SIASUN(SZ:300024) Xin Lang Zheng Quan·2025-04-11 02:05Group 1: Industry Overview - The surge of robot companies listing in Hong Kong since 2024 highlights the market's attractiveness for tech firms seeking financing and international expansion [1] - Companies like UBTECH and Yujing Technology have successfully listed, with Yujing's stock price multiplying post-IPO, indicating a potential boom in the robotics sector [1] - The robotics industry is categorized into segments such as humanoid robots, collaborative robots, warehouse robots, and service robots, which are becoming significant growth drivers [1] Group 2: Company Performance - Yujing Technology, despite being a leader in hotel robotics, reported revenues of 161 million RMB in 2022, a decrease of 10% from the previous year, followed by a 68.63% increase in 2023 [3] - The company has incurred substantial losses, with cumulative losses of 815 million RMB over three years, indicating a challenging financial situation [3][6] - The average selling price of Yujing's robot products has significantly decreased, with the price of the "UP" series dropping nearly 60% within a year [4] Group 3: Financial Challenges - Yujing Technology has not secured any new financing in over three years, leading to a precarious cash flow situation with negative operating cash flows of 170 million RMB in 2022 [7] - The company faces a looming risk from a redemption liability of 1.87 billion RMB, which could trigger a payout if it fails to go public within 18 months [7]