Core Viewpoint - Cloud Technology is set to debut as a rare robotics service intelligent entity stock in the Hong Kong market, attracting significant investor interest due to its status as the first 18C specialized technology enterprise and the "first stock of robotics service intelligence" [1][2] Group 1: Market Performance and IPO Details - The company plans to issue 6.9 million H-shares, with 95% allocated for international placement and 5% for public offering in Hong Kong, at a price of HKD 95.6 per share, with a total expected listing on October 16 [1] - During the subscription period, investor enthusiasm was high, with a total margin loan of approximately HKD 107.2 billion and an oversubscription rate of 3,250.43 times; in dark pool trading, the stock price surged nearly 50%, closing at HKD 141.1, a 47.59% increase from the issue price [1] Group 2: Industry Position and Competitive Advantage - Cloud Technology has established a leading position in the emerging robotics service intelligent sector, holding a 6.3% market share in China and a 13.9% share in the hotel sector, indicating strong scale effects and deep penetration in key verticals [3] - The company operates an average of 27,000 robots daily, serving 230 million consumers, leveraging vast scene data for AI model optimization and creating a competitive barrier that is difficult for peers to overcome [3][5] Group 3: Client Network and Business Expansion - The company serves over 34,000 hotels and 150 hospitals, including major global hotel groups like Marriott and InterContinental, facilitating rapid expansion into various application scenarios [5] - Innovative solutions, such as automated logistics robots in hospitals and a collaborative delivery model with Meituan, demonstrate the practical application of technology in enhancing service efficiency [5] Group 4: Financial Performance and Growth Potential - Revenue is projected to reach HKD 245 million in 2024, reflecting a substantial year-on-year growth of 68.6%, with a compound annual growth rate of 23.2% from 2022 to 2024 [6] - The company is nearing a profitability inflection point, with net losses decreasing from HKD 365 million in 2022 to HKD 185 million in 2024, and gross margin improving from 24.3% to 43.5% during the same period [6] Group 5: Technological Innovation and Intellectual Property - The company has developed a versatile robot platform, UP, which allows for multi-functional use and rapid task switching, enhancing equipment utilization and adaptability [6][7] - Cloud Technology has a robust intellectual property portfolio with 405 invention patents, 327 utility model patents, and 253 design patents, showcasing its commitment to innovation and establishing a technological moat [10] Group 6: Summary of Investment Value - Overall, Cloud Technology's leading position, solid customer base, proven commercialization capabilities, and advanced technological layout create a comprehensive competitive moat, justifying its current IPO pricing as a rational reflection of its core value [11]

Group 1 - The core point of the news is that Yunji (02670) will be listed on the Hong Kong Stock Exchange on October 16, with a significant increase in its trading price compared to the initial offering price [1] - The closing price in the dark trading market showed a price of HKD 141.1, which represents a 47.59% increase from the offering price of HKD 95.6 [1] - Each trading unit consists of 50 shares, resulting in a profit of HKD 2,275 per unit, excluding transaction fees [1] Group 2 - The trading details indicate a strong demand for Yunji shares, with various buy and sell orders at prices around HKD 141.1 [3] - The trading volume and price fluctuations suggest a positive market sentiment towards Yunji's upcoming listing [4]

Core Viewpoint - Yunji (02670) is set to be listed in Hong Kong on October 16, with its dark pool trading showing a significant price increase from the IPO price. Group 1: Listing Details - Yunji will be listed on October 16 in Hong Kong [1] - The dark pool trading price is reported at 141.1 HKD, which is an increase of 47.59% from the IPO price of 95.6 HKD [1] Group 2: Financial Implications - Each lot of 50 shares at the dark pool trading price would yield a profit of 2,275 HKD, excluding transaction fees [1]

Core Viewpoint - Yunji Technology is set to launch its IPO on the Hong Kong Stock Exchange, aiming to raise approximately HKD 590 million, despite facing significant financial losses and high redemption liabilities [2][3][10] Company Overview - Founded in 2014, Yunji Technology specializes in commercial service robots and AI digital systems, serving various industries including hotels, commercial buildings, healthcare, and factories [2] - The company has received multiple rounds of investment from major players like Alibaba, Tencent, and Lenovo, but has accumulated losses of CNY 815 million over three years [2][3] Financial Performance - Yunji Technology's total revenue was CNY 161 million in 2022, slightly decreased by 10% to CNY 145 million in 2023, but projected to rebound by 68.6% to CNY 245 million in 2024 [4] - The company reported net losses of CNY 365 million, CNY 265 million, and CNY 185 million for the years 2022, 2023, and 2024 respectively, with a cumulative loss of CNY 815 million [4] - The gross margin improved from 24.3% in 2022 to 43.5% in 2024, primarily due to economies of scale and an increase in high-margin software business [4] Cash Flow and Liabilities - Operating cash flow remained negative, improving from CNY -1.7 billion in 2022 to CNY -0.4 billion in 2024, but further deteriorated to approximately CNY -0.53 billion in the first five months of 2025 [5] - The company faces a redemption liability of CNY 1.925 billion, with cash and cash equivalents of only CNY 75.135 million as of May 2025 [3][5] Market Position and Competition - Yunji Technology's revenue heavily relies on the hotel sector, which accounted for 70.1%, 95.1%, and 83% of its income from 2022 to 2024 [6] - The company is experiencing intense price competition, with the average selling price of its main product series dropping significantly [6] Strategic Initiatives - To diversify its revenue streams, Yunji Technology is expanding into new sectors such as office buildings and hospitals, although non-hotel revenue remains below 17% [6][9] - The company is transitioning from hardware sales to an integrated solution model that includes hardware, software, and services, with AI digital system revenue reaching 22.8% in 2024 [9] Research and Development - R&D expenditures decreased from CNY 68 million in 2022 to CNY 57 million in 2024, with the proportion of R&D spending relative to total revenue halved [8] - The company holds 979 registered patents and 487 patent applications, but lacks competitive differentiation in core algorithm technologies [7][9] Future Outlook - The Chinese hotel service robot market is projected to grow to CNY 3 billion by 2029, with Yunji holding a 12% market share in 2024 [7] - The company is exploring international expansion and has established a subsidiary for this purpose, aiming to enhance its market presence [9]

Group 1 - The company Yunji (02670) is set to be listed in Hong Kong on October 16, with an initial offering price of HKD 95.6 [1] - As of the latest dark trading data from Livermore Securities, the stock is quoted at HKD 170, representing a 77.82% increase from the IPO price [1][2] - Each trading unit consists of 50 shares, resulting in a potential profit of HKD 3,720 per unit, excluding transaction fees [1] Group 2 - The trading volume recorded is 231,100 shares, with a highest price of HKD 222 and a lowest price of HKD 150 during the trading session [2] - The total market capitalization of the company is approximately HKD 10.466 billion [2] - The current trading price reflects a significant increase of 108.61% in the trading activity [2]

16:15 17:00 17:30 18:00 18:30 分时 1分 日K 5分 买盘十档 卖盘十档 53.81% 46.19% 立即买入 立即卖出 · 行情来源: 利弗莫尔证券 · 智通财经APP获悉，云迹(02670)将于10月16日(周四)在香港挂牌。截至发稿，利弗莫尔证券暗盘交易显 示报价170港元，较招股价95.6港元上涨77.82%，每手50股，不计手续费，每手赚3720港元。 ...

港股新股云迹暗盘涨超85%，现报177港元。公司此次发售690万股，发售价为每股95.6港元，募资净额 约5.9亿港元，有望摘得"机器人服务智能体第一股"的桂冠。 ...

Beijing Yunji Technology Co., Ltd. 北京雲跡科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 董事名單及其角色與職能 北京雲跡科技股份有限公司董事（「董事」）會（「董事會」）成員載列如下： 獨立非執行董事 張立華先生 黎勇越先生 汪方軍先生 董事會已設立三個委員會。各董事委員會的成員載列如下： | 委員會 | | | | | --- | --- | --- | --- | | 董事 | 審核委員會 | 薪酬委員會 | 提名委員會 | | 支濤女士 | – | 成員 | 主席 | | 吳明輝先生 | 成員 | – | – | | 張立華先生 | – | 主席 | 成員 | | 黎勇越先生 | 成員 | – | – | | 汪方軍先生 | 主席 | 成員 | 成員 | 中國北京，2025年10月15日 執行董事 支濤女士 （董事長） 胡泉先生 李全印先生 非執行董事 吳明輝先生 馬紅女士 ...

北京雲迹科技股份有限公司 董事會提名委員會工作細則 第一章 總則 第二章 委員會組成 1 第一條 為規範北京雲迹科技股份有限公司（以下簡稱「公司」）董事及高級管 理人員的產生，優化董事會和高級管理人員的組成，完善公司治理 結構，根據《中華人民共和國公司法（2023修訂）》、《香港聯合交易 所有限公司證券上市規則》（以下簡稱「《香港上市規則》」）、《香港上 市規則》附錄C1所載的《企業管治守則》、《北京雲迹科技股份有限公 司章程》（以下簡稱「《公司章程》」）以及其他相關法律、法規和規範 性文件，設立公司董事會提名委員會（以下簡稱「委員會」），並制定 本工作細則（以下簡稱「本細則」）。 第二條 委員會是董事會下設的專門工作機構，主要負責制定公司董事和高 級管理人員的人選、選拔標準和程序，進行考核並提出建議。 第三條 本細則所稱董事是指公司所有的董事，高級管理人員是指董事會聘 任的總經理、副總經理、財務負責人、董事會秘書、《公司章程》規 定的其他高級管理人員。 第四條 委員會對董事會負責，並向董事會報告工作。 第五條 本細則適用於委員會及本細則中涉及的有關人員和部門。 第六條 委員會由不少於3名董事組成，且至少委任 ...

第二章 委員會組成 第六條 委員會由不少於3名董事組成，其中獨立非執行董事應佔半數以上。 委員會委員由董事長、1/2以上獨立董事或1/3以上全體董事提名， 董事會選舉並由全體董事過半數通過產生。 第七條 委員會設主席1名，由獨立非執行董事擔任。主席由公司董事長提 名，並經董事會審議通過。 1 北京雲跡科技股份有限公司 董事會薪酬委員會工作細則 第一章 總則 第一條 為進一步建立健全北京雲跡科技股份有限公司（以下簡稱「公司」）董 事和高級管理人員的考核和薪酬管理制度，完善公司治理結構，根 據《中華人民共和國公司法（2023修訂）》、《香港聯合交易所有限公 司證券上市規則》（以下簡稱「《香港上市規則》」）、《香港上市規則》 附錄C1所載的《企業管治守則》、《北京雲跡科技股份有限公司章程》 （以下簡稱「《公司章程》」）以及其他相關法律、法規和規範性文件， 設立公司董事會薪酬委員會（以下簡稱「委員會」），並制定本工作細 則（以下簡稱「本細則」）。 第二條 委員會是公司董事會下設的專門工作機構，主要負責制定公司董事 及高級管理人員的考核標準並進行考核；負責制定、審查公司董事 及高級管理人員的薪酬政策與方案。 第三條 委 ...