The recent launch of humanoid robots by Unitree Technology in its flagship store on JD.com has sent ripples across the technology landscape in ChinaWith the Unitree H1 priced at a staggering 650,000 yuan and the G1 at 99,000 yuan, both models quickly sold out, highlighting a surge in public interest and market demandThis development has drawn attention to Unitree's position within the growing sector of humanoid robots, further exploring the connection with its “friends” and partners within the A-share market.

Unitree Technology, a noteworthy player in the humanoid robotics space, has emerged as one of the “six little dragons” from HangzhouTheir innovations in consumer and industrial robotics have captured the imagination of investors and companies alike, ultimately influencing stock prices in related A-share companiesThis raises pertinent questions: Who are Unitree Technology’s closest allies in the A-share marketplace? What companies form the backbone of Unitree's supply chain? And ultimately, how valuable is the ecosystem surrounding Unitree Technology?

A comprehensive investigation by the Shanghai Securities Journal indicates multiple firms within the A-share landscape that supply components to or collaborate on research with Unitree TechnologySeveral companies have made indirect bets on the company by investing in funds supportive of Unitree's endeavors, contributing to the optimistic performance of related stocks in the secondary market.

As a firm focused on high-performance bipedal and quadrupedal robots, as well as sophisticated robotic arms, Unitree Technology has established itself as a pioneerThe company claims the title of the first in the world to commercialize high-performance quadrupedal robots, achieving sales figures that consistently place it ahead of its competitors.

When it comes to suppliers, it's evident that multiple companies have publicly announced their partnerships with Unitree Technology

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However, many have also disclosed that their revenues from these relationships represent a small fraction of their overall earningsFor instance, on February 12, Diao Micro announced that their low-voltage USB products are being used in Unitree’s latest robotics, although this currently accounts for a minor percentage of their overall sales.

The core components of humanoid robots, such as bearings, are seen as crucial by several analystsThese critical parts see extensive usage; for instance, an individual humanoid robot could necessitate upwards of 160 bearings, with some components requiring as many as twoLongsheng Bearings, on January 15, confirmed that they are actively advancing their collaborative efforts with Unitree Technology, yet they also indicated that the revenue derived from such applications remains below one percent of their total business income.

Beyond supplying components, several firms are engaging in joint research and development with Unitree TechnologyFor example, Lingyun Optical reported on January 22 that they have partnered with Unitree to create solutions tailored for robotic training, which utilize their proprietary FZMotion motion capture systemThis solution aims to accurately capture human movements down to sub-millimeter precision, targeting various scenarios involving humanoid robots.

From an application standpoint, Shengtong Corp expressed their strategic partnership with Unitree and UBTECH, pointing to their rich repository of resources in TOC robotics educationBy integrating Unitree's advanced quadrupedal robots alongside UBTECH's UGOT robots within practical education settings, Shengtong hopes to enhance learners' grasp of robotic knowledge.

This collaborative framework fosters synergies between both B2B and B2C sectors, enriching the integration of robotics technology into educational initiatives.

Meanwhile, the recent funding rounds for Unitree and other companies like DeepSeek have garnered significant attention from both primary and secondary market observers, leading many investors to reconsider their initial hesitations towards the burgeoning "six little dragons" from Hangzhou.

While excitement mounts, there are early investors who capitalized on opportunities prior to the current wave of interest

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Evidence shows a variety of listed companies had investments in Unitree TechnologyAs early as March 2024, Jinxing Paper, a leading entity in the paper production industry, revealed that their subsidiary had invested 20 million yuan in Unitree through the Rongteng Fund, acquiring a 1.8044% stakeSoon after, the introduction of the new Unitree G1 model stimulated anticipation, driving Jinxing Paper's stock to a notable ceiling.

Tracing the timeline of investments reveals that Unitree has successfully completed nine rounds of fundraising since its inception in 2016. Recently in September 2024, they secured several hundred million yuan in their Series C round, with the Beijing Robot Industry Investment Fund spearheading the initiative, joined by notable investors such as Meituan, Sequoia China, and Citic Securities.

Prior to this, Unitree managed to complete a significant Series B2 funding round just before the Spring Festival in 2024, amounting to nearly 1 billion yuanThis round attracted prominent players such as Meituan and esteemed investment groups, focusing funds on research and development, business expansion, and team building.

With Unitree's mounting visibility, investors frequently question the implications of these ties for publicly-traded partnersOn February 6, Langke Intelligent disclosed that their investment in a fund, which indirectly holds shares of Unitree Technology, resulted in a mere 0.0458% stake in the company—further emphasizing the limited influence these connections might yield in operational terms.

Similarly, several companies have discovered similar paths to indirect investmentsShiyi Da notified stakeholders about their true stake in Unitree through subsidiary investment structures, reflecting just a 0.011% ownershipOther entities like Jihua Group highlighted their indirect ownership through similar financial maneuvers.

The investment landscape surrounding Unitree Technology is expanding, with multiple companies, including Kankai Technology and Wolong Electric Drive, confirming their indirect investment paths through various funds

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