documents. UBTECH's 2025 humanoid robot shipment volume is compiled from "Omdia Market Radar: General-purpose Embodied Intelligent Robots, 2026" and "2025 Humanoid Robot Market Research Report."

As shown in the table above, the Company has achieved large-scale mass production and stable delivery of both quadruped robots and humanoid robots, forming an engineering manufacturing system of relatively high maturity. For the robotics industry, engineering mass production is not only a reflection of production capability, but also a core verification indicator of technology maturity and commercial viability.

(2) Product Layout and Iteration Speed

Since the Company launched its first commercial product, Laikago, in 2017, it has maintained a relatively high frequency of new product releases and iterations, reflecting the Company's rapid innovation and R&D strength in the robotics field. Taking humanoid robots as an example: in August 2023, the Company's first self-developed full-size humanoid robot H1 came to market; just nine months later, in May 2024, the Company launched the mid-size humanoid robot G1, which garnered widespread market acclaim for its precise motion control capabilities and highly anthropomorphic interactive performance. Entering 2025, the Company once again made major product announcements, including R1, which focuses more on practicality and interactive experience, and H2, which achieves major breakthroughs in motion capability and flexibility.

In terms of product layout, the Company's product matrix is relatively comprehensive, broadly covering both full-size (H1, H2) and mid-size/mid-to-small-size (G1, R1) humanoid robots, as well as industry-grade (B1, B2, and A2) and consumer-grade (Go1, Go2) quadruped robots, with relatively early launch dates, giving the Company a significant first-mover advantage, full-category coverage, and rapid iteration advantage across all relevant fields.

(3) Robot Motion Control Capability

Whether general-purpose robots can complete high-difficulty actions is also regarded as a comprehensive reflection of technology maturity. This not only tests the hardware performance and collaborative design of various body structure components, but also places high demands on motion control algorithms; any technical shortcoming in any link will cause problems such as unstable motion, delayed response, or insufficient robustness in the overall system. At the same time, motion capability with high stability and high complexity is an important prerequisite for general-purpose robots to perform complex tasks in more application scenarios in the future.

In recent years, the completion of high-difficulty actions by the Company's humanoid robots is as follows:

| No. | High-Difficulty Action | Time | Event | |---|---|---|---| | 1 | Standing backflip | March 2024 | The Company's full-size electrically driven humanoid robot H1 achieved a standing backflip, the first such instance globally. | | 2 | Group dance | January 2025 | 16 of the Company's H1 humanoid robots participated in the group dance performance "Seedling BOT" (秧BOT) on CCTV's Snake Year Spring Festival Gala, with movements designed according to dance requirements, executed through AI training, and capable of fully automatic formation changes. | | 3 | Standing side flip | March 2025 | G1 completed the world's first standing side flip by an electrically driven humanoid robot. | | 4 | Combat | May 2025 | The Company's humanoid robot G1 became the sole participating model in the mech combat arena competition of the "CMG World Robot Competition · Series," opening the global precedent for humanoid robot combat competitions. | | 5 | Competitive running, obstacle race | August 2025 | The Company won a total of 11 medals at the inaugural World Humanoid Robot Sports Games, claiming first place in the 1,500-meter race, first place in the 400-meter race, first place in the 4×100-meter relay race, and first place in the 100-meter obstacle race, fully validating the outstanding athletic performance and reliability of the Company's humanoid robots (H1, G1) in high-dynamic tasks such as competitive running and obstacle racing. The Company achieved the highest total gold medal count and total medal count. | | 6 | Accompanying dance, Webster flip | December 2025 | Six of the Company's G1 humanoid robots performed on stage alongside singer Wang Leehom (王力宏) at a Chengdu concert, performing "Full Firepower" (《火力全开》), repeatedly and continuously completing high-difficulty movements including accompanying dance and Webster flips. | | 7 | Group martial arts performance | February 2026 | 25 of the Company's humanoid robots participated in the CCTV 2026 Spring Festival Gala program "Martial BOT" (《武BOT》), breaking multiple world records, including: (1) World's first continuous fancy table-flip parkour; (2) World's first catapult flip, with a maximum flip height exceeding 3 meters; (3) World's first consecutive single-leg flips with two-step wall-kick backflip; (4) World's first Airflare with seven and a half rotations; (5) World's first group rapid repositioning (maximum arbitrary repositioning speed of up to 4 m/s). |

Unitree Technology Co., Ltd. (宇树科技股份有限公司) ## Prospectus

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Taking the technical capabilities demonstrated by the Company in the "Wu BOT" (武BOT) program at the 2026 Spring Festival Gala as an example: through a comprehensive upgrade of the cluster planning and control system and stunt motion control technology, the Company achieved rapid choreography, simulation migration, and stable coordination for large-scale robot cluster movements. Through a self-developed high-dynamic positioning control system and large-scale pre-trained motion control model, the Company ensured precise execution of high-speed robot movement and positioning, smooth splicing of multiple complex actions, and strong generalization capabilities. Through the innovative development of an AI whole-body state model and an elastic energy management system, the Company effectively resolved the challenges of robot positioning during intense movements and the impact of transient high-current surges. This broad and deep multi-domain technological innovation helped the Company successfully present, in a live setting, the world's first fully autonomous humanoid robot cluster martial arts performance (including complex high-speed positioning maneuvers), setting multiple industry records.

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**Unitree Technology Co., Ltd. (宇树科技股份有限公司)** **Prospectus**

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Among these, the cluster motion control technology for high-difficulty movements in humanoid robots — as a concentrated breakthrough addressing technical challenges such as multi-robot collaboration, tool interaction, and environment interaction — is highly compatible with the environmental characteristics of real-world scenarios such as industrial manufacturing, warehousing and logistics, and home services, and possesses a clear technology transfer pathway. For example, cluster automatic control and action synchronization achieved through the multi-robot collaboration system can be applied to industrial inspection, warehouse sorting, and assembly lines; tool interaction and anti-disturbance capabilities can be transferred to application scenarios such as factory assembly, heavy-object handling, and household services; the relative positioning and environment interaction technologies demonstrated by parkour and table-flipping maneuvers can help improve the operational efficiency and environmental adaptability of robots in scenarios such as navigating narrow spaces and climbing stairs.

**(4) Open-Source Ecosystem for Product Technology**

As of the end of February 2026, the open-source technologies released by the Company cover multiple general-purpose robotic technology chains, including simulation modeling, motion control, embodied large models, and supporting software technology stacks, with early development timelines and high industry recognition. First, in terms of open-source timing and community influence, the Company has been continuously releasing open-source projects on GitHub — the world's largest code hosting platform and open-source community — since 2018, and has now accumulated and published 43 projects, achieving a number of open-source releases and followers far exceeding peers in the industry, and forming an active and large developer base.

Second, in terms of technical breadth and system completeness, the Company's open-source content covers the complete chain from cutting-edge embodied large models and underlying motion control to software and hardware interfaces. Representative open-source achievements include: reinforcement learning training for motion control, simulation environment construction, teleoperation and real-machine data collection, robot SDK and Python interfaces, ROS/ROS2 middleware integration, SLAM and multi-modal perception, as well as the UnifoLM-WMA-0 model and UnifoLM-VLA-0 model and other key technologies.

In summary, compared with companies in the same industry, the Company is at an industry-leading level in terms of engineering mass production, product iteration speed, product matrix layout, motion control capabilities, and open-source ecosystem, comprehensively reflecting the Company's technical strength and core competitiveness.

**(VI) The Position and Role of the Issuer's Industry in the Industrial Chain, and Its Correlation with Upstream and Downstream Industries**

High-performance general-purpose robots are intelligent robots equipped with environmental perception, flexible motion capabilities, autonomous learning and collaboration capabilities, and the ability to adapt to different tasks. High-performance general-purpose robots can perform a variety of tasks ranging from physical operations to intelligent decision-making, and are designed to serve as multi-functional assistants in human production and daily life.

The industrial chain of high-performance general-purpose robots mainly consists of upstream components, assemblies, and perception and motion control systems; midstream robot bodies; and downstream terminal applications. It can be divided into two major directions: quadruped robots and

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**Unitree Technology Co., Ltd. (宇树科技股份有限公司)** **Prospectus**

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humanoid robots. For details, please refer to "Section II, (III), 1: The Position and Role of High-Performance General-Purpose Robots in the Industrial Chain, and Their Correlation with Upstream and Downstream Industries" of this section.

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III. Sales Conditions and Major Customers

(I) Production Status of Major Products

The Company's main production processes include the production, assembly, and testing of components and complete products such as motors, reducers and joint modules, battery modules, circuit modules, and structural parts. The Company operates under a flexible production model. During the reporting period, the Company can flexibly allocate production personnel among various production lines, and there is no relatively fixed designed production capacity.

The Company's production volume, sales volume, and production-to-sales ratio by product type are shown in the following table:

**Unit: Units**

| Item | Product Category | 2025 Jan–Sep | 2024 | 2023 | 2022 | |---|---|---|---|---|---| | Production Volume | Quadruped Robots | 21,122 | 7,240 | 3,149 | 2,520 | | Sales Volume | Quadruped Robots | 17,946 | 7,136 | 3,121 | 2,403 | | Production-to-Sales Ratio | Quadruped Robots | 84.96% | 98.56% | 99.11% | 95.36% | | Production Volume | Humanoid Robots | 3,701 | 545 | 9 | — | | Sales Volume | Humanoid Robots | 3,551 | 410 | 5 | — | | Production-to-Sales Ratio | Humanoid Robots | 95.95% | 75.23% | 55.56% | — |

Regarding quadruped robots: the production-to-sales ratio was generally at a high level during the first three years of the reporting period. The production-to-sales ratio for quadruped robots declined somewhat in the January–September 2025 period, primarily because the Company began cooperating with JD.com's self-operated (京东自营) channel at the end of 2024, mainly selling consumer-grade quadruped robots to it under a transaction model whereby goods are shipped first and settlement is made afterward, with revenue recognized upon settlement. As of the end of September 2025, the quantity of goods dispatched by the Company that remained in JD.com's self-operated warehouses was relatively large, resulting in a temporary decline in the production-to-sales ratio.

Regarding humanoid robots: the Company's production and sales volumes have increased year by year. In 2023 and 2024, the Company's H1 and G1 humanoid robots were successively brought to market and began mass production and sales, with the production-to-sales ratio rising accordingly. By January–September 2025, the Company's humanoid robot production-to-sales ratio had risen to a high level.

(II) Revenue Status of Major Products

**1. Breakdown of Revenue from Principal Business**

The breakdown of the Company's principal business revenue by product category during the reporting period is as follows:

**Unit: 万元 (RMB 10,000)**

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**Unitree Technology Co., Ltd. (宇树科技股份有限公司)** **Prospectus**

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| Category | 2025 Jan–Sep Amount | % | 2024 Amount | % | 2023 Amount | % | 2022 Amount | % | |---|---|---|---|---|---|---|---|---| | Quadruped Robots | 48,798.55 | 42.25% | 23,054.37 | 59.53% | 11,938.09 | 75.78% | 9,282.38 | 76.57% | | Humanoid Robots | 59,518.79 | 51.53% | 10,689.76 | 27.60% | 296.71 | 1.88% | — | — | | Robot Components | 6,653.89 | 5.76% | 4,453.82 | 11.50% | 2,692.34 | 17.09% | 2,141.42 | 17.66% | | Other | 523.72 | 0.45% | 529.33 | 1.37% | 826.51 | 5.25% | 698.97 | 5.77% | | **Total** | **115,494.95** | **100%** | **38,727.28** | **100%** | **15,753.65** | **100%** | **12,122.77** | **100%** |

During each period of the reporting period, the Company achieved principal business revenue of 12,122.77万元, 15,753.65万元, 38,727.28万元, and 115,494.95万元 respectively, primarily composed of quadruped robots and humanoid robots.

**2. Price Changes of Major Products**

During the reporting period, the price changes for the Company's quadruped robots and humanoid robots are as follows:

| Product Type | Item | 2025 Jan–Sep | 2024 | 2023 | 2022 | |---|---|---|---|---|---| | Quadruped Robots | Sales Volume (units) | 17,946 | 7,136 | 3,121 | 2,403 | | Quadruped Robots | Unit Price (万元/unit) | 2.72 | 3.23 | 3.83 | 3.86 | | Quadruped Robots | Sales Revenue (万元) | 48,798.55 | 23,054.37 | 11,938.09 | 9,282.38 | | Humanoid Robots | Sales Volume (units) | 3,551 | 410 | 5 | — | | Humanoid Robots | Unit Price (万元/unit) | 16.76 | 26.07 | 59.34 | — | | Humanoid Robots | Sales Revenue (万元) | 59,518.79 | 10,689.76 | 296.71 | — |

The growth in quadruped robot revenue during the reporting period is primarily attributable to the rapid growth in product sales volume. Although the average selling price of the Company's quadruped robot products has declined year by year due to improvements in process technology, reductions in manufacturing costs, and changes in product mix, sales revenue has still achieved relatively rapid growth thanks to the rapid increase in sales volume.

In 2023, after the Company's first full-size general-purpose humanoid robot H1 came to market, the Company completed the sale of 5 humanoid robots in that year, with a relatively high unit selling price. In 2024, after the Company's first medium-sized general-purpose humanoid robot G1 came to market, sales of humanoid robots entered a phase of rapid growth, with volume growth becoming the primary driver of revenue growth for the Company's humanoid robots.

**3. Major Sales Models**

During the reporting period, the Company's products were sold using a combination of offline and online channels, as well as direct sales and distribution. The specific revenue breakdown is as follows:

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**Unitree Technology Co., Ltd. (宇树科技股份有限公司)** **Prospectus**

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**Unit: 万元 (RMB 10,000)**

| Item | 2025 Jan–Sep Amount | % | 2024 Amount | % | 2023 Amount | % | 2022 Amount | % | |---|---|---|---|---|---|---|---|---| | Online Sales | 15,587.83 | 13.50% | 4,026.34 | 10.40% | 2,069.52 | 13.14% | 1,634.17 | 13.48% | | Of which: Direct Sales | 11,452.25 | 9.92% | 4,026.34 | 10.40% | 2,069.52 | 13.14% | 1,634.17 | 13.48% | | E-commerce Warehouse Entry | 4,135.58 | 3.58% | — | — | — | — | — | — | | Offline Sales | 99,907.12 | 86.50% | 34,700.94 | 89.60% | 13,684.13 | 86.86% | 10,488.60 | 86.52% | | Of which: Direct Sales | 58,086.80 | 50.29% | 20,873.10 | 53.90% | 8,077.30 | 51.27% | 6,408.57 | 52.86% | | Distribution | 41,820.32 | 36.21% | 13,827.84 | 35.71% | 5,606.83 | 35.59% | 4,080.04 | 33.66% | | **Total** | **115,494.95** | **100%** | **38,727.28** | **100%** | **15,753.65** | **100%** | **12,122.77** | **100%** |

As shown in the table above, during the reporting period, revenue from the Company's offline sales channels accounted for a relatively high proportion, consistently maintained at above 85%. Meanwhile, the offline channel adopted a sales model primarily based on direct sales, supplemented by distribution.

(III) Major Customers During the Reporting Period

During the reporting period, the Company's sales to major customers are as follows:

| Year | No. | Customer Name | Sales Amount | Revenue % | |---|---|---|---|---| | 2025 Jan–Sep | 1 | JD.com Group Co., Ltd. (京东集团股份有限公司) | 4,136.18 | 3.54% | | 2025 Jan–Sep | 2 | Overseas Customer A (Asia) | 2,664.39 | 2.28% | | 2025 Jan–Sep | 3 | Overseas Customer B (Asia) | 2,036.98 | 1.74% | | 2025 Jan–Sep | 4 | Beijing Chaoyuan Times Technology Co., Ltd. (北京朝元时代科技有限公司) | 1,805.25 | 1.55% | | 2025 Jan–Sep | 5 | Overseas Customer C (Europe) | 1,756.44 | 1.50% | | 2025 Jan–Sep | **Total** | | **12,399.24** | **10.61%** | | 2024 | 1 | Overseas Customer A (Asia) | 1,403.27 | 3.58% | | 2024 | 2 | Overseas Customer B (Asia) | 1,066.81 | 2.72% | | 2024 | 3 | Overseas Customer Q (North America) | 884.94 | 2.26% | | 2024 | 4 | Overseas Customer C (Europe) | 780.02 | 1.99% | | 2024 | 5 | Domestic Customer A1 | 715.27 | 1.82% | | 2024 | **Total** | | **4,850.31** | **12.36%** | | 2023 | 1 | Overseas Customer D (North America) | 509.50 | 3.20% | | 2023 | 2 | Overseas Customer A (Asia) | 410.00 | 2.58% | | 2023 | 3 | Overseas Customer C (Europe) | 408.16 | 2.56% | | 2023 | 4 | Overseas Customer B (Asia) | 360.69 | 2.27% | | 2023 | 5 | Domestic Customer A1 | 331.18 | 2.08% |

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**Unitree Technology Co., Ltd. (宇树科技股份有限公司)** **Prospectus**

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| Year | No. | Customer Name | Sales Amount | Revenue % | |---|---|---|---|---| | 2023 | **Total** | | **2,019.53** | **12.69%** | | 2022 | 1 | Overseas Customer A (Asia) | 527.37 | 4.29% | | 2022 | 2 | Overseas Customer D (North America) | 455.82 | 3.71% | | 2022 | 3 | Overseas Customer C (Europe) | 310.87 | 2.53% | | 2022 | 4 | Anyuzhe (Suzhou) International Trade Co., Ltd. (安御者（苏州）国际贸易有限公司) | 249.81 | 2.03% | | 2022 | 5 | Beijing Chaoyuan Times Technology Co., Ltd. (北京朝元时代科技有限公司) | 244.32 | 1.99% | | 2022 | **Total** | | **1,788.19** | **14.55%** |

**Unit: 万元 (RMB 10,000)** Note: The sales amounts above are calculated on a combined basis for customers under the control of the same actual controller.

During the reporting period, the products sold by the Company to the above customers include humanoid robots, quadruped robots, and robot components. There were no instances where sales to any single customer exceeded 50% of operating revenue. The Company has no related-party relationships with any of the top five customers during the reporting period.

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IV. Procurement Conditions and Major Suppliers

(I) Raw Material Procurement During the Reporting Period

**1. Major Raw Material Procurement**

The Company's major raw material procurement includes mechanical components, electronic components, electrical materials, packaging materials, and other materials. The main contents of each category are as follows:

| Category | Contents | |---|---| | Mechanical Components | Machined parts, die-cast parts, fasteners, plastic parts, etc. | | Electronic Components | Capacitors, resistors, inductors, PCBs, transistors, crystals, chips, antennas, etc. | | Electrical Materials | Wires, LEDs, gimbals, batteries, etc. | | Basic Materials | Metal materials (steel, aluminum, copper, etc.) and non-metallic materials | | Packaging Materials | Packaging boxes, packaging bags, wooden crates, cardboard boxes, etc. | | Auxiliary Materials | Thermal pads, silicone cloth, insulating sheets, sealing rings, etc. |

During the reporting period, the Company's specific procurement amounts and their proportions of total raw material procurement are as follows:

**Unit: 万元 (RMB 10,000)**

| Item | 2025 Jan–Sep Amount | % | 2024 Amount | % | 2023 Amount | % | 2022 Amount | % | |---|---|---|---|---|---|---|---|---| | Mechanical Components | 24,877.31 | 47.88% | 9,384.04 | 48.45% | 2,815.78 | 39.91% | 3,010.73 | 40.13% | | Electronic Components | 13,041.86 | 25.10% | 4,626.81 | 23.89% | 2,249.28 | 31.88% | 2,999.33 | 39.98% |

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**Unitree Technology Co., Ltd. (宇树科技股份有限公司)** **Prospectus**

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| Item | 2025 Jan–Sep Amount | % | 2024 Amount | % | 2023 Amount | % | 2022 Amount | % | |---|---|---|---|---|---|---|---|---| | Electrical Materials | 11,444.22 | 22.03% | 4,285.12 | 22.12% | 1,580.10 | 22.39% | 1,240.65 | 16.54% | | Basic Materials | 512.19 | 0.99% | 433.27 | 2.24% | 147.06 | 2.08% | 15.56 | 0.21% | | Packaging Materials | 1,193.77 | 2.30% | 382.83 | 1.98% | 142.62 | 2.02% | 149.39 | 1.99% | | Auxiliary Materials | 888.16 | 1.71% | 256.04 | 1.32% | 120.81 | 1.71% | 86.54 | 1.15% | | **Total** | **51,957.51** | **100%** | **19,368.12** | **100%** | **7,055.65** | **100%** | **7,502.19** | **100%** |

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

During the reporting period, as business scale grew rapidly, the Company's procurement amounts showed an increasing trend, matching the rapidly growing sales scale. In each period of the reporting period, the Company's raw material procurement mainly consisted of mechanical components, electronic components, and electrical materials. From 2023 to 2024, the proportion of electronic component procurement declined slightly, primarily due to: (1) in 2022, the Company stocked up appropriately in response to market fluctuations, and subsequently reduced inventory buildup as the market stabilized; and (2) product iterations reduced the demand for electronic components.

**2. Changes in Procurement Prices of Major Raw Materials During the Reporting Period**

In the Company's day-to-day procurement, the subcategories and specifications of raw materials comprising its products vary considerably. For example, mechanical components — which account for the largest share of procurement — differ significantly depending on the robot product; electronic components include various subcategories and models such as PCBs, resistors, capacitors, inductors, transistors, crystal oscillators, chips, and other electronic components. Overall, due to the large number of raw material subcategories and specifications, changes in the average unit procurement price of major raw material categories cannot reflect actual changes in raw material prices.

During the reporting period, the market supply of the Company's major raw materials was adequate, and all procurement was referenced to market prices, with prices remaining generally stable. The Company's product profit margins are consistent with changes in procurement costs and market demand, and fluctuations in procurement prices will not have a material impact on the Company's production and operations.

**(II) Procurement from the Top Five Raw Material Suppliers**

During the reporting period, the procurement amounts from the Company's top five raw material suppliers and their proportions of total raw material procurement are as follows:

Unit: 万元 (RMB 10,000)

| Year | Supplier Name | Procurement Amount | Procurement Content | Proportion | |------|--------------|-------------------|--------------------|-----------:| | 2025 January–September | Shanghai Yaoli Electronic Technology Co., Ltd. (上海曜励电子科技有限公司) | 2,595.96 | Electrical materials, electronic components | 5.00% | | | Supplier I | 2,372.54 | Mechanical components | 4.57% | | | Supplier B | 2,212.43 | Electronic components | 4.26% | | | Ningbo Yichuang Metal Technology Co., Ltd. (宁波一创金属科技有限公司) | 2,061.92 | Mechanical components | 3.97% |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

| Year | Supplier Name | Procurement Amount | Procurement Content | Proportion | |------|--------------|-------------------|--------------------|-----------:| | | Supplier A | 2,040.24 | Electronic components, electrical materials | 3.93% | | | **Subtotal** | **11,283.09** | | **21.72%** | | 2024 | Supplier B | 1,259.21 | Electronic components | 6.50% | | | Shanghai Yaoli Electronic Technology Co., Ltd. (上海曜励电子科技有限公司) | 1,170.05 | Electrical materials, electronic components | 6.04% | | | Supplier I | 1,042.43 | Mechanical components | 5.38% | | | Ningbo Yichuang Metal Technology Co., Ltd. (宁波一创金属科技有限公司) | 828.48 | Mechanical components, basic materials | 4.28% | | | Zhejiang Tiandiao Precision Manufacturing Co., Ltd. (浙江天雕精密制造有限公司) | 821.12 | Mechanical components | 4.24% | | | **Subtotal** | **5,121.29** | | **26.44%** | | 2023 | Shenzhen Pingshan New District Yujinkang Hardware Products Factory (深圳市坪山新区裕进康五金制品厂) | 459.09 | Mechanical components | 6.51% | | | Shanghai Yaoli Electronic Technology Co., Ltd. (上海曜励电子科技有限公司) | 427.41 | Electrical materials, electronic components | 6.06% | | | Shenzhen Boke Supply Chain Management Co., Ltd. (深圳市博科供应链管理有限公司) | 258.66 | Electronic components | 3.67% | | | Shenzhen Fudunlin Electronics Co., Ltd. (深圳市富顿林电子有限公司) | 212.80 | Mechanical components | 3.02% | | | Ningbo Yichuang Metal Technology Co., Ltd. (宁波一创金属科技有限公司) | 199.45 | Mechanical components, basic materials | 2.83% | | | **Subtotal** | **1,557.41** | | **22.07%** | | 2022 | Shenzhen Pingshan New District Yujinkang Hardware Products Factory (深圳市坪山新区裕进康五金制品厂) | 350.01 | Mechanical components | 4.67% | | | Supplier B | 328.65 | Electronic components | 4.38% | | | Shenzhen Gaoke Century Electronics Co., Ltd. (深圳市高科世纪电子有限公司) | 244.34 | Electronic components | 3.26% | | | Shenzhen Yaxingda Electronics Co., Ltd. (深圳市亚星达电子有限公司) | 243.33 | Electronic components | 3.24% | | | Dongguan Juxin Magnetic Materials Co., Ltd. (东莞市聚鑫磁材有限公司) | 241.84 | Mechanical components | 3.22% | | | **Subtotal** | **1,408.17** | | **18.77%** |

During the reporting period, the proportion of procurement from the top five suppliers to total raw material procurement for each period was 18.77%, 22.07%, 26.44%, and 21.72%, respectively, indicating a low concentration. There is no situation where procurement from any single supplier exceeded 50.00%. The Company has no related-party relationship with the major suppliers during the reporting period.

**(III) Major Energy Procurement**

The primary energy required for the Company's production process is electricity. During the reporting period, the Company's electricity procurement for each period was as follows:

| Item | 2025 January–September | 2024 | 2023 | 2022 | |------|----------------------:|-----:|-----:|-----:| | Electricity Consumption (10,000 kWh) | 272.30 | 145.43 | 90.29 | 66.74 | | Amount (万元 / RMB 10,000) | 196.47 | 171.48 | 106.38 | 78.80 | | Unit Procurement Price (RMB/kWh) | 0.72 | 1.18 | 1.18 | 1.18 |

During the reporting period, the Company's electricity consumption increased rapidly, primarily due to increased production workload resulting from higher order volumes.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

During the first three years of the reporting period, the Company's average electricity price remained relatively stable. During January–September 2025, the Company's average electricity price declined, primarily because the Company, for operational reasons, newly leased premises at Guanshan Digital Intelligence Industrial Park during the current period, where electricity prices are lower; additionally, the electricity price for the premises leased at Fengda Industrial Park also decreased during the current period, resulting in a lower average electricity price for the Company.

**(IV) Outsourced Processing Procurement**

The Company's main products are characterized by long process flows and numerous production steps. Based on its mastery of the full-process technology, the Company adopts an outsourced processing strategy for process steps with high technological maturity and sufficient market supply, in order to optimize resource allocation and improve cost efficiency. During the reporting period, the Company's outsourced processing activities were as follows:

| No. | Process | Main Content of Outsourced Processing | |-----|---------|--------------------------------------| | 1 | SMT (Surface Mount Technology) | A series of process flows performed on the basis of PCBs, including material dispensing, programming, and inspection | | 2 | Injection Molding | Processing into various components through molds using injection molding machines and other equipment | | 3 | Surface Treatment | Treating material surfaces through acid washing, oxidation, and other methods | | 4 | Custom Wire Harness | Customizing various wire harnesses used in products, including processes such as wire cutting, soldering, glue application, and heat shrink tubing | | 5 | Wire Winding | Winding conductors around motor rotors | | 6 | Machining | Processing metal hardware components using cutting, grinding, and other equipment | | 7 | Other | Includes miscellaneous processes such as assembly, welding, rubber coating, and cutting |

During the reporting period, the procurement amounts for outsourced processing were 166.23万元, 238.81万元, 701.18万元, and 1,803.38万元, respectively, accounting for 2.46%, 2.72%, 4.15%, and 3.84% of operating costs, respectively. Outsourced processes have increased in line with the Company's expanding business scale and product range.

---

**V. Major Fixed Assets and Intangible Assets of the Issuer**

**(I) Fixed Assets**

As of the end of the reporting period, the Company's major fixed assets were as follows:

Unit: 万元 (RMB 10,000)

| Category | Original Value | Proportion of Original Value | Book Value | Residual Value Rate | |----------|-------------:|-----------------------------:|-----------:|--------------------:| | Machinery and Equipment | 1,031.46 | 26.48% | 864.74 | 83.84% | | Office Equipment and Others | 2,864.38 | 73.52% | 2,273.20 | 79.36% | | **Total** | **3,895.84** | **100.00%** | **3,137.93** | **80.55%** |

**1. Self-Owned Properties**

As of the end of the reporting period, the Company and its subsidiaries do not own any self-owned properties.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

**2. Leased Properties**

As of the end of the reporting period, the Company and its subsidiaries have a total of 18 leased properties used for production and business operations, as detailed in the following table:

| No. | Lessee | Lessor | Property Location | Lease Term | Purpose | Area (㎡) | |-----|--------|--------|-------------------|-----------|---------|----------:| | 1 | Unitree Technology (宇树科技) | Zhejiang Taihao Information Technology Co., Ltd. (浙江泰灏信息技术有限公司) | Building 1, Unit 103, No. 88 Dongliu Road, Binjiang District, Hangzhou | 2024.07.11–2026.07.30 | Production, R&D, Office | 320.00 | | 2 | | | Building 1, Units 104, 105, 106, No. 88 Dongliu Road, Binjiang District, Hangzhou | 2025.03.01–2027.02.28 | Production, R&D, Office | 882.00 | | 3 | | | Building 1, 2F & 3F, No. 88 Dongliu Road, Binjiang District, Hangzhou | 2025.05.01–2026.04.30 | Production, R&D, Office | 3,428.00 | | 4 | | | Building 1, Unit 401, No. 88 Dongliu Road, Binjiang District, Hangzhou | 2024.09.01–2026.08.31 | Production, R&D, Office | 1,087.00 | | 5 | | | Building 1, Unit 402, No. 88 Dongliu Road, Binjiang District, Hangzhou | 2025.05.15–2026.05.14 | Production, R&D, Office | 547.00 | | 6 | | | Building 1, Rooftop, No. 88 Dongliu Road, Binjiang District, Hangzhou | 2025.01.01–2025.12.30 | Machine Testing | — | | 7 | | | Building 2, Unit 101, No. 88 Dongliu Road, Binjiang District, Hangzhou | 2024.10.01–2026.10.20 | Production, R&D, Office | 426.00 | | 8 | | | Building 2, Room 201, No. 88 Dongliu Road, Binjiang District, Hangzhou | 2025.03.01–2027.03.15 | Production, R&D, Office | 738.00 | | 9 | | | Building 2, Room 301, No. 88 Dongliu Road, Binjiang District, Hangzhou | 2025.02.20–2027.03.06 | Production, R&D, Office | 920.00 | | 10 | | | Building 2, Units 401 & 501, No. 88 Dongliu Road, Binjiang District, Hangzhou | 2025.04.07–2026.04.06 | Production, R&D, Office | 1,710.00 | | 11 | Unitree Technology (宇树科技) | Hangzhou Baima Lake Eco-Creative City Investment and Development Co., Ltd. (杭州白马湖生态创意城投资开发有限公司) | Building 1#, No. 365 Changjiang Road, Binjiang District, Hangzhou | 2025.02.22–2028.02.21 | R&D, Production, Office | 11,019.83 | | 12 | | | Building 2#, No. 365 Changjiang Road, Binjiang District, Hangzhou | 2025.04.02–2028.04.01 | R&D, Production, Office | 5,970.80 | | 13 | | | Building 5#, No. 365 Changjiang Road, Binjiang District, Hangzhou | 2025.04.02–2028.04.01 | R&D, Production, Office | 979.12 | | 14 | | | Building 6#, No. 365 Changjiang Road, Binjiang District, Hangzhou | 2025.02.22–2028.02.21 | R&D, Production, Office | 4,405.22 | | 15 | | | Building 7#, No. 365 Changjiang Road, Binjiang District, Hangzhou | 2025.05.01–2028.04.30 | R&D, Production, Office | 4,278.06 | | 16 | Beijing Lingyi (北京灵翌) | Beijing Torch Innovation Technology Development Co., Ltd. (北京火炬创新科技发展有限公司) | Room 1702, Tower D, Science and Technology Building, Building 8, Courtyard 1, Zhongguancun East Road, Haidian District, Beijing | 2025.02.05–2028.02.04 | Office | 523.19 | | 17 | Shanghai Gaoyi (上海高羿) | Shanghai Miaohan Economic Development Co., Ltd. (上海庙行经济发展有限公司) | Room 103-1, 1st Floor, Building 38, No. 588 Jiyun Road, Baoshan District, Shanghai | 2024.11.07–2027.10.31 | R&D, Office | 339.12 | | 18 | Shenzhen Tianyi (深圳天羿) | Shenzhen Dashahe Construction Investment Co., Ltd. (深圳市大沙河建设投资有限公司) | Room 04, 23rd Floor, Tower F, Nanshan Zhigu Industrial Park Building (Industrial Zone), No. 3157 Shahe West Road, Nanshan District, Shenzhen | 2025.06.27–2030.06.26 | Office | 504.96 |

Note 1: According to the "Admission Notice" issued by the Nanshan District Enterprise Development Service Center of Shenzhen, Shenzhen Tianyi has been approved for entry into Nanshan Zhigu, Nanshan District. As of the date of signing of this Prospectus, the property owner has not yet obtained the relevant property ownership certificate. The leased premises are primarily used for office purposes by Shenzhen Tianyi and are not used for production. This is not expected to have a material adverse impact on the Company's continued operations.

Note 2: The lease for Item No. 6 has been renewed through April 30, 2026.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

**(II) Intangible Assets**

**1. Land Use Rights**

As of the end of the reporting period, the Company and its subsidiaries do not hold any land use rights.

**2. Trademarks**

As of January 31, 2026, the Company holds 386 domestically registered trademarks and 112 trademarks registered in Hong Kong, Macao, Taiwan, and overseas. The domestic trademarks and the main trademarks registered in the United States, European Union, United Kingdom, South Korea, Japan, and other countries and regions are detailed in "Section 12: Appendices — Appendix 5: List of Trademarks Held by the Issuer" of this Prospectus.

**3. Patents**

As of January 31, 2026, the Company holds 262 patents. A total of 169 domestic patents have been publicly authorized, and 93 overseas patents have been granted, including 20 domestic invention patents, 76 domestic utility model patents, and 73 domestic design patents. As of the date of signing of this Prospectus, none of the patent rights are subject to pledge, seizure, freezing, or any other restrictions. Details are provided in "Section 12: Appendices — Appendix 6: List of Patents Held by the Issuer" of this Prospectus.

**4. Software Copyrights**

As of January 31, 2026, the Company holds 8 software copyrights and has obtained the "Software Copyright Registration Certificates" issued by the National Copyright Administration of China. All were obtained originally, as detailed below:

| No. | Name of Copyright | Rights Holder | Registration Date | Registration No. | Third-Party Rights | |-----|------------------|--------------|-------------------|-----------------|-------------------| | 1 | Unitree Quadruped Robot Operation and Control System V1.0 (宇树四足机器人操作管控系统 V1.0) | Unitree Technology (宇树科技) | 2019/1/17 | 2019SR0058329 | None | | 2 | Legged Robot Motor Joint Vector Control System V1.0 (足式机器人电机关节矢量控制系统 V1.0) | Unitree Technology (宇树科技) | 2021/2/4 | 2021SR0199423 | None | | 3 | Unitree Pump Smart Device Operating System [Abbrev.: Unitree Pump] V1.0.0 | Unitree Technology (宇树科技) | 2022/2/23 | 2022SR0264660 | None |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| No. | Name of Copyright | Rights Holder | Registration Date | Registration No. | Third-Party Rights | |-----|------------------|--------------|-------------------|-----------------|-------------------| | 4 | Unitree Go Smart Device Operating System [Abbrev.: Unitree Go] V1.0.0 | Unitree Technology (宇树科技) | 2023/4/25 | 2023SR0501376 | None | | 5 | Unitree Technology Intelligent Quadruped Inspection Robot Backend Monitoring System V1.0 (宇树科技智能四足巡检机器人后台监控系统 V1.0) | Unitree Technology (宇树科技) | 2024/8/7 | 2024SR1141550 | None | | 6 | Unitree Technology Intelligent Quadruped Robot Navigation System (宇树科技智能四足机器人导航系统) | Unitree Technology (宇树科技) | 2025/2/17 | 2025SR0271741 | None | | 7 | Unitree Fitness Pump APP (宇树健身泵 APP) | Unitree Technology (宇树科技) | 2025/5/29 | 2025SR0900112 | None | | 8 | Robot Intelligent Control Software (机器人智能控制软件) | Unitree Technology (宇树科技) | 2025/6/3 | 2025SR0913301 | None |

**5. Work Copyrights**

As of January 31, 2026, the Company holds 13 work copyrights, all of which were obtained originally, as detailed below:

| No. | Work Name | Copyright Holder | Work Category | Registration Date | Registration No. | Third-Party Rights | |-----|-----------|-----------------|---------------|-------------------|-----------------|-------------------| | 1 | Niu Niu Twist (牛牛扭起来) | Unitree Technology (宇树科技) | Work created by methods similar to cinematography | 2021/5/6 | 国作登字-2021-I-00097921 | None | | 2 | Unitree Bull Robot Image (宇树牛起来机器牛形象) | | Fine art work | 2021/5/6 | | None | | 3 | Unitree Paper Tiger (宇树纸老虎) | | Fine art work | 2022/4/14 | | None | | 4 | Unitree Pump Logo Graphic Design | | Fine art work | 2022/5/10 | | None | | 5 | Unitree PUMP Fitness Pump User Manual (Unitree PUMP 健身泵 使用说明书) | | Other works | 2022/6/28 | | None | | 6 | Unitree PUMP Fitness Pump Packaging Design (A) (Unitree PUMP 健身泵 包装图) | | Fine art work | 2022/7/13 | | None | | 7 | Unitree PUMP Fitness Pump Packaging Design (B) (Unitree PUMP 健身泵 包装图) | | Fine art work | 2022/7/13 | | None | | 8 | Golden-Patterned Beast-Face Quadruped Robot (Jade Green) (金纹兽面四足机器人（翠色）) | | Fine art work | 2022/11/11 | | None | | 9 | Golden-Patterned Beast-Face Quadruped Robot (Vermillion Red) (金纹兽面四足机器人（正红）) | | Fine art work | 2022/11/11 | | None | | 10 | Unilidar Point Cloud Software Logo | | | | | None | | 11 | General Humanoid Robot (通用人形机器人) | | | | | None | | 12 | Cartoon Yangge-Dancing Robot Series Designs (卡通扭秧歌机器人系列造型) | | | | | None | | 13 | Unitree Robot Exterior Paint Design (宇树机器人外观涂装设计) | | | | | None |

Artwork

2023/4/18

Artwork

2023/10/17

Artwork

2025/3/13

Artwork

2025/7/15

Unitree Technology (宇树科技) Unitree Technology (宇树科技) Unitree Technology (宇树科技) Unitree Technology (宇树科技) Unitree Technology (宇树科技) Unitree Technology (宇树科技) Unitree Technology (宇树科技) Unitree Technology (宇树科技) Unitree Technology (宇树科技) Unitree Technology (宇树科技) Unitree Technology (宇树科技) Unitree Technology (宇树科技)

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| Registration No. | Encumbrance | |---|---| | 国作登字-2021-I-00097922 | None | | 国作登字-2022-F-10078610 | None | | 国作登字-2022-F-10095290 | None | | 国作登字-2022-L-10127683 | None | | 国作登字-2022-F-10138631 | None | | 国作登字-2022-F-10138632 | None | | 国作登字-2022-F-10236690 | None | | 国作登字-2022-F-10236691 | None | | 国作登字-2023-F-00067258 | None | | 国作登字-2023-F-00232084 | None | | 国作登字-2025-F-00087611 | None | | 国作登字-2025-F-00217132 | None |

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

**6. Domain Names**

As of January 31, 2026, the Company and its subsidiaries hold 6 registered and filed domain names, as follows:

| No. | Domain Name | Rights Holder | Expiry Date | Filing | |---|---|---|---|---| | 1 | unitree.cc | Unitree Technology (宇树科技) | 2030/9/3 | Zhejiang ICP Filing No. 17044557-1 (浙ICP备17044557号-1) | | 2 | unitreerobots.com | Unitree Technology (宇树科技) | 2026/8/5 | Zhejiang ICP Filing No. 17044557-1 (浙ICP备17044557号-1) | | 3 | unitreerobotics.com | Unitree Technology (宇树科技) | 2026/7/27 | Zhejiang ICP Filing No. 17044557-1 (浙ICP备17044557号-1) | | 4 | unitreerobot.com | Unitree Technology (宇树科技) | 2026/7/27 | Zhejiang ICP Filing No. 17044557-1 (浙ICP备17044557号-1) | | 5 | Unitree.com | Unitree Technology (宇树科技) | 2028/4/16 | Zhejiang ICP Filing No. 17044557-2 (浙ICP备17044557号-2) | | 6 | unifolm.com | Unitree Technology (宇树科技) | 2027/2/8 | Zhejiang ICP Filing No. 17044557-7 (浙ICP备17044557号-7) |

**(III) Business Licenses and Qualifications**

As of the end of the reporting period, the Company possesses all requisite licenses and qualifications necessary to conduct its business operations. For details, please refer to "Section 12: Appendices," "Appendix 7: List of Principal Business Licenses and Qualifications Held by the Issuer" of this Prospectus.

**VI. Franchising Arrangements of the Issuer**

As of the end of the reporting period, the Company has no franchising arrangements.

**VII. Core Technologies and R&D of the Issuer**

**(I) Core Technology Overview of the Issuer**

**1. Basic Overview of Principal Core Technologies**

Through years of entrepreneurial accumulation and innovative exploration, the Company has developed multiple proprietary core technologies that have been commercialized and are widely applied across the Company's humanoid robot and quadruped robot product lines. Details are as follows:

| No. | Technology Name | Technical Advancement and Specific Characteristics | Development Stage | |---|---|---|---| | 1 | Integrated Joint Integration Technology | The Company's integrated joint integration technology achieves full-stack in-house R&D covering "motor–reducer–drive–sensing–heat dissipation–structure," with all core components collaboratively topology-optimized within a single housing. The Company's self-developed high-power-density permanent magnet synchronous motors and planetary reducers with tooth-profile optimization for legged robot impact conditions greatly enhance joint module performance. The technology employs fully internal wiring + dual magnetic encoding and IP67-grade sealing, enabling core components to operate continuously in environments ranging from –20°C to 55°C. A quick-release tapered clamping structure enables rapid module replacement. These specifications collectively characterize the industry-leading standard of the joint in terms of "extreme lightweight, high power/torque density, high reliability, and ease of maintenance." | Mass production stage | | 2 | High-Compactness Robot Body Integration Technology | A systematic breakthrough addressing the industry challenge of "simultaneously accommodating power, perception, computation, heat dissipation, and energy supply within a limited volume." The Company self-develops the software and hardware of all core modules, compressing the space and layout of every component to the extreme. The robot housing adopts an "outer shell as skeleton" design, making extensive use of composite materials so that the body frame within the limited space and volume meets the robot's structural strength requirements. Snap-fit connectors are extensively used to ensure ease of assembly and disassembly while also reducing the space required for component connections. Self-developed robot power management modules and core computing components eliminate interfaces and modules unrelated to robot functions, retaining only core functional modules and improving PCBA space utilization. | Mass production stage | | 3 | Fully Self-Developed Core Technology for Robot LiDAR | Through four proprietary underlying technologies — "single-emission dual-axis programmable scanning, coaxial light-blocking optics, wireless rotary support, and three-level anti-collision" — the Company has made its 3D LiDAR smaller, more cost-effective, and more reliable, with the ability to dynamically allocate point cloud density according to task requirements, seamlessly matching the stringent demands of legged robots in terms of size, power consumption, environmental tolerance, and real-time performance. | Mass production stage | | 4 | Robot Anti-Fall Protection Related Core Technology | By deeply embedding multi-material, multi-degree-of-freedom mechanisms — including strip-hole flexible shells, slide-groove/spring bidirectional buffering, motor-seat sliding self-alignment, and graded rubber/PU/airbag energy absorption — into the body, joints, and outer surfaces, the technology achieves three-layer synergy of "structural yielding + elastic energy absorption + sliding-rotation peak attenuation." Within equivalent volume and weight, it reduces impact peak values by 30%–50% and decreases joint and electronic module failure rates by ≥30%, enabling legged robots to maintain lightweight construction, high reliability, and minute-level rapid maintenance capability even under high-frequency impact conditions such as falls, side kicks, and rollovers. | Mass production stage | | 5 | Robot Automatic Following Technology | Using a full-chain solution of "dual-antenna phase-time-difference positioning + wearable target module + front/side accompanying motion + wide-angle blind-spot compensation," the technology achieves, with minimal hardware and under conditions of high performance and low power consumption, a leap from "passive following" to "active accompanying," enabling quadruped robots to truly become efficient mobile platforms capable of moving in coordination with humans and performing real-time tasks. | Mass production stage | | 6 | Robot Heat Dissipation and Active Cooling Related Technology | Through patented solutions such as "thermally conductive fixed seat — one fan for multiple cooling zones, adapter internal air channels, housing dual-slot dual-fan, and sponge phase-change micro water cooling," the Company natively integrates heat dissipation functionality into the joint and body structure, enabling high-power-density motors and drive boards to operate stably for extended periods within extremely compact spaces, providing a reliable thermal management foundation for legged robots to continuously output high torque and high computing power. | Mass production stage | | 7 | Environmental Perception and Map Construction | Through a three-stage pipeline of "point-by-point motion distortion correction + self-body/noise dual point cloud filtering + Gaussian-Kalman 2.5D cyclic grid," this patented technology outputs in real time a dense elevation map that moves with the robot under embedded computing power, enabling legged robots to accurately plan foot placement points and adjust posture online while running at high speed over rough terrain, achieving true all-terrain autonomous mobility. | Mass production stage | | 8 | High-Dynamic Motion Control Algorithm Technology | The support capabilities provided by the Company's proprietary production line and innovative algorithms based on reinforcement learning have accelerated the development and iteration speed of motion control algorithms, enabling certain maneuvering capabilities of the Company's legged robot products to lead the industry. Through the Company's high-dynamic motion control algorithm technology, the Company's legged robots can smoothly perform complex movements such as group dancing, long-sequence dancing, and boxing competitions, and demonstrate excellent impact resistance and anti-beating capabilities, with good product robustness. | Mass production stage | | 9 | Multi-Product Technology Reuse | The Company currently has more than 10 products on sale, covering robots of various forms including biped, quadruped, wheeled-legged, and robotic arms in different sizes, surpassing the industry average in terms of product variety. Different robot products can achieve technology sharing and reuse across multiple technical domains including joint drives, mechanical structures, batteries, software, and algorithms, spreading R&D costs. At the same time, the use of multiple products in different operating conditions also feeds back into the self-iteration of various technologies. This enables the Company to rapidly respond to market demands, enrich its product portfolio, spread R&D and manufacturing costs, and maintain a high degree of product line scalability. | Mass production stage | | 10 | Self-Developed Core Components and High-Performance Actuators | The Company achieves in-house R&D and production of the robot's core component — the joint module — ensuring complete control over key components. The joint module is the most critical component of a humanoid robot and determines the robot's performance limits. The Company's motors exceed the industry average of the same period in terms of peak torque and power density. The self-developed motor capability allows the Company to conduct forward design of robots within a wide window, providing a reliable foundation for overall motion performance while reducing dependence on external supply chains. | Mass production stage | | 11 | Overload-Impact-Resistant Reducer Design | Addresses the problem of collisions between the leg/foot extremities and the physical environment during the movement of legged robots and their interaction with the environment. Traditional high-rigidity transmission solutions cannot adapt to frequent collision contact scenarios. To address this problem, a balance of rigidity and flexibility must be achieved in the design. On one hand, flexibility of the transmission system must be achieved on the structural and material side, with the low-stiffness transmission system deforming to buffer and absorb collision energy at the moment of impact. On the other hand, the buffer structure must also have sufficient strength to meet fatigue life requirements. By employing floating load-equalizing gears, high-strength gears, and elastic buffer vibration-isolation rings in combination within a limited space, the objective of buffering energy absorption and resistance to impact damage is achieved. | Trial production stage | | 12 | General Humanoid Robot Embodied Foundation Model | The core of this technology's R&D lies in exploring the cutting-edge path of deep integration between multimodal large models and humanoid robot technology, driving the evolution of humanoid robot capabilities from "single-task, single-scene" to "multi-task, multi-scene" general intelligence, and accelerating the realization of Artificial General Intelligence (AGI) with humanoid robots as the carrier. Technical innovation is primarily reflected in: significantly improving the robot's accuracy in understanding multimodal information, reliability of task planning, generalization of decision-making and execution, efficiency of continuous learning, and advancement of data collection platforms during interaction with complex physical environments. By building a positive closed loop of "data–training–evaluation–re-data," a continuously accelerating intelligence flywheel effect is formed, driving the rapid upgrading and iteration of the general embodied model. Related R&D results are expected to help accelerate the industrial deployment of humanoid robots across multiple fields including manufacturing, engineering, healthcare, and household applications. | Basic research |

In respect of the above core technologies, the Company protects them by applying for relevant patents, among other means. For details of patents obtained by the Company to date, please refer to "V. (II) 3. Patents" in this section.

Among these, the Company's core technology "General Humanoid Robot Embodied Foundation Model" focuses on embodied foundation model technology, which in the field of embodied intelligence is commonly analogized to the robot's "brain," and represents the Company's key technology system and capability integration in the direction of general robot artificial intelligence. Currently, this core technology of the Company is primarily composed of two major technical directions: the "World Model-Action (WMA) Foundation Model" and the "Vision-Language-Action (VLA) Foundation Model," with details as follows:

**(1) "World Model-Action" (WMA) Foundation Model**

In the area of "World Model–Action" (WMA) foundation model technology, the Company open-sourced and released the general WMA model "UnifoLM-WMA-0" in September 2025. This model, as the Company's first-generation WMA foundation model developed for multiple types of robot platforms, is an embodied foundation model specifically designed to build general robot learning and cross-platform generalization capabilities.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

The core of this model's technology lies in building a world model capable of explicitly modeling the physical laws of robot-environment interaction, providing a unified cognitive and predictive foundation for robot decision-making and control. This model has achieved systematic breakthroughs in world modeling, action generation, and cross-platform generalization capabilities, representing the current frontier exploration in the "World Model-Action" paradigm within the field of embodied intelligence, providing a reusable and evolvable foundational technology base for general robot intelligence, and serving as an important reference for the global development of embodied foundation models.

In real-robot experiments, the UnifoLM-WMA-0 model has validated its operational capabilities across multiple robot platforms and multiple task types. Furthermore, as an interactive world model simulator, this model can support 10–20 rounds of multi-step interactive inference, completing continuous operations across multiple platforms and multiple tasks within the learned world model in the form of video generation.

**(2) "Vision-Language-Action" (VLA) Foundation Model**

In the area of "Vision-Language-Action" (VLA) foundation model technology, the Company open-sourced and released the general VLA model "UnifoLM-VLA-0" in January 2026. This model is the VLA model developed under the Company's UnifoLM series for robot manipulation, aimed at breaking through the technical limitations of traditional VLM models applied to manipulation in the embodied physical world. The core of this model lies in continuously pre-training the model by constructing robot manipulation data, evolving it from general "image-text understanding" into an embodied intelligent "brain" with physical common sense and manipulation capabilities, with a focus on optimizing task generalization across multiple task types.

In real-robot experiments, UnifoLM-VLA-0 demonstrated strong generalization capability, completing 12 different manipulation tasks in a real physical environment using a single policy (One Policy), reflecting the potential of this model as a general multimodal foundation model for robots.

Given that embodied foundation model technology globally is currently in a rapidly evolving phase of R&D and testing, and the industry has yet to form a unified and mature technology paradigm, the Company at this stage adopts a technical strategy of parallel advancement and continuous benchmarking of the WMA architecture and VLA architecture, while continuously releasing phased results externally through open-source means. The related work has received widespread adoption and positive evaluation from practitioners in authoritative open-source communities within the industry.

**2. Revenue Attributable to Core Technologies**

During the reporting period, all revenue from the Company's principal business was derived from the above core technologies.

**3. Protection Measures for Core Technologies**

The Company and its R&D team persist in independent innovation, have overcome multiple technical bottlenecks, and have proactively established an intellectual property protection system for core technologies. All of the Company's core technologies have been filed for patent protection; for details, please refer to "VII. (I) 1. Basic Overview of Principal Core Technologies" in this section.

The patents obtained by the Company play an important role in production and operations and are a reflection of the Company's soft power in terms of technological achievements. There are no defects in the patents held by the Company. As of the date of signing of this Prospectus, the Company and Hangzhou Luweimei Daily Chemical (杭州露韦美日化)...

There are patent-related litigations involving [the] Co., Ltd.; the relevant details are set forth in "Section 10: Other Important Matters" of this Prospectus, under "III. Litigation or Arbitration Matters Having a Material Impact on the Issuer."

(II) R&D Projects and Progress

1. Major R&D Projects Underway and Their Progress

As of the end of the reporting period, the Company's ongoing R&D projects and their progress are as follows:

| No. | Project Name | Target Objectives | Progress | |---|---|---|---| | 1 | Small Quadruped Robot Project for Consumer Scenarios | This project aims to build an intelligent quadruped robot platform for consumer and educational scenarios, featuring excellent terrain adaptability and interactive capability, and to promote market penetration and industrial chain synergy by establishing a complete ecosystem. | Technology Optimization & Iteration | | 2 | Third-Generation Small Quadruped Robot Project | This project aims to develop a next-generation quadruped robot platform, breaking through dynamic balance and multi-modal perception technologies, and to adapt to diverse scenarios through a modular platform design and open-source strategy to meet diversified industry demands. | Testing & Verification | | 3 | High-Payload Long-Endurance Large Quadruped Robot Project | This project develops an industry-grade all-terrain quadruped robot platform, focusing on high payload capacity, long endurance, and autonomous task capability, based on a highly integrated, highly stable, and modular system architecture, supporting complex multi-scenario operations such as inspection, logistics, and rescue. | Technology Optimization & Iteration | | 4 | Second-Generation Medium-Sized Quadruped Robot Project | This project aims to develop a high-performance, high-reliability medium-sized quadruped robot, emphasizing high payload capacity and high environmental adaptability, targeting industrial ecosystem and other scenarios. | Technology Optimization & Iteration | | 5 | First-Generation Full-Size Large Bipedal Robot Project | This project develops a full-size large bipedal robot, achieving humanoid locomotion and multi-task execution capability, supporting multi-degree-of-freedom coordinated motion, and supporting scenarios such as intelligent manufacturing, public services, and scientific research experiments, to build a general-purpose robot platform. | Technology Optimization & Iteration | | 6 | Bionic Large Bipedal Robot Project | This project builds a globally leading high-performance, cost-effective, and highly adaptive bionic large bipedal robot platform, aiming to become the core productivity carrier in application scenarios such as industrial, household, and service environments. | Testing & Verification | | 7 | Bionic Small Bipedal Robot Project | This project develops a bionic small bipedal robot platform, creating a highly maneuverable, customizable humanoid robot with stable locomotion and operational capability, and drives the transition of humanoid robots from laboratory to large-scale commercialization through technology popularization and scenario materialization. | Technology Optimization & Iteration | | 8 | Robotic Arm Project | This project develops a cost-effective, lightweight, and modular collaborative robotic arm, achieves domestication of core components, features high precision and multi-mode control, builds an open-source ecosystem, and promotes large-scale application in industrial automation, scientific research and education, medical assistance, and other fields. | Technology Optimization & Iteration | | 9 | Multi-Modal General Embodied Intelligence Large Model Project | This project develops a general-purpose robot embodied intelligence large model, achieves autonomous decision-making and strong environmental generalization capability, builds core AI | Basic Research |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| No. | Project Name | Target Objectives | Progress | |---|---|---|---| | 10 | Mobile Chassis-Based Lifting Robot Project | This project develops a multifunctional mobile lifting robot platform with high precision and rapid deployment characteristics, supporting applications in industrial, medical, retail, and other scenarios, driving automation upgrades across industries. | Testing & Verification | | 11 | Core Technology R&D for High-Performance Integrated Joint Modules | This project independently develops high-performance robot joint modules to meet requirements for high precision, high payload, and high torque density, achieves self-sufficiency in core components, and establishes key technological and cost advantages. | Technology Optimization & Iteration | | 12 | General Embodied Manipulation Model Project | This project develops a general multi-modal manipulation and navigation foundation model for robot operations, including a robot perception and planning foundation large model, an action execution foundation large model, and an upper-lower layer association foundation large model, achieving integrated natural language instruction parsing, scene understanding, and action generation. | Research & Testing | | 13 | Integrated Technology and Tools Platform Project | This project aims to build a unified, high-real-time integrated technology and tools platform, integrating information control, motion control systems, and design and testing tools, and strengthening the robot's whole-body coordinated motion and precise operation capabilities. | Testing & Verification | | 14 | Fusion Positioning and Navigation System R&D Project | This project aims to develop a general-purpose autonomous navigation platform for robots in complex scenarios, achieving high-reliability positioning and path planning in multiple indoor and outdoor scenarios, building a platformized and standardized navigation algorithm system, supporting cross-robot platform deployment, and featuring multi-modal environmental perception and real-time obstacle avoidance capability. | Testing & Verification | | 15 | Robot Body Technology and Platformization Project | This project aims to develop a high-performance, modular core hardware platform for robots, including joint modules, lightweight structures, thermal management systems, and general-purpose drivers, to promote the domestication of key components and standardization of robot platforms. | Testing & Verification |

2. R&D Expenditure

During the reporting period, the Company's R&D expenditure is as follows:

Unit: 万元 (RMB 10,000)

| Item | Jan–Sep 2025 | 2024 | 2023 | 2022 | |---|---|---|---|---| | R&D Expenses | 9,020.94 | 7,001.70 | 4,995.18 | 2,998.48 | | Operating Revenue | 116,749.01 | 39,237.06 | 15,913.44 | 12,291.95 | | R&D Expenses as % of Operating Revenue | 7.73% | 17.84% | 31.39% | 24.39% |

During the reporting period, the Company's R&D investment has grown year by year. Going forward, the Company will further increase R&D investment and continuously consolidate and strengthen its technological advantages.

3. Collaborative R&D

While continuously conducting independent R&D, the Company places great importance on technical exchange and cooperation with scientific research and academic institutions. During the reporting period, the Company signed a Strategic Cooperation Agreement with a domestic university to jointly establish the General Intelligent Robotics Research Institute (hereinafter referred to as the "Research Institute") and carry out joint scientific research and innovation, with a cooperation period of five (5) years. Pursuant to the Strategic Cooperation Agreement, the scope of cooperation includes the recruitment and cultivation of high-level talent and innovative talent development, joint scientific research, and application demonstrations. Intellectual property rights shall be determined through negotiation based on the principle of fairness and mutual benefit; the ownership of foreground intellectual property rights shall be determined through negotiation based on the specific project funding contribution and task allocation of each party; each party retains ownership of any background intellectual property rights it provides to the Research Institute; and all parties shall comply with confidentiality obligations. As of the date of issuance of this Prospectus, no jointly-owned intellectual property has been formed by the parties under the Strategic Cooperation Agreement.

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(III) Mechanisms for Sustaining Technological Innovation, Technology Reserves, and Technology Innovation Arrangements

Since its establishment, the Company has consistently adhered to the R&D philosophy of full-chain in-house development, guided by the market demands of the high-performance general-purpose robotics industry, leading product innovation and large-scale commercialization. The Company places great emphasis on independent R&D and technological innovation. Through the iterative R&D process covering robot bodies, intelligent systems, and core components and modules, the Company has accumulated extensive technological experience, forming industry-leading technology reserves. To date, 12 core technologies have been established. The Company ensures the continuous output of technological innovation achievements through various means and has made reasonable arrangements for innovation incentive mechanisms and future technology reserves, as follows:

1. Sound Technology R&D System

The Company has established a comprehensive R&D management system and R&D framework. The R&D department, in accordance with the Company's development strategy and plans, and in combination with market demands and industry technology development trends, organizes the development of new technologies and new products, process improvement, and product iteration. During the R&D process, the R&D department implements full-process management of R&D activities in accordance with the Company's R&D management system, ensuring the efficiency and reliability of technological innovation, thereby laying a solid foundation for the continuous output of innovation achievements.

2. Comprehensive Intellectual Property Protection Mechanism

The Company attaches great importance to the management and protection of intellectual property rights. The Company has established a dedicated intellectual property management position specifically responsible for the application and management of intellectual property rights and for tracking and searching frontier technologies in the industry, ensuring efficient operation of intellectual property rights and protecting the Company's core technology assets. At the same time, the Company continuously strengthens employees' awareness of confidentiality in its daily management, signs Confidentiality Agreements with all R&D personnel, strictly handles any incidents of information disclosure, and eliminates the occurrence of technology leakage, thereby safeguarding the security of the Company's core technologies.

3. Effective Talent Development and Incentivization

The Company values the growth and development of its employees and continuously introduces outstanding external talent. The Company has established a comprehensive and effective talent cultivation system, dedicated to building a talent team with industry-leading R&D capabilities and an international perspective. The Company adopts an innovation-led incentive model to encourage employees to research and explore new technologies, new products, and new applications, thereby ensuring the Company's capacity for technological innovation and the continuous output of innovation achievements.

4. Forward-Looking Technology Reserves

As one of the pioneers in the field of high-performance general-purpose robotics, the Company is committed to building a robot product ecosystem through technological innovation and advancing the technology iteration and industrialization of the global robotics industry. The Company conducts technology reserves and R&D layout around the above vision, aiming to further optimize product performance, expand product categories, and enhance the Company's core competitiveness. For details on specific ongoing projects and the Company's technology reserves, please refer to "VII. (II) 1. Major R&D Projects Underway and Their Progress" in this section.

(IV) Core Technical Personnel and R&D Team

1. Overview of the R&D Team

The Company classifies employees whose current-period R&D working hours in the R&D department account for no less than 50% of their total working hours as R&D personnel, based on the nature of their department, job responsibilities, and participation in R&D projects. As of the end of each period during the reporting period, the Company's R&D team composition is as follows:

Unit: Persons

| Item | End of Sep 2025 | | End of 2024 | | End of 2023 | | End of 2022 | | |---|---|---|---|---|---|---|---|---| | | Headcount | Percentage | Headcount | Percentage | Headcount | Percentage | Headcount | Percentage | | R&D Personnel | 175 | 36.46% | 124 | 37.80% | 104 | 39.39% | 72 | 34.45% | | Total Employees | 480 | 100% | 328 | 100% | 264 | 100% | 209 | 100% |

The Company places great importance on technical research and development, and the number of R&D personnel has grown year by year. As of the end of the reporting period, the Company has 175 R&D personnel, accounting for more than 30% of the total number of employees.

The educational background distribution of the Company's R&D personnel at the end of each period during the reporting period is as follows:

Unit: Persons

| Education Level | End of Sep 2025 | | End of 2024 | | End of 2023 | | End of 2022 | | |---|---|---|---|---|---|---|---|---| | | Headcount | Percentage | Headcount | Percentage | Headcount | Percentage | Headcount | Percentage | | Doctoral Degree | 4 | 2.29% | 3 | 2.42% | 2 | 1.92% | 1 | 1.39% | | Master's Degree | 69 | 39.43% | 44 | 35.48% | 34 | 32.69% | 21 | 29.17% | | Bachelor's Degree | 94 | 53.71% | 71 | 57.26% | 63 | 60.58% | 46 | 63.89% | | Associate's Degree | 8 | 4.57% | 6 | 4.84% | 5 | 4.81% | 4 | 5.56% | | Total | 175 | 100% | 124 | 100% | 104 | 100% | 72 | 100% |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

2. Core Technical Personnel

The Company has three (3) core technical personnel in total; their résumés are detailed in "Section 4: Basic Information of the Issuer," under "XI. (I) 4. Core Technical Personnel" of this Prospectus. The contributions of the Company's core technical personnel to the Company's R&D activities, their professional qualifications, major scientific research achievements, and awards received are as follows:

Wang Xingxing (王兴兴), serving as the Company's Chief Technology Officer, his primary contributions to R&D activities include: (1) formulating the Company's technology development strategy and direction and leading its implementation; (2) presiding over the R&D work of the R&D department; and (3) implementing and advancing key R&D projects and supervising the R&D process. Wang Xingxing has more than 15 years of experience in robot R&D. His notable achievements and awards include: (1) during his master's program, he pioneering developed the XDog quadruped robot, the world's first quadruped robot solution driven by low-cost outer-rotor brushless motors, laying the core technological foundation for the Company's product development; (2) he was selected to Time magazine's list of 100 Most Influential People in AI for 2025, and has received honors including the Sixth National Outstanding Builder of the Socialist Cause with Chinese Characteristics among Non-Public Economy Figures, and the 2025 China Youth May Fourth Medal; he has led more than 130 patents of the Company.

Yang Zhiyu (杨知雨), serving as the Company's Head of Mechanical Structure, his primary contributions to R&D activities include: presiding over the design and R&D of robot-related components, assemblies, and complete machines. Yang Zhiyu has nearly 10 years of experience in robot mechanical system R&D. His notable achievements and awards include: (1) completing the mechanical structure design, key component breakthroughs, and complete machine design for multiple generations of the Company's landmark robot products, achieving technological breakthroughs from zero to one; (2) as the hardware lead, the multiple robots he developed have been successfully deployed at major domestic and international events including the China Central Radio and Television Station (CCTV) Spring Festival Gala, the Hangzhou Asian Games, and the U.S. Super Bowl; he has led more than 30 patents of the Company.

Zhang Yangguang (张阳光), serving as the Company's Head of Algorithms and Software, his primary contributions to R&D activities include: presiding over the algorithm and software R&D for robots and related products, encompassing robot control algorithm R&D and optimization, system integration and deployment, and software system development and implementation. Zhang Yangguang has nearly 10 years of experience in motion control algorithm R&D for legged and humanoid robots. His notable achievements and awards include: (1) completing, participating in, and managing the motion control algorithm R&D and iterative upgrades for the Company's full product line of core products, and leading key technology breakthroughs and performance advancements in areas such as "stable walking on complex and rugged terrain," "high-speed running," "complex dance movements," "backflips," and "arbitrary full-body stable movements" for humanoid robots; (2) as the Head of Algorithms and Software, successfully completing major events including the CCTV Spring Festival Gala and the U.S. Super Bowl on multiple occasions; the relevant control algorithms have been successfully applied in numerous major domestic and international settings; he has led more than 10 patents and software copyrights of the Company.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

3. Restraint and Incentive Measures

The Company implements effective incentive measures for core technical personnel; core technical personnel hold shares in the Company directly or indirectly. At the same time, the Company has established a comprehensive R&D process and intellectual property protection system, and has signed confidentiality agreements with relevant technical personnel to guard against the risks of technology leakage and talent attrition.

4. Major Changes

The Company has three (3) core technical personnel in total, and there were no material changes during the reporting period.

(V) Scientific Research Capabilities and Achievements

1. Major Awards Received

The Company has actively promoted core technology R&D and product iteration, and has received multiple important domestic and international awards and technology platform qualification certifications. The details are as follows:

| No. | Name | Awarding Department or Organization | Year Awarded | |---|---|---|---| | 1 | High-Tech Enterprise Certificate | Zhejiang Provincial Department of Science and Technology | 2019 | | 2 | Excellence Award of China Design Intelligence Award 2020 | China Design Intelligence Award Organizing Committee | 2020 | | 3 | Robotics Award at China International Industry Fair | China International Industry Fair | 2020 | | 4 | Robot Industry Innovation Award at China International Small Motor Exhibition | China International Small Motor Exhibition Organizing Committee | 2020 | | 5 | Outstanding Product Award at the 22nd China Hi-Tech Fair | China Hi-Tech Fair Organizing Committee | 2020 | | 6 | Vice President Unit of the Hong Kong International Robot Association | Hong Kong International Robot Association | 2021 | | 7 | Outstanding Product Award at the 23rd China Hi-Tech Fair | China Hi-Tech Fair Organizing Committee | 2021 | | 8 | High-Tech Enterprise Certificate | Zhejiang Provincial Department of Science and Technology | 2022 | | 9 | Outstanding Partner Award at World Robot Conference | Chinese Institute of Electronics | 2022 | | 10 | Council Member Unit of the Artificial Intelligence Branch of China Industrial Design Association | China Industrial Design Association | 2022 | | 11 | Zhejiang Province Specialized, Refined, Distinctive, and Innovative (Specialized & New) SME | Zhejiang Provincial Department of Economy and Information Technology | 2023 | | 12 | Specialized & New "Little Giant" Enterprise | Ministry of Industry and Information Technology | 2023 | | 13 | Zhejiang Province Certificate of Scientific and Technological Achievement for B1 Quadruped Robot | Zhejiang Provincial Department of Science and Technology | 2023 | | 14 | China Design Intelligence Award 2023 | China Design Intelligence Award Organizing Committee | 2023 | | 15 | Zhejiang Province High-Tech Enterprise Research and Development Center | Zhejiang Provincial Department of Science and Technology | 2023 | | 16 | Outstanding Product Award at the 25th China Hi-Tech Fair | China Hi-Tech Fair Organizing Committee | 2023 | | 17 | Founding Unit of the National Humanoid Robot Ecological Alliance | China Mechatronics Technology Application Association | 2024 | | 18 | Outstanding Artificial Intelligence Pioneer Award at World Artificial Intelligence Conference | World Artificial Intelligence Conference | 2024 | | 19 | 2024 Zhejiang Robot Annual Product Award | Zhejiang Robot Industry Development Association | 2024 | | 20 | (continues in next chunk) | | |

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Robot Industry Pioneer Award | China Electronics Information Annual Conference | 2024

21 | 2025 China Humanoid Robot Ecosystem Outstanding Enterprise | China Robot Network | 2025

22 | 2025 Global 100 Most Influential Companies | TIME Magazine (USA) | 2025

23 | R1 Humanoid Robot — 2025 Best Invention | TIME Magazine (USA) | 2025

24 | 2025 Global Award | World Intellectual Property Organization (WIPO) | 2025

25 | 2025 World Internet Conference Outstanding Contribution Award | World Internet Conference | 2025

26 | High-Tech Enterprise Certificate | Zhejiang Provincial Department of Economy and Information Technology | 2025

**VIII. Work Safety and Environmental Protection**

**(I) Environmental Protection**

The Company focuses on the research and development, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robot components, and embodied intelligence models. In accordance with the National Economic Industry Classification (GB/T4754-2017), the Company's business falls under "C34 General Equipment Manufacturing" — specifically "C349 Other General Equipment Manufacturing" — "C3499 Other General Equipment Manufacturing Not Elsewhere Classified." The industry in which the Company operates does not belong to the heavily polluting industries as defined in the Notice on Issuing the Measures for Evaluating Enterprise Environmental Credit (Trial) (Huanfa [2013] No. 150).

As of the date of signing of this Prospectus, the environmental protection-related qualifications obtained by the Company are as follows:

| No. | Certificate Name | Certificate Number | |---|---|---| | 1 | Fixed Pollution Source Discharge Registration Receipt | 91330108MA27YJ5H56001X | | 2 | Fixed Pollution Source Discharge Registration Receipt | 91330108MA27YJ5H56003W |

The Company's production model is primarily assembly-based production; for detailed production process flow, please refer to "I. (V) Business Flow Charts for Principal Products or Services" in this section. The principal pollutants generated by the Company in its day-to-day operating activities are waste gas, wastewater, and solid waste. Waste gas mainly consists of exhaust from welding, coating, and adhesive bonding processes in assembly workshops; wastewater mainly consists of domestic sewage and cleaning wastewater; and solid waste mainly consists of general waste packaging materials. The relevant environmental protection and treatment measures are effective. According to the enterprise credit report provided by the Hangzhou Public Credit Information Platform, as of the end of the reporting period, the Company has no record of violations or illegal conduct in the field of ecological environment.

**(II) Work Safety**

The Company focuses on the research and development, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robot components, and embodied intelligence models, and does not belong to a high-risk industry.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus

During the reporting period, the Company did not commit any violation of work safety laws or regulations in the course of its production and business operations, did not experience any major work safety accidents, and was not subject to any administrative penalties for work safety matters. The Company's principal business and production operations comply with the requirements of work safety regulations.

**IX. Overseas Production and Operations**

During the reporting period, the Company's overseas sales involved customers in the United States, Europe, Japan, and other regions. As of the date of signing of this Prospectus, UNITREE LIMITED, the Company's Hong Kong subsidiary, has not yet commenced operations.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus

**Section VI: Financial and Accounting Information and Management Analysis**

**I. Financial Statements**

The financial and accounting data and related analytical notes in this section reflect the audited financial position, operating results, and cash flows of the Company during the reporting period. Unless otherwise stated, all financial and accounting data in this section are sourced from audited financial reports. The Company reminds investors to refer to the full text of the Company's disclosed financial reports and audit reports for detailed financial information.

**(I) Consolidated Balance Sheet**

Unit: RMB 10,000 (万元)

| Item | 30 Sep 2025 | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2022 | |---|---|---|---|---| | **Current Assets:** | | | | | | Monetary funds | 179,473.96 | 56,594.28 | 22,229.31 | 13,565.50 | | Trading financial assets | 28,093.03 | 48,776.36 | 2.75 | 5,185.54 | | Notes receivable | — | — | — | 35.70 | | Accounts receivable | 7,919.92 | 2,017.50 | 1,038.83 | 742.97 | | Receivables financing | 50.57 | — | — | 18.00 | | Prepayments | 1,371.32 | 830.78 | 358.35 | 279.71 | | Other receivables | 573.22 | 221.90 | 217.81 | 173.57 | | Inventories | 27,803.66 | 14,058.05 | 7,895.77 | 7,753.74 | | Contract assets | 103.22 | 41.04 | 37.23 | 24.04 | | Non-current assets due within one year | 2,181.04 | 3,241.30 | — | 4,006.62 | | Other current assets | 1,926.52 | 1,194.21 | 850.18 | 361.20 | | **Total current assets** | **249,496.46** | **126,975.41** | **32,630.22** | **32,146.60** | | **Non-current Assets:** | | | | | | Debt investments | 27,867.73 | 21,457.30 | 2,065.63 | 1,009.26 | | Long-term equity investments | — | — | — | 499.09 | | Fixed assets | 3,137.93 | 1,143.21 | 688.00 | 363.98 | | Construction in progress | — | 177.86 | — | — | | Right-of-use assets | 3,522.55 | 750.20 | 1,286.68 | 1,729.47 | | Intangible assets | 191.77 | 133.21 | 92.29 | 91.34 | | Long-term deferred expenses | 425.51 | 19.60 | 21.63 | 13.18 | | Deferred income tax assets | 962.77 | 1,793.84 | 2,290.97 | 1,264.61 |

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| Item | 30 Sep 2025 | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2022 | |---|---|---|---|---| | Other non-current assets | 372.25 | 239.02 | 51.72 | — | | **Total non-current assets** | **36,979.61** | **25,714.24** | **6,496.93** | **4,471.84** | | **Total assets** | **286,476.07** | **152,689.65** | **39,127.15** | **36,618.43** | | **Current Liabilities:** | | | | | | Short-term borrowings | — | 3.00 | 1,000.83 | 1.50 | | Accounts payable | 12,552.77 | 8,998.18 | 1,658.40 | 1,198.76 | | Contract liabilities | 15,058.77 | 9,254.66 | 2,906.97 | 1,206.67 | | Employee compensation payable | 4,524.76 | 3,415.17 | 1,798.90 | 1,141.58 | | Taxes payable | 2,029.49 | 483.26 | 129.01 | 148.39 | | Other payables | 2,189.75 | 249.41 | 210.57 | 118.62 | | Non-current liabilities due within one year | 1,702.09 | 495.72 | 585.27 | 580.70 | | Other current liabilities | 1,196.79 | 882.99 | 181.21 | 85.23 | | **Total current liabilities** | **39,254.42** | **23,782.40** | **8,471.16** | **4,481.44** | | **Non-current Liabilities:** | | | | | | Lease liabilities | 1,685.83 | 130.52 | 544.04 | 1,007.99 | | Estimated liabilities | 1,519.27 | 510.12 | 207.46 | 159.80 | | Deferred income | 1,002.21 | 309.00 | — | — | | **Total non-current liabilities** | **4,207.31** | **949.64** | **751.50** | **1,167.79** | | **Total liabilities** | **43,461.73** | **24,732.04** | **9,222.66** | **5,649.23** |

Share Capital | 36,401.79 | 258.46 | 192.49 | 192.49 Capital Reserve | 205,249.63 | 121,604.20 | 33,067.23 | 33,017.43 Surplus Reserve | — | 129.23 | 9.13 | 9.13 Undistributed Profits | 1,362.91 | 5,965.73 | -3,364.36 | -2,249.84 Total Equity Attributable to Parent Company Shareholders | 243,014.33 | 127,957.61 | 29,904.49 | 30,969.21 Minority Interests | — | — | — | — Total Owners' Equity | 243,014.33 | 127,957.61 | 29,904.49 | 30,969.21 Total Liabilities and Owners' Equity | 286,476.07 | 152,689.65 | 39,127.15 | 36,618.43

Current Liabilities:

Non-current Liabilities:

Owners' Equity:

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

(II) Consolidated Income Statement Unit: RMB 10,000 (万元)

| Item | January–September 2025 | FY 2024 | FY 2023 | FY 2022 | |---|---|---|---|---| | I. Operating Revenue | 116,749.01 | 39,237.06 | 15,913.44 | 12,291.95 | | Less: Operating Costs | 46,903.62 | 16,879.76 | 8,791.85 | 6,767.70 | | Taxes and Surcharges | 382.07 | 154.97 | 36.96 | 67.66 | | Selling Expenses | 7,600.85 | 5,915.85 | 3,771.83 | 2,583.68 | | Administrative Expenses | 38,145.21 | 1,658.06 | 1,332.80 | 3,070.53 | | R&D Expenses | 9,020.94 | 7,001.70 | 4,995.18 | 2,998.48 | | Financial Expenses | -207.93 | -875.03 | -732.47 | -322.02 | | Of which: Interest Expenses | 80.79 | 44.88 | 77.15 | 64.55 | | Interest Income | 1,848.33 | 1,408.45 | 560.88 | 190.80 | | Plus: Other Income | 2,348.75 | 1,582.55 | 899.66 | 469.14 | | Investment Income | 1,486.69 | 927.46 | 154.40 | 254.12 | | Gains from Changes in Fair Value | -24.28 | 95.42 | -5.66 | 5.66 | | Credit Impairment Losses | -350.34 | -113.53 | -61.82 | -17.18 | | Asset Impairment Losses | -1,304.16 | -1,037.85 | -840.56 | -653.64 | | Gains on Disposal of Assets | -1.57 | — | — | — | | II. Operating Profit | 17,059.33 | 9,955.79 | -2,136.69 | -2,815.97 | | Plus: Non-operating Income | 73.37 | 7.02 | 6.08 | 49.62 | | Less: Non-operating Expenses | 29.11 | 15.49 | 10.26 | 5.79 | | III. Total Profit | 17,103.59 | 9,947.32 | -2,140.87 | -2,772.14 | | Less: Income Tax Expense | 6,570.45 | 497.14 | -1,026.36 | -562.09 | | IV. Net Profit | 10,533.14 | 9,450.18 | -1,114.51 | -2,210.05 | | Net Profit Attributable to Shareholders of the Parent Company | 10,533.14 | 9,450.18 | -1,114.51 | -2,210.05 | | Minority Interests' Profit or Loss | — | — | — | — | | V. Other Comprehensive Income, Net of Tax | — | — | — | — | | VI. Total Comprehensive Income | 10,533.14 | 9,450.18 | -1,114.51 | -2,210.05 | | Total Comprehensive Income Attributable to Shareholders of the Parent Company | 10,533.14 | 9,450.18 | -1,114.51 | -2,210.05 | | Total Comprehensive Income Attributable to Minority Shareholders | — | — | — | — |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

(III) Consolidated Cash Flow Statement Unit: RMB 10,000 (万元)

| Item | January–September 2025 | FY 2024 | FY 2023 | FY 2022 | |---|---|---|---|---| | **Cash Flows from Operating Activities:** | | | | | | Cash received from sales of goods and rendering of services | 125,593.39 | 47,809.55 | 19,183.74 | 12,800.34 | | Tax refunds received | 1,065.01 | 595.96 | 233.90 | 220.20 | | Other cash received relating to operating activities | 5,761.99 | 2,903.08 | 1,523.85 | 573.05 | | Sub-total of cash inflows from operating activities | 132,420.39 | 51,308.59 | 20,941.49 | 13,593.59 | | Cash paid for goods purchased and services received | 62,303.81 | 16,858.23 | 9,577.14 | 8,889.81 | | Cash paid to and on behalf of employees | 11,757.05 | 9,600.94 | 7,062.09 | 4,303.00 | | Cash paid for various taxes | 7,416.57 | 874.50 | 513.33 | 306.15 | | Other cash paid relating to operating activities | 8,189.74 | 4,735.78 | 3,294.68 | 3,114.36 | | Sub-total of cash outflows from operating activities | 89,667.17 | 32,069.46 | 20,447.24 | 16,613.32 | | **Net cash flows from operating activities** | **42,753.22** | **19,239.13** | **494.25** | **-3,019.73** | | **Cash Flows from Investing Activities:** | | | | | | Cash received from withdrawal of investments | 166,500.00 | 72,270.00 | 17,600.50 | 2,066.83 | | Cash received from investment income | 1,096.49 | 449.11 | 100.57 | 234.89 | | Net cash received from disposal of fixed assets, intangible assets and other long-term assets | 0.66 | 2.61 | — | — | | Sub-total of cash inflows from investing activities | 167,597.15 | 72,721.72 | 17,701.07 | 2,301.72 | | Cash paid for acquisition of fixed assets, intangible assets and other long-term assets | 2,797.58 | 969.53 | 511.33 | 437.26 | | Cash paid for investments | 151,300.00 | 143,102.81 | 9,419.30 | 12,235.15 | | Sub-total of cash outflows from investing activities | 154,097.58 | 144,072.33 | 9,930.63 | 12,672.41 | | **Net cash flows from investing activities** | **13,499.58** | **-71,350.62** | **7,770.45** | **-10,370.69** | | **Cash Flows from Financing Activities:** | | | | | | Cash received from investors | 69,465.13 | 88,505.00 | — | 21,991.06 | | Cash received from borrowings | — | 950.00 | 2,000.00 | 1.50 | | Other cash received relating to financing activities | 10,000.00 | — | — | — | | Sub-total of cash inflows from financing activities | 79,465.13 | 89,455.00 | 2,000.00 | 21,992.56 | | Cash repaid for debts | 3.00 | 1,947.00 | 1,001.50 | — | | Cash paid for distribution of dividends, profits or interest | 0.01 | 9.46 | 12.27 | 0.00 | | Other cash paid relating to financing activities | 11,254.87 | 1,490.32 | 701.59 | 920.48 | | Sub-total of cash outflows from financing activities | 11,257.88 | 3,446.78 | 1,715.36 | 920.48 |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| Item | January–September 2025 | FY 2024 | FY 2023 | FY 2022 | |---|---|---|---|---| | **Net cash flows from financing activities** | **68,207.25** | **86,008.22** | **284.64** | **21,072.08** | | Effect of exchange rate changes on cash and cash equivalents | -1,429.42 | 443.77 | 298.12 | 567.82 | | Net increase in cash and cash equivalents | 123,030.63 | 34,340.50 | 8,847.46 | 8,249.48 | | Plus: Opening balance of cash and cash equivalents | 56,322.90 | 21,982.40 | 13,134.94 | 4,885.45 | | Closing balance of cash and cash equivalents | 179,353.54 | 56,322.90 | 21,982.40 | 13,134.94 |

II. Audit Opinion, Key Audit Matters, and Criteria for Judging Significant Matters Related to Financial and Accounting Information

(I) Audit Opinion

Rongcheng Certified Public Accountants (容诚会计师) audited the Company's financial statements, including the consolidated and parent company balance sheets as of December 31, 2022, December 31, 2023, December 31, 2024, and September 30, 2025, as well as the consolidated and parent company income statements, cash flow statements, statements of changes in owners' equity, and related notes to financial statements for the fiscal years 2022, 2023, 2024, and the period January–September 2025. The firm issued a standard unqualified audit report, Rongcheng Audit Report No. [2026]230Z1201.

Rongcheng Certified Public Accountants is of the opinion that the Company's financial statements, in all material respects, have been prepared in accordance with the Accounting Standards for Business Enterprises (企业会计准则), and fairly reflect the Company's consolidated and parent company financial position as of December 31, 2022, December 31, 2023, December 31, 2024, and September 30, 2025, as well as the consolidated and parent company operating results and cash flows for the fiscal years 2022, 2023, 2024, and the period January–September 2025.

(II) Key Audit Matters

1. Revenue Recognition

(1) Description of the Matter

During each period of the reporting period, the operating revenue generated from the sale of goods and rendering of services was RMB 12,291.95 万元, RMB 15,913.44 万元, RMB 39,237.06 万元, and RMB 116,749.01 万元, respectively. Since operating revenue is one of the Company's key performance indicators, there is an inherent risk that the Company's management may achieve specific targets or expectations through inappropriate revenue recognition, and revenue recognition involves significant management judgment. Therefore, revenue recognition was identified as a key audit matter.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

(2) Audit Responses

1) Understand and evaluate the design and operating effectiveness of key internal controls related to revenue recognition;

2) Select and inspect samples of sales contracts, identify the terms and conditions related to the transfer of control of goods, and evaluate whether the timing of the Company's revenue recognition complies with the requirements of the Accounting Standards for Business Enterprises;

3) Select samples of revenue transactions recorded during the reporting period, and inspect supporting documents related to revenue recognition, including sales contracts, purchase orders, sales invoices, outbound delivery notes, export customs declarations, customer acknowledgment receipts, and customer acceptance certificates, to evaluate whether the relevant revenue recognition complies with the Company's revenue recognition accounting policies;

4) Select samples of customers recorded during the reporting period, and conduct confirmation letters and field visits regarding transaction amounts and outstanding balances to evaluate the authenticity of revenue recognition;

5) Select samples of revenue transactions recorded before and after the balance sheet date, and verify outbound delivery notes, export customs declarations, customer acknowledgment receipts, and customer acceptance certificates to evaluate whether revenue has been recorded in the appropriate accounting period.

2. Inventories

(1) Description of the Matter

At the end of each period during the reporting period, the carrying amounts of the Company's inventories were RMB 8,406.24 万元, RMB 8,866.84 万元, RMB 15,737.42 万元, and RMB 30,084.72 万元, respectively, and the provisions for inventory write-downs were RMB 652.50 万元, RMB 971.07 万元, RMB 1,679.37 万元, and RMB 2,281.06 万元, respectively.

The amount of inventories is material, and the provision for inventory write-downs involves management judgment. Therefore, inventories were identified as a key audit matter.

(2) Audit Responses

1) Understand and evaluate the design and implementation effectiveness of internal controls related to inventories;

2) Conduct inventory counts to inspect the quantity and condition of inventories;

3) Analyze changes in inventories during each period and perform valuation tests on major inventories;

4) Evaluate the reasonableness of the Company's methodology for making provisions for inventory write-downs; obtain the inventory write-down calculation schedules prepared by the Company, inspect the completeness of those schedules, and review whether the Company's estimates made in inventory write-down testing are reasonable;

5) Inspect the accuracy of the calculation of the Company's inventory write-down provisions, as well as the reasonableness of the accounting treatment and disclosure.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

(III) Criteria for Judging Significant Matters Related to Financial and Accounting Information and Materiality Thresholds

The Company prepares and discloses financial statements in accordance with the principle of materiality. The disclosure items involving judgment of materiality thresholds and their methods of determination and basis of selection are as follows:

| Item | Materiality Threshold | |---|---| | Individually significant accounts receivable for which specific bad debt provisions are made | Individual amount accounting for 0.3% or more of total assets and exceeding RMB 3,000,000 | | Significant prepayments with aging over one year | Individual amount accounting for 0.3% or more of total assets and exceeding RMB 3,000,000 | | Individually significant other receivables for which specific bad debt provisions are made | Individual amount accounting for 0.3% or more of total assets and exceeding RMB 3,000,000 | | Significant construction in progress | Individual amount accounting for 0.5% or more of total assets and exceeding RMB 5,000,000 | | Significant accounts payable with aging over one year or overdue | Individual amount accounting for 0.3% or more of total assets and exceeding RMB 3,000,000 | | Significant contract liabilities with aging over one year | Individual amount accounting for 0.3% or more of total assets and exceeding RMB 3,000,000 | | Significant other payables with aging over one year | Individual amount accounting for 0.3% or more of total assets and exceeding RMB 3,000,000 | | Significant cash received and paid relating to investing activities | Individual investing activity cash flow amount accounting for 0.5% or more of total assets and exceeding RMB 5,000,000 |

III. Basis of Preparation of Financial Statements, Scope of Consolidation, and Changes

(I) Basis of Preparation

The Company prepares its financial statements on a going-concern basis, recognizing and measuring transactions and events as they actually occur in accordance with the Accounting Standards for Business Enterprises and their application guidance and interpretations. In addition, the Company also discloses relevant financial information in accordance with the China Securities Regulatory Commission's Rules on Preparation of Information Disclosure by Companies Offering Securities to the Public No. 15 — General Provisions on Financial Reports (2023 Revision).

(II) Scope of Consolidated Financial Statements and Changes

During the reporting period, the subsidiaries included in the Company's consolidated financial statements are as follows:

| No. | Subsidiary Name | Date of Incorporation | Shareholding Percentage | Jan–Sep 2025 | FY 2024 | FY 2023 | FY 2022 | |---|---|---|---|---|---|---|---| | 1 | Unitree Robotics (宇树机器人) | 2019-04-08 | 100.00% | Yes | Yes | Yes | Yes | | 2 | Unitree Hong Kong (香港宇树) | 2022-03-23 | 100.00% | No | Yes | Yes | Yes | | 3 | Shanghai Gaoyi (上海高羿) | 2024-11-07 | 100.00% | Yes | Yes | No | No | | 4 | Beijing Lingyi (北京灵翌) | 2024-12-31 | 100.00% | Yes | Yes | No | No | | 5 | Shenzhen Tianyi (深圳天羿) | 2025-03-05 | 100.00% | Yes | No | No | No |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

Note: Unitree Hong Kong (香港宇树) was deregistered in September 2025.

IV. Significant Accounting Policies and Accounting Estimates

(I) Revenue Recognition Policy

The Company's specific methods for revenue recognition are as follows:

1. Contracts for the Sale of Goods

Contracts for the sale of goods between the Company and its customers include performance obligations to transfer humanoid robots, quadruped robots, and other products, and these are performance obligations satisfied at a point in time.

1) Offline Sales

A. Domestic Direct Sales

The Company supplies goods in accordance with contracts (purchase orders) signed with customers. For standardized products that do not require commissioning and acceptance, revenue is recognized after the goods have been dispatched and signed for by the customer. For customized products that require commissioning and acceptance, revenue is recognized after the goods have been commissioned and accepted by the customer.

B. Domestic Distribution

For distributors that purchase products from the Company through outright purchase transactions, the Company recognizes revenue after the goods have been dispatched and signed for by the customer. For distributors that cooperate with the Company through a consignment model, the Company recognizes revenue based on the product sales list provided by the customer after the consigned products have been sold to end consumers.

C. Overseas Sales

For sales transactions settled under trade terms such as FOB, CIF, and CFR, the Company recognizes revenue upon completion of customs clearance of the products. For sales transactions settled under trade terms such as DAP and DDP, the Company transports the products to the location designated by the customer after customs clearance is completed and recognizes revenue upon the customer's receipt and sign-off. For sales transactions settled under trade terms such as EXW, the Company recognizes revenue after the customer or its designated carrier has collected the goods.

2) Online Sales

A. Direct Online Sales

The direct online sales model refers to the Company obtaining customer orders and making external sales through e-commerce platforms. Under this model, the customer places an order and makes payment on the platform, and the Company ships the goods to the location designated by the customer via courier in accordance with the customer's order information. After receiving the goods, the customer confirms receipt on the online platform, or the system automatically confirms receipt a specified number of days after the date the goods are received.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus

The Company recognizes revenue after the customer confirms receipt, or after the system automatically confirms receipt upon expiry, and payment has been received.

B. Online E-Commerce Warehouse Entry

Under the e-commerce warehouse entry model, the Company ships goods to a location designated by the e-commerce platform, and the e-commerce platform sells the goods to end customers. The Company's direct customer is the e-commerce platform. For domestic e-commerce platforms, the Company recognizes revenue based on the settlement statements issued by the e-commerce platform. For overseas e-commerce platforms, the Company recognizes revenue at the point in time such as when customs clearance of the products is completed, based on the trade settlement terms stipulated in the contract.

2. Service Contracts

Service contracts signed between the Company and its customers represent performance obligations satisfied at a point in time. The Company fulfills services in accordance with the contractual terms and recognizes revenue when the service is completed, payment has been collected or the right to receive payment has been obtained, and it is highly probable that the related consideration will be recovered.

(II) Financial Instruments

A financial instrument is a contract that gives rise to a financial asset of one party and a financial liability or equity instrument of another party.

1. Recognition and Derecognition of Financial Instruments

When the Company becomes a party to a financial instrument contract, the relevant financial asset or financial liability is recognized.

A financial asset is derecognized when any one of the following conditions is met:

1) The contractual rights to receive cash flows from the financial asset have expired; 2) The financial asset has been transferred and meets the derecognition conditions for the transfer of financial assets described below.

When the present obligation of a financial liability (or a part thereof) has been discharged, the financial liability (or that part of the financial liability) is derecognized. When the Company (as borrower) enters into an agreement with the lender to replace the original financial liability by assuming a new financial liability, and the contractual terms of the new financial liability are substantially different from those of the original financial liability, the original financial liability is derecognized and the new financial liability is recognized simultaneously. When the Company makes a substantial modification to the contractual terms of the original financial liability (or a part thereof), the original financial liability is derecognized, and a new financial liability is recognized in accordance with the modified terms.

Financial assets purchased or sold in a regular way are recognized and derecognized on the trade date. A regular way purchase or sale of financial assets refers to the delivery of financial assets within the time frame established by regulations or conventions in the marketplace pursuant to the terms of a contract. The trade date is the date on which the Company commits to purchase or sell a financial asset.

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2. Classification and Measurement of Financial Assets

At initial recognition, the Company classifies financial assets based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets into: financial assets measured at amortized cost, financial assets measured at fair value through profit or loss, and financial assets measured at fair value through other comprehensive income. Unless the Company changes its business model for managing financial assets — in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in business model — financial assets may not be reclassified after initial recognition.

Financial assets are measured at fair value at initial recognition. For financial assets measured at fair value through profit or loss, related transaction costs are directly recognized in profit or loss for the current period. For financial assets in other categories, related transaction costs are included in the amount initially recognized. For notes receivable and accounts receivable arising from the sale of goods or the rendering of services that do not contain or do not consider a significant financing component, the Company initially measures them at the transaction price as defined by the revenue standard.

The subsequent measurement of financial assets depends on their classification:

(1) Financial Assets Measured at Amortized Cost

A financial asset is classified as measured at amortized cost when both of the following conditions are met: the Company's business model for managing the financial asset is to hold it in order to collect contractual cash flows; and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. For such financial assets, the effective interest method is used for subsequent measurement at amortized cost. Any gains or losses arising from derecognition, amortization using the effective interest method, or impairment are recognized in profit or loss for the current period.

(2) Financial Assets Measured at Fair Value through Other Comprehensive Income

A financial asset is classified as measured at fair value through other comprehensive income when both of the following conditions are met: the Company's business model for managing the financial asset is achieved both by collecting contractual cash flows and by selling financial assets; and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. For such financial assets, fair value is used for subsequent measurement. Except for impairment losses or gains and foreign exchange gains and losses, which are recognized in profit or loss for the current period, changes in the fair value of such financial assets are recognized as other comprehensive income until the financial asset is derecognized,

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at which point the cumulative gains or losses are transferred to profit or loss for the current period. However, interest income on such financial assets calculated using the effective interest method is recognized in profit or loss for the current period.

The Company has irrevocably designated certain non-trading equity instrument investments as financial assets measured at fair value through other comprehensive income. Only the related dividend income is recognized in profit or loss for the current period, while changes in fair value are recognized as other comprehensive income. Upon derecognition of the financial asset, the cumulative gains or losses are transferred to retained earnings.

(3) Financial Assets Measured at Fair Value through Profit or Loss

Financial assets other than those measured at amortized cost and those measured at fair value through other comprehensive income as described above are classified as financial assets measured at fair value through profit or loss. For such financial assets, fair value is used for subsequent measurement, and all changes in fair value are recognized in profit or loss for the current period.

3. Classification and Measurement of Financial Liabilities

The Company classifies financial liabilities into: financial liabilities measured at fair value through profit or loss, loan commitments at below-market interest rates and financial guarantee contract liabilities, and financial liabilities measured at amortized cost. The subsequent measurement of financial liabilities depends on their classification:

(1) Financial Liabilities Measured at Fair Value through Profit or Loss

This category of financial liabilities includes trading financial liabilities (including derivative instruments that are financial liabilities) and financial liabilities designated at fair value through profit or loss. After initial recognition, such financial liabilities are subsequently measured at fair value, and the resulting gains or losses (including interest expenses), except those related to hedge accounting, are recognized in profit or loss for the current period. However, for financial liabilities designated at fair value through profit or loss, the amount of change in the fair value of the financial liability attributable to changes in the Company's own credit risk is recognized in other comprehensive income. When such a financial liability is derecognized, the cumulative gains and losses previously recognized in other comprehensive income are transferred out of other comprehensive income and into retained earnings.

(2) Loan Commitment and Financial Guarantee Contract Liabilities

A loan commitment is a commitment provided by the Company to a customer to extend credit on pre-specified terms and conditions during the commitment period. Loan commitments are subject to impairment provisions calculated using the expected credit loss model.

A financial guarantee contract is a contract that requires the Company to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payments when due in accordance with the original or modified terms of a debt instrument.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus

Financial guarantee contract liabilities are subsequently measured at the higher of: the amount of the loss allowance determined in accordance with the impairment principles for financial instruments; and the amount initially recognized less the cumulative amortization recognized in accordance with the revenue recognition principles.

(3) Financial Liabilities Measured at Amortized Cost

After initial recognition, other financial liabilities are measured at amortized cost using the effective interest method.

Except in special circumstances, financial liabilities and equity instruments are distinguished in accordance with the following principles:

1) If the Company cannot unconditionally avoid fulfilling a contractual obligation by delivering cash or another financial asset, the contractual obligation meets the definition of a financial liability. Some financial instruments do not explicitly include terms and conditions imposing an obligation to deliver cash or another financial asset, but may indirectly give rise to a contractual obligation through other terms and conditions.

2) If a financial instrument is or may be settled using the Company's own equity instruments, it is necessary to consider whether the Company's own equity instruments used for settlement serve as a substitute for cash or another financial asset, or in order to enable the holder of the instrument to be entitled to the residual interest in the issuer's assets after deducting all liabilities. If the former, the instrument is a financial liability of the issuer; if the latter, the instrument is an equity instrument of the issuer. In certain circumstances, a financial instrument contract stipulates that the Company is required to or may settle the financial instrument using its own equity instruments, where the amount of the contractual right or obligation equals the number of its own equity instruments obtainable or required to be delivered multiplied by their fair value at the time of settlement. Regardless of whether the amount of such contractual right or obligation is fixed or varies wholly or partly based on variables other than the market price of the Company's own equity instruments (such as interest rates, the price of a commodity, or the price of a financial instrument), the contract is classified as a financial liability.

4. Impairment of Financial Instruments

The Company recognizes loss allowances on the basis of expected credit losses for financial assets measured at amortized cost, debt investments measured at fair value through other comprehensive income, contract assets, lease receivables, loan commitments, and financial guarantee contracts.

(1) Measurement of Expected Credit Losses

Expected credit losses are the probability-weighted average of credit losses on a financial instrument, weighted by the risk of default occurring. Credit losses are the difference between all contractual cash flows that are due to the Company under the contract and all cash flows that the Company expects to receive, discounted at the original effective interest rate — that is, the present value of all cash shortfalls. For financial assets that are purchased or originated credit-impaired by the Company, the discount rate used is the credit-adjusted effective interest rate of the financial asset.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus

Lifetime expected credit losses are expected credit losses resulting from all possible default events over the expected life of a financial instrument.

Twelve-month expected credit losses are the portion of lifetime expected credit losses that represents the expected credit losses resulting from default events on a financial instrument that are possible within 12 months after the balance sheet date (or the expected life of the financial instrument if less than 12 months).

At each balance sheet date, the Company measures expected credit losses for financial instruments at different stages separately. For financial instruments where credit risk has not increased significantly since initial recognition, they are in Stage 1, and the Company measures the loss allowance at an amount equal to 12-month expected credit losses. For financial instruments where credit risk has increased significantly since initial recognition but credit impairment has not yet occurred, they are in Stage 2, and the Company measures the loss allowance at an amount equal to lifetime expected credit losses for that instrument. For financial instruments where credit impairment has occurred since initial recognition, they are in Stage 3, and the Company measures the loss allowance at an amount equal to lifetime expected credit losses for that instrument.

For financial instruments with low credit risk at the balance sheet date, the Company assumes that credit risk has not increased significantly since initial recognition and measures the loss allowance at an amount equal to 12-month expected credit losses.

For financial instruments in Stage 1, Stage 2, and those with low credit risk, the Company calculates interest income based on the gross carrying amount (before deducting the impairment allowance) and the effective interest rate. For financial instruments in Stage 3, interest income is calculated based on the amortized cost (i.e., the gross carrying amount less the impairment allowance already recognized) and the effective interest rate.

For notes receivable, accounts receivable, receivables financing, and contract assets, the Company measures the loss allowance at an amount equal to lifetime expected credit losses, regardless of whether a significant financing component exists.

1) Receivables / Contract Assets

For notes receivable, accounts receivable, other receivables, receivables financing, and contract assets where objective evidence of impairment exists, as well as those otherwise subject to individual assessment, impairment testing is performed individually, expected credit losses are recognized, and specific impairment allowances are provided. For notes receivable, accounts receivable, other receivables, receivables financing, and contract assets where no objective evidence of impairment exists, or where it is not possible to assess expected credit losses at a reasonable cost for an individual financial asset, the Company groups such items according to their credit risk characteristics and calculates expected credit losses on a collective basis. The basis for determining the groupings is as follows:

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① The basis for determining groupings of notes receivable is as follows:

| Notes Receivable Group 1 | Bank acceptance bills | | Notes Receivable Group 2 | Commercial acceptance bills |

For notes receivable classified into groups, the Company calculates expected credit losses by reference to historical credit loss experience, combined with the current situation and forecasts of future economic conditions, using the default risk exposure and the lifetime expected credit loss rate.

② The basis for determining groupings of accounts receivable is as follows:

| Accounts Receivable Group 1 | Receivables from related parties within the scope of the consolidated financial statements | | Accounts Receivable Group 2 | Receivables from customers other than related parties within the scope of the consolidated financial statements |

For accounts receivable classified into groups, the Company calculates expected credit losses by reference to historical credit loss experience, combined with the current situation and forecasts of future economic conditions, by preparing an aging analysis schedule matched to lifetime expected credit loss rates.

③ The basis for determining groupings of other receivables is as follows:

| Other Receivables Group 1 | Interest receivable | | Other Receivables Group 2 | Dividends receivable | | Other Receivables Group 3 | Amounts receivable from related parties within the scope of the consolidated financial statements | | Other Receivables Group 4 | Amounts receivable from parties other than related parties within the scope of the consolidated financial statements |

For other receivables classified into groups, the Company calculates expected credit losses by reference to historical credit loss experience, combined with the current situation and forecasts of future economic conditions, using the default risk exposure and the 12-month or lifetime expected credit loss rate.

④ The basis for determining groupings of receivables financing is as follows:

| Receivables Financing Group 1 | Notes receivable | | Receivables Financing Group 2 | Accounts receivable |

For receivables financing classified into groups, the Company calculates expected credit losses by reference to historical credit loss experience, combined with the current situation and forecasts of future economic conditions, using the default risk exposure and the lifetime expected credit loss rate.

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calculate the expected credit loss.

⑤ The basis for determining the portfolio of contract assets is as follows:

| Contract Asset Portfolio | Portfolio 1 — Unexpired Quality Assurance Deposits | |---|---|

For contract assets classified into portfolios, the Company calculates the expected credit loss by referencing historical credit loss experience, combined with current conditions and forecasts of future economic conditions, through the exposure at default and the lifetime expected credit loss rate.

2) Debt investments, other debt investments

For debt investments and other debt investments, the Company calculates the expected credit loss based on the nature of the investment, according to various types of counterparties and risk exposures, through the exposure at default and the expected credit loss rate over the next 12 months or over the entire lifetime.

(2) Low credit risk

A financial instrument is considered to have low credit risk if its risk of default is low, the borrower has a strong capacity to meet its contractual cash flow obligations in the near term, and adverse changes in economic and operating conditions in the longer term may not necessarily reduce the borrower's ability to fulfill its contractual cash flow obligations.

(3) Significant increase in credit risk

The Company determines whether the credit risk of a financial instrument has increased significantly since initial recognition by comparing the probability of default over the expected remaining life of the financial instrument as determined at the balance sheet date with the probability of default over the expected remaining life as determined at initial recognition, in order to assess the relative change in the probability of default over the expected remaining life of the financial instrument.

When determining whether credit risk has increased significantly since initial recognition, the Company considers reasonable and supportable information that is available without undue cost or effort, including forward-looking information. The information considered by the Company includes:

1) Whether there has been a significant change in internal price indicators resulting from changes in credit risk;

2) Whether there are adverse changes in business, financial, or economic conditions that are expected to cause significant changes in the debtor's ability to meet its debt repayment obligations;

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3) Whether there has been, or is expected to be, a significant change in the debtor's operating results; whether there has been a significant adverse change in the regulatory, economic, or technological environment in which the debtor operates;

4) Whether there has been a significant change in the value of the collateral serving as security for the debt, or in the quality of guarantees or credit enhancements provided by third parties — changes that are expected to reduce the debtor's economic incentive to repay on the contractually agreed schedule or that affect the probability of default;

5) Whether there has been a significant change in the economic incentive expected to reduce the debtor's motivation to repay on the contractually agreed schedule;

6) Expected changes in loan agreements, including whether anticipated breaches of contract may result in waivers or modifications of contractual obligations, the granting of grace periods, interest rate step-ups, requirements for additional collateral or guarantees, or other changes to the contractual framework of the financial instrument;

7) Whether there has been a significant change in the debtor's expected performance and repayment behavior;

8) Whether contractual payments are overdue by 30 days or more.

Based on the nature of the financial instruments, the Company assesses whether credit risk has increased significantly on the basis of individual financial instruments or portfolios of financial instruments. When assessing on a portfolio basis, the Company may classify financial instruments based on common credit risk characteristics, such as past-due information and credit risk ratings.

Under normal circumstances, if a payment is overdue by more than 30 days, the Company determines that the credit risk of the financial instrument has increased significantly, unless the Company is able to obtain, without undue cost or effort, reasonable and supportable information demonstrating that credit risk has not increased significantly since initial recognition, notwithstanding that the contractually agreed payment date has been exceeded by more than 30 days.

(4) Credit-impaired financial assets

The Company assesses at each balance sheet date whether financial assets measured at amortized cost and debt investments measured at fair value with changes recognized in other comprehensive income have become credit-impaired. A financial asset becomes credit-impaired when one or more events that have a detrimental effect on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable information:

The issuer or debtor is experiencing significant financial difficulty; the debtor has breached the contract, such as default or delinquency in paying interest or principal; the creditor, for economic or contractual reasons relating to the debtor's financial difficulty, has granted the debtor a concession that would not otherwise be considered; it is becoming probable that the debtor will enter bankruptcy or other financial restructuring; the financial difficulty of the issuer or debtor has caused the disappearance of an active market for the financial asset; or the purchase or origination of a financial asset at a deep discount that reflects the incurred credit loss.

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(5) Presentation of loss allowances for expected credit losses

To reflect changes in the credit risk of a financial instrument since initial recognition, the Company remeasures the expected credit loss at each balance sheet date. The resulting increase or reversal of the loss allowance shall be recognized as an impairment loss or gain in profit or loss for the current period. For financial assets measured at amortized cost, the loss allowance is deducted from the carrying amount of the financial asset as presented in the balance sheet. For debt investments measured at fair value with changes recognized in other comprehensive income, the Company recognizes the loss allowance in other comprehensive income without reducing the carrying amount of the financial asset.

(6) Write-off

If the Company no longer reasonably expects to recover the contractual cash flows of a financial asset in full or in part, the gross carrying amount of that financial asset is directly reduced. Such reduction constitutes the derecognition of the relevant financial asset. This typically occurs when the Company determines that the debtor has no assets or sources of income that could generate sufficient cash flows to repay the amount to be written off.

If a financial asset that has previously been written off is subsequently recovered, it is recognized as a reversal of impairment loss and recorded in profit or loss in the period of recovery.

5. Transfer of financial assets

The transfer of financial assets refers to the following two situations:

The transfer of the contractual rights to receive cash flows from a financial asset to another party;

The transfer of a financial asset, in whole or in part, to another party while retaining the contractual right to receive cash flows from the financial asset and assuming a contractual obligation to pay those cash flows to one or more recipients.

(1) Derecognition of transferred financial assets

A financial asset is derecognized when substantially all the risks and rewards of ownership of the financial asset have been transferred to the transferee, or when the Company has neither transferred nor retained substantially all the risks and rewards of ownership of the financial asset but has relinquished control of the financial asset.

In determining whether control over the transferred financial asset has been relinquished, the Company considers the transferee's practical ability to sell the financial asset. If the transferee has the unilateral practical ability to sell the transferred financial asset in its entirety to an unrelated third party without additional conditions restricting such sale, the Company has relinquished control of the financial asset.

When assessing whether a transfer of financial assets meets the conditions for derecognition, the Company focuses on the substance of the transfer.

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Where the transfer of a financial asset as a whole satisfies the conditions for derecognition, the difference between the following two amounts is recognized in profit or loss for the current period:

1) The carrying amount of the transferred financial asset;

2) The sum of: the consideration received as a result of the transfer, and the cumulative amount of fair value changes previously recognized directly in other comprehensive income attributable to the portion derecognized (applicable where the transferred financial asset is one classified under Article 18 of Accounting Standard for Business Enterprises No. 22 — Recognition and Measurement of Financial Instruments as a financial asset measured at fair value with changes recognized in other comprehensive income).

Where the partial transfer of a financial asset satisfies the conditions for derecognition, the overall carrying amount of the transferred financial asset is allocated between the derecognized portion and the continuing recognition portion (in which case any retained servicing asset is treated as part of the continuing recognition of the financial asset) based on their respective relative fair values at the date of transfer, and the difference between the following two amounts is recognized in profit or loss for the current period:

1) The carrying amount of the derecognized portion at the date of derecognition;

2) The sum of: the consideration for the derecognized portion, and the cumulative amount of fair value changes previously recognized in other comprehensive income corresponding to the derecognized portion (applicable where the transferred financial asset is one classified under Article 18 of Accounting Standard for Business Enterprises No. 22 — Recognition and Measurement of Financial Instruments as a financial asset measured at fair value with changes recognized in other comprehensive income).

(2) Continuing involvement in transferred financial assets

Where the Company has neither transferred nor retained substantially all the risks and rewards of ownership of the financial asset and has not relinquished control of the financial asset, the relevant financial asset shall be recognized to the extent of the Company's continuing involvement in the transferred financial asset, and the relevant liability shall be recognized accordingly.

The extent of continuing involvement in the transferred financial asset refers to the extent to which the Company is exposed to changes in value or returns of the transferred financial asset.

(3) Continuing recognition of transferred financial assets

Where the Company retains substantially all the risks and rewards of ownership of the transferred financial asset, the transferred financial asset shall continue to be recognized in its entirety, and the consideration received shall be recognized as a financial liability.

The financial asset and the recognized associated financial liability shall not be offset against each other. In subsequent accounting periods, the Company shall continue to recognize income (or gains) arising from the financial asset and expenses (or losses

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) arising from the financial liability.

6. Offsetting of financial assets and financial liabilities

Financial assets and financial liabilities shall be presented separately in the balance sheet and shall not be offset against each other. However, where both of the following conditions are simultaneously met, they shall be presented in the balance sheet at the net amount after offsetting:

The Company has a legally enforceable right to offset the recognized amounts, and such legally enforceable right is currently exercisable;

The Company intends to settle on a net basis, or to realize the financial asset and settle the financial liability simultaneously.

For transfers of financial assets that do not meet the conditions for derecognition, the transferor shall not offset the transferred financial assets against the related liabilities.

7. Methods for determining the fair value of financial instruments

The methods for determining the fair value of financial assets and financial liabilities are set out in Section IV, (III) Fair Value Measurement of this chapter.

(III) Fair Value Measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The Company measures the fair value of the relevant asset or liability using the price in the principal market. In the absence of a principal market, the Company measures the fair value of the relevant asset or liability using the price in the most advantageous market. The Company adopts the assumptions that market participants would use when pricing the asset or liability in order to maximize their economic benefit.

The principal market is the market with the greatest volume and level of activity for the relevant asset or liability. The most advantageous market is the market that, after taking into account transaction costs and transportation costs, maximizes the amount that would be received to sell the asset or minimizes the amount that would be paid to transfer the liability.

For financial assets or financial liabilities for which an active market exists, the Company uses quoted prices in the active market to determine fair value. For financial instruments for which no active market exists, the Company uses valuation techniques to determine fair value.

When measuring the fair value of non-financial assets, consideration is given to the ability of market participants to generate economic benefits by using the asset in its highest and best use, or by selling the asset to another market participant who would use the asset in its highest and best use.

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1. Valuation techniques

The Company uses valuation techniques that are applicable in the current circumstances and for which sufficient available data and other information exist to support their use. The main valuation techniques used include: the market approach, the income approach, and the cost approach. The Company measures fair value using a method consistent with one or more of these valuation techniques. When multiple valuation techniques are used to measure fair value, the reasonableness of each valuation result is considered, and the amount that is most representative of fair value under the current circumstances is selected as the fair value.

In applying valuation techniques, the Company prioritizes the use of relevant observable inputs, and uses unobservable inputs only when relevant observable inputs are unavailable or impracticable to obtain. Observable inputs are inputs that can be obtained from market data and that reflect the assumptions used by market participants in pricing the relevant asset or liability. Unobservable inputs are inputs that cannot be obtained from market data and that are derived based on the best available information regarding the assumptions that market participants would use in pricing the relevant asset or liability.

2. Fair value hierarchy

The Company classifies the inputs used in fair value measurements into three levels, using Level 1 inputs first, Level 2 inputs second, and Level 3 inputs last. Level 1 inputs are unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date. Level 2 inputs are inputs other than Level 1 inputs that are directly or indirectly observable for the relevant asset or liability. Level 3 inputs are unobservable inputs for the relevant asset or liability.

(IV) Inventories

1. Classification, costing method, and inventory system for inventories

The Company's inventories include raw materials, work-in-progress, finished goods, goods in transit, consigned processing materials, and contract fulfillment costs. When inventories are issued, they are valued using the weighted average method calculated at the end of each month. The inventory system used is the perpetual inventory system.

2. Method for provision for inventory write-down

At the balance sheet date, the Company's inventories are measured at the lower of cost and net realizable value. Where the cost of inventories exceeds their net realizable value, a provision for inventory write-down is made and recognized in profit or loss for the current period.

For inventories held for direct sale, such as finished goods, merchandise, and materials held for sale, in the ordinary course of production and operations,

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their net realizable value is determined as the estimated selling price less the estimated selling expenses and related taxes. For inventories held to fulfill sales contracts or service contracts, the contract price is used as the basis for measuring net realizable value. If the quantity of inventories held exceeds the quantity ordered under the sales contract, the net realizable value of the excess portion is measured based on the general selling price. For materials and other items held for sale, the market price is used as the basis for measuring net realizable value.

For materials inventories that require further processing, in the ordinary course of production and operations, their net realizable value is determined as the estimated selling price of the finished goods produced, less the estimated costs to be incurred to bring them to completion, the estimated selling expenses, and the related taxes. If the net realizable value of the finished goods produced using those materials exceeds their cost, the materials are measured at cost. If a decline in the price of the materials indicates that the net realizable value of the finished goods is below cost, the materials are measured at net realizable value, and a provision for inventory write-down is made for the difference.

If, at the balance sheet date, the factors that previously caused a write-down of inventories no longer exist, the amount written down shall be reversed, within the amount of the provision for inventory write-down originally recognized, and the reversed amount shall be recognized in profit or loss for the current period.

3. Amortization method for low-value consumables

Low-value consumables are amortized in full upon issue using the immediate write-off method; packaging materials are amortized in full upon issue using the immediate write-off method.

(V) Contract Assets and Contract Liabilities

The Company presents contract assets or contract liabilities in the balance sheet based on the relationship between the performance of performance obligations and customer payments. Consideration that the Company has the right to receive for having transferred goods or provided services to a customer (where such right is conditional on something other than the passage of time) is presented as a contract asset. Obligations to transfer goods or provide services to a customer for which the Company has received or is entitled to receive consideration from the customer are presented as contract liabilities.

Contract assets and contract liabilities are presented separately in the balance sheet. Contract assets and contract liabilities under the same contract are presented on a net basis. Where the net balance is a debit balance, it is presented under "contract assets" or "other non-current assets" depending on its liquidity. Where the net balance is a credit balance, it is presented under "contract liabilities" or "other non-current liabilities" depending on its liquidity. Contract assets and contract liabilities under different contracts shall not be offset against each other.

(VI) Fixed Assets

Fixed assets are tangible assets of relatively high unit value that are held for use in the production of goods, provision of services, for rental, or for administrative purposes, and that have a useful life of more than one year.

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1. Recognition criteria

Fixed assets are recognized at actual cost upon acquisition when both of the following conditions are simultaneously met:

1) It is probable that the economic benefits associated with the fixed asset will flow to the Company;

2) The cost of the fixed asset can be measured reliably.

Subsequent expenditures on fixed assets that meet the recognition criteria for fixed assets are included in the cost of the fixed asset. Subsequent expenditures that do not meet the recognition criteria for fixed assets are recognized in profit or loss in the period in which they are incurred.

2. Depreciation methods for each category of fixed assets

The Company commences depreciation of fixed assets from the month following the month in which the asset reaches its intended usable condition, using the straight-line method. The depreciation periods and annual depreciation rates are determined separately based on the category of fixed asset, estimated useful economic life, and estimated residual value rate, as follows:

| Category | Depreciation Method | Depreciation Period (Years) | Residual Value Rate (%) | Annual Depreciation Rate (%) | |---|---|---|---|---| | Machinery and equipment | Straight-line method | 10 | 5 | 9.50 | | Office equipment and others | Straight-line method | 3–5 | 5 | 19.00–31.67 |

For fixed assets for which an impairment provision has been made, the accumulated impairment provision is deducted when calculating depreciation.

At the end of each year, the Company reviews the useful lives, estimated residual values, and depreciation methods of its fixed assets. Where the estimated useful life differs from the original estimate, the useful life of the fixed asset is adjusted accordingly.

(VII) Employee Compensation

Employee compensation refers to various forms of remuneration or compensation provided by the Company in exchange for services rendered by employees or in connection with the termination of employment. Employee compensation includes short-term employee benefits, post-employment benefits, termination benefits, and other long-term employee benefits. Benefits provided by the Company to employees' spouses, children, dependents, the families of deceased employees, and other beneficiaries also constitute employee compensation.

Based on their liquidity, employee compensation is presented in the balance sheet under "employee compensation payable" and "long-term employee compensation payable" respectively.

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1. Accounting Treatment for Short-Term Employee Benefits (1) Basic Employee Remuneration (Wages, Bonuses, Allowances, and Subsidies) During the accounting period in which employees provide services to the Company, the Company recognizes the actual short-term employee benefits incurred as liabilities and charges them to the current period's profit or loss, except where other accounting standards require or permit them to be included in the cost of assets.

(2) Employee Welfare Expenses Employee welfare expenses incurred by the Company are charged to the current period's profit or loss or the cost of related assets based on the actual amounts incurred when they arise. Where employee welfare benefits are non-monetary in nature, they are measured at fair value.

(3) Social Insurance Contributions Including Medical Insurance, Work-Related Injury Insurance, and Maternity Insurance, as well as Housing Provident Fund Contributions, Trade Union Funds, and Employee Education Funds Social insurance contributions made by the Company on behalf of employees, including medical insurance, work-related injury insurance, maternity insurance, and housing provident fund contributions, as well as trade union funds and employee education funds accrued in accordance with prescribed requirements, are recognized during the accounting period in which employees provide services. The corresponding employee benefit amounts are determined based on the prescribed accrual base and accrual ratios, and the corresponding liabilities are recognized and charged to the current period's profit or loss or the cost of related assets.

(4) Short-Term Compensated Absences When employees provide services that increase their future entitlement to compensated absences, the Company recognizes employee benefits related to accumulating compensated absences, measured at the additional amount the Company expects to pay as a result of the unused entitlement that has accumulated. The Company recognizes employee benefits related to non-accumulating compensated absences during the accounting period in which the absences actually occur.

(5) Short-Term Profit-Sharing Plans Where a profit-sharing plan simultaneously meets the following conditions, the Company recognizes the related employee benefits payable: 1) The enterprise has a present legal or constructive obligation to make payments to employees as a result of past events; 2) The amount of the obligation arising from the profit-sharing plan can be reliably estimated.

2. Accounting Treatment for Other Long-Term Employee Benefits (1) Plans Meeting the Conditions for Defined Contribution Plans Where other long-term employee benefits provided by the Company to employees meet the conditions for defined contribution plans, the total amount of contributions payable is measured at its discounted present value as the employee benefits payable.

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(2) Plans Meeting the Conditions for Defined Benefit Plans At the end of the reporting period, the Company recognizes employee benefit costs arising from other long-term employee benefits as comprising the following components: 1) Service cost; 2) Net interest on the net liability or net asset for other long-term employee benefits; 3) Changes arising from remeasurement of the net liability or net asset for other long-term employee benefits.

To simplify the related accounting treatment, the total net amount of the above items is charged to the current period's profit or loss or the cost of related assets.

(VIII) Provisions

1. Recognition Criteria for Provisions Where an obligation related to a contingency simultaneously meets the following conditions, the Company recognizes it as a provision: (1) The obligation is a present obligation of the Company; (2) It is probable that the performance of the obligation will result in an outflow of economic benefits from the Company; (3) The amount of the obligation can be reliably measured.

2. Measurement of Provisions Provisions are initially measured at the best estimate of the expenditure required to fulfill the related present obligation, taking into comprehensive account the risks, uncertainties, and time value of money associated with the contingency. The carrying amount of provisions is reviewed at each balance sheet date. Where there is conclusive evidence that the carrying amount does not reflect the current best estimate, the carrying amount is adjusted to the current best estimate.

(IX) Share-Based Payments

1. Types of Share-Based Payments The Company's share-based payments include cash-settled share-based payments and equity-settled share-based payments.

2. Methods for Determining the Fair Value of Equity Instruments (1) For shares granted to employees, the fair value is measured at the market price of the Company's shares, adjusted to take into account the terms and conditions on which the shares were granted (excluding vesting conditions other than market conditions). (2) For share options granted to employees, it is often not possible to obtain their market prices. Where

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there are no traded options with similar terms and conditions, the Company selects an applicable option pricing model to estimate the fair value of the options granted.

3. Basis for Determining the Best Estimate of Vesting Equity Instruments At each balance sheet date during the vesting period, the Company makes the best estimate based on the latest available information regarding subsequent changes in the number of employees expected to vest, and revises the estimated number of equity instruments expected to vest, so as to arrive at the best estimate of vesting equity instruments.

4. Accounting Treatment for the Implementation of Share-Based Payment Plans (1) Cash-Settled Share-Based Payments 1) For cash-settled share-based payments that vest immediately upon grant, the fair value of the liability assumed by the Company at the grant date is charged to the relevant costs or expenses, with a corresponding increase in liabilities. The fair value of the liability is remeasured at each balance sheet date and at the settlement date prior to settlement, with changes in fair value charged to profit or loss. 2) For cash-settled share-based payments that vest only upon completion of services during the vesting period or satisfaction of specified performance conditions, the Company, at each balance sheet date during the vesting period, based on its best estimate of the vesting outcome, charges the services received in the current period to costs or expenses and recognizes corresponding liabilities at the fair value of the liability assumed by the Company.

(2) Equity-Settled Share-Based Payments 1) For equity-settled share-based payments in exchange for employee services that vest immediately upon grant, the fair value of the equity instruments at the grant date is charged to the relevant costs or expenses at the grant date, with a corresponding increase in capital surplus. 2) For equity-settled share-based payments in exchange for employee services that vest only upon completion of services during the vesting period or satisfaction of specified performance conditions, the Company, at each balance sheet date during the vesting period, based on its best estimate of the number of equity instruments expected to vest and at the fair value of the equity instruments at the grant date, charges the services received in the current period to costs or expenses and capital surplus.

5. Accounting Treatment for Modifications to Share-Based Payment Plans When the Company modifies a share-based payment plan, if the modification increases the fair value of the equity instruments granted, the increase in fair value of the equity instruments is recognized as a corresponding increase in services received; if the modification increases the number of equity instruments granted, the fair value of the additional equity instruments is recognized as a corresponding increase in services received. The increase in the fair value of equity instruments refers to the difference between the fair value of the equity instruments before and after the modification, both measured at the modification date.

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If the modification reduces the total fair value of the share-based payment or otherwise modifies the terms and conditions of the share-based payment plan in a manner that is unfavorable to employees, the Company continues to account for the services received as if the modification had never occurred, unless the Company cancels some or all of the equity instruments granted.

6. Accounting Treatment for Cancellation of Share-Based Payment Plans If equity instruments granted are cancelled or settled during the vesting period (except for cancellations due to failure to satisfy vesting conditions), the Company: (1) Treats the cancellation or settlement as an acceleration of vesting and immediately recognizes the amount that would otherwise have been recognized over the remainder of the vesting period; (2) Treats any payment made to employees upon cancellation or settlement as a repurchase of equity, and any amount paid in excess of the fair value of the equity instruments at the date of repurchase is recognized as an expense in the current period.

Where the Company repurchases equity instruments that employees have already vested in, the repurchase is charged against the Company's owners' equity; any amount paid in excess of the fair value of the equity instruments at the date of repurchase is charged to the current period's profit or loss.

(X) Government Grants

1. Recognition of Government Grants Government grants are recognized only when the following conditions are simultaneously met: (1) The Company is able to satisfy the conditions attached to the government grant; (2) The Company is able to receive the government grant.

2. Measurement of Government Grants Where government grants are monetary assets, they are measured at the amount received or receivable. Where government grants are non-monetary assets, they are measured at fair value; where fair value cannot be reliably obtained, they are measured at a nominal amount of RMB 1.

3. Accounting Treatment for Government Grants (1) Government Grants Related to Assets Government grants obtained by the Company for the purpose of purchasing, constructing, or otherwise forming long-term assets are classified as government grants related to assets. Government grants related to assets are recognized as deferred income and are credited to profit or loss on a rational and systematic basis over the useful life of the related assets. Government grants measured at nominal amounts are directly charged to the current period's profit or loss.

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Where the related assets are sold, transferred, scrapped, or damaged before the end of their useful life, the remaining balance of the related deferred income not yet allocated is transferred to the profit or loss of the period in which the asset is disposed of.

(2) Government Grants Related to Income Government grants other than those related to assets are classified as government grants related to income. Government grants related to income are accounted for as follows depending on the circumstances:

Where used to compensate related costs, expenses, or losses of the Company in future periods, they are recognized as deferred income and credited to the current period's profit or loss during the period in which the related costs, expenses, or losses are recognized;

Where used to compensate related costs, expenses, or losses already incurred by the Company, they are directly credited to the current period's profit or loss.

For government grants that contain both an asset-related component and an income-related component, the different components are accounted for separately; where it is not possible to distinguish between the two components, the grant as a whole is classified as a government grant related to income.

Government grants related to the Company's ordinary activities are, based on the economic substance of the transaction, credited to other income. Government grants unrelated to the Company's ordinary activities are credited to non-operating income and expenses.

(3) Policy-Based Preferential Loan Interest Subsidies Where the government allocates interest subsidy funds to the lending bank, which then provides loans to the Company at policy-based preferential interest rates, the actual loan amount received is recorded as the carrying value of the borrowing, and related borrowing costs are calculated based on the principal amount and the policy-based preferential interest rate.

Where the government allocates interest subsidy funds directly to the Company, the Company offsets the corresponding interest subsidy against the related borrowing costs.

(4) Refund of Government Grants When government grants already recognized need to be returned, if the initial recognition reduced the carrying amount of a related asset, the carrying amount of the asset is adjusted; if there is a related deferred income balance, the related deferred income balance is reduced by the amount to be returned, and any excess is charged to the current period's profit or loss; in all other cases, the amount is directly charged to the current period's profit or loss.

(XI) Leases

1. Identification of Leases At the commencement date of a contract, the Company assesses whether the contract is, or contains, a lease. If one party to the contract conveys the right to control the use of one or more identified assets for a period of time in exchange for consideration, the contract is, or contains, a lease. To determine whether a contract conveys the right to control the use of an identified asset for a period of time,

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the Company assesses whether the customer in the contract has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, and the right to direct the use of the identified asset throughout that period.

2. Identification of Separate Lease Components Where a contract contains multiple separate lease components, the Company separates the contract and accounts for each separate lease component individually. The right to use an identified asset constitutes a separate lease component in a contract when the following conditions are simultaneously met: (1) the lessee can benefit from use of the asset on its own or together with other resources that are readily available to it; (2) the asset is not highly dependent on, or highly interrelated with, the other assets in the contract.

3. Accounting Treatment Where the Company Acts as Lessee At the commencement date of a lease, the Company classifies a lease as a short-term lease if the lease term is 12 months or less and does not contain a purchase option; and classifies a lease where the underlying asset is of low value when new as a low-value asset lease. Where the Company subleases or expects to sublease a leased asset, the original lease is not classified as a low-value asset lease.

For all short-term leases and low-value asset leases, the Company charges lease payments to the cost of related assets or the current period's profit or loss using the straight-line method (or other systematic and rational method) over each period of the lease term.

For leases other than short-term leases and low-value asset leases that are accounted for using the simplified approach described above, the Company recognizes a right-of-use asset and a lease liability at the commencement date of the lease.

(1) Right-of-Use Assets A right-of-use asset is the lessee's right to use a leased asset over the lease term.

At the commencement date of the lease, the right-of-use asset is initially measured at cost. That cost comprises: 1) The initial measurement amount of the lease liability; 2) Lease payments made at or before the commencement date of the lease, less any lease incentives received; 3) Initial direct costs incurred by the lessee; 4) Estimated costs to be incurred by the lessee to dismantle and remove the leased asset, restore the site on which the asset is located, or restore the leased asset to the condition required by the terms of the lease. The Company recognizes and measures such costs in accordance with the recognition criteria and measurement methods for provisions. Such costs that are incurred in producing inventories are included in the cost of inventories.

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Prospectus

Right-of-use assets are depreciated using the straight-line method on a classified basis. Where it can be reasonably determined that ownership of the leased asset will be obtained upon expiration of the lease term, the depreciation rate is determined based on the category of the right-of-use asset and the estimated net residual value rate over the estimated remaining useful life of the leased asset; where it cannot be reasonably determined that ownership of the leased asset will be obtained upon expiration of the lease term, the depreciation rate is determined based on the category of the right-of-use asset over the shorter of the lease term and the remaining useful life of the leased asset.

(2) Lease Liabilities Lease liabilities shall be initially measured at the present value of lease payments not yet made at the commencement date of the lease. Lease payments comprise the following five items: 1) Fixed payments and in-substance fixed payments, less any lease incentive amounts; 2) Variable lease payments that depend on an index or rate; 3) The exercise price of a purchase option, provided that the lessee is reasonably certain to exercise that option; 4) Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease; 5) Payments expected to be made under residual value guarantees provided by the lessee.

The interest rate implicit in the lease is used as the discount rate when calculating the present value of lease payments; if the interest rate implicit in the lease cannot be determined, the Company's incremental borrowing rate is used as the discount rate. The difference between the lease payments and their present value is treated as unrecognized financing charges, and interest expense is recognized over each period of the lease term at the discount rate used to determine the present value of the lease payments and is charged to the current period's profit or loss. Variable lease payments not included in the measurement of the lease liability are charged to the current period's profit or loss when they are actually incurred.

After the commencement date of the lease, when in-substance fixed payments change, when the amount of payments expected to be made under guaranteed residual values changes, when an index or rate used to determine lease payments changes, or when there is a change in the assessment of or actual exercise of a purchase option, renewal option, or termination option, the Company remeasures the lease liability at the present value of the revised lease payments and adjusts the carrying amount of the right-of-use asset accordingly.

4. Accounting Treatment Where the Company Acts as Lessor At the commencement date of a lease, the Company classifies a lease that transfers substantially all the risks and rewards incidental to ownership of the underlying leased asset as a finance lease;

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

all other leases are classified as operating leases.

(1) Operating Leases The Company recognizes lease receipts as rental income using the straight-line method over each period of the lease term. Initial direct costs incurred are capitalized and allocated on the same basis as the recognition of rental income, and are charged to the current period's profit or loss in installments. Variable lease payments obtained by the Company in connection with operating leases that are not included in lease receipts are charged to the current period's profit or loss when they are actually incurred.

(2) Finance Leases At the commencement date of a lease, the Company recognizes finance lease receivables at the net investment in the lease (being the sum of the present value of the unguaranteed residual value and the lease payments not yet received at the commencement date of the lease, discounted at the interest rate implicit in the lease), and derecognizes the finance lease asset. During each period of the lease term, the Company calculates and recognizes interest income at the interest rate implicit in the lease.

Variable lease payments obtained by the Company that are not included in the measurement of the net investment in the lease are charged to the current period's profit or loss when they are actually incurred.

(XII) Significant Changes in Accounting Policies, Changes in Accounting Estimates, and Corrections of Accounting Errors

1. Significant Changes in Accounting Policies (1) Implementation of Interpretation No. 16 of the Accounting Standards for Business Enterprises On November 30, 2022, the Ministry of Finance issued the Interpretation No. 16 of the Accounting Standards for Business Enterprises (Caikuai [2022] No. 31, hereinafter referred to as "Interpretation No. 16"). The provisions therein regarding "Accounting Treatment for Deferred Income Tax Related to Assets and Liabilities Arising from a Single Transaction That Does Not Apply the Initial Recognition Exemption" became effective from January 1, 2023, with early application permitted from the year of issuance. The Company applied this provision of Interpretation No. 16 from January 1, 2022. For single transactions to which Interpretation No. 16 applies that occurred between the beginning of the earliest period presented in the financial statements upon first application of Interpretation No. 16 (i.e., January 1, 2021) and January 1, 2023, the Company made adjustments in accordance with the provisions of Interpretation No. 16. The provisions regarding "Accounting Treatment for the Income Tax Effects of Dividends Related to Financial Instruments Classified as Equity Instruments by the Issuer" and "Accounting Treatment for the Modification by an Enterprise of a Cash-Settled Share-Based Payment to an Equity-Settled Share-Based Payment" became effective from the date of issuance. The application of the relevant provisions of Interpretation No. 16 has no significant impact on the Company's financial statements during the reporting period.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

Translation of Chinese IPO Prospectus (Chunk 5/7)

**(2) Implementation of Accounting Standards for Business Enterprises Interpretation No. 17**

On October 25, 2023, the Ministry of Finance issued the *Accounting Standards for Business Enterprises Interpretation No. 17* (Caikuai [2023] No. 21, hereinafter referred to as "Interpretation No. 17"), which became effective January 1, 2024. The Company began implementing the provisions of Interpretation No. 17 on January 1, 2024. The implementation of Interpretation No. 17 had no material impact on the Company's financial statements during the reporting period.

**(3) Reclassification of Warranty-Type Quality Assurance Expenses**

The *Compilation of Application Guidance for Accounting Standards for Business Enterprises 2024* issued by the Ministry of Finance in March 2024, and the *Accounting Standards for Business Enterprises Interpretation No. 18* issued on December 6, 2024, stipulate that warranty-type quality assurance expenses shall be included in operating costs.

The Company began implementing this provision in 2024, reclassifying warranty-type quality assurance expenses into operating costs. The cumulative impact of implementing this accounting treatment on retained earnings in the earliest opening balance sheet of comparative periods presented is RMB 0. The adjustments to relevant line items in the 2023 and 2022 consolidated and parent company comparative financial statements are as follows:

**1) Fiscal Year 2023**

Unit: 万元 (RMB 10,000)

| Affected Line Item | 2023 (Consolidated) Before Adjustment | 2023 (Consolidated) After Adjustment | 2023 (Parent Company) Before Adjustment | 2023 (Parent Company) After Adjustment | |---|---|---|---|---| | Selling Expenses | 3,984.54 | 3,771.83 | 3,984.54 | 3,771.83 | | Operating Costs | 8,579.13 | 8,791.85 | 8,579.13 | 8,791.85 |

**2) Fiscal Year 2022**

Unit: 万元 (RMB 10,000)

| Affected Line Item | 2022 (Consolidated) Before Adjustment | 2022 (Consolidated) After Adjustment | 2022 (Parent Company) Before Adjustment | 2022 (Parent Company) After Adjustment | |---|---|---|---|---| | Selling Expenses | 2,709.31 | 2,583.68 | 2,709.31 | 2,583.68 | | Operating Costs | 6,642.08 | 6,767.70 | 6,642.08 | 6,767.70 |

**2. Changes in Accounting Estimates**

During the reporting period, no changes were made to the Company's principal accounting estimates.

**3. Correction of Accounting Errors**

**(1) Content and Reasons for the Correction**

Shanghai Yuyi (上海宇翼) subscribed for additional registered capital of the Company at registered capital price in January 2022 and June 2025, in the amounts of RMB 0.9664 万元 and RMB 14.4668 万元, respectively. Considering that the partnership interests in the equity incentive platform corresponding to these two capital increases would in the future be used entirely for employee equity incentives of the Company, the Company had previously not recognized share-based payment expenses in connection therewith.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus

Based on the Company's further understanding of the Accounting Standards for Business Enterprises and related rules, although the upper-level partnership interests in Shanghai Yuyi held by the actual controller will in the future be used entirely for employee incentive purposes, at the time Shanghai Yuyi completed the aforementioned two capital increases, it had already obtained the partnership interests corresponding to the capital increase shares in Shanghai Yuyi, thereby acquiring the right to use those partnership interests to implement employee equity incentive programs in the future. Based on the foregoing circumstances and in consideration of the prudence principle, the Company convened a Board of Directors meeting that deliberated and approved the *Proposal Regarding Correction of Prior Period Accounting Errors and Retrospective Adjustments*, whereby share-based payment expenses for the aforementioned two capital increases were each recognized as a one-time expense in the period in which the respective capital increase occurred, with corresponding retrospective adjustments made to prior-year financial statements.

**(2) Impact of the Correction on Financial Data and Operating Results**

The impact of this matter on relevant financial statement line items during the reporting period is as follows:

**1) Changes to Consolidated Balance Sheet and Parent Company Balance Sheet**

Unit: 万元 (RMB 10,000)

| Item | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---| | Capital Reserve | 34,906.55 | 1,872.26 | 1,872.26 | 1,872.26 | | Undistributed Profit | -34,906.55 | -1,872.26 | -1,872.26 | -1,872.26 |

**2) Changes to Consolidated Income Statement and Parent Company Income Statement**

Unit: 万元 (RMB 10,000)

| Item | Jan–Sep 2025 | FY 2024 | FY 2023 | FY 2022 | |---|---|---|---|---| | Administrative Expenses | 34,906.55 | — | — | 1,872.26 | | Operating Profit | -34,906.55 | — | — | -1,872.26 | | Net Profit | -34,906.55 | — | — | -1,872.26 | | Net Profit After Deducting Non-Recurring Items | — | — | — | — |

The correction of this accounting error does not directly affect the Company's day-to-day operations. The Company has completed the necessary approval procedures, acted in accordance with professional prudence principles, and the financial statements following correction of the accounting error fairly reflect the Company's financial position, operating results, and cash flows.

Although the share-based payment expenses recognized following the above correction have a material impact on net profit for the relevant period, as a one-time non-recurring item, the recognition and accounting of share-based payments constitutes a special accounting judgment matter and does not arise from

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Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus

weak accounting foundations, material internal control deficiencies, earnings manipulation, abuse of accounting policies or accounting estimates, or deliberate concealment or fraudulent conduct. It does not constitute a situation involving weak foundational accounting work or deficient internal controls, and does not constitute a situation in which the Company fails to meet issuance conditions with respect to the standardization of foundational accounting work and related internal controls. This accounting error correction is in compliance with the relevant provisions of *Accounting Standards for Business Enterprises No. 28 — Changes in Accounting Policies, Accounting Estimates and Correction of Accounting Errors* and *Regulatory Rules Application Guidelines — Issuance Category No. 5*.

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**V. Non-Recurring Profit and Loss**

According to the *Attestation Report on Non-Recurring Profit and Loss of Unitree Technology* (Rongcheng Zhuan Zi [2026] No. 230Z0603) reviewed and issued by Rongcheng Certified Public Accountants, the specific items, amounts, and net profit attributable to shareholders of the parent company after deducting non-recurring profit and loss during the reporting period are as follows:

Unit: 万元 (RMB 10,000)

| Item | Jan–Sep 2025 | FY 2024 | FY 2023 | FY 2022 | |---|---|---|---|---| | Gains and losses on disposal of non-current assets (including write-backs of previously recognized asset impairment provisions) | -1.97 | -3.17 | -0.45 | — | | Government grants recognized in current profit or loss (excluding government grants that are closely related to the Company's normal business operations, comply with national policy requirements, are enjoyed according to defined standards, and have a continuing impact on the Company's profit or loss) | 1,283.74 | 986.60 | 665.76 | 248.95 | | For non-financial enterprises, gains and losses from changes in fair value of financial assets and financial liabilities held, and gains and losses from disposal of financial assets and financial liabilities (excluding effective hedging transactions related to the Company's normal business operations) | 1,463.32 | 1,022.88 | 148.73 | 259.79 | | Other non-operating income and expenses beyond the above items | 44.66 | -5.31 | -3.73 | 43.83 | | Other items meeting the definition of non-recurring profit and loss | -34,906.55 | — | — | -1,872.26 | | **Total Non-Recurring Profit and Loss** | **-32,116.80** | **2,001.00** | **810.32** | **-1,319.69** | | Less: Income tax impact | 411.28 | 301.18 | 122.92 | 83.27 | | Minority interest impact (after tax) | — | — | — | — | | **Net non-recurring profit and loss attributable to shareholders of the parent company** | **-32,528.08** | **1,699.82** | **687.39** | **-1,402.97** | | Net profit attributable to shareholders of the parent company before deducting non-recurring items | 10,533.14 | 9,450.18 | -1,114.51 | -2,210.05 | | **Net profit attributable to shareholders of the parent company after deducting non-recurring items** | **43,061.23** | **7,750.36** | **-1,801.91** | **-807.08** |

During the reporting period, the net non-recurring profit and loss attributable to shareholders of the parent company amounted to -1,402.97 万元, 687.39 万元, 1,699.82 万元, and -32,528.08 万元, respectively. In 2022 and January–September 2025, the net non-recurring profit and loss attributable to shareholders of the parent company was negative primarily because the Company recognized share-based payment expenses of

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Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus

1,872.26 万元 and 34,906.55 万元, respectively, in connection with the two capital increases made by the equity incentive platform Shanghai Yuyi (上海宇翼) into the Company in 2022 and 2025. The accounting treatment for these share-based payment expenses does not involve any cash outflow from the Company. Although they have an impact on net profit during the reporting period, they do not alter the net profit after deducting non-recurring items attributable to the owners of the parent company, nor the cash flow situation.

The Company's operating performance has grown rapidly, and it does not have a material dependence on non-recurring profit and loss.

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**VI. Tax Matters**

**(I) Major Tax Categories and Tax Rates**

| Tax Category | Tax Basis | Tax Rate | |---|---|---| | Value-Added Tax (VAT) | Taxable sales revenue | 6%, 13% | | Corporate Income Tax | Taxable income | 8.25%, 15%, 16.50%, 20% | | Urban Maintenance and Construction Tax | Turnover tax payable | 5%, 7% | | Education Surcharge | Turnover tax payable | 3% | | Local Education Surcharge | Turnover tax payable | 2% |

During the reporting period, the applicable income tax rates for each taxpaying entity within the Company's consolidated scope are as follows:

| Taxpaying Entity | Income Tax Rate | |---|---| | Issuer | 15% | | Hong Kong Unitree (香港宇树)* | 8.25%, 16.50% | | Shanghai Gaoyi (上海高羿) | 20% | | Beijing Lingyi (北京灵翌) | 20% | | Shenzhen Tianyi (深圳天羿) | 20% | | Unitree Robotics (宇树机器人) | 20% |

*Note: Pursuant to Hong Kong's Inland Revenue (Amendment) (No. 3) Ordinance 2018, companies incorporated in Hong Kong are subject to a two-tiered profits tax regime for assessment years commencing on or after April 1, 2018: assessable profits not exceeding HKD 2 million are taxed at 8.25%, and the portion of assessable profits exceeding HKD 2 million is taxed at 16.50%.*

**(II) Tax Incentives**

**1. Tax Incentive Policies**

**(1) Value-Added Tax (VAT)**

Pursuant to the State Council's Guofa [2011] No. 4 *Several Policies on Further Encouraging the Development of the Software Industry and Integrated Circuit Industry* and Caishui [2011] No. 100 *Notice of the Ministry of Finance and the State Administration of Taxation on Value-Added Tax Policies for Software Products*, for software products that the Company independently develops and produces, after VAT is levied at the statutory tax rate, a policy of immediate refund upon collection (即征即退) applies to the portion of the Company's actual VAT burden that exceeds 3%.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus

Pursuant to the *Announcement of the Ministry of Finance and the State Taxation Administration on the VAT Additional Deduction Policy for Advanced Manufacturing Enterprises* (Ministry of Finance and State Taxation Administration Announcement No. 43 of 2023), from January 1, 2023 to December 31, 2027, advanced manufacturing enterprises are permitted to deduct an additional 5% of their eligible input VAT for the current period against their VAT payable. The Company has enjoyed the policy of an additional 5% deduction on eligible input VAT since 2023.

**(2) Corporate Income Tax**

**1) High and New Technology Enterprise (HNTE) Preferential Treatment**

The Company obtained *High and New Technology Enterprise Certificate* No. GR202233005178 on December 24, 2022, valid for three years. The Company obtained *High and New Technology Enterprise Certificate* No. GR202533001609 on December 19, 2025, valid for three years. Pursuant to the *Enterprise Income Tax Law of the People's Republic of China* and the *Administrative Measures for the Certification of High and New Technology Enterprises*, "high and new technology enterprises that the state needs to support as a priority shall be subject to a reduced enterprise income tax rate of 15%."

**2) Small and Low-Profit Enterprise Preferential Treatment**

Pursuant to the *Announcement of the Ministry of Finance and the State Taxation Administration on Tax Policies to Further Support the Development of Small and Micro Enterprises and Individually-Owned Businesses* (Announcement No. 12 of 2023), the policy of calculating taxable income at 25% of actual income and applying a 20% tax rate for small and low-profit enterprises is extended through December 31, 2027. Pursuant to the *Announcement of the Ministry of Finance and the State Taxation Administration on Implementing Preferential Income Tax Policies for Small and Micro Enterprises and Individually-Owned Businesses* (Announcement No. 12 of 2021), from January 1, 2022 to December 31, 2022, for the portion of annual taxable income of small and low-profit enterprises not exceeding RMB 1 million, taxable income shall be calculated at 12.5% and taxed at a rate of 20%. Pursuant to the *Announcement of the Ministry of Finance and the State Taxation Administration on Further Implementing Preferential Income Tax Policies for Small and Micro Enterprises* (Announcement No. 13 of 2022), from January 1, 2022 to December 31, 2024, for the portion of annual taxable income of small and low-profit enterprises exceeding RMB 1 million but not exceeding RMB 3 million, taxable income shall be calculated at 25% and taxed at a rate of 20%. In fiscal years 2022, 2023, 2024, and January–September 2025, the Company's subsidiary Hangzhou Unitree Robotics Co., Ltd. (杭州宇树机器人有限公司) enjoyed the above preferential policies. In January–September 2025, the Company's subsidiaries Shanghai Gaoyi Technology Co., Ltd. (上海高羿科技有限公司), Beijing Lingyi Technology Co., Ltd. (北京灵翌科技有限公司), and Shenzhen Tianyi Technology Co., Ltd. (深圳天羿科技有限公司) also enjoyed the above preferential policies.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus

**(3) Other Tax Incentive Policies**

In addition to the above tax incentive policies, the Company also enjoys preferential tax policies including the super-deduction of research and development expenses incurred in the development of new technologies, new products, and new processes, as well as export tax rebates and VAT refunds for excess input credits (留抵退税).

**2. Impact of Tax Incentive Policies on the Company's Operating Results**

During the reporting period, the proportion of tax incentives to the Company's total profit is as follows:

Unit: 万元 (RMB 10,000)

| Item | Jan–Sep 2025 | FY 2024 | FY 2023 | FY 2022 | |---|---|---|---|---| | Impact of HNTE income tax preferential treatment | 5,219.73 | 991.49 | — | — | | Impact of small and low-profit enterprise income tax preferential treatment | — | — | — | — | | Impact of R&D expense super-deduction | 1,284.74 | 1,009.08 | 715.26 | 425.59 | | Impact of VAT immediate-refund-upon-collection | 1,065.01 | 595.96 | 233.90 | 220.20 | | Other | 22.13 | — | — | — | | **Total tax incentives** | **7,591.61** | **2,596.53** | **949.16** | **645.78** | | Total profit | 17,103.59 | 9,947.32 | -2,140.87 | -2,772.14 | | **Tax incentives as a percentage of total profit** | **44.39%** | **26.10%** | **-44.34%** | **-23.30%** |

During the reporting period, the Company's tax incentives primarily comprised HNTE income tax preferential treatment, the super-deduction of R&D expenses, and the VAT immediate-refund-upon-collection policy for software products. The HNTE tax incentive policy is a long-term policy implemented by the state to encourage the development of high and new technology enterprises. The Company has a stable R&D team with adequate R&D personnel and possesses strong technological R&D capabilities, giving it a high degree of certainty in continuously meeting the requirements for HNTE certification. The R&D expense super-deduction and the VAT immediate-refund-upon-collection policy for software products are long-term preferential tax policies of the state designed to support the healthy development of the real economy; their policy outlook is relatively stable and continuous. Therefore, the Company's tax incentives are stable and sustainable, and do not have a material impact on the Company's operations.

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**VII. Principal Financial Indicators During the Reporting Period**

**(I) Basic Financial Indicators**

| Financial Indicator | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---| | Current Ratio (times) | 6.36 | 5.34 | 3.85 | 7.17 | | Quick Ratio (times) | 5.65 | 4.75 | 2.92 | 5.44 | | Asset-to-Liability Ratio (Parent Company) | 14.94% | 16.20% | 23.57% | 15.43% | | Asset-to-Liability Ratio (Consolidated) | 15.17% | 16.20% | 23.57% | 15.43% | | Net Assets per Share Attributable to Issuer's Shareholders (RMB/share) | 6.68 | 495.08 | 155.36 | 160.89 |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus

| Financial Indicator | Jan–Sep 2025 | FY 2024 | FY 2023 | FY 2022 | |---|---|---|---|---| | Accounts Receivable Turnover Rate (times/year) | 22.23 | 24.03 | 16.83 | 17.88 | | Inventory Turnover Rate (times/year) | 2.24 | 1.54 | 1.12 | 1.08 | | Net profit attributable to shareholders of the parent company (万元) | 16,945.55 | 9,445.20 | -1,874.65 | -2,391.11 | | Basic earnings per share (RMB/share) | 212.71 | 222.66 | -26.75 | -41.95 | | Net profit attributable to shareholders of the parent company before deducting non-recurring items (万元) | 10,533.14 | 9,450.18 | -1,114.51 | [continued] |

Unitree Technology Co., Ltd. (宇树科技股份有限公司) ## Prospectus

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-2,210.05

43,061.23

7,750.36

-1,801.91

-807.08

7.73%

17.84%

31.39%

24.39%

| Net cash flow from operating activities per share (RMB) | 1.17 | 74.44 | 2.57 | -15.69 | | Net cash flow per share (RMB) | 3.38 | 132.87 | 45.96 | 42.86 |

| EBITDA (10,000 RMB / 万元) | | | | | | Interest coverage ratio (times) | | | | | | Net profit attributable to shareholders of the parent company (万元) | | | | | | Net profit attributable to shareholders of the issuer after deducting non-recurring gains and losses (万元) | | | | | | R&D expenditure as a percentage of operating revenue | | | | |

Note: The calculation formulas for the above financial indicators are as follows, and the same calculation method applies throughout: (1) Current ratio = Current assets / Current liabilities (2) Quick ratio = (Current assets − Inventories) / Current liabilities (3) Asset-liability ratio = (Total liabilities / Total assets) × 100% (4) Net assets per share attributable to shareholders of the parent company = Net assets attributable to shareholders of the parent company / Total share capital at end of period (5) Accounts receivable turnover ratio = Operating revenue / ((Beginning accounts receivable balance + Ending accounts receivable balance) / 2); this indicator has not been annualized for January–September 2025 (6) Inventory turnover ratio = Cost of sales / ((Beginning inventory book value + Ending inventory book value) / 2); this indicator has not been annualized for January–September 2025 (7) EBITDA = Net profit + Income tax expense + (Interest expense − Interest income) + Depreciation of fixed assets + Depreciation of right-of-use assets + Amortization of intangible assets + Amortization of long-term prepaid expenses (8) Interest coverage ratio = (Total profit + Interest expense) / Interest expense (9) R&D expenditure as a percentage of operating revenue = R&D expenses / Operating revenue (10) Net cash flow from operating activities per share = Net cash flow from operating activities / Total share capital at end of period (11) Net cash flow per share = Net increase in cash and cash equivalents / Total share capital at end of period

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**(II) Weighted Average Return on Net Assets and Earnings Per Share**

In accordance with the provisions of the China Securities Regulatory Commission's "Rules for the Preparation and Submission of Information Disclosures by Companies Offering Securities to the Public No. 9 — Calculation and Disclosure of Return on Net Assets and Earnings Per Share," the Company's weighted average return on net assets, basic earnings per share, and diluted earnings per share are as follows:

| Item | Reporting Period | Weighted Average Return on Net Assets | Earnings Per Share (RMB) | | |---|---|---|---|---| | | | | Basic EPS | Diluted EPS | | Net profit attributable to shareholders of the parent company | Jan–Sep 2025 | 6.06% | 0.29 | 0.29 | | | FY2024 | 10.36% | / | / | | | FY2023 | -3.66% | / | / | | | FY2022 | -8.57% | / | / | | Net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses | Jan–Sep 2025 | 24.76% | 1.18 | 1.18 |

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**Unitree Technology Co., Ltd. (宇树科技股份有限公司)** **Prospectus**

| Item | Reporting Period | Weighted Average Return on Net Assets | Earnings Per Share (RMB) | | |---|---|---|---|---| | | | | Basic EPS | Diluted EPS | | Net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses | FY2024 | 8.50% | / | / | | | FY2023 | -5.92% | / | / | | | FY2022 | -3.13% | / | / |

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VIII. Analysis of Operating Results

For each period during the reporting period, the Company's major income statement line items and key operating performance indicators are as follows:

Unit: 万元 (RMB 10,000)

| | Jan–Sep 2025 | FY2024 | FY2023 | FY2022 | |---|---|---|---|---| | Main business revenue | 115,494.95 | 38,727.28 | 15,753.65 | 12,122.77 | | Main business gross profit | 68,665.40 | 21,847.60 | 6,965.75 | 5,355.90 | | Main business gross margin | 59.45% | 56.41% | 44.22% | 44.18% | | Operating profit | 17,059.33 | 9,955.79 | -2,136.69 | -2,815.97 | | Total profit | 17,103.59 | 9,947.32 | -2,140.87 | -2,772.14 | | Net profit | 10,533.14 | 9,450.18 | -1,114.51 | -2,210.05 | | Net profit attributable to shareholders of the issuer | 10,533.14 | 9,450.18 | -1,114.51 | -2,210.05 | | Net profit attributable to shareholders of the issuer after deducting non-recurring gains and losses | 43,061.23 | 7,750.36 | -1,801.91 | -807.08 |

With independent R&D as its core, the Company has accumulated years of experience to establish a self-developed and self-produced operating system encompassing robot bodies, core intelligent algorithms, embodied intelligence, and core components. This has resulted in robot body products represented by humanoid robots and quadruped robots, as well as robot component products including dexterous hands, collaborative robotic arms, LiDAR, joint motors, and others. The Company conducts market promotion and industry applications around the above products. During the reporting period, the commercialization process of robots continued to accelerate and downstream market demand grew rapidly. The Company actively promoted core technology R&D and product iteration, leading innovative development and large-scale deployment in the high-performance general-purpose robot industry, and captured a major share of the global quadruped robot and humanoid robot markets. The Company's main business revenue achieved rapid growth during the reporting period, with a compound annual growth rate (CAGR) of main business revenue of as high as 78.73% from 2022 to 2024. In January–September 2025, the Company's main business revenue and net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses both exceeded the full-year levels of FY2024.

For details on the sales growth of each major product of the Company, please refer to "Section VIII, (I) 1, Analysis of the Composition and Changes in Operating Revenue" of this section.

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**Unitree Technology Co., Ltd. (宇树科技股份有限公司)** **Prospectus**

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**(I) Analysis of Operating Revenue**

**1. Analysis of the Composition and Changes in Operating Revenue**

During the reporting period, the composition of the Company's operating revenue is as follows:

Unit: 万元 (RMB 10,000)

| Item | Jan–Sep 2025 | | FY2024 | | FY2023 | | FY2022 | | |---|---|---|---|---|---|---|---|---| | | Amount | % | Amount | % | Amount | % | Amount | % | | Main business revenue | 115,494.95 | 98.93% | 38,727.28 | 98.70% | 15,753.65 | 99.00% | 12,122.77 | 98.62% | | Other business revenue | 1,254.06 | 1.07% | 509.78 | 1.30% | 159.79 | 1.00% | 169.18 | 1.38% | | Total | 116,749.01 | 100% | 39,237.06 | 100% | 15,913.44 | 100% | 12,291.95 | 100% |

During the reporting period, the Company's operating revenue was primarily derived from main business activities including humanoid robots, quadruped robots, and robot components. The Company's main business is prominent, with its proportion exceeding 98% in each period. Other business revenue mainly includes rental income and technical service revenue, which are relatively small in amount and proportion across each period.

---

**2. Analysis of the Composition of Main Business Revenue**

**(1) Analysis of Main Business Revenue by Product Category**

During the reporting period, the composition of the Company's main business revenue by product category is as follows:

Unit: 万元 (RMB 10,000)

| Category | Jan–Sep 2025 | | FY2024 | | FY2023 | | FY2022 | | |---|---|---|---|---|---|---|---|---| | | Amount | % | Amount | % | Amount | % | Amount | % | | Quadruped robots | 48,798.55 | 42.25% | 23,054.37 | 59.53% | 11,938.09 | 75.78% | 9,282.38 | 76.57% | | Humanoid robots | 59,518.79 | 51.53% | 10,689.76 | 27.60% | 296.71 | 1.88% | - | - | | Robot components | 6,653.89 | 5.76% | 4,453.82 | 11.50% | 2,692.34 | 17.09% | 2,141.42 | 17.66% | | Other | 523.72 | 0.45% | 529.33 | 1.37% | 826.51 | 5.25% | 698.97 | 5.77% | | Total | 115,494.95 | 100% | 38,727.28 | 100% | 15,753.65 | 100% | 12,122.77 | 100% |

**1) Quadruped Robots**

During the reporting period, the sales revenue of the Company's quadruped robots maintained rapid growth, increasing by 28.61% and 93.12% year-on-year in 2023 and 2024, respectively. The growth in quadruped robot sales revenue was driven by a combination of internal and external factors. On the external side, with improvements in technological maturity and cost control capabilities, the penetration of quadruped robots into multiple scenarios is accelerating. Quadruped robots have currently achieved initial commercial deployment in scenarios such as scientific research, intelligent inspection, emergency rescue, and commercial consumption, and are expected to expand into more industry-level and consumer-level application scenarios and markets in the future. On the internal side, the Company places great emphasis on independent R&D and technological innovation. During the reporting period,

1-1-194

**Unitree Technology Co., Ltd. (宇树科技股份有限公司)** **Prospectus**

the Company continuously iterated and updated its products and optimized product performance. New products including B1, Go2, B2, and B2-W were successively launched to market, driving further increases in sales revenue.

During the reporting period, the sales performance of the Company's quadruped robot products is as follows:

| Item | Jan–Sep 2025 | | FY2024 | | FY2023 | | FY2022 | | |---|---|---|---|---|---|---|---|---| | | Amount | Change | Amount | Change | Amount | Change | Amount | | | Sales volume (units) | 17,946 | 235.31% | 7,136 | 128.64% | 3,121 | 29.88% | 2,403 | | | Average unit price (万元/unit) | 2.72 | -15.83% | 3.23 | -15.54% | 3.83 | -0.98% | 3.86 | | | Sales revenue (万元) | 48,798.55 | 182.22% | 23,054.37 | 93.12% | 11,938.09 | 28.61% | 9,282.38 | |

Note: The change percentages for sales volume and sales revenue for January–September 2025 are calculated based on annualized data.

The contribution of the above factor changes to the growth in quadruped robot sales revenue is as follows:

Unit: 万元 (RMB 10,000)

| Item | Jan–Sep 2025 | | FY2024 | | FY2023 | | |---|---|---|---|---|---|---| | | Amount | Contribution | Amount | Contribution | Amount | Contribution | | Impact of volume change | 34,924.01 | 135.66% | 15,357.71 | 138.16% | 2,773.51 | 104.44% | | Impact of unit price change | -9,179.84 | -35.66% | -4,241.43 | -38.16% | -117.81 | -4.44% | | Total impact | 25,744.18 | 100% | 11,116.28 | 100% | 2,655.71 | 100% |

Note: Impact of unit price change = (Current period average unit price − Prior period average unit price) × Current period sales volume; Impact of volume change = (Current period sales volume − Prior period sales volume) × Prior period average unit price. The same applies hereinafter.

As shown in the table above, the revenue growth of the Company's quadruped robots during the reporting period was primarily driven by rapid growth in product sales volume. Although the average selling price of the Company's quadruped robots has gradually declined year by year due to improvements in manufacturing processes, reductions in production costs, and optimization of the product mix, sales revenue has still achieved relatively strong growth owing to the rapid increase in sales volume.

**2) Humanoid Robots**

Since the Company independently developed and mass-produced its first full-size general-purpose humanoid robot, the H1, in 2023, sales revenue from humanoid robots grew rapidly from 2023 through January–September 2025, with sales amounts of 296.71 万元, 10,689.76 万元, and 59,518.79 万元, respectively. The proportion of humanoid robots within the Company's main business increased from 1.88% in 2023 to 51.53% in January–September 2025.

The rapid growth of the Company's humanoid robots was likewise driven by a combination of internal and external factors. On the external side, the rapid development of artificial intelligence has facilitated technological advances in general-purpose humanoid robots, stimulated R&D investment, application exploration, and market attention in humanoid robots, and generated product demand for humanoid robots across scientific research and education, commercial consumption, and industry application sectors. On the internal side, the Company has continuously increased its R&D investment and was among the first to

1-1-195

**Unitree Technology Co., Ltd. (宇树科技股份有限公司)** **Prospectus**

develop and mass-produce multiple humanoid robot products, continuously enriching its product portfolio and establishing first-mover product advantages and core competitive strengths. The products have been widely recognized, purchased, and used by domestic and international customers, driving rapid growth in product sales.

During the reporting period, the sales performance of the Company's humanoid robot products is as follows:

| Item | Jan–Sep 2025 | | FY2024 | | FY2023 | | |---|---|---|---|---|---|---| | | Amount | Change | Amount | Change | Amount | | | Sales volume (units) | 3,551 | 1054.80% | 410 | 8,100.00% | 5 | | | Average unit price (万元/unit) | 16.76 | -35.71% | 26.07 | -56.06% | 59.34 | | | Sales revenue (万元) | 59,518.79 | 642.38% | 10,689.76 | 3,502.76% | 296.71 | |

Note: The change percentages for sales volume and sales revenue for January–September 2025 are calculated based on annualized data.

The contribution of the above factors to the growth in humanoid robot sales revenue is as follows:

Unit: 万元 (RMB 10,000)

| Item | Jan–Sep 2025 | | FY2024 | | |---|---|---|---|---| | | Amount | Contribution | Amount | Contribution | | Impact of volume change | 81,893.99 | 167.72% | 24,033.49 | 231.25% | | Impact of unit price change | -33,064.96 | -67.72% | -13,640.44 | -131.25% | | Total impact | 48,829.03 | 100% | 10,393.05 | 100% |

In 2023, after the Company's first full-size general-purpose humanoid robot H1 was launched to market, 5 humanoid robots were sold that year at a relatively high unit selling price. In 2024, following the launch of the Company's first mid-size general-purpose humanoid robot G1, humanoid robot product sales entered a phase of rapid growth, and growth in sales volume became the primary driver of the Company's humanoid robot sales revenue growth.

At the same time, the decline in the average selling price of humanoid robots since 2024 was primarily attributable to two factors: product mix and technological advancement. In terms of product mix, the second humanoid robot G1, which the Company mass-produced in 2024, is a mid-size humanoid robot with costs and selling prices lower than those of the full-size model H1; the increase in its sales scale drove down the overall average selling price of the Company's humanoid robots. In terms of technological advancement, with continuous improvements in manufacturing processes and ongoing optimization of cost structures, the unit cost of the Company's humanoid robots also achieved steady reductions. On this basis, in order to further consolidate the Company's industry position and build long-term competitive advantages, the Company made a moderate downward adjustment to product pricing in 2025, after comprehensively evaluating factors such as market development conditions for humanoid robots, cost optimization trends, and profit margins.

**3) Robot Components**

1-1-196

**Unitree Technology Co., Ltd. (宇树科技股份有限公司)** **Prospectus**

During each period of the reporting period, the sales revenue from the Company's robot components amounted to 2,141.42 万元, 2,692.34 万元, 4,453.82 万元, and 6,653.89 万元, respectively, mainly comprising various robot parts such as robotic arms and 4D LiDAR. During the reporting period, the sales revenue from the above robot components grew correspondingly in line with the growth in robot product revenue.

**4) Other**

During each period of the reporting period, the revenue from the Company's other products and services such as fitness pumps amounted to 698.97 万元, 826.51 万元, 529.33 万元, and 523.72 万元, respectively, with relatively small amounts and proportions.

---

**(2) Analysis of the Geographic Market Composition of Main Business Revenue**

During the reporting period, the geographic market composition of the Company's main business revenue is as follows:

Unit: 万元 (RMB 10,000)

| Item | Jan–Sep 2025 | | FY2024 | | FY2023 | | FY2022 | | |---|---|---|---|---|---|---|---|---| | | Amount | % | Amount | % | Amount | % | Amount | % | | Domestic sales | 70,216.33 | 60.80% | 17,156.55 | 44.30% | 6,989.41 | 44.37% | 5,187.49 | 42.79% | | Overseas sales | 45,278.62 | 39.20% | 21,570.73 | 55.70% | 8,764.24 | 55.63% | 6,935.28 | 57.21% | | Total | | | | | | | | |

115,494.95

100% 38,727.28

100% 15,753.65

100% 12,122.77

100%

From 2022 to 2024, the Company's overseas revenue accounted for a slightly higher proportion than domestic sales, demonstrating a high level of recognition for the Company's products in overseas markets. During January to September 2025, the proportion of domestic revenue increased significantly to 60.80%, primarily due to the following reasons: benefiting from the Spring Festival Gala performance at the beginning of 2025, the Company's brand recognition and visibility continued to improve nationwide; at the same time, since 2025, the rapid development of the domestic artificial intelligence and robotics industry, along with supportive policies, has stimulated procurement demand and application development for general-purpose robots among customers in scientific research and education, commercial consumption, and industry application sectors, thereby driving substantial growth in the Company's domestic sales revenue.

3. Seasonality Analysis of Revenue from Principal Business Operations

During the reporting period, the Company's revenue from principal business operations, broken down by quarter, is as follows:

Unit: 万元 (RMB 10,000)

| Item | Jan–Sep 2025 Amount | Jan–Sep 2025 % | FY2024 Amount | FY2024 % | FY2023 Amount | FY2023 % | FY2022 Amount | FY2022 % | |---|---|---|---|---|---|---|---|---| | Q1 | 24,855.93 | 21.52% | 6,510.98 | 16.81% | 3,093.17 | 19.63% | 2,137.28 | 17.63% | | Q2 | 52,095.34 | 45.11% | 6,707.30 | 17.32% | 4,143.92 | 26.30% | 1,977.41 | 16.31% | | Q3 | 38,543.68 | 33.37% | 9,765.44 | 25.22% | 3,222.43 | 20.46% | 2,911.86 | 24.02% |

1-1-197

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| Item | Jan–Sep 2025 Amount | Jan–Sep 2025 % | FY2024 Amount | FY2024 % | FY2023 Amount | FY2023 % | FY2022 Amount | FY2022 % | |---|---|---|---|---|---|---|---|---| | Q4 | — | — | 15,743.55 | 40.65% | 5,294.13 | 33.61% | 5,096.23 | 42.04% | | Total | 115,494.95 | 100% | 38,727.28 | 100% | 15,753.65 | 100% | 12,122.77 | 100% |

During the reporting period, with the continued growth of the Company's business scale and the successive launch of new products, revenue showed an overall upward trend across quarters. At the same time, since most new products begin generating revenue in the second half of the year and start generating revenue at scale in the fourth quarter of the respective year, and since certain customers follow centralized procurement and budget management practices whereby procurement activities or project acceptance tend to occur in the fourth quarter, revenue in the fourth quarter of each year accounts for a relatively higher proportion.

4. Sales Model Analysis of Revenue from Principal Business Operations

During the reporting period, the Company's revenue from principal business operations, broken down by sales model, is as follows:

Unit: 万元 (RMB 10,000)

| Item | Jan–Sep 2025 Amount | Jan–Sep 2025 % | FY2024 Amount | FY2024 % | FY2023 Amount | FY2023 % | FY2022 Amount | FY2022 % | |---|---|---|---|---|---|---|---|---| | Online Sales | 15,587.83 | 13.50% | 4,026.34 | 10.40% | 2,069.52 | 13.14% | 1,634.17 | 13.48% | | Of which: Direct Sales | 11,452.25 | 9.92% | 4,026.34 | 10.40% | 2,069.52 | 13.14% | 1,634.17 | 13.48% | | E-commerce Warehouse-in | 4,135.58 | 3.58% | — | — | — | — | — | — | | Offline Sales | 99,907.12 | 86.50% | 34,700.94 | 89.60% | 13,684.13 | 86.86% | 10,488.60 | 86.52% | | Of which: Direct Sales | 58,086.80 | 50.29% | 20,873.10 | 53.90% | 8,077.30 | 51.27% | 6,408.57 | 52.86% | | Distribution Sales | 41,820.32 | 36.21% | 13,827.84 | 35.71% | 5,606.83 | 35.59% | 4,080.04 | 33.66% | | Total | 115,494.95 | 100% | 38,727.28 | 100% | 15,753.65 | 100% | 12,122.77 | 100% |

During the reporting period, the Company's sales channels are divided into two major categories: online sales and offline sales, with offline sales revenue accounting for a higher proportion, consistently maintained at above 85%.

For details on the Company's specific sales model, please refer to "Section 5: Business and Technology," "I. (II) 3. Sales Model" of this Prospectus.

(II) Analysis of Operating Costs

1. Composition of Operating Costs

During the reporting period, the composition of the Company's operating costs is as follows:

Unit: 万元 (RMB 10,000)

| Item | Jan–Sep 2025 Amount | Jan–Sep 2025 % | FY2024 Amount | FY2024 % | FY2023 Amount | FY2023 % | FY2022 Amount | FY2022 % | |---|---|---|---|---|---|---|---|---| | Primary business cost | 46,829.55 | 99.84% | 16,879.68 | 99.999% | 8,787.90 | 99.96% | 6,766.87 | 99.99% | | Other business cost | 74.07 | 0.16% | 0.09 | 0.001% | 3.95 | 0.04% | 0.83 | 0.01% | | Total | 46,903.62 | 100% | 16,879.76 | 100% | 8,791.85 | 100% | 6,767.70 | 100% |

During the reporting period, the Company's operating costs consisted primarily of primary business costs, which is generally consistent with the composition of revenue.

2. Analysis of Primary Business Cost Composition by Product Category

During the reporting period, the composition of the Company's primary business costs broken down by product category is as follows:

Unit: 万元 (RMB 10,000)

| Item | Jan–Sep 2025 Amount | Jan–Sep 2025 % | FY2024 Amount | FY2024 % | FY2023 Amount | FY2023 % | FY2022 Amount | FY2022 % | |---|---|---|---|---|---|---|---|---| | Quadruped robots | 21,718.34 | 46.38% | 11,181.14 | 66.24% | 6,719.87 | 76.47% | 5,350.77 | 79.07% | | Humanoid robots | 22,075.80 | 47.14% | 3,374.13 | 19.99% | 36.59 | 0.42% | — | — | | Robot components | 2,633.16 | 5.62% | 1,918.03 | 11.36% | 1,379.44 | 15.70% | 879.29 | 12.99% | | Others | 402.25 | 0.86% | 406.37 | 2.41% | 652.00 | 7.42% | 536.81 | 7.93% | | Total | 46,829.55 | 100% | 16,879.68 | 100% | 8,787.90 | 100% | 6,766.87 | 100% |

During the reporting period, the Company's primary business costs were dominated by the costs of quadruped robot and humanoid robot products, showing a year-on-year growth trend, which is consistent with the trend of changes in the Company's primary business revenue.

3. Analysis of Primary Business Cost Composition by Production Factor

During the reporting period, the composition of the Company's primary business costs broken down by production factor is as follows:

Unit: 万元 (RMB 10,000)

| Item | Jan–Sep 2025 Amount | Jan–Sep 2025 % | FY2024 Amount | FY2024 % | FY2023 Amount | FY2023 % | FY2022 Amount | FY2022 % | |---|---|---|---|---|---|---|---|---| | Direct materials | 37,518.66 | 80.12% | 12,258.78 | 72.62% | 6,403.99 | 72.87% | 5,005.33 | 73.97% | | Direct labor | 3,763.71 | 8.04% | 2,143.02 | 12.70% | 1,227.74 | 13.97% | 697.94 | 10.31% | | Manufacturing overhead | 5,547.18 | 11.85% | 2,477.88 | 14.68% | 1,156.18 | 13.16% | 1,063.60 | 15.72% | | Total | 46,829.55 | 100% | 16,879.68 | 100.00% | 8,787.90 | 100.00% | 6,766.87 | 100.00% |

The Company's primary business costs are composed of direct materials, direct labor, and manufacturing overhead. During the reporting period, all categories of costs showed an overall growth trend, consistent with the year-on-year growth in business scale.

From 2022 to 2024, the composition of the Company's primary business costs broken down by production factor remained relatively stable. During January to September 2025, the proportion of direct material costs increased significantly compared to 2024, while the proportions of direct labor and manufacturing overhead declined. The main reasons are: (1) As the Company's business scale grew rapidly, economies of scale became increasingly evident; at the same time, the Company continuously improved production efficiency by enhancing the standardization of production processes and the proficiency of production personnel; (2) The Company's humanoid robot business expanded rapidly, with revenue share rising from 27.60% in 2024 to 51.53% in January–September 2025. Since humanoid robot products carry a higher proportion of material costs, the increase in their revenue share pushed up the overall proportion of direct materials within the Company's primary business costs.

In summary, the changes in the composition of the Company's primary business costs by production factor during the reporting period are consistent with the Company's actual business conditions and are reasonable.

(III) Analysis of Changes in Gross Profit

1. Composition of Gross Profit

During the reporting period, the composition of the Company's gross profit is as follows:

Unit: 万元 (RMB 10,000)

| Item | Jan–Sep 2025 Amount | Jan–Sep 2025 % | FY2024 Amount | FY2024 % | FY2023 Amount | FY2023 % | FY2022 Amount | FY2022 % | |---|---|---|---|---|---|---|---|---| | Primary business gross profit | 68,665.40 | 98.31% | 21,847.60 | 97.72% | 6,965.75 | 97.81% | 5,355.90 | 96.95% | | Other business gross profit | 1,179.99 | 1.69% | 509.70 | 2.28% | 155.84 | 2.19% | 168.35 | 3.05% | | Total | 69,845.38 | 100% | 22,357.30 | 100% | 7,121.59 | 100% | 5,524.25 | 100% |

During the reporting period, the Company's gross profit was derived primarily from its primary business and showed a growth trend. The Company has a focused primary business and strong profitability.

During the reporting period, the composition of the Company's primary business gross profit is as follows:

Unit: 万元 (RMB 10,000)

| Category | Jan–Sep 2025 Amount | Jan–Sep 2025 % | FY2024 Amount | FY2024 % | FY2023 Amount | FY2023 % | FY2022 Amount | FY2022 % | |---|---|---|---|---|---|---|---|---| | Quadruped robots | 27,080.20 | 39.44% | 11,873.23 | 54.35% | 5,218.21 | 74.91% | 3,931.61 | 73.41% | | Humanoid robots | 37,442.99 | 54.53% | 7,315.63 | 33.48% | 260.12 | 3.73% | — | — | | Robot components | 4,020.73 | 5.86% | 2,535.79 | 11.61% | 1,312.90 | 18.85% | 1,262.13 | 23.57% | | Others | 121.46 | 0.18% | 122.96 | 0.56% | 174.52 | 2.51% | 162.17 | 3.03% | | Total | 68,665.40 | 100% | 21,847.60 | 100% | 6,965.75 | 100% | 5,355.90 | 100% |

During the reporting period, the Company's primary business gross profit grew rapidly, consistent with the growth trend in operating revenue. The Company's primary business gross profit was derived mainly from humanoid robots and quadruped robots. The gross profit amounts for quadruped robots were 3,931.61 万元, 5,218.21 万元, 11,873.23 万元, and 27,080.20 万元, representing proportions of 73.41%, 74.91%, 54.35%, and 39.44%, respectively. The gross profit amounts for humanoid robots were RMB 0, 260.12 万元, 7,315.63 万元, and 37,442.99 万元, representing proportions of 0%, 3.73%, 33.48%, and 54.53%, respectively. Since the Company launched its first general-purpose humanoid robot H1 in 2023, humanoid robots have rapidly become one of the Company's main products, with their share of sales amounts increasing year by year and their share of gross profit also rising substantially accordingly.

2. Analysis of Primary Business Gross Margin

During the reporting period, the Company's primary business gross margins are as follows:

| Item | Jan–Sep 2025 | FY2024 | FY2023 | FY2022 | |---|---|---|---|---| | Quadruped robots | 55.49% | 51.50% | 43.71% | 42.36% | | Humanoid robots | 62.91% | 68.44% | 87.67% | — | | Robot components | 60.43% | 56.94% | 48.76% | 58.94% | | Others | 23.19% | 23.23% | 21.11% | 23.20% | | Total | 59.45% | 56.41% | 44.22% | 44.18% |

During the reporting period, the Company's primary business gross margin showed an overall upward trend. A detailed analysis is provided below:

(1) Quadruped Robots

During each period of the reporting period, the gross margins for the Company's quadruped robots were 42.36%, 43.71%, 51.50%, and 55.49%, respectively, showing an overall upward trend. The main reasons are: on one hand, the Company achieved significant cost reductions in production through continuous improvement of manufacturing processes, and also achieved certain procurement cost reductions as production and sales volumes increased, causing the unit costs of major products to show a declining trend during the reporting period; on the other hand, differences in product mix across periods led to differences in gross margins. As industry-grade quadruped robots such as B2 and B2-W entered mass production and their revenue share increased, the overall gross margin for quadruped robots also increased accordingly.

(2) Humanoid Robots

From 2023 to January–September 2025, the gross margins for the Company's humanoid robots were 87.67%, 68.44%, and 62.91%, respectively. Since some of the components used in the Company's humanoid robots are shared with quadruped robots, the humanoid robots have certain cost advantages and their overall gross margins are relatively high.

In 2023, the Company sold 5 units of the first-generation H1 product. As commercial humanoid robots were relatively scarce at the time, the unit selling price and gross margin of this batch of products were both high and are not directly comparable to subsequent years.

During January to September 2025, the gross margin for humanoid robots declined somewhat. The main reasons are: on one hand, the Company independently developed and launched the G1 mid-sized humanoid robot in May 2024, which rapidly became the leading humanoid robot sales model. Since the G1, as a mid-sized humanoid robot, has a lower unit price, unit cost, and gross margin than the full-sized H1, this dragged down the overall gross margin of the Company's humanoid robots. On the other hand, the Company continued to optimize unit product costs through production and procurement cost reductions. On this basis, in order to further consolidate its industry position and build long-term competitive advantages, after comprehensively evaluating factors such as the development of the humanoid robot market, cost optimization trends, and profit margins, the Company appropriately reduced the selling prices of its products in 2025.

(3) Robot Components

During each period of the reporting period, the gross margins for the Company's robot components were 58.94%, 48.76%, 56.94%, and 60.43%, respectively. The Company's robot components include robotic arms, 4D LiDAR, high-computing-power modules, and other key core components for quadruped and humanoid robots. Gross margins vary across different components, and changes in product mix across periods led to fluctuations in the gross margin for robot components during the reporting period.

3. Comparative Analysis of Gross Margins with Listed Peer Companies

The Company is primarily engaged in the research and development, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robot components, and embodied intelligence models. Currently, there are no general-purpose robot listed companies on the A-share market. The Company has selected humanoid robot-related listed companies on the Hong Kong Stock Exchange as comparable companies. The main products and business conditions of the relevant companies are as follows:

| Company Abbreviation | Primary Business | Main Products | Application Areas | |---|---|---|---| | UBTECH (优必选) | Primarily engaged in intelligent service robots and intelligent robot solutions, including humanoid robot products | Education intelligent robots, logistics intelligent robots, humanoid and commercial service robots, and consumer-grade robots such as intelligent lawn mowers, pool cleaning robots, and floor-sweeping robots, as well as other hardware products | Education, logistics, household consumer, etc. | | Dobot (越疆) | Primarily engaged in the design, development, manufacturing, and commercialization of collaborative robots | Six-axis collaborative robots, four-axis collaborative robots, composite robots, etc. | Manufacturing, retail, medical and health, education and research, etc. |

During the reporting period, a comparison of the Company's overall gross margin with those of listed peer companies is as follows:

| Listed Company | Jan–Sep 2025 | FY2024 | FY2023 | FY2022 | |---|---|---|---|---| | UBTECH (优必选) | — | 28.65% | 31.53% | 29.16% | | Dobot (越疆) | — | 46.56% | 43.54% | 40.75% | | Average | — | 37.61% | 37.54% | 34.96% | | The Company | 59.83% | 56.98% | 44.75% | 44.94% |

Note: Listed peer companies UBTECH (优必选) and Dobot (越疆) have not announced their financial data for the third quarter of 2025. The same applies hereinafter.

During the reporting period, the Company's overall gross margin was higher than that of listed peer companies.

On one hand, there are differences between the Company and its listed peers in terms of product composition and application scenarios. Among the listed peer companies, UBTECH's robots are mainly education intelligent robots, logistics intelligent robots, and household consumer-grade products, primarily used in the fields of education, logistics, and household consumption; Dobot's robots are mainly collaborative robots, primarily used in manufacturing, retail, medical and health, STEAM education, and scientific research scenarios. The types and application areas of robots differ from those of the Company, resulting in differences in gross margins.

On the other hand, the Company's cost control capability is at the industry-leading level. Since its establishment, the Company has adhered to a full-stack, self-developed technology path for complete robot systems and core components, and was among the first in the field of high-performance general-purpose robots to adopt electric motor drive technology. Drawing on the deep accumulated expertise of its core technology team, the Company has independently developed motor drives, complete machine mechanical structures, and whole-body control systems, significantly improving the overall machine performance and product reliability, giving it the advantages of high control precision, fast response speed, low operating noise, and easy maintenance, while significantly reducing hardware costs. In terms of cost control, through the in-house development and production of core components, the Company has formed vertical integration capabilities over its supply chain, which not only ensures rapid iteration of products and technology but also significantly reduces material procurement and manufacturing costs. At the same time, large-scale mass production has further strengthened the Company's bargaining power with upstream suppliers, creating a sustained cost advantage.

(IV) Analysis of Period Expenses

During each period of the reporting period, the Company's period expenses are as follows:

Unit: 万元 (RMB 10,000)

| Item | Jan–Sep 2025 Amount | Jan–Sep 2025 % of Revenue | FY2024 Amount | FY2024 % of Revenue | FY2023 Amount | FY2023 % of Revenue | FY2022 Amount | FY2022 % of Revenue | |---|---|---|---|---|---|---|---|---| | Selling expenses | 7,600.85 | 6.51% | 5,915.85 | 15.08% | 3,771.83 | 23.70% | 2,583.68 | 21.02% | | Administrative expenses | 38,145.21 | 32.67% | 1,658.06 | 4.23% | 1,332.80 | 8.38% | 3,070.53 | 24.98% | | R&D expenses | 9,020.94 | 7.73% | 7,001.70 | 17.84% | 4,995.18 | 31.39% | 2,998.48 | 24.39% | | Financial expenses | -207.93 | -0.18% | -875.03 | -2.23% | -732.47 | -4.60% | -322.02 | -2.62% | | Total period expenses | 54,559.08 | 46.73% | 13,700.59 | 34.92% | 9,367.33 | 58.86% | 8,330.67 | 67.77% |

During each period of the reporting period, the Company's total period expenses were 8,330.67 万元, 9,367.33 万元, 13,700.59 万元, and 54,559.08 万元, respectively, representing 67.77%, 58.86%, 34.92%, and 46.73% of revenue for the same period, respectively. From 2022 to 2024, as the Company's business scale and operating revenue

rapidly growing, with the period expense ratio showing a declining trend, and the scale effects of the Company's operations beginning to emerge. During January to September 2025, the Company's period expense ratio increased, primarily due to the higher share-based payment expenses recognized during the period.

**1. Selling Expenses**

**(1) Composition of Selling Expenses**

During the Reporting Period, the specific composition of the Company's selling expenses is as follows:

Unit: 万元 (RMB 10,000)

| Item | Jan–Sep 2025 Amount | Jan–Sep 2025 % | FY2024 Amount | FY2024 % | FY2023 Amount | FY2023 % | FY2022 Amount | FY2022 % | |---|---|---|---|---|---|---|---|---| | Employee Compensation | 3,617.32 | 47.59% | 2,880.40 | 48.69% | 1,675.89 | 44.43% | 1,086.22 | 42.04% | | Advertising and Business Promotion Expenses | 2,257.28 | 29.70% | 1,729.97 | 29.24% | 1,331.17 | 35.29% | 1,085.67 | 42.02% | | Platform and Intermediary Service Fees | 879.99 | 11.58% | 697.91 | 11.80% | 197.50 | 5.24% | 119.31 | 4.62% | | Travel Expenses | 520.12 | 6.84% | 421.91 | 7.13% | 351.95 | 9.33% | 101.87 | 3.94% | | Depreciation and Amortization | 79.55 | 1.05% | 71.83 | 1.21% | 65.00 | 1.72% | 44.82 | 1.73% | | Office Expenses | 99.93 | 1.31% | 50.63 | 0.86% | 69.71 | 1.85% | 45.77 | 1.77% | | Other | 146.65 | 1.93% | 63.21 | 1.07% | 80.60 | 2.14% | 100.02 | 3.87% | | **Total** | **7,600.85** | **100.00%** | **5,915.85** | **100.00%** | **3,771.83** | **100.00%** | **2,583.68** | **100.00%** |

During each period of the Reporting Period, the Company's selling expenses were RMB 25,836,800, RMB 37,718,300, RMB 59,158,500, and RMB 76,008,500 respectively, representing 21.02%, 23.70%, 15.08%, and 6.51% of operating revenue respectively. The Company's selling expenses are primarily composed of employee compensation, advertising and business promotion expenses, and platform and intermediary service fees. Advertising and business promotion expenses mainly consist of costs incurred from placing advertisements on online platforms and digital media. Platform and intermediary service fees mainly consist of operation and maintenance service fees for online platforms and sales commissions.

During the Reporting Period, the Company's selling expenses as a whole showed a certain growth trend, mainly due to: 1) the Company actively developing and maintaining markets and expanding the recruitment of sales personnel with industry experience; 2) the Company continuously increasing investment in advertising and business promotion expenses to strengthen market and customer coverage and promote sales conversion; 3) platform and intermediary service fees growing correspondingly as the Company's revenue scale grew rapidly; and 4) the Company's sales activities continuously increasing, with related travel expenses continuing to grow. In 2024 and January to September 2025, as the Company's operating revenue grew at a high rate, the Company's selling expense ratio declined rapidly, with scale effects becoming increasingly prominent.

**(2) Comparison of Selling Expense Ratio with Listed Companies in the Same Industry**

During the Reporting Period, the comparison of the Company's selling expense ratio with listed companies in the same industry is as follows:

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Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus

| Stock Abbreviation | Jan–Sep 2025 | FY2024 | FY2023 | FY2022 | |---|---|---|---|---| | UBTECH (优必选) | — | 40.14% | 47.94% | 35.81% | | Dobot (越疆) | — | 36.94% | 44.43% | 37.04% | | Average | — | 38.54% | 46.19% | 36.43% | | The Company | 6.51% | 15.08% | 23.70% | 21.02% |

During the Reporting Period, the Company's selling expense ratio was lower than the average of listed companies in the same industry, primarily because: 1) the Company has a clear first-mover advantage — by leveraging technologically leading quadruped robots to gain market share advantages, the Company subsequently formed a product layout covering both quadruped robots and humanoid robots, and expanded into key components, building a robot product matrix with "locomotion + manipulation + interaction" as the core. Leveraging its full-chain self-developed and self-manufactured capabilities, continuous rapid iteration and innovation capabilities, and multi-product synergy advantages, the Company has not only continuously led in performance but also established an industry benchmark in terms of high cost-effectiveness, with a high market share and significant brand effects; 2) during the Reporting Period, the Company's operating revenue grew rapidly, and scale effects continued to strengthen.

---

**2. Administrative Expenses**

**(1) Composition of Administrative Expenses**

During the Reporting Period, the specific composition of the Company's administrative expenses is as follows:

Unit: 万元 (RMB 10,000)

| Item | Jan–Sep 2025 Amount | Jan–Sep 2025 % | FY2024 Amount | FY2024 % | FY2023 Amount | FY2023 % | FY2022 Amount | FY2022 % | |---|---|---|---|---|---|---|---|---| | Share-Based Payments | 34,906.55 | 91.51% | — | — | — | — | 1,872.26 | 60.98% | | Employee Compensation | 1,814.15 | 4.76% | 1,100.17 | 66.35% | 728.83 | 23.74% | 1,037.73 | 77.86% | | Intermediary Service Fees | 998.79 | 2.62% | 325.58 | 19.64% | 114.64 | 8.60% | 288.04 | 9.38% | | Depreciation and Amortization | 142.29 | 0.37% | 15.97 | 0.96% | 12.46 | 0.93% | 3.81 | 0.12% | | Office Expenses | 126.78 | 0.33% | 67.86 | 4.09% | 25.39 | 1.90% | 71.52 | 2.33% | | Disability Employment Security Fund | 31.75 | 0.08% | 31.29 | 1.89% | 63.00 | 4.73% | 19.07 | 0.62% | | Other | 124.89 | 0.33% | 117.20 | 7.07% | 79.59 | 5.97% | 87.00 | 2.83% | | **Total** | **38,145.21** | **100.00%** | **1,658.06** | **100.00%** | **1,332.80** | **100.00%** | **3,070.53** | **100.00%** |

During each period of the Reporting Period, the Company's administrative expenses were RMB 30,705,300, RMB 13,328,000, RMB 16,580,600, and RMB 381,452,100 respectively, representing 24.98%, 8.38%, 4.23%, and 32.67% of operating revenue respectively. The Company's administrative expenses mainly include share-based payments, employee compensation, and intermediary service fees. Intermediary service fees mainly consist of consulting service fees and professional service fees for auditing, valuation, and similar services paid by the Company. In FY2022 and January to September 2025, the Company's administrative expenses were relatively high, primarily due to higher share-based payment expenses. Excluding the impact of share-based payments, the Company's administrative expenses showed a continuous growth trend during the Reporting Period, primarily because the number of management personnel continued to increase in order to match and continue to support the Company's rapid growth in performance and to ensure management efficiency.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus

**(2) Comparison of Administrative Expense Ratio with Listed Companies in the Same Industry**

During the Reporting Period, the comparison of the Company's administrative expense ratio with listed companies in the same industry is as follows:

| Stock Abbreviation | Jan–Sep 2025 | FY2024 | FY2023 | FY2022 | |---|---|---|---|---| | UBTECH (优必选) | — | 28.35% | 37.86% | 39.48% | | Dobot (越疆) | — | 23.77% | 18.51% | 20.55% | | Average | — | 26.06% | 28.19% | 30.02% | | The Company | 32.67% | 4.23% | 8.38% | 24.98% |

During the Reporting Period, the Company's administrative expense ratio was lower than the average of listed companies in the same industry. On one hand, the Company has a relatively small number of management personnel, a streamlined management structure, and high management efficiency, configured according to the Company's actual operational needs and capable of meeting the Company's operational management requirements. On the other hand, the office premises of the Company's management departments are all leased properties, and therefore overall depreciation and amortization expenditures are relatively low.

---

**3. Research and Development Expenses**

**(1) Composition of Research and Development Expenses**

During the Reporting Period, the specific composition of the Company's research and development expenses is as follows:

Unit: 万元 (RMB 10,000)

| Item | Jan–Sep 2025 Amount | Jan–Sep 2025 % | FY2024 Amount | FY2024 % | FY2023 Amount | FY2023 % | FY2022 Amount | FY2022 % | |---|---|---|---|---|---|---|---|---| | Employee Compensation | 5,707.98 | 63.27% | 5,749.17 | 82.11% | 3,923.30 | 78.54% | 2,177.79 | 72.63% | | Direct Materials | 1,402.98 | 15.55% | 538.30 | 7.69% | 579.78 | 11.61% | 521.64 | 17.40% | | Depreciation and Amortization | 512.99 | 5.69% | 247.71 | 3.54% | 195.53 | 3.91% | 143.51 | 4.79% | | Cloud Computing and Cloud Service Fees | 834.54 | 9.25% | 113.35 | 1.62% | — | — | — | — | | Share-Based Payments | 142.75 | 1.58% | 94.51 | 1.35% | 46.25 | 0.93% | 25.95 | 0.87% | | Patent Service Fees | 216.76 | 2.40% | 94.20 | 1.35% | 112.74 | 2.26% | 89.69 | 2.99% | | Other | 202.94 | 2.25% | 164.47 | 2.35% | 137.58 | 2.75% | 39.90 | 1.33% | | **Total** | **9,020.94** | **100%** | **7,001.70** | **100%** | **4,995.18** | **100%** | **2,998.48** | **100%** |

During each period of the Reporting Period, the Company's research and development expense amounts grew year by year, representing 24.39%, 31.39%, 17.84%, and 7.73% of operating revenue respectively. Oriented toward the industry frontier, the Company has continuously strengthened R&D investment. During the Reporting Period,

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Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus

research and development expenses grew year by year, and R&D expenses are mainly composed of employee compensation, direct materials, depreciation and amortization, and cloud computing and cloud service fees.

Employee compensation accounts for a relatively high proportion of the Company's R&D expenses, and the amount of employee compensation shows a year-by-year growth trend, mainly because the Company has continuously strengthened the development of its R&D team and the building of technical talent reserves, with the number of R&D personnel growing year by year. In January to September 2025, the Company strengthened technical R&D in the direction of large models, and cloud computing and cloud service fees grew compared to previous years.

**(2) Research and Development Expenses by R&D Project**

During the Reporting Period, the main R&D projects in which the Company invested are as follows:

Unit: 万元 (RMB 10,000)

| No. | Project Name | Jan–Sep 2025 | FY2024 | FY2023 | FY2022 | Budget | Status | |---|---|---|---|---|---|---|---| | 1 | Bionic Small Biped Robot Project | 2,536.68 | 2,110.66 | 59.70 | — | 8,250.00 | In Progress | | 2 | High-Load Long-Endurance Large Quadruped Robot Project | 658.28 | 1,340.40 | 1,200.93 | 48.00 | 4,600.00 | In Progress | | 3 | Small Quadruped Robot Project for Consumer Scenarios | 336.32 | 726.36 | 1,192.92 | 665.96 | 3,500.00 | In Progress | | 4 | High Protection Level High Durability Large Quadruped Robot Project | — | 46.47 | 691.45 | 1,228.26 | 2,100.00 | Completed | | 5 | First-Generation Full-Size Large Biped Robot Project | 759.27 | 792.75 | 375.45 | — | 2,630.00 | In Progress | | 6 | Multi-Modal General Embodied Intelligence Large Model Project | 1,304.96 | 488.31 | 243.73 | — | 4,300.00 | In Progress | | 7 | Robotic Arm Project | 190.08 | 286.99 | 248.84 | 258.99 | 1,200.00 | In Progress | | 8 | Fitness Pump Project | 209.77 | 227.82 | 196.04 | 266.25 | 900.00 | Completed | | 9 | R&D Project for General Motion Control Algorithm Based on Reinforcement Learning | 289.76 | 311.19 | 136.19 | — | 700.00 | Completed | | 10 | Integrated Technology and Tool Platform Project | 627.75 | — | — | — | 2,540.00 | In Progress | | 11 | Other Projects | 2,108.11 | 670.75 | 649.93 | 531.02 | — | — | | **Total** | | **9,020.94** | **7,001.70** | **4,995.18** | **2,998.48** | | |

**(3) Comparison of R&D Expense Ratio with Listed Companies in the Same Industry**

During the Reporting Period, the comparison of the Company's R&D expense ratio with listed companies in the same industry is as follows:

| Stock Abbreviation | Jan–Sep 2025 | FY2024 | FY2023 | FY2022 | |---|---|---|---|---| | UBTECH (优必选) | — | 36.63% | 46.46% | 42.48% |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus

| Dobot (越疆) | — | 19.21% | 24.60% | 21.60% | | Average | — | 27.92% | 35.53% | 32.04% | | The Company | 7.73% | 17.84% | 31.39% | 24.39% |

During the Reporting Period, the Company continued to increase R&D investment and continuously consolidated and strengthened its technological advantages. In FY2022 and FY2023, the Company's ratio of R&D investment to operating revenue was within the range of listed companies in the same industry. In FY2024 and January to September 2025, the Company's ratio of R&D investment to operating revenue declined somewhat, primarily because the Company's operating revenue grew rapidly in the most recent year and period, with the revenue growth rate far exceeding the reasonable growth rate of R&D expenses, resulting in a relative decline in the R&D expense ratio under scale effects. The Company places great importance on R&D and technological innovation, and the actual R&D investment amounts in each period of the Reporting Period showed a continuous growth trend.

---

**4. Financial Expenses**

**(1) Composition of Financial Expenses**

During the Reporting Period, the specific composition of the Company's financial expenses is as follows:

Unit: 万元 (RMB 10,000)

| Item | Jan–Sep 2025 | FY2024 | FY2023 | FY2022 | |---|---|---|---|---| | Interest Expenses | 80.79 | 44.88 | 77.15 | 64.55 | | Less: Interest Income | 1,848.33 | 1,408.45 | 560.88 | 190.80 | | Exchange Gains and Losses | 1,422.82 | -443.77 | -298.12 | -567.82 | | Equity Financing Expenses | — | 842.45 | — | 339.86 | | Bank Handling Fees | 136.79 | 89.86 | 49.38 | 32.19 | | **Total** | **-207.93** | **-875.03** | **-732.47** | **-322.02** |

Changes in the Company's financial expenses during the Reporting Period were mainly affected by interest income, exchange gains and losses, and equity financing expenses. Interest income mainly consists of deposit interest income, which showed a growing trend during the Reporting Period, generally in line with the continuous growth in the Company's monetary fund balance. Equity financing expenses mainly consist of legal and financial advisory fees related to the Company's capital increases in 2022 and 2024.

**(2) Comparison of Financial Expense Ratio with Listed Companies in the Same Industry**

During the Reporting Period, the comparison of the Company's financial expense ratio with listed companies in the same industry is as follows:

| Stock Abbreviation | Jan–Sep 2025 | FY2024 | FY2023 | FY2022 | |---|---|---|---|---| | UBTECH (优必选) | — | -0.46% | 0.85% | 0.02% | | Dobot (越疆) | — | 0.49% | 0.68% | 0.84% |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus

| Average | — | 0.02% | 0.77% | 0.43% | | The Company | -0.18% | -2.23% | -4.60% | -2.62% |

During the Reporting Period, the Company's financial expense ratio was lower than the average of listed companies in the same industry, mainly because: 1) the Company's borrowing amount was relatively low, with relatively少 interest expenses; 2) as the Company's bank deposits continued to grow, the Company's interest income was relatively high.

---

**(V) Analysis of Other Line Items in the Income Statement**

**1. Other Income**

During the Reporting Period, the main composition of the Company's other income is as follows:

Unit: 万元 (RMB 10,000)

| Item | Jan–Sep 2025 | FY2024 | FY2023 | FY2022 | |---|---|---|---|---| | Government Subsidies | | | | |

1,272.03

979.79

661.72

248.95

Software VAT Refund

1,065.01

595.96

233.90

220.20

Individual Income Tax Withholding Handling Fees

11.70

6.81

4.04

-

Total

2,348.75

1,582.55

899.66

469.14

During the reporting period, the proportion of government subsidies included in other income to total profit was as follows: Unit: RMB 10,000 (万元)

| Item | January–September 2025 | FY2024 | FY2023 | FY2022 | |---|---|---|---|---| | Government Subsidy Amount | 1,272.03 | 979.79 | 661.72 | 248.95 | | Total Profit | 17,103.59 | 9,947.32 | -2,140.87 | -2,772.14 | | Government Subsidy Amount / Total Profit | 7.44% | 9.85% | / | / |

As the company's business scale has grown rapidly, the company's profits are primarily derived from normal production and operating activities. In FY2024 and January–September 2025, the government subsidies received by the company as a proportion of total profit for the same period were 9.85% and 7.44%, respectively, showing a declining trend. The company does not have significant dependence on the aforementioned government subsidies.

**2. Investment Income and Gains from Changes in Fair Value**

During the reporting period, the company's investment income and gains from changes in fair value were as follows: Unit: RMB 10,000 (万元)

| Item | January–September 2025 | FY2024 | FY2023 | FY2022 | |---|---|---|---|---| | Investment Income | 1,486.69 | 927.46 | 154.40 | 254.12 | | Of which: Investment income from wealth management products | 934.06 | 457.30 | 34.92 | 92.59 | | Interest income earned during the holding period of debt investments | 553.54 | 470.16 | 119.48 | 161.53 |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| Item | January–September 2025 | FY2024 | FY2023 | FY2022 | |---|---|---|---|---| | Investment income from long-term equity investments accounted for under the equity method | -0.91 | - | - | - | | Gains from Changes in Fair Value | -24.28 | 95.42 | -5.66 | 5.66 | | Of which: Trading financial assets | -24.28 | 95.42 | -5.66 | 5.66 |

During the reporting period, the company's investment income primarily comprised: (1) investment income obtained upon the sale of wealth management products purchased by the company; and (2) interest income earned during the holding period of debt investments, recognized as such because the company purchased large-denomination bank certificates of deposit with temporarily idle funds, classified as debt investments.

During the reporting period, the company's gains from changes in fair value represent the floating returns corresponding to held wealth management products. The decrease in FY2023 was primarily due to the company disposing of wealth management products during that year, causing the gains from changes in fair value to be transferred into investment income.

**3. Credit Impairment Losses and Asset Impairment Losses**

During the reporting period, the company's credit impairment losses and asset impairment losses were as follows: Unit: RMB 10,000 (万元)

| Item | January–September 2025 | FY2024 | FY2023 | FY2022 | |---|---|---|---|---| | Credit Impairment Losses | -350.34 | -113.53 | -61.82 | -17.18 | | Of which: Bad debt losses on accounts receivable | -283.76 | -74.09 | -26.18 | -11.80 | | Bad debt losses on other receivables | -66.58 | -39.44 | -35.64 | -5.38 | | Asset Impairment Losses | -1,304.16 | -1,037.85 | -840.56 | -653.64 | | Of which: Inventory write-down losses and impairment losses on contract fulfillment costs | -1,300.89 | -1,037.65 | -839.87 | -652.37 | | Impairment losses on contract assets | -3.27 | -0.20 | -0.69 | -1.27 |

During the reporting period, the company's credit impairment losses increased, primarily because the expansion in revenue scale led to growth in accounts receivable, with a corresponding increase in bad debt provisions. The company's asset impairment losses showed an overall upward trend, primarily because inventory scale continued to increase in line with revenue growth, resulting in a corresponding increase in inventory write-down losses and impairment losses on contract fulfillment costs.

**4. Non-Operating Income**

During the reporting period, the company's non-operating income amounted to RMB 49.62 万元, RMB 6.08 万元, RMB 7.02 万元, and RMB 73.37 万元, respectively, with a relatively minor impact on total profit. Among these, the non-operating income in FY2022 primarily consisted of prize money of RMB 47.00 万元 won by the company in robot-related competitions, while the non-operating income for January–September 2025 primarily comprised gains from fines and forfeitures.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

**5. Non-Operating Expenses**

During the reporting period, the company's non-operating expenses amounted to RMB 5.79 万元, RMB 10.26 万元, RMB 15.49 万元, and RMB 29.11 万元, respectively, with a relatively minor impact on total profit, primarily consisting of sponsorship expenditures.

**(VI) Tax Payment Analysis**

**1. Major Taxes Paid by the Issuer During the Reporting Period**

During the reporting period, the principal taxes actually paid by the company and its subsidiaries were as follows: Unit: RMB 10,000 (万元)

| Tax Type | January–September 2025 | | FY2024 | | FY2023 | | FY2022 | | | |---|---|---|---|---|---|---|---|---|---| | | Closing Balance Payable | Actual Amount Paid | Closing Balance Payable | Actual Amount Paid | Closing Balance Payable | Actual Amount Paid | Closing Balance Payable | Actual Amount Paid | Opening Balance Payable | | VAT | -1,190.22 | 2,620.03 | -744.65 | 775.46 | -760.71 | 439.27 | -263.66 | 271.72 | -74.97 | | Corporate Income Tax | 1,294.32 | 4,445.07 | - | - | - | - | - | - | - |

During the reporting period, the amount of VAT paid by the company increased period by period, primarily because revenue growth in each period resulted in increased output tax.

**2. Changes in Major Tax Policies, Tax Incentives, and Their Impact on the Issuer During the Reporting Period**

During the reporting period, information on the Company's tax policies and tax incentives can be found in "Section 6: Financial and Accounting Information and Management's Discussion and Analysis" under "VI. Taxation" of this prospectus. During the reporting period, there were no material adverse changes to the tax policies applicable to the Company. The Company enjoys the aforementioned tax incentives in accordance with relevant regulations established by the national tax authorities.

IX. Asset Quality Analysis

(I) Analysis of Asset Composition

At the end of each reporting period, the Company's asset structure is as follows:

Unit: 万元 (RMB 10,000)

| Asset | 2025/9/30 Amount | 2025/9/30 % | 2024/12/31 Amount | 2024/12/31 % | 2023/12/31 Amount | 2023/12/31 % | 2022/12/31 Amount | 2022/12/31 % | |---|---|---|---|---|---|---|---|---| | Current Assets | 249,496.46 | 87.09% | 126,975.41 | 83.16% | 32,630.22 | 83.40% | 32,146.60 | 87.79% | | Non-current Assets | 36,979.61 | 12.91% | 25,714.24 | 16.84% | 6,496.93 | 16.60% | 4,471.84 | 12.21% | | Total Assets | 286,476.07 | 100.00% | 152,689.65 | 100.00% | 39,127.15 | 100.00% | 36,618.43 | 100.00% |

At the end of each reporting period, the Company's total assets were 36,618.43 万元, 39,127.15 万元, 152,689.65 万元, and 286,476.07 万元, respectively, showing a year-on-year upward trend in line with the growth of the Company's business scale.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

The Company's assets are primarily composed of current assets, which accounted for 87.79%, 83.40%, 83.16%, and 87.09% of total assets at the end of each respective period, reflecting a relatively stable asset structure.

1. Analysis of Current Asset Structure

At the end of each reporting period, the Company's current asset structure is as follows:

Unit: 万元 (RMB 10,000)

| Current Assets | 2025/9/30 Amount | 2025/9/30 % | 2024/12/31 Amount | 2024/12/31 % | 2023/12/31 Amount | 2023/12/31 % | 2022/12/31 Amount | 2022/12/31 % | |---|---|---|---|---|---|---|---|---| | Cash and Cash Equivalents | 179,473.96 | 71.93% | 56,594.28 | 44.57% | 22,229.31 | 68.12% | 13,565.50 | 42.20% | | Trading Financial Assets | 28,093.03 | 11.26% | 48,776.36 | 38.41% | 2.75 | 0.01% | 5,185.54 | 16.13% | | Notes Receivable | - | 0.00% | - | - | - | - | 35.70 | 0.11% | | Accounts Receivable | 7,919.92 | 3.17% | 2,017.50 | 1.59% | 1,038.83 | 3.18% | 742.97 | 2.31% | | Receivables Financing | 50.57 | 0.02% | - | - | - | - | 18.00 | 0.06% | | Prepayments | 1,371.32 | 0.55% | 830.78 | 0.65% | 358.35 | 1.10% | 279.71 | 0.87% | | Other Receivables | 573.22 | 0.23% | 221.90 | 0.17% | 217.81 | 0.67% | 173.57 | 0.54% | | Inventories | 27,803.66 | 11.14% | 14,058.05 | 11.07% | 7,895.77 | 24.20% | 7,753.74 | 24.12% | | Contract Assets | 103.22 | 0.04% | 41.04 | 0.03% | 37.23 | 0.11% | 24.04 | 0.07% | | Non-current Assets Due within One Year | 2,181.04 | 0.87% | 3,241.30 | 2.55% | - | - | 4,006.62 | 12.46% | | Other Current Assets | 1,926.52 | 0.77% | 1,194.21 | 0.94% | 850.18 | 2.61% | 361.20 | 1.12% | | Total Current Assets | 249,496.46 | 100.00% | 126,975.41 | 100.00% | 32,630.22 | 100.00% | 32,146.60 | 100.00% |

At the end of each reporting period, the Company's current assets were 32,146.60 万元, 32,630.22 万元, 126,975.41 万元, and 249,496.46 万元, respectively, primarily consisting of cash and cash equivalents, trading financial assets, accounts receivable, inventories, and non-current assets due within one year, which collectively accounted for more than 95% of current assets in each period.

(1) Cash and Cash Equivalents

At the end of each reporting period, the Company's cash and cash equivalents are as follows:

Unit: 万元 (RMB 10,000)

| Item | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---| | Cash on Hand | 14.56 | 27.25 | 31.76 | - | | Bank Deposits | 175,995.71 | 51,907.88 | 19,511.59 | 12,807.80 | | Other Monetary Funds | 3,463.69 | 4,659.14 | 2,618.35 | 736.16 | | Accrued Interest | - | - | 67.61 | 21.54 |

1-1-212

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| Item | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---| | Total | 179,473.96 | 56,594.28 | 22,229.31 | 13,565.50 |

At the end of each reporting period, the Company's cash and cash equivalents were 13,565.50 万元, 22,229.31 万元, 56,594.28 万元, and 179,473.96 万元, respectively, representing 42.20%, 68.12%, 44.57%, and 71.93% of current assets. In the most recent full year and interim period, the Company's cash and cash equivalents grew rapidly, primarily due to the completion of equity financing during the period and the rapid increase in net cash inflows from operating activities. The Company's cash and cash equivalents are primarily composed of bank deposits, with minimal cash on hand. Other monetary funds mainly consist of security deposits and similar items.

(2) Trading Financial Assets

At the end of each reporting period, the composition of the Company's trading financial assets is as follows:

Unit: 万元 (RMB 10,000)

| Item | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---| | Financial assets measured at fair value through profit or loss | 28,093.03 | 48,776.36 | 2.75 | 5,185.54 | | Total | 28,093.03 | 48,776.36 | 2.75 | 5,185.54 |

At the end of each reporting period, the Company's trading financial assets were 5,185.54 万元, 2.75 万元, 48,776.36 万元, and 28,093.03 万元, respectively, primarily representing low-risk bank wealth management products purchased by the Company. During the reporting period, on the premise of ensuring operational needs and the safety of funds, the Company improved the efficiency of its capital utilization by purchasing bank wealth management products.

(3) Notes Receivable and Receivables Financing

At the end of each reporting period, the details of the Company's notes receivable and receivables financing are as follows:

Unit: 万元 (RMB 10,000)

| Item | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---| | Carrying value of notes receivable: | - | - | - | 35.70 | | Of which: Bank acceptance bills | - | - | - | 35.70 | | Commercial acceptance bills | - | - | - | - | | Receivables financing: | 50.57 | - | - | 18.00 | | Bank acceptance bills | 50.57 | - | - | 18.00 | | Total | 50.57 | - | - | 53.70 |

At the end of each reporting period, the carrying value of the Company's notes receivable was 35.70 万元, 0 万元, 0 万元, and 0 万元, respectively, and the carrying value of receivables financing was 18.00 万元, 0 万元, 0 万元, and 50.57 万元, respectively, all of which represent bank acceptance bills received by the Company. Among these, for bank acceptance bills with higher credit ratings, upon discounting or endorsement, substantially all risks and rewards of ownership are transferred, and such bills can be derecognized; the Company accounts for them under receivables financing. For other bank acceptance bills with lower credit ratings, they cannot be derecognized upon discounting or endorsement, and the Company accounts for them under notes receivable.

1-1-213

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

(4) Accounts Receivable

At the end of each reporting period, the Company's accounts receivable are as follows:

Unit: 万元 (RMB 10,000)

| Item | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---| | Gross carrying amount | 8,345.65 | 2,159.48 | 1,106.71 | 784.67 | | Less: Allowance for bad debts | 425.73 | 141.98 | 67.88 | 41.70 | | Net carrying value | 7,919.92 | 2,017.50 | 1,038.83 | 742.97 | | Revenue | 116,749.01 | 39,237.06 | 15,913.44 | 12,291.95 | | Gross carrying amount as % of revenue | 7.15% | 5.50% | 6.95% | 6.38% |

1) Analysis of Gross Carrying Amount

At the end of each reporting period, the Company's accounts receivable balance was 784.67 万元, 1,106.71 万元, 2,159.48 万元, and 8,345.65 万元, respectively. The accounts receivable balance increased rapidly, primarily due to the rapid growth in the Company's revenue scale. The accounts receivable balance as a percentage of revenue was 6.38%, 6.95%, 5.50%, and 7.15%, respectively, which is relatively low and stable.

2) Aging Analysis of Accounts Receivable

At the end of each reporting period, the aging structure of the Company's accounts receivable is as follows:

Unit: 万元 (RMB 10,000)

| Period | 2025/9/30 Accounts Receivable | 2025/9/30 % of Balance | 2024/12/31 Accounts Receivable | 2024/12/31 % of Balance | |---|---|---|---|---| | Within 1 year | 8,291.22 | 99.35% | 2,078.15 | 96.23% | | 1–2 years | 33.96 | 0.41% | 32.48 | 1.50% | | 2–3 years | 18.13 | 0.22% | 20.04 | 0.93% | | Over 3 years | 2.34 | 0.03% | 28.81 | 1.33% | | Total | 8,345.65 | 100.00% | 2,159.48 | 100.00% |

| Period | 2023/12/31 Accounts Receivable | 2023/12/31 % of Balance | 2022/12/31 Accounts Receivable | 2022/12/31 % of Balance | |---|---|---|---|---| | Within 1 year | 980.57 | 88.60% | 741.08 | 94.44% |

1-1-214

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| 1–2 years | 94.93 | 8.58% | 42.17 | 5.37% | |---|---|---|---|---| | 2–3 years | 31.21 | 2.82% | 1.43 | 0.18% | | Over 3 years | - | - | - | - | | Total | 1,106.71 | 100.00% | 784.67 | 100.00% |

At the end of each reporting period, the proportion of the Company's accounts receivable with an aging of within one year was relatively high, indicating a healthy aging distribution.

3) Provisioning of Expected Credit Losses on Accounts Receivable

At the end of each reporting period, the provisioning of expected credit losses on the Company's accounts receivable is as follows:

Unit: 万元 (RMB 10,000), %

2025/9/30

| Aging | Gross Carrying Amount | % | Allowance for Bad Debts | Provisioning Ratio | |---|---|---|---|---| | Within 1 year | 8,291.22 | 99.35 | 414.56 | 5% | | 1–2 years | 33.96 | 0.41 | 3.40 | 10% | | 2–3 years | 18.13 | 0.22 | 5.44 | 30% | | Over 3 years | 2.34 | 0.03 | 2.34 | 100% | | Total | 8,345.65 | 100.00 | 425.73 | 5.10% |

2024/12/31

| Aging | Gross Carrying Amount | % | Allowance for Bad Debts | Provisioning Ratio | |---|---|---|---|---| | Within 1 year | 2,078.15 | 96.23 | 103.91 | 5% | | 1–2 years | 32.48 | 1.50 | 3.25 | 10% | | 2–3 years | 20.04 | 0.93 | 6.01 | 30% | | Over 3 years | 28.81 | 1.33 | 28.81 | 100% | | Total | 2,159.48 | 100.00 | 141.98 | 6.57% |

2023/12/31

| Aging | Gross Carrying Amount | % | Allowance for Bad Debts | Provisioning Ratio | |---|---|---|---|---| | Within 1 year | 980.57 | 88.60 | 49.03 | 5% | | 1–2 years | 94.93 | 8.58 | 9.49 | 10% | | 2–3 years | 31.21 | 2.82 | 9.36 | 30% | | Over 3 years | - | - | - | 100% | | Total | 1,106.71 | 100.00 | 67.88 | 6.13% |

2022/12/31

| Aging | Gross Carrying Amount | % | Allowance for Bad Debts | Provisioning Ratio | |---|---|---|---|---| | Within 1 year | 741.08 | 94.44 | 37.05 | 5% | | 1–2 years | 42.17 | 5.37 | 4.22 | 10% |

1-1-215

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| 2–3 years | 1.43 | 0.18 | 0.43 | 30% | |---|---|---|---|---| | Over 3 years | - | - | - | 100% | | Total | 784.67 | 100.00 | 41.70 | 5.31% |

During the reporting period, a comparison of the provisioning ratios for expected credit losses on accounts receivable between the Company and listed companies in the same industry is as follows:

UBTECH Robotics (优必选)

| Accounts Receivable Type | Provisioning Ratio — Government and State-owned Enterprise Customers | Provisioning Ratio — Non-government and Non-state-owned Enterprise Customers | |---|---|---| | Not past due | 0.17%–1.45% | 0.78%–1.37% | | Past due 1–90 days | 0.68%–3.02% | 1.46%–2.85% | | Past due 91–180 days | 1.37%–3.70% | 3.05%–6.77% | | Past due 181–360 days | 2.08%–3.45% | 3.17%–10.90% |

Dobot (越疆)

| Accounts Receivable Type | Provisioning Ratio | |---|---| | Not past due | 4.12%–5.22% | | Past due: within 1 year | 4.13%–5.22% | | Past due: 1–2 years | 18.71%–23.78% | | Past due: 2–3 years | 71.48%–85.73% | | Past due: over 3 years | 100% |

Issuer (发行人)

| Accounts Receivable Type | Provisioning Ratio | |---|---| | Aging within 1 year | 5% | | Aging 1–2 years | 10% | | Aging 2–3 years | 30% | | Aging over 3 years | 100% |

Note: Data for UBTECH Robotics (优必选) covers 2022 to January–June 2025; Dobot (越疆) has not disclosed provisioning ratios for accounts receivable for January–September 2025; the ratio ranges in the table above represent data from 2022 to 2024.

During the reporting period, the Company and listed companies in the same industry categorize their accounts receivable portfolios using different methods. UBTECH Robotics (优必选) categorizes accounts receivable portfolios based on whether they are past due and the length of the overdue period; Dobot (越疆) categorizes them based on whether they are past due and the aging of overdue accounts receivable; the Company categorizes accounts receivable portfolios based on aging and determines the corresponding provisioning ratios. The Company's accounts receivable are primarily within the 1-year aging bracket, and the Company's provisioning ratio for this aging bracket is close to that of Dobot (越疆).

A comparison of the expected credit loss provisioning ratios on accounts receivable between the Company and listed companies in the same industry is as follows:

1-1-216

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

Unit: %

| Stock Abbreviation | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---| | Dobot (越疆) | - | 11.25 | 14.49 | 20.30 | | UBTECH Robotics (优必选) | - | 30.35 | 21.99 | 12.12 | | Average | - | 20.80 | 18.24 | 16.21 | | Company | 5.10 | 6.57 | 6.13 | 5.31 |

Note: UBTECH Robotics (优必选) and Dobot (越疆) have not disclosed accounts receivable bad debt provisioning ratios as of September 2025.

Unitree Technology Co., Ltd. (宇树科技股份有限公司) ## Prospectus

At the end of each reporting period, the Company's expected credit loss provision ratio for accounts receivable was lower than the average level of listed companies in the same industry, primarily because the aging of the Company's accounts receivable was relatively short, the accounts receivable turnover rate was relatively fast, and the collection of payments was in good condition.

**4) Analysis of Accounts Receivable Counterparties**

At the end of each reporting period, the top five customers by accounts receivable book balance are as follows:

Unit: RMB 10,000; %

**As of September 30, 2025**

| Customer Name | Ending Balance | % of Total AR Ending Balance | Allowance for Bad Debts | Aging | |---|---|---|---|---| | Beijing Jingdong Century Trade Co., Ltd. (北京京东世纪贸易有限公司) | 2,692.16 | 32.26 | 134.61 | Within 1 year | | Overseas Customer X (North America) | 637.27 | 7.64 | 31.86 | Within 1 year | | Overseas Customer Y (North America) | 287.79 | 3.45 | 14.39 | Within 1 year | | Domestic Customer N | 247.77 | 2.97 | 12.39 | Within 1 year | | Overseas Customer W (Asia) | 198.56 | 2.38 | 9.93 | Within 1 year | | **Total** | **4,063.55** | **48.69** | **203.18** | **-** |

**As of December 31, 2024**

| Customer Name | Ending Balance | % of Total AR Ending Balance | Allowance for Bad Debts | Aging | |---|---|---|---|---| | Domestic Customer C | 168.22 | 7.79 | 8.41 | Within 1 year | | Overseas Customer X (North America) | 110.77 | 5.13 | 5.54 | Within 1 year | | Overseas Customer AA (North America) | 92.12 | 4.27 | 4.61 | Within 1 year | | Overseas Customer B (Asia) | 89.08 | 4.13 | 4.45 | Within 1 year | | Overseas Customer AB (North America) | 86.05 | 3.98 | 4.30 | Within 1 year | | **Total** | **546.24** | **25.30** | **27.31** | **-** |

**As of December 31, 2023**

| Customer Name | Ending Balance | % of Total AR Ending Balance | Allowance for Bad Debts | Aging | |---|---|---|---|---| | Dalian Sinopec Material & Equipment Co., Ltd. (大连中石化物资装备有限公司) | 78.76 | 7.12 | 3.94 | Within 1 year | | Overseas Customer A (Asia) | 68.92 | 6.23 | 3.45 | Within 1 year | | Hefei Tan'ao Automation Co., Ltd. (合肥探奥自动化有限公司) | 40.47 | 3.66 | 2.02 | Within 1 year | | Chengdu Jintaier Technology Development Co., Ltd. (成都金泰尔科技发展有限公司) | 37.55 | 3.39 | 1.88 | Within 1 year | | Hangzhou Ansen Intelligent Information Technology Co., Ltd. (杭州安森智能信息技术有限公司) | 37.00 | 3.34 | 3.70 | 1 to 2 years | | **Total** | **262.69** | **23.74** | **14.98** | **-** |

**As of December 31, 2022**

| Customer Name | Ending Balance | % of Total AR Ending Balance | Allowance for Bad Debts | Aging | |---|---|---|---|---| | Domestic Customer B | 96.34 | 12.28 | 4.82 | Within 1 year | | Overseas Customer AC (North America) | 45.83 | 5.84 | 2.29 | Within 1 year | | Domestic Customer A2 | 43.10 | 5.49 | 2.15 | Within 1 year | | Hangzhou Ansen Intelligent Information Technology Co., Ltd. (杭州安森智能信息技术有限公司) | 37.60 | 4.79 | 1.88 | Within 1 year | | Overseas Customer AD (North America) | 36.66 | 4.67 | 1.83 | Within 1 year | | **Total** | **259.52** | **33.07** | **12.98** | **-** |

At the end of each reporting period, the Company's top five accounts receivable counterparties were primarily domestic and overseas universities, well-known technology and industrial enterprises, or long-term cooperative customers. These customers were in good operating condition, and there were no circumstances of obvious operational difficulties leading to the inability to recover payments.

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**(5) Prepayments**

At the end of each reporting period, the book values of the Company's prepayments were RMB 2,797,100, RMB 3,583,500, RMB 8,307,800, and RMB 13,713,200 (万元: 279.71, 358.35, 830.78, and 1,371.32), respectively, each accounting for less than 1% of total assets in the respective period, representing a relatively small proportion. The Company's prepayments primarily consist of advance payments for raw material procurement. In the most recent year and the most recent interim period, as the business scale has grown rapidly, the Company's procurement amounts have shown a rapid growth trend, and accordingly the balance of prepayments has grown at a faster pace.

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**(6) Inventories**

At the end of each reporting period, the composition of the Company's inventories and the provision for inventory write-downs are as follows:

Unit: RMB 10,000

**As of September 30, 2025**

| Item | Book Balance | Inventory Write-Down Provision | Book Value | % of Total Inventory | |---|---|---|---|---| | Raw materials | 8,746.27 | 1,018.70 | 7,727.57 | 27.79% | | Finished goods | 3,581.30 | 197.36 | 3,383.94 | 12.17% | | Work in progress | 13,360.06 | 1,055.09 | 12,304.98 | 44.26% | | Goods dispatched | 3,161.33 | 9.91 | 3,151.41 | 11.33% | | Materials consigned for processing | 108.03 | - | 108.03 | 0.39% | | Contract fulfillment costs | 1,127.73 | - | 1,127.73 | 4.06% | | **Total** | **30,084.72** | **2,281.06** | **27,803.66** | **100.00%** |

**As of December 31, 2024**

| Item | Book Balance | Inventory Write-Down Provision | Book Value | % of Total Inventory | |---|---|---|---|---| | Raw materials | 4,421.83 | 698.36 | 3,723.47 | 26.49% | | Finished goods | 346.75 | 60.07 | 286.68 | 2.04% | | Work in progress | 8,494.78 | 910.66 | 7,584.12 | 53.95% | | Goods dispatched | 1,841.63 | 10.28 | 1,831.35 | 13.03% | | Materials consigned for processing | 85.24 | - | 85.24 | 0.61% | | Contract fulfillment costs | 547.20 | - | 547.20 | 3.89% | | **Total** | **15,737.42** | **1,679.37** | **14,058.05** | **100.00%** |

**As of December 31, 2023**

| Item | Book Balance | Inventory Write-Down Provision | Book Value | % of Total Inventory | |---|---|---|---|---| | Raw materials | 2,424.53 | 581.77 | 1,842.76 | 23.34% | | Finished goods | 262.25 | 17.81 | 244.44 | 3.10% | | Work in progress | 5,214.24 | 293.75 | 4,920.48 | 62.32% | | Goods dispatched | 793.13 | 31.23 | 761.90 | 9.65% | | Materials consigned for processing | 13.91 | - | 13.91 | 0.18% | | Contract fulfillment costs | 158.79 | 46.50 | 112.30 | 1.42% | | **Total** | **8,866.84** | **971.07** | **7,895.77** | **100.00%** |

**As of December 31, 2022**

| Item | Book Balance | Inventory Write-Down Provision | Book Value | % of Total Inventory | |---|---|---|---|---| | Raw materials | 2,788.45 | 474.93 | 2,313.51 | 29.84% | | Finished goods | 1,080.34 | 26.76 | 1,053.58 | 13.59% | | Work in progress | 4,350.80 | 138.45 | 4,212.35 | 54.33% | | Goods dispatched | 176.30 | 12.35 | 163.95 | 2.11% | | Materials consigned for processing | 10.35 | - | 10.35 | 0.13% | | Contract fulfillment costs | - | - | - | - | | **Total** | **8,406.24** | **652.50** | **7,753.74** | **100.00%** |

At the end of each reporting period, the book value of the Company's inventories increased year by year, accounting for 24.12%, 24.20%, 11.07%, and 11.14% of current assets, respectively. The Company's inventories are primarily composed of raw materials, finished goods, and work in progress, which collectively accounted for 97.75%, 88.75%, 82.47%, and 84.22% of the total inventory book value, respectively. Since 2024, the balances of the Company's major inventory items have grown rapidly, primarily due to the rapid expansion of the Company's sales scale and the corresponding increase in raw material procurement and product production scale to meet product sales demand.

At the end of each reporting period, the Company's inventory write-down provisions were RMB 6,525,000, RMB 9,710,700, RMB 16,793,700, and RMB 22,810,600 (万元: 652.50, 971.07, 1,679.37, and 2,281.06), respectively, accounting for 7.76%, 10.95%, 10.67%, and 7.58% of the book balance of inventories in the same period, respectively. These provisions were primarily for raw materials, finished goods, and work in progress with longer storage ages.

The comparison of the inventory write-down provision as a percentage of inventory balance between the Company and listed companies in the same industry is as follows:

| Securities Abbreviation | September 30, 2025 | December 31, 2024 | December 31, 2023 | December 31, 2022 | |---|---|---|---|---| | UBTECH (优必选) | - | 1.33% | 2.68% | 18.24% | | Dobot (越疆) | - | - | 13.30% | 9.05% | | Average | - | 1.33% | 7.99% | 13.65% | | The Company | 7.58% | 10.67% | 10.95% | 7.76% |

*Note: Data sourced from periodic reports and prospectuses of listed companies in the same industry.*

As of the end of 2023 and the end of 2024, the Company's inventory write-down provision ratio was overall higher than the average of listed companies in the same industry. The Company measures the net realizable value of inventories based on factors such as expected selling prices and storage age, and the inventory write-down provisions are adequate.

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**(7) Other Receivables**

At the end of each reporting period, the Company's other receivables are as follows:

Unit: RMB 10,000

| Nature | September 30, 2025 | December 31, 2024 | December 31, 2023 | December 31, 2022 | |---|---|---|---|---| | Deposits and security deposits | 680.73 | 305.87 | 184.97 | 167.84 | | Petty cash and others | 54.23 | 11.19 | 88.56 | 25.81 | | Subtotal | 734.97 | 317.06 | 273.53 | 193.66 | | Less: Allowance for bad debts | 161.74 | 95.16 | 55.72 | 20.08 | | **Total** | **573.22** | **221.90** | **217.81** | **173.57** |

At the end of each reporting period, the Company's other receivables primarily consisted of deposits and security deposits. The book value of other receivables accounted for 0.54%, 0.67%, 0.17%, and 0.23% of current assets, respectively, representing a relatively small proportion.

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**(8) Non-Current Assets Due Within One Year**

At the end of each reporting period, the composition of the Company's non-current assets due within one year is as follows:

Unit: RMB 10,000

| Item | September 30, 2025 | December 31, 2024 | December 31, 2023 | December 31, 2022 | |---|---|---|---|---| | Debt investments due within one year | 2,181.04 | 3,241.30 | - | 4,006.62 | | **Total** | **2,181.04** | **3,241.30** | **-** | **4,006.62** |

At the end of each reporting period, the Company's non-current assets due within one year were RMB 40,066,200, RMB 0, RMB 32,413,000, and RMB 21,810,400 (万元: 4,006.62, 0, 3,241.30, and 2,181.04), respectively, representing time deposit certificates and accrued interest due within one year.

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**(9) Other Current Assets**

At the end of each reporting period, the composition of the Company's other current assets is as follows:

Unit: RMB 10,000

| Item | September 30, 2025 | December 31, 2024 | December 31, 2023 | December 31, 2022 | |---|---|---|---|---| | VAT debit balance reclassification | 1,741.44 | 1,054.05 | 820.12 | 344.73 | | Estimated returns assets | 185.08 | 140.16 | 30.06 | 16.47 | | **Total** | **1,926.52** | **1,194.21** | **850.18** | **361.20** |

At the end of each reporting period, the Company's other current assets primarily consisted of VAT debit balance reclassification and estimated returns assets, accounting for 1.12%, 2.61%, 0.94%, and 0.77% of current assets in the respective periods.

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**2. Analysis of Non-Current Asset Structure**

At the end of each reporting period, the Company's non-current assets are as follows:

Unit: RMB 10,000

| Non-Current Assets | September 30, 2025 Amount | % | December 31, 2024 Amount | % | December 31, 2023 Amount | % | December 31, 2022 Amount | % | |---|---|---|---|---|---|---|---|---| | Debt investments | 27,867.73 | 75.36% | 21,457.30 | 83.45% | 2,065.63 | 31.79% | 1,009.26 | 22.57% | | Long-term equity investments | 499.09 | 1.35% | - | - | - | - | - | - | | Fixed assets | 3,137.93 | 8.49% | 1,143.21 | 4.45% | 688.00 | 10.59% | 363.98 | 8.14% | | Construction in progress | - | 0.00% | 177.86 | 0.69% | - | - | - | - | | Right-of-use assets | 3,522.55 | 9.53% | 750.20 | 2.92% | 1,286.68 | 19.80% | 1,729.47 | 38.67% | | Intangible assets | 191.77 | 0.52% | 133.21 | 0.52% | 92.29 | 1.42% | 91.34 | 2.04% | | Long-term prepaid expenses | 425.51 | 1.15% | 19.60 | 0.08% | 21.63 | 0.33% | 13.18 | 0.29% | | Deferred income tax assets | 962.77 | 2.60% | 1,793.84 | 6.98% | 2,290.97 | 35.26% | 1,264.61 | 28.28% | | Other non-current assets | 372.25 | 1.01% | 239.02 | 0.93% | 51.72 | 0.80% | - | - | | **Total non-current assets** | **36,979.61** | **100.00%** | **25,714.24** | **100.00%** | **6,496.93** | **100.00%** | **4,471.84** | **100.00%** |

At the end of each reporting period, the Company's non-current assets were RMB 44,718,400, RMB 64,969,300, RMB 257,142,400, and RMB 369,796,100 (万元: 4,471.84, 6,496.93, 25,714.24, and 36,979.61), respectively, primarily comprising debt investments, fixed assets, right-of-use assets, and deferred income tax assets.

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**(1) Debt Investments**

At the end of each reporting period, the composition of the Company's debt investments is as follows:

Unit: RMB 10,000

| Item | September 30, 2025 | December 31, 2024 | December 31, 2023 | December 31, 2022 | |---|---|---|---|---| | Time deposit certificates | 27,867.73 | 21,457.30 | 2,065.63 | 1,009.26 | | **Total** | **27,867.73** | **21,457.30** | **2,065.63** | **1,009.26** |

At the end of each reporting period, the Company's debt investments consisted entirely of time deposit certificates purchased by the Company, accounting for 22.57%, 31.79%, 83.45%, and 75.36% of non-current assets in the respective periods.

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**(2) Fixed Assets**

**1) Composition of Fixed Assets**

At the end of each reporting period, the specific composition of the Company's fixed assets is as follows:

Unit: RMB 10,000

| Item | September 30, 2025 | December 31, 2024 | December 31, 2023 | December 31, 2022 | |---|---|---|---|---| | **I. Total original book value** | **3,895.84** | **1,523.27** | **877.40** | **453.07** | | Machinery and equipment | 1,031.46 | 651.32 | 455.87 | 257.92 | | Office equipment and others | 2,864.38 | 871.94 | 421.53 | 195.14 | | **II. Total accumulated depreciation** | **757.91** | **380.06** | **189.40** | **89.09** | | Machinery and equipment | 166.73 | 111.36 | 56.68 | 23.39 | | Office equipment and others | 591.18 | 268.70 | 132.72 | 65.71 | | **III. Total impairment provisions** | **-** | **-** | **-** | **-** | | **IV. Total book value** | **3,137.93** | **1,143.21** | **688.00** | **363.98** | | | 864.74 | 539.97 | 399.19 | |

234.54

2,273.20

603.24

288.81

129.44

Machinery and Equipment Office Equipment and Others

At the end of each reporting period, the book value of the Company's fixed assets was RMB 363.98 万元 (10,000 yuan), RMB 688.00 万元, RMB 1,143.21 万元 and RMB 3,137.93 万元, respectively, accounting for 8.14%, 10.59%, 4.45% and 8.49% of non-current assets for the respective periods. During the reporting period, as the Company's business scale gradually expanded, the scale of assets such as machinery and equipment and office equipment grew correspondingly.

2) Comparison of Fixed Asset Depreciation Periods with Peers in the Same Industry

1-1-222

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

The Company's fixed assets include machinery and equipment, office equipment and others. The Company commences depreciation of all fixed assets from the month following the date on which the assets reach their intended usable condition, over their useful lives. The classification of depreciation methods, depreciation periods, estimated residual value rates and depreciation rates for the Company's fixed assets are as follows:

| Category | Depreciation Method | Depreciation Period (Years) | Estimated Residual Value Rate (%) | Annual Depreciation Rate (%) | |---|---|---|---|---| | Machinery and Equipment | Straight-line Method | 10 | 5 | 9.50 | | Office Equipment and Others | Straight-line Method | 3-5 | 5 | 19.00-31.67 |

A comparison of the Company's depreciation policy with that of listed companies in the same industry is as follows:

| Item | Depreciation Period (Years) | Estimated Residual Value Rate (%) | Annual Depreciation Rate (%) | Company Name | |---|---|---|---|---| | Buildings and Structures | 50 | 5 | 1.9 | | | Machinery and Equipment | 2-10 | 5 | 9.50-47.50 | UBTECH (优必选) | | Transportation Vehicles | 3-10 | 5 | 9.50-31.67 | | | Office Equipment | 3-5 | 5 | 19.00-31.67 | | | Buildings | - | - | 3.17-4.75 | | | Furniture and Fixtures | - | - | 19-32 | Dobot (越疆) | | Electronic Equipment and Others | - | - | 9.5-32 | | | Vehicles | - | - | 19-32 | |

Note: The above data are sourced from publicly available information of listed companies.

The Company's fixed asset depreciation policy is consistent with the Company's actual business operations and does not differ materially from that of listed companies in the same industry.

(3) Construction in Progress

The details of the Company's construction in progress at the end of each reporting period are as follows:

Unit: 万元 (RMB 10,000)

| Item | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---| | Renovation Works | - | 177.86 | - | - | | Total | - | 177.86 | - | - |

The amount of construction in progress at the end of each reporting period was relatively small.

(4) Right-of-Use Assets

The details of the Company's right-of-use assets at the end of each reporting period are as follows:

1-1-223

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

Unit: 万元 (RMB 10,000)

| Item | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---| | Original Book Value | 5,735.21 | 2,576.89 | 2,504.47 | 2,326.30 | | Accumulated Depreciation | 2,212.66 | 1,826.69 | 1,217.78 | 596.83 | | Book Value | 3,522.55 | 750.20 | 1,286.68 | 1,729.47 |

At the end of each reporting period, the Company's right-of-use assets primarily consisted of office premises and production facilities leased under operating leases for the purposes of operations, office use, production and research and development. As of the end of September 2025, the Company's right-of-use assets increased significantly compared to the end of 2024, primarily due to the Company's continuously growing business scale and the addition of newly leased production facilities.

(5) Intangible Assets

The details of the Company's intangible assets at the end of each reporting period are as follows:

Unit: 万元 (RMB 10,000)

| Item | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---| | I. Total Original Book Value | 250.49 | 168.86 | 111.79 | 99.22 | | Patent Technology | 88.60 | 88.60 | 88.60 | 88.60 | | Computer Software | 161.89 | 80.26 | 23.19 | 10.62 | | II. Total Accumulated Amortization | 58.72 | 35.64 | 19.50 | 7.88 | | Patent Technology | 33.96 | 24.37 | 15.51 | 6.65 | | Computer Software | 24.76 | 11.28 | 3.99 | 1.24 | | III. Total Impairment Provisions | - | - | - | - | | IV. Total Book Value | 191.77 | 133.21 | 92.29 | 91.34 | | Patent Technology | 54.64 | 64.24 | 73.10 | 81.96 | | Computer Software | 137.14 | 68.98 | 19.19 | 9.38 |

At the end of each reporting period, the Company's intangible assets primarily consisted of patents and software, accounting for a relatively low proportion of non-current assets for the respective periods.

(6) Long-term Deferred Expenses

The details of the Company's long-term deferred expenses at the end of each reporting period are as follows:

Unit: 万元 (RMB 10,000)

| Item | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---| | Renovation and Improvement Costs | 425.51 | 19.60 | 21.63 | 13.18 |

At the end of each reporting period, the Company's long-term deferred expenses primarily consisted of renovation and improvement costs, accounting for a relatively low proportion of non-current assets for the respective periods.

1-1-224

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

(7) Deferred Income Tax Assets

The details of the Company's deferred income tax assets at the end of each reporting period are as follows:

1) Deferred Income Tax Assets Before Offsetting

Unit: 万元 (RMB 10,000)

| Item | 2025/9/30 Deductible Temporary Differences | 2025/9/30 Deferred Income Tax Assets | 2024/12/31 Deductible Temporary Differences | 2024/12/31 Deferred Income Tax Assets | |---|---|---|---|---| | Lease Liabilities | 3,387.92 | 465.48 | 626.25 | 93.94 | | Estimated Liabilities | 1,519.27 | 227.89 | 510.12 | 76.52 | | Inventory Impairment Provisions | 2,281.06 | 342.16 | 1,679.37 | 251.91 | | Contract Liabilities - Accrued Sales Rebates | 947.34 | 142.10 | 698.68 | 104.80 | | Other Current Liabilities - Payables for Returns | 469.47 | 70.42 | 364.43 | 54.66 | | Deferred Income | 1,002.21 | 150.33 | 309.00 | 46.35 | | Credit Impairment Provisions | 585.16 | 87.76 | 237.14 | 35.57 | | Unrealized Internal Gains and Losses | 80.09 | 12.01 | - | - | | Contract Asset Impairment Provisions | 5.43 | 0.81 | 2.16 | 0.32 | | Deductible Losses | - | - | 8,568.26 | 1,285.24 | | Total | 10,277.95 | 1,498.97 | 12,995.40 | 1,949.31 |

| Item | 2023/12/31 Deductible Temporary Differences | 2023/12/31 Deferred Income Tax Assets | 2022/12/31 Deductible Temporary Differences | 2022/12/31 Deferred Income Tax Assets | |---|---|---|---|---| | Deductible Losses | 13,803.84 | 2,070.58 | 7,432.46 | 1,114.87 | | Lease Liabilities | 1,129.31 | 169.40 | 1,588.69 | 238.30 | | Inventory Impairment Provisions | 971.07 | 145.66 | 652.50 | 97.87 | | Contract Liabilities - Accrued Sales Rebates | 368.75 | 55.31 | 265.78 | 39.87 | | Estimated Liabilities | 207.46 | 31.12 | 159.80 | 23.97 | | Credit Impairment Provisions | 123.61 | 18.54 | 61.78 | 9.27 | | Other Current Liabilities - Payables for Returns | 51.63 | 7.74 | 20.10 | 3.01 | | Contract Asset Impairment Provisions | 1.96 | 0.29 | 1.27 | 0.19 | | Total | 16,657.62 | 2,498.64 | 10,182.36 | 1,527.35 |

2) Deferred Income Tax Liabilities Before Offsetting

1-1-225

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

Unit: 万元 (RMB 10,000)

| Item | 2025/9/30 Taxable Temporary Differences | 2025/9/30 Deferred Income Tax Liabilities | 2024/12/31 Taxable Temporary Differences | 2024/12/31 Deferred Income Tax Liabilities | |---|---|---|---|---| | Right-of-Use Assets | 3,522.55 | 491.34 | 750.20 | 112.53 | | Receivables for Returns Cost | 185.08 | 27.76 | 140.16 | 21.02 | | Fair Value Changes of Trading Financial Assets | 71.15 | 10.67 | 95.42 | 14.31 | | Fixed Asset Depreciation | 42.81 | 6.42 | 50.70 | 7.60 | | Total | 3,821.58 | 536.19 | 1,036.48 | 155.47 |

| Item | 2023/12/31 Taxable Temporary Differences | 2023/12/31 Deferred Income Tax Liabilities | 2022/12/31 Taxable Temporary Differences | 2022/12/31 Deferred Income Tax Liabilities | |---|---|---|---|---| | Right-of-Use Assets | 1,286.68 | 193.00 | 1,729.47 | 259.42 | | Fixed Asset Depreciation | 67.71 | 10.16 | - | - | | Receivables for Returns Cost | 30.06 | 4.51 | 16.47 | 2.47 | | Fair Value Changes of Trading Financial Assets | - | - | 5.66 | 0.85 | | Total | 1,384.45 | 207.67 | 1,751.60 | 262.74 |

3) Deferred Income Tax Assets Presented on a Net Basis After Offsetting

Unit: 万元 (RMB 10,000)

| Item | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---| | Deferred Income Tax Assets | 1,793.84 | 2,290.97 | 1,264.61 | 962.77 |

At the end of each reporting period, the net amount of deferred income tax assets presented after offsetting was RMB 1,264.61 万元, RMB 2,290.97 万元, RMB 1,793.84 万元 and RMB 962.77 万元, respectively, accounting for 28.28%, 35.26%, 6.98% and 2.60% of non-current assets for the respective periods. The Company's deferred income tax assets were primarily formed from deductible temporary differences arising from lease liabilities, inventory impairment provisions, estimated liabilities, and deductible losses.

(8) Other Non-current Assets

The details of the book value of the Company's other non-current assets at the end of each reporting period are as follows:

Unit: 万元 (RMB 10,000)

| Item | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---| | Prepayments for Equipment | 372.25 | 239.02 | 51.72 | - | | Total | 372.25 | 239.02 | 51.72 | - |

The Company's other non-current assets primarily consisted of prepayments for equipment, accounting for a relatively low proportion of non-current assets for the respective periods.

1-1-226

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

(II) Analysis of Liability Structure

The Company's liability structure at the end of each reporting period is as follows:

Unit: 万元 (RMB 10,000)

| Item | 2025/9/30 Amount | 2025/9/30 Proportion | 2024/12/31 Amount | 2024/12/31 Proportion | 2023/12/31 Amount | 2023/12/31 Proportion | 2022/12/31 Amount | 2022/12/31 Proportion | |---|---|---|---|---|---|---|---|---| | Current Liabilities | 39,254.42 | 90.32% | 23,782.40 | 96.16% | 8,471.16 | 91.85% | 4,481.44 | 79.33% | | Non-current Liabilities | 4,207.31 | 9.68% | 949.64 | 3.84% | 751.50 | 8.15% | 1,167.79 | 20.67% | | Total Liabilities | 43,461.73 | 100.00% | 24,732.04 | 100.00% | 9,222.66 | 100.00% | 5,649.23 | 100.00% |

At the end of each reporting period, the Company's total liabilities were RMB 5,649.23 万元, RMB 9,222.66 万元, RMB 24,732.04 万元 and RMB 43,461.73 万元, respectively, showing a year-on-year increasing trend in line with the expansion of the Company's business scale. The Company's liabilities were predominantly current liabilities, which accounted for 79.33%, 91.85%, 96.16% and 90.32% of total liabilities, respectively.

1. Analysis of Current Liability Structure

The composition of the Company's current liabilities at the end of each reporting period is as follows:

Unit: 万元 (RMB 10,000)

| Item | 2025/9/30 Amount | 2025/9/30 Proportion | 2024/12/31 Amount | 2024/12/31 Proportion | 2023/12/31 Amount | 2023/12/31 Proportion | 2022/12/31 Amount | 2022/12/31 Proportion | |---|---|---|---|---|---|---|---|---| | Short-term Borrowings | - | - | 3.00 | 0.01% | 1,000.83 | 11.81% | 1.50 | 0.03% | | Accounts Payable | 12,552.77 | 31.98% | 8,998.18 | 37.84% | 1,658.40 | 19.58% | 1,198.76 | 26.75% | | Contract Liabilities | 15,058.77 | 38.36% | 9,254.66 | 38.91% | 2,906.97 | 34.32% | 1,206.67 | 26.93% | | Employee Compensation Payable | 4,524.76 | 11.53% | 3,415.17 | 14.36% | 1,798.90 | 21.24% | 1,141.58 | 25.47% | | Taxes Payable | 2,029.49 | 5.17% | 483.26 | 2.03% | 129.01 | 1.52% | 148.39 | 3.31% | | Other Payables | 2,189.75 | 5.58% | 249.41 | 1.05% | 210.57 | 2.49% | 118.62 | 2.65% | | Non-current Liabilities Due Within One Year | 1,702.09 | 4.34% | 495.72 | 2.08% | 585.27 | 6.91% | 580.70 | 12.96% | | Other Current Liabilities | 1,196.79 | 3.05% | 882.99 | 3.71% | 181.21 | 2.14% | 85.23 | 1.90% | | Total Current Liabilities | 39,254.42 | 100.00% | 23,782.40 | 100.00% | 8,471.16 | 100.00% | 4,481.44 | 100.00% |

At the end of each reporting period, the Company's current liabilities were RMB 4,481.44 万元, RMB 8,471.16 万元, RMB 23,782.40 万元 and RMB 39,254.42 万元, respectively, primarily comprising accounts payable, contract liabilities, employee compensation payable, taxes payable, and non-current liabilities due within one year.

1-1-227

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

(1) Short-term Borrowings

The details of the Company's short-term borrowings at the end of each reporting period are as follows:

Unit: 万元 (RMB 10,000)

| Type of Borrowing | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---| | Unsecured (Credit) Borrowings | - | 3.00 | 1,000.83 | 1.50 | | Total | - | 3.00 | 1,000.83 | 1.50 |

During the reporting period, the Company's short-term borrowings were all unsecured (credit) borrowings. At the end of 2023, the Company's short-term borrowings increased, primarily due to the addition of RMB 1,000 万元 in unsecured borrowings for day-to-day operations.

(2) Accounts Payable

The details of the book value of the Company's accounts payable at the end of each reporting period are as follows:

Unit: 万元 (RMB 10,000)

| Item | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---| | Materials Payable | 10,944.63 | 7,613.84 | 1,309.31 | 970.34 | | Labour Costs Payable | 428.39 | 386.11 | 120.44 | 96.46 | | Freight and Miscellaneous Charges Payable | 273.58 | 410.50 | 83.26 | 56.87 | | Equipment Payable | 194.35 | 128.65 | 16.71 | 13.45 | | Others | 711.83 | 459.08 | 128.67 | 61.63 | | Total | 12,552.77 | 8,998.18 | 1,658.40 | 1,198.76 |

At the end of each period during the reporting period, the Company's accounts payable balances were 1,198.76 万元, 1,658.40 万元, 8,998.18 万元, and 12,552.77 万元, respectively, accounting for 26.75%, 19.58%, 37.84%, and 31.98% of current liabilities, respectively. The Company's accounts payable primarily consists of payables for materials. In the most recent year and at the end of the most recent period, accounts payable grew rapidly, mainly due to the rapid growth of the Company's business scale, which drove a rapid increase in payables for materials, labor costs, and transportation and miscellaneous charges.

**(3) Contract Liabilities**

At the end of each period during the reporting period, the details of the Company's contract liabilities are as follows:

Unit: 万元 (RMB 10,000)

| Item | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---| | Advances from customers | 14,111.44 | 8,555.97 | 2,538.22 | 940.89 | | Accrued sales rebates | 947.34 | 698.68 | 368.75 | 265.78 | | Total | 15,058.77 | 9,254.66 | 2,906.97 | 1,206.67 |

1-1-228

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

At the end of each period during the reporting period, the Company's contract liabilities primarily consist of advances from customers and accrued sales rebates, accounting for 26.93%, 34.32%, 38.91%, and 38.36% of current liabilities for the respective periods. During the reporting period, the payment policy generally negotiated between the Company and its customers is primarily based on full or partial prepayment by customers. As the Company's business scale has grown, contract liabilities have shown an increasing trend.

**(4) Employee Compensation Payable**

At the end of each period during the reporting period, the details of the Company's employee compensation payable are as follows:

Unit: 万元 (RMB 10,000)

| Item | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---| | Short-term compensation | 4,465.80 | 3,390.26 | 1,771.02 | 1,128.74 | | Post-employment benefits – defined contribution plans | 58.96 | 24.91 | 27.88 | 12.84 | | Total | 4,524.76 | 3,415.17 | 1,798.90 | 1,141.58 |

At the end of each period during the reporting period, the Company's employee compensation payable amounted to 1,141.58 万元, 1,798.90 万元, 3,415.17 万元, and 4,524.76 万元, respectively, accounting for 25.47%, 21.24%, 14.36%, and 11.53% of current liabilities, respectively, primarily consisting of short-term compensation payable to employees. As the Company's business scale has grown, the number of employees has increased year by year and average compensation levels have risen, resulting in an upward trend in employee compensation payable during the reporting period.

**(5) Taxes and Surcharges Payable**

At the end of each period during the reporting period, the details of the Company's taxes and surcharges payable are as follows:

Unit: 万元 (RMB 10,000)

| Item | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---| | Corporate income tax | 1,294.32 | - | - | - | | Value-added tax | 551.22 | 309.41 | 59.41 | 81.07 | | Individual income tax | 87.81 | 108.29 | 59.98 | 31.01 | | Urban maintenance and construction tax | 41.72 | 22.31 | 4.81 | 15.86 | | Education surcharge | 32.13 | 15.94 | 3.44 | 11.33 | | Stamp duty | 22.31 | 27.31 | 1.38 | 9.12 | | Total | 2,029.49 | 483.26 | 129.01 | 148.39 |

During the reporting period, the Company's taxes and surcharges payable primarily consist of corporate income tax, value-added tax, and individual income tax, with other items including urban maintenance and construction tax, education surcharge, stamp duty, etc.

**(6) Other Payables**

At the end of each period during the reporting period, the details of the Company's other payables are as follows:

1-1-229

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

Unit: 万元 (RMB 10,000)

| Item | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---| | Deposits and security deposits | 1,676.83 | 15.44 | 53.30 | 68.82 | | Collections and disbursements on behalf of others | 285.49 | 63.39 | 31.55 | - | | Disability employment security fund | 31.29 | 31.29 | 62.99 | 19.07 | | Expense reimbursements | 149.73 | 98.54 | 13.30 | 4.79 | | Withholdings and remittances | 44.61 | 22.67 | 29.02 | 14.76 | | Others | 1.79 | 18.09 | 20.42 | 11.18 | | Total | 2,189.75 | 249.41 | 210.57 | 118.62 |

At the end of each period during the reporting period, the Company's other payables primarily consist of deposits and security deposits, collections and disbursements on behalf of others, and the disability employment security fund. Since 2025, other payables have grown rapidly, mainly due to an increase in deposits and security deposits collected from agents as the Company's business scale has expanded.

**(7) Non-current Liabilities Due Within One Year**

At the end of each period during the reporting period, the Company's non-current liabilities due within one year amounted to 580.70 万元, 585.27 万元, 495.72 万元, and 1,702.09 万元, respectively, accounting for 12.96%, 6.91%, 2.08%, and 4.34% of current liabilities, respectively, all of which are lease liabilities due within one year.

**(8) Other Current Liabilities**

At the end of each period during the reporting period, the Company's other current liabilities amounted to 85.23 万元, 181.21 万元, 882.99 万元, and 1,196.79 万元, respectively, accounting for 1.90%, 2.14%, 3.71%, and 3.05% of current liabilities, respectively, primarily consisting of pending output VAT and accrued payables for returned goods.

**2. Analysis of Non-current Liability Structure**

At the end of each period during the reporting period, the composition of the Company's non-current liabilities is as follows:

Unit: 万元 (RMB 10,000)

| Item | 2025/9/30 | | 2024/12/31 | | 2023/12/31 | | 2022/12/31 | | |---|---|---|---|---|---|---|---|---| | | Amount | % | Amount | % | Amount | % | Amount | % | | Lease liabilities | 1,685.83 | 40.07% | 130.52 | 13.74% | 544.04 | 72.39% | 1,007.99 | 86.32% | | Estimated liabilities | 1,519.27 | 36.11% | 510.12 | 53.72% | 207.46 | 27.61% | 159.80 | 13.68% | | Deferred income | 1,002.21 | 23.82% | 309.00 | 32.54% | - | - | - | - | | Total non-current liabilities | 4,207.31 | 100.00% | 949.64 | 100.00% | 751.50 | 100.00% | 1,167.79 | 100.00% |

At the end of each period during the reporting period, the Company's non-current liabilities include lease liabilities, estimated liabilities, and deferred income.

1-1-230

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

**(1) Lease Liabilities**

At the end of each period during the reporting period, the details of the Company's lease liabilities are as follows:

Unit: 万元 (RMB 10,000)

| Item | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---| | Lease payments | 3,510.27 | 641.79 | 1,178.20 | 1,691.82 | | Less: Unrecognized financing charges | 122.35 | 15.54 | 48.89 | 103.14 | | Less: Lease liabilities due within one year | 1,702.09 | 495.72 | 585.27 | 580.70 | | Total | 1,685.83 | 130.52 | 544.04 | 1,007.99 |

The Company's lease liabilities arise from leasing office, production, and research and development premises. As of the end of September 2025, the Company's lease liabilities increased significantly compared to the end of 2024, primarily due to the Company's continued business growth and the addition of leased production facilities.

**(2) Estimated Liabilities**

At the end of each period during the reporting period, the details of the Company's estimated liabilities are as follows:

Unit: 万元 (RMB 10,000)

| Item | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---| | Quality assurance deposits | 1,519.27 | 510.12 | 207.46 | 159.80 | | Total | 1,519.27 | 510.12 | 207.46 | 159.80 |

At the end of each period during the reporting period, the Company's estimated liabilities consist of quality assurance deposits. For products subject to warranty obligations, the Company accrues quality assurance deposits based on industry claim rates and historical claim experience. During the reporting period, as the Company's sales scale continued to grow, the accrued product quality assurance deposits increased accordingly, resulting in an upward trend in estimated liabilities.

**(3) Deferred Income**

At the end of each period during the reporting period, the details of the Company's deferred income are as follows:

Unit: 万元 (RMB 10,000)

| Item | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---| | Government grants | 1,002.21 | 309.00 | - | - |

**(III) Analysis of Asset Turnover Efficiency**

**1. Accounts Receivable Turnover Ratio**

During the reporting period, a comparison of the Company's accounts receivable turnover ratio with that of companies in the same industry is shown below:

1-1-231

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

Unit: times/year

| Securities abbreviation | January–September 2025 | FY2024 | FY2023 | FY2022 | |---|---|---|---|---| | UBTECH (优必选) | - | 1.10 | 1.17 | 1.77 | | Dobot (越疆) | - | 5.76 | 5.85 | 6.31 | | Average | - | 3.43 | 3.51 | 4.04 | | The Company | 22.23 | 24.03 | 16.83 | 17.88 |

Note: January–September 2025 data has not been annualized.

During the reporting period, the Company's accounts receivable turnover ratio was significantly higher than the average level of listed companies in the same industry, primarily because the payment policy generally negotiated between the Company and its customers is based on full or partial prepayment by customers, resulting in a relatively low proportion of accounts receivable to revenue.

**2. Inventory Turnover Ratio**

During the reporting period, a comparison of the Company's inventory turnover ratio with that of listed companies in the same industry is shown below:

Unit: times/year

| Securities abbreviation | January–September 2025 | FY2024 | FY2023 | FY2022 | |---|---|---|---|---| | UBTECH (优必选) | - | 2.13 | 1.93 | 1.88 | | Dobot (越疆) | - | 1.43 | 1.18 | 1.41 | | Average | - | 1.78 | 1.56 | 1.65 | | The Company | 2.24 | 1.54 | 1.12 | 1.08 |

Note: January–September 2025 data has not been annualized.

During the first three years of the reporting period, the Company's inventory turnover ratio showed a year-on-year upward trend, slightly below the average level of listed companies in the same industry, primarily because the Company was in a stage of rapid growth and development, with a relatively small scale of production and operations. In order to ensure the stability and timeliness of product delivery, the Company made reasonable arrangements for production plans and various inventory reserves. During January to September 2025, as the Company's scale of production and operations expanded rapidly, the inventory turnover rate improved significantly (annualized inventory turnover ratio: 2.99).

**X. Analysis of Solvency, Liquidity, and Ability to Continue as a Going Concern**

**(I) Solvency Analysis**

**1. Solvency and Capital Structure**

During the reporting period, the Company's solvency indicators are as follows:

Unit: 万元 (RMB 10,000)

| Item | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---|

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| Current ratio (times) | 6.36 | 5.34 | 3.85 | 7.17 | |---|---|---|---|---| | Quick ratio (times) | 5.65 | 4.75 | 2.92 | 5.44 | | Asset-liability ratio (parent company) | 14.94% | 16.20% | 23.57% | 15.43% | | Asset-liability ratio (consolidated) | 15.17% | 16.20% | 23.57% | 15.43% |

| Item | January–September 2025 | FY2024 | FY2023 | FY2022 | |---|---|---|---|---| | EBITDA | 16,945.55 | 9,445.20 | -1,874.65 | -2,391.11 | | Interest coverage ratio (times) | 212.71 | 222.66 | -26.75 | -41.95 | | Net cash flows from operating activities | 42,753.22 | 19,239.13 | 494.25 | -3,019.73 | | Net profit attributable to shareholders of the parent company | 10,533.14 | 9,450.18 | -1,114.51 | -2,210.05 | | Net profit attributable to owners of the parent company after deducting non-recurring gains and losses | 43,061.23 | 7,750.36 | -1,801.91 | -807.08 |

At the end of each period during the reporting period, the Company's current ratio and quick ratio were high, and the asset-liability ratio remained at a relatively low level. As the Company's business scale has continued to grow, EBITDA and net profit attributable to shareholders of the parent company turned positive in 2024 from previous losses, the Company's solvency has continuously improved, and operating performance has sustained positive momentum.

**2. Comparison of the Company's Solvency and Capital Structure with Listed Companies in the Same Industry**

At the end of each period during the reporting period, a comparison of the Company's solvency and capital structure indicators with those of listed companies in the same industry is as follows:

Current Ratio (times)

| Securities abbreviation | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---| | UBTECH (优必选) | - | 1.39 | 1.49 | 1.02 | | Dobot (越疆) | - | 3.77 | 3.12 | 2.19 | | Average | - | 2.58 | 2.31 | 1.61 | | The Company | 6.36 | 5.34 | 3.85 | 7.17 |

Quick Ratio (times)

| Securities abbreviation | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---| | UBTECH (优必选) | - | 1.17 | 1.28 | 0.77 | | Dobot (越疆) | - | 3.35 | 2.24 | 1.77 | | Average | - | 2.26 | 1.76 | 1.27 | | The Company | 5.65 | 4.75 | 2.92 | 5.44 |

Asset-Liability Ratio (%)

| Securities abbreviation | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---| | UBTECH (优必选) | - | 56.22 | 56.17 | 62.20 |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| Dobot (越疆) | - | 35.31 | 49.20 | 50.83 | |---|---|---|---|---| | Average | - | 45.77 | 52.69 | 56.52 | | The Company | 15.17 | 16.20 | 23.57 | 15.43 |

During the reporting period, due to the Company's continuously improving operating performance and the fact that financing was primarily through equity financing, the current ratio and quick ratio were higher than the average levels of listed companies in the same industry, and the asset-liability ratio was lower than the industry average, reflecting overall sound solvency.

**3. Overview of Major Debt Items**

As of the end of September 2025, the Company's major debt items are accounts payable and contract liabilities, among others. For details, please refer to Section IX, "(II) Analysis of Liability Composition" in this section.

As of the end of September 2025, the Company has no overdue and outstanding debt items, and there are no circumstances involving the capitalization of borrowing costs.

**4. Analysis of Future Debt Repayment Amounts and Solvency**

The Company's various solvency indicators are sound, and operating revenue has shown an upward trend. Meanwhile, the Company maintains a good credit standing with banks and has maintained good cooperative relationships with most suppliers. It is expected that there will be no risk of inability to repay debts in the future.

**(II) Specific Implementation of Dividend Distribution During the Reporting Period**

During the reporting period, the Company did not distribute any dividends.

**(III) Cash Flow Analysis**

During the reporting period, the basic cash flow situation of the Company is as follows:

Unit: 万元 (RMB 10,000)

| Item | January–September 2025 | FY2024 | FY2023 | FY2022 | |---|---|---|---|---| | Net cash flows from operating activities | 42,753.22 | 19,239.13 | 494.25 | -3,019.73 | | Net cash flows from investing activities | 13,499.58 | -71,350.62 | 7,770.45 | -10,370.69 | | Net cash flows from financing activities | 68,207.25 | 86,008.22 | 284.64 | 21,072.08 | | Net increase in cash and cash equivalents | 123,030.63 | 34,340.50 | 8,847.46 | 8,249.48 |

**1. Analysis of Cash Flows from Operating Activities**

During the reporting period, the Company's cash flows from operating activities are as follows:

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

Unit: 10,000 RMB (万元)

| Item | January–September 2025 | FY 2024 | FY 2023 | FY 2022 | |---|---|---|---|---| | **Cash flows from operating activities:** | | | | | | Cash received from selling goods and rendering services | 125,593.39 | 47,809.55 | 19,183.74 | 12,800.34 | | Tax refunds received | 1,065.01 | 595.96 | 233.90 | 220.20 | | Other cash received relating to operating activities | 5,761.99 | 2,903.08 | 1,523.85 | 573.05 | | **Sub-total of cash inflows from operating activities** | **132,420.39** | **51,308.59** | **20,941.49** | **13,593.59** | | Cash paid for goods purchased and services received | 62,303.81 | 16,858.23 | 9,577.14 | 8,889.81 | | Cash paid to and on behalf of employees | 11,757.05 | 9,600.94 | 7,062.09 | 4,303.00 | | Various taxes and levies paid | 7,416.57 | 874.50 | 513.33 | 306.15 | | Other cash paid relating to operating activities | 8,189.74 | 4,735.78 | 3,294.68 | 3,114.36 | | **Sub-total of cash outflows from operating activities** | **89,667.17** | **32,069.46** | **20,447.24** | **16,613.32** | | **Net cash flows from operating activities** | **42,753.22** | **19,239.13** | **494.25** | **-3,019.73** |

**(1) Analysis of changes in net cash flows from operating activities**

As the Company's revenue scale grew rapidly, the net cash flows from operating activities improved continuously, turning from a negative figure in 2022 to 42,753.22 万元 (RMB 427.53 million) in January–September 2025. The cash received from selling goods and rendering services is well matched with operating revenue, as detailed below:

Unit: 10,000 RMB (万元)

| Item | January–September 2025 | FY 2024 | FY 2023 | FY 2022 | |---|---|---|---|---| | Cash received from selling goods and rendering services | 125,593.39 | 47,809.55 | 19,183.74 | 12,800.34 | | Operating revenue | 116,749.01 | 39,237.06 | 15,913.44 | 12,291.95 | | Ratio | 107.58% | 121.85% | 120.55% | 104.14% |

**(2) Analysis of the matching relationship between net cash flows from operating activities and net profit**

During the reporting period, the matching relationship between the Company's net cash flows from operating activities and net profit is as follows:

Unit: 10,000 RMB (万元)

| Item | January–September 2025 | FY 2024 | FY 2023 | FY 2022 | |---|---|---|---|---| | Net profit | 10,533.14 | 9,450.18 | -1,114.51 | -2,210.05 | | Add: Asset impairment losses | 1,304.16 | 1,037.85 | 840.56 | 653.64 | | Credit impairment losses | 350.34 | 113.53 | 61.82 | 17.18 | | Depreciation of fixed assets | 379.17 | 195.07 | 100.39 | 52.71 | | Depreciation of right-of-use assets | 1,161.85 | 645.04 | 620.95 | 446.69 | | Amortization of intangible assets | 23.07 | 16.15 | 11.61 | 7.88 |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| Item | January–September 2025 | FY 2024 | FY 2023 | FY 2022 | |---|---|---|---|---| | Amortization of long-term prepaid expenses | 45.41 | 5.19 | 17.00 | — | | Loss (gain) on disposal of fixed assets, intangible assets and other long-term assets (gains shown with "−") | 1.57 | — | — | — | | Loss (gain) on scrapping of fixed assets (gains shown with "−") | 0.41 | 3.17 | 0.45 | — | | Loss (gain) from changes in fair value (gains shown with "−") | 24.28 | -95.42 | 5.66 | -5.66 | | Financial expenses (income shown with "−") | 1,510.21 | 443.56 | -220.97 | -163.41 | | Investment loss (income shown with "−") | -1,486.69 | -927.46 | -154.40 | -254.12 | | Decrease (increase shown with "−") in deferred income tax assets | 831.06 | 497.14 | -1,026.36 | -562.09 | | Decrease (increase shown with "−") in inventories | -15,046.49 | -7,199.93 | -981.90 | -3,623.63 | | Decrease (increase shown with "−") in operating receivables | -7,842.01 | -1,941.23 | -746.06 | 614.21 | | Increase (decrease shown with "−") in operating payables | 15,905.32 | 16,898.34 | 3,030.21 | 105.30 | | Others | 35,058.45 | 97.94 | 49.80 | 1,901.64 | | **Net cash flows from operating activities** | **42,753.22** | **19,239.13** | **494.25** | **-3,019.73** |

There is a certain difference between the Company's net cash flows from operating activities and net profit. In 2022, the net cash flows from operating activities were lower than net profit, primarily because: in 2022, the Company increased its inventory stockpiling based on raw material market supply-demand conditions and sales forecasts, resulting in a significant increase in year-end inventory, and cash flows from operating activities had not yet been realized through sales for a portion of these goods during that year. In 2023 and 2024, net cash flows from operating activities were both higher than net profit, primarily because: as the Company's business scale expanded significantly, the Company's accounts payable to suppliers for materials also increased substantially, resulting in a large increase in operating payables. In January–September 2025, the net cash flows from operating activities were higher than net profit, primarily due to the high amount of share-based payment expenses recognized during the period.

**2. Analysis of cash flows from investing activities**

During the reporting period, the Company's cash flows from investing activities are as follows:

Unit: 10,000 RMB (万元)

| Item | January–September 2025 | FY 2024 | FY 2023 | FY 2022 | |---|---|---|---|---| | **Cash flows from investing activities:** | | | | | | Cash received from recovery of investments | 166,500.00 | 72,270.00 | 17,600.50 | 2,066.83 |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| Item | January–September 2025 | FY 2024 | FY 2023 | FY 2022 | |---|---|---|---|---| | Cash received from investment income | 1,096.49 | 449.11 | 100.57 | 234.89 | | Net cash received from disposal of fixed assets, intangible assets and other long-term assets | 0.66 | 2.61 | — | — | | **Sub-total of cash inflows from investing activities** | **167,597.15** | **72,721.72** | **17,701.07** | **2,301.72** | | Cash paid for acquisition of fixed assets, intangible assets and other long-term assets | 2,797.58 | 969.53 | 511.33 | 437.26 | | Cash paid for investments | 151,300.00 | 143,102.81 | 9,419.30 | 12,235.15 | | **Sub-total of cash outflows from investing activities** | **154,097.58** | **144,072.33** | **9,930.63** | **12,672.41** | | **Net cash flows from investing activities** | **13,499.58** | **-71,350.62** | **7,770.45** | **-10,370.69** |

During the reporting period, fluctuations in the net cash flows from investing activities were primarily attributable to the Company's purchases and disposals of wealth management products. The net cash flows from investing activities were negative in 2022 and 2024, mainly because the amounts invested in wealth management products in those years were relatively high, resulting in higher cash payments for investments.

**3. Analysis of cash flows from financing activities**

During the reporting period, the Company's cash flows from financing activities are as follows:

Unit: 10,000 RMB (万元)

| Item | January–September 2025 | FY 2024 | FY 2023 | FY 2022 | |---|---|---|---|---| | **Cash flows from financing activities:** | | | | | | Cash received from investment by shareholders | 69,465.13 | 88,505.00 | — | 21,991.06 | | Cash received from borrowings | — | 950.00 | 2,000.00 | 1.50 | | Other cash received relating to financing activities | 10,000.00 | — | — | — | | **Sub-total of cash inflows from financing activities** | **79,465.13** | **89,455.00** | **2,000.00** | **21,992.56** | | Cash repaid for debts | 3.00 | 1,947.00 | 1,001.50 | — | | Cash paid for distribution of dividends, profits or repayment of interest | 0.01 | 9.46 | 12.27 | 0.00 | | Other cash paid relating to financing activities | 11,254.87 | 1,490.32 | 701.59 | 920.48 | | **Sub-total of cash outflows from financing activities** | **11,257.88** | **3,446.78** | **1,715.36** | **920.48** | | **Net cash flows from financing activities** | **68,207.25** | **86,008.22** | **284.64** | **21,072.08** |

During the reporting period, cash inflows from financing activities were primarily capital contributions received from shareholders, and cash outflows from financing activities were primarily cash paid for debt repayment. The other cash paid relating to financing activities in January–September 2025 was primarily the refund of investment intention deposits.

**(IV) Plans for Major Capital Expenditures and Funding Requirements**

As of the date of signing of this Prospectus, the details of foreseeable major capital expenditure projects of the Company in the future

1-1-237

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

For details, please refer to "Section 7: Use of Proceeds and Future Development Plans" of this Prospectus.

**(V) Liquidity Risk Analysis**

During the reporting period, the Company's operating revenue continued to grow, and the current ratio, quick ratio, and asset-liability ratio remained generally favorable overall. The Company possesses adequate short-term and long-term debt repayment capacity and does not face any material liquidity risks.

**(VI) Analysis of Going Concern Capability**

The Company is a globally renowned and internationally leading high-performance general-purpose robotics company, dedicated to the research and development, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robot components, and embodied intelligence models. The Company builds a robot product ecosystem through technological innovation. Its humanoid and quadruped robots are widely used by numerous well-known domestic and international universities and research institutions, technology enterprises, and global developers, thereby driving technological advancement and the industrialization process of high-performance general-purpose robots.

At the same time, the Company actively promotes the industry-level application of high-performance general-purpose robots in fields such as inspection and surveying, fire rescue, and public services, bringing more efficient, safe, and intelligent new solutions to industries including energy and chemicals, intelligent fire protection, and smart cities. In addition, the Company has adopted a "high performance + high cost-effectiveness" strategy to pioneer a critical pathway from technology research and development to large-scale application of general-purpose robots, significantly lowering the barrier to entry for consumer-level users and facilitating the adoption of general-purpose robot products in consumer-level markets such as educational instruction, performance and exhibitions, and intelligent services. The Company has further earned broad user favor with its outstanding product experience and scenario adaptability, achieving leading global market share and brand influence.

During the reporting period, the Company's performance demonstrated a favorable growth trend, achieving operating revenues of 12,291.95 万元 (RMB 122.9195 million), 15,913.44 万元 (RMB 159.1344 million), 39,237.06 万元 (RMB 392.3706 million), and 116,749.01 万元 (RMB 1.1675 billion) respectively, with an annualized compound growth rate exceeding 100%. For the most recent full year and interim period, the net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was 7,750.36 万元 (RMB 77.5036 million) and 43,061.23 万元 (RMB 430.6123 million), respectively.

As the Company's principal business continues to develop and the industry in which it operates grows rapidly, there are no circumstances that would materially and adversely affect the Company's ability to continue as a going concern, and the Company's future business is sustainable.

---

**XI. Basic Information on Significant Investments or Capital Expenditures During the Reporting Period**

**(I) Significant Investments or Significant Capital Expenditures**

During the reporting period, cash paid for the purchase and construction of fixed assets, intangible assets, and other long-term assets was 437.26 万元 (RMB 4.3726 million), 511.33 万元 (RMB 5.1133 million), 969.53 万元 (RMB 9.6953 million), and 2,797.58 万元 (RMB 27.9758 million), respectively, primarily consisting of expenditures for the acquisition of machinery, equipment, and other

1-1-238

**Unitree Technology Co., Ltd. (宇树科技股份有限公司)**

**Prospectus**

assets.

**(II) Significant Asset or Business Restructuring or Equity Acquisition and Merger Matters**

During the reporting period, the Issuer was not involved in any significant asset or business restructuring or equity acquisition and merger matters.

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**XII. Post-Balance Sheet Date Events, Contingencies, Other Material Matters, and Material Guarantees, Litigation, and Other Matters**

As of the date of signing of this Prospectus, the Company has no post-balance sheet date events, contingencies, other material matters, or material guarantees, litigation, or other such matters.

---

**XIII. Profit Forecast**

The Company has not prepared a profit forecast report.

---

**XIV. Principal Financial Information and Operating Status After the Audit Cut-Off Date of the Financial Report**

The principal financial information and operating status of the Company after the audit cut-off date of the financial report are set forth in detail in this Prospectus.

Section 2 "Overview," "VII. Principal Financial Information and Operating Conditions After the Audit Cut-off Date of the Financial Report."

1-1-239

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

**Section 7**

**Use of Proceeds and Future Development Plan**

**I. Basic Information on the Use of Proceeds**

**(I) Overview of Investment Projects Funded by the Proceeds**

The Company plans to publicly issue no fewer than 40,446,434 shares of RMB-denominated ordinary shares (A Shares). Following the issuance, the proportion of shares held by the public shall be no less than 10.00% of the total share capital after issuance. After deducting issuance expenses, the net proceeds are intended to be used for the following fundraising investment projects:

Unit: 10,000 yuan (RMB 10,000)

| No. | Project Name | Total Project Investment | Planned Use of Proceeds | |-----|--------------|--------------------------|-------------------------| | 1 | Intelligent Robot Model R&D Project | 202,245.93 | 202,245.93 | | 2 | Robot Body R&D Project | 110,973.80 | 110,973.80 | | 3 | New Intelligent Robot Product Development Project | 44,540.00 | 44,540.00 | | 4 | Intelligent Robot Manufacturing Base Construction Project | 62,411.39 | 62,411.39 | | - | Total | 420,171.12 | 420,171.12 |

Prior to the receipt of the proceeds from this offering, the Company may, in accordance with the actual payment schedule of each fundraising investment project, make advance payments using self-raised funds. After the proceeds are received, a portion of the proceeds will be used to replace the self-raised funds that were advanced prior to receipt.

If the actual proceeds from this offering fall short of the planned amount to be used for the projects, the Board of Directors will arrange the specific use of proceeds based on the importance and urgency of the above-mentioned projects, and the Company will use self-raised funds to make up the shortfall.

**(II) Proceeds Management System**

The Company has formulated a "Proceeds Management System" applicable after the listing. This system was reviewed and approved at the Company's 6th Extraordinary General Meeting of Shareholders in 2025, and sets out clear provisions regarding the dedicated account storage, use, changes in use, management, and supervision of the proceeds.

**(III) Specific Arrangements for the Proceeds to Be Focused on the Field of Technological Innovation, and Their Contribution to the Development of the Issuer's Principal Business and Impact on Future Business Strategy**

**1. Specific arrangements for the proceeds to be focused on the field of technological innovation**

The fundraising investment projects are conducive to enhancing the Company's continuous R&D capability and engineering manufacturing capability in robot-related technologies and products, further consolidating its leading position and technological advantages in the general-purpose robotics sector. By implementing the "Intelligent Robot Model R&D Project," the "Robot Body R&D Project," and the "New Intelligent Robot Product Development Project," the Company will continuously develop and iterate core products such as AI-based humanoid robots and quadruped robots, while continuously researching and optimizing core intelligent algorithms, mechanical control systems, and other underlying robot-related technologies, accelerating the deployment of general-purpose robots across multiple application scenarios.

**2. Contribution of the proceeds to the development of the Issuer's principal business and impact on future strategy**

The Company has conducted a thorough review of its current situation, formulated detailed plans for its future development strategy, and designed the fundraising investment projects accordingly. These projects are primarily directed toward the fields of technological innovation and intelligent manufacturing, and will support the Company's future strategic development in two aspects: strengthening R&D capabilities, and improving industrialization and automation capabilities.

First, the fundraising investment projects will help enhance the level of hardware and software equipment required for the Company's R&D activities, expand the R&D team, optimize team structure, and further strengthen the Company's R&D capabilities in the areas of embodied intelligence models, robot bodies, and new robot products. Second, through the fundraising investment projects, the Company can expand production capacity, improve the degree of automation and production efficiency, and meet the rapidly growing product demand from the downstream market. Third, the implementation of the fundraising investment projects will help reduce the destabilizing impact of leased premises on long-term production and operations.

**(IV) Basis for Determining the Fundraising Investment Projects**

**1. Basis for the alignment of the fundraising investment projects with the Company's principal business, operating scale, and development objectives**

To date, the Company's operating performance and financial condition are sound; however, existing production capacity can no longer meet the rapidly growing market demand. Against the backdrop of rapid development in the high-performance general-purpose robotics industry, capacity bottlenecks will constrain the Company's continued business growth and long-term development. The implementation of the fundraising investment projects will help the Company further expand its operating scale, improve its market layout, comprehensively enhance its business development capabilities, and expand its competitive advantages. This is consistent with the Company's overall development strategy and aligned with its existing principal business, operating scale, and future development objectives.

**2. Basis for the alignment of the fundraising investment projects with the Company's financial condition**

The Company has a sound financial position and a sustained profitability capability, which can provide support for the implementation of the fundraising investment projects and their subsequent operations. At the same time, the receipt of the proceeds will significantly strengthen the Company's financial resources, further optimize its asset structure, and enhance its ability to withstand risks, in alignment with the Company's financial condition.

**3. Basis for the alignment of the fundraising investment projects with the Company's technological capabilities**

Through years of sustained R&D investment and accumulation of technology and processes, the Company currently possesses significant technological advantages.

1-1-241

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

The Company has independently developed a full-stack suite of core robot model algorithms, including embodied intelligence, reinforcement learning, and motion control; intelligent systems including thermal management, energy management, and motor drive; as well as core robot components and modules including high-performance motors, reducers, dexterous hands, LiDAR, and various sensors, forming a range of core technologies with commercial applications.

As of January 31, 2026, the Company holds 262 patents, comprising 169 domestically authorized and publicly disclosed patents and 93 overseas patents, including 20 domestic invention patents, 76 domestic utility model patents, and 73 domestic design patents.

The technological innovation R&D and new product development involved in the fundraising investment projects are based on the Company's existing R&D capabilities and technologies. The implementation of these projects will further enhance the Company's technological capabilities, in alignment with the Company's technological conditions.

**4. Basis for the alignment of the fundraising investment projects with the Company's management capabilities**

The Company has established a sound corporate governance structure and an internal control system that meets the needs of its production and business operations, ensuring the effective implementation of various systems. The Company's senior management and heads of key departments all possess extensive industry experience and are capable of effectively managing the Company's R&D, procurement, production, sales, and other business functions. The fundraising investment projects are aligned with the Company's existing management capabilities.

**(V) Impact of the Fundraising Investment Projects on Industry Competition and Independence**

Upon implementation of the fundraising investment projects, no industry competition will arise, and no adverse impact on the Company's independence will occur.

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**II. Analysis of the Necessity and Feasibility of the Fundraising Investment Projects**

**(I) Necessity Analysis of the Fundraising Investment Projects**

**1. Continuously accumulating advanced robot embodied intelligence models and body-related technologies to lay the foundation for the Company's long-term development**

The "brain, cerebellum, and body" is an analogy for the three core modules of a high-performance general-purpose robot. The "brain" refers to the cognitive intelligence of a general-purpose robot — an analogy for the robot's cognitive decision-making system, task planning capability, and embodied large model. The "cerebellum" refers to the body intelligence of a general-purpose robot — an analogy for the robot's motion control system, whole-body dexterous movement capability, and embodied body intelligence model. The "body" refers to the physical structure of a general-purpose robot, including its structure, actuators, communication bus, and other elements — an analogy for the overall physical structure of a general-purpose robot.

Currently, the industry is in the early stages of rapid development, with continuous technological innovation across the three core modules and ongoing iteration of core components. As a leading enterprise in the high-performance general-purpose robotics industry, the Company has consistently regarded the accumulation of core technologies across the three modules as a core pillar of its long-term development, continuously tackling challenges around the three core modules to build a full-stack technology moat.

In the areas of the "brain" and "cerebellum," the implementation of the fundraising investment projects will facilitate the Company's continued R&D investment and technological breakthroughs, optimizing and upgrading core model algorithms for embodied manipulation, motion control, and related areas, improving the robot's generalization capability, complex instruction comprehension and execution capability, and operational precision and flexibility. In the area of the "body," the implementation of the fundraising investment projects will facilitate R&D in high power density motors, high power density transmission systems, high power density actuators, multi-scale lightweight structural components for legged robots, and centralized thermal control systems for robots, consolidating the Company's advantages in body performance and cost competitiveness for high-performance general-purpose robot products.

In addition, the high-performance general-purpose robotics industry is currently at a critical stage of commercial breakthrough and accelerating technological iteration. Weak computing power support and a lack of high-quality data have led to insufficient model intelligence, becoming a significant bottleneck constraining industry development. Through the implementation of the fundraising investment projects, the Company will first advance the collaborative deployment of "cloud, edge, and endpoint" computing power to break through computing power bottlenecks and provide support for model training, deep learning, and application expansion. Simultaneously, the Company will build large-scale real-world datasets, develop cost-effective teleoperation systems, and establish automated annotation mechanisms to form a "data flywheel," supplementing "challenging scenario" data with synthetic data and high-fidelity simulation training to address the industry's data scarcity pain point and lay a data foundation for commercial deployment. Third, the Company will build an intelligent development and training platform integrating three modules — a data engine, a model factory, and an evaluation center — to form a full-chain R&D system covering "data processing – model training – verification and feedback," significantly shortening the development cycle and helping the Company gain a first-mover advantage in technological innovation, product iteration, and market competition.

Therefore, the implementation and advancement of the fundraising investment projects will help the Company continuously accumulate advanced embodied intelligence models and robot body-related technologies, and the projects are necessary.

**2. Accelerating the iteration of various types of robot products, enriching the product matrix, and strengthening market competitive advantages**

Facing the industry opportunity presented by the accelerated commercialization of high-performance general-purpose robots and the explosion of demand, the Company aims to enrich its product matrix and strengthen its competitive advantages by continuously driving the iterative upgrading of various types of robot products and further improving the Company's product ecosystem.

Currently, the Company already has multiple series of core products. For example, the Go Series, A Series, and B Series quadruped robots can be used in fields such as technology R&D and education, as well as vertical industries such as energy & chemicals and intelligent manufacturing; the Company's global sales have ranked first in the industry for multiple consecutive years. The H Series and G Series humanoid robots have seen growing delivery volumes since their debut and have become a new engine of business growth for the Company. In addition, the Company has also deployed extended accessory products such as dexterous hands, dexterous robotic arms, and 4D LiDAR,

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further improving the product chain and deepening coverage of more application scenarios.

By implementing the fundraising investment projects, the Company will fully leverage its first-mover advantages, continuously strengthening R&D investment and technology reserves in key areas such as overall machine architecture design, core component adaptation, functional performance testing and optimization, and process design, accelerating the iteration of various types of robot products, enriching the product matrix, increasing compatible application scenarios, strengthening market competitive barriers, and enhancing sustained profitability.

Therefore, it is necessary for the Company to accelerate the iteration of various types of robot products and enrich the product matrix through the fundraising investment projects.

**3. Expanding production scale, improving production efficiency, and meeting the market's growing capacity demands**

From the perspective of market scale, the global market for humanoid and quadruped robots will see several-fold growth in the future. By expanding production capacity, optimizing layout, and improving efficiency, the Company can both meet growing order demands and ensure customer delivery cycles, and also reduce unit production costs through large-scale production, enhance product price competitiveness, further expand market share, and consolidate its industry position.

The Company's existing production system can no longer match the rapidly expanding production capacity requirements. On one hand, current production facilities are all leased factories, with limited operational area and equipment configuration capacity; the level of intelligent management needs improvement, and production capacity bottlenecks are becoming increasingly prominent.

By implementing the fundraising investment projects, the Company will purchase production bases and production inspection equipment that meet requirements based on production planning needs, resolving the problems of limited site area and insufficient production capacity. The new base will scientifically plan functional zones such as production areas, inspection areas, and warehousing areas based on production processes and product characteristics: the production area will introduce automated assembly lines to improve the precision assembly efficiency of core components for humanoid and quadruped robots; the inspection area will be equipped with precision inspection instruments to conduct full-process testing of product performance, motion accuracy, safety, and other indicators, ensuring product quality; the warehousing area will adopt an intelligent warehousing system to achieve efficient storage, retrieval, and sorting of materials and finished products through the Internet of Things and automated equipment, shortening material turnover time.

In addition, the Company will leverage the hardware advantages of the new base to achieve data integration across production, inventory, procurement, and other segments, enabling real-time monitoring and analysis of production data, ensuring precise matching of production plans with product orders, and improving per-capita output efficiency.

Therefore, it is necessary for the Company to expand production capacity, optimize factory layout, and improve production efficiency through the fundraising investment projects.

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**(II) Feasibility Analysis of the Fundraising Investment Projects**

**1. Positive industrial policies have created a favorable development environment**

The implementation of the fundraising investment projects has a solid policy foundation and is highly consistent with the national and local strategic planning and support orientation for the robotics industry.

At the national level, continuous top-level design and directional guidance are being provided for the development of the robotics industry. The "Proposals of the Central Committee of the Communist Party of China for Formulating the 15th Five-Year Plan for National Economic and Social Development" explicitly mentions "proactively planning future industries, exploring diversified technology paths, typical application scenarios, viable business models, and market supervision rules, and promoting quantum technology, biomanufacturing, hydrogen energy and nuclear fusion energy, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communications as new economic growth drivers. Innovating supervision methods, developing venture capital, and establishing mechanisms for increased investment in and risk sharing for future industries. Promoting the development of small and medium-sized enterprises as specialized and innovative enterprises, and nurturing unicorn enterprises." The "Guidance on the Innovative Development of Humanoid Robots" further refines the targets, calling for the formation of a scaled industrial development pattern by 2027, while explicitly supporting the development of AI large model-based "brains" and the construction of motion control "cerebellum" algorithm libraries. The 2025 "Government Work Report" for the first time incorporated "cultivating the embodied intelligence industry and vigorously developing intelligent robots" into the national strategy, highlighting their central role in achieving global technological supremacy. In addition, the "Implementation Plan for the 'Robots+' Application Initiative" promotes the deployment of robots in multiple scenarios such as manufacturing, healthcare, and elderly care, providing policy guarantees for the expansion of industrial applications.

At the local level, policies are deeply coordinated with the national strategy, with targeted support measures being introduced. Zhejiang Province's "Implementation Plan for the Innovative Development of the Humanoid Robot Industry (2024-2027)" sets a target of "reaching a core industry scale of 20 billion yuan (200亿元)," focusing on the integration of complete machines and components, technological breakthroughs, and scenario applications. Hangzhou City's "Hangzhou Humanoid Robot Industry Development Plan (2024-2029)" and "Several Policy Measures to Promote the Innovative Development of the Humanoid Robot Industry" include complete machines and algorithms in the list of key R&D targets, directly providing policy support for the project's algorithm R&D and production and manufacturing.

Therefore, the fundraising investment projects are highly aligned with national and local policy orientations. The policy environment is mature, and the implementation of the projects is feasible.

**2. The vast market space provides market guarantees for the projects**

Currently, the global general-purpose robotics industry has entered a period of explosive growth. Both of the two core tracks — humanoid robots and quadruped robots — demonstrate broad development potential, providing sufficient market guarantees for the "brain, cerebellum, and body"-related technology R&D, new product iteration, and absorption of additional production capacity covered by the fundraising investment projects.

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The humanoid robot track is a market focal point, currently at the initial stage of mass production eruption, with particularly considerable long-term growth potential. According to predictions by industry research institutions, global humanoid robot sales are expected to reach 607,500 units by 2030, with a market size of USD 15 billion; global quadruped robot sales are expected to exceed 560,000 units by 2030, with a market size expected to exceed RMB 8 billion (80亿元). The explosive growth in market size will not only absorb the new production capacity from this fundraising project, but will also provide commercial application scenarios for the research and development of "brain, cerebellum, and body" related technologies, forming a virtuous cycle of research and development, implementation, and iteration.

Therefore, the sufficiently broad market space provides full market assurance for technology research and development, new product iteration, and absorption of new production capacity, making the project implementation feasible.

3. Deep technological accumulation and a professional talent team provide technical support for the project

The Company has been deeply engaged in the field of high-performance general-purpose robots for many years, possessing deep technological accumulation and a professional talent team, which provide technical support for project implementation.

At the level of technological accumulation, the Company insists on full industry chain self-developed technology and self-developed core components, building a complete technical system covering hardware, software, and algorithms, while also accumulating rich experience in technological synergy and cost control. The Company currently possesses multiple core technologies that have been successfully commercialized, including integrated joint integration technology, high-compactness robot body integration technology, robot LiDAR fully self-developed core technology, robot automatic following technology, robot heat dissipation and active cooling related technology, and high-dynamic motion control algorithm technology. As of January 31, 2026, the Company has cumulatively held 262 patents (including 20 domestic invention patents), and has successively won multiple awards including the China Design Intelligence Award and the China International Industry Fair Robot Award, and has been recognized as a council member unit of the Artificial Intelligence Branch of the China Industrial Design Association, with its technological strength receiving authoritative recognition, providing a solid foundation for the technology research and development and new product iteration involved in this fundraising project.

At the level of the talent team, the Company has built a scientific and efficient research and development system and professional team. On one hand, the Company has established a comprehensive R&D organizational management system capable of accurately assessing technological trends and formulating R&D plans, ensuring R&D efficiency and the transformation of results; on the other hand, the Company's core R&D team is stable, with key R&D personnel mostly graduated from well-known domestic and overseas universities, covering disciplines including mechanical engineering, electronic engineering, computer science, control science and engineering, combining solid scientific research capabilities with rich project experience, providing talent assurance for the implementation of this fundraising project.

Therefore, the deep technological accumulation and professional talent team provide technical support for the project, making the project implementation feasible.

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4. The Company's good brand reputation and extensive customer recognition provide customer assurance for the project

Regarding brand reputation, as a globally renowned high-performance general-purpose robot enterprise, the Company's products have successively appeared on multiple international-level exhibition and performance platforms, including the 2021 CCTV Spring Festival Gala, the 2023 American Super Bowl, the 2023 Hangzhou 19th Asian Games, the 2023 Hangzhou 4th Asian Para Games, the 2025 CCTV Spring Festival Gala, and the 2026 CCTV Spring Festival Gala, and have been repeatedly reported by authoritative media including CCTV News Broadcast, and have been honored as one of TIME Magazine's 100 Most Influential Companies of 2025 and among the Best Inventions of 2025. The Company's product strength has been widely recognized by the industry and users both domestically and internationally, demonstrating the technological stability and environmental adaptability of the Company's products, earning the Company a good brand reputation.

Regarding customer recognition, the Company has expanded product applications across multiple industry sectors and has widely gained customer recognition. On one hand, the Company has promoted industry-level applications of general-purpose robots globally in areas such as inspection and survey, fire rescue, and public services, bringing more efficient, safe, and intelligent new solutions to industries such as energy and chemicals, intelligent firefighting, and smart cities; on the other hand, the Company has pioneered the key pathway from technology research and development to large-scale application for general-purpose robots through a "high-performance + high cost-effectiveness" strategy, significantly lowering the usage threshold for consumer-level users, broadly covering consumer-level market demand for general-purpose robot products, promoting the application of general-purpose robot products in consumer-level markets such as education and teaching, cultural performances, and intelligent services, and earning widespread user favor through outstanding product experience and scenario adaptability.

Therefore, the good brand reputation and extensive customer recognition provide customer assurance for the project, making the project implementation feasible.

(III) The Relationship Between the Use of Raised Funds and the Issuer's Main Business and Core Technologies

The Company is a world-renowned, internationally leading high-performance general-purpose robot company, focusing on the research and development, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robot components, and embodied intelligence models. The fundraising projects to which this round of raised funds is proposed to be directed all revolve around the Company's main business, with R&D-type projects being highly related to the Company's core technologies. The specific relationships are as follows:

| No. | Fundraising Project | Relationship with the Company's Main Business | Relationship with the Company's Core Technologies | |-----|--------------------|--------------------------------------------|--------------------------------------------------| | 1 | Intelligent Robot Model Research and Development Project | By building R&D centers and improving the R&D office environment, continuously accumulating advanced robot embodied intelligence models and body-related technology research and development, while also accelerating the iteration of various types of robot products, enriching the product matrix, and strengthening market competitiveness | The technology research and development and product development involved in this project are further extensions based on the Company's existing core technologies | | 2 | Robot Body Research and Development Project | | | | 3 | New Intelligent Robot Product Development Project | | |

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| No. | Fundraising Project | Relationship with the Company's Main Business | Relationship with the Company's Core Technologies | |-----|--------------------|--------------------------------------------|--------------------------------------------------| | 4 | Intelligent Robot Manufacturing Base Construction Project | By building a production base, expanding robot production scale, improving automation levels and production efficiency, and meeting the growing market demand for products | The products involved in this project, from development to mass production, all rely on core technologies, representing the concrete embodiment of core technological achievements in practice |

III. Specific Circumstances of Fundraising Investment Projects

The Company's fundraising investment projects for this round are respectively the "Intelligent Robot Model Research and Development Project," "Robot Body Research and Development Project," "New Intelligent Robot Product Development Project," and "Intelligent Robot Manufacturing Base Construction Project," which will assist the Company in achieving its development goals and strategic plans. For specific details, please refer to "Appendix 9: Specific Application of Raised Funds" under "Section 12 Appendices" of this Prospectus.

IV. Future Development Plans

(I) Development Goals and Strategic Plans

The Company's development goal is to become a continuously leading enterprise in the global high-performance general-purpose robot sector. With independent research and development as the core, the Company has established a self-developed and self-produced system covering robot bodies, core intelligent algorithms, embodied intelligence, and core components and sub-components through years of accumulation, forming a rich product matrix including core products represented by humanoid robots and quadruped robots, as well as robot components represented by joint modules, dexterous hands, collaborative robotic arms, and perception sensors, and carrying out product promotion and industry applications centered around the above products.

In the future, the Company will continue to lay out frontier technology research and development, striving to accelerate the high-quality development of the embodied intelligence industry chain while enhancing financial strength, optimizing corporate governance, and improving talent incentives through the listing issuance, and to lead the global robotics industry toward large-scale scenario application through continuous technological innovation.

(II) Measures Taken During the Reporting Period to Achieve Strategic Goals and Implementation Results

1. Increasing R&D investment

In terms of R&D investment, the Company has continuously increased R&D investment during the reporting period. During the reporting period, the Company's R&D expenditure amounts were RMB 29.9848 million (2,998.48万元), RMB 49.9518 million (4,995.18万元), RMB 70.017 million (7,001.70万元), and RMB 90.2094 million (9,020.94万元) respectively, with a compound annual growth rate of 52.81% over the most recent 3 years, showing a rapid growth trend, and forming multiple core technologies and intellectual property rights. As of January 31, 2026, the Company holds 262 patent rights (including 20 domestic invention patents).

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2. Strengthening technological accumulation

Through years of research and development innovation and technological accumulation, the Company has gradually formed multiple core technologies that have been commercialized and applied, including integrated joint integration technology, high-compactness robot body integration technology, and robot LiDAR fully self-developed core technology, which have been applied to the Company's high-performance general-purpose humanoid robots, quadruped robots, and other products. On this basis, the Company has conducted research and development in sub-technical areas such as robots' external perception capabilities, environmental interaction capabilities, improving robot joint degrees of freedom, environmental adaptability, and the universality of application scenarios, forming a certain technological reserve and continuously conducting technological updates and iterations.

3. Emphasizing talent cultivation

The Company places great importance on the recruitment and cultivation of talent. During the reporting period, the Company established a systematic and scientific talent selection standard and human resources management system, established the value concept of common progress between the Company and its employees, and formed a clear management system in terms of employee selection and recruitment, internal training, rank promotion, and reward and punishment incentive mechanisms. Through a market-competitive compensation system and incentive mechanism, the Company motivates its talent team to continuously strive for advancement and sustained innovation.

(III) Measures to Be Taken for Future Plans

In order to better achieve the Company's development goals, the Company will adopt the following plans and measures:

1. Strengthening frontier technologies to build continuously leading technological barriers

The Company will continue to increase investment in R&D for robot bodies and embodied intelligence models, with industry-leading foundational technology R&D as the core, continuously evolving toward the R&D direction of high performance and high universality. In the future, the Company will, relying on the "Intelligent Robot Model Research and Development Project," "Robot Body Research and Development Project," and "New Intelligent Robot Product Development Project" proposed to be funded by this round of raised funds, conduct research on topics such as robot embodied intelligence models and bodies, and continue to develop and iterate new robot products, strengthen frontier technology exploration, achieve breakthroughs in areas such as robot autonomous reasoning, environmental self-adaptation, and extreme hardware performance, continuously consolidate and expand technological leadership advantages, and enhance product competitiveness.

2. Expanding international markets to accelerate the construction of a global robot ecosystem

The Company will vigorously advance the open strategy of development platforms to attract global developers and partners. At the same time, the Company will actively participate in the formulation of international technical standards, promoting its own technical protocols to become the industry's universal paradigm. The Company will deeply cultivate international markets to achieve comprehensive globalization from technology to brand.

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3. Enhancing capital assurance to support R&D investment and capacity expansion

The high-performance general-purpose robot sector belongs to a technology-intensive industry and is in a stage of rapid development, with large capital requirements and R&D investment scale. To date, the Company has provided necessary financial support for business development through multiple rounds of financing. The raised funds from this issuance and listing will provide strong support for the Company to carry out technology research and development and product development, production of high-performance general-purpose robot products, as well as daily operations and business expansion, assisting the Company in achieving its development goals and strategic plans. The Company will appropriately utilize the raised funds to implement projects and assist in long-term development.

4. Deepening the governance system to enhance organizational collaborative efficiency

The Company will further deepen organizational mechanism construction in accordance with the requirements of listed companies, strengthen internal management, and achieve standardization of internal controls, refinement of management, and automation of information; improve the corporate governance structure, promote the Company's standardized operation, and strengthen the scientific nature and transparency of various decisions; improve the level of collaboration among the Company's R&D, sales, finance, procurement, production, and other departments to achieve efficient cooperation and resource sharing; strengthen the information technology construction of the Company's management systems, promote the Company's mechanism innovation and management upgrade, achieve data connectivity and interoperability between departments, optimize operations management, and improve management efficiency.

5. Establishing a talent hub to build core human capital supporting sustainable development

The Company will implement more forward-looking and longer-lasting incentive plans to build a "talent hub" that gathers the world's top wisdom, ensuring the Company continuously possesses the core human capital that drives industrial transformation. At the same time, the Company will, by fostering an open, inclusive, and innovation-encouraging team atmosphere and providing world-class technical research conditions and career development platforms, ensure the Company continuously possesses the core human capital capable of driving industrial and technological transformation and leading the industry's future development, providing solid assurance for the Company's technological and market leadership position.

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Section 8 Corporate Governance and Independence

I. Deficiencies in Corporate Governance During the Reporting Period and Improvements

At the beginning of the reporting period, Unitree Limited (宇树有限) had not yet been restructured into a joint stock limited company, had not established an independent director system, had not set up a Board Secretary or special committees of the Board of Directors, and the corporate governance structure needed further improvement.

As of the date of signing this Prospectus, the Company has, in accordance with the requirements of laws, regulations, and normative documents such as the Company Law and the Securities Law, established a corporate governance structure consisting of the Shareholders' General Meeting, the Board of Directors and its special committees, and senior management. Under the Company's Board of Directors, four special committees have been established: the Audit Committee, the Strategy Committee, the Nomination Committee, and the Remuneration and Appraisal Committee. The Company has established and improved a series of rules and regulations including the Articles of Association, clearly defining the scope of rights and responsibilities and working procedures among the Shareholders' General Meeting, the Board of Directors, and senior management.

Since the establishment of the corporate governance structure and various rules and regulations, the Shareholders' General Meeting, the Board of Directors, and its special committees have operated independently in accordance with the law, faithfully fulfilling their duties and obligations. The corporate governance mechanism has been effectively implemented, ensuring the Company's standardized operation, with no major violations of laws or regulations occurring, and no corporate governance deficiencies existing.

II. Internal Control Situation of the Issuer

(I) Management's Self-Assessment Opinion on the Completeness, Reasonableness, and Effectiveness of Internal Controls

The Company's existing internal control system is able to adapt to the Company's management requirements, can provide reasonable assurance for the preparation of true and fair financial statements, and can provide assurance for the healthy operation of various business activities of the Company and the implementation of relevant national laws and regulations and internal rules and regulations of the Company. The Company believes that, in accordance with the Basic Standards for Enterprise Internal Control and relevant regulations, the Company's internal controls were effective in all material respects as of September 30, 2025.

(II) Certified Public Accountant's Attestation Opinion on the Issuer's Internal Control System

Rongcheng Certified Public Accountants has issued an Internal Control Audit Report (Rongcheng Audit Zi [2026] 230Z0441), opining that Unitree Technology (宇树科技) maintained effective financial reporting internal controls in all material respects as of September 30, 2025, in accordance with the Basic Standards for Enterprise Internal Control and related regulations.

(III) Internal Control Compliance During the Reporting Period

During the reporting period, the Company had instances of lending funds to related parties. For specific details, please refer to the relevant content in "VII. (II) 6. General Incidental Related Party Transactions" in this section. As of the end of the reporting period, the relevant fund lending has been fully cleared, does not constitute a material deficiency in financial internal controls, and the Company has formulated internal control measures for relevant fund management.

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The related party fund lending during the reporting period does not constitute a material adverse impact on the effectiveness of the Company's internal control system, does not involve major violations of laws or regulations, and will not have a material impact on the Company's day-to-day operational management.

Apart from the above matters, as of the end of the reporting period, the Issuer has no other instances of non-compliant financial internal controls.

III. Violations of Laws and Regulations by the Issuer During the Reporting Period

During the reporting period, the Company strictly conducted its business activities in accordance with relevant laws, regulations, and the Articles of Association, with no major violations of laws or regulations, and no instances of receiving major administrative penalties from national administrative or industry regulatory authorities due to violations of laws or regulations.

IV. Circumstances of Fund Occupation and External Related Party Guarantees During the Reporting Period

During the reporting period, the Company had no instances of funds being occupied by controlling shareholders, actual controllers, or other enterprises controlled by them through loans, debt repayment on behalf, advance payments, or other means, and had no instances of providing guarantees for controlling shareholders, actual controllers, or other enterprises controlled by them.

V. Independent Operation of the Issuer

(I) Complete Assets

The Company possesses the main production systems, auxiliary production systems, and supporting facilities related to production and operations, legally owns or has the right to use office premises, machinery and equipment, and trademarks, patents, and non-patented technologies related to production and operations, and has an independent raw material procurement and product sales system.

(II) Personnel Independence

The Company's General Manager, Chief Financial Officer, Board Secretary, and other senior management personnel do not hold positions other than director or supervisor in the controlling shareholders, actual controllers, or other enterprises controlled by them, and do not receive salaries from controlling shareholders, actual controllers, or other enterprises controlled by them; the Company's financial personnel do not hold concurrent positions in controlling shareholders, actual controllers, or other enterprises controlled by them.

(III) Financial Independence

The Company has established an independent financial accounting system and is capable of independently making financial decisions; the Company has standardized financial accounting systems and financial management systems for subsidiaries. The Company has opened independent bank accounts, with no instances of sharing bank accounts with controlling shareholders, actual controllers, or other enterprises controlled by them.

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(IV) Institutional Independence The Company has established and improved its internal operational and management structure, independently exercises its operational and management authority, and does not have any situation of institutional overlap with the controlling shareholder, the actual controller, or other enterprises controlled by them.

(V) Business Independence The Company's business is independent from that of the controlling shareholder, the actual controller, and other enterprises controlled by them. There is no industry competition that constitutes a material adverse impact on the Company, nor are there any related-party transactions that materially affect independence or are manifestly unfair, between the Company and the controlling shareholder, the actual controller, or other enterprises controlled by them.

(VI) Stability of the Company's Principal Business, Control, Management Team, and Core Technical Personnel The Company's principal business, control, management team, and core technical personnel are stable. Within the most recent 2 years, there have been no material adverse changes in the principal business or in the directors, senior management, or core technical personnel. The Company's equity ownership is clear and unambiguous, with no material ownership disputes that may lead to a change of control, and there has been no change in the actual controller within the most recent 2 years.

(VII) Other Matters That Have a Material Impact on the Company's Ability to Continue as a Going Concern As of the date of signing of this prospectus, the Company has no material ownership disputes over principal assets, core technologies, or trademarks; no material debt repayment risks; no material contingent matters such as guarantees, litigation, or arbitration; and no matters that have materially impacted or will materially impact the Company's going concern, including material changes that have occurred or will occur in the operating environment.

In summary, the Company is independent from the controlling shareholder, the actual controller, and other enterprises controlled by them in terms of assets, personnel, finance, institutions, and business. The Company possesses an independent and complete business system and has the capacity to operate independently and on a sustained basis directly facing the market.

VI. Industry Competition

(I) No Industry Competition Constituting a Material Adverse Impact Exists Between the Issuer and the Controlling Shareholder, the Actual Controller, and Other Enterprises Controlled by Them

1. Controlling Shareholder and Actual Controller

As of the date of signing of this prospectus, Wang Xingxing directly holds 86,714,964 shares (8,671.4964万股) of the Issuer, representing 23.8216% of the Issuer's total share capital, and controls 10.9414% of the Issuer's shares through Shanghai Yuyi (上海宇翼), for a total controlling interest of 34.7630% of the Issuer's shares. Taking into account the arrangement of special voting rights, prior to this issuance,

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Wang Xingxing's aggregate voting rights ratio is 68.7816%, which enables him to have a significant influence on the vast majority of resolutions of the Company's shareholders' meeting. Wang Xingxing is therefore the Company's controlling shareholder and actual controller.

2. Other Enterprises Controlled and Invested in by the Controlling Shareholder

As of the date of signing of this prospectus, in addition to the Issuer and its controlled subsidiaries, the enterprises controlled by the controlling shareholder and actual controller Wang Xingxing are as follows:

| No. | Enterprise Name | Shareholding Details | Principal Business | |-----|----------------|----------------------|-------------------| | 1 | Hangzhou Tianze (杭州天则) | Wang Xingxing holds 100% equity and serves as its director | No actual business operations; serves as the actual controller's holding company | | 2 | Shanghai Yuyi (上海宇翼) | An enterprise controlled by Wang Xingxing through Hangzhou Tianze; Hangzhou Tianze is the executive partner of Shanghai Yuyi | No actual business operations; serves as the Company's equity incentive platform | | 3 | Hangzhou Yixin (杭州翌心) | An enterprise controlled by Wang Xingxing through Hangzhou Tianze; Hangzhou Tianze is the executive partner of Hangzhou Yixin, and Hangzhou Yixin is a limited partner of Shanghai Yuyi | No actual business operations; serves as the Company's equity incentive platform | | 4 | Hangzhou Yiyi (杭州翌意) | An enterprise controlled by Wang Xingxing through Hangzhou Tianze; Hangzhou Tianze is the executive partner of Hangzhou Yixin, and Hangzhou Yixin is a limited partner of Shanghai Yuyi | No actual business operations; serves as the Company's equity incentive platform | | 5 | Shanghai Yixin (上海翌心) | An enterprise controlled by Wang Xingxing through Hangzhou Tianze; Hangzhou Tianze is the executive partner of Shanghai Yixin | No actual business operations |

The above entities serve solely as shareholding vehicles and do not engage in actual business operations. There is no industry competition between them and the Company.

(II) Undertakings to Avoid Industry Competition In order to avoid industry competition with the Company, the Company's controlling shareholder and actual controller have issued relevant undertakings. The details of such undertakings are set out in "Section 12: Appendices" of this prospectus, under "Appendix 1: (XIV) Undertakings of the Controlling Shareholder and Actual Controller Regarding the Avoidance of Industry Competition."

VII. Related Parties and Related-Party Transactions

(I) Related Parties and Related Relationships

As of the date of signing of this prospectus, in accordance with the Company Law, Accounting Standard for Business Enterprises No. 36 — Related Party Disclosures, the Listing Rules, and other relevant regulations, the specific circumstances of the Company's related parties and related relationships are as follows:

1. Related Natural Persons

(1) Controlling Shareholder and Actual Controller Both the controlling shareholder and the actual controller of the Company are Wang Xingxing.

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(2) Natural Persons Directly or Indirectly Holding 5% or More of the Issuer's Shares Other than Wang Xingxing, there are no other natural persons directly holding 5% or more of the Issuer's shares.

(3) Directors and Senior Management of the Company

| No. | Name of Related Party | Description of Related Relationship | |-----|-----------------------|-------------------------------------| | 1 | Wang Xingxing | Current Chairman of the Board, General Manager, and Chief Technology Officer of the Issuer | | 2 | Yang Zhiyu | Current Director of the Issuer | | 3 | Chen Li | Current Director of the Issuer | | 4 | Zhang Yangguang | Current Director of the Issuer | | 5 | Cui Wenhan | Current Director of the Issuer | | 6 | Liang Wangnan | Current Director of the Issuer | | 7 | Li Zongyan | Current Independent Director of the Issuer | | 8 | Ni Chenkai | Current Independent Director of the Issuer | | 9 | Song Huasheng | Current Independent Director of the Issuer | | 10 | Wang Feng | Current Chief Financial Officer of the Issuer | | 11 | Fu Fenghua | Current Secretary of the Board of Directors of the Issuer |

(4) Other Related Natural Persons Other related natural persons of the Company include: 1) close family members of the related natural persons described in items (1) through (3) above, including spouses, children aged 18 or above and their spouses, parents and the parents of spouses, siblings and their spouses, siblings of spouses, and parents of children's spouses; 2) directors, supervisors, and senior management who have resigned within the twelve months prior to the reporting period up to the present date, and their close family members; 3) other natural persons who, in accordance with the principle of substance over form, are determined to have a special relationship with the Issuer that may cause the Issuer to favor their interests.

2. Related Legal Persons

(1) Legal Persons or Other Organizations Directly Holding 5% or More of the Company's Shares and Their Persons Acting in Concert

| No. | Name of Related Party | Description of Related Relationship | |-----|-----------------------|-------------------------------------| | 1 | Shanghai Yuyi (上海宇翼) | Directly holds 10.9414% of the Issuer's shares prior to this issuance | | 2 | Hanhai Information (汉海信息) | Directly holds 7.6114% of the Issuer's shares prior to this issuance; together with its persons acting in concert, Chengdu Longzhu (成都龙珠) and Galaxy Z, collectively holds 9.6488% of shares | | 3 | Chengdu Longzhu (成都龙珠) | Directly holds 1.0187% of the Issuer's shares prior to this issuance; together with its persons acting in concert, Hanhai Information and Galaxy Z, collectively holds 9.6488% of shares | | 4 | Galaxy Z | Directly holds 1.0187% of the Issuer's shares prior to this issuance; together with its persons acting in concert, Hanhai Information and Chengdu Longzhu, collectively holds 9.6488% of shares |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

| No. | Name of Related Party | Description of Related Relationship | |-----|-----------------------|-------------------------------------| | 5 | Ningbo Hongshan (宁波红杉) | Directly holds 6.2100% of the Issuer's shares prior to this issuance; together with Xiamen Yaheng (厦门雅恒) under the same control, collectively holds 7.1149% of shares | | 6 | Xiamen Yaheng (厦门雅恒) | Directly holds 0.9049% of the Issuer's shares prior to this issuance; together with Ningbo Hongshan under the same control, collectively holds 7.1149% of shares | | 7 | Jingwei No. 1 (经纬壹号) | Directly holds 4.2598% of the Issuer's shares prior to this issuance; together with Jingwei No. 3 (经纬叁号) under the same control, collectively holds 5.4528% of shares | | 8 | Jingwei No. 3 (经纬叁号) | Directly holds 1.1930% of the Issuer's shares prior to this issuance; together with Jingwei No. 1 under the same control, collectively holds 5.4528% of shares |

Prospectus

(2) Legal Persons and Other Organizations Indirectly Holding 5% or More of the Company's Shares and Their Persons Acting in Concert

| No. | Name of Related Party | Description of Related Relationship | |-----|-----------------------|-------------------------------------| | 1 | Solid Bit Hong Kong Limited | Indirectly holds 7.6114% of the Issuer's shares prior to this issuance | | 2 | DianPing Holdings Ltd. | Indirectly holds 7.6114% of the Issuer's shares prior to this issuance | | 3 | Meituan/美团 (3690.HK) | Indirectly holds 7.6114% of the Issuer's shares prior to this issuance |

(3) Legal Persons or Other Organizations Directly or Indirectly Controlled by, or in Which the Controlling Shareholder, Actual Controller, and Their Close Family Members Serve as Directors or Senior Management In addition to the Issuer and its controlled subsidiaries, the legal persons or other organizations controlled by or over which significant influence is exercised by, or in which Wang Xingxing, the Issuer's controlling shareholder and actual controller, serves as a director or senior management member, are as follows:

| No. | Name of Related Party | Description of Related Relationship | |-----|-----------------------|-------------------------------------| | 1 | Hangzhou Tianze (杭州天则) | Wang Xingxing holds 100% equity and serves as its director | | 2 | Shanghai Yixin (上海翌心) | An enterprise controlled by Wang Xingxing through Hangzhou Tianze | | 3 | Hangzhou Yixin (杭州翌心) | An enterprise controlled by Wang Xingxing through Hangzhou Tianze | | 4 | Hangzhou Yiyi (杭州翌意) | An enterprise controlled by Wang Xingxing through Hangzhou Tianze | | 5 | Shanghai Yuyi (上海宇翼) | An enterprise controlled by Wang Xingxing through Hangzhou Tianze; directly holds 10.9414% of the Issuer's shares prior to this issuance | | 6 | Shanghai Baoshan District Shangda General Intelligent Robot Research Institute (上海宝山区上大通用智能机器人研究院) | A privately-run non-enterprise unit of which Wang Xingxing serves as the Dean |

(4) Controlled Subsidiaries of the Company and Associates over Which Significant Influence Is Exercised

| No. | Name of Related Party | Description of Related Relationship | |-----|-----------------------|-------------------------------------| | 1 | Unitree Robot (宇树机器人) | 100% held by the Issuer; wholly-owned subsidiary of the Issuer | | 2 | Shanghai Gaoyi (上海高羿) | 100% held by the Issuer; wholly-owned subsidiary of the Issuer | | 3 | Beijing Lingyi (北京灵翌) | 100% held by the Issuer; wholly-owned subsidiary of the Issuer | | 4 | Shenzhen Tianyi (深圳天羿) | 100% held by the Issuer; wholly-owned subsidiary of the Issuer | | 5 | Ningbo Unitree (宁波宇树) | 100% held by the Issuer; wholly-owned subsidiary of the Issuer | | 6 | UNITREE LIMITED | 100% held by the Issuer; wholly-owned subsidiary of the Issuer |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| No. | Name of Related Party | Description of Related Relationship | |-----|-----------------------|-------------------------------------| | 7 | Chongqing Yuyi (重庆宇羿) | 100% held by the Issuer; wholly-owned subsidiary of the Issuer | | 8 | Hong Kong Unitree (香港宇树) | Was formerly a wholly-owned subsidiary of the Issuer; deregistration completed in September 2025 | | 9 | Pilot Test Base (中试基地) | 10% held by Unitree Robot (宇树机器人), which has also appointed one director to it |

(5) Legal Persons or Other Organizations Directly or Indirectly Controlled by the Current Directors and Senior Management of the Company, or in Which the Aforementioned Related Natural Persons (Excluding Independent Directors) Serve as Directors or Senior Management In addition to the Issuer and its controlled subsidiaries, the legal persons or other organizations controlled by or over which significant influence is exercised by, or in which the current directors, supervisors, and senior management of the Issuer serve as directors or senior management, are as follows:

| No. | Related Party | Description of Related Relationship | |-----|--------------|-------------------------------------| | 1 | Hangzhou Yuhang District Cangqian Street Fengyi Technology Studio (杭州余杭区仓前街道锋逸科技工作室) | An individually-owned business of which Chen Li is the operator | | 2 | Shanghai Liantai Technology Co., Ltd. (上海联泰科技股份有限公司) | Cui Wenhan serves as its director | | 3 | Hubei Jingzhen Medical Technology Co., Ltd. (湖北精诊医疗科技有限公司) | Cui Wenhan serves as its director; resigned in February 2026 | | 4 | Beijing Jingguorui Equity Investment Fund Management Co., Ltd. (北京京国瑞股权投资基金管理有限公司) | Liang Wangnan serves as its director and general manager | | 5 | Beijing Jingguoyi Investment Management Co., Ltd. (北京京国益投资管理有限公司) | Liang Wangnan serves as its executive director and general manager | | 6 | Beijing Jingguorui Investment Management Co., Ltd. (北京京国瑞投资管理有限公司) | Liang Wangnan serves as its director | | 7 | Beijing Jingguantaifu Fund Management Co., Ltd. (北京京管泰富基金管理有限责任公司) | Liang Wangnan serves as its director | | 8 | Beijing Galaxy General Robot Co., Ltd. (北京银河通用机器人股份有限公司) | Liang Wangnan serves as its director | | 9 | First Capital Securities Co., Ltd. (第一创业证券股份有限公司) | Liang Wangnan serves as its director | | 10 | Beijing State-owned Capital Operation and Management Co., Ltd. (北京国有资本运营管理有限公司) | Liang Wangnan serves as its deputy general manager | | 11 | Zhejiang Hangke Technology Co., Ltd. (浙江杭可科技股份有限公司) | Fu Fenghua previously served as Chief Financial Officer, Secretary of the Board of Directors, and Deputy General Manager; resigned in May 2025 | | 12 | Hangzhou Tianze (杭州天则) | Zhang Yangguang serves as its general manager and person in charge of finance | | 13 | Shanghai Baihong Biotechnology Service Center (上海佰弘生物科技服务中心) | A sole proprietorship controlled by Wang Feng; deregistered in August 2022 |

(6) Other Related Parties 1) Legal persons or other organizations directly or indirectly controlled by legal persons or other organizations (and their persons acting in concert) that directly hold 5% or more of the Issuer's shares, excluding the Issuer and its controlled subsidiaries. 2) Legal persons or other organizations directly or indirectly controlled by close family members of the current directors and senior management of the Issuer, or in which close family members of current directors (excluding independent directors) and senior management serve as directors or senior management, excluding the Issuer and its controlled subsidiaries. 3) Legal persons or other organizations directly or indirectly controlled by, or in which directors, supervisors, and senior management who have resigned within the twelve months prior to the reporting period up to the present date, and their close family members, serve as directors or senior management,

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

excluding the Issuer and its controlled subsidiaries. 4) Other legal persons or other organizations that, in accordance with the principle of substance over form, are determined to have a special relationship with the Issuer that may cause the Issuer to favor their interests.

(II) Related-Party Transactions During the Reporting Period

1. Summary Table of Related-Party Transactions During the reporting period, the Company's summary table of related-party transactions is as follows:

Unit: 万元 (RMB 10,000)

| Item | January–September 2025 | Full Year 2024 | Full Year 2023 | Full Year 2022 | |------|------------------------|----------------|----------------|----------------| | **Recurring Related-Party Transactions** | | | | | | Purchase of goods, receipt of services | — | — | — | — | | Sale of goods, provision of services | 1,683.65 | 36.47 | 21.51 | 0.68 | | Remuneration of key management personnel | 859.09 | 863.89 | 534.60 | 484.30 |

In addition, during the reporting period, the Company had incidental related-party transactions, primarily consisting of fund lending to and from related parties. For details, please refer to "VII. (II) 6. General Incidental Related-Party Transactions" in this section.

2. Criteria and Basis for Determining Significant Related-Party Transactions In accordance with the provisions of the Related-Party Transaction Management System, transactions between the Company and related parties (excluding cash asset donations received by the Company, debt obligations of the Company unilaterally reduced or waived by related parties, and guarantees provided by related parties for the Company) where the amount (excluding guarantees) accounts for 1% or more of the Company's most recently audited total assets and exceeds RMB 30 million (3,000万元) shall be deemed significant related-party transactions and submitted to the shareholders' meeting for deliberation and approval. The Issuer identifies related-party transactions meeting the foregoing criteria as significant related-party transactions.

3. Significant Recurring Related-Party Transactions During the reporting period, the Company had no significant recurring related-party transactions.

4. Significant Incidental Related-Party Transactions During the reporting period, the Company had no significant incidental related-party transactions.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

5. General Recurring Related-Party Transactions

(1) Related-Party Transactions Involving the Sale of Goods and Provision of Services

Unit: 万元 (RMB 10,000)

| Transaction Nature | Related Party | Transaction Content | January–September 2025 | Full Year 2024 | Full Year 2023 | Full Year 2022 | |-------------------|--------------|---------------------|------------------------|----------------|----------------|----------------| | Sale of goods, provision of services — Domestic customers | Beijing Galaxy General Robot Co., Ltd. (北京银河通用机器人股份有限公司) | Quadruped robots, humanoid robots, components, and others | 1,514.38 | 36.47 | 1.77 | — | | | Beijing Lisi Consulting Management Co., Ltd. (北京砺思咨询管理有限公司) | Humanoid robots | 27.13 | — | — | — | | | Shanghai Baoshan District Shangda General Intelligent Robot Research Institute (上海宝山区上大通用智能机器人研究院) | Quadruped robots | 142.14 | — | — | — | | | Customer J (境内客户J) | Quadruped robots, components | — | — | 14.11 | — | | | Yin Fangming (尹方鸣) | Fitness pumps, robotic arms, other components | — | — | 5.64 | 0.12 | | | Wang Huadong (王华东) | Fitness pumps | — | — | — | 0.18 | | | Li Yannan (李彦男) | Fitness pumps, other components | — | — | — | 0.13 | | | Qi Tianyu (齐天宇) | Fitness pumps, other components | — | — | — | 0.12 | | | Cao Xi (曹曦) | Fitness pumps, other components | — | — | — | 0.12 | | **Total** | | | **1,683.65** | **36.47** | **21.51** | **0.68** |

During each period of the reporting period, the amount of goods sold by the Company to Beijing Galaxy General Robot Co., Ltd. (北京银河通用机器人股份有限公司) was RMB 0, RMB 17,700 (1.77万元), RMB 364,700 (36.47万元), and RMB 15,143,800 (1,514.38万元), respectively. The primary products sold were quadruped robots, humanoid robots, and robot components. Beijing Galaxy General Robot Co., Ltd. is a well-known embodied multi-modal large model general-purpose robot enterprise in the industry; its procurement of the Company's products is primarily for two purposes: its own technology research and development, and secondary development for external sales. The transaction prices do not differ significantly from market prices and are fair. In addition, the amounts and proportions of sales to other related parties are relatively small, and the transaction prices do not differ significantly from market prices and are fair.

(2) Remuneration of Key Management Personnel During each period of the reporting period, the remuneration received by the Company's key management personnel from the Company was RMB 4,843,000 (484.30万元), RMB 5,346,000 (534.60万元), RMB 8,638,900 (863.89万元), and RMB 8,590,900 (859.09万元), respectively.

6. General Incidental Related-Party Transactions During the reporting period, details of funds lent by the Company to related parties are as follows:

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

Unit: 万元 (RMB 10,000)

| Borrowing Party | Loan Amount | Lending Date | Repayment Date | Interest Amount | |----------------|-------------|--------------|----------------|----------------| | Chen Li (陈立) | 20.00 | March 2022 | August 2022 | 0.31 | | | 15.00 | September 2022 | December 2022 | 0.12 | | | 22.94 | February 2024 | July 2024 | 0.36 |

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

During the reporting period, Chen Li borrowed funds from the Company on a short-term basis due to personal financial needs and repaid them within the same year. The interest on such borrowings was determined by reference to the People's Bank of China lending rate for the same period, and the interest rate was fair and reasonable.

During the reporting period, in order to avoid potential competition in the same industry, the actual controller Wang Xingxing gratuitously transferred to the Issuer one patent related to intelligent fitness equipment (Patent No. 3240329, patent name: "A Fitness Pull Device") in August 2025. The relevant procedures for the registration of change of ownership were completed in October 2025.

7. Balances of Transactions with Related Parties

(1) Amounts Receivable from Related Parties

Unit: 万元 (RMB 10,000)

| Item | Related Party | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---|---| | Other receivables | Chen Li | - | - | - | 0.43 | | Total | | - | - | - | 0.43 |

At the end of each period during the reporting period, the Company's other receivables were primarily the interest on loans to Chen Li in 2022.

(2) Amounts Payable to Related Parties

Unit: 万元 (RMB 10,000)

| Item | Related Party | 2025/9/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | |---|---|---|---|---|---| | Contract liabilities | Beijing Galaxy General Robot Co., Ltd. (北京银河通用机器人股份有限公司) | 54.48 | 24.77 | 26.55 | - | | Contract liabilities | Shanghai Baoshan District Shangda General Intelligent Robot Research Institute (上海宝山区上大通用智能机器人研究院) | 38.13 | - | - | - | | Other payables | Wang Xingxing | 64.00 | 48.00 | 24.00 | - | | Total | | 156.61 | 72.77 | 50.55 | - |

Note: The above contract liabilities include the corresponding output tax to be transferred.

At the end of each period during the reporting period, the contract liabilities in the Company's amounts payable to related parties were primarily advance payments received for goods, and the other payables were primarily talent subsidies collected by the Company on behalf of the actual controller.

(III) Performance of Procedures for Related-Party Transactions During the Reporting Period and Independent Directors' Opinions on Related-Party Transactions

The Company has established a sound corporate governance system. The Articles of Association, Rules of Procedure for Shareholders' Meetings, Rules of Procedure for the Board of Directors, Working System for Independent Directors, and Related-Party Transaction Management System, among others, set out the abstention voting system, decision-making authority, and decision-making procedures for related-party transactions, in order to ensure the fairness of the Company's related-party transactions and to ensure that related-party transactions do not harm the interests of the Company and all shareholders.

The 9th Meeting of the 1st Board of Directors, the 13th Meeting of the 1st Board of Directors, and the 6th Extraordinary General Meeting of Shareholders in 2025 confirmed the related-party transaction matters during the reporting period. The Company's independent directors convened a special meeting to review the relevant proposals regarding related-party transactions and expressed their approval.

(IV) Measures to Regulate and Reduce Related-Party Transactions

1. Formulation and Improvement of Relevant Systems

The Company has set out in its Articles of Association, Rules of Procedure for Shareholders' Meetings, Rules of Procedure for the Board of Directors, Working System for Independent Directors, and Related-Party Transaction Management System the division of approval authority for shareholders' meetings and board of directors meetings when reviewing related-party transaction matters, as well as systems for abstention voting by related shareholders and related directors, and has clarified the decision-making procedures for related-party transactions.

2. Letters of Undertaking Regarding the Regulation of Related-Party Transactions

In order to regulate related-party transactions with the Issuer, the controlling shareholder, actual controller, directors, and senior management of the Issuer have issued relevant undertakings. For details of the undertakings, please refer to "Section 12 Appendices" of this Prospectus, "Appendix 1: (XI) Undertakings Regarding Reducing and Regulating Related-Party Transactions."

3. Measures to Further Regulate and Reduce Unnecessary Related-Party Transactions

The measures the Company will further implement in the future to regulate and reduce unnecessary related-party transactions are as follows:

(1) For procurement matters where alternative external suppliers are available, the Company will introduce external suppliers through open tendering, competitive negotiation, price inquiry, and other methods to further reduce the proportion of related-party transactions;

(2) For related-party transactions that arise from the day-to-day business operations of both parties and cannot be avoided, the Company adheres to the principles of fairness and impartiality, and prices such transactions with reference to transaction prices with unrelated third parties and fair market prices;

(3) In the future, the Company will continue to strictly implement internal control systems such as the Rules of Procedure for Shareholders' Meetings, Rules of Procedure for the Board of Directors, Working System for Independent Directors, and Related-Party Transaction Management System to manage related-party transactions, strictly enforce related-party transaction decision-making procedures, abstention systems, and information disclosure systems, strengthen the supervision of related-party transactions by independent directors, further improve the corporate governance structure, ensure the fairness and impartiality of related-party transactions, and avoid related-party transactions from harming the interests of the Company and its shareholders.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

Section 9 Investor Protection

I. Distribution Arrangements for Accumulated Profits Prior to Completion of This Offering and Decision-Making Procedures Fulfilled

Pursuant to the "Proposal Regarding the Distribution Plan for Accumulated Profits Prior to the Company's Initial Public Offering of Shares" reviewed and approved at the 6th Extraordinary General Meeting of Shareholders in 2025, the accumulated undistributed profits as of the date prior to the Company's initial public offering of shares shall be shared by all new and existing shareholders after the completion of the listing in proportion to their respective shareholdings in the Company.

II. Dividend Distribution Policy and Long-Term Return Plan

(I) Provisions Related to Profit Distribution in the Articles of Association

Pursuant to the Articles of Association (Draft) adopted at the 6th Extraordinary General Meeting of Shareholders in 2025, the profit distribution policy following this offering is determined as follows:

The Company shall implement a continuous and stable profit distribution policy. The Company's profit distribution shall emphasize providing investors with reasonable and stable investment returns while taking into account the Company's long-term and sustainable development. On the premise that the Company's profits and cash flows satisfy the Company's normal operations and long-term development, the Company will give priority to distributing dividends in cash. In circumstances where the Company's future development prospects are expected to remain favorable and its cash needs for development are significant, the Company may distribute dividends in the form of stock dividends. The specific dividend distribution ratio for each year shall be proposed by the Board of Directors based on the Company's annual profitability and future plans for fund utilization. Independent directors shall express independent opinions thereon. The Company may conduct interim cash dividend distributions.

(II) Special Research and Deliberation by the Board of Directors on Matters Relating to Shareholder Returns and the Corresponding Planning Arrangements and Rationale

1. Special Research and Deliberation by the Board of Directors on Matters Relating to Shareholder Returns

In order to improve and establish the Company's scientific, continuous, and stable dividend decision-making and supervisory mechanism, to clarify the Company's reasonable return on investment to investors after listing, to increase the transparency and operability of profit distribution decisions, to facilitate investors' supervision of the Company's operations and profit distribution, and to guide investors in developing the concept of long-term and rational investment, in accordance with the requirements of the China Securities Regulatory Commission's Guidelines for the Supervision of Listed Companies No. 3 — Cash Dividends of Listed Companies (2025 Amendment) (CSRC Announcement [2025] No. 5) and other relevant documents, the Company's Board of Directors has formulated the "Post-Listing Three-Year Shareholder Dividend Return Plan."

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

2. Factors Considered by the Company in Formulating This Plan

The Company will focus on long-term and sustainable development. On the basis of a comprehensive analysis of the Company's actual operating and development conditions, the social cost of capital, and the external financing environment, and after fully soliciting the requirements and wishes of independent directors and minority shareholders, and taking into account factors such as the Company's current and future profitability scale, cash flow status, stage of development, investment project funding requirements, and the environment for bank credit and debt financing, the Company will establish a continuous, stable, and scientific return plan and mechanism for investors, thereby making institutional arrangements for profit distribution to ensure the continuity and stability of the profit distribution policy.

3. Principles for Formulating This Plan

The Company actively implements a continuous and stable dividend distribution policy. The Company's dividend distribution shall emphasize providing investors with reasonable investment returns while taking into account the Company's sustainable development. The Company's Board of Directors shall comply with relevant laws, regulations, and the provisions of the Articles of Association. When formulating profit distribution plans, especially cash dividend plans, it shall solicit opinions from various parties, and in particular shall fully solicit the opinions of independent directors and minority shareholders.

(III) The Issuer's Profit Distribution Plan for the Three Years Following Listing, the Basis and Feasibility for Formulating Such Plan, and the Arrangements for the Use of Undistributed Profits

1. Method of Distribution

On the premise that the Company's profits and cash flows satisfy the Company's normal operations and long-term development, the Company will give priority to distributing dividends in cash. In circumstances where the Company's future development prospects are expected to remain favorable and its cash needs for development are significant, the Company may distribute dividends in the form of stock dividends.

2. Conditions for Implementing Cash Distributions

The distributable profits realized by the Company in that year (i.e., the after-tax profits remaining after the Company has made up losses and drawn reserves) are positive, and cash flows are sufficient so that implementing cash dividends will not affect the Company's subsequent continued operations; the Company's accumulated distributable profits are positive; the audit firm has issued a standard unqualified audit opinion on the Company's financial report for that year; and the Company has no major investment plans or major cash expenditures (excluding fund-raising projects).

3. Conditions for Implementing Stock Dividends

When the Company is operating well and the Board of Directors believes that distributing stock dividends is conducive to the overall interests of all shareholders of the Company, the Company may, on the premise of ensuring adequate cash dividend distribution, propose a stock dividend distribution plan. When the Company uses stock dividends to distribute profits, it shall fully consider whether the total share capital after the distribution of stock dividends is compatible with the Company's current operating scale, profit growth rate, and dilution of net assets per share, so as to ensure that the profit distribution plan is in the overall and long-term interests of all shareholders. The Company's dividend distribution shall not exceed the scope of accumulated distributable profits.

4. Proportion of Cash Distribution

The Company shall maintain the continuity and stability of its profit distribution policy. When the conditions for cash dividends are met, in principle the Company's annual cash dividend shall not be less than 10% of the distributable profits realized in that year. Distributable profits that are not distributed in the current year may be retained for distribution in subsequent years.

The Company's Board of Directors shall comprehensively consider factors such as the characteristics of the industry in which the Company operates, its stage of development, its own business model, its profitability level, and whether there are arrangements for major capital expenditures, distinguish among the following circumstances, and, in accordance with the procedures stipulated in the Articles of Association, propose differentiated cash dividend policies:

(1) If the Company is in the mature stage of development and has no major capital expenditure arrangements, the proportion of cash dividends in this profit distribution shall be at least 80%;

(2) If the Company is in the mature stage of development and has major capital expenditure arrangements, the proportion of cash dividends in this profit distribution shall be at least 40%;

(3) If the Company is in the growth stage of development and has major capital expenditure arrangements, the proportion of cash dividends in this profit distribution shall be at least 20%.

If the Company's stage of development is not easily distinguished but it has major investment plans or major capital expenditure arrangements, the matter may be handled in accordance with the provisions of the preceding paragraph.

5. Interval Between Distribution Periods

On the premise of meeting the conditions for profit distribution and ensuring the Company's normal operations and long-term development, the Company shall in principle conduct one profit distribution per year after approval at the annual general meeting of shareholders. The Company's Board of Directors may, based on the Company's profitability and funding needs, propose that the Company conduct interim cash dividend distributions, which shall be submitted to the shareholders' meeting for review and approval.

6. Decision-Making Mechanism and Procedures for Profit Distribution

The Board of Directors formulates annual profit distribution plans and interim profit distribution plans. If independent directors believe that a specific cash dividend plan may harm the interests of the listed company or minority shareholders, they have the right to express independent opinions. Independent directors may solicit opinions from minority shareholders, propose dividend proposals, and submit them directly to the Board of Directors for deliberation.

After the Board of Directors deliberates on and adopts the profit distribution plan, it shall be submitted to the shareholders' meeting for review and approval.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

If the Company's Board of Directors has not made a cash profit distribution plan, or the cash profit distribution plan made by the Board of Directors does not comply with the provisions of the Articles of Association, the reasons shall be disclosed in detail in the periodic report, along with the intended use of the funds not used for dividends retained by the Company. Independent directors shall express independent opinions thereon.

The shareholders' meeting reviews the profit distribution plan. The Company shall provide online voting and other methods to facilitate shareholders' participation in shareholder meeting voting. Before shareholders review the specific cash dividend plan, the Company shall proactively communicate and exchange views with shareholders, especially minority shareholders, through multiple channels (including but not limited to shareholder hotline, fax, email, interactive platform, etc.), fully solicit the opinions and demands of minority shareholders, and promptly respond to issues of concern to minority shareholders.

After the Company's shareholders' meeting passes a resolution on the profit distribution plan, the Company's Board of Directors must complete the profit distribution matters within 2 months of the shareholders' meeting's approval.

(IV) The Company's Long-Term Return Plan

The Company shall review the Shareholder Dividend Return Plan at least once every three years. In compliance with the Articles of Association, based on the opinions of independent directors and minority shareholders, and combined with specific operating data, the Board of Directors shall, after fully considering the Company's profitability scale, cash flow status, stage of development, and funding needs, make appropriate and necessary modifications to the profit distribution policy currently being implemented by the Company and determine the Shareholder Dividend Return Plan for that period.

In the event of force majeure such as natural disasters, or changes in the Company's external operating environment that have or are about to have a significant impact on the Company's production and operations, or significant changes in the Company's own operating conditions, the Company may make appropriate and necessary adjustments to the dividend plan and schedule based on the opinions of shareholders (especially public investors) and independent directors. Adjustments to the dividend plan and schedule shall take the protection of shareholders' equity as the starting point and shall not contravene the relevant provisions of the Articles of Association.

III. Differences in Dividend Distribution Policies Before and After the Offering

In accordance with the relevant provisions of the CSRC's "Notice on Further Implementing Matters Relating to Cash Dividends of Listed Companies," "Guidelines for the Supervision of Listed Companies No. 3 — Cash Dividends of Listed Companies," "Guidelines on the Application of Regulatory Rules — Issuance Category No. 10," and other relevant regulations, the Company has formulated, clarified, and refined the following matters with respect to the post-offering profit distribution policy: the principles, forms and time intervals of distribution, the specific conditions and proportions of cash dividends, the specific conditions for the distribution of stock dividends, the decision-making procedures and supervisory mechanisms for profit distribution plans, and adjustments to profit distribution policies. The post-offering profit distribution policy and future dividend plan place greater emphasis on providing investors with reasonable investment returns while taking into account the Company's sustainable development, further strengthening the protection of and return to all shareholders of the Company, especially minority investors.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

IV. Special Voting Rights Shares, Contractual Control Structure, or Similar Special Arrangements

The Company has established relevant investor protection measures for the special voting rights arrangements. For details, please refer to this Prospectus.

Section 4 "Basic Information of the Issuer" — "VIII. (III) Investor Protection Measures."

In addition, Wang Xingxing, the company shareholder holding shares with special voting rights, has made the following commitment: "I hereby commit to exercising my rights in accordance with relevant laws, regulations, and the company's articles of association, not to abuse special voting rights, and not to harm the lawful rights and interests of investors. Should I harm the lawful rights and interests of investors, I will promptly make corrections and bear liability for damages to investors in accordance with the law."

Apart from the special voting rights arrangement, as of the date of signing of this prospectus, the issuer does not have a variable interest entity (VIE) structure or any similar special arrangements.

V. Investor Protection Measures in Cases of Unprofitability or Accumulated Unrecovered Losses

As of the date of signing of this prospectus, the Company has no situation of unprofitability or accumulated unrecovered losses.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

Section 10

Other Important Matters

I. Material Contracts

(I) Purchase Contracts

During the reporting period, the purchase contracts or other important purchase contracts with amounts of RMB 5,000,000 (500.00万元) or above that the Company has performed, is performing, or will perform are as follows:

| No. | Supplier Name | Purchase Content | Contract Amount (万元) | Signing Date | Performance Status as of End of Reporting Period | |---|---|---|---|---|---| | 1 | Beijing Jinshan Cloud Network Technology Co., Ltd. (北京金山云网络技术有限公司) | Cloud services | Framework agreement | 2024/8/19 | In performance | | | | | 4,822.38 | 2025/4/7 | In performance | | | | | 1,625.10 | 2024/8/19 | In performance | | | | | 2,185.47 | 2025/7/1 | In performance | | | | | 1,430.40 | 2025/7/11 | In performance | | 2 | Supplier A1 | Electronic components | 644.00 | 2025/4/9 | In performance | | 3 | Supplier A1 | Electronic components | 644.00 | 2025/3/26 | Completed | | 4 | Supplier A1 | Electronic components | 644.00 | 2025/3/14 | Completed | | 5 | Supplier D | Electrical materials | 610.50 | 2025/4/24 | Completed | | 6 | Pusai Computer (Shanghai) Co., Ltd. (朴赛计算机（上海）有限公司) | Servers | 559.20 | 2025/3/31 | Completed | | 7 | Supplier D | Electrical materials | 555.00 | 2025/6/4 | Completed | | 8 | Supplier B | Electronic components | 542.32 | 2025/4/9 | Completed | | 9 | Suzhou Tongcan Precision Technology Co., Ltd. (苏州同灿精密科技有限公司) | Mechanical components | 529.70 | 2025/2/28 | Completed | | 10 | Supplier B | Electronic components | 509.49 | 2025/5/13 | Completed |

(II) Sales Contracts

During the reporting period, the following are sales contracts with amounts of RMB 10,000,000 (1,000.00万元) or above (calculated on a cumulative basis for contracts of the same content or nature continuously entered into with the same transaction party within one accounting year), annual sales framework agreements with annual transaction amounts of RMB 10,000,000 (1,000.00万元) or above, or other important sales contracts that the Company has performed, is performing, or will perform:

| No. | Customer Name | Contract Amount/Type (万元) | Signing Date | Performance Status as of End of Reporting Period | |---|---|---|---|---| | 1 | Beijing Galaxy General Robotics Co., Ltd. (北京银河通用机器人股份有限公司) | 1,637.10 | March 2025 | Completed | | 2 | Wuhan Jingtian Electric Co., Ltd. (武汉京天电器有限公司) | Agency agreement | April 2025 | In performance |

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| No. | Customer Name | Contract Amount/Type (万元) | Signing Date | Performance Status as of End of Reporting Period | |---|---|---|---|---| | 3 | Hangzhou Hewa Robot Technology Development Co., Ltd. (杭州赫瓦机器人技术开发有限公司) | Agency agreement | May 2025 | In performance | | 4 | Shenzhen Huaxin Liye Technology Co., Ltd. (深圳市华鑫立业科技有限公司) | Agency agreement | June 2025 | In performance | | 5 | Beijing Chaoyuan Times Technology Co., Ltd. (北京朝元时代科技有限公司) | Agency agreement | January 2025 | In performance | | 6 | Chengdu Jintaier Technology Development Co., Ltd. (成都金泰尔科技发展有限公司) | Agency agreement | April 2025 | In performance | | 7 | Overseas Customer A (Asia) | Agency agreement | April 2024 / January 2025 | Completed / In performance | | 8 | Overseas Customer B (Asia) | Agency agreement | June 2024 / January 2025 | Completed / In performance | | 9 | CASCO Innovation (Guangzhou) Intelligent Technology Development Co., Ltd. (中科开创（广州）智能科技发展有限公司) | Framework agreement | June 2025 | In performance | | 10 | Beijing JD Century Trade Co., Ltd. (北京京东世纪贸易有限公司) | Framework agreement | November 2024 | In performance | | 11 | Overseas Customer C (Europe) | Agency agreement | December 2024 | In performance | | 12 | Overseas Customer N (Europe) | USD 7,527,600 (752.76万美元) | July 2025 | In performance | | 13 | Xingchuangyi (Kunshan) Culture and Entertainment Co., Ltd. (星创艺（昆山）文娱有限公司) | Framework agreement | July 2025 | In performance | | 14 | China Mobile (Hangzhou) Information Technology Co., Ltd. (中移（杭州）信息技术有限公司) | Not exceeding 39,703,500 (不超过3,970.35万元) | September 2025 | In performance |

The above contracts are all material sales contracts related to the Company's principal business signed with major customers, and have a certain impact on the Company's operating status and financial data. Failure to perform such contracts on time may affect operating results and the Company's cooperative relationships with customers.

(III) Loan Contracts

During the reporting period, the material loan contracts of RMB 10,000,000 (1,000万元) or above that the Company and its controlled subsidiaries are performing or have completed are as follows:

| No. | Contract Number | Borrower | Lender | Amount (万元) | Loan Term | Performance Status | |---|---|---|---|---|---|---| | 1 | IR2304260000069 | Unitree Co., Ltd. (宇树有限) | China Merchants Bank Hangzhou Qiantang Branch (招商银行杭州钱塘支行) | 1,000 | 2023.4.26–2023.7.26 | Completed | | 2 | IR2310240000070 | Unitree Co., Ltd. (宇树有限) | China Merchants Bank Hangzhou Qiantang Branch (招商银行杭州钱塘支行) | 1,000 | 2023.10.26–2024.10.25 | Completed |

II. Information on External Guarantees Provided by the Issuer

As of the date of signing of this prospectus, the Company has no external guarantee matters.

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III. Litigation or Arbitration Matters That Have a Material Impact on the Issuer

(I) Litigation or Arbitration That May Have a Significant Impact on the Company's Financial Condition, Operating Results, Reputation, Business Activities, and Future Prospects

1. July 2025: Luweimei Company Files Lawsuit Against Unitree Technology (宇树科技) for Infringement

In July 2025, Hangzhou Luweimei Daily Chemical Co., Ltd. (杭州露韦美日化有限公司, hereinafter "Luweimei Company") filed a lawsuit with the Hangzhou Intermediate People's Court of Zhejiang Province (杭州市中级人民法院, hereinafter "Hangzhou Intermediate Court") on the grounds of infringement of invention patent rights (Case No.: (2025) Zhe 01 Zhi Min Chu No. 79), requesting a judgment ordering the Company to cease the manufacture, sale, and offer for sale of the "Go2" model robot dog product that infringes its Patent No. ZL201610396363.0, to compensate for related economic losses of RMB 500, to bear punitive damages, and to pay rights protection costs, among other claims.

Based on technical assessment and evidence review, the Company believes that Luweimei Company's litigation claims lack factual and legal basis, and that the Company's products do not constitute infringement of Luweimei Company's invention patent rights.

In September 2025, the Hangzhou Intermediate Court rendered a Civil Judgment, finding that Luweimei Company's litigation claims lacked factual and legal basis, and ruled to dismiss all of its litigation claims. In the same month, Luweimei Company filed an appeal, requesting that the civil judgment of the Hangzhou Intermediate Court be revoked in accordance with the law and that all of Luweimei Company's litigation claims be supported.

In February 2026, the Supreme People's Court rendered Civil Judgment No. (2025) Zui Gao Fa Zhi Min Zhong No. 756, finding that Luweimei Company's appeal grounds were not established, dismissing the appeal and upholding the original judgment, and condemning Luweimei Company's conduct based on the principle of good faith as stipulated in the Civil Procedure Law of the People's Republic of China and the Patent Law.

2. September 2025: Luweimei Company Files Lawsuit Against Unitree Technology (宇树科技) for Infringement

In September 2025, Luweimei Company again filed a lawsuit with the Hangzhou Intermediate Court on the grounds of infringement of invention patent rights (Case No.: (2025) Zhe 01 Zhi Min Chu No. 113), requesting a judgment ordering the Company to cease the manufacture, sale, and offer for sale of the "A2" model robot dog product that infringes its Invention Patent No. ZL201610396363.0, and to compensate for economic losses of RMB 1,500 and related litigation costs, among other claims.

Based on technical assessment and evidence review, the Company believes that Luweimei Company's litigation claims lack factual and legal basis, and that the Company's products do not constitute infringement of Luweimei Company's invention patent rights.

In order to prevent Luweimei Company from abusing its litigation rights and engaging in malicious litigation, the Company filed a counterclaim with the Hangzhou Intermediate Court in November 2025 on the grounds of liability disputes arising from malicious filing of intellectual property litigation, requesting a judgment ordering Luweimei

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Company to compensate for attorney's fees incurred due to the litigation and to bear the counterclaim costs. In December 2025, the Hangzhou Intermediate Court accepted the Company's aforementioned counterclaim and consolidated it with Luweimei Company's original action for joint trial.

In February 2026, the Hangzhou Intermediate Court rendered a Civil Judgment, finding that the products accused of infringement by Unitree Technology (宇树科技) lacked several technical features of the patent claims in the case, did not fall within the scope of protection of the patent in the case, and did not constitute infringement; and finding that Luweimei Company violated the purpose and spirit of the intellectual property legal protection system, constituting an abuse of rights and malicious litigation against Unitree Technology (宇树科技). The court ruled to dismiss all of Luweimei Company's litigation claims and ordered Luweimei Company to compensate Unitree Technology (宇树科技) for reasonable expenses. As of the date of signing of this prospectus, Luweimei Company has filed an appeal, and the second-instance judgment in this case has not yet been rendered.

3. January 2026: Luweimei Company Files Lawsuit Against Unitree Technology (宇树科技) and Beijing JD Century Trade Co., Ltd. (北京京东世纪贸易有限公司) for Infringement

In January 2026, Luweimei Company filed a lawsuit with the Hangzhou Intermediate Court on the grounds of infringement of invention patent rights (Case No.: (2026) Zhe 01 Zhi Min Chu No. 13), requesting a judgment ordering the Company and Beijing JD Century Trade Co., Ltd. (北京京东世纪贸易有限公司) to cease the manufacture, sale, and offer for sale of Unitree robot dog "Go2 Pro" series products that infringe its Invention Patent No. ZL201610396363.0, and to compensate for economic losses of RMB 2,000, to bear punitive damages, and to pay related litigation costs, among other claims.

Based on technical assessment and evidence review, the Company believes that Luweimei Company's litigation claims lack factual and legal basis, and that the Company's products do not constitute infringement of Luweimei Company's invention patent rights. As of the date of signing of this prospectus, the first-instance judgment in this case has not yet been rendered.

Apart from the above-mentioned litigation, the Company has no litigation or arbitration matters that may have a significant impact on the Company's financial condition, operating results, reputation, business activities, or future prospects.

(II) Criminal Proceedings, Significant Litigation or Arbitration Matters Involving the Company's Controlling Shareholders or Actual Controllers, Subsidiaries, Directors, Supervisors, Senior Management and Other Core Personnel as a Party That May Have an Impact on the Issuer

As of the date of signing of this prospectus, the Company's controlling shareholders, actual controllers, directors, senior management, and core technical personnel are not involved in any significant litigation or arbitration matters as a party that may have an impact on the issuer.

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Section 11

Declarations

I. Declaration by the Issuer and All Directors, Audit Committee Members, and Senior Management

The Company and all directors, audit committee members, and senior management hereby commit that the contents of this prospectus are true, accurate, and complete, contain no false records, misleading statements, or material omissions, and that they will fulfill their commitments in accordance with the principle of good faith and bear corresponding legal liability.

All Directors:

Wang Xingxing　　Yang Zhiyu　　Chen Li　　Zhang Yangguang　　Cui Wenhan　　Liang Wangnan　　Li Zongyan　　Ni Chenkai　　Song Huasheng

Unitree Technology Co., Ltd. (宇树科技股份有限公司) Year　　Month　　Day

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I. Declaration by the Issuer and All Directors, Audit Committee Members, and Senior Management

The Company and all directors, audit committee members, and senior management hereby commit that the contents of this prospectus are true, accurate, and complete, contain no false records, misleading statements, or material omissions, and that they will fulfill their commitments in accordance with the principle of good faith and bear corresponding legal liability.

All Audit Committee Members:

Li Zongyan　　Ni Chenkai　　Zhang Yangguang

Unitree Technology Co., Ltd. (宇树科技股份有限公司) Year　　Month　　Day

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I. Declaration by the Issuer and All Directors, Audit Committee Members, and Senior Management

The Company and all directors, audit committee members, and senior management hereby commit that the contents of this prospectus are true, accurate, and complete, contain no false records, misleading statements, or material omissions, and that they will fulfill their commitments in accordance with the principle of good faith and bear corresponding legal liability.

All Senior Management Members Other Than Directors and Audit Committee Members:

Wang Feng　　Fu Fenghua

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II. Declaration by the Issuer's Controlling Shareholder and Actual Controller

I hereby commit that the contents of this prospectus are true, accurate, and complete, contain no false records, misleading statements, or material omissions, that I will fulfill my commitments in accordance with the principle of good faith, and bear corresponding legal liability.

Controlling Shareholder and Actual Controller:

Wang Xingxing

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III. Declaration by the Sponsor (Lead Underwriter)

The Company has reviewed the prospectus and confirms that the contents of the prospectus are true, accurate, and complete, contain no false records, misleading statements, or material omissions, and bears corresponding legal liability.

Sponsoring Representatives:

Gao Ruoyang　　Chen Xiying

Project Coordinator:

Liu Mengdi

Legal Representative:

Zhang Youjun

CITIC Securities Co., Ltd. (中信证券股份有限公司) Year　　Month　　Day

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Declaration by Sponsor Management

I have carefully read the full contents of the prospectus of Unitree Technology Co., Ltd. (宇树科技股份有限公司), and confirm that the prospectus contains no false records, misleading statements, or material omissions, and bear corresponding legal liability for the truthfulness, accuracy, completeness, and timeliness of the prospectus.

Chairman:

Zhang Youjun

CITIC Securities Co., Ltd. (中信证券股份有限公司) Year　　Month　　Day

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Declaration by Sponsor Management

I have carefully read the full contents of the prospectus of Unitree Technology Co., Ltd. (宇树科技股份有限公司), and confirm that the prospectus contains no false records, misleading statements, or material omissions, and bear corresponding legal liability for the truthfulness, accuracy, completeness, and timeliness of the prospectus.

President:

Zou Yingguang

CITIC Securities Co., Ltd. (中信证券股份有限公司) Year　　Month　　Day

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IV. Declaration by the Issuer's Legal Counsel

Our firm and the handling attorneys have read the prospectus and confirm that the prospectus is consistent with the legal opinion issued by our firm and contains no contradictions. Our firm and the handling attorneys have no objection to the content of the legal opinion cited by the issuer in the prospectus, and confirm that the prospectus will not contain false records, misleading statements, or material omissions on account of the aforementioned content, and bear corresponding legal liability.

Beijing Deheng Law Offices (北京德恒律师事务所) (Seal)

Person in Charge: _______________ Wang Li

Handling Attorney: ________________ Shen Hongshan

Handling Attorney: ________________ Su Zhongzheng

Handling Attorney: ________________ Ma Haoran

Handling Attorney: ________________ Yan Mingkang

Year　　Month　　Day

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V. Declaration by the Accounting Firm

Our firm and the signing certified public accountants have read the prospectus and confirm that the prospectus is consistent with the audit report, internal control review report, and the schedule of non-recurring gains and losses attested by our firm, and contains no contradictions. Our firm and the signing certified public accountants have no objection to the content of the audit report, internal control review report, and schedule of non-recurring gains and losses cited by the issuer in the prospectus, and confirm that the prospectus will not contain false records, misleading statements, or material omissions on account of the aforementioned content, and bear corresponding legal liability.

Signing Certified Public Accountants:

Wan Yunlong　　Xu Yuan　　Lu Jinhai

Person in Charge of the Accounting Firm:

Liu Wei

Rong Cheng Certified Public Accountants (Special General Partnership) (容诚会计师事务所（特殊普通合伙）) Year　　Month　　Day

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VI. Declaration by the Asset Valuation Institution

Our institution and the signing asset appraisers have read the prospectus and confirm that the prospectus is consistent with the asset valuation report issued by our institution and contains no contradictions. Our institution and the signing asset appraisers have no objection to the content of the asset valuation report cited by the issuer in the prospectus, and confirm that the prospectus will not contain false records, misleading statements, or material omissions on account of the aforementioned content, and bear corresponding legal liability.

Signing Appraisers:

Xu Xiangyang　　Zheng Jingjing

Person in Charge of the Valuation Institution:

Xiao Li

Zhongshui Zhiyuan Asset Appraisal Co., Ltd. (中水致远资产评估有限公司) Year　　Month　　Day

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VII. Declaration of the Capital Verification Institution

This institution and the signing registered accountants have read the Prospectus and confirm that there are no contradictions between the Prospectus and the capital verification report issued by this institution. This institution and the signing registered accountants have no objection to the content of the capital verification report cited by the Issuer in the Prospectus, and confirm that the Prospectus will not contain false statements, misleading representations, or material omissions due to the aforementioned content, and shall bear corresponding legal responsibility.

Signing Registered Accountants:

Wan Yunlong

Chen Xue

Xu Yuan

Person-in-Charge of the Accounting Firm:

Liu Wei

Rongcheng Accounting Firm (Special General Partnership) (容诚会计师事务所（特殊普通合伙）) Year Month Day

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VIII. Declaration of the Capital Verification Review Institution

This institution and the signing registered accountants have read the Prospectus and confirm that there are no contradictions between the Prospectus and the capital verification review report issued by this institution. This institution and the signing registered accountants have no objection to the content of the capital verification review report cited by the Issuer in the Prospectus, and confirm that the Prospectus will not contain false statements, misleading representations, or material omissions due to the aforementioned content, and shall bear corresponding legal responsibility.

Signing Registered Accountants:

Wan Yunlong

Xu Yuan

Lu Jinhai

Person-in-Charge of the Accounting Firm:

Liu Wei

Rongcheng Accounting Firm (Special General Partnership) (容诚会计师事务所（特殊普通合伙）) Year Month Day

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Section XII Appendices

I. Documents Available for Inspection

Investors may review all formal legal documents related to this public offering. Such documents are also disclosed on the designated website, as follows:

(I) Issuance Sponsorship Letter; (II) Listing Sponsorship Letter; (III) Legal Opinion; (IV) Financial Statements and Audit Report; (V) Articles of Association (Draft); (VI) Arrangements for implementing relevant provisions on investor relations management, the decision-making procedures for dividend distribution, and the establishment of shareholder voting mechanisms; (VII) Commitments related to investor protection; (VIII) Commitment matters made by the Issuer and other responsible parties in connection with the Issuer's current issuance and listing; (IX) Internal Control Audit Report; (X) Schedule of non-recurring gains and losses certified by registered accountants; (XI) Description of the establishment, improvement, and operation of the shareholders' meeting, board of directors, independent directors, and board secretary systems; (XII) Description of the establishment of the audit committee and other special committees; (XIII) Important commitments of core technical personnel, restrictive measures for failure to fulfill commitments, and the fulfillment status of commitments whose conditions have been triggered; (XIV) Other important documents related to this offering.

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Appendix I: Commitments Related to This Offering

(I) Commitments Regarding Lock-up Arrangements, Voluntary Share Lock-up, and Extension of Lock-up Periods for Shares Held by Pre-IPO Shareholders

1. Commitments of the Controlling Shareholder and Actual Controller, Wang Xingxing

"1. Within 36 months from the date on which the Issuer's shares are listed, I will not transfer or entrust others to manage the shares of the Issuer directly or indirectly held by me prior to this offering and listing, nor will I propose that the Issuer repurchase such shares.

2. Within 4 years from the expiration of the lock-up period for my pre-IPO shares, during the period in which I serve as a core technical personnel of the Company, the pre-IPO shares transferred each year shall not exceed 25% of the total pre-IPO shares of the Company held by me at the time of listing; the reduction ratio may be accumulated for use.

3. After the expiration of the above share lock-up period, during the period in which I serve as a director/senior management of the Issuer, I will report to the Issuer the shares of the Issuer held by me and any changes thereto. The shares transferred each year shall not exceed 25% of the total shares of the Issuer held by me. I will not transfer the shares of the Issuer held by me within 6 months after my resignation. If I resign before the expiration of my term of office, I commit to continuing to comply with the above restrictive provisions on share transfers by directors/senior management during the term of office determined at the time of my appointment and within 6 months after the expiration of such term.

4. For reductions within 2 years after the expiration of the share lock-up period, the reduction price shall not be lower than the offering price (if the Issuer undergoes dividend distribution, stock dividends, capitalization of capital reserves, or other ex-dividend or ex-rights events after listing and before my reduction, the offering price shall be adjusted accordingly).

5. If within 6 months after the Issuer's listing, the closing price of the stock falls below the offering price for 20 consecutive trading days, or if the closing price on the last day of the 6-month period after listing (if that day is not a trading day, then the first trading day after that day) is below the offering price (if the Issuer undergoes dividend distribution, stock dividends, capitalization of capital reserves, or other ex-dividend or ex-rights events within 6 months after listing, the offering price shall be adjusted accordingly), the lock-up period for the shares of the Issuer directly or indirectly held by me shall automatically be extended by 6 months on the basis of the original lock-up period.

6. The above commitments remain continuously effective, and I will not abandon the fulfillment of the above commitments due to changes in position, resignation, or other reasons.

7. If I sell the Issuer's shares without fulfilling the above commitments, I agree to bear the legal liability arising from the violation of the above commitments in accordance with the law.

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8. If laws, regulations, departmental rules, or the China Securities Regulatory Commission (CSRC) or the stock exchange have other provisions regarding the lock-up period for the shares of the Issuer held by me, I agree to comply with such provisions."

2. Commitments of Director and Core Technical Personnel Yang Zhiyu and Zhang Yangguang

"1. Within 12 months from the date on which the Issuer's shares are listed, I will not transfer or entrust others to manage the shares of the Issuer directly or indirectly held by me prior to this offering and listing, nor will I propose that the Issuer repurchase such shares.

2. Within 4 years from the expiration of the lock-up period for my pre-IPO shares, during the period in which I serve as a core technical personnel of the Company, the pre-IPO shares transferred each year shall not exceed 25% of the total pre-IPO shares of the Company held by me at the time of listing; the reduction ratio may be accumulated for use.

3. After the expiration of the above share lock-up period, during the period in which I serve as a director of the Issuer, I will report to the Issuer the shares of the Issuer held by me and any changes thereto. The shares transferred each year shall not exceed 25% of the total shares of the Issuer held by me. I will not transfer the shares of the Issuer held by me within 6 months after my resignation. If I resign before the expiration of my term of office, I commit to continuing to comply with the above restrictive provisions on share transfers by directors during the term of office determined at the time of my appointment and within 6 months after the expiration of such term.

4. For reductions within 2 years after the expiration of the share lock-up period, the reduction price shall not be lower than the offering price (if the Issuer undergoes dividend distribution, stock dividends, capitalization of capital reserves, or other ex-dividend or ex-rights events after listing and before my reduction, the offering price shall be adjusted accordingly).

5. If within 6 months after the Issuer's listing, the closing price of the stock falls below the offering price for 20 consecutive trading days, or if the closing price on the last day of the 6-month period after listing (if that day is not a trading day, then the first trading day after that day) is below the offering price (if the Issuer undergoes dividend distribution, stock dividends, capitalization of capital reserves, or other ex-dividend or ex-rights events within 6 months after listing, the offering price shall be adjusted accordingly), the lock-up period for the shares of the Issuer directly or indirectly held by me shall automatically be extended by 6 months on the basis of the original lock-up period.

6. The above commitments remain continuously effective, and I will not abandon the fulfillment of the above commitments due to changes in position, resignation, or other reasons.

7. If I sell the Issuer's shares without fulfilling the above commitments, I agree to bear the legal liability arising from the violation of the above commitments in accordance with the law.

8. If laws, regulations, departmental rules, or the CSRC or the stock exchange have other provisions regarding the lock-up period for the shares of the Issuer held by me,

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I agree to comply with such provisions."

3. Commitments of Director Chen Li

"1. Within 12 months from the date on which the Issuer's shares are listed, I will not transfer or entrust others to manage the shares of the Issuer directly or indirectly held by me prior to this offering and listing, nor will I propose that the Issuer repurchase such shares.

2. After the expiration of the above share lock-up period, during the period in which I serve as a director of the Issuer, I will report to the Issuer the shares of the Issuer held by me and any changes thereto. The shares transferred each year shall not exceed 25% of the total shares of the Issuer held by me. I will not transfer the shares of the Issuer held by me within 6 months after my resignation. If I resign before the expiration of my term of office, I commit to continuing to comply with the above restrictive provisions on share transfers by directors during the term of office determined at the time of my appointment and within 6 months after the expiration of such term.

3. For reductions within 2 years after the expiration of the share lock-up period, the reduction price shall not be lower than the offering price (if the Issuer undergoes dividend distribution, stock dividends, capitalization of capital reserves, or other ex-dividend or ex-rights events after listing and before my reduction, the offering price shall be adjusted accordingly).

4. If within 6 months after the Issuer's listing, the closing price of the stock falls below the offering price for 20 consecutive trading days, or if the closing price on the last day of the 6-month period after listing (if that day is not a trading day, then the first trading day after that day) is below the offering price (if the Issuer undergoes dividend distribution, stock dividends, capitalization of capital reserves, or other ex-dividend or ex-rights events within 6 months after listing, the offering price shall be adjusted accordingly), the lock-up period for the shares of the Issuer directly or indirectly held by me shall automatically be extended by 6 months on the basis of the original lock-up period.

5. The above commitments remain continuously effective, and I will not abandon the fulfillment of the above commitments due to changes in position, resignation, or other reasons.

6. If I sell the Issuer's shares without fulfilling the above commitments, I agree to bear the legal liability arising from the violation of the above commitments in accordance with the law.

7. If laws, regulations, departmental rules, or the CSRC or the stock exchange have other provisions regarding the lock-up period for the shares of the Issuer held by me, I agree to comply with such provisions."

4. Commitments of Other Shareholders

| Shareholder Name | Commitment Content | |---|---| | Shanghai Yuyi (上海宇翼) | 1. Within 36 months from the date on which the Issuer's shares are listed, this enterprise will not transfer or entrust others to manage the shares of the Issuer held by this enterprise prior to this offering, nor will it propose that the Issuer repurchase such shares. |

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| Shareholder Name | Commitment Content | |---|---| | Shanghai Yuyi (上海宇翼) (continued) | 2. For reductions within 2 years after the expiration of the share lock-up period, the reduction price shall not be lower than the offering price (if the Issuer undergoes dividend distribution, stock dividends, capitalization of capital reserves, or other ex-dividend or ex-rights events after listing and before this enterprise's reduction, the offering price shall be adjusted accordingly). 3. If within 6 months after the Issuer's listing, the closing price of the stock falls below the offering price for 20 consecutive trading days, or if the closing price on the last day of the 6-month period after listing (if that day is not a trading day, then the first trading day after that day) is below the offering price (if the Issuer undergoes dividend distribution, stock dividends, capitalization of capital reserves, or other ex-dividend or ex-rights events within 6 months after listing, the offering price shall be adjusted accordingly), the lock-up period for the shares of the Issuer directly or indirectly held by this enterprise shall automatically be extended by 6 months on the basis of the original lock-up period. 4. If this enterprise sells the Issuer's shares without fulfilling the above commitments, this enterprise agrees to bear the legal liability arising from the violation of the above commitments in accordance with the law. 5. If laws, regulations, departmental rules, or the CSRC or the stock exchange have other provisions regarding the lock-up period for the shares of the Issuer held by this enterprise, this enterprise agrees to comply with such provisions. | | Ningbo Hongshu (宁波红杉) | 1. Within 12 months from the date on which the Issuer's shares are listed in this offering, this enterprise will not transfer or entrust others to manage the shares of the Issuer held by this enterprise prior to this offering and listing, nor will it propose that the Issuer repurchase such shares. 2. If the Issuer formally submits the registration application documents for this offering and listing to the exchange on or before December 18, 2025 (inclusive) (hereinafter referred to as the "IPO Filing"), then the 22,426,000 new shares obtained by this enterprise through the capitalization of the Issuer's capital reserves on June 18, 2025, shall be locked up for 36 months from the date on which such shares were obtained (for the avoidance of doubt, the date of obtaining refers to the date on which the relevant share change completed the business registration with the market supervision and administration bureau, i.e., June 18, 2025). Within such period, this enterprise will not transfer or entrust others to manage such shares, nor will it propose that the Issuer repurchase such shares. If the Issuer makes its IPO Filing after December 18, 2025 (exclusive), then this enterprise's aforementioned shares shall only be locked up for 12 months from the date on which the Issuer's shares are listed, as set out in item 1 of this commitment. 3. If this enterprise sells the Issuer's shares without fulfilling the above commitments, this enterprise agrees to bear the legal liability arising from the violation of the above commitments in accordance with the law. 4. If laws, regulations, departmental rules, or the CSRC or the stock exchange have other provisions regarding the lock-up period for the shares of the Issuer held by this enterprise, this enterprise agrees to comply with such provisions. | | Astrend IV | 1. Within 12 months from the date on which the Issuer's shares are listed, this enterprise will not transfer or entrust others to manage the shares of the Issuer held by this enterprise prior to this offering and listing, nor will it propose that the Issuer repurchase such shares. 2. As of the date on which the Issuer submits its application for this offering and listing to the Shanghai Stock Exchange, if the 15,978,125 new shares of the Issuer (hereinafter referred to as the "New Shares") obtained by this enterprise through capital increase and capitalization of capital reserves have been held for less than 6 months, then within 36 months from the date on which such New Shares were obtained (for the avoidance of doubt, the date of obtaining refers to the date on which the relevant share change completed the business registration with the market supervision and administration bureau), this enterprise will not transfer or entrust others to manage such New Shares, nor will it propose that the Issuer repurchase such New Shares. 3. If this enterprise sells the Issuer's shares without fulfilling the above commitments, this enterprise agrees to bear the legal liability arising from the violation of the above commitments in accordance with the law. 4. If laws, regulations, departmental rules, or the CSRC or the stock exchange have other provisions regarding the lock-up period for the shares of the Issuer held by this enterprise, this enterprise agrees to comply with such provisions. | | Yuanma Capital (源码资本) | 1. Within 12 months from the date on which the Issuer's shares are listed, this enterprise will not transfer or entrust others to manage the shares of the Issuer held by this enterprise prior to this offering and listing, nor will it propose that the Issuer repurchase such shares. 2. The shares transferred to this enterprise by the controlling shareholder and actual controller within 6 months prior to the Issuer's submission of the application for this offering and listing shall be locked up in the same manner as the controlling shareholder and actual controller. Within 36 months from the date on which the Issuer's shares are listed, this enterprise will not transfer or entrust others to manage such shares, nor will it propose that the Issuer repurchase such shares. |

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| Shareholder Name | Commitment Content |

not propose that the Issuer repurchase such shares.

3. New shares of the Issuer acquired by our enterprise within 6 months prior to the Issuer's submission of the application for this offering and listing (including capital increases and conversion of capital reserves into share capital) shall not be transferred or entrusted to others for management, and our enterprise shall not propose that the Issuer repurchase such shares, within 36 months from the date of acquisition of such shares (for the avoidance of doubt, the date of acquisition refers to the date on which the relevant share change is registered with the market supervision and administration authority for industrial and commercial change registration; for shares acquired by way of transfer after the Issuer is restructured and converted into a joint stock company, since no industrial and commercial change registration is required, the date of acquisition shall be the date on which such change is recorded in the Issuer's register of shareholders).

4. If our enterprise sells the Issuer's shares in breach of the above commitments, our enterprise agrees to bear the legal liability arising from such breach in accordance with the law.

5. If laws, regulations, departmental rules, or the China Securities Regulatory Commission or stock exchange have other provisions regarding the lock-up period for the Issuer's shares held by our enterprise, our enterprise agrees to comply with such provisions.

1. Within 12 months from the date of listing of the Issuer's shares in this offering and listing, our enterprise shall not transfer or entrust others to manage the shares of the Issuer held by our enterprise prior to this offering and listing, nor shall our enterprise propose that the Issuer repurchase such shares.

2. If the Issuer formally submits the registration application documents for this offering and listing to the exchange on or before December 12, 2025 (inclusive) (hereinafter referred to as the "IPO Filing"), the 11,551 new shares acquired by our enterprise on June 12, 2025 through the Issuer's capital increase shall not be transferred or entrusted to others for management, and our enterprise shall not propose that the Issuer repurchase such shares, within 36 months from the date of acquisition of such shares (for the avoidance of doubt, the date of acquisition refers to the date on which the relevant share change is registered with the market supervision and administration authority for industrial and commercial change registration, i.e., June 12, 2025). If the Issuer makes the IPO Filing after December 12, 2025 (exclusive), the aforementioned shares held by our enterprise shall only be locked up for 12 months from the date of listing of the Issuer's shares in this offering and listing pursuant to Item 1 of this commitment.

Xiamen Yaheng (厦门雅恒)

3. If the Issuer makes the IPO Filing on or before December 18, 2025 (inclusive), the 3,268,000 new shares acquired by our enterprise on June 18, 2025 through the conversion of the Issuer's capital reserves into share capital shall not be transferred or entrusted to others for management, and our enterprise shall not propose that the Issuer repurchase such shares, within 36 months from the date of acquisition of such shares (for the avoidance of doubt, the date of acquisition refers to the date on which the relevant share change is registered with the market supervision and administration authority for industrial and commercial change registration, i.e., June 18, 2025). If the Issuer makes the IPO Filing after December 18, 2025 (exclusive), the aforementioned shares held by our enterprise shall only be locked up for 12 months from the date of listing of the Issuer's shares in this offering and listing pursuant to Item 1 of this commitment.

4. If our enterprise sells the Issuer's shares in breach of the above commitments, our enterprise agrees to bear the legal liability arising from such breach in accordance with the law.

5. If laws, regulations, departmental rules, or the China Securities Regulatory Commission or stock exchange have other provisions regarding the lock-up period for the Issuer's shares held by our enterprise, our enterprise agrees to comply with such provisions.

1. Within 12 months from the date of listing of the Issuer's shares, our enterprise shall not transfer or entrust others to manage the shares of the Issuer held by our enterprise prior to this offering and listing, nor shall our enterprise propose that the Issuer repurchase such shares.

Guanghe Period Two (光合贰期), Hangzhou Chuxin (杭州初心), Tencent Technology (腾讯科技), Wuxi Jinqiu (无锡锦秋), Hangzhou Haoyue (杭州灏月), Tianjin Suanli (天津算力), Xiangfeng Xiamen (祥峰厦门), Shanghai Yunyang (上海云玚), Hechuang Investment (合创投资), Guangyue Investment (光越投资), CMCC Hechuang (中移和创)

2. Our enterprise became a new shareholder of the Issuer within 12 months prior to the Issuer's submission of the application for this offering and listing. The shares held shall not be transferred or entrusted to others for management, and our enterprise shall not propose that the Issuer repurchase such shares, within 36 months from the date of acquisition (for the avoidance of doubt, the date of acquisition refers to the date on which the relevant share change is registered with the market supervision and administration authority for industrial and commercial change registration; for shares acquired by way of transfer after the Issuer is restructured and converted into a joint stock company, since no industrial and commercial change registration is required, the date of acquisition shall be the date on which such change is recorded in the Issuer's register of shareholders).

3. New shares of the Issuer acquired by our enterprise within 6 months prior to the Issuer's submission of the application for this offering and listing (including capital increases and conversion of capital reserves into share capital) shall not be transferred or entrusted to others for management, and our enterprise shall not propose that the Issuer repurchase such shares, within 36 months from the date of acquisition of such shares.

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| Shareholder Name | Commitment Content | |---|---|

4. If our enterprise sells the Issuer's shares in breach of the above commitments, our enterprise agrees to bear the legal liability arising from such breach in accordance with the law.

5. If laws, regulations, departmental rules, or the China Securities Regulatory Commission or stock exchange have other provisions regarding the lock-up period for the Issuer's shares held by our enterprise, our enterprise agrees to comply with such provisions.

Hanhai Information (汉海信息), Jingwei No. 1 (经纬壹号), Jinshi Growth (金石成长), Robot Fund (机器人基金), Jiaxing Huamao (嘉兴骅茂), Junwan Hongyi (君万弘毅), Zhongwang Investment (中网投资), Vertex, Jiaxing Ruili (嘉兴睿利), Hexagon (海克斯康), Xinjiang Shenchuangtou (新疆深创投), Jingwei No. 3 (经纬叁号), Zhejiang Rongteng (浙江容腾), Galaxy Z, Chengdu Longzhu (成都龙珠), Zhongguancun Science City (中关村科学城), Rongteng No. 2 (容腾二号), Jisi Investment (极思投资), Dexun Investment (德迅投资), Guangzhou Chuxin (广州初心), Hupo Anyun (琥珀安云), Jiangsu Jiequan (江苏疌泉), Chuangxin Capital (创新资本), Shanghai Kehuang (上海科创), Zhongzheng Investment (中证投资), Shenchuangtou Group (深创投集团), Junshi Chuangtou (钧石创投), Weifang Chuxin (潍坊初心), Shanghai Mida (上海米达)

1. Within 12 months from the date of listing of the Issuer's shares, our enterprise shall not transfer or entrust others to manage the shares of the Issuer held by our enterprise prior to this offering and listing, nor shall our enterprise propose that the Issuer repurchase such shares.

2. New shares of the Issuer acquired by our enterprise within 6 months prior to the Issuer's submission of the application for this offering and listing (including capital increases and conversion of capital reserves into share capital) shall not be transferred or entrusted to others for management, and our enterprise shall not propose that the Issuer repurchase such shares, within 36 months from the date of acquisition of such shares (for the avoidance of doubt, the date of acquisition refers to the date on which the relevant share change is registered with the market supervision and administration authority for industrial and commercial change registration; for shares acquired by way of transfer after the Issuer is restructured and converted into a joint stock company, since no industrial and commercial change registration is required, the date of acquisition shall be the date on which such change is recorded in the Issuer's register of shareholders).

3. If our enterprise sells the Issuer's shares in breach of the above commitments, our enterprise agrees to bear the legal liability arising from such breach in accordance with the law.

4. If laws, regulations, departmental rules, or the China Securities Regulatory Commission or stock exchange have other provisions regarding the lock-up period for the Issuer's shares held by our enterprise, our enterprise agrees to comply with such provisions.

(II) Commitments Regarding Shareholding Intentions and Intentions to Reduce Holdings After the Initial Public Offering and Listing

1. Commitments of the Controlling Shareholder and Actual Controller Wang Xingxing (王兴兴)

"1. With respect to the Company's shares held by me prior to this offering and listing, I will strictly abide by the commitments made regarding the lock-up of shares and will not sell the Company's shares held prior to this offering and listing during the lock-up period. I remain continuously optimistic about the Company's business prospects, will fully support the Company's development, and intend to hold the Company's shares on a long-term basis.

2. Within 2 years after the expiration of the lock-up period, I may reduce my holdings, subject to the following conditions being met: (1) the aforementioned lock-up period has expired and there are no circumstances requiring an extension of the lock-up period; if there is an extended lock-up period, the following shall be postponed accordingly; (2) if circumstances arise requiring compensation to investors, I have already assumed the compensation liability in accordance with the law.

3. After the expiration of the lock-up period, if I intend to reduce my holdings in the Company's shares, I will, in compliance with the relevant laws, regulations, and normative documents and the public commitments made by me, choose to reduce holdings through means prescribed by law and regulations such as centralized competitive bidding, block trading, and agreement transfer, and the reduction price shall be determined based on the secondary market price at that time. For reductions within 2 years after the expiration of the lock-up period, the reduction price shall not be lower than the offering price in this offering and listing (if there are ex-rights or ex-dividend events, the offering price shall be adjusted accordingly).

4. I undertake that the reduction of the Issuer's shares will strictly comply with the relevant laws and regulations of the China Securities Regulatory Commission and the Shanghai Stock Exchange, and will be announced 3 trading days in advance; for the first reduction through centralized competitive bidding or block trading on the stock exchange, an announcement shall be made 15 trading days prior to the reduction. I will fulfill my information disclosure obligations in a timely and accurate manner in accordance with the rules applicable at that time by the securities regulatory authorities and the stock exchange.

5. During the period of holding the Issuer's shares, if the laws, regulations, normative documents, policies, and requirements of the securities regulatory authorities regarding share reduction change, I will apply the amended laws, regulations, normative documents, policies, and requirements of the securities regulatory authorities in accordance with the requirements of the relevant laws and regulations."

2. Commitments of Shanghai Yuyi (上海宇翼)

"1. With respect to the Company's shares held by our enterprise prior to this offering and listing, our enterprise will strictly abide by the commitments made regarding the lock-up of shares and will not sell the Company's shares held prior to this offering and listing during the lock-up period. Our enterprise remains continuously optimistic about the Company's business prospects, will fully support the Company's development, and intends to hold the Company's shares on a long-term basis.

2. Within 2 years after the expiration of the lock-up period, our enterprise may reduce its holdings, subject to the following conditions being met: (1) the aforementioned lock-up period has expired and there are no circumstances requiring an extension of the lock-up period; if there is an extended lock-up period, the following shall be postponed accordingly; (2) if circumstances arise requiring compensation to investors, our enterprise has already assumed the compensation liability in accordance with the law.

3. After the expiration of the lock-up period, if our enterprise intends to reduce its holdings in the Company's shares, our enterprise will, in compliance with the relevant laws, regulations, and normative documents and the public commitments made by our enterprise, choose to reduce holdings through means prescribed by law and regulations such as centralized competitive bidding, block trading, and agreement transfer, and the reduction price shall be determined based on the secondary market price at that time. For reductions within 2 years after the expiration of the lock-up period, the reduction price shall not be lower than the offering price in this offering and listing (if there are ex-rights or ex-dividend events, the offering price shall be adjusted accordingly).

4. Our enterprise undertakes that the reduction of the Issuer's shares will strictly comply with the relevant laws and regulations of the China Securities Regulatory Commission and the Shanghai Stock Exchange, and will be announced 3 trading days in advance; for the first reduction through centralized competitive bidding or block trading on the stock exchange, an announcement shall be made 15 trading days prior to the reduction. Our enterprise will fulfill its information disclosure obligations in a timely and accurate manner in accordance with the rules applicable at that time by the securities regulatory authorities and the stock exchange.

5. During the period of holding the Issuer's shares, if the laws, regulations, normative documents, policies, and requirements of the securities regulatory authorities regarding share reduction change, our enterprise will apply the amended laws, regulations, normative documents, policies, and requirements of the securities regulatory authorities in accordance with the requirements of the relevant laws and regulations."

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3. Commitments of Directors Yang Zhiyu (杨知雨), Chen Li (陈立), and Zhang Yangguang (张阳光)

"1. With respect to the Company's shares held by me prior to this offering and listing, I will strictly abide by the commitments made regarding the lock-up of shares and will not sell the Company's shares held prior to this offering and listing during the lock-up period. I remain continuously optimistic about the Company's business prospects, will fully support the Company's development, and intend to hold the Company's shares on a long-term basis.

2. Within 2 years after the expiration of the lock-up period, I may reduce my holdings, subject to the following conditions being met: (1) the aforementioned lock-up period has expired and there are no circumstances requiring an extension of the lock-up period; if there is an extended lock-up period, the following shall be postponed accordingly; (2) if circumstances arise requiring compensation to investors, I have already assumed the compensation liability in accordance with the law.

3. After the expiration of the lock-up period, if I intend to reduce my holdings in the Company's shares, I will, in compliance with the relevant laws, regulations, and normative documents and the public commitments made by me, choose to reduce holdings through means prescribed by law and regulations such as centralized competitive bidding, block trading, and agreement transfer, and the reduction price shall be determined based on the secondary market price at that time. For reductions within 2 years after the expiration of the lock-up period, the reduction price shall not be lower than the offering price in this offering and listing (if there are ex-rights or ex-dividend events, the offering price shall be adjusted accordingly).

4. I undertake that the reduction of the Issuer's shares will strictly comply with the relevant laws and regulations of the China Securities Regulatory Commission and the Shanghai Stock Exchange, and will be announced 3 trading days in advance; for the first reduction through centralized competitive bidding or block trading on the stock exchange, an announcement shall be made 15 trading days prior to the reduction. I will fulfill my information disclosure obligations in a timely and accurate manner in accordance with the rules applicable at that time by the securities regulatory authorities and the stock exchange.

5. During the period of holding the Issuer's shares, if the laws, regulations, normative documents, policies, and requirements of the securities regulatory authorities regarding share reduction change, I will apply the amended laws, regulations, normative documents, policies, and requirements of the securities regulatory authorities in accordance with the requirements of the relevant laws and regulations."

4. Commitments of Shareholders Jingwei No. 1 (经纬壹号) and Jingwei No. 3 (经纬叁号)

"1. With respect to the Company's shares held by our enterprise prior to this offering and listing, our enterprise will strictly abide by the commitments made regarding the lock-up of shares and will not sell the Company's shares held prior to this offering and listing during the lock-up period.

2. Within 2 years after the expiration of the lock-up period, without violating the provisions of the relevant laws, regulations, and normative documents and other public commitments made by our enterprise, there exists a possibility that our enterprise may appropriately reduce its holdings of the Issuer's shares.

3. After the expiration of the lock-up period, if our enterprise intends to reduce its holdings in the Company's shares, our enterprise will, in compliance with the relevant laws, regulations, and normative documents and the public commitments made by our enterprise, choose to reduce holdings through means prescribed by law and regulations such as centralized competitive bidding, block trading, and agreement transfer, and the reduction price shall be determined based on the secondary market price at that time. For reductions within 2 years after the expiration of the lock-up period, the reduction price shall not be lower than the most recently audited net assets per share of the Issuer at the time of reduction (if, after the most recent audit reference date, there are events such as conversion of capital reserves into share capital, distribution of bonus shares or cash dividends, additional share issuance, rights issue, or share consolidation that cause changes in the Company's net assets or total number of shares, the net assets per share shall be adjusted accordingly).

4. Our enterprise undertakes that the reduction of the Issuer's shares will strictly comply with the relevant laws and regulations of the China Securities Regulatory Commission and the Shanghai Stock Exchange. When our enterprise and its affiliates collectively hold more than 5% of the Company's shares, our enterprise will notify the Issuer in writing in advance of its intention to reduce holdings and the proposed quantity of shares to be reduced, and the Issuer shall announce the relevant reduction plan 3 trading days prior to the reduction; for the first reduction through centralized competitive bidding or block trading on the stock exchange, an announcement shall be made 15 trading days prior to the reduction. Our enterprise will fulfill its information disclosure obligations in a timely and accurate manner in accordance with the rules applicable at that time by the securities regulatory authorities and the stock exchange.

5. During the period of holding the Issuer's shares, if the laws, regulations, normative documents, policies, and requirements of the securities regulatory authorities regarding share reduction change, our enterprise will apply the amended laws, regulations, normative documents, policies, and requirements of the securities regulatory authorities in accordance with the requirements of the relevant laws and regulations."

5. Commitments of Shareholders Hanhai Information (汉海信息), Galaxy Z, and Chengdu Longzhu (成都龙珠)

"1. With respect to the Company's shares held by our enterprise prior to this offering and listing, our enterprise will strictly abide by the commitments made regarding the lock-up of shares and will not sell the Company's shares held prior to this offering and listing during the lock-up period.

2. Within 2 years after the expiration of the lock-up period, without violating the provisions of the relevant laws, regulations, and normative documents and other public commitments made by our enterprise, there exists a possibility that our enterprise may appropriately reduce its holdings of the Issuer's shares.

3. After the expiration of the lock-up period, if our enterprise intends to reduce its holdings in the Company's shares, our enterprise will, in compliance with the relevant laws, regulations, and normative documents and the public commitments made by our enterprise, choose to reduce holdings through means prescribed by law and regulations such as centralized competitive bidding, block trading, and agreement transfer, and the reduction price shall be determined based on the secondary market price at that time. For reductions within 2 years after the expiration of the lock-up period, the reduction price shall not be lower than the most recently audited net assets per share of the Issuer at the time of reduction (if, after the most recent audit reference date, there are events such as conversion of capital reserves into share capital, distribution of bonus shares or cash dividends, additional share issuance, rights issue, or share consolidation that cause changes in the Company's net assets or total number of shares, the net assets per share shall be adjusted accordingly).

4. Our enterprise undertakes that the reduction of the Issuer's shares will strictly comply with the relevant laws and regulations of the China Securities Regulatory Commission and the Shanghai Stock Exchange. When our enterprise and its persons acting in concert collectively hold more than 5% of the Company's shares,

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when intending to reduce their shareholding, they shall notify the issuer in writing in advance of their intention to reduce and the proposed number of shares to be reduced, and the issuer shall announce the relevant reduction plan 3 trading days prior to the reduction. For the first reduction through centralized bidding transactions or block trades on a securities exchange, the announcement shall be made 15 trading days prior to the reduction. This enterprise shall fulfill its information disclosure obligations in a timely and accurate manner in accordance with the rules then applicable by securities regulatory authorities and securities exchanges.

5. During the period of holding shares in the issuer, if the laws, regulations, normative documents, policies, and requirements of securities regulatory authorities regarding share reduction change, this enterprise shall comply with the amended laws, regulations, normative documents, policies, and requirements of securities regulatory authorities in accordance with the requirements of the relevant laws and regulations."

6. Commitments by Shareholder Ningbo Hongshan (宁波红杉)

"1. With respect to the shares of the Company held prior to this issuance and listing, this enterprise shall strictly abide by the commitments made regarding share lock-up and shall not sell any shares held prior to this issuance and listing during the lock-up period.

2. After the expiration of the lock-up period, and without violating the provisions of relevant laws, regulations, and normative documents, there is a possibility that this enterprise may reduce its shareholding in the issuer.

3. After the expiration of the lock-up period, if this enterprise intends to reduce its shareholding in the Company, it shall do so through methods prescribed by laws and regulations, including centralized bidding, block trades, and negotiated transfers, subject to compliance with relevant laws, regulations, normative documents, and public commitments made by this enterprise. The reduction price shall be determined based on the prevailing secondary market price and shall not be lower than the lower of: the per-share cost corresponding to this enterprise's investment amount at the time of reduction (if the issuer has undergone ex-rights and ex-dividend events such as cash dividends, stock dividends, or capitalization of capital reserves between the time of this issuance and listing and the time of this enterprise's reduction, the aforementioned price shall be adjusted for such ex-rights and ex-dividend events), and the audited net assets per share of the Company for the most recent audited accounting year at the time of reduction (if the issuer has undergone ex-rights and ex-dividend events such as cash dividends, stock dividends, or capitalization of capital reserves between the end of the most recent audited accounting year and the time of this enterprise's reduction, the net assets per share shall be adjusted accordingly).

4. This enterprise guarantees that its reduction of the issuer's shares shall strictly comply with the relevant laws and regulations of the China Securities Regulatory Commission (CSRC) and the Shanghai Stock Exchange. When this enterprise and its persons acting in concert collectively hold more than 5% of the Company's shares, this enterprise shall fulfill its information disclosure obligations in a timely and accurate manner in accordance with the rules then applicable by securities regulatory authorities and securities exchanges.

5. During the period of holding shares in the issuer, if the laws, regulations, normative documents, policies, and requirements of securities regulatory authorities regarding share reduction change, this enterprise shall comply with the amended

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laws, regulations, normative documents, policies, and requirements of securities regulatory authorities in accordance with the requirements of the relevant laws and regulations."

7. Commitments by Shareholder Xiamen Yaheng (厦门雅恒)

"1. With respect to the shares of the Company held prior to this issuance and listing, this enterprise shall strictly abide by the commitments made regarding share lock-up and shall not sell any shares held prior to this issuance and listing during the lock-up period.

2. After the expiration of the lock-up period, and without violating the provisions of relevant laws, regulations, and normative documents, there is a possibility that this enterprise may reduce its shareholding in the issuer.

3. After the expiration of the lock-up period, if this enterprise intends to reduce its shareholding in the Company, it shall do so through methods prescribed by laws and regulations, including centralized bidding, block trades, and negotiated transfers, subject to compliance with relevant laws, regulations, normative documents, and public commitments made by this enterprise. The reduction price shall be determined based on the prevailing secondary market price.

4. This enterprise guarantees that its reduction of the issuer's shares shall strictly comply with the relevant laws and regulations of the CSRC and the Shanghai Stock Exchange. When this enterprise and its persons acting in concert collectively hold more than 5% of the Company's shares, this enterprise shall fulfill its information disclosure obligations in a timely and accurate manner in accordance with the rules then applicable by securities regulatory authorities and securities exchanges.

5. During the period of holding shares in the issuer, if the laws, regulations, normative documents, policies, and requirements of securities regulatory authorities regarding share reduction change, this enterprise shall comply with the amended laws, regulations, normative documents, policies, and requirements of securities regulatory authorities in accordance with the requirements of the relevant laws and regulations."

(III) Commitments Regarding Share Price Stabilization Following the Initial Public Offering and Listing

"I. Specific Conditions Triggering Share Price Stabilization Measures

(1) Trigger Conditions: Within 36 months after the issuer's initial public offering and listing on the STAR Market, and not caused by force majeure events, if the closing price of the issuer's shares for 20 consecutive trading days is below the audited net assets per share of the issuer for the previous accounting year (hereinafter referred to as the "Trigger Conditions"; if the above closing prices and the audited net assets per share for the previous accounting year are not comparable due to ex-rights and ex-dividend events, the closing prices shall be adjusted accordingly), and the issuer and relevant parties simultaneously satisfy the provisions of laws, administrative regulations, departmental rules, normative documents, and the requirements of securities regulatory authorities regarding share repurchases, increases in shareholding, and other changes in equity, the issuer and its controlling shareholders, actual controllers, directors (excluding independent directors), and senior management shall implement specific share

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price stabilization measures in accordance with laws and regulations, the Company's articles of association, and the share price stabilization plan.

(2) Cessation Conditions: Before or during the implementation of specific share price stabilization measures, if the closing price of the issuer's shares for 20 consecutive trading days is above the audited net assets per share of the issuer for the previous accounting year, the implementation of share price stabilization measures shall cease.

II. Specific Measures for Share Price Stabilization

When the aforementioned Trigger Conditions are met, the issuer, as the primary party responsible for share price stabilization, shall promptly take some or all of the following measures to stabilize the issuer's share price:

(1) Share Repurchase by the Issuer

① When the aforementioned Trigger Conditions are met, the issuer shall first repurchase a portion of its shares from public shareholders in accordance with the provisions of the Rules on Share Repurchases by Listed Companies, while ensuring that the repurchase results will not cause the issuer's share distribution to fail to meet listing conditions. The issuer shall, in accordance with laws, regulations, and the Company's articles of association, convene a board of directors meeting within 10 trading days from the date on which the Trigger Conditions are satisfied to discuss the share price stabilization plan, and submit it to the shareholders' meeting for deliberation. A resolution by the issuer's shareholders' meeting on the relevant share repurchase proposal shall be valid only if approved by more than two-thirds of the voting rights held by shareholders present at the meeting. The specific implementation plan shall be announced after the Trigger Conditions for share price stabilization are satisfied and the issuer has lawfully convened a board of directors meeting and shareholders' meeting to pass a resolution on share repurchase.

② The funding sources for the issuer's share repurchase must be lawful and compliant. The repurchase price shall not exceed the audited net assets per share as of the end of the previous accounting year. The repurchase method shall be centralized bidding transactions, tender offers, or other methods recognized by securities regulatory authorities. If the issuer's share price no longer satisfies the Trigger Conditions for initiating share price stabilization measures before the implementation of the share repurchase plan, the issuer may refrain from implementing such plan.

③ If the issuer's share price satisfies the Trigger Conditions multiple times within a given accounting year (excluding situations where the closing price of the issuer's shares for 20 consecutive trading days remains below the issuer's audited net assets per share as of the end of the previous accounting year, calculated from the commencement of the implementation of share price stabilization measures and after the announcement of completion of each such measure), the issuer shall continue to execute the above share price stabilization plan, subject to the following principles:

A. The amount of funds used for a single share repurchase shall not exceed 20% of the net profit attributable to shareholders of the parent company as of the end of the previous accounting year;

B. The total amount of repurchase funds used for share price stabilization within a single accounting year shall not exceed 50% of the net profit attributable to shareholders of the parent company as of the end of the previous accounting year;

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If the above limits are exceeded, the relevant share price stabilization measures shall no longer be implemented for the remainder of the current year; however, if the need to initiate share price stabilization measures arises again in the following year, the issuer shall continue to execute the share price stabilization plan in accordance with the above principles.

④ The total cumulative amount of funds used by the issuer for share repurchases shall not exceed the total amount of funds raised by the issuer through its initial public offering of new shares after deducting issuance expenses.

(2) Increase in Shareholding by Controlling Shareholders and Actual Controllers

① When the aforementioned Trigger Conditions are met, if the issuer is unable to implement a share repurchase, or if the issuer's shareholders' meeting resolves not to repurchase the issuer's shares, or if the relevant share repurchase proposal fails to obtain approval from the issuer's shareholders' meeting, and provided that the timing and conditions for the controlling shareholders and actual controllers to increase their shareholding comply with the provisions of relevant laws, regulations, normative documents, and the supervisory rules of the CSRC and the securities exchange, and provided that the increase in shareholding will not cause the issuer's share distribution to fail to meet listing conditions, the controlling shareholders and actual controllers shall stabilize the share price by increasing their shareholding in the issuer.

The controlling shareholders and actual controllers shall, within 10 trading days after the conditions for initiating share price stabilization measures are satisfied, propose a plan to increase their shareholding in the issuer (including the number of shares to be acquired, the price range, the timing, etc.), and complete the required approval procedures in accordance with the law. Within 3 trading days after obtaining approval, they shall notify the issuer, and the issuer shall disclose the plan of the controlling shareholders and actual controllers to increase their shareholding in accordance with relevant regulations. Three trading days after the issuer discloses the plan of the controlling shareholders and actual controllers to increase their shareholding in the issuer, the controlling shareholders and actual controllers shall begin implementing the plan to increase their shareholding in the issuer in accordance with the plan.

② The price at which the controlling shareholders and actual controllers increase their shareholding in the issuer shall not exceed the audited net assets per share as of the end of the previous accounting year. If the issuer's share price no longer satisfies the Trigger Conditions before the implementation of the increase in shareholding plan, the controlling shareholders and actual controllers may refrain from implementing such plan.

③ If the issuer's share price satisfies the Trigger Conditions multiple times within a given accounting year (excluding situations where the closing price of the issuer's shares for 20 consecutive trading days remains below the issuer's audited net assets per share as of the end of the previous accounting year, calculated from the commencement of the implementation of share price stabilization measures by the controlling shareholders and actual controllers and after the announcement of completion of each such measure), the controlling shareholders and actual controllers shall continue to execute the above share price stabilization plan, subject to the following principles:

A. The amount of funds used for a single increase in shareholding for share price stabilization purposes shall not be less than 20% of the cumulative cash dividends received by the controlling shareholders and actual controllers from the issuer since the issuer's listing;

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B. The total amount of funds used by the controlling shareholders and actual controllers for share price stabilization through increasing shareholding within a single accounting year shall not exceed 50% of the cumulative cash dividends received by the controlling shareholders and actual controllers from the issuer since the issuer's listing.

If the above limits are exceeded, the relevant share price stabilization measures shall no longer be implemented for the remainder of the current year; however, if the need to initiate share price stabilization measures arises again in the following year, the controlling shareholders and actual controllers shall continue to execute the share price stabilization plan in accordance with the above principles. When share price stabilization measures are triggered in the following year, the funds already used in prior years for share price stabilization through increases in shareholding shall no longer be counted toward the cumulative cash dividends received.

④ The total cumulative amount of funds used by the controlling shareholders and actual controllers for share price stabilization through increasing shareholding shall not exceed the total cumulative cash dividends received by the controlling shareholders and actual controllers from the issuer since the issuer's listing.

⑤ If the issuer has initiated share price stabilization measures after the conditions requiring such measures are triggered, the controlling shareholders and actual controllers may choose to initiate share price stabilization measures simultaneously with the issuer, or to initiate such measures only after the issuer's share price stabilization measures have been fully implemented (based on the completion date announced by the issuer) and the issuer's closing share price remains below the audited net assets per share as of the end of the previous accounting year. If the issuer's closing share price no longer satisfies the conditions requiring the initiation of share price stabilization measures after the issuer has implemented its share price stabilization measures, the controlling shareholders and actual controllers may refrain from implementing the above share price stabilization measures.

(3) Increase in Shareholding by Directors (Excluding Unpaid Non-Independent Directors and Independent Directors) and Senior Management

① When the aforementioned Trigger Conditions are met, if both the issuer and its controlling shareholders and actual controllers have taken and completed share price stabilization measures but the issuer's closing share price remains below its audited net assets per share as of the end of the previous accounting year, the issuer's directors (excluding unpaid non-independent directors and independent directors) and senior management shall initiate a plan to increase their shareholding in the issuer. Provided that the timing and conditions for the issuer's directors (excluding unpaid non-independent directors and independent directors) and senior management to increase their shareholding comply with the provisions of relevant laws, regulations, normative documents, and the supervisory rules of the CSRC and the securities exchange, and provided that such increase in shareholding will not cause the issuer's share distribution to fail to meet listing conditions, they shall purchase the issuer's shares through competitive bidding transactions on the secondary market to stabilize the issuer's share price. The issuer shall disclose their plan to purchase the issuer's shares in accordance with relevant regulations. Three trading days after the issuer discloses their plan to purchase shares, they shall begin implementing the plan to purchase the issuer's shares in accordance with the plan.

② When the issuer's directors (excluding unpaid non-independent directors and independent directors) and senior management purchase the issuer's shares through competitive bidding transactions on the secondary market, the purchase price shall not exceed the audited net assets per share of the issuer as of the end of the previous accounting

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year. If the issuer's share price no longer satisfies the Trigger Conditions within 3 trading days after the issuer discloses their purchase plan, the issuer's directors (excluding unpaid non-independent directors and independent directors) and senior management may refrain from implementing such plan.

③ If the issuer's share price satisfies the Trigger Conditions multiple times within a given accounting year (excluding situations where the closing price of the issuer's shares for 20 consecutive trading days remains below the issuer's audited net assets per share as of the end of the previous accounting year, calculated from the commencement of the implementation of share price stabilization measures and after the announcement of completion of each such measure), the issuer's directors (excluding unpaid non-independent directors and independent directors) and senior management shall continue to execute the above share price stabilization plan, subject to the following principles:

A. The amount of funds used for a single purchase for share price stabilization purposes shall not be less than 20% of the cumulative after-tax remuneration received from the issuer during the previous accounting year while serving as a director or senior management member;

B. The total amount of funds used for purchasing shares for share price stabilization within a single accounting year shall not exceed 50% of the cumulative after-tax remuneration received from the issuer during the previous accounting year while serving as a director or senior management member.

④ If the above limits are exceeded, the relevant share price stabilization measures shall no longer be implemented for the remainder of the current year; however, if the need to initiate share price stabilization measures arises again in the following year, the issuer's directors (excluding unpaid non-independent directors and independent directors) and senior management shall continue to execute the share price stabilization plan in accordance with the above principles.

III. Restrictive Measures

If the controlling shareholders, actual controllers, directors (excluding unpaid non-independent directors and independent directors), and senior management fail to fulfill the above commitments, the controlling shareholders, actual controllers, directors (excluding unpaid non-independent directors and independent directors), and senior management shall issue a public apology to investors. The controlling shareholders, actual controllers, directors (excluding unpaid non-independent directors and independent directors) who are shareholders, and senior management who fail to fulfill the above commitments shall not participate in the issuer's cash dividend distribution for the current year, and the cash dividends to which they would otherwise be entitled shall belong to the issuer. In addition, 50% of the annual remuneration that all directors (excluding unpaid non-independent directors and independent directors) and senior management are entitled to receive from the issuer for the current year shall belong to the issuer. Directors (excluding unpaid non-independent directors and independent directors) and senior management newly appointed within three years after the issuer's listing must first sign this commitment, and this commitment shall be equally binding on directors (excluding unpaid non-independent directors and independent directors) and senior management newly appointed within three years after the issuer's listing."

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(IV) Commitments Regarding Share Repurchase

1. Commitments of the Issuer, Controlling Shareholder, and Actual Controller Wang Xingxing

"1. If the securities regulatory authority or other competent authority determines that the Prospectus and other information disclosure materials of this offering and listing contain any false records, misleading statements, or material omissions, and such circumstances constitute a significant and substantive impact on determining whether the Company meets the legally prescribed conditions for issuance, and the Company has fraudulently obtained registration for issuance and has already completed the issuance and listing, the Company commits to repurchase all newly issued shares from this offering in accordance with the law.

2. If the above circumstances occur during the period after the newly issued shares of this public offering have completed issuance but before they have begun trading, the Company will, within 5 working days from the date such circumstances occur, return the proceeds raised from this public offering of A shares to investors who have already paid their share subscription funds, at the issuance price plus accrued interest at the bank's contemporaneous deposit rate.

3. If the above circumstances occur after the newly issued shares of this public offering have completed listing and trading, the Company's Board of Directors will, within 10 working days after the China Securities Regulatory Commission (CSRC) or other competent authority makes a final determination or penalty decision regarding such facts in accordance with the law, formulate a share repurchase plan and submit it to the shareholders' meeting for deliberation and approval. The Company will repurchase all newly issued shares from this public offering in accordance with the law, at the issuance price plus the contemporaneous bank demand deposit interest for the period from the listing date to the repurchase date, or at no less than the arithmetic mean of the daily weighted average price of the Company's shares for the 30 trading days prior to the date on which the CSRC initiates an investigation into the false records, misleading statements, or material omissions in the Company's Prospectus and other information disclosure materials (if the Company has undergone any ex-rights or ex-dividend events such as cash dividends, bonus shares, capitalization of capital reserves, rights offerings, etc., the aforementioned price shall be adjusted accordingly), or at such other price as recognized by the CSRC, through the securities exchange's trading system.

4. When the Company is involved in share repurchases in the future, the Company shall simultaneously comply with the relevant regulations of the CSRC, the Shanghai Stock Exchange, and other securities regulatory authorities. The actual controller and controlling shareholder will supervise and ensure that the Issuer fulfills the aforementioned commitments."

(V) Commitments Regarding Share Repurchase in the Event of Fraudulent Issuance and Listing

1. Commitments of the Issuer

"1. There are no circumstances of fraudulent issuance in connection with this offering and listing of the Company.

2. If the Company does not meet the conditions for issuance and listing and has fraudulently obtained registration for issuance and has already completed issuance and listing, the Company will initiate the share repurchase procedure within 5 working days after the illegal facts of such fraudulent issuance are finally confirmed by the CSRC or other competent authorities, and will repurchase all newly issued shares from this offering and listing in accordance with the law.

3. The above commitments represent the Company's true intentions. If the Company violates the above commitments, it will bear the corresponding legal liabilities in accordance with the law."

2. Commitments of the Controlling Shareholder and Actual Controller Wang Xingxing

"1. There are no circumstances of fraudulent issuance in connection with the Issuer's current offering and listing.

2. If the Issuer does not meet the conditions for issuance and listing and has fraudulently obtained registration for issuance and has already completed issuance and listing, I will initiate the share repurchase procedure within 5 working days after the illegal facts of such fraudulent issuance are finally confirmed by the CSRC or other competent authorities, and will repurchase all newly issued shares from the Issuer's current offering and listing in accordance with the law.

3. The above commitments represent my true intentions. If I violate the above commitments, I will bear the corresponding legal liabilities in accordance with the law."

(VI) Commitments Regarding Measures to Compensate for Dilution of Immediate Returns

1. Commitments of the Issuer

"Unitree Technology Co., Ltd. (宇树科技股份有限公司) (hereinafter referred to as 'the Company') intends to apply for an initial public offering of shares and listing on the STAR Market (hereinafter referred to as 'this offering and listing'). In order to reduce the impact of this offering on the dilution of immediate returns, the Company commits to enhancing its sustainable development capacity and improving its business scale and operating performance through further improving its management standards, strengthening the management and utilization efficiency of the raised funds, accelerating the investment progress of the fundraising projects, and strictly implementing the cash dividend policy. The specific measures to be taken are as follows:

1. Further Improve the Company's Management Standards and Enhance the Efficiency of Fund Utilization

The Company will strengthen budget management, control various expense expenditures, improve fund utilization efficiency, comprehensively and effectively control the Company's operational and management risks, and enhance operating efficiency and profitability. In addition, the Company will improve its compensation and incentive mechanisms, introduce outstanding talent from the market, and to the greatest extent motivate employee enthusiasm, tapping into the creativity and latent motivation of the Company's employees. Through the above measures, the Company will comprehensively improve operational efficiency, reduce costs, and enhance the Company's operating performance.

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2. Strengthen Raised Funds Management to Ensure the Rational and Standardized Use of Raised Funds

The Company has formulated the Raised Funds Management System in accordance with the provisions of the Company Law, the Securities Law, the Regulatory Rules for Raised Funds of Listed Companies, and other laws, regulations, normative documents, and the Articles of Association. With respect to the use and management of the raised funds from this offering, the Company has passed relevant resolutions on establishing a dedicated account. After the raised funds are in place, they will be deposited in a dedicated account designated by the Company. The Company will strictly manage the use of the raised funds in accordance with the requirements of relevant regulations and the Raised Funds Management System, and will actively cooperate with the supervisory bank and the sponsor in inspecting and supervising the use of the raised funds, so as to ensure the rational and standardized use of the raised funds and effectively prevent risks associated with the use of raised funds.

3. Accelerate the Investment Progress of Fundraising Projects to Realize Expected Benefits at the Earliest Opportunity

The implementation of the investment projects financed by the funds raised in this offering meets the Company's needs for expanding production capacity, optimizing the industrial structure, and adjusting the product structure, enhances the Company's research and development capabilities, and further promotes brand building, continuously consolidating and improving the Company's market share, which will play a positive role in improving the Company's overall performance. After the raised funds from this offering are in place, the Company will accelerate the construction of each fundraising project, actively allocate resources, and strive to shorten the project construction period while ensuring construction quality, so that each project can be completed at the earliest opportunity and achieve the expected benefits.

4. Strictly Implement the Cash Dividend Policy and Strengthen the Investor Return Mechanism

The Company has amended its Articles of Association in accordance with the provisions of relevant laws and regulations and has established a sound and effective shareholder return mechanism. After the completion of this offering, the Company will, in accordance with the provisions of laws and regulations and the Articles of Association, actively promote profit distribution to shareholders when the conditions for profit distribution are met, and effectively maintain and increase returns to shareholders."

2. Commitments of the Controlling Shareholder and Actual Controller Wang Xingxing

"1. I will not overstep my authority to interfere in the Issuer's business management activities, and will not encroach upon the Issuer's interests;

2. I will earnestly fulfill the obligations of the controlling shareholder and actual controller, faithfully and diligently perform my duties, and safeguard the legitimate rights and interests of the Company and all shareholders;

3. I will not transfer benefits to other entities or individuals for free or on unfair terms, nor will I damage the Company's interests in any other way;

4. I will not use the Company's assets for investment or consumption activities unrelated to the performance of my duties;

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5. I will earnestly implement the measures formulated by the Issuer regarding the compensation for diluted immediate returns and this letter of commitment;

6. After the date of issuance of this commitment, if the CSRC or the Shanghai Stock Exchange imposes other requirements in its relevant regulations concerning measures to compensate for returns and related commitments, and the above commitments cannot satisfy the relevant requirements of the regulatory authorities, I commit to issue supplementary commitments in accordance with the relevant regulations at that time."

3. Commitments of Directors and Senior Management Personnel

"1. I commit not to transfer benefits to other entities or individuals for free or on unfair terms, nor will I damage the Issuer's interests in any other way;

2. I commit to exercise restraint over my own duty-related consumption behavior;

3. I commit not to use the Issuer's assets for investment or consumption activities unrelated to the performance of my duties;

4. Within the scope of my own duties and authority, I will make every effort to ensure that the compensation system formulated by the Company's Board of Directors or the Remuneration and Assessment Committee is linked to the implementation of the Company's measures for compensating returns;

5. If the Company intends to implement equity incentives in the future, within the scope of my own duties and authority, I will make every effort to ensure that the exercise conditions of the equity incentive plan to be announced by the Company are linked to the implementation of the Company's measures for compensating returns;

6. After the date of issuance of this commitment, if the CSRC or the Shanghai Stock Exchange imposes other requirements in its relevant regulations concerning measures to compensate for returns and related commitments, and the above commitments cannot satisfy the relevant requirements of the regulatory authorities, I commit to issue supplementary commitments in accordance with the relevant regulations at that time."

(VII) Commitments of the Issuer Regarding Profit Distribution

"1. Method of Distribution

On the premise that the Company's profits and cash flows satisfy the Company's normal operations and long-term development, the Company will give priority to distributing dividends in cash; in circumstances where the Company is expected to maintain good development prospects in the future and the Company's development requires significant cash needs, the Company may distribute dividends in the form of stock dividends.

2. Conditions for Implementing Cash Distribution

The distributable profits realized by the Company in that year (i.e., the after-tax profits remaining after the Company makes up losses and withdraws reserve funds) are positive, and cash flows are abundant, such that implementing cash dividends will not affect the Company's subsequent ongoing operations; the Company's cumulative distributable profits are positive; the auditing institution issues a standard unqualified audit opinion on the Company's financial report for that year;

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the Company has no significant investment plans or significant cash expenditure arrangements (excluding fundraising projects).

3. Conditions for Implementing Stock Dividends

When the Company's operations are in good condition and the Board of Directors considers that distributing stock dividends is beneficial to the overall interests of all of the Company's shareholders, the Company may propose a stock dividend distribution plan on the premise of ensuring sufficient cash dividend distribution. When the Company uses stock dividends for profit distribution, it shall fully consider whether the total share capital after the issuance of stock dividends is commensurate with the Company's current operational scale, profit growth rate, dilution of net assets per share, etc., so as to ensure that the profit distribution plan is in line with the overall and long-term interests of all shareholders. The Company's dividend distribution shall not exceed the scope of cumulative distributable profits.

4. Proportion of Cash Distribution

(1) The Company shall maintain the continuity and stability of its profit distribution policy. When the conditions for cash dividends are met, in principle the Company shall distribute cash dividends of no less than 10% of the distributable profits realized in that year on an annual basis. Distributable profits not distributed in the current year may be carried forward for distribution in subsequent years.

(2) The Company's Board of Directors shall comprehensively consider factors such as the characteristics of the industry in which it operates, its stage of development, its own business model, its level of profitability, and whether there are significant capital expenditure arrangements, distinguish among the following circumstances, and, in accordance with the procedures stipulated in the Articles of Association, propose differentiated cash dividend policies:

① If the Company is in the mature stage of development and has no significant capital expenditure arrangements, the proportion of cash dividends in the profit distribution shall be at least 80%;

② If the Company is in the mature stage of development and has significant capital expenditure arrangements, the proportion of cash dividends in the profit distribution shall be at least 40%;

③ If the Company is in the growth stage of development and has significant capital expenditure arrangements, the proportion of cash dividends in the profit distribution shall be at least 20%.

If the Company's stage of development is not easily distinguishable but there are significant investment plans or significant capital expenditure arrangements, the preceding provision may apply.

5. Interval Between Distribution Periods

On the premise of meeting the conditions for profit distribution and ensuring the Company's normal operations and long-term development, the Company shall in principle conduct one profit distribution per year after it has been reviewed and approved by the annual shareholders' meeting. The Company's Board of Directors may, based on the Company's profitability and funding requirements, propose that the Company conduct an interim cash dividend distribution, to be submitted to the shareholders' meeting for deliberation and approval.

6. Decision-Making Mechanism and Procedures for Profit Distribution

(1) The Board of Directors shall formulate the annual profit distribution plan and the interim profit distribution plan. Independent directors shall separately express clear opinions on the profit distribution plan. Independent directors may solicit opinions from small and medium shareholders, put forward dividend proposals, and submit them directly to the Board of Directors for deliberation.

(2) After the Board of Directors deliberates and passes the profit distribution plan, it shall be submitted to the shareholders' meeting for deliberation and approval.

(3) If the Company's Board of Directors has not made a cash profit distribution plan, or the cash profit distribution plan made by the Board of Directors does not conform to the provisions of the Articles of Association, the reasons shall be disclosed in detail in the periodic report, along with the purpose of retaining in the Company the funds not used for dividends. Independent directors shall issue independent opinions on this matter.

(4) The shareholders' meeting shall deliberate on the profit distribution plan. The Company shall provide methods such as online voting to facilitate shareholders' participation in the shareholders' meeting vote. Before shareholders deliberate on the specific cash dividend plan, the Company shall proactively communicate and exchange views with shareholders, especially small and medium shareholders, through multiple channels (including but not limited to shareholder hotlines, fax, email, interactive platforms, etc.), fully listen to the opinions and demands of small and medium shareholders, and promptly respond to issues of concern to small and medium shareholders.

(5) After the Company's shareholders' meeting has passed a resolution on the profit distribution plan, the Company's Board of Directors must complete the profit distribution matters within 2 months after the shareholders' meeting deliberates and passes it."

(VIII) Commitments Regarding Legally Compensating Investors for Losses

1. Commitments of the Issuer, Its Controlling Shareholder, Actual Controller, All Directors, and Senior Management Personnel

"(I) Commitments of the Issuer

1. If the Prospectus and other information disclosure materials contain false records, misleading statements, or material omissions that cause investors to suffer losses in the issuance and trading of securities, the Issuer will compensate investors for the losses caused thereby in accordance with the law.

2. If the Issuer violates the above commitments, the Issuer will publicly apologize to shareholders and public investors in the designated media for information disclosure, and will compensate investors for actual losses as determined by the CSRC and relevant judicial authorities in accordance with the law.

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(II) Commitments of the Issuer's Controlling Shareholder and Actual Controller

1. If the Prospectus and other information disclosure materials contain false records, misleading statements, or material omissions due to reasons attributable to me, causing investors to suffer losses in the issuance and trading of securities, I will compensate investors for the losses caused thereby in accordance with the law.

2. If I violate the above commitments, I will publicly apologize to shareholders and public investors at the Issuer's shareholders' meeting and in the designated media for information disclosure, and from the date of such violation, I will cease to receive dividends from the Issuer (if any), and the shares of the Issuer directly or indirectly held by me shall not be transferred until I have taken the corresponding compensation measures in accordance with the above commitments and have completed their implementation.

(III) Joint Commitments of All Directors and Senior Management Personnel of the Issuer

1. If the Prospectus and other information disclosure materials contain false records, misleading statements, or material omissions due to reasons attributable to me, causing investors to suffer losses in the issuance and trading of securities, I will compensate investors for the losses caused thereby in accordance with the law.

2. If I violate the above commitments, I will publicly apologize to shareholders and public investors at the Issuer's shareholders' meeting and in the designated media for information disclosure, and from the date of such violation, I will cease to receive remuneration and dividends from the Issuer (if any), and the shares of the Issuer directly or indirectly held by me shall not be transferred until I have taken the corresponding compensation measures in accordance with the above commitments and have completed their implementation."

(IX) Commitments Regarding Circumstances of Performance Decline

1. Commitments of the Controlling Shareholder and Actual Controller Wang Xingxing

"1. If the Issuer's net profit in the year of listing declines by 50% or more compared to the year prior to listing (based on net profit attributable to the parent company after deducting non-recurring gains and losses, the same below), the lock-up period for the shares I hold at that time shall be extended by 12 months;

2. If the Issuer's net profit in the second year after listing declines by 50% or more compared to the year prior to listing, the lock-up period for the shares I hold at that time shall be extended by an additional 12 months on top of the preceding item;

3. If the Issuer's net profit in the third year after listing declines by 50% or more compared to the year prior to listing, the lock-up period for the shares I hold at that time shall be extended by an additional 12 months on top of the preceding two items.

The aforementioned 'shares held at that time' refer respectively to the shares acquired by me prior to this offering and listing, which I still hold at the time of disclosure of the Issuer's annual report in the year of listing and in the second and third years thereafter."

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2. Commitments of Shanghai Yuyi (上海宇翼)

"1. If the issuer's net profit in the year of listing (measured by net profit attributable to the parent company after deducting non-recurring gains and losses, the same below) declines by 50% or more compared to the year prior to listing, the lock-up period for the shares held by this enterprise at that time shall be extended by 12 months; 2. If the issuer's net profit in the second year after listing declines by 50% or more compared to the year prior to listing, the lock-up period for the shares held by this enterprise at that time shall be extended by a further 12 months on top of the preceding item; 3. If the issuer's net profit in the third year after listing declines by 50% or more compared to the year prior to listing, the lock-up period for the shares held by this enterprise at that time shall be extended by a further 12 months on top of the preceding two items.

The 'shares held at that time' referred to above means the shares acquired by this enterprise prior to this offering and listing that are still held at the time of the issuer's annual report disclosure in the year of listing and in the second and third years thereafter, respectively."

(X) Issuer's Commitment Regarding No Cash Dividends During the Review Period

"1. The accumulated undistributed profits of the Company prior to this offering and listing shall be shared by both new and existing shareholders in proportion to their respective shareholdings upon completion of this offering and listing; 2. From the date the Company applies for its initial public offering and listing on the STAR Market until the completion of the listing (i.e., during the review period), the Company undertakes not to distribute cash dividends; 3. The above commitment represents the genuine intention of the Company. The Company voluntarily accepts supervision from regulatory authorities, self-regulatory organizations, and the general public. Should the Company's breach of this commitment cause losses to investors, the Company shall bear corresponding legal liability to investors in accordance with the law."

(XI) Commitments Regarding Reduction and Standardization of Related-Party Transactions

1. Commitments of the Controlling Shareholder and Actual Controller Wang Xingxing (王兴兴)

"1. There are no related-party transactions between myself and other enterprises under my control on the one hand, and the Company and its controlled subsidiaries on the other hand, that seriously affect independence or are manifestly unfair. Myself and other enterprises under my control shall endeavor to minimize and avoid related-party transactions with the Company and its controlled subsidiaries. For related-party transactions that are genuinely necessary and unavoidable, I undertake to conduct them in accordance with the principles of fairness, equitability, and equal exchange for value, to sign relevant transaction agreements in accordance with the law, to fulfill transaction procedures and information disclosure obligations in accordance with applicable laws, regulations, and normative documents, and to ensure that related-party transactions are not used to harm the lawful rights and interests of the Company and other shareholders. 2. During the period in which I serve as the controlling shareholder and actual controller of the Company, myself and other enterprises under my control shall strictly comply with the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China, and the relevant provisions of the China Securities Regulatory Commission and Shanghai Stock Exchange regarding the regulation of fund transactions between listed companies and their related parties. 3. I shall comply with the provisions of the Company's Articles of Association and Related-Party Transaction Management System, shall not use my position as actual controller to affect the Company's independence, shall ensure that related-party transactions are not used to illegally transfer the Company's funds or profits, seek any other improper interests, or cause the Company to assume any improper obligations. 4. I shall strictly fulfill the above commitments. If I violate the above commitments by conducting related-party transactions with the Company and its controlled subsidiaries, thereby causing losses to the Company and its controlled subsidiaries or other shareholders, I am willing to bear liability for compensation of such losses.

This letter of commitment shall remain continuously effective during the period in which I serve as the controlling shareholder and actual controller of the Company."

2. Commitments of Other Directors and Senior Management

"1. There are no related-party transactions between myself and other enterprises under my control on the one hand, and the Company and its controlled subsidiaries on the other hand, that seriously affect independence or are manifestly unfair. Myself and other enterprises under my control shall endeavor to minimize and avoid related-party transactions with the Company and its controlled subsidiaries. For related-party transactions that are genuinely necessary and unavoidable, I undertake to conduct them in accordance with the principles of fairness, equitability, and equal exchange for value, to sign relevant transaction agreements in accordance with the law, to fulfill transaction procedures and information disclosure obligations in accordance with applicable laws, regulations, and normative documents, and to ensure that related-party transactions are not used to harm the lawful rights and interests of the Company and other shareholders. 2. During the period in which I serve as a director or senior management of the Company, myself and other enterprises under my control shall strictly comply with the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China, and the relevant provisions of the China Securities Regulatory Commission and Shanghai Stock Exchange regarding the regulation of fund transactions between listed companies and their related parties. 3. I shall comply with the provisions of the Company's Articles of Association and Related-Party Transaction Management System, shall not use my position as director or senior management to affect the Company's independence, shall ensure that related-party transactions are not used to illegally transfer the Company's funds or profits, seek any other improper interests, or cause the Company to assume any improper obligations. 4. I shall strictly fulfill the above commitments. If I violate the above commitments by conducting related-party transactions with the Company and its controlled subsidiaries, thereby causing losses to the Company and its controlled subsidiaries or other shareholders, I am willing to bear liability for compensation of such losses.

This letter of commitment shall remain continuously effective during the period in which I serve as a director and/or senior management of the Company."

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3. Commitments of Principal Shareholders Shanghai Yuyi (上海宇翼), Hanhai Information (汉海信息), Galaxy Z, Chengdu Longzhu (成都龙珠), Jingwei No. 1 (经纬壹号), and Jingwei No. 3 (经纬叁号), which individually or together with parties acting in concert hold 5% or more of the issuer's shares

"1. This enterprise shall endeavor to regulate related-party transactions between this enterprise or other enterprises controlled by this enterprise on the one hand, and the Company and its controlled subsidiaries on the other hand. 2. For related-party transactions that are unavoidable or that occur for reasonable cause, this enterprise or other enterprises controlled by this enterprise shall, in accordance with applicable laws, regulations, and normative documents as well as the Articles of Association, follow the general commercial principles of equality, voluntariness, equivalence, and compensation, enter into related-party transaction agreements with the Company and its controlled subsidiaries, and ensure that the pricing of related-party transactions is fair, in principle not deviating from the prices or fee standards of independent third parties in the market, so as to safeguard the interests of the Company and other shareholders. 3. This enterprise undertakes not to use its position and influence in the Company to harm the lawful rights and interests of the Company and other shareholders through related-party transactions. This enterprise or other enterprises controlled by this enterprise undertakes not to use this enterprise's position and influence in the Company to irregularly occupy or transfer the Company's funds, assets, and other resources, or to require the Company to provide guarantees in violation of regulations. 4. This commitment shall take effect on the date this enterprise affixes its seal and signature, and shall remain valid during the period in which the issuer continues to exist and this enterprise is recognized as a related party of the Company pursuant to relevant regulations of the China Securities Regulatory Commission or the stock exchange."

4. Commitments of Issuer Shareholder Ningbo Hongshan (宁波红杉)

"1. This enterprise shall endeavor to regulate related-party transactions between this enterprise or other enterprises controlled by this enterprise on the one hand, and the Company and its controlled subsidiaries on the other hand. 2. For related-party transactions that are unavoidable or that occur for reasonable cause, this enterprise or other enterprises controlled by this enterprise shall promote such transactions to be conducted in accordance with applicable laws, regulations, and normative documents as well as the Articles of Association, following the general commercial principles of equality, voluntariness, equivalence, and compensation, promote the execution of related-party transaction agreements with the Company and its controlled subsidiaries, and promote fair pricing of related-party transactions. 3. This enterprise undertakes not to use its position and influence in the Company to harm the lawful rights and interests of the Company and other shareholders through related-party transactions. This enterprise or other enterprises controlled by this enterprise undertakes not to use this enterprise's position and influence in the Company to irregularly occupy or transfer the Company's funds or assets, or to require the Company to provide guarantees in violation of regulations."

5. Commitments of Issuer Shareholder Xiamen Yaheng (厦门雅恒)

"1. This enterprise shall endeavor to regulate related-party transactions between this enterprise or other enterprises controlled by this enterprise on the one hand, and the Company and its controlled subsidiaries on the other hand. 2. For related-party transactions that are unavoidable or that occur for reasonable cause, this enterprise or other enterprises controlled by this enterprise shall promote such transactions to be conducted in accordance with applicable laws, regulations, and normative documents as well as the Articles of Association, following the general commercial principles of equality, voluntariness, equivalence, and compensation, promote the execution of related-party transaction agreements with the Company and its controlled subsidiaries, and promote fair pricing of related-party transactions. 3. This enterprise undertakes not to use its position and influence in the Company to harm the lawful rights and interests of the Company and other shareholders through related-party transactions. This enterprise or other enterprises controlled by this enterprise undertakes not to use this enterprise's position and influence in the Company to irregularly occupy or transfer the Company's funds or assets, or to require the Company to provide guarantees in violation of regulations."

(XII) Commitments Regarding Avoidance of Fund Occupation and Irregular Guarantees

1. Commitments of the Controlling Shareholder and Actual Controller Wang Xingxing (王兴兴)

"1. As of the date of this commitment, neither I nor my associates have occupied funds of the issuer or its controlled subsidiaries, nor have the issuer or its controlled subsidiaries provided any guarantees for myself or my associates. 2. I undertake to exercise shareholder rights in accordance with the law, not to abuse shareholder rights to harm the interests of the issuer or other shareholders of the issuer, and that neither I nor my associates shall in any way occupy funds of the issuer or its controlled subsidiaries or require the issuer or its controlled subsidiaries to provide guarantees in violation of laws and regulations. 3. If any gains are obtained as a result of failure to fulfill the above commitments, such gains shall belong to the issuer; if any losses are caused to the issuer as a result of failure to fulfill the above commitments, I shall bear liability for compensation to the issuer. 4. The above commitments shall remain continuously effective during the period in which I serve as the controlling shareholder and actual controller of the issuer."

2. Commitments of Other Directors and Senior Management

"1. As of the date of this commitment, neither I nor my associates have occupied funds of the issuer or its controlled subsidiaries, nor have the issuer or its controlled subsidiaries provided any guarantees for myself or my associates. 2. I undertake to exercise the rights of director and/or senior management in accordance with the law, not to abuse the rights of director and/or senior management to harm the interests of the issuer or other shareholders of the issuer, and that neither I nor my associates shall in any way occupy funds of the issuer or its controlled subsidiaries or require the issuer or its controlled subsidiaries to provide guarantees in violation of laws and regulations.

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3. If any gains are obtained as a result of failure to fulfill the above commitments, such gains shall belong to the issuer; if any losses are caused to the issuer as a result of failure to fulfill the above commitments, I shall bear liability for compensation to the issuer. 4. The above commitments shall remain continuously effective during the period in which I serve as a director and/or senior management of the issuer."

(XIII) Commitments Regarding Restrictive Measures for Failure to Fulfill Commitments

1. Commitments of the Issuer

"1. This enterprise shall promptly and fully disclose the specific reasons for any failure to fulfill, inability to fulfill, or inability to fulfill on schedule any of this enterprise's commitments. 2. If the breached commitment is one that can continue to be fulfilled, this enterprise shall continue to fulfill such commitment. If it cannot continue to be fulfilled, this enterprise shall make corrections within the time period required by the relevant regulatory authority, or promptly make lawful and valid supplementary commitments or alternative commitments. 3. If this enterprise fails to fulfill relevant commitments for reasons other than force majeure, thereby causing losses to investors, this enterprise shall bear liability for compensation to the issuer or investors in accordance with the law, in the manner approved by regulatory authorities or in accordance with judicial rulings."

2. Commitments of the Controlling Shareholder and Actual Controller Wang Xingxing (王兴兴)

"1. I shall promptly and fully disclose the specific reasons for any failure to fulfill, inability to fulfill, or inability to fulfill on schedule any commitment made by me. 2. If the breached commitment is one that can continue to be fulfilled, I shall continue to fulfill such commitment. If it cannot continue to be fulfilled, I shall make corrections within the time period required by the relevant regulatory authority, or promptly make lawful and valid supplementary commitments or alternative commitments. 3. If I fail to fulfill relevant commitments for reasons other than force majeure, thereby causing losses to the issuer or investors, I shall bear liability for compensation to the issuer or investors in accordance with the law, in the manner approved by regulatory authorities or in accordance with judicial rulings."

3. Commitments of Other Directors, Senior Management, and Core Technical Personnel

"1. I shall promptly and fully disclose the specific reasons for any failure to fulfill, inability to fulfill, or inability to fulfill on schedule any commitment made by me. 2. If the breached commitment is one that can continue to be fulfilled, I shall continue to fulfill such commitment. If it cannot continue to be fulfilled, I shall make corrections within the time period required by the relevant regulatory authority, or promptly make lawful and valid supplementary commitments or alternative commitments.

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3. If I fail to fulfill relevant commitments for reasons other than force majeure, thereby causing losses to the issuer or investors, I shall bear liability for compensation to the issuer or investors in accordance with the law, in the manner approved by regulatory authorities or in accordance with judicial rulings."

4. Commitments of Ningbo Hongshan (宁波红杉) and Xiamen Yaheng (厦门雅恒)

"1. This enterprise shall strictly fulfill all commitments signed by this enterprise and disclosed in the prospectus for the issuer's initial public offering and listing on the STAR Market. 2. If this enterprise fails to fulfill the aforementioned commitments, it shall explain to the issuer in accordance with the law the specific reasons for the failure to fulfill, inability to fulfill, or inability to fulfill on schedule such commitments. If the breached commitment is one that can continue to be fulfilled, this enterprise shall continue to fulfill such commitment. If it cannot continue to be fulfilled, this enterprise shall, in accordance with the law and based on actual circumstances, promptly make lawful and valid supplementary commitments or alternative commitments."

5. Commitments of China Mobile Hechuang (中移和创)

"1. If the breached commitment is one that can continue to be fulfilled, this enterprise shall continue to fulfill such commitment. If it cannot continue to be fulfilled, this enterprise shall make corrections in accordance with the law or make supplementary commitments or alternative commitments pursuant to written requirements from the regulatory authority. 2. If the failure by this enterprise to fulfill relevant commitments causes material legal consequences (except where caused by force majeure), this enterprise shall bear liability for compensation in accordance with the law, pursuant to written requirements from the regulatory authority or in accordance with effective judicial rulings."

6. Commitments of Other Shareholders

"1. This enterprise shall promptly and fully disclose the specific reasons for any failure to fulfill, inability to fulfill, or inability to fulfill on schedule any of this enterprise's commitments. 2. If the breached commitment is one that can continue to be fulfilled, this enterprise shall continue to fulfill such commitment. If it cannot continue to be fulfilled, this enterprise shall make corrections within the time period required by the relevant regulatory authority, or promptly make lawful and valid supplementary commitments or alternative commitments. 3. If this enterprise fails to fulfill relevant commitments for reasons other than force majeure, thereby causing losses to the issuer or investors, this enterprise shall bear liability for compensation to the issuer or investors in accordance with the law, in the manner approved by regulatory authorities or in accordance with judicial rulings."

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(XIV) Commitment of the Controlling Shareholder and Actual Controller Regarding Avoidance of Horizontal Competition

"1. As of the date of this letter of commitment, neither I nor other enterprises controlled by me (other than the issuer and its controlled subsidiaries, hereinafter referred to as 'Controlled Enterprises') currently engage in any business identical or similar to the principal businesses of the issuer and its controlled subsidiaries in any form that would constitute substantive competition. 2. From the date of this letter of commitment, I and my Controlled Enterprises undertake to adopt lawful and effective measures not to engage in any business or activities that would constitute substantive horizontal competition with the principal businesses of the issuer and its controlled subsidiaries. 3. This letter of commitment shall take effect from the date of issuance and shall terminate upon the occurrence of any of the following: (1) my direct or indirect shareholding in the issuer falls below 5% (exclusive); (2) the issuer's shares cease to be listed on the Shanghai Stock Exchange (except where the issuer's shares are temporarily suspended from trading for any reason); (3) when national regulations impose no requirements regarding the content of a particular commitment, the corresponding portion shall automatically terminate."

(XV) Issuer's Commitment Regarding Shareholder Information Disclosure

"1. The Company has truthfully, accurately, and completely disclosed shareholder information in the prospectus; 2. As of the date of signing this letter of commitment, none of the direct or indirect shareholders of the Company are entities prohibited from holding shares under laws and regulations, and each shareholder, as a shareholding entity, complies with the provisions of Chinese laws and regulations. As of the date of signing this letter of commitment, there are no nominee shareholding, entrusted shareholding, trust shareholding, or similar arrangements in the Company, nor are there any equity disputes or potential disputes; 3. As of the date of signing this letter of commitment, except for the equity relationships already disclosed in the Prospectus, the intermediary agencies for this offering (CITIC Securities Co., Ltd. (中信证券股份有限公司), Beijing Deheng Law Offices (北京德恒律师事务所), and Rongcheng Accounting Firm (Special General Partnership) (容诚会计师事务所（特殊普通合伙）)) and their principals, senior management, and handling personnel do not directly or indirectly hold shares of the Company; 4. As of the date of signing this letter of commitment, no shareholders of the Company have engaged in improper transfer of benefits through the Company's equity; 5. As of the date of signing this letter of commitment, if the Company violates the above commitments, it shall bear all legal consequences arising therefrom."

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(XVI) Letter of Undertaking Regarding Waiver of Voting Rights and Share Reduction Arrangements

1. Relevant Undertakings of CITIC Investment (中证投资)

1. Waiver of Voting Rights

During the period in which this enterprise holds shares of the issuer, this enterprise waives the voting rights corresponding to 1,229,382 shares of the issuer held by this enterprise (representing 0.3377% of the issuer's current total share capital), and will not delegate to any other party the exercise of voting rights attached to such shares. In the event that the above-mentioned number of shares and shareholding percentage are adjusted due to ex-rights or ex-dividend actions arising from the issuer's distribution of cash dividends, bonus shares, capitalization of reserves, or issuance of new shares, such adjustments shall be made accordingly.

2. Intentions Regarding Shareholding and Share Reduction

(1) This enterprise shall strictly comply with the requirements of relevant laws, regulations, and normative documents, as well as all lock-up period requirements set forth in the undertaking documents issued by this enterprise. During the lock-up period, this enterprise shall not undertake any share reduction in violation of the relevant regulations or the share lock-up undertakings.

In order to avoid any potential uncertainty regarding the application of share reduction obligations, during the period in which this enterprise holds shares of the issuer, this enterprise voluntarily agrees to consolidate its holdings of the issuer's shares with those held by Jinshi Growth (金石成长), and on that basis, to apply the relevant provisions of the Shanghai Stock Exchange Self-Regulatory Guidelines for Listed Companies No. 15 — Share Reduction by Shareholders, Directors, and Senior Management (hereinafter referred to as the "Share Reduction Guidelines"), including but not limited to: applying the corresponding share reduction quota based on the consolidated shareholding percentage, complying with the corresponding share reduction procedures, and fulfilling the statutory information disclosure obligations, etc.

(2) Conditions for Share Reduction

After the expiration of the lock-up period, and on the premise of not violating relevant laws, regulations, and normative documents, as well as other public undertakings made by this enterprise, this enterprise may reduce its holdings of the issuer's shares.

(3) Manner of Share Reduction

After the expiration of the lock-up period, this enterprise intends to reduce its holdings of the issuer's shares that were issued prior to the initial public offering through methods including but not limited to centralized competitive trading on the secondary market, block trades, and negotiated transfers.

3. During the period in which this enterprise holds shares of the issuer, if the laws, regulations, normative documents, policies, and requirements of securities regulatory authorities and securities exchanges regarding share lock-up periods and share reductions are amended, this enterprise is willing to automatically comply with the amended laws, regulations, normative documents, policies, and requirements of securities regulatory authorities and securities exchanges.

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4. The above undertakings represent the true intentions of this enterprise. This enterprise voluntarily accepts supervision by regulatory authorities, self-regulatory organizations, and the general public. If this enterprise violates the above undertakings, it shall bear the corresponding liabilities.

2. Relevant Undertakings of Shanghai Yunyang (上海云玚)

1. Waiver of Voting Rights

During the period in which this enterprise holds shares of the issuer, this enterprise waives the voting rights corresponding to 817,236 shares of the issuer held by this enterprise (representing 0.2245% of the issuer's current total share capital), and will not delegate to any other party the exercise of voting rights attached to such shares. In the event that the above-mentioned number of shares and shareholding percentage are adjusted due to ex-rights actions arising from the issuer's distribution of stock dividends, bonus shares, capitalization of reserves, or issuance of new shares, such adjustments shall be made accordingly.

2. Intentions Regarding Shareholding and Share Reduction

(1) This enterprise shall strictly comply with the requirements of relevant laws, regulations, and normative documents, as well as all lock-up period requirements set forth in the undertaking documents issued by this enterprise. During the lock-up period, this enterprise shall not undertake any share reduction in violation of the relevant regulations or the share lock-up undertakings.

During the period in which this enterprise holds shares of the issuer, this enterprise voluntarily agrees to consolidate its holdings of the issuer's shares with those held by Hangzhou Haoyue (杭州灏月), and on that basis, to apply the provisions of the Shanghai Stock Exchange Self-Regulatory Guidelines for Listed Companies No. 15 — Share Reduction by Shareholders, Directors, and Senior Management (hereinafter referred to as the "Share Reduction Guidelines") and other relevant laws, regulations, and normative documents relating to share reductions by shareholders of companies listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange, including but not limited to: applying the corresponding share reduction quota based on the consolidated shareholding percentage, complying with the corresponding share reduction procedures, and fulfilling the statutory information disclosure obligations (if applicable), etc. For the avoidance of doubt, the above consolidated calculation arrangement applies only to the issuer's shares held by this enterprise, and does not involve any other entities or projects invested in, held, or managed by this enterprise (including Ant Group (蚂蚁集团) and its subsidiaries).

(2) Conditions for Share Reduction

After the expiration of the lock-up period, and on the premise of not violating relevant laws, regulations, and normative documents, as well as other public undertakings made by this enterprise (if any), this enterprise may reduce its holdings of the issuer's shares.

(3) Manner of Share Reduction

After the expiration of the lock-up period, this enterprise intends to reduce its holdings of the issuer's shares that were issued prior to the initial public offering through methods including but not limited to centralized competitive trading on the secondary market, block trades, and negotiated transfers.

3. During the period in which this enterprise holds shares of the issuer, if the laws, regulations, normative

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documents, policies, and requirements of securities regulatory authorities and the Shanghai Stock Exchange regarding share lock-up periods and share reductions are amended, this enterprise is willing to automatically comply with the amended laws, regulations, normative documents, policies, and requirements of securities regulatory authorities and the Shanghai Stock Exchange.

4. The above undertakings represent the true intentions of this enterprise. This enterprise voluntarily accepts supervision by regulatory authorities, self-regulatory organizations, and the general public. If this enterprise violates the above undertakings, it shall bear the corresponding liabilities in accordance with the law.

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Annex II: Arrangements for Implementing Investor Relations Management Regulations, Dividend Distribution Decision-Making Procedures, and the Establishment of Shareholder Voting Mechanisms

(I) Arrangements for Implementing Investor Relations Management Regulations

1. Information Disclosure Systems and Procedures

In accordance with laws and regulations including the Company Law, the Securities Law, the Administrative Measures for Information Disclosure by Listed Companies, and the Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules, the Company has formulated the Information Disclosure Affairs Management System. The Information Disclosure Affairs Management System sets forth clear provisions regarding the principles and general requirements for information disclosure, the content of information disclosure, and the procedures and confidentiality measures for information disclosure.

2. Investor Communication Channels

In order to further standardize and strengthen the communication of information between the Company after listing and its investors and potential investors, promote investors' understanding and recognition of the Company, strengthen the positive interactive relationship between the Company and its investors, enhance the Company's image, improve corporate governance structure, foster a corporate culture of sound returns for investors, and effectively protect investors' interests, the Company has formulated the Investor Relations Management System. The Company's Board Secretary is responsible for organizing and coordinating investor relations management work, and the Board Office serves as the standing body for investor relations management.

3. Future Plans for Investor Relations Activities

After listing, the Company will strictly comply with the requirements of relevant laws and regulations including the Company Law, the Securities Law, and the Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules, as well as the Articles of Association (Draft), conscientiously fulfill its information disclosure obligations, ensure that information disclosure is truthful, accurate, and complete, and continuously improve the Company's level of standardized operations and transparency.

The Company's Board Secretary is responsible for information disclosure matters and investor relations work, including liaising with the China Securities Regulatory Commission (CSRC) and its local offices, securities exchanges, relevant securities business institutions, news organizations, and others, and through information disclosure and communication, strengthening communication with investors and potential investors, enhancing investors' understanding and recognition of the Company, and improving corporate governance.

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(II) Dividend Distribution Decision-Making Procedures

The Company's dividend distribution decision-making procedures are detailed in "Section IX: Investor Protection" of this Prospectus, under "II. (III) 6. Decision-Making Mechanism and Procedures for Profit Distribution."

(III) Establishment of Shareholder Voting Mechanisms

The Company has improved its shareholder voting mechanisms through systems including the Articles of Association (Draft), the Rules of Procedure for Shareholders' Meetings, and the Implementing Rules for the Cumulative Voting System, including the establishment of a cumulative voting system for the election of Company directors, separate vote counting for small and medium investors, the convening of shareholders' meetings by online voting for statutory matters subject to deliberation and resolution, and arrangements for the solicitation of voting rights.

1. Cumulative Voting System

When electing two or more directors at a single shareholders' meeting, the Company shall adopt a cumulative voting system to ensure that small and medium shareholders of the Company have the opportunity to elect director candidates who represent their interests and opinions into the Board of Directors. The Company shall clearly indicate in the meeting notice for the shareholders' meeting whether the cumulative voting system will be adopted for that particular election of directors.

Principles for the election of directors: (1) The structure of directors elected by the shareholders' meeting shall comply with the provisions of the Articles of Association. Director candidates shall be determined to be elected based on the number of votes received, provided that the votes received by each elected director must exceed one-half of the total number of voting shares held by shareholders attending the shareholders' meeting. (2) If the number of director candidates elected at the shareholders' meeting exceeds the number of positions to be filled, candidates shall be ranked in descending order of votes received, and those with the higher vote counts shall be elected. If the number of elected persons is less than the number of directors to be elected, but the number of directors already elected reaches or exceeds two-thirds of the number of Board members stipulated in the Articles of Association, the vacancies shall be filled by election at the next shareholders' meeting. If the number of elected persons is less than the number of directors to be elected and falls short of two-thirds of the number of Board members stipulated in the Articles of Association, a shareholders' meeting shall be convened within two months after the conclusion of the current shareholders' meeting to elect the vacant directors.

2. Separate Vote Counting System for Small and Medium Investors

When the shareholders' meeting deliberates on significant matters affecting the interests of small and medium investors, the votes of small and medium investors shall be counted separately, and the results of the separate vote count shall be publicly disclosed in a timely manner.

3. Online Voting Mechanism

Shareholders' meetings shall in principle be held at a designated venue in the form of an in-person meeting, and may also, in accordance with laws, administrative regulations, departmental rules, or the Articles of Association (Draft), provide online voting as a convenient option for shareholders.

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The same voting right may only be exercised through one of the following methods: in-person, online, or other voting methods. In the event of duplicate voting of the same voting right, the result of the first vote shall prevail.

The closing time of the in-person shareholders' meeting shall not be earlier than the closing time for online or other voting methods. The chairperson of the meeting shall announce the voting results for each proposal and, based on the results, declare whether each proposal has been passed.

Prior to the official announcement of the voting results, all parties involved in in-person, online, and other voting methods at the shareholders' meeting — including the Company, vote counters, vote supervisors, shareholders, and online service providers — shall be obligated to maintain confidentiality regarding the voting status.

4. Solicitation of Voting Rights

The Board of Directors, independent directors, shareholders holding one percent or more of voting shares, or investor protection institutions established in accordance with laws, administrative regulations, or CSRC regulations, may publicly solicit voting rights from shareholders. The solicitation of shareholder voting rights shall fully disclose specific voting intentions and other information to the persons being solicited. It is prohibited to solicit shareholder voting rights through paid or disguised paid means. Except under legally prescribed conditions, the Company may not impose minimum shareholding percentage restrictions on the solicitation of voting rights.

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Annex III: Description of the Establishment, Improvement, and Operation of the Shareholders' Meeting, Board of Directors, Independent Directors, and Board Secretary Systems

In accordance with the requirements of relevant laws, regulations, and normative documents including the Company Law, the Securities Law, and the Guidelines for Corporate Governance of Listed Companies, as well as the Articles of Association, the Company has established and improved the systems for the Shareholders' Meeting, the Board of Directors, Independent Directors, the Board Secretary, and the Board's special committees including the Audit Committee. The Company convenes shareholders' meetings and board meetings in accordance with relevant laws, regulations, normative documents, and the Articles of Association. Relevant shareholders and directors attend each shareholders' meeting and board meeting in accordance with the Articles of Association. The convening and resolutions of shareholders' meetings and board meetings are lawful and valid, and there are no instances of exercising authority in violation of the Company Law, the Articles of Association, or other regulations.

(I) Establishment, Improvement, and Operation of the Shareholders' Meeting System

In accordance with the Company Law and relevant regulations, the Company has formulated the Articles of Association and the Rules of Procedure for Shareholders' Meetings. The Articles of Association and the Rules of Procedure for Shareholders' Meetings set forth clear provisions regarding the convening, proposals and notices, format, conditions, and voting methods of the Company's shareholders' meetings. The shareholders' meetings comply with the Articles of Association, the Rules of Procedure for Shareholders' Meetings, and relevant laws and regulations in terms of meeting procedures, voting methods, and the content of resolutions, and there are no instances of exercising authority in violation of the Company Law or other regulations.

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(II) Establishment, Improvement, and Operation of the Board of Directors System

The Company has a Board of Directors that is accountable to the shareholders' meeting. In accordance with relevant laws, regulations, and the Articles of Association, the Company has formulated the Rules of Procedure for the Board of Directors and established a relatively complete Board of Directors system. The Board of Directors consists of 9 directors, with 1 Chairman of the Board. The Chairman is elected by the Board of Directors by a majority vote of all directors. The Board of Directors complies with the Articles of Association, the Rules of Procedure for the Board of Directors, and relevant laws and regulations in terms of the manner of convening, meeting procedures, voting methods, and the content of resolutions, and there are no instances of exercising authority in violation of the Company Law or other regulations.

(III) Establishment, Improvement, and Operation of the Independent Directors System

In order to improve the structure of the Company's Board of Directors and strengthen the Board's decision-making function, in accordance with relevant provisions of the Company Law and the Articles of Association, the Company has formulated the Independent Directors Work System, which sets forth detailed provisions regarding the qualifications, appointment procedures, terms of office, powers, and matters on which independent opinions are to be expressed by independent directors.

As of the date of signing of this Prospectus, among the 9 members of the Board of Directors, there are 3 independent directors, including 2 accounting professionals, comprising no less than one-third of the total number of Board members. Since their appointment, the Company's independent directors have been able to strictly comply with the relevant requirements of the Articles of Association, the Independent Directors Work System, and other documents, conscientiously exercise their powers, attend each Board meeting punctually, provide professional and constructive opinions on the Company's major decisions, diligently supervise the work of management, and play an active role in promoting the Company's standardized operation in accordance with corporate governance structures. As of the date of signing of this Prospectus, the independent directors have never raised any objections to any Board resolutions or relevant decision-making matters.

(IV) Establishment, Improvement, and Operation of the Board Secretary System

In accordance with relevant laws, regulations, and the Articles of Association, the Company has formulated the Board Secretary Work System and appointed one Board Secretary, who, as a senior management member of the Company, is accountable to the Board of Directors. Since taking office, the Board Secretary has strictly complied with the relevant provisions of the Articles of Association and the Board Secretary Work System in preparing Board and shareholders' meeting meetings, conscientiously fulfilled all responsibilities, ensured that the Company's Board meetings and shareholders' meetings are convened in accordance with the law, and played an active role in the Company's operations.

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Annex IV: Description of the Establishment of the Audit Committee and Other Special Committees

Under the Company's Board of Directors, four special committees have been established: the Audit Committee, the Nomination Committee, the Remuneration and Assessment Committee, and the Strategy Committee. All members of the special committees are directors. Among the Audit Committee, Nomination Committee, and Remuneration and Assessment Committee, independent directors constitute a majority and serve as conveners. The independent director serving as convener of the Audit Committee is an accounting professional. The composition of each special committee

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is as follows:

| Committee Name | Convener | Other Members | |---|---|---| | Audit Committee | Li Zongyan (李宗彦) | Ni Chenkai (倪晨凯), Zhang Yangguang (张阳光) | | Nomination Committee | Ni Chenkai (倪晨凯) | Song Huasheng (宋华盛), Wang Xingxing (王兴兴) | | Remuneration and Assessment Committee | Song Huasheng (宋华盛) | Li Zongyan (李宗彦), Wang Xingxing (王兴兴) | | Strategy Committee | Wang Xingxing (王兴兴) | Zhang Yangguang (张阳光), Yang Zhiyu (杨知雨) |

The Company has formulated relevant systems including the Audit Committee Work System, the Nomination Committee Work System, the Remuneration and Assessment Committee Work System, and the Strategy Committee Work System, which set forth provisions regarding the composition, responsibilities and authorities, and rules of procedure of the Audit, Nomination, Remuneration and Assessment, and Strategy Committees. Since the establishment of the Board's special committees to date, each committee member has been able to effectively fulfill their responsibilities and safeguard the Company's standardized operations.

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Annex V: List of Trademarks Held by the Issuer

(I) Domestic Trademarks

| No. | Trademark | Classification No. | Registration No. | Trademark Owner | Registration Date | Legal Status | Acquisition Method | Rights Restrictions | |---|---|---|---|---|---|---|---|---| | 1 | | 9 | 79841580 | Unitree Technology (宇树科技) | 2025/3/28 | Registered | Original Acquisition | None | | 2 | | 28 | 79855547 | Unitree Technology (宇树科技) | 2025/1/14 | Registered | Original Acquisition | None | | 3 | | 7 | 77520224 | Unitree Technology (宇树科技) | 2024/11/21 | Registered | Original Acquisition | None | | 4 | | 9 | 77516203 | Unitree Technology (宇树科技) | 2024/9/14 | Registered | Original Acquisition | None | | 5 | | 7 | 77494933 | Unitree Technology (宇树科技) | 2024/9/21 | Registered | Original Acquisition | None | | 6 | | 28 | 77502849 | Unitree Technology (宇树科技) | 2024/9/21 | Registered | Original Acquisition | None | | 7 | | 35 | 77527991 | Unitree Technology (宇树科技) | 2024/11/14 | Registered | Original Acquisition | None | | 8 | | 42 | 77509800 | Unitree Technology (宇树科技) | 2024/9/21 | Registered | Original Acquisition | None | | 9 | | 28 | 77516179 | Unitree Technology (宇树科技) | 2024/11/21 | Registered | Original Acquisition | None | | 10 | | 42 | 77490793 | Unitree Technology (宇树科技) | 2024/9/14 | Registered | Original Acquisition | None | | 11 | | 9 | 77515956 | Unitree Technology (宇树科技) | 2024/9/14 | Registered | Original Acquisition | None | | 12 | | 28 | 76884338 | Unitree Technology (宇树科技) | 2024/9/7 | Registered | Original Acquisition | None | | 13 | | 7 | 76893995 | Unitree Technology (宇树科技) | 2024/11/7 | Registered | Original Acquisition | None | | 14 | | 28 | 76894986 | Unitree Technology (宇树科技) | 2024/9/14 | Registered | Original Acquisition | None | | 15 | | 7 | 76893948 | Unitree Technology (宇树科技) | 2024/12/7 | Registered | Original Acquisition | None | | 16 | | 9 | | | | | | |

1-1-319

| No. | Trademark | Class | Registration No. | Trademark Owner | Registration Date | Legal Status | Acquisition Method | Restrictions | |-----|-----------|-------|-----------------|-----------------|-----------------|--------------|-------------------|--------------| | 17 | [Trademark] | 42 | 76890831 | Unitree Technology (宇树科技) | 2024/11/7 | Registered | Original Acquisition | None | | 18 | [Trademark] | 28 | 76844748 | Unitree Technology (宇树科技) | 2024/10/28 | Registered | Original Acquisition | None | | 19 | [Trademark] | 7 | 76561137 | Unitree Technology (宇树科技) | 2024/7/28 | Registered | Original Acquisition | None | | 20 | [Trademark] | 42 | 76562179 | Unitree Technology (宇树科技) | 2024/7/28 | Registered | Original Acquisition | None | | 21 | [Trademark] | 9 | 76568755 | Unitree Technology (宇树科技) | 2024/7/28 | Registered | Original Acquisition | None | | 22 | [Trademark] | 35 | 76556287 | Unitree Technology (宇树科技) | 2024/10/14 | Registered | Original Acquisition | None | | 23 | [Trademark] | 42 | 76568734 | Unitree Technology (宇树科技) | 2024/10/14 | Registered | Original Acquisition | None | | 24 | [Trademark] | 28 | 76202375 | Unitree Technology (宇树科技) | 2024/9/21 | Registered | Original Acquisition | None | | 25 | [Trademark] | 7 | 76167094 | Unitree Technology (宇树科技) | 2024/7/7 | Registered | Original Acquisition | None | | 26 | [Trademark] | 35 | 76171360 | Unitree Technology (宇树科技) | 2024/7/7 | Registered | Original Acquisition | None | | 27 | [Trademark] | 28 | 76163901 | Unitree Technology (宇树科技) | 2024/7/7 | Registered | Original Acquisition | None | | 28 | [Trademark] | 28 | 76167107 | Unitree Technology (宇树科技) | 2024/9/21 | Registered | Original Acquisition | None | | 29 | [Trademark] | 41 | 72346120 | Unitree Technology (宇树科技) | 2023/12/21 | Registered | Original Acquisition | None | | 30 | [Trademark] | 9 | 72335756 | Unitree Technology (宇树科技) | 2023/12/21 | Registered | Original Acquisition | None | | 31 | [Trademark] | 9 | 72354268 | Unitree Technology (宇树科技) | 2024/2/14 | Registered | Original Acquisition | None | | 32 | [Trademark] | 9 | 72346083 | Unitree Technology (宇树科技) | 2024/2/14 | Registered | Original Acquisition | None | | 33 | [Trademark] | 42 | 72332934 | Unitree Technology (宇树科技) | 2024/2/21 | Registered | Original Acquisition | None | | 34 | [Trademark] | 42 | 72353562 | Unitree Technology (宇树科技) | 2023/12/28 | Registered | Original Acquisition | None |

Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus Page 1-1-320

| No. | Trademark | Class | Registration No. | Trademark Owner | Registration Date | Legal Status | Acquisition Method | Restrictions | |-----|-----------|-------|-----------------|-----------------|-----------------|--------------|-------------------|--------------| | 35 | [Trademark] | 35 | 72338890 | Unitree Technology (宇树科技) | 2023/12/21 | Registered | Original Acquisition | None | | 36 | [Trademark] | 41 | 72334360 | Unitree Technology (宇树科技) | 2023/12/21 | Registered | Original Acquisition | None | | 37 | [Trademark] | 7 | 72354497 | Unitree Technology (宇树科技) | 2023/12/21 | Registered | Original Acquisition | None | | 38 | [Trademark] | 28 | 72332966 | Unitree Technology (宇树科技) | 2023/12/21 | Registered | Original Acquisition | None | | 39 | [Trademark] | 9 | 72338801 | Unitree Technology (宇树科技) | 2024/3/7 | Registered | Original Acquisition | None | | 40 | [Trademark] | 7 | 72338808 | Unitree Technology (宇树科技) | 2024/2/14 | Registered | Original Acquisition | None | | 41 | [Trademark] | 28 | 72339706 | Unitree Technology (宇树科技) | 2023/12/21 | Registered | Original Acquisition | None | | 42 | [Trademark] | 7 | 72348234 | Unitree Technology (宇树科技) | 2024/2/14 | Registered | Original Acquisition | None | | 43 | [Trademark] | 35 | 72339388 | Unitree Technology (宇树科技) | 2023/12/14 | Registered | Original Acquisition | None | | 44 | [Trademark] | 35 | 72342625 | Unitree Technology (宇树科技) | 2024/2/14 | Registered | Original Acquisition | None | | 45 | [Trademark] | 9 | 72360699 | Unitree Technology (宇树科技) | 2023/12/21 | Registered | Original Acquisition | None | | 46 | [Trademark] | 35 | 72348218 | Unitree Technology (宇树科技) | 2023/12/28 | Registered | Original Acquisition | None | | 47 | [Trademark] | 7 | 72341881 | Unitree Technology (宇树科技) | 2024/1/14 | Registered | Original Acquisition | None | | 48 | [Trademark] | 41 | 72353304 | Unitree Technology (宇树科技) | 2024/3/7 | Registered | Original Acquisition | None | | 49 | [Trademark] | 41 | 72358014 | Unitree Technology (宇树科技) | 2024/2/21 | Registered | Original Acquisition | None | | 50 | [Trademark] | 7 | 72352620 | Unitree Technology (宇树科技) | 2024/1/21 | Registered | Original Acquisition | None | | 51 | [Trademark] | 42 | 72359365 | Unitree Technology (宇树科技) | 2024/2/7 | Registered | Original Acquisition | None | | 52 | [Trademark] | 28 | 72346041 | Unitree Technology (宇树科技) | 2024/1/7 | Registered | Original Acquisition | None | | 53 | [Trademark] | 28 | 72335845 | Unitree Technology (宇树科技) | 2023/12/21 | Registered | Original Acquisition | None | | 54 | [Trademark] | 41 | 72251060 | Unitree Technology (宇树科技) | 2023/12/14 | Registered | Original Acquisition | None |

Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus Page 1-1-321

| No. | Trademark | Class | Registration No. | Trademark Owner | Registration Date | Legal Status | Acquisition Method | Restrictions | |-----|-----------|-------|-----------------|-----------------|-----------------|--------------|-------------------|--------------| | 55 | [Trademark] | 28 | 72250758 | Unitree Technology (宇树科技) | 2023/12/14 | Registered | Original Acquisition | None | | 56 | [Trademark] | 7 | 72255519 | Unitree Technology (宇树科技) | 2023/12/7 | Registered | Original Acquisition | None | | 57 | [Trademark] | 9 | 72245234 | Unitree Technology (宇树科技) | 2023/12/7 | Registered | Original Acquisition | None | | 58 | [Trademark] | 35 | 72255753 | Unitree Technology (宇树科技) | 2024/2/14 | Registered | Original Acquisition | None | | 59 | [Trademark] | 42 | 72251520 | Unitree Technology (宇树科技) | 2024/2/14 | Registered | Original Acquisition | None | | 60 | [Trademark] | 41 | 72199248 | Unitree Technology (宇树科技) | 2023/12/14 | Registered | Original Acquisition | None | | 61 | [Trademark] | 41 | 72202437 | Unitree Technology (宇树科技) | 2024/2/28 | Registered | Original Acquisition | None | | 62 | [Trademark] | 41 | 72200271 | Unitree Technology (宇树科技) | 2023/12/7 | Registered | Original Acquisition | None | | 63 | [Trademark] | 41 | 72193893 | Unitree Technology (宇树科技) | 2024/2/14 | Registered | Original Acquisition | None | | 64 | [Trademark] | 41 | 72189646 | Unitree Technology (宇树科技) | 2023/12/7 | Registered | Original Acquisition | None | | 65 | [Trademark] | 41 | 72192785 | Unitree Technology (宇树科技) | 2023/12/7 | Registered | Original Acquisition | None | | 66 | [Trademark] | 41 | 72203901 | Unitree Technology (宇树科技) | 2023/11/28 | Registered | Original Acquisition | None | | 67 | [Trademark] | 41 | 72209321 | Unitree Technology (宇树科技) | 2023/11/28 | Registered | Original Acquisition | None | | 68 | [Trademark] | 41 | 72202448 | Unitree Technology (宇树科技) | 2024/2/28 | Registered | Original Acquisition | None | | 69 | [Trademark] | 41 | 72192768 | Unitree Technology (宇树科技) | 2024/2/21 | Registered | Original Acquisition | None | | 70 | [Trademark] | 41 | 72193120 | Unitree Technology (宇树科技) | 2023/12/7 | Registered | Original Acquisition | None | | 71 | [Trademark] | 41 | 72202472 | Unitree Technology (宇树科技) | 2023/11/28 | Registered | Original Acquisition | None | | 72 | [Trademark] | 7 | 71366543 | Unitree Technology (宇树科技) | 2024/2/7 | Registered | Original Acquisition | None | | 73 | [Trademark] | 28 | 71350408 | Unitree Technology (宇树科技) | 2024/1/28 | Registered | Original Acquisition | None | | 74 | [Trademark] | 42 | 71372018 | Unitree Technology (宇树科技) | 2024/1/14 | Registered | Original Acquisition | None |

Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus Page 1-1-322

| No. | Trademark | Class | Registration No. | Trademark Owner | Registration Date | Legal Status | Acquisition Method | Restrictions | |-----|-----------|-------|-----------------|-----------------|-----------------|--------------|-------------------|--------------| | 75 | [Trademark] | 9 | 71374117 | Unitree Technology (宇树科技) | 2024/2/7 | Registered | Original Acquisition | None | | 76 | [Trademark] | 42 | 71349089 | Unitree Technology (宇树科技) | 2024/1/28 | Registered | Original Acquisition | None | | 77 | [Trademark] | 9 | 69752846 | Unitree Technology (宇树科技) | 2023/8/28 | Registered | Original Acquisition | None | | 78 | [Trademark] | 42 | 69759349 | Unitree Technology (宇树科技) | 2023/8/28 | Registered | Original Acquisition | None | | 79 | [Trademark] | 9 | 69769240 | Unitree Technology (宇树科技) | 2023/8/28 | Registered | Original Acquisition | None | | 80 | [Trademark] | 42 | 69765333 | Unitree Technology (宇树科技) | 2023/8/14 | Registered | Original Acquisition | None | | 81 | [Trademark] | 9 | 69759655 | Unitree Technology (宇树科技) | 2023/8/21 | Registered | Original Acquisition | None | | 82 | [Trademark] | 42 | 69748459 | Unitree Technology (宇树科技) | 2023/8/28 | Registered | Original Acquisition | None | | 83 | [Trademark] | 7 | 66134223 | Unitree Technology (宇树科技) | 2023/1/14 | Registered | Original Acquisition | None | | 84 | [Trademark] | 42 | 66127353 | Unitree Technology (宇树科技) | 2023/1/14 | Registered | Original Acquisition | None | | 85 | [Trademark] | 35 | 66144123 | Unitree Technology (宇树科技) | 2023/3/28 | Registered | Original Acquisition | None | | 86 | [Trademark] | 28 | 66138473 | Unitree Technology (宇树科技) | 2023/4/7 | Registered | Original Acquisition | None | | 87 | [Trademark] | 9 | 66137351 | Unitree Technology (宇树科技) | 2023/1/14 | Registered | Original Acquisition | None | | 88 | [Trademark] | 9 | 64326753 | Unitree Technology (宇树科技) | 2023/1/7 | Registered | Original Acquisition | None | | 89 | [Trademark] | 42 | 64307454 | Unitree Technology (宇树科技) | 2023/1/14 | Registered | Original Acquisition | None | | 90 | [Trademark] | 7 | 64304096 | Unitree Technology (宇树科技) | 2022/12/28 | Registered | Original Acquisition | None | | 91 | [Trademark] | 7 | 64317436 | Unitree Technology (宇树科技) | 2022/12/28 | Registered | Original Acquisition | None | | 92 | [Trademark] | 35 | 64306744 | Unitree Technology (宇树科技) | 2023/1/14 | Registered | Original Acquisition | None | | 93 | [Trademark] | 42 | 64316573 | Unitree Technology (宇树科技) | 2022/12/28 | Registered | Original Acquisition | None | | 94 | [Trademark] | 35 | 63444574 | Unitree Technology (宇树科技) | 2022/12/7 | Registered | Original Acquisition | None |

Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus Page 1-1-323

| No. | Trademark | Class | Registration No. | Trademark Owner | Registration Date | Legal Status | Acquisition Method | Restrictions | |-----|-----------|-------|-----------------|-----------------|-----------------|--------------|-------------------|--------------| | 95 | [Trademark] | 42 | 63438855 | Unitree Technology (宇树科技) | 2022/11/21 | Registered | Original Acquisition | None | | 96 | [Trademark] | 7 | 63463702 | Unitree Technology (宇树科技) | 2022/11/21 | Registered | Original Acquisition | None | | 97 | [Trademark] | 42 | 63444599 | Unitree Technology (宇树科技) | 2022/11/28 | Registered | Original Acquisition | None | | 98 | [Trademark] | 9 | 63461788 | Unitree Technology (宇树科技) | 2023/3/21 | Registered | Original Acquisition | None | | 99 | [Trademark] | 7 | 63456957 | Unitree Technology (宇树科技) | 2022/12/7 | Registered | Original Acquisition | None | | 100 | [Trademark] | 35 | 63419062 | Unitree Technology (宇树科技) | 2022/9/14 | Registered | Original Acquisition | None | | 101 | [Trademark] | 7 | 63424810 | Unitree Technology (宇树科技) | 2022/9/21 | Registered | Original Acquisition | None | | 102 | [Trademark] | 7 | 63403547 | Unitree Technology (宇树科技) | 2022/9/21 | Registered | Original Acquisition | None | | 103 | [Trademark] | 28 | 63400443 | Unitree Technology (宇树科技) | 2022/9/14 | Registered | Original Acquisition | None | | 104 | [Trademark] | 42 | 63420840 | Unitree Technology (宇树科技) | 2022/9/14 | Registered | Original Acquisition | None | | 105 | [Trademark] | 9 | 63420727 | Unitree Technology (宇树科技) | 2022/9/14 | Registered | Original Acquisition | None | | 106 | [Trademark] | 9 | 63420685 | Unitree Technology (宇树科技) | 2022/12/28 | Registered | Original Acquisition | None | | 107 | [Trademark] | 9 | 63364604 | Unitree Technology (宇树科技) | 2022/12/28 | Registered | Original Acquisition | None | | 108 | [Trademark] | 7 | 63382694 | Unitree Technology (宇树科技) | 2022/9/21 | Registered | Original Acquisition | None | | 109 | [Trademark] | 28 | 63011076 | Unitree Technology (宇树科技) | 2022/11/7 | Registered | Original Acquisition | None | | 110 | [Trademark] | 7 | 62984544 | Unitree Technology (宇树科技) | 2022/8/21 | Registered | Original Acquisition | None | | 111 | [Trademark] | 28 | 62959964 | Unitree Technology (宇树科技) | 2022/8/28 | Registered | Original Acquisition | None | | 112 | [Trademark] | 7 | 62970911 | Unitree Technology (宇树科技) | 2022/8/28 | Registered | Original Acquisition | None | | 113 | [Trademark] | 35 | 62936751 | Unitree Technology (宇树科技) | 2022/8/21 | Registered | Original Acquisition | None | | 114 | [Trademark] | 9 | 62939341 | Unitree Technology (宇树科技) | 2022/8/21 | Registered | Original Acquisition | None |

Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus Page 1-1-324

| No. | Trademark | Class | Registration No. | Trademark Owner | Registration Date | Legal Status | Acquisition Method | Restrictions | |-----|-----------|-------|-----------------|-----------------|-----------------|--------------|-------------------|--------------| | 115 | [Trademark] | 28 | 62925908 | Unitree Technology (宇树科技) | 2022/8/21 | Registered | Original Acquisition | None | | 116 | [Trademark] | 28 | 62930985 | Unitree Technology (宇树科技) | 2022/8/21 | Registered | Original Acquisition | None | | 117 | [Trademark] | 42 | 62935193 | Unitree Technology (宇树科技) | 2022/8/21 | Registered | Original Acquisition | None | | 118 | [Trademark] | 35 | 62927829 | Unitree Technology (宇树科技) | 2022/8/21 | Registered | Original Acquisition | None | | 119 | [Trademark] | 7 | 62926318 | Unitree Technology (宇树科技) | 2022/12/7 | Registered | Original Acquisition | None | | 120 | [Trademark] | 28 | 62918028 | Unitree Technology (宇树科技) | 2022/11/7 | Registered | Original Acquisition | None | | 121 | [Trademark] | 42 | 62918412 | Unitree Technology (宇树科技) | 2022/8/21 | Registered | Original Acquisition | None | | 122 | [Trademark] | 35 | 62896591 | Unitree Technology (宇树科技) | 2022/10/28 | Registered | Original Acquisition | None | | 123 | [Trademark] | 7 | 62901105 | Unitree Technology (宇树科技) | 2022/8/21 | Registered | Original Acquisition | None | | 124 | [Trademark] | 35 | 62894843 | Unitree Technology (宇树科技) | 2022/10/28 | Registered | Original Acquisition | None | | 125 | [Trademark] | 42 | 62905646 | Unitree Technology (宇树科技) | 2022/8/21 | Registered | Original Acquisition | None | | 126 | [Trademark] | 9 | 62888689 | Unitree Technology (宇树科技) | 2022/8/21 | Registered | Original Acquisition | None | | 127 | [Trademark] | 7 | 62827251 | Unitree Technology (宇树科技) | 2022/10/14 | Registered | Original Acquisition | None | | 128 | [Trademark] | 9 | 62829263 | Unitree Technology (宇树科技) | 2022/8/14 | Registered | Original Acquisition | None | | 129 | [Trademark] | 42 | 62826445 | Unitree Technology (宇树科技) | 2022/8/14 | Registered | Original Acquisition | None |

Registration

Original Acquisition

None

| No. | Trademark | Classification No. | Registration No. | Trademark Owner | Registration Date | Legal Status | Acquisition Method | Rights Restrictions | |-----|-----------|-------------------|-----------------|-----------------|-------------------|--------------|-------------------|---------------------| | 130 | | 28 | 62841771 | Unitree Technology (宇树科技) | 2022/8/14 | Registered | Original Acquisition | None | | 131 | | 7 | 62814628 | Unitree Technology (宇树科技) | 2022/8/21 | Registered | Original Acquisition | None | | 132 | | 42 | 62832796 | Unitree Technology (宇树科技) | 2022/8/14 | Registered | Original Acquisition | None | | 133 | | 35 | 62816180 | Unitree Technology (宇树科技) | 2022/8/14 | Registered | Original Acquisition | None | | 134 | | 35 | 62824127 | Unitree Technology (宇树科技) | 2022/8/14 | Registered | Original Acquisition | None |

No. | Trademark

1-1-325

Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus

| Classification No. | Registration No. | Trademark Owner | Registration Date | Legal Status | Acquisition Method | Rights Restrictions | |-------------------|-----------------|-----------------|-------------------|--------------|-------------------|---------------------| | 28 | 62819203 | Unitree Technology (宇树科技) | 2022/8/14 | Registered | Original Acquisition | None | | 9 | 62827282 | Unitree Technology (宇树科技) | 2022/10/28 | Registered | Original Acquisition | None | | 9 | 62781437 | Unitree Technology (宇树科技) | 2022/8/14 | Registered | Original Acquisition | None | | 9 | 62789506 | Unitree Technology (宇树科技) | 2022/8/14 | Registered | Original Acquisition | None | | 28 | 62796992 | Unitree Technology (宇树科技) | 2022/8/14 | Registered | Original Acquisition | None | | 35 | 62806184 | Unitree Technology (宇树科技) | 2022/10/14 | Registered | Original Acquisition | None | | 7 | 62796942 | Unitree Technology (宇树科技) | 2022/8/14 | Registered | Original Acquisition | None | | 7 | 62788815 | Unitree Technology (宇树科技) | 2022/9/21 | Registered | Original Acquisition | None | | 42 | 62803281 | Unitree Technology (宇树科技) | 2022/8/14 | Registered | Original Acquisition | None | | 42 | 62792033 | Unitree Technology (宇树科技) | 2022/8/14 | Registered | Original Acquisition | None | | 28 | 62802189 | Unitree Technology (宇树科技) | 2022/8/14 | Registered | Original Acquisition | None | | 35 | 62783983 | Unitree Technology (宇树科技) | 2022/8/14 | Registered | Original Acquisition | None | | 9 | 62770090 | Unitree Technology (宇树科技) | 2022/10/21 | Registered | Original Acquisition | None | | 9 | 62753172 | Unitree Technology (宇树科技) | 2022/8/7 | Registered | Original Acquisition | None | | 35 | 62762096 | Unitree Technology (宇树科技) | 2022/8/14 | Registered | Original Acquisition | None | | 42 | 62773998 | Unitree Technology (宇树科技) | 2022/8/14 | Registered | Original Acquisition | None | | 42 | 62758875 | Unitree Technology (宇树科技) | 2022/8/14 | Registered | Original Acquisition | None | | 9 | 62779216 | Unitree Technology (宇树科技) | 2022/10/21 | Registered | Original Acquisition | None | | 28 | 62757662 | Unitree Technology (宇树科技) | 2022/8/7 | Registered | Original Acquisition | None | | 7 | 62776082 | Unitree Technology (宇树科技) | 2022/11/21 | Registered | Original Acquisition | None |

No. | Trademark

1-1-326

Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus

| No. | Trademark | Classification No. | Registration No. | Trademark Owner | Registration Date | Legal Status | Acquisition Method | Rights Restrictions | |-----|-----------|-------------------|-----------------|-----------------|-------------------|--------------|-------------------|---------------------| | 155 | | 7 | 62593602 | Unitree Technology (宇树科技) | 2022/8/7 | Registered | Original Acquisition | None | | 156 | | 9 | 62602717 | Unitree Technology (宇树科技) | 2022/8/7 | Registered | Original Acquisition | None | | 157 | | 35 | 62604502 | Unitree Technology (宇树科技) | 2022/8/7 | Registered | Original Acquisition | None | | 158 | | 42 | 62590544 | Unitree Technology (宇树科技) | 2022/8/7 | Registered | Original Acquisition | None | | 159 | | 35 | 62595417 | Unitree Technology (宇树科技) | 2022/8/14 | Registered | Original Acquisition | None | | 160 | | 7 | 62599140 | Unitree Technology (宇树科技) | 2022/8/14 | Registered | Original Acquisition | None | | 161 | | 28 | 62599480 | Unitree Technology (宇树科技) | 2022/8/7 | Registered | Original Acquisition | None | | 162 | | 28 | 62601142 | Unitree Technology (宇树科技) | 2022/8/7 | Registered | Original Acquisition | None | | 163 | | 42 | 62588866 | Unitree Technology (宇树科技) | 2022/8/14 | Registered | Original Acquisition | None | | 164 | | 9 | 62593955 | Unitree Technology (宇树科技) | 2022/8/14 | Registered | Original Acquisition | None | | 165 | | 9 | 62437711 | Unitree Technology (宇树科技) | 2022/7/28 | Registered | Original Acquisition | None | | 166 | | 7 | 62440831 | Unitree Technology (宇树科技) | 2022/8/14 | Registered | Original Acquisition | None | | 167 | | 42 | 62429870 | Unitree Technology (宇树科技) | 2022/7/28 | Registered | Original Acquisition | None | | 168 | | 28 | 62435042 | Unitree Technology (宇树科技) | 2022/8/7 | Registered | Original Acquisition | None | | 169 | | 17 | 55705612 | Unitree Technology (宇树科技) | 2021/11/21 | Registered | Original Acquisition | None | | 170 | | 6 | 55686730 | Unitree Technology (宇树科技) | 2021/11/21 | Registered | Original Acquisition | None | | 171 | | 4 | 55726083 | Unitree Technology (宇树科技) | 2021/11/21 | Registered | Original Acquisition | None | | 172 | | 9 | 55714639 | Unitree Technology (宇树科技) | 2021/11/21 | Registered | Original Acquisition | None | | 173 | | 37 | 55691193 | Unitree Technology (宇树科技) | 2021/11/21 | Registered | Original Acquisition | None | | 174 | | 35 | 55709733 | Unitree Technology (宇树科技) | 2021/11/21 | Registered | Original Acquisition | None |

No. | Trademark

1-1-327

Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus

| No. | Trademark | Classification No. | Registration No. | Trademark Owner | Registration Date | Legal Status | Acquisition Method | Rights Restrictions | |-----|-----------|-------------------|-----------------|-----------------|-------------------|--------------|-------------------|---------------------| | 175 | | 39 | 55703459 | Unitree Technology (宇树科技) | 2021/11/21 | Registered | Original Acquisition | None | | 176 | | 42 | 55718712 | Unitree Technology (宇树科技) | 2021/11/21 | Registered | Original Acquisition | None | | 177 | | 19 | 55702858 | Unitree Technology (宇树科技) | 2021/11/21 | Registered | Original Acquisition | None | | 178 | | 28 | 55715498 | Unitree Technology (宇树科技) | 2021/11/21 | Registered | Original Acquisition | None | | 179 | | 38 | 55709790 | Unitree Technology (宇树科技) | 2021/11/21 | Registered | Original Acquisition | None | | 180 | | 7 | 55705455 | Unitree Technology (宇树科技) | 2021/11/21 | Registered | Original Acquisition | None | | 181 | | 9 | 53792915 | Unitree Technology (宇树科技) | 2021/9/7 | Registered | Original Acquisition | None | | 182 | | 42 | 53788189 | Unitree Technology (宇树科技) | 2021/9/7 | Registered | Original Acquisition | None | | 183 | | 28 | 53770589 | Unitree Technology (宇树科技) | 2021/9/14 | Registered | Original Acquisition | None | | 184 | | 7 | 53769252 | Unitree Technology (宇树科技) | 2021/9/7 | Registered | Original Acquisition | None | | 185 | | 35 | 53773953 | Unitree Technology (宇树科技) | 2021/9/14 | Registered | Original Acquisition | None | | 186 | | 42 | 53507715 | Unitree Technology (宇树科技) | 2021/9/14 | Registered | Original Acquisition | None | | 187 | | 9 | 53506357 | Unitree Technology (宇树科技) | 2021/9/21 | Registered | Original Acquisition | None | | 188 | | 28 | 53506386 | Unitree Technology (宇树科技) | 2021/9/21 | Registered | Original Acquisition | None | | 189 | | 7 | 53506330 | Unitree Technology (宇树科技) | 2021/9/14 | Registered | Original Acquisition | None | | 190 | | 9 | 53493835 | Unitree Technology (宇树科技) | 2021/12/21 | Registered | Original Acquisition | None | | 191 | | 9 | 53481009 | Unitree Technology (宇树科技) | 2021/9/14 | Registered | Original Acquisition | None | | 192 | | 9 | 53507694 | Unitree Technology (宇树科技) | 2021/12/21 | Registered | Original Acquisition | None | | 193 | | 42 | 53488974 | Unitree Technology (宇树科技) | 2021/9/21 | Registered | Original Acquisition | None | | 194 | | 28 | 53484091 | Unitree Technology (宇树科技) | 2021/12/21 | Registered | Original Acquisition | None |

No. | Trademark

1-1-328

Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus

| No. | Trademark | Classification No. | Registration No. | Trademark Owner | Registration Date | Legal Status | Acquisition Method | Rights Restrictions | |-----|-----------|-------------------|-----------------|-----------------|-------------------|--------------|-------------------|---------------------| | 195 | | 42 | 53506220 | Unitree Technology (宇树科技) | 2021/11/28 | Registered | Original Acquisition | None | | 196 | | 42 | 53492693 | Unitree Technology (宇树科技) | 2021/9/14 | Registered | Original Acquisition | None | | 197 | | 7 | 53489953 | Unitree Technology (宇树科技) | 2022/2/14 | Registered | Original Acquisition | None | | 198 | | 9 | 53480917 | Unitree Technology (宇树科技) | 2021/12/7 | Registered | Original Acquisition | None | | 199 | | 42 | 53512976 | Unitree Technology (宇树科技) | 2021/9/21 | Registered | Original Acquisition | None | | 200 | | 7 | 53499593 | Unitree Technology (宇树科技) | 2021/12/7 | Registered | Original Acquisition | None | | 201 | | 42 | 53482368 | Unitree Technology (宇树科技) | 2022/6/21 | Registered | Original Acquisition | None | | 202 | | 7 | 53484824 | Unitree Technology (宇树科技) | 2021/11/28 | Registered | Original Acquisition | None | | 203 | | 28 | 53484327 | Unitree Technology (宇树科技) | 2021/12/14 | Registered | Original Acquisition | None | | 204 | | 7 | 53488871 | Unitree Technology (宇树科技) | 2021/9/21 | Registered | Original Acquisition | None | | 205 | | 9 | 53497084 | Unitree Technology (宇树科技) | 2021/12/21 | Registered | Original Acquisition | None | | 206 | | 28 | 53488159 | Unitree Technology (宇树科技) | 2021/9/21 | Registered | Original Acquisition | None | | 207 | | 28 | 53512951 | Unitree Technology (宇树科技) | 2021/9/21 | Registered | Original Acquisition | None | | 208 | | 7 | 53508049 | Unitree Technology (宇树科技) | 2021/9/14 | Registered | Original Acquisition | None | | 209 | | 7 | 53499597 | Unitree Technology (宇树科技) | 2021/9/21 | Registered | Original Acquisition | None | | 210 | | 28 | 53484469 | Unitree Technology (宇树科技) | 2021/9/14 | Registered | Original Acquisition | None | | 211 | | 9 | 53498012 | Unitree Technology (宇树科技) | 2022/2/14 | Registered | Original Acquisition | None | | 212 | | 45 | 50637928 | Unitree Technology (宇树科技) | 2021/6/21 | Registered | Original Acquisition | None | | 213 | | 19 | 50620789 | Unitree Technology (宇树科技) | 2021/6/21 | Registered | Original Acquisition | None | | 214 | | 6 | 50623873 | Unitree Technology (宇树科技) | 2021/6/21 | Registered | Original Acquisition | None |

No. | Trademark

1-1-329

Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus

| No. | Trademark | Classification No. | Registration No. | Trademark Owner | Registration Date | Legal Status | Acquisition Method | Rights Restrictions | |-----|-----------|-------------------|-----------------|-----------------|-------------------|--------------|-------------------|---------------------| | 215 | | 37 | 50643941 | Unitree Technology (宇树科技) | 2021/6/28 | Registered | Original Acquisition | None | | 216 | | 39 | 50646601 | Unitree Technology (宇树科技) | 2021/6/21 | Registered | Original Acquisition | None | | 217 | | 8 | 50639604 | Unitree Technology (宇树科技) | 2021/6/21 | Registered | Original Acquisition | None | | 218 | | 21 | 50638821 | Unitree Technology (宇树科技) | 2021/6/28 | Registered | Original Acquisition | None | | 219 | | 17 | 50635064 | Unitree Technology (宇树科技) | 2021/6/21 | Registered | Original Acquisition | None | | 220 | | 17 | 50634212 | Unitree Technology (宇树科技) | 2021/6/28 | Registered | Original Acquisition | None | | 221 | | 39 | 50646611 | Unitree Technology (宇树科技) | 2021/6/21 | Registered | Original Acquisition | None | | 222 | | 4 | 50637532 | Unitree Technology (宇树科技) | 2021/6/28 | Registered | Original Acquisition | None | | 223 | | 19 | 50643903 | Unitree Technology (宇树科技) | 2021/7/28 | Registered | Original Acquisition | None | | 224 | | 38 | 50643963 | Unitree Technology (宇树科技) | 2021/6/21 | Registered | Original Acquisition | None | | 225 | | 37 | 50634270 | Unitree Technology (宇树科技) | 2021/6/21 | Registered | Original Acquisition | None | | 226 | | 38 | 50619266 | Unitree Technology (宇树科技) | 2021/6/28 | Registered | Original Acquisition | None | | 227 | | 4 | 50642146 | Unitree Technology (宇树科技) | 2021/6/28 | Registered | Original Acquisition | None | | 228 | | 35 | 39997201 | Unitree Technology (宇树科技) | 2021/2/7 | Registered | Original Acquisition | None | | 229 | | 35 | 40001478 | Unitree Technology (宇树科技) | 2020/5/28 | Registered | Original Acquisition | None | | 230 | | 7 | 36420205 | Unitree Technology (宇树科技) | 2019/10/14 | Registered | Original Acquisition | None | | 231 | | 9 | 36420226 | Unitree Technology (宇树科技) | 2019/10/14 | Registered | Original Acquisition | None | | 232 | | 28 | 36435065 | Unitree Technology (宇树科技) | 2019/10/14 | Registered | Original Acquisition | None | | 233 | | 28 | 29930554 | Unitree Technology (宇树科技) | 2019/1/28 | Registered | Original Acquisition | None | | 234 | | 9 | 29927568 | Unitree Technology (宇树科技) | 2019/1/28 | Registered | Original Acquisition | None |

No. | Trademark

1-1-330

Original Acquisition | None Original Acquisition | None

Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus

| No. | Trademark | Classification No. | Registration No. | Trademark Owner | Registration Date | Legal Status | Acquisition Method | Rights Restrictions | |-----|-----------|-------------------|-----------------|-----------------|-------------------|--------------|-------------------|---------------------| | 235 | | 9 | 27607829 | Unitree Technology (宇树科技) | 2018/10/21 | Registered | Original Acquisition | None | | 236 | | 28 | 27621855 | Unitree Technology (宇树科技) | 2018/10/21 | Registered | Original Acquisition | None | | 237 | | 7 | 27612682 | Unitree Technology (宇树科技) | 2018/10/21 | Registered | Original Acquisition | None | | 238 | | 28 | 22815811 | Unitree Technology (宇树科技) | 2018/2/28 | Registered | Original Acquisition | None | | 239 | | 9 | 22815545 | Unitree Technology (宇树科技) | 2019/1/28 | Registered | Original Acquisition | None | | 240 | | 7 | 22815639 | Unitree Technology (宇树科技) | 2018/2/28 | Registered | Original Acquisition | None |

| No. | Trademark | Classification No. | Registration No. | Trademark Owner | Registration Date | Legal Status | Acquisition Method | Rights Restrictions | |-----|-----------|-------------------|-----------------|-----------------|-------------------|--------------|-------------------|---------------------| | 241 | | 9, 28, 42 | 21548525 | Unitree Technology (宇树科技) | 2017/11/28 | Registered | Original Acquisition | None | | 242 | | 7 | 21548804 | Unitree Technology (宇树科技) | 2017/11/28 | Registered | Original Acquisition | None | | 243 | | 42 | 21314207 | Unitree Technology (宇树科技) | 2017/11/14 | Registered | Original Acquisition | None | | 244 | | 7 | 21314235 | Unitree Technology (宇树科技) | 2017/11/14 | Registered | Original Acquisition | None | | 245 | | 28 | 21314182 | Unitree Technology (宇树科技) | 2017/11/14 | Registered | Original Acquisition | None | | 246 | | 9 | 21314191 | Unitree Technology (宇树科技) | 2017/11/14 | Registered | Original Acquisition | None | | 247 | | 9 | 82883510 | Unitree Technology (宇树科技) | 2025/7/14 | Registered | Original Acquisition | None | | 248 | | 28 | 82871182 | Unitree Technology (宇树科技) | 2025/7/14 | Registered | Original Acquisition | None | | 249 | | 7 | 82867034 | Unitree Technology (宇树科技) | 2025/7/14 | Registered | Original Acquisition | None | | 250 | | 28 | 82882096 | Unitree Technology (宇树科技) | 2025/7/14 | Registered | Original Acquisition | None | | 251 | | 42 | 82885322 | Unitree Technology (宇树科技) | 2025/7/14 | Registered | Original Acquisition | None | | 252 | | 7 | 82879089 | Unitree Technology (宇树科技) | 2025/7/14 | Registered | Original Acquisition | None | | 253 | | 9 | 82880028 | Unitree Technology (宇树科技) | 2025/7/14 | Registered | Original Acquisition | None | | 254 | | 42 | 82874978 | Unitree Technology (宇树科技) | 2025/7/14 | Registered | Original Acquisition | None |

No. | Trademark | Classification No. | Registration No. | Trademark Owner | Registration Date | Legal Status | Acquisition Method | Rights Restrictions

Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus Page 1-1-331

| No. | Trademark | Classification No. | Registration No. | Trademark Owner | Registration Date | Legal Status | Acquisition Method | Rights Restrictions | |-----|-----------|-------------------|-----------------|-----------------|-------------------|--------------|-------------------|---------------------| | 255 | | 7 | 82865143 | Unitree Technology (宇树科技) | 2025/7/14 | Registered | Original Acquisition | None | | 256 | | 9 | 82883624 | Unitree Technology (宇树科技) | 2025/7/14 | Registered | Original Acquisition | None | | 257 | | 28 | 82874969 | Unitree Technology (宇树科技) | 2025/7/14 | Registered | Original Acquisition | None | | 258 | | 9 | 82861161 | Unitree Technology (宇树科技) | 2025/7/14 | Registered | Original Acquisition | None | | 259 | | 42 | 82877748 | Unitree Technology (宇树科技) | 2025/7/14 | Registered | Original Acquisition | None | | 260 | | 7 | 82877738 | Unitree Technology (宇树科技) | 2025/7/14 | Registered | Original Acquisition | None | | 261 | | 28 | 82865692 | Unitree Technology (宇树科技) | 2025/7/14 | Registered | Original Acquisition | None | | 262 | | 28 | 82882041 | Unitree Technology (宇树科技) | 2025/7/14 | Registered | Original Acquisition | None | | 263 | | 7 | 82867122 | Unitree Technology (宇树科技) | 2025/7/14 | Registered | Original Acquisition | None | | 264 | | 35 | 82863991 | Unitree Technology (宇树科技) | 2025/7/14 | Registered | Original Acquisition | None | | 265 | | 28 | 81962299 | Unitree Technology (宇树科技) | 2025/6/14 | Registered | Original Acquisition | None | | 266 | | 9 | 81833735 | Unitree Technology (宇树科技) | 2025/7/21 | Registered | Original Acquisition | None | | 267 | | 7 | 81819393 | Unitree Technology (宇树科技) | 2025/5/21 | Registered | Original Acquisition | None | | 268 | | 35 | 81838676 | Unitree Technology (宇树科技) | 2025/5/14 | Registered | Original Acquisition | None | | 269 | | 25 | 83313336 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 270 | | 35 | 83317086 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 271 | | 25 | 83314457 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 272 | | 20 | 83316967 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 273 | | 35 | 83311303 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 274 | | 28 | 83318650 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 275 | | 9 | 83322020 | Unitree Technology (宇树科技) | 2025/8/21 | Registered | Original Acquisition | None |

No. | Trademark | Classification No. | Registration No. | Trademark Owner | Registration Date | Legal Status | Acquisition Method | Rights Restrictions

Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus Page 1-1-332

| No. | Trademark | Classification No. | Registration No. | Trademark Owner | Registration Date | Legal Status | Acquisition Method | Rights Restrictions | |-----|-----------|-------------------|-----------------|-----------------|-------------------|--------------|-------------------|---------------------| | 276 | | 16 | 83312216 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 277 | | 9 | 83310456 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 278 | | 41 | 83322889 | Unitree Technology (宇树科技) | 2025/8/21 | Registered | Original Acquisition | None | | 279 | | 20 | 83322016 | Unitree Technology (宇树科技) | 2025/8/21 | Registered | Original Acquisition | None | | 280 | | 25 | 83312273 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 281 | | 7 | 83311606 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 282 | | 7 | 83311223 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 283 | | 21 | 83316032 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 284 | | 9 | 83322426 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 285 | | 21 | 83315728 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 286 | | 28 | 83311266 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 287 | | 42 | 83314471 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 288 | | 16 | 83311896 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 289 | | 41 | 83318654 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 290 | | 35 | 83318535 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 291 | | 16 | 83318982 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 292 | | 35 | 83318707 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 293 | | 28 | 83320578 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 294 | | 9 | 83310813 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 295 | | 7 | 83314862 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 296 | | 41 | 83322862 | Unitree Technology (宇树科技) | 2025/8/21 | Registered | Original Acquisition | None | | 297 | | 42 | 83321449 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 298 | | 7 | 83320572 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None |

No. | Trademark | Classification No. | Registration No. | Trademark Owner | Registration Date | Legal Status | Acquisition Method | Rights Restrictions

Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus Page 1-1-333

| No. | Trademark | Classification No. | Registration No. | Trademark Owner | Registration Date | Legal Status | Acquisition Method | Rights Restrictions | |-----|-----------|-------------------|-----------------|-----------------|-------------------|--------------|-------------------|---------------------| | 299 | | 7 | 83313737 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 300 | | 21 | 83314148 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 301 | | 16 | 83312302 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 302 | | 9 | 83311250 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 303 | | 41 | 83311901 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 304 | | 35 | 83311816 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 305 | | 21 | 83313715 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 306 | | 42 | 83319034 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 307 | | 25 | 83320453 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 308 | | 21 | 83322915 | Unitree Technology (宇树科技) | 2025/8/21 | Registered | Original Acquisition | None | | 309 | | 41 | 83314142 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 310 | | 20 | 83317055 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 311 | | 20 | 83322446 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 312 | | 28 | 83314926 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 313 | | 16 | 83315722 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 314 | | 42 | 83315745 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 315 | | 25 | 83319280 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 316 | | 28 | 83320156 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 317 | | 42 | 83321481 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 318 | | 20 | 83312972 | Unitree Technology (宇树科技) | 2025/8/14 | Registered | Original Acquisition | None | | 319 | | 7 | 81970258 | Unitree Technology (宇树科技) | 2025/8/21 | Registered | Original Acquisition | None | | 320 | | 42 | 82871164 | Unitree Technology (宇树科技) | 2025/9/7 | Registered | Original Acquisition | None | | 321 | | 35 | 82880828 | Unitree Technology (宇树科技) | 2025/9/7 | Registered | Original Acquisition | None |

No. | Trademark | Classification No. | Registration No. | Trademark Owner | Registration Date | Legal Status | Acquisition Method | Rights Restrictions

Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus Page 1-1-334

| No. | Trademark | Classification No. | Registration No. | Trademark Owner | Registration Date | Legal Status | Acquisition Method | Rights Restrictions | |-----|-----------|-------------------|-----------------|-----------------|-------------------|--------------|-------------------|---------------------| | 322 | | 28 | 84650887 | Unitree Technology (宇树科技) | 2025/9/13 | Registered | Original Acquisition | None | | 323 | | 9 | 84180061 | Unitree Technology (宇树科技) | 2025/9/7 | Registered | Original Acquisition | None | | 324 | | 42 | 84177555 | Unitree Technology (宇树科技) | 2025/9/7 | Registered | Original Acquisition | None | | 325 | | 7 | 84185955 | Unitree Technology (宇树科技) | 2025/9/7 | Registered | Original Acquisition | None | | 326 | | 28 | 83920828 | Unitree Technology (宇树科技) | 2025/9/7 | Registered | Original Acquisition | None | | 327 | | 9 | 83920780 | Unitree Technology (宇树科技) | 2025/9/7 | Registered | Original Acquisition | None | | 328 | | 36 | 83570357 | Unitree Technology (宇树科技) | 2025/9/13 | Registered | Original Acquisition | None | | 329 | | 13 | 83564573 | Unitree Technology (宇树科技) | 2025/9/21 | Registered | Original Acquisition | None | | 330 | | 24 | 83558273 | Unitree Technology (宇树科技) | 2025/9/14 | Registered | Original Acquisition | None | | 331 | | 31 | 83561178 | Unitree Technology (宇树科技) | 2025/9/13 | Registered | Original Acquisition | None | | 332 | | 23 | 83572738 | Unitree Technology (宇树科技) | 2025/9/7 | Registered | Original Acquisition | None | | 333 | | 40 | 83557054 | Unitree Technology (宇树科技) | 2025/9/21 | Registered | Original Acquisition | None | | 334 | | 15 | 83567539 | Unitree Technology (宇树科技) | 2025/9/13 | Registered | Original Acquisition | None | | 335 | | 13 | 83568802 | Unitree Technology (宇树科技) | 2025/9/13 | Registered | Original Acquisition | None | | 336 | | 44 | 83564309 | Unitree Technology (宇树科技) | 2025/9/13 | Registered | Original Acquisition | None | | 337 | | 34 | 83564523 | Unitree Technology (宇树科技) | 2025/9/21 | Registered | Original Acquisition | None | | 338 | | 22 | 83565461 | Unitree Technology (宇树科技) | 2025/9/13 | Registered | Original Acquisition | None | | 339 | | 26 | 83567110 | Unitree Technology (宇树科技) | 2025/9/13 | Registered | Original Acquisition | None | | 340 | | 16 | 83562294 | Unitree Technology (宇树科技) | 2025/9/13 | Registered | Original Acquisition | None | | 341 | | 40 | 83568825 | Unitree Technology (宇树科技) | 2025/9/13 | Registered | Original Acquisition | None | | 342 | | 22 | 83577534 | Unitree Technology (宇树科技) | 2025/9/7 | Registered | Original Acquisition | None | | 343 | | 15 | 83580355 | Unitree Technology (宇树科技) | 2025/9/7 | Registered | Original Acquisition | None | | 344 | | 9 | 84168836 | Unitree Technology (宇树科技) | 2025/11/28 | Registered | Original Acquisition | None |

No. | Trademark | Classification No. | Registration No. | Trademark Owner | Registration Date | Legal Status | Acquisition Method | Rights Restrictions

Unitree Technology Co., Ltd. (宇树科技股份有限公司) Prospectus Page 1-1-335

| No. | Trademark | Classification No. | Registration No. | Trademark Owner | Registration Date | Legal Status | Acquisition Method | Rights Restrictions | |-----|-----------|-------------------|-----------------|-----------------|-------------------|--------------|-------------------|---------------------| | 345 | | 7 | 84180073 | Unitree Technology (宇树科技) | 2025/11/14 | Registered | Original Acquisition | None | | 346 | | 42 | 83912979 | Unitree Technology (宇树科技) | 2025/11/28 | Registered | Original Acquisition | None | | 347 | | 35 | 83935583 | Unitree Technology (宇树科技) | 2025/11/28 | Registered | Original Acquisition | None | | 348 | | 7 | 83923735 | Unitree Technology (宇树科技) | 2025/11/28 | Registered | Original Acquisition | None | | 349 | | 31 | 83572084 | Unitree Technology (宇树科技) | 2025/11/28 | Registered | Original Acquisition | None | | 350 | | 8 | 83567096 | Unitree Technology (宇树科技) | 2025/11/14 | Registered | Original Acquisition | None | | 351 | | 26 | 83565375 | Unitree Technology (宇树科技) | 2025/11/14 | Registered | Original Acquisition | None | | 352 | | 29 | 83576414 | Unitree Technology (宇树科技) | 2025/11/14 | Registered | Original Acquisition | None | | 353 | | 25 | 83563729 | Unitree Technology (宇树科技) | 2025/11/14 | Registered | Original Acquisition | None | | 354 | | 9 | 83570721 | Unitree Technology (宇树科技) | 2025/11/14 | Registered | Original Acquisition | None | | 355 | | 30 | 83572727 | Unitree Technology (宇树科技) | 2025/11/14 | Registered | Original Acquisition | None | | 356 | | 44 | 83579184 | Unitree Technology (宇树科技) | — | Registered | Original Acquisition | None |

Unitree Technology (宇树科技)

2025/11/14

Registered

Original Acquisition

None

357

10

83564983

Unitree Technology (宇树科技)

2025/11/14

Registered

Original Acquisition

None

358

11

83570959

Unitree Technology (宇树科技)

2025/11/14

Registered

Original Acquisition

None

359

14

83570422

Unitree Technology (宇树科技)

2025/11/14

Registered

Original Acquisition

None

360

1

83579143

Unitree Technology (宇树科技)

2025/11/14

Registered

Original Acquisition

None

361

24

83568078

Unitree Technology (宇树科技)

2025/11/21

Registered

Original Acquisition

None

362

20

83577389

Unitree Technology (宇树科技)

2025/11/21

Registered

Original Acquisition

None

363

45

83576623

Unitree Technology (宇树科技)

2025/11/14

Registered

Original Acquisition

None

364

3

83562200

Unitree Technology (宇树科技)

2025/11/14

Registered

Original Acquisition

None

365

32

83563365

Unitree Technology (宇树科技)

2025/11/14

Registered

Original Acquisition

None

| Serial No. | Trademark | Classification No. | Registration No. | Trademark Owner | Registration Date | Legal Status | Acquisition Method | Rights Restrictions | |---|---|---|---|---|---|---|---|---| | | | 1-1-336 | | | | | Original Acquisition | None |

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| Serial No. | Classification No. | Registration No. | Trademark Owner | Registration Date | Legal Status | Acquisition Method | Rights Restrictions | |---|---|---|---|---|---|---|---|---| | 366 | 16 | 83572285 | Unitree Technology (宇树科技) | 2025/11/14 | Registered | Original Acquisition | None | | 367 | 12 | 83564551 | Unitree Technology (宇树科技) | 2025/11/14 | Registered | Original Acquisition | None | | 368 | 43 | 83557268 | Unitree Technology (宇树科技) | 2025/11/14 | Registered | Original Acquisition | None | | 369 | 5 | 83564371 | Unitree Technology (宇树科技) | 2025/11/14 | Registered | Original Acquisition | None | | 370 | 18 | 83557001 | Unitree Technology (宇树科技) | 2025/11/14 | Registered | Original Acquisition | None | | 371 | 2 | 83571046 | Unitree Technology (宇树科技) | 2025/11/14 | Registered | Original Acquisition | None | | 372 | 21 | 83573209 | Unitree Technology (宇树科技) | 2025/11/21 | Registered | Original Acquisition | None | | 373 | 27 | 83579482 | Unitree Technology (宇树科技) | 2025/11/21 | Registered | Original Acquisition | None | | 374 | 30 | 83564786 | Unitree Technology (宇树科技) | 2025/12/28 | Registered | Original Acquisition | None | | 375 | 32 | 83570911 | Unitree Technology (宇树科技) | 2025/12/28 | Registered | Original Acquisition | None | | 376 | 2 | 83557220 | Unitree Technology (宇树科技) | 2026/1/21 | Registered | Original Acquisition | None | | 377 | 18 | 83570448 | Unitree Technology (宇树科技) | 2026/1/21 | Registered | Original Acquisition | None | | 378 | 34 | 83574321 | Unitree Technology (宇树科技) | 2026/1/21 | Registered | Original Acquisition | None | | 379 | 23 | 83574687 | Unitree Technology (宇树科技) | 2026/1/21 | Registered | Original Acquisition | None | | 380 | 27 | 83576522 | Unitree Technology (宇树科技) | 2026/1/21 | Registered | Original Acquisition | None | | 381 | 36 | 83579509 | Unitree Technology (宇树科技) | 2026/1/21 | Registered | Original Acquisition | None | | 382 | 20 | 83571089 | Unitree Technology (宇树科技) | 2026/1/28 | Registered | Original Acquisition | None | | 383 | 1 | 83570974 | Unitree Technology (宇树科技) | 2026/1/28 | Registered | Original Acquisition | None | | 384 | 6 | 83577874 | Unitree Technology (宇树科技) | 2026/1/28 | Registered | Original Acquisition | None | | 385 | 29 | 83570888 | Unitree Technology (宇树科技) | 2026/1/28 | Registered | Original Acquisition | None | | 386 | 14 | 83578918 | Unitree Technology (宇树科技) | 2026/1/28 | Registered | Original Acquisition | None |

| Serial No. | Trademark | | Acquisition Method | Rights Restrictions | |---|---|---|---|---| | | | 1-1-337 | Original Acquisition | None |

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

**(II) Overseas Trademarks**

| Serial No. | Classification No. | Registration No. | Trademark Owner | Country/Region | Registration Date | Legal Status | Acquisition Method | Rights Restrictions | |---|---|---|---|---|---|---|---|---| | 1 | 7 | 5996521 | Unitree Technology (宇树科技) | Japan | 2017/11/17 | Registered | Original Acquisition | None | | 2 | 7, 9, 28 | 016386583 | Unitree Technology (宇树科技) | EU | 2017/6/5 | Registered | Original Acquisition | None | | 3 | 7 | 5421539 | Unitree Technology (宇树科技) | USA | 2018/3/13 | Registered | Original Acquisition | None | | 4 | 9 | 5421541 | Unitree Technology (宇树科技) | USA | 2018/3/13 | Registered | Original Acquisition | None | | 5 | 9 | 5421551 | Unitree Technology (宇树科技) | USA | 2018/3/13 | Registered | Original Acquisition | None | | 6 | 28 | 5979616 | Unitree Technology (宇树科技) | Japan | 2017/9/8 | Registered | Original Acquisition | None | | 7 | 7, 28 | 016392052 | Unitree Technology (宇树科技) | EU | 2017/6/5 | Registered | Original Acquisition | None | | 8 | 7, 9 | 018085786 | Unitree Technology (宇树科技) | EU | 2019/10/19 | Registered | Original Acquisition | None | | 9 | 9 | 6598296 | Unitree Technology (宇树科技) | USA | 2021/12/21 | Registered | Original Acquisition | None | | 10 | 7 | 6521364 | Unitree Technology (宇树科技) | Japan | 2022/3/2 | Registered | Original Acquisition | None | | 11 | 9 | 6537287 | Unitree Technology (宇树科技) | Japan | 2022/3/30 | Registered | Original Acquisition | None | | 12 | 28 | 6550384 | Unitree Technology (宇树科技) | Japan | 2022/4/28 | Registered | Original Acquisition | None | | 13 | 42 | 6491218 | Unitree Technology (宇树科技) | Japan | 2021/12/23 | Registered | Original Acquisition | None | | 14 | 7, 9, 28, 42 | 018484514 | Unitree Technology (宇树科技) | EU | 2021/10/13 | Registered | Original Acquisition | None | | 15 | 28 | UK00003777599 | Unitree Technology (宇树科技) | UK | 2022/4/14 | Registered | Original Acquisition | None | | 16 | 28 | 018687084 | Unitree Technology (宇树科技) | EU | 2022/7/30 | Registered | Original Acquisition | None | | 17 | 28 | 40-2099295 | Unitree Technology (宇树科技) | South Korea | 2023/10/19 | Registered | Original Acquisition | None | | 18 | 7, 28 | 018687087 | Unitree Technology (宇树科技) | EU | 2022/7/30 | Registered | Original Acquisition | None | | 19 | 7, 28 | UK00003777611 | Unitree Technology (宇树科技) | UK | 2022/4/14 | Registered | Original Acquisition | None | | 20 | 7, 28 | 018687085 | Unitree Technology (宇树科技) | EU | 2022/7/30 | Registered | Original Acquisition | None | | 21 | 7, 28 | UK00003777586 | Unitree Technology (宇树科技) | UK | 2022/4/14 | Registered | Original Acquisition | None | | 22 | 7 | 40-2099296 | Unitree Technology (宇树科技) | South Korea | 2023/10/19 | Registered | Original Acquisition | None | | 23 | 9, 42 | 018988777 | Unitree Technology (宇树科技) | EU | 2024/6/4 | Registered | Original Acquisition | None | | 24 | 9 | 6854638 | Unitree Technology (宇树科技) | Japan | 2024/10/16 | Registered | Original Acquisition | None |

| Serial No. | Trademark | | | | | | | | |---|---|---|---|---|---|---|---|---| | | | 1-1-338 | | | | | | |

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| Serial No. | Classification No. | Registration No. | Trademark Owner | Country/Region | Registration Date | Legal Status | Acquisition Method | Rights Restrictions | |---|---|---|---|---|---|---|---|---| | 25 | 42 | 6854639 | Unitree Technology (宇树科技) | Japan | 2024/10/16 | Registered | Original Acquisition | None | | 26 | 42 | UKO0004016447 | Unitree Technology (宇树科技) | UK | 2024/5/10 | Registered | Original Acquisition | None | | 27 | 9, 42 | 018993017 | Unitree Technology (宇树科技) | EU | 2024/6/15 | Registered | Original Acquisition | None | | 28 | 9 | 6833130 | Unitree Technology (宇树科技) | Japan | 2024/8/9 | Registered | Original Acquisition | None | | 29 | 42 | 6854656 | Unitree Technology (宇树科技) | Japan | 2024/10/16 | Registered | Original Acquisition | None | | 30 | 9, 42 | UK00004018734 | Unitree Technology (宇树科技) | UK | 2024/5/24 | Registered | Original Acquisition | None | | 31 | 9, 42 | 018992996 | Unitree Technology (宇树科技) | EU | 2024/6/14 | Registered | Original Acquisition | None | | 32 | 9, 42 | UK00004018738 | Unitree Technology (宇树科技) | UK | 2024/5/24 | Registered | Original Acquisition | None | | 33 | 9 | 6249990 | Unitree Technology (宇树科技) | Japan | 2020/5/7 | Registered | Original Acquisition | None | | 34 | 28 | 6273824 | Unitree Technology (宇树科技) | Japan | 2020/7/28 | Registered | Original Acquisition | None | | 35 | 7 | 6902676 | Unitree Technology (宇树科技) | USA | 2022/11/15 | Registered | Original Acquisition | None | | 36 | 28 | 6902677 | Unitree Technology (宇树科技) | USA | 2022/11/15 | Registered | Original Acquisition | None | | 37 | 7 | 6623930 | Unitree Technology (宇树科技) | Japan | 2022/10/5 | Registered | Original Acquisition | None | | 38 | 28 | 6627092 | Unitree Technology (宇树科技) | Japan | 2022/10/13 | Registered | Original Acquisition | None | | 39 | 7 | 6623932 | Unitree Technology (宇树科技) | Japan | 2022/10/5 | Registered | Original Acquisition | None | | 40 | 28 | 6627094 | Unitree Technology (宇树科技) | Japan | 2022/10/13 | Registered | Original Acquisition | None | | 41 | 7 | 6623931 | Unitree Technology (宇树科技) | Japan | 2022/10/5 | Registered | Original Acquisition | None | | 42 | 28 | 6627093 | Unitree Technology (宇树科技) | Japan | 2022/10/13 | Registered | Original Acquisition | None | | 43 | 7 | 40-2099294 | Unitree Technology (宇树科技) | South Korea | 2023/10/19 | Registered | Original Acquisition | None | | 44 | 28 | 40-2099297 | Unitree Technology (宇树科技) | South Korea | 2023/10/19 | Registered | Original Acquisition | None | | 45 | 7 | 40-2099298 | Unitree Technology (宇树科技) | South Korea | 2023/10/19 | Registered | Original Acquisition | None | | 46 | 28 | 40-2099299 | Unitree Technology (宇树科技) | South Korea | 2023/10/19 | Registered | Original Acquisition | None | | 47 | 9, 28 | 019060875 | Unitree Technology (宇树科技) | EU | 2024/11/9 | Registered | Original Acquisition | None | | 48 | 42 | 40-2388694 | Unitree Technology (宇树科技) | South Korea | 2025/07/15 | Registered | Original Acquisition | None |

| Serial No. | Trademark | | | | | | | | |---|---|---|---|---|---|---|---|---| | | | 1-1-339 | | | | | | |

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| Serial No. | Classification No. | Registration No. | Trademark Owner | Country/Region | Registration Date | Legal Status | Acquisition Method | Rights Restrictions | |---|---|---|---|---|---|---|---|---| | 49 | 28 | 6911672 | Unitree Technology (宇树科技) | Japan | 2024/03/25 | Registered | Original Acquisition | None | | 50 | 9 | 6898734 | Unitree Technology (宇树科技) | Japan | 2024/02/19 | Registered | Original Acquisition | None |

| Serial No. | Trademark | |---|---|

**Annex VI: List of Patents Held by the Issuer**

**(I) Domestic Patents**

| Serial No. | Patent Name | Patent No. | Patent Type | Application Date | Patentee | Acquisition Method | Rights Restrictions | |---|---|---|---|---|---|---|---| | 1 | A teleoperation method for a quadruped robot based on operator foot pose sensors | ZL201610894838.9 | Invention | 2016/10/13 | Unitree Technology (宇树科技) | Original Acquisition | None | | 2 | A leg power system structure for an electrically driven quadruped robot | ZL201710149070.7 | Invention | 2017/3/10 | Unitree Technology (宇树科技) | Original Acquisition | None | | 3 | A robot dual-joint unit and legged robot and collaborative robotic arm using the same | ZL201811222243.4 | Invention | 2018/10/19 | Unitree Technology (宇树科技) | Original Acquisition | None | | 4 | A highly integrated, high-performance robot joint unit | ZL201811561682.8 | Invention | 2018/12/20 | Unitree Technology (宇树科技) | Original Acquisition | None | | 5 | A robot integrated joint unit and legged robot using the same | ZL201910172037.5 | Invention | 2019/3/7 | Unitree Technology (宇树科技) | Original Acquisition | None | | 6 | A cable-retracting structure for a resistance trainer and resistance trainer using the same | ZL202110814771.4 | Invention | 2021/7/19 | Unitree Technology (宇树科技) | Original Acquisition | None | | 7 | A power-on method for an electric resistance trainer, a pull-to-power-on module, and a resistance trainer | ZL202210405027.3 | Invention | 2022/4/18 | Unitree Technology (宇树科技) | Original Acquisition | None | | 8 | A height map construction method, system, and storage medium for robots | ZL202310202525.2 | Invention | 2023/2/24 | Unitree Technology (宇树科技) | Original Acquisition | None | | 9 | A brushless motor rotor detection device and determination and calculation method, and fitness resistance trainer | ZL202210313015.8 | Invention | 2022/3/28 | Unitree Technology (宇树科技) | Original Acquisition | None | | 10 | A robot and robot control method | ZL202510337900.3 | Invention | 2025/3/21 | Unitree Technology (宇树科技) | Original Acquisition | None | | 11 | A 3D LiDAR point cloud acquisition control method and system | ZL202510823606.3 | Invention | 2025/6/19 | Unitree Technology (宇树科技) | Original Acquisition | None | | 12 | A LiDAR calibration method and system | ZL202510823539.5 | Invention | 2025/6/19 | Unitree Technology (宇树科技) | Original Acquisition | None | | 13 | A robot navigation interactive control method and system based on multi-map fusion | ZL202511009125.5 | Invention | 2025/7/22 | Unitree Technology (宇树科技) | Original Acquisition | None | | 14 | A feature-enhanced map generation method and device for pipeline gallery scenarios | ZL202510978198.9 | Invention | 2025/7/16 | Unitree Technology (宇树科技) | Original Acquisition | None | | 15 | An immersive robot teleoperation method and system | ZL202511075241.7 | Invention | 2025/8/1 | Unitree Technology (宇树科技) | Original Acquisition | None | | 16 | A dynamic spatiotemporal synchronous mapping method and system based on multi-sensor data fusion | ZL202511009128.9 | Invention | 2025/7/22 | Unitree Technology (宇树科技) | Original Acquisition | None | | 17 | A robot motion control method and electronic device based on digital twin | ZL202511056280.2 | Invention | 2025/7/30 | Unitree Technology (宇树科技) | Original Acquisition | None | | 18 | A robot joint control method and system based on motion capture equipment | ZL202511054795.9 | Invention | — | — | — | — |

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| No. | Patent Name | Patent No. | Patent Category | Application Date | Patentee | Acquisition Method | Rights Restrictions | |-----|-------------|------------|-----------------|------------------|----------|--------------------|---------------------| | 19 | A Robot Multi-Floor Composite Navigation Method and Device | ZL202511216978.6 | Invention | 2025/8/28 | Unitree Technology (宇树科技) | Original Acquisition | None | | 20 | A Robot Interactive Control Method and Server Based on Diffusion Strategy | ZL202511471499.9 | Invention | 2025/10/15 | Unitree Technology (宇树科技) | Original Acquisition | None | | 21 | A Simplified Structure High Power Mass Density Linear Drive Device | ZL201720038604.4 | Utility Model | 2017/1/12 | Unitree Technology (宇树科技) | Original Acquisition | None | | 22 | A Leg Power System Structure for an Electrically Driven Quadruped Robot | ZL201720232286.5 | Utility Model | 2017/3/10 | Unitree Technology (宇树科技) | Original Acquisition | None | | 23 | A Quadruped Robot Body Structure with Good Leg Impact Resistance | ZL201720905583.1 | Utility Model | 2017/7/25 | Unitree Technology (宇树科技) | Original Acquisition | None | | 24 | A Robot Foot-End Structure | ZL201721328994.5 | Utility Model | 2017/10/16 | Unitree Technology (宇树科技) | Original Acquisition | None | | 25 | A Compact Joint Hinge for a Quadruped Robot | ZL201820876077.9 | Utility Model | 2018/6/7 | Unitree Technology (宇树科技) | Original Acquisition | None | | 26 | An Electrically Driven Rotary Power Unit and a Quadruped Robot Applying the Same | ZL201821267397.0 | Utility Model | 2018/8/7 | Unitree Technology (宇树科技) | Original Acquisition | None | | 27 | A Quadruped Robot Body Structure and a Quadruped Robot Applying the Same | ZL201821282614.3 | Utility Model | 2018/8/9 | Unitree Technology (宇树科技) | Original Acquisition | None | | 28 | An Electronic Resistance Trainer and Fitness Equipment with the Electronic Resistance Trainer | ZL201821312969.2 | Utility Model | 2018/8/14 | Unitree Technology (宇树科技) | Succession Acquisition | None | | 29 | A Battery Pack and a Robot with the Battery Pack | ZL201821309466.X | Utility Model | 2018/8/14 | Unitree Technology (宇树科技) | Original Acquisition | None | | 30 | A Leg Heat Dissipation Structure and a Legged Robot with the Leg Heat Dissipation Structure | ZL201821343700.0 | Utility Model | 2018/8/20 | Unitree Technology (宇树科技) | Original Acquisition | None | | 31 | A Highly Integrated Robot Dual-Joint Unit, Legged Robot, and Collaborative Robotic Arm | ZL201821704387.9 | Utility Model | 2018/10/19 | Unitree Technology (宇树科技) | Original Acquisition | None | | 32 | A Robot Leg Buffer Assembly and a Quadruped Robot Applying the Same | ZL201822007117.9 | Utility Model | 2018/11/30 | Unitree Technology (宇树科技) | Original Acquisition | None | | 33 | A High Integration High Performance Robot Joint Unit | ZL201822144537.1 | Utility Model | 2018/12/20 | Unitree Technology (宇树科技) | Original Acquisition | None | | 34 | A Joint Electrical Energy Short-Range Transmission Structure and a Legged Robot and Robotic Arm Applying the Same | ZL201920031156.4 | Utility Model | 2019/1/8 | Unitree Technology (宇树科技) | Original Acquisition | None | | 35 | A Robot Integrated Joint Unit and a Legged Robot Applying the Same | ZL201920290906.X | Utility Model | 2019/3/7 | Unitree Technology (宇树科技) | Original Acquisition | None | | 36 | A Robot Combined Joint Unit and a Legged Robot Applying the Same | ZL201920290898.9 | Utility Model | 2019/3/7 | Unitree Technology (宇树科技) | Original Acquisition | None | | 37 | A Battery Pack and a Legged Robot Including the Same | ZL201920350714.3 | Utility Model | 2019/3/19 | Unitree Technology (宇树科技) | Original Acquisition | None | | 38 | A Body Joint Anti-Collision Structure and a Quadruped Robot Applying the Same | ZL201920725298.0 | Utility Model | 2019/5/20 | Unitree Technology (宇树科技) | Original Acquisition | None | | 39 | A Leg Power Unit Heat Dissipation Structure and a Quadruped Robot Applying the Same | ZL201921029625.5 | Utility Model | 2019/7/3 | Unitree Technology (宇树科技) | Original Acquisition | None | | 40 | A Joint Rotary Power Unit and a Quadruped Robot Applying the Same | ZL201921114883.3 | Utility Model | 2019/7/16 | Unitree Technology (宇树科技) | Original Acquisition | None | | 41 | A Joint Wiring Structure for a Quadruped Robot and a Quadruped Robot Applying the Same | ZL201921338360.7 | Utility Model | 2019/8/16 | Unitree Technology (宇树科技) | Original Acquisition | None | | 42 | A Novel Foot-End Force Collection Device and a Quadruped Robot Applying the Same | ZL201921416157.7 | Utility Model | 2019/8/28 | Unitree Technology (宇树科技) | Original Acquisition | None | | 43 | A Water-Cooled Heat Dissipation Structure and a Power Unit and Quadruped Robot Applying the Same | ZL201921779819.7 | Utility Model | 2019/10/22 | Unitree Technology (宇树科技) | Original Acquisition | None |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| No. | Patent Name | Patent No. | Patent Category | Application Date | Patentee | Acquisition Method | Rights Restrictions | |-----|-------------|------------|-----------------|------------------|----------|--------------------|---------------------| | 44 | A Shell-Type Quadruped Robot Body Structure | ZL201922115652.0 | Utility Model | 2019/11/29 | Unitree Technology (宇树科技) | Original Acquisition | None | | 45 | A Foldable and Compact Remote Control Handle | ZL202020087279.2 | Utility Model | 2020/1/15 | Unitree Technology (宇树科技) | Original Acquisition | None | | 46 | An Electrically Driven Rotary Power Unit and a Quadruped Robot Applying the Same | ZL202020281851.9 | Utility Model | 2020/3/9 | Unitree Technology (宇树科技) | Original Acquisition | None | | 47 | A Reducer and an Electrically Driven Power Unit and Quadruped Robot Applying the Same | ZL202020916355.6 | Utility Model | 2020/5/26 | Unitree Technology (宇树科技) | Original Acquisition | None | | 48 | A Quadruped Robot with Ultra-Wide Viewing Angle | ZL202021803883.7 | Utility Model | 2020/8/25 | Unitree Technology (宇树科技) | Original Acquisition | None | | 49 | A Compact Rotary Power Unit and a Robot Applying the Same | ZL202021894937.5 | Utility Model | 2020/9/2 | Unitree Technology (宇树科技) | Original Acquisition | None | | 50 | A Robot Accompanying Device and a Quadruped Robot Applying the Same | ZL202021990050.6 | Utility Model | 2020/9/11 | Unitree Technology (宇树科技) | Original Acquisition | None | | 51 | A Quadruped Robot Body and Quadruped Robot with a Flexible Buffer Structure | ZL202022260055.X | Utility Model | 2020/10/12 | Unitree Technology (宇树科技) | Original Acquisition | None | | 52 | A Compact Robot Leg Structure and a Quadruped Robot Applying the Same | ZL202022454860.6 | Utility Model | 2020/10/29 | Unitree Technology (宇树科技) | Original Acquisition | None | | 53 | An Overload Impact Resistant Planetary Reducer, Robot Joint, and Quadruped Robot | ZL202023175351.6 | Utility Model | 2020/12/25 | Unitree Technology (宇树科技) | Original Acquisition | None | | 54 | A Robot Joint with a Dynamic Seal Structure and a Quadruped Robot Applying the Same | ZL202023195286.3 | Utility Model | 2020/12/25 | Unitree Technology (宇树科技) | Original Acquisition | None | | 55 | A Quadruped Robot Positioning Device and Quadruped Robot Formation | ZL202120043635.5 | Utility Model | 2021/1/8 | Unitree Technology (宇树科技) | Original Acquisition | None | | 56 | A Robot Joint Quick Disassembly and Assembly Structure and a Quadruped Robot Applying the Same | ZL202120093373.3 | Utility Model | 2021/1/13 | Unitree Technology (宇树科技) | Original Acquisition | None | | 57 | A Foot-End Structure and a Quadruped Robot Applying the Same | ZL202120297162.1 | Utility Model | 2021/2/2 | Unitree Technology (宇树科技) | Original Acquisition | None | | 58 | A Resistance Trainer Drive Unit with Good Heat Dissipation and an Electronic Resistance Trainer Applying the Same | ZL202120691834.7 | Utility Model | 2021/4/6 | Unitree Technology (宇树科技) | Original Acquisition | None | | 59 | A Resistance Trainer Cable Retraction Structure and a Resistance Trainer Applying the Same | ZL202121644165.4 | Utility Model | 2021/7/19 | Unitree Technology (宇树科技) | Original Acquisition | None | | 60 | A 3D LiDAR and Legged Robot | ZL202122495427.1 | Utility Model | 2021/10/15 | Unitree Technology (宇树科技) | Original Acquisition | None | | 61 | A Joint Power Unit and a Robotic Arm Applying the Same | ZL202122558394.0 | Utility Model | 2021/10/21 | Unitree Technology (宇树科技) | Original Acquisition | None | | 62 | An In-Joint Wiring Structure, Joint Mechanism, and Legged Robot | ZL202122654934.5 | Utility Model | 2021/10/29 | Unitree Technology (宇树科技) | Original Acquisition | None | | 63 | A Snap Connector and a Resistance Trainer Applying the Same | ZL202220100405.2 | Utility Model | 2022/1/14 | Unitree Technology (宇树科技) | Original Acquisition | None | | 64 | A Quadruped Robot Protective Device and Quadruped Robot | ZL202220243448.6 | Utility Model | 2022/1/28 | Unitree Technology (宇树科技) | Original Acquisition | None | | 65 | An Integrated Joint Power Unit and Legged Robot | ZL202220538827.8 | Utility Model | 2022/3/11 | Unitree Technology (宇树科技) | Original Acquisition | None | | 66 | A Power-On Module for an Electric Resistance Trainer and an Electric Resistance Trainer | ZL202220910729.2 | Utility Model | 2022/4/18 | Unitree Technology (宇树科技) | Original Acquisition | None | | 67 | A Resistance Trainer Suction Cup and an Electric Resistance Trainer Applying the Same | ZL202221118728.0 | Utility Model | 2022/5/10 | Unitree Technology (宇树科技) | Original Acquisition | None |

1-1-342

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| No. | Patent Name | Patent No. | Patent Category | Application Date | Patentee | Acquisition Method | Rights Restrictions | |-----|-------------|------------|-----------------|------------------|----------|--------------------|---------------------| | 68 | A Resistance Trainer Fixing Device and a Resistance Trainer Applying the Same | ZL202221208068.5 | Utility Model | 2022/5/19 | Unitree Technology (宇树科技) | Original Acquisition | None | | 69 | A Motor Outer Rotor Structure, Rotary Power Unit, and Quadruped Robot | ZL202221590221.5 | Utility Model | 2022/6/23 | Unitree Technology (宇树科技) | Original Acquisition | None | | 70 | A 3D LiDAR and a Legged Robot and Cleaning Robot Applying the Same | ZL202221717205.8 | Utility Model | 2022/7/4 | Unitree Technology (宇树科技) | Original Acquisition | None | | 71 | A LiDAR with Good Scanning Effect | ZL202222114215.9 | Utility Model | 2022/8/10 | Unitree Technology (宇树科技) | Original Acquisition | None | | 72 | A Self-Stabilizing Omnidirectional Mobile Robot and Mobile Device | ZL202222714545.1 | Utility Model | 2022/10/13 | Unitree Technology (宇树科技) | Original Acquisition | None | | 73 | A Rotary Power Unit, a Two-Stage Reduction Rotary Power Unit, and a Robot | ZL202223015402.8 | Utility Model | 2022/11/11 | Unitree Technology (宇树科技) | Original Acquisition | None | | 74 | A Mobile Robot | ZL202223154576.2 | Utility Model | 2022/11/25 | Unitree Technology (宇树科技) | Original Acquisition | None | | 75 | A Foot-End Structure and a Quadruped Robot Applying the Same | ZL202320421167.X | Utility Model | 2023/3/2 | Unitree Technology (宇树科技) | Original Acquisition | None | | 76 | A LiDAR with a Protective Bracket and a Quadruped Robot Applying the Same | ZL202320943441.X | Utility Model | 2023/4/20 | Unitree Technology (宇树科技) | Original Acquisition | None | | 77 | A Robot Transmission Mechanism and a Quadruped Robot Applying the Same | ZL202321038558.X | Utility Model | 2023/5/4 | Unitree Technology (宇树科技) | Original Acquisition | None | | 78 | A Quadruped Robot Body and Quadruped Robot | ZL202321234107.3 | Utility Model | 2023/5/18 | Unitree Technology (宇树科技) | Original Acquisition | None | | 79 | A Cleaning Robot and Return Elastic Structure | ZL202321335669.7 | Utility Model | 2023/5/26 | Unitree Technology (宇树科技) | Original Acquisition | None | | 80 | A Reducer with Inner and Outer Double-Sided Toothed Eccentric Ring Gear, Eccentric Structure, and Joint Module | ZL202322017704.7 | Utility Model | 2023/7/28 | Unitree Technology (宇树科技) | Original Acquisition | None | | 81 | A Thermally Conductive Fixing Seat and a Heat-Dissipating Robot Body Structure and Robot | ZL202322321483.2 | Utility Model | 2023/8/28 | Unitree Technology (宇树科技) | Original Acquisition | None | | 82 | A Compound Reduction Structure, Joint Power Mechanism, and Robot | ZL202322378533.0 | Utility Model | 2023/9/1 | Unitree Technology (宇树科技) | Original Acquisition | None | | 83 | A Multi-Stage Reduction Structure, Joint Power Unit, Legged Robot, and Dexterous Hand | ZL202420032730.9 | Utility Model | 2024/1/5 | Unitree Technology (宇树科技) | Original Acquisition | None | | 84 | A Gravity Compensation Mechanism Adapted for Head-Mounted Equipment and a Head-Mounted Intelligent Device | ZL202420423970.1 | Utility Model | 2024/3/5 | Unitree Technology (宇树科技) | Original Acquisition | None | | 85 | A Reducer with Deformable Torque Sensing, Joint Structure, and Robot Joint | ZL202420418098.1 | Utility Model | 2024/3/5 | Unitree Technology (宇树科技) | Original Acquisition | None | | 86 | A Gravity Compensation Assembly with Counterweight and a Head-Mounted Device with No Bias Sensation | ZL202420674307.9 | Utility Model | 2024/4/2 | Unitree Technology (宇树科技) | Original Acquisition | None | | 87 | A Leg Power Structure for a Humanoid Robot and a Humanoid Robot | ZL202420836784.0 | Utility Model | 2024/4/20 | Unitree Technology (宇树科技) | Original Acquisition | None | | 88 | A Resistance Trainer Fixing Device and an Electric Resistance Trainer with Adjustable Height | ZL202422596188.2 | Utility Model | 2024/10/24 | Unitree Technology (宇树科技) | Original Acquisition | None | | 89 | A Humanoid Robot Foot and a Humanoid Robot | ZL202422810541.2 | Utility Model | 2024/11/18 | Unitree Technology (宇树科技) | Original Acquisition | None | | 90 | A Robot Leg Structure Capable of Variable Speed Ratio and a Robot | ZL202422894195.0 | Utility Model | 2024/11/26 | Unitree Technology (宇树科技) | Original Acquisition | None |

1-1-343

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| No. | Patent Name | Patent No. | Patent Category | Application Date | Patentee | Acquisition Method | Rights Restrictions | |-----|-------------|------------|-----------------|------------------|----------|--------------------|---------------------| | 91 | A Force Pedal | ZL202422579969.0 | Utility Model | 2024/10/24 | Unitree Technology (宇树科技) | Original Acquisition | None | | 92 | A Fitness Pump | ZL202422579483.7 | Utility Model | 2024/10/24 | Unitree Technology (宇树科技) | Original Acquisition | None | | 93 | A Resistance Trainer Variable Gear Speed Regulation Mechanism and Resistance Trainer | ZL202422589101.9 | Utility Model | 2024/10/24 | Unitree Technology (宇树科技) | Original Acquisition | None | | 94 | A Rowing Machine with Convenient Training Force Adjustment | ZL202422588044.2 | Utility Model | 2024/10/24 | Unitree Technology (宇树科技) | Original Acquisition | None | | 95 | A Robot Finger, Robot Hand, and Humanoid Robot | ZL202422758518.3 | Utility Model | 2024/11/14 | Unitree Technology (宇树科技) | Original Acquisition | None | | 96 | A Folding Stool Adapted for a Resistance Trainer and an Electronic Resistance Trainer | ZL202520045203.6 | Utility Model | 2025/1/6 | Unitree Technology (宇树科技) | Original Acquisition | None | | 97 | A Quadruped Robot Foot with Light | ZL201730333623.5 | — | 2017/7/30 | Unitree Technology (宇树科技) | Original Acquisition | None | | 98 | Quadruped Robot Frame | ZL201730334315.4 | — | 2017/7/30 | Unitree Technology (宇树科技) | Original Acquisition | None | | 99 | Power Battery Pack | — | — | — | — | — | — |

ZL201830235478.1

| No. | Patent Name | Patent No. | |-----|-------------|------------| | 100 | Quadruped Robot Frame | ZL201830235478.1 | | 101 | Quadruped Robot | ZL201830235228.8 | | 102 | Quadruped Robot | ZL201930197480.9 | | 103 | Quadruped Robot | ZL201930215127.9 | | 104 | Power Battery Pack | ZL201930215126.4 | | 105 | Quadruped Robot Foot and Lower Leg Structure | ZL201930526747.4 | | 106 | Quadruped Robot Leg Structure | ZL201930526980.2 | | 107 | Battery Pack (Quadruped Robot) | ZL201930526746.X | | 108 | Joint Motor Assembly | ZL201930526750.6 | | 109 | Quadruped Robot Body (Unitree AⅠ) | ZL202030006344.X | | 110 | Remote Control Handle (Left and Right Handle) | ZL202030026908.6 | | 111 | Power Unit | ZL202030090015.8 | | 112 | Remote Control Handle | ZL202030090950.4 | | 113 | Battery (Quadruped Robot AⅡ) | ZL202030759431.2 | | 114 | Quadruped Robot Body (AⅡ) | ZL202130006013.0 | | 115 | Quadruped Robot (Aliengo – Niu Qi Chong Tian) | ZL202130025897.4 | | 116 | Quadruped Robot (A1 – Niu Qi Chong Tian) | ZL202130025916.3 | | 117 | Craft Article (Aliengo – Niu Qi Chong Tian) | ZL202130025639.6 | | 118 | Craft Article (A1 – Niu Qi Chong Tian) | ZL202130025640.9 |

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| Patent Category | Application Date | Patentee | Acquisition Method | Rights Restrictions | |----------------|-----------------|----------|--------------------|---------------------| | Utility Model | 2024/10/24 | Unitree Technology (宇树科技) | Original Acquisition | None | | Utility Model | 2024/10/24 | Unitree Technology (宇树科技) | Original Acquisition | None | | Utility Model | 2024/10/24 | Unitree Technology (宇树科技) | Original Acquisition | None | | Utility Model | 2024/10/24 | Unitree Technology (宇树科技) | Original Acquisition | None | | Utility Model | 2024/11/12 | Unitree Technology (宇树科技) | Original Acquisition | None | | Utility Model | 2025/1/8 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2017/7/26 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2017/7/26 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2018/5/21 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2018/5/21 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2019/4/26 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2019/5/6 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2019/5/6 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2019/9/25 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2019/9/25 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2019/9/25 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2019/9/25 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2020/1/6 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2020/1/15 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2020/3/17 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2020/3/18 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2020/12/10 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2021/1/6 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2021/1/14 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2021/1/14 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2021/1/14 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2021/1/14 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2021/3/9 | Unitree Technology (宇树科技) | Original Acquisition | None |

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| No. | Patent Name | Patent No. | |-----|-------------|------------| | 119 | Robot Joint | ZL202130126093.3 | | 120 | Robot Joint | ZL202130126163.5 | | 121 | Robot Joint Module | ZL202130183054.7 | | 122 | Quadruped Robot (Ultra-Perception) | ZL202130210036.3 | | 123 | Robot Head | ZL202130209909.9 | | 124 | Quadruped Robot | ZL202130256025.9 | | 125 | Robot Head | ZL202130256022.5 | | 126 | Pull Exerciser | ZL202130392518.5 | | 127 | Positioning Tag (Quadruped Robot) | ZL202130526215.8 | | 128 | Pull Exerciser | ZL202130595653.X | | 129 | Handle (Pull Exerciser) | ZL202130595663.3 | | 130 | Suction Cup (Pull Exerciser) | ZL202130595662.9 | | 131 | Fixing Component (Pull Exerciser) | ZL202130595623.9 | | 132 | Fixing Component (Pull Exerciser) | ZL202130595624.3 | | 133 | Mechanical Arm | ZL202130697560.8 | | 134 | Quadruped Robot Head Assembly | ZL202230057275.4 | | 135 | Quadruped Robot (Fu Hu Sheng Wei) | ZL202230061327.5 | | 136 | Label/Sticker (Fu Hu Sheng Wei) | ZL202230065724.X | | 137 | Robot Toy (Fu Hu Sheng Wei) | ZL202230065729.2 | | 138 | Mechanical Arm | ZL202230534466.5 | | 139 | Quadruped Robot (Jin Wen Shou Mian) | ZL202230569475.8 | | 140 | Quadruped Robot (Shou Mian) | ZL202230569325.7 | | 141 | Decorative Article (Jin Wen Shou Mian Robot) | ZL202230572673.X | | 142 | Robot Toy (Jin Wen Shou Mian) | ZL202230569474.3 | | 143 | Quadruped Robot (GO2) | ZL202230688776.2 | | 144 | Suction Cup (Pull Exerciser) | ZL202230690410.9 | | 145 | LiDAR | ZL202230849892.8 | | 146 | Quadruped Robot | ZL202330094676.1 | | 147 | Quadruped Robot (B2) | ZL202330495858.X |

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| Patent Category | Application Date | Patentee | Acquisition Method | Rights Restrictions | |----------------|-----------------|----------|--------------------|---------------------| | Design | 2021/3/9 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2021/4/1 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2021/4/14 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2021/4/14 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2021/4/29 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2021/4/29 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2021/6/24 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2021/8/13 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2021/9/9 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2021/9/9 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2021/9/9 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2021/9/9 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2021/9/9 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2021/10/25 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2022/1/27 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2022/1/28 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2022/2/9 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2022/2/9 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2022/8/16 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2022/8/30 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2022/8/30 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2022/8/30 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2022/8/30 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2022/10/19 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2022/10/19 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2022/12/20 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2023/3/6 | Unitree Technology (宇树科技) | Original Acquisition | None | | Design | 2023/8/4 | Unitree Technology (宇树科技) | Original Acquisition | None |

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| No. | Patent Name | Patent No. | Patent Category | Application Date | Patentee | Acquisition Method | Rights Restrictions | |-----|-------------|------------|----------------|-----------------|----------|--------------------|---------------------| | 147 | General-Purpose Humanoid Robot | ZL202330514605.2 | Design | 2023/8/11 | Unitree Technology (宇树科技) | Original Acquisition | None | | 148 | Robot Head (General-Purpose Humanoid Robot) | ZL202330514604.8 | Design | 2023/8/11 | Unitree Technology (宇树科技) | Original Acquisition | None | | 149 | Robot Battery | ZL202330607366.5 | Design | 2023/9/18 | Unitree Technology (宇树科技) | Original Acquisition | None | | 150 | Humanoid Robot | ZL202430199629.8 | Design | 2024/4/11 | Unitree Technology (宇树科技) | Original Acquisition | None | | 151 | Quadruped Robot (Fu Hu Sheng Wei) | ZL202430504718.9 | Design | 2024/8/9 | Unitree Technology (宇树科技) | Original Acquisition | None | | 152 | Humanoid Robot | ZL202430561310.5 | Design | 2024/9/3 | Unitree Technology (宇树科技) | Original Acquisition | None | | 153 | Mechanical Gripper | ZL202430646489.4 | Design | 2024/10/14 | Unitree Technology (宇树科技) | Original Acquisition | None | | 154 | Remote Controller (PUMPMAX) | ZL202430672941.4 | Design | 2024/10/24 | Unitree Technology (宇树科技) | Original Acquisition | None | | 155 | Multi-Function Dumbbell Bench (PUMPMAX) | ZL202430672939.7 | Design | 2024/10/24 | Unitree Technology (宇树科技) | Original Acquisition | None | | 156 | Rowing Machine (PUMPMAX) | ZL202430672940.X | Design | 2024/10/24 | Unitree Technology (宇树科技) | Original Acquisition | None | | 157 | Fitness Equipment Accessory (PUMPMAX) | ZL202430672943.3 | Design | 2024/10/24 | Unitree Technology (宇树科技) | Original Acquisition | None | | 158 | Fitness Pump | ZL202430672944.8 | Design | 2024/10/24 | Unitree Technology (宇树科技) | Original Acquisition | None | | 159 | Humanoid Robot | ZL202530057617.6 | Design | 2025/2/8 | Unitree Technology (宇树科技) | Original Acquisition | None | | 160 | Mechanical Arm | ZL202530065457.X | Design | 2025/2/14 | Unitree Technology (宇树科技) | Original Acquisition | None | | 161 | Performance Robot | ZL202530065459.9 | Design | 2025/2/14 | Unitree Technology (宇树科技) | Original Acquisition | None | | 162 | Servo Motor | ZL202530077582.2 | Design | 2025/2/21 | Unitree Technology (宇树科技) | Original Acquisition | None | | 163 | Label/Sticker | ZL202530053717.1 | Design | 2025/2/5 | Unitree Technology (宇树科技) | Original Acquisition | None | | 164 | Quadruped Robot | ZL202530162152.0 | Design | 2025/3/28 | Unitree Technology (宇树科技) | Original Acquisition | None | | 165 | Fitness Equipment | ZL202530423113.1 | Design | 2024/10/24 | Unitree Technology (宇树科技) | Original Acquisition | None | | 166 | Fitness Equipment (PUMP MAX) | ZL202530423112.7 | Design | 2024/10/24 | Unitree Technology (宇树科技) | Original Acquisition | None | | 167 | Bipedal Robot | ZL202530075497.2 | Design | 2025/2/20 | Unitree Technology (宇树科技) | Original Acquisition | None | | 168 | Humanoid Robot | ZL202530307081.9 | Design | 2025/5/29 | Unitree Technology (宇树科技) | Original Acquisition | None | | 169 | Humanoid Robot | ZL202530162153.5 | Design | 2025/3/28 | Unitree Technology (宇树科技) | Original Acquisition | None |

(II) Overseas Patents

| No. | Patent Name | Patent Type | Patent No. | Country/Region | Rights Holder | Application Date | Acquisition Method | Rights Restrictions | |-----|-------------|------------|------------|---------------|--------------|-----------------|-------------------|---------------------| | 1 | A Robot Integrated Joint Unit and Quadruped Robot Applying the Same | Invention | 7245558 | Japan | Unitree Technology (宇树科技) | 2020/2/24 | Original Acquisition | None | | 2 | A Novel Foot-End Force Acquisition Device and Quadruped Robot Applying the Same | Invention | 7311930 | Japan | Unitree Technology (宇树科技) | 2020/10/23 | Original Acquisition | None |

1-1-346

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| No. | Patent Name | Patent Type | Patent No. | Country/Region | Rights Holder | Application Date | Acquisition Method | Rights Restrictions | |-----|-------------|------------|------------|---------------|--------------|-----------------|-------------------|---------------------| | 3 | An Overload-Impact-Resistant Planetary Reducer and Robot Joint and Quadruped Robot | Invention | US012228201B2 | USA | Unitree Technology (宇树科技) | — | Original Acquisition | None | | 4 | A Robot Joint with a Dynamic Sealing Structure and Quadruped Robot Applying the Same | Invention | 7633726 | Japan | Unitree Technology (宇树科技) | — | Original Acquisition | None | | 5 | A Robot Dual-Joint Unit and Legged Robot and Collaborative Robotic Arm Applying the Same | Invention | US011938621B2 | USA | Unitree Technology (宇树科技) | — | Original Acquisition | None | | 6 | A High-Integration, High-Performance Robot Joint Unit | Invention | 7142398 | Japan | Unitree Technology (宇树科技) | — | Original Acquisition | None | | 7 | A Robot Dual-Joint Unit and Legged Robot and Collaborative Robotic Arm Applying the Same | Invention | 7142397 | Japan | Unitree Technology (宇树科技) | — | Original Acquisition | None | | 8 | A 3D LiDAR and Legged Robot | Invention | 7510730 | Japan | Unitree Technology (宇树科技) | — | Original Acquisition | None | | 9 | A Battery Pack and Legged Robot Including the Same | Invention | 7162384 | Japan | Unitree Technology (宇树科技) | — | Original Acquisition | None | | 10 | A Leg Power System Structure of an Electrically-Driven Quadruped Robot | Invention | US010940582B2 | USA | Unitree Technology (宇树科技) | — | Original Acquisition | None | | 11 | A Robot Companion Device and Quadruped Robot Applying the Same | Invention | — | — | Unitree Technology (宇树科技) | — | Original Acquisition | None | | 12 | A Quadruped Robot Body with a Flexible Buffer Structure | Invention | — | — | Unitree Technology (宇树科技) | — | Original Acquisition | None | | 13 | An Overload-Impact-Resistant Planetary Reducer and Robot Joint and Quadruped Robot | Invention | — | — | Unitree Technology (宇树科技) | — | Original Acquisition | None | | 14 | A Novel Foot-End Force Acquisition Device and Quadruped Robot Applying the Same | Invention | — | — | Unitree Technology (宇树科技) | — | Original Acquisition | None | | 15 | A Robot Joint with a Dynamic Sealing Structure and Quadruped Robot Applying the Same | Invention | — | — | Unitree Technology (宇树科技) | — | Original Acquisition | None | | 16 | A High-Power Mass Density Linear Drive Device with a Simplified Structure | Invention | — | — | Unitree Technology (宇树科技) | — | Original Acquisition | None | | 17 | A Joint Power Unit and Robotic Arm Applying the Same | Invention | — | — | Unitree Technology (宇树科技) | — | Original Acquisition | None | | 18 | A Light and Portable Electronic Pull Exerciser | Invention | — | — | Unitree Technology (宇树科技) | — | Original Acquisition | None | | 19 | A Motor Outer Rotor Structure and Rotary Power Unit and Quadruped Robot | Invention | — | — | Unitree Technology (宇树科技) | — | Original Acquisition | None | | 20 | A Pull Exerciser Fixing Device and Pull Exerciser Applying the Same | Invention | — | — | Unitree Technology (宇树科技) | — | Original Acquisition | None | | 21 | A Leg Power System Structure of an Electrically-Driven Quadruped Robot | Invention | — | — | Unitree Technology (宇树科技) | — | Original Acquisition | None | | 22 | A Joint Power Unit and Robotic Arm Applying the Same | Invention | — | — | Unitree Technology (宇树科技) | — | Original Acquisition | None | | 23 | A Joint Power Unit and Robotic Arm Applying the Same | Invention | — | — | Unitree Technology (宇树科技) | — | Original Acquisition | None | | 24 | A Robot Companion Device and Quadruped Robot Applying the Same | Invention | — | — | Unitree Technology (宇树科技) | — | Original Acquisition | None | | 25 | A Fitness Pull Exerciser | Invention | — | — | Unitree Technology (宇树科技) | — | Original Acquisition | None | | 26 | A Fitness Pull Exerciser | Invention | — | — | Unitree Technology (宇树科技) | — | Original Acquisition | None | | 27 | A Compact Robot Leg Structure | Invention | — | — | Unitree Technology (宇树科技) | — | Original Acquisition | None | | 28 | A Quadruped Robot with an Ultra-Wide Field of View | Invention | — | — | Unitree Technology (宇树科技) | — | Original Acquisition | None | | 29 | A Quadruped Robot with an Ultra-Wide Field of View | Invention | — | — | Unitree Technology (宇树科技) | — | Original Acquisition | None | | 30 | A Quadruped Robot Body with a Flexible Buffer Structure | Invention | — | — | Unitree Technology (宇树科技) | — | Original Acquisition | None |

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| No. | Patent Name | Patent Type | Patent No. | Country/Region | Rights Holder | Acquisition Method | Application Date | Restrictions | |-----|-------------|-------------|------------|----------------|---------------|-------------------|-----------------|--------------| | — | — | Invention | GB2613463 | UK | Unitree Technology (宇树科技) | Original Acquisition | 2021/11/30 | None | | — | — | Invention | GB2611441 | UK | Unitree Technology (宇树科技) | Original Acquisition | 2021/11/30 | None | | — | — | Invention | EP4269835 | Europe | Unitree Technology (宇树科技) | Original Acquisition | 2019/9/17 | None | | — | — | Invention | EP4080181 | Europe | Unitree Technology (宇树科技) | Original Acquisition | 2019/9/17 | None | | — | — | Utility | US12384056B2 | USA | Unitree Technology (宇树科技) | Original Acquisition | 2019/9/17 | None | | — | — | Utility Model | 21 2018 000 124 | Germany | Unitree Technology (宇树科技) | Original Acquisition | 2022/5/17 | None | | — | — | Utility Model | 212024000071857 | Italy | Unitree Technology (宇树科技) | Original Acquisition | 2020/2/24 | None | | — | — | Utility Model | 212024000104860 | Italy | Unitree Technology (宇树科技) | Original Acquisition | 2018/3/8 | None | | — | — | Utility Model | 21 2022 000 399 | Germany | Unitree Technology (宇树科技) | Original Acquisition | 2021/11/9 | None | | — | — | Utility Model | 21 2022 000 407 | Germany | Unitree Technology (宇树科技) | Original Acquisition | 2021/11/30 | None | | — | — | Utility Model | 21 2018 000 182 | Germany | Unitree Technology (宇树科技) | Original Acquisition | 2021/11/30 | None | | — | — | Utility Model | 21 2022 000 314 | Germany | Unitree Technology (宇树科技) | Original Acquisition | 2020/10/23 | None | | — | — | Utility Model | 3249252 | Japan | Unitree Technology (宇树科技) | Original Acquisition | 2021/11/30 | None | | — | — | Utility Model | 3241004 | Japan | Unitree Technology (宇树科技) | Original Acquisition | 2018/1/10 | None | | — | — | Utility Model | 20 2020 005 886 | Germany | Unitree Technology (宇树科技) | Original Acquisition | 2022/5/17 | None | | — | — | Utility Model | 3240329 | Japan | Unitree Technology (宇树科技) | Original Acquisition | 2022/3/17 | None | | — | — | Utility Model | 3246993 | Japan | Unitree Technology (宇树科技) | Original Acquisition | 2022/12/14 | None | | — | — | Utility Model | 21 2021 000 362 | Germany | Unitree Technology (宇树科技) | Original Acquisition | 2022/12/19 | None | | — | — | Utility Model | 3241001 | Japan | Unitree Technology (宇树科技) | Original Acquisition | 2018/3/8 | None | | — | — | Utility Model | 21 2021 000 351 | Germany | Unitree Technology (宇树科技) | Original Acquisition | 2022/5/17 | None |

| No. | Patent Name | Patent Type | Patent No. | Country/Region | Rights Holder | Acquisition Method | Application Date | Restrictions | |-----|-------------|-------------|------------|----------------|---------------|-------------------|-----------------|--------------| | 31 | A quadruped robot with flexible buffer structure | Utility Model | 3241025 | Japan | Unitree Technology (宇树科技) | Original Acquisition | 2022/5/17 | None | | 32 | A lightweight portable electronic resistance trainer | Utility Model | 3249102 | Japan | Unitree Technology (宇树科技) | Original Acquisition | 2022/12/13 | None | | 33 | A quadruped robot protection device and quadruped robot | Utility Model | 20 2022 003 063 | Germany | Unitree Technology (宇树科技) | Original Acquisition | 2020/7/23 | None | | 34 | A resistance trainer wire retraction structure and resistance trainer applying same | Utility Model | 3247382 | Japan | Unitree Technology (宇树科技) | Acquired by Succession | 2022/10/28 | None | | 35 | Expander fixing device and expander applying same | Utility Model | 3251067 | Japan | Unitree Technology (宇树科技) | Original Acquisition | 2021/10/28 | None | | 36 | Integrated joint power unit and legged robot using the unit | Utility Model | 3250296 | Japan | Unitree Technology (宇树科技) | Original Acquisition | 2021/10/25 | None | | 37 | Electric motor rotor structure, rotary power unit and quadruped robot | Utility Model | 3251727 | Japan | Unitree Technology (宇树科技) | Original Acquisition | 2022/12/23 | None | | 38 | Quadruped robot protection device and quadruped robot | Utility Model | 3249692 | Japan | Unitree Technology (宇树科技) | Original Acquisition | 2021/11/30 | None | | 39 | Pull-start module for electric expander and electric expander | Utility Model | 3250750 | Japan | Unitree Technology (宇树科技) | Original Acquisition | 2021/11/30 | None | | 40 | A self-stabilizing omnidirectional mobile robot and mobile device | Utility Model | 20 2023 003 002 | Germany | Unitree Technology (宇树科技) | Original Acquisition | 2022/12/23 | None | | 41 | A LiDAR and robot | Utility Model | 3252373 | Japan | Unitree Technology (宇树科技) | Original Acquisition | 2022/3/17 | None | | 42 | A mobile robot | Utility Model | 21 2023 000 385 | Germany | Unitree Technology (宇树科技) | Original Acquisition | 2022/12/14 | None | | 43 | Quadruped Robot (GO2) | Design | 30-1251586 | South Korea | Unitree Technology (宇树科技) | Original Acquisition | 2023/4/18 | None | | 44 | Quadruped Robot (GO2) | Design | 1762281 | Japan | Unitree Technology (宇树科技) | Original Acquisition | 2023/4/13 | None | | 45 | Resistance Trainer | Design | 008938070-0001 | EU | Unitree Technology (宇树科技) | Original Acquisition | 2022/4/14 | None | | 46 | LiDAR | Design | 015023009-0001 | EU | Unitree Technology (宇树科技) | Original Acquisition | 2023/5/30 | None | | 47 | LiDAR | Design | 6285985 | UK | Unitree Technology (宇树科技) | Original Acquisition | 2023/5/26 | None | | 48 | LiDAR Housing | Design | 30-1262443 | South Korea | Unitree Technology (宇树科技) | Original Acquisition | 2023/6/19 | None | | 49 | Power Battery Pack | Design | 007464653-0001 | EU | Unitree Technology (宇树科技) | Original Acquisition | 2019/12/31 | None | | 50 | Robot Head | Design | 015065787-0001 | EU | Unitree Technology (宇树科技) | Original Acquisition | 2024/7/8 | None | | 51 | LiDAR | Design | 222292 | Canada | Unitree Technology (宇树科技) | Original Acquisition | 2023/6/19 | None | | 52 | LiDAR | Design | 1756544 | Japan | Unitree Technology (宇树科技) | Original Acquisition | 2023/6/19 | None | | 53 | Resistance Trainer | Design | 211726 | Canada | Unitree Technology (宇树科技) | Original Acquisition | 2022/4/7 | None | | 54 | Resistance Trainer Housing | Design | USOD1041600S | USA | Unitree Technology (宇树科技) | Original Acquisition | 2022/4/14 | None | | 55 | Resistance Trainer Housing | Design | 30-1195594 | South Korea | Unitree Technology (宇树科技) | Original Acquisition | 2022/4/13 | None | | 56 | Resistance Trainer Housing | Design | 6200796 | UK | Unitree Technology (宇树科技) | Original Acquisition | 2022/4/7 | None | | 57 | Humanoid Robot | Design | 015052182-0001 | EU | Unitree Technology (宇树科技) | Original Acquisition | 2024/2/29 | None | | 58 | Humanoid Robot | Design | 015074437-0001 | EU | Unitree Technology (宇树科技) | Original Acquisition | 2024/9/27 | None |

| No. | Patent Name | Patent Type | Patent No. | Country/Region | Rights Holder | Acquisition Method | Application Date | Restrictions | |-----|-------------|-------------|------------|----------------|---------------|-------------------|-----------------|--------------| | 59 | Humanoid Robot | Design | 6349603 | UK | Unitree Technology (宇树科技) | Original Acquisition | 2024/2/28 | None | | 60 | Humanoid Robot | Design | 1784393 | Japan | Unitree Technology (宇树科技) | Original Acquisition | 2024/3/1 | None | | 61 | Quadruped Robot (GO2) | Design | 015016712-0001 | EU | Unitree Technology (宇树科技) | Original Acquisition | 2024/4/3 | None | | 62 | Quadruped Robot (GO2) | Design | 6273260 | UK | Unitree Technology (宇树科技) | Original Acquisition | 2024/4/3 | None | | 63 | Quadruped Robot (GO2) | Design | 220766 | Canada | Unitree Technology (宇树科技) | Original Acquisition | 2023/4/17 | None | | 64 | Quadruped Robot (GO2+B2) | Design | 015049744-0001 | EU | Unitree Technology (宇树科技) | Original Acquisition | 2024/2/6 | None | | 65 | Quadruped Robot | Design | US00D916202S | USA | Unitree Technology (宇树科技) | Original Acquisition | 2019/12/25 | None | | 66 | Quadruped Robot | Design | US00D916203S | USA | Unitree Technology (宇树科技) | Original Acquisition | 2020/1/6 | None | | 67 | Quadruped Robot | Design | 007462213-0002 | EU | Unitree Technology (宇树科技) | Original Acquisition | 2019/12/30 | None | | 68 | Quadruped Robot | Design | 007462213-0001 | EU | Unitree Technology (宇树科技) | Original Acquisition | 2019/12/30 | None | | 69 | Quadruped Robot | Design | 015030580-0001 | EU | Unitree Technology (宇树科技) | Original Acquisition | 2023/8/10 | None | | 70 | Quadruped Robot | Design | 1786209 | Japan | Unitree Technology (宇树科技) | Original Acquisition | 2023/9/4 | None | | 71 | Quadruped Robot | Design | 6301308 | UK | Unitree Technology (宇树科技) | Original Acquisition | 2023/8/3 | None | | 72 | Quadruped Robot | Design | 6344723 | UK | Unitree Technology (宇树科技) | Original Acquisition | 2024/2/5 | None | | 73 | Robot Head | Design | 6376175 | UK | Unitree Technology (宇树科技) | Original Acquisition | 2024/7/4 | None | | 74 | Robot | Design | 6393869 | UK | Unitree Technology (宇树科技) | Original Acquisition | 2024/9/27 | None | | 75 | Remote Controller (PUMP MAX) | Design | 015097792-0001 | EU | Unitree Technology (宇树科技) | Original Acquisition | 2025/4/3 | None | | 76 | Remote Controller (PUMP MAX) | Design | 6434543 | UK | Unitree Technology (宇树科技) | Original Acquisition | 2025/4/2 | None | | 77 | Multi-function Dumbbell Bench (PUMP MAX) | Design | 6435742 | UK | Unitree Technology (宇树科技) | Original Acquisition | 2025/4/8 | None | | 78 | Multi-function Dumbbell Bench (PUMP MAX) | Design | 015099934-0001 | EU | Unitree Technology (宇树科技) | Original Acquisition | 2025/4/23 | None | | 79 | Performance Robot | Design | 6459371 | UK | Unitree Technology (宇树科技) | Original Acquisition | 2025/7/22 | None | | 80 | Fitness Equipment Accessory (PUMP MAX) | Design | 6433238 | UK | Unitree Technology (宇树科技) | Original Acquisition | 2025/3/26 | None | | 81 | Fitness Equipment Accessory (PUMP MAX) | Design | 015096899-0001 | EU | Unitree Technology (宇树科技) | Original Acquisition | 2025/3/27 | None | | 82 | Fitness Equipment Accessory (PUMP MAX) | Design | 1803305 | Japan | Unitree Technology (宇树科技) | Original Acquisition | 2025/4/22 | None | | 83 | Quadruped Robot (Fortune Tiger) (福虎生威) | Design | 015097571-0001 | EU | Unitree Technology (宇树科技) | Original Acquisition | 2025/4/2 | None | | 84 | Quadruped Robot B2 | Design | 238284 | Canada | Unitree Technology (宇树科技) | Original Acquisition | 2024/2/7 | None | | 85 | Robot Head | Design | 231943 | Canada | Unitree Technology (宇树科技) | Original Acquisition | 2024/7/16 | None | | 86 | Humanoid Robot | Design | 6487850 | UK | Unitree Technology (宇树科技) | Original Acquisition | 2025/11/24 | None |

| No. | Patent Name | Patent Type | Patent No. | Country/Region | Rights Holder | Application Date | Acquisition Method | Restrictions | |-----|-------------|-------------|------------|----------------|---------------|-----------------|-------------------|--------------| | 87 | Robot | Design | 015131470-0001 | EU | Unitree Technology (宇树科技) | 2026/1/26 | Original Acquisition | None | | 88 | Performance Robot | Design | 015111919-0001 | EU | Unitree Technology (宇树科技) | 2025/7/25 | Original Acquisition | None | | 89 | Servo Motor | Design | 6463136 | UK | Unitree Technology (宇树科技) | 2025/8/7 | Original Acquisition | None | | 90 | Stickers (Stickers) | Design | 015112940-0001 | EU | Unitree Technology (宇树科技) | 2025/8/5 | Original Acquisition | None | | 91 | Sticker (Sticker) | Design | 6462474 | UK | Unitree Technology (宇树科技) | 2025/8/4 | Original Acquisition | None | | 92 | Robot | Design | 6502222 | UK | Unitree Technology (宇树科技) | 2026/1/28 | Original Acquisition | None | | 93 | Quadruped Robot | Design | 6500289 | UK | Unitree Technology (宇树科技) | 2026/1/20 | Original Acquisition | None |

---

Annex VII: List of Principal Business Licenses or Qualifications Held by the Issuer

| No. | Certificate Name | Holder | Issuing/Filing Authority | Certificate No. | Issue Date | Expiry Date | |-----|-----------------|--------|--------------------------|----------------|------------|-------------| | 1 | High-Tech Enterprise Certificate | Unitree Technology (宇树科技) | Zhejiang Provincial Department of Economy and Information Technology, Zhejiang Provincial Department of Finance, State Taxation Administration Zhejiang Provincial Tax Bureau | GR202533001609 | 2025/12/19 | 2028/12/18 | | 2 | Value-Added Telecommunications Business Operating License | Unitree Technology (宇树科技) | Ministry of Industry and Information Technology of the People's Republic of China | 合字 B2-20240422 | 2024/9/3 | 2029/9/3 | | 3 | Occupational Health and Safety Management System Certification | Unitree Technology (宇树科技) | Beijing Xinjiyuan Certification Co., Ltd. (北京新纪源认证有限公司) | 19825SD0307R0M | 2025/4/14 | 2028/4/13 | | 4 | Environmental Management System Certification | Unitree Technology (宇树科技) | Beijing Xinjiyuan Certification Co., Ltd. (北京新纪源认证有限公司) | 19825ED0334R0M | 2025/4/14 | 2028/4/13 | | 5 | Quality Management System Certification | Unitree Technology (宇树科技) | Beijing Xinjiyuan Certification Co., Ltd. (北京新纪源认证有限公司) | 19823QK2952R0M | 2023/11/30 | 2026/11/20 | | 6 | Import and Export Goods Consignor/Consignee Registration | Unitree Technology (宇树科技) | Qianjiang Customs Xiaoran Office (钱江海关驻萧然办事处) | 3301340A1N | 2020/8/5 | Long-term | | 7 | Cross-border E-commerce Enterprise Registration | Unitree Technology (宇树科技) | Qianjiang Customs Xiaoran Office (钱江海关驻萧然办事处) | — | 2025/4/15 | Long-term | | 8 | Radio Transmission Equipment Sales Filing | Unitree Technology (宇树科技) | Zhejiang Provincial Department of Economy and Information Technology | 浙无备收字（2025）第11933号 | — | — | | 9 | Telecommunications Equipment Network Access License | Unitree Technology (宇树科技) | Ministry of Industry and Information Technology of the People's Republic of China | — | — | — | | 10 | Radio Transmission Equipment Model Type Approval Certificate | Unitree Technology (宇树科技) | Ministry of Industry and Information Technology of the People's Republic of China | — | — | — | | 11 | Radio Transmission Equipment Model Type Approval Certificate | Unitree Technology (宇树科技) | Ministry of Industry and Information Technology of the People's Republic of China | — | — | — | | 12 | Radio Transmission Equipment Model Type Approval Certificate | Unitree Technology (宇树科技) | Ministry of Industry and Information Technology of the People's Republic of China | — | — | — | | 13 | Radio Transmission Equipment Model Type Approval Certificate | Unitree Technology (宇树科技) | Ministry of Industry and Information Technology of the People's Republic of China | — | — | — | | 14 | Telecommunications Equipment Network Access License | Unitree Technology (宇树科技) | Ministry of Industry and Information Technology of the People's Republic of China | — | — | — | | 15 | Radio Transmission Equipment Model Type Approval Certificate | Unitree Technology (宇树科技) | Ministry of Industry and Information Technology of the People's Republic of China | — | — | — | | 16 | Radio Transmission Equipment Model Type Approval Certificate | Unitree Technology (宇树科技) | Ministry of Industry and Information Technology of the People's Republic of China | — | — | — | | 17 | Radio Transmission Equipment Model Type Approval Certificate | Unitree Technology (宇树科技) | Ministry of Industry and Information Technology of the People's Republic of China | — | — | — |

-

-

17-H533-233168

2023/9/25

2026/9/25

2025-12040

2025/6/27

2029/10/28

2025-12035

2025/6/27

2028/12/8

2025-13625

2025/6/27

2027/9/4

2025-12038

2025/6/27

2029/8/20

17-H533-252392

2025/7/21

2028/7/21

2025-15353

2025/7/25

2030/7/25

2025-15980

2025/8/1

2030/8/1

2025-16069

2025/8/1

2030/8/1

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| No. | Certificate Name | Holder | Issuing/Filing Authority | Certificate No. | Issue Date | Expiry Date | |-----|-----------------|--------|--------------------------|-----------------|------------|-------------| | 18 | Radio Transmission Equipment Model Type Approval Certificate | Unitree Technology (宇树科技) | Ministry of Industry and Information Technology of the People's Republic of China | 2025-16031 | 2025/8/1 | 2030/8/1 | | 19 | Publication Business License | Unitree Technology (宇树科技) | Hangzhou Binjiang District Press and Publication Bureau | Xinchufabinjie No. 25092 (新出发滨第25092号) | 2025/7/4 | 2030/7/4 |

Annex 8: Shareholding Status and Basic Information of Shareholders Newly Added by the Issuer in the Most Recent Year

(I) Hangzhou Chuxin (杭州初心)

As of the date of signing of this Prospectus, Hangzhou Chuxin holds 2,222,388 shares of the Company, representing 0.6105% of the Company's total share capital. As of October 31, 2025, the basic information of Hangzhou Chuxin is as follows:

| Name | Hangzhou Chuzheyu Enterprise Management Consulting Partnership (Limited Partnership) (杭州初者心宇企业管理咨询合伙企业（有限合伙）) | |------|--------------------------------------------------------------| | Executive Partner | Chuxin Capital Investment Management Co., Ltd. (初心资本投资管理有限公司) | | Actual Controller | Xu Yangyang (许旸洋) |

| Partner Information | | | | |---------------------|--|--|--| | No. | Partner Name | Share Amount (万元 / RMB 10,000) | Share Percentage | | 1 | Chuxin Capital Investment Management Co., Ltd. (GP) (初心资本投资管理有限公司) | 10.0000 | 0.2256% | | 2 | Jiaxing Chuzheyu Xin Venture Investment Partnership (Limited Partnership) (嘉兴初者宇心创业投资合伙企业（有限合伙）) | 2,421.6458 | 54.6444% | | 2 | Xiamen Jianfa Xinxing Lingji Investment Partnership (Limited Partnership) (厦门建发新兴灵机投资合伙企业（有限合伙）) | 2,000.0000 | 45.1300% | | | Total | 4,431.6458 | 100.0000% |

(II) Tianjin Suanli (天津算力)

As of the date of signing of this Prospectus, Tianjin Suanli holds 1,013,040 shares of the Company, representing 0.2783% of the Company's total share capital. As of October 31, 2025, the basic information of Tianjin Suanli is as follows:

| Name | Tianjin Suanli Wujin Enterprise Management Consulting Partnership (Limited Partnership) (天津算力无尽企业管理咨询合伙企业（有限合伙）) | |------|--------------------------------------------------------------| | Executive Partner | Shenzhen Chuang'an Management Consulting Co., Ltd. (GP) (深圳创安管理咨询有限公司) |

| Partner Information | | | | |---------------------|--|--|--| | No. | Partner Name | Capital Contribution (万元 / RMB 10,000) | Contribution Percentage | | 1 | Shenzhen Chuang'an Management Consulting Co., Ltd. (GP) (深圳创安管理咨询有限公司) | 10.00 | 0.3623% | | 2 | Tianjin Suanli Wuxian Investment Partnership (Limited Partnership) (天津算力无限投资合伙企业（有限合伙）) | 2,750.00 | 99.6377% | | | Total | 2,760.00 | 100.0000% |

(III) Xiangfeng Xiamen (祥峰厦门)

As of the date of signing of this Prospectus, Xiangfeng Xiamen holds 959,238 shares of the Company, representing 0.2635% of the Company's total share capital. As of October 31, 2025, the basic information of Xiangfeng Xiamen is as follows:

| Name | Xiangfeng Phase II (Xiamen) Equity Investment Partnership (Limited Partnership) (祥峰二期（厦门）股权投资合伙企业（有限合伙）) | |------|--------------------------------------------------------------| | Executive Partner | Xiangfeng Rongsheng (Xiamen) Management Consulting Partnership (Limited Partnership) (祥峰荣晟（厦门）管理咨询合伙企业（有限合伙）) | | Actual Controller | Xia Zhijin (夏志进) |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| Partner Information | | | | |---------------------|--|--|--| | No. | Partner Name | Capital Contribution (万元 / RMB 10,000) | Contribution Percentage | | 1 | Xiangfeng Rongsheng (Xiamen) Management Consulting Partnership (Limited Partnership) (GP) (祥峰荣晟（厦门）管理咨询合伙企业（有限合伙）) | 3,600.00 | 1.0039% | | 2 | Xiamen Xiangfeng Ruihong Equity Investment Partnership (Limited Partnership) (厦门祥峰睿鸿股权投资合伙企业（有限合伙）) | 250,000.00 | 69.7156% | | 3 | Xiamen Jimei Industrial Investment Group Co., Ltd. (厦门集美产业投资集团有限公司) | 35,000.00 | 9.7602% | | 4 | Xiamen Industry Guidance Equity Investment Fund Partnership (Limited Partnership) (厦门市产业引导股权投资基金合伙企业（有限合伙）) | 35,000.00 | 9.7602% | | 5 | Chengdu High-tech Ceyuan Qihang Equity Investment Fund Partnership (Limited Partnership) (成都高新策源启航股权投资基金合伙企业（有限合伙）) | 20,000.00 | 5.5772% | | 6 | Taibao Changhang Equity Investment Fund (Wuhan) Partnership (Limited Partnership) (太保长航股权投资基金（武汉）合伙企业（有限合伙）) | 15,000.00 | 4.1829% | | | Total | 358,600.00 | 100.0000% |

(IV) Zhongyi Hechuang (中移和创)

As of the date of signing of this Prospectus, Zhongyi Hechuang holds 2,179,170 shares of the Company, representing 0.5986% of the Company's total share capital. As of October 31, 2025, the basic information of Zhongyi Hechuang is as follows:

| Name | Shanghai Zhongyi Digital Transformation Industry Private Equity Fund Partnership (Limited Partnership) (上海中移数字转型产业私募基金合伙企业（有限合伙）) | |------|--------------------------------------------------------------| | Executive Partner | Puhechang (Shanghai) Management Consulting Partnership (Limited Partnership) (浦和创（上海）管理咨询合伙企业（有限合伙）) | | Actual Controller | No actual controller |

| Partner Information | | | | |---------------------|--|--|--| | No. | Partner Name | Capital Contribution (万元 / RMB 10,000) | Contribution Percentage | | 1 | Puhechang (Shanghai) Management Consulting Partnership (Limited Partnership) (GP) (浦和创（上海）管理咨询合伙企业（有限合伙）) | 10,000.00 | 1.4676% | | 2 | China Mobile Capital Holdings Co., Ltd. (中移资本控股有限责任公司) | 298,200.00 | 43.7628% | | 3 | China Cultural Industry Investment Fund Phase II (Limited Partnership) (中国文化产业投资基金二期（有限合伙）) | 99,000.00 | 14.5289% | | 4 | China State-owned Enterprise Restructuring Fund Phase II Co., Ltd. (中国国有企业结构调整基金二期股份有限公司) | 79,200.00 | 11.6231% | | 5 | Shanghai Pudong Leading Zone Investment Center (Limited Partnership) (上海浦东引领区投资中心（有限合伙）) | 50,000.00 | 7.3378% | | 6 | Sichuan Pushi Industrial Development Fund Partnership (Limited Partnership) (四川普什产业发展基金合伙企业（有限合伙）) | 50,000.00 | 7.3378% | | 7 | Anhui Province New Generation Information Technology Industry Fund Partnership (Limited Partnership) (安徽省新一代信息技术产业基金合伙企业（有限合伙）) | 50,000.00 | 7.3378% | | 8 | Chengdu High-tech Ceyuan Qihang Equity Investment Fund Partnership (Limited Partnership) (成都高新策源启航股权投资基金合伙企业（有限合伙）) | 25,000.00 | 3.6689% | | 9 | Shanghai International Trust Co., Ltd. (上海国际信托有限公司) | 20,000.00 | 2.9351% | | | Total | 681,400.00 | 100.0000% |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

(V) Tencent Technology (腾讯科技)

As of the date of signing of this Prospectus, Tencent Technology holds 2,179,170 shares of the Company, representing 0.5986% of the Company's total share capital. As of October 31, 2025, the basic information of Tencent Technology is as follows:

| Company Name | Tencent Technology (Shanghai) Co., Ltd. (腾讯科技（上海）有限公司) | |---|---| | Date of Establishment | 2008-07-23 | | Registered Capital | USD 5,000,000 (500万美元) | | Paid-in Capital | USD 5,000,000 (500万美元) | | Registered Address and Principal Place of Business | Floor 5, Zone C, No. 1801 Hongmei Road, Xuhui District, Shanghai | | Principal Business | Development, design and production of computer software; sale of self-produced products; provision of related technical consulting and technical services; import and export of goods and technology | | Relationship with Issuer's Principal Business | Unrelated to the Company's principal business | | Actual Controller | Tencent Holdings Limited (腾讯控股有限公司) (00700.HK) |

| Shareholder Composition | | | | |---|---|---|---| | No. | Shareholder Name | Capital Contribution (万美元 / USD 10,000) | Contribution Percentage | | 1 | Zhongba Group Co., Ltd. (中霸集团有限公司) | 500.00 | 100.00% | | | Total | 500.00 | 100.00% |

(VI) Wuxi Jinqiu (无锡锦秋)

As of the date of signing of this Prospectus, Wuxi Jinqiu holds 2,179,170 shares of the Company, representing 0.5986% of the Company's total share capital. As of October 31, 2025, the basic information of Wuxi Jinqiu is as follows:

| Company Name | Wuxi Jinqiu Hualei Technology Co., Ltd. (无锡锦秋华雷科技有限公司) | |---|---| | Date of Establishment | 2022-09-29 | | Registered Capital | RMB 10,000,000 (1,000万元) | | Paid-in Capital | RMB 10,000,000 (1,000万元) | | Registered Address and Principal Place of Business | Room 601, Building C1, No. 201 Linghu Avenue, Xinwu District, Wuxi | | Principal Business | Technology Promotion and Application Services | | Relationship with Issuer's Principal Business | Unrelated to the Company's principal business | | Actual Controller | Yang Jie (杨洁) |

| Shareholder Composition | | | | |---|---|---|---| | No. | Shareholder Name | Capital Contribution (万元 / RMB 10,000) | Contribution Percentage | | 1 | Beijing Jinqiu Private Equity Fund Management Co., Ltd. (北京锦秋私募基金管理有限公司) | 1,000.00 | 100.00% | | | Total | 1,000.00 | 100.00% |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

(VII) Hangzhou Haoyue (杭州灏月)

As of the date of signing of this Prospectus, Hangzhou Haoyue holds 1,634,346 shares of the Company, representing 0.4490% of the Company's total share capital. As of October 31, 2025, the basic information of Hangzhou Haoyue is as follows:

| Company Name | Hangzhou Haoyue Enterprise Management Co., Ltd. (杭州灏月企业管理有限公司) | |---|---| | Date of Establishment | 2023-10-24 | | Registered Capital | USD 4,264,470,429.50 (426,447.04295万美元) | | Paid-in Capital | USD 4,264,470,429.50 (426,447.04295万美元) | | Registered Address and Principal Place of Business | Room 308, Floor 3, Building 5, No. 699 Wangshang Road, Changhe Street, Binjiang District, Hangzhou, China (Zhejiang) Pilot Free Trade Zone | | Principal Business | Enterprise management; enterprise management consulting; information consulting services (excluding licensed information consulting services); organizational management services | | Relationship with Issuer's Principal Business | Unrelated to the Issuer's principal business | | Actual Controller | Alibaba Group Holding Limited |

| Shareholder Composition | | | | |---|---|---|---| | No. | Shareholder Name | Capital Contribution (万美元 / USD 10,000) | Contribution Percentage | | 1 | Taobao (China) Software Co., Ltd. (淘宝（中国）软件有限公司) | 245,610.842513 | 57.5947% | | 2 | Zhejiang Tmall Technology Co., Ltd. (浙江天猫技术有限公司) | 152,442.076443 | 35.7470% | | 3 | Alibaba Network China Co., Ltd. (阿里巴巴网络中国有限公司) | 28,394.123994 | 6.6583% | | | Total | 426,447.042950 | 100.0000% |

(VIII) Shanghai Yunyang (上海云玚)

As of the date of signing of this Prospectus, Shanghai Yunyang holds 817,236 shares of the Company, representing 0.2245% of the Company's total share capital. As of October 31, 2025, the basic information of Shanghai Yunyang is as follows:

| Company Name | Shanghai Yunyang Enterprise Management Consulting Co., Ltd. (上海云玚企业管理咨询有限公司) | |---|---| | Date of Establishment | 2022-07-06 | | Registered Capital | RMB 101,000,000 (10,100万元) | | Paid-in Capital | RMB 101,000,000 (10,100万元) | | Registered Address and Principal Place of Business | Room 1405, No. 447 Nanquan North Road, China (Shanghai) Pilot Free Trade Zone | | Principal Business | Enterprise Management Consulting | | Relationship with Issuer's Principal Business | Unrelated to the Company's principal business | | Actual Controller | No actual controller |

| Shareholder Composition | | | | |---|---|---|---| | No. | Shareholder Name | Capital Contribution (万元 / RMB 10,000) | Contribution Percentage | | 1 | Ant Technology Group Co., Ltd. (蚂蚁科技集团股份有限公司) | 10,100.00 | 100.0000% | | | Total | 10,100.00 | 100.0000% |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

(IX) Hechuang Investment (合创投资)

As of the date of signing of this Prospectus, Hechuang Investment holds 544,824 shares of the Company, representing 0.1497% of the Company's total share capital. As of October 31, 2025, the basic information of Hechuang Investment is as follows:

| Name | Hechuang Investment (Tianjin) Partnership (Limited Partnership) (合创投资（天津）合伙企业（有限合伙）) | |---|---| | Executive Partner | Geely Investment (Sanya) Co., Ltd. (吉利投资（三亚）有限公司) | | Actual Controller | Li Shufu (李书福) |

| Partner Information | | | | |---|---|---|---| | No. | Partner Name | Capital Contribution (万元 / RMB 10,000) | Contribution Percentage | | 1 | Geely Investment (Sanya) Co., Ltd. (GP) (吉利投资（三亚）有限公司) | 10.00 | 0.4902% | | 2 | Geely Haihe Gongchuang Investment (Tianjin) Partnership (Limited Partnership) (吉利海河共创投资（天津）合伙企业（有限合伙）) | 1,010.00 | 49.5098% | | 3 | Chengdu Bihong Venture Investment Partnership (Limited Partnership) (成都碧鸿创业投资合伙企业（有限合伙）) | 1,010.00 | 49.5098% | | 4 | Shanghai Lishuo Cultural Communication Co., Ltd. (上海立烁文化传播有限公司) | 10.00 | 0.4902% | | | Total | 2,040.00 | 100.0000% |

Annex 9: Specific Application of Raised Funds

(I) Intelligent Robot Model Research and Development Project

1. Project Overview

The implementing entity of this project is Unitree Technology Co., Ltd. (宇树科技股份有限公司), with a construction period of 3 years. The total investment amount of the project is RMB 2,022,459,300 (202,245.93万元), including necessary expenditures such as equipment procurement and installation, R&D personnel costs, and R&D implementation expenses. The project will procure advanced R&D equipment and software, improve the Company's R&D environment and conditions, and increase investment in embodied intelligence model research and development, intelligent computing power, high-quality data collection, and other areas. At the same time, the project will introduce high-end technical talent, further optimize the Company's talent structure, enhance the Company's technical R&D capabilities, improve the Company's core competitiveness, and lay an important foundation for the Company's deployment of cutting-edge industry technologies and future business development.

The R&D direction of this project will focus on continuous investment and technical breakthroughs in key technologies related to the core modules of embodied intelligence — the "brain" and "cerebellum" — continuously optimizing and upgrading embodied intelligence models, improving robots' generalization capabilities, complex instruction comprehension and execution capabilities, as well as operational precision and flexibility, thereby driving continuous iterative upgrades in product performance. At the same time, the project will continuously improve and upgrade the Company's existing embodied intelligence model training infrastructure, build real-world datasets covering a wide range of task scenarios, and through a scientific and efficient embodied intelligence development and training platform, shorten product and technology development cycles, improve the ability to convert results into commercial applications, help the Company accelerate its capture of market opportunities, and further consolidate the Company's position in the industry.

1-1-355

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

2. Project Investment Breakdown

The estimated total investment of this project is RMB 2,022,459,300 (202,245.93万元), with the proposed use of RMB 2,022,459,300 (202,245.93万元) in raised funds. The specific breakdown is as follows:

Unit: RMB 10,000 (万元)

| No. | Investment Component | Investment Amount | Investment Proportion | |-----|---------------------|-------------------|----------------------| | 1 | Equipment Procurement and Installation | 40,205.93 | 19.88% | | 2 | R&D Personnel Costs | 72,140.00 | 35.67% | | 3 | R&D Implementation Expenses | 89,900.00 | 44.45% | | | Total Project Investment | 202,245.93 | 100.00% |

(1) Site Investment

This project does not involve site investment and will share the R&D center building with the "Robot Body Research and Development Project."

(2) Equipment Procurement and Installation

The equipment procurement and installation cost for this project is RMB 402,059,300 (40,205.93万元), primarily for software and hardware equipment required for robot model algorithm research and development, including large model training, control and simulation, data collection, and technical testing, such as multimodal large model training and inference platforms, perception and data collection platforms, and real-time control and simulation platforms.

(3) R&D Personnel Costs

The R&D personnel costs for this project are RMB 721,400,000 (72,140.00万元), primarily covering 12 categories of personnel during the project construction period, including AI algorithm engineers, robot control engineers, SLAM algorithm engineers, visual perception engineers, C++ development engineers, and others, with employment costs referenced to the average levels of such positions during the reporting period.

(4) R&D Implementation Expenses

The R&D implementation expenses for this project are RMB 899,000,000 (89,900.00万元), primarily including computing power rental fees, R&D material costs, technical service fees, and other implementation expenses.

3. Project Construction Plan

The estimated construction period of this project is 36 months. The construction plan is as follows:

| Construction Content | T+1 Q1 | T+1 Q2 | T+1 Q3 | T+1 Q4 | T+2 Q1 | T+2 Q2 | T+2 Q3 | T+2 Q4 | T+3 Q1 | T+3 Q2 | T+3 Q3 | T+3 Q4 | |---|---|---|---|---|---|---|---|---|---|---|---|---| | Preliminary Preparation Work | | | | | | | | | | | | | | Equipment Inquiry, Procurement, Installation and Commissioning | | | | | | | | | | | | |

1-1-356

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| Construction Content | T+1 Q1 | T+1 Q2 | T+1 Q3 | T+1 Q4 | T+2 Q1 | T+2 Q2 | T+2 Q3 | T+2 Q4 | T+3 Q1 | T+3 Q2 | T+3 Q3 | T+3 Q4 | |---|---|---|---|---|---|---|---|---|---|---|---|---| | R&D Personnel Recruitment and Training | | | | | | | | | | | | | | Related Technology Research and Development | | | | | | | | | | | | |

4. Project Site Selection and Land Use The proposed construction site for this project is located in the Hangzhou High-tech Industry Development Zone (Binjiang). The Company has obtained the Letter Regarding Guaranteeing Development Space for Hangzhou Unitree Technology Co., Ltd. (杭州宇树科技股份有限公司) issued by the Economy and Information Technology Bureau of Hangzhou High-tech Development Zone (Binjiang), ensuring that the necessary space will be provided for the Company's development and avoiding any material adverse impact on the substantive implementation and overall progress of the project.

5. Project Approval and Filing Procedures Involving the Use of Raised Funds This project has been filed with the Development and Reform Bureau of Hangzhou High-tech Development Zone (Binjiang), and the Hangzhou High-tech Zone (Binjiang) Enterprise Investment Project Filing Notice (No.: 滨发改金融【2026】002) has been obtained.

6. Environmental Protection Status of the Project In accordance with the Classification and Management Catalogue for Environmental Impact Assessment of Construction Projects (2021 Edition) issued by the Ministry of Ecology and Environment of the People's Republic of China, this project does not fall within the scope of projects requiring the preparation of an environmental impact report, an environmental impact report form, or the filing of an environmental impact registration form.

(II) Robot Body Research and Development Project

1. Project Overview Through this project, the Company intends to purchase advanced research and development testing equipment and introduce high-level, specialized technical talent, to conduct research and development focused on core technical directions in embodied intelligent mechanical control systems, including high power density motors, high power density transmission systems, high power density drives, multi-scale lightweight structural components for legged robots, and centralized thermal control systems for robots.

The implementing entity of the project is Unitree Technology Co., Ltd. (宇树科技股份有限公司), with a construction period of 3 years. The total project investment is RMB 110,973.80 万元 (approximately RMB 1.110 billion), including site investment, equipment procurement and installation, R&D personnel costs, R&D implementation expenses, and other necessary expenditures. Upon completion, the project will substantially enhance the Company's R&D and technological innovation capabilities, further enrich the Company's cutting-edge technology reserves in the field of embodied intelligence, strengthen the Company's core technological advantages and leading position, help the Company build higher technological barriers, and enhance the Company's core competitiveness globally.

1-1-357

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

2. Project Investment Details The estimated total investment for this project is RMB 110,973.80 万元, with proposed use of raised funds of RMB 110,973.80 万元. The specific breakdown is as follows:

Unit: 万元 (RMB 10,000)

| No. | Investment Component | Investment Amount | Proportion | |-----|----------------------|-------------------|------------| | 1 | Site Investment | 65,513.80 | 59.04% | | 2 | Equipment Procurement and Installation | 11,000.00 | 9.91% | | 3 | R&D Personnel Costs | 18,460.00 | 16.63% | | 4 | R&D Implementation Expenses | 16,000.00 | 14.42% | | | Total Project Investment | 110,973.80 | 100.00% |

(1) Site Investment The site investment under this project specifically consists of the purchase and renovation of a research and development center. The acquisition cost of the R&D center is calculated based on cost estimates provided by the design firm, and the renovation cost is estimated based on the building area multiplied by the unit renovation price. According to the plan, the site investment for this project amounts to RMB 65,513.80 万元, with a total construction area of 74,069.00 square meters.

(2) Equipment Procurement and Installation The equipment procurement and installation costs for this project amount to RMB 11,000.00 万元, primarily for research, development, and testing equipment required for robot body R&D, such as intelligent robot test benches, comprehensive performance test benches for transmission systems, and high-speed real-time control systems and simulation platforms.

(3) R&D Personnel Costs The R&D personnel costs for this project amount to RMB 18,460.00 万元, primarily covering 14 categories of positions during the project construction period, including mechanical engineers, embedded software engineers, embedded hardware engineers, and electrical engineers. Employment costs are referenced against the average levels of such positions during the reporting period.

(4) R&D Implementation Expenses The R&D implementation expenses for this project amount to RMB 16,000.00 万元, primarily consisting of industry-academia-research collaboration fees, R&D material costs, technical service fees, patent fees, and other related expenses.

3. Project Construction Plan The construction period for this project is expected to be 36 months. The construction plan is as follows:

1-1-358

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| Construction Content | T+1 Q1 | T+1 Q2 | T+1 Q3 | T+1 Q4 | T+2 Q1 | T+2 Q2 | T+2 Q3 | T+2 Q4 | T+3 Q1 | T+3 Q2 | T+3 Q3 | T+3 Q4 | |---|---|---|---|---|---|---|---|---|---|---|---|---| | Preliminary Preparation Work | | | | | | | | | | | | | | Site Acquisition and Renovation Works | | | | | | | | | | | | | | Equipment Inquiry, Procurement, Installation and Commissioning | | | | | | | | | | | | | | R&D Personnel Recruitment and Training | | | | | | | | | | | | | | Relevant Technology R&D | | | | | | | | | | | | |

4. Project Site Selection and Land Use The proposed construction site for this project is located in the Hangzhou High-tech Industry Development Zone (Binjiang). The Company has obtained the Letter Regarding Guaranteeing Development Space for Hangzhou Unitree Technology Co., Ltd. (杭州宇树科技股份有限公司) issued by the Economy and Information Technology Bureau of Hangzhou High-tech Development Zone (Binjiang), ensuring that the necessary space will be provided for the Company's development and avoiding any material adverse impact on the substantive implementation and overall progress of the project.

5. Project Approval and Filing Procedures Involving the Use of Raised Funds This project has been filed with the Development and Reform Bureau of Hangzhou High-tech Development Zone (Binjiang), and the Hangzhou High-tech Zone (Binjiang) Enterprise Investment Project Filing Notice (No.: 滨发改金融【2025】009) has been obtained.

6. Environmental Protection Status of the Project In accordance with the Classification and Management Catalogue for Environmental Impact Assessment of Construction Projects (2021 Edition) issued by the Ministry of Ecology and Environment of the People's Republic of China, this project does not fall within the scope of projects requiring the preparation of an environmental impact report, an environmental impact report form, or the filing of an environmental impact registration form.

(III) New Intelligent Robot Product Development Project

1. Project Overview Through this project, the Company will follow the industry's continuous upgrading and iterative trend, meet the expanding demands of downstream applications, continue to advance the development of a new generation of high-performance general-purpose robots, and achieve a multi-category, multi-scenario product layout. Upon completion, the project will help accelerate the development and commercialization of the Company's new intelligent robot products, enrich the Company's product categories and product matrix, broaden product application fields, lead technological progress in industry products, and support the Company's long-term and sustainable development.

The implementing entity of this project is Unitree Technology Co., Ltd. (宇树科技股份有限公司), with a construction period of 3 years. The total project investment is RMB 44,540.00 万元, including equipment procurement and installation, R&D personnel costs, R&D implementation expenses, and other necessary

1-1-359

Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

expenditures.

2. Project Investment Details The estimated total investment for this project is RMB 44,540.00 万元, with proposed use of raised funds of RMB 44,540.00 万元. The specific breakdown is as follows:

Unit: 万元 (RMB 10,000)

| No. | Investment Component | Investment Amount | Proportion | |-----|----------------------|-------------------|------------| | 1 | Equipment Procurement and Installation | 5,145.00 | 11.55% | | 2 | R&D Personnel Costs | 22,795.00 | 51.18% | | 3 | R&D Implementation Expenses | 16,600.00 | 37.27% | | | Total Project Investment | 44,540.00 | 100.00% |

(1) Site Investment This project does not involve site investment and will share the R&D center building with the "Robot Body Research and Development Project."

(2) Equipment Procurement and Installation The equipment procurement and installation costs for this project amount to RMB 5,145.00 万元, primarily for design, prototype manufacturing, and testing equipment required for the development of new intelligent robot products, such as industry-grade validation platforms, mechanical performance test benches, gradient test benches, and airtightness test benches.

(3) R&D Personnel Costs The R&D personnel costs for this project amount to RMB 22,795.00 万元, primarily covering 24 categories of positions during the project construction period, including industrial design engineers, robot testing engineers, and navigation application engineers. Employment costs are referenced against the average levels of such positions during the reporting period.

(4) R&D Implementation Expenses The R&D implementation expenses for this project amount to RMB 16,600.00 万元, primarily consisting of expert consulting fees, R&D material costs, technical service fees, patent service fees, and other implementation expenses.

3. Project Construction Plan The construction period for this project is expected to be 36 months. The construction plan is as follows:

| Construction Content | T+1 Q1 | T+1 Q2 | T+1 Q3 | T+1 Q4 | T+2 Q1 | T+2 Q2 | T+2 Q3 | T+2 Q4 | T+3 Q1 | T+3 Q2 | T+3 Q3 | T+3 Q4 | |---|---|---|---|---|---|---|---|---|---|---|---|---| | Preliminary Preparation Work | | | | | | | | | | | | |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| Construction Content | T+1 Q1 | T+1 Q2 | T+1 Q3 | T+1 Q4 | T+2 Q1 | T+2 Q2 | T+2 Q3 | T+2 Q4 | T+3 Q1 | T+3 Q2 | T+3 Q3 | T+3 Q4 | |---|---|---|---|---|---|---|---|---|---|---|---|---| | Equipment Inquiry, Procurement, Installation and Commissioning | | | | | | | | | | | | | | R&D Personnel Recruitment and Training | | | | | | | | | | | | | | Relevant Technology R&D | | | | | | | | | | | | |

4. Project Site Selection and Land Use The proposed construction site for this project is located in the Hangzhou High-tech Industry Development Zone (Binjiang). The Company has obtained the Letter Regarding Guaranteeing Development Space for Hangzhou Unitree Technology Co., Ltd. (杭州宇树科技股份有限公司) issued by the Economy and Information Technology Bureau of Hangzhou High-tech Development Zone (Binjiang), ensuring that the necessary space will be provided for the Company's development and avoiding any material adverse impact on the substantive implementation and overall progress of the project.

5. Project Approval and Filing Procedures Involving the Use of Raised Funds This project has been filed with the Development and Reform Bureau of Hangzhou High-tech Development Zone (Binjiang), and the Hangzhou High-tech Zone (Binjiang) Enterprise Investment Project Filing Notice (No.: 滨发改金融【2025】010) has been obtained.

6. Environmental Protection Status of the Project In accordance with the Classification and Management Catalogue for Environmental Impact Assessment of Construction Projects (2021 Edition) issued by the Ministry of Ecology and Environment of the People's Republic of China, this project does not fall within the scope of projects requiring the preparation of an environmental impact report, an environmental impact report form, or the filing of an environmental impact registration form.

(IV) Intelligent Robot Manufacturing Base Construction Project

1. Project Overview Through this project, the Company intends to construct a proprietary production base and other related supporting infrastructure, and to procure advanced production and inspection equipment, improve the production environment, optimize the production layout, enhance production management efficiency, comprehensively expand the production and supply capacity of its principal products including humanoid and quadruped robots, strengthen first-mover and scale advantages, and lay an important production capacity foundation for the Company's future business expansion.

The implementing entity of this project is Unitree Technology Co., Ltd. (宇树科技股份有限公司), with a construction period of 2 years. The total project investment is RMB 62,411.39 万元, including site investment, equipment procurement and installation, basic contingency fees, and initial working capital, among other necessary expenditures. The project will assist the Company in seizing development opportunities in the general-purpose robotics industry, enhance global market competitiveness, and further consolidate the Company's industry position.

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

2. Project Investment Details The estimated total investment for this project is RMB 62,411.39 万元, with proposed use of raised funds of RMB 62,411.39 万元. The specific breakdown is as follows:

Unit: 万元 (RMB 10,000)

| No. | Investment Component | Investment Amount | Proportion | |-----|----------------------|-------------------|------------| | 1 | Site Investment | 30,922.37 | 49.55% | | 2 | Equipment Procurement and Installation | 20,898.00 | 33.48% | | 3 | Basic Contingency Fee | 2,591.02 | 4.15% | | 4 | Initial Working Capital | 8,000.00 | 12.82% | | | Total Project Investment | 62,411.39 | 100% |

(1) Site Investment The site investment under this project specifically consists of expenditures related to the acquisition of the intelligent robot manufacturing base. The acquisition cost of the manufacturing base is calculated based on cost estimates provided by the design firm. According to the plan, the site investment for this project amounts to RMB 30,922.37 万元, with a total construction area of 78,690.00 square meters.

(2) Equipment Procurement and Installation The equipment procurement and installation costs for this project amount to RMB 20,898.00 万元, primarily for production equipment, inspection equipment, and intelligent warehousing systems required for the construction of intelligent robot production lines.

(3) Basic Contingency Fee The basic contingency fee for this project amounts to RMB 2,591.02 万元, calculated at 5% of the combined total of site investment and equipment procurement and installation costs.

(4) Initial Working Capital The initial working capital is the working capital necessary to ensure the normal operations of the project in its early stages and the smooth production of products. The planned initial working capital for this project is RMB 8,000.00 万元.

3. Project Construction Plan The construction period for this project is expected to be 24 months. The construction schedule is as follows:

| Construction Content | T+1 Q1 | T+1 Q2 | T+1 Q3 | T+1 Q4 | T+2 Q1 | T+2 Q2 | T+2 Q3 | T+2 Q4 | |---|---|---|---|---|---|---|---|---| | Preliminary Engineering Work | | | | | | | | |

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Unitree Technology Co., Ltd. (宇树科技股份有限公司)

Prospectus

| Construction Content | T+1 Q1 | T+1 Q2 | T+1 Q3 | T+1 Q4 | T+2 Q1 | T+2 Q2 | T+2 Q3 | T+2 Q4 | |---|---|---|---|---|---|---|---|---| | Site Acquisition and Renovation Works | | | | | | | | | | Equipment Inquiry, Procurement, Installation and Commissioning | | | | | | | | | | Production Line Trial Operation | | | | | | | | | | Completion and Acceptance | | | | | | | | |

4. Project Site Selection and Land Use The proposed construction site for this project is located in the Hangzhou High-tech Industry Development Zone (Binjiang). The Company has obtained the Letter Regarding Guaranteeing Development Space for Hangzhou Unitree Technology Co., Ltd. (杭州宇树科技股份有限公司) issued by the Economy and Information Technology Bureau of Hangzhou High-tech Development Zone (Binjiang), ensuring that the necessary space will be provided for the Company's development and avoiding any material adverse impact on the substantive implementation and overall progress of the project.

5. Project Approval and Filing Procedures Involving the Use of Raised Funds This project has been filed with the Development and Reform Bureau of Hangzhou High-tech Development Zone (Binjiang), and the Hangzhou High-tech Zone (Binjiang) Enterprise Investment Project Filing Notice (No.: 滨发改金融【2025】012) has been obtained.

6. Environmental Protection Status of the Project This project has been filed with the Hangzhou Municipal Ecology and Environment Bureau, and the Acceptance Letter for the Commitment-Based Filing of Environmental Impact Assessment Documents for Construction Projects under the Reform Pilot for List-Based Management of "Planning EIA + Environmental Standards" (杭环滨备【2025】27号) has been obtained.

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