Looking at Unitree's prospectus, let me pour some cold water on it: it seems more like a robotics hardware company than an AI company. Of course, that doesn't preclude a short-term surge in interest. 1️⃣ The R&D ratio is too low, unlike a typical tech company: R&D personnel account for 36.46%, and R&D expenses account for only 7.73% of revenue (this is usually 30%–80% during periods of rapid growth). 2️⃣ The humanoid robots are far from achieving Productivity-Focused (PMF), with over 70% of shipments being for "scientific research and education." (The following skill can be used to generate a complete analysis.)