You may have seen this headline: “AgiBot tops 2025 global humanoid shipments, ~39% share.” You may also have seen this one: “Unitree ships 5,500+ humanoids in 2025, becoming the world’s largest maker.”

Both are stated with total confidence. Both cite sources. So who’s actually #1?

The answer is instructive: who’s #1 depends on how you count.

Same year, two champions

Lay out the numbers:

• AgiBot: ~5,168 units delivered in 2025. In an early-2026 report, research firm Omdia ranked it #1 globally by share (~39%).
• Unitree: its IPO prospectus discloses ~5,500 units shipped in 2025 — by raw unit count, actually slightly more than AgiBot.

Hence the dramatic “champion changes hands?” headlines. The two are very close, and “who’s #1” depends entirely on the yardstick: by market share (Omdia has AgiBot leading) or by absolute units (Unitree more); humanoid-only or including quadrupeds; delivered, shipped, or ordered; global or China.

Change the yardstick, change the champion. Nobody’s lying — “leader,” in an early market, simply has no single answer.

What you should actually remember — two things

Beyond the #1 squabble, two facts matter more:

First, China already dominates global humanoid shipments outright. Whether AgiBot or Unitree is #1, Chinese makers together hold ~85–90% of global humanoid shipments. For contrast, Tesla, Figure, and Agility each shipped roughly 150 units in 2025. That’s the big picture.

Second, don’t let a single data source draw your conclusion. This is a perfect reminder: whenever you see “global #1” or “XX% share,” ask — what’s the definition? Who compiled it? Is it shipments, deliveries, or orders? The same sector can crown different “leaders” under different yardsticks. Overweighting a “leader concept” off one source is the easiest way to get misled by definitions.

In a nascent, still-ramping market, “who’s first” is often a title that shifts with the yardstick and the quarter. Rather than pay a premium for a “champion” label, understand the overall structure — and the definition behind every number.

Ever get misled by a “global #1” or “XX% share” headline, then find the yardstick was different? Share below.

(Independent industry and educational research, not investment advice. Companies named are illustrative examples, not recommendations. Data is from public sources and may change. The author and affiliates may hold positions in securities mentioned.)

— Adapted from Embodied Intelligence Investing, Ch. 19: China’s Force

#Humanoids #Unitree #ChinaTech