SIASUN(SZ:300024) Hua Xia Shi Bao·2025-03-26 12:29Core Viewpoint - Cloudwalk Technology has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to solidify its leading position in the hotel robot market while facing redemption liabilities and intense competition [1][2]. Group 1: IPO and Market Position - Cloudwalk Technology has been planning for an IPO since 2022 and has undergone eight rounds of financing since its establishment in 2014, with notable investors including Alibaba and Tencent [2][4]. - The company has a redemption liability of 1.87 billion yuan by the end of 2024, which adds pressure as it seeks to go public [2]. - Cloudwalk initially aimed to list on the Shanghai Stock Exchange but switched to the Hong Kong Stock Exchange for better international recognition and market access [4]. Group 2: Product and Service Offerings - The company primarily offers robots and functional suites, including hardware and modules that form the basis of robotic services, as well as AI-driven digital systems [4]. - Cloudwalk's robots are mainly used in hotel settings, holding a 9% market share in the global hotel robot service market, with revenue from hotel services accounting for 83% of total revenue in 2024 [5]. Group 3: Financial Performance - Cloudwalk's revenue has shown a positive trend, with figures of 161 million yuan, 145 million yuan, and 245 million yuan for 2022, 2023, and 2024 respectively [6]. - The gross profit for the same years was 39.27 million yuan, 39.16 million yuan, and 106 million yuan, with gross margins improving from 24.3% to 43.5% [6]. - The company has been reducing its losses, with net losses decreasing from 365 million yuan in 2022 to 185 million yuan in 2024 [6]. Group 4: Competitive Landscape and Strategy - The Chinese robot service market is growing, with a compound annual growth rate of 18.7% from 2019 to 2023, projected to reach 9.7 billion yuan by 2028 [7]. - Competitors like Orion Star and Ninebot are intensifying the competition, necessitating Cloudwalk to maintain its market share through differentiation [7]. - To enhance competitiveness, Cloudwalk has been reducing product prices, with the average price of its "Gege" series robots dropping from 26,800 yuan in 2022 to 20,900 yuan in 2024 [8].