Inside Unitree's 3-hour IPO roadshow: Wang Xingxing and Unitree's management team answered 363 investor questions. Here are 5 highlights: 1. Industrial work was 9% of humanoid revenue, and more than 70% came from universities and research institutes. 2. 1Q2026 profit fell 52.55%, and 3 of the 5 reasons management gave were about weakening demand. 3. Unitree's actuator design appears to skip harmonic reducers, one of the most expensive parts in most humanoid cost models. Asked what share it makes in-house, Wang Xingxing answered without using the word harmonic once. 4. Unitree has released five AI models in eleven months. One deployment has gone live so far, inside its own factory. DeepSeek bought Rmb141m in the offering, and management did not disclose details on what the two are building together. 5. Unitree’s 6 robot models (quadrupeds and humanoids) hold FCC certification and can still be sold in the US. Full transcript (>50,000 words) in today's Core Matter.