SIASUN(SZ:300024) Xin Lang Cai Jing·2025-10-09 14:26Core Viewpoint - Yunji Technology is preparing for its IPO on the Hong Kong Stock Exchange, aiming to raise approximately HKD 590 million despite facing significant financial losses and operational challenges [2][11]. Financial Performance - Yunji Technology reported revenues of CNY 161 million, CNY 145 million, and CNY 245 million for 2022, 2023, and 2024 respectively, with a compound annual growth rate of 23.4% [4]. - The company experienced net losses of CNY 365 million, CNY 265 million, and CNY 185 million over the same period, totaling CNY 815 million in cumulative losses [5]. - As of May 31, 2025, the company generated approximately CNY 88.3 million in revenue, an 18.9% year-on-year increase, but the loss attributable to shareholders reached CNY 118 million, a 40.7% increase [5][6]. Business Model and Market Position - Yunji Technology's primary revenue source is heavily reliant on the hotel industry, with 95.1% of its revenue coming from this sector in 2023, and 93.2% in the first five months of 2025 [6][7]. - The average selling price of its main robot models has significantly decreased, with the "Gege" series dropping from CNY 26,800 in 2022 to CNY 14,500 in early 2025, a decline of 45.9% [7]. - The company has developed a comprehensive technology stack for its robots, which includes capabilities for three-dimensional navigation and human-machine interaction [3]. Strategic Challenges - The company faces a significant cash flow issue, with a net cash flow from operating activities of -CNY 41.48 million in 2024 and worsening to -CNY 52.99 million in the first five months of 2025 [6]. - The competitive landscape is intensifying, with other companies like Pudu Technology and Qianlong Intelligent also targeting the hotel and healthcare sectors [9]. - Yunji Technology's reliance on hardware sales, which account for over 70% of its revenue, poses a risk to its long-term growth unless it can transition to a subscription model that includes software and services [8]. Technological Development - The company holds 405 invention patents, 327 utility model patents, and 253 design patents, indicating a strong technological foundation [9]. - The AI digital system's revenue contribution has increased from 16.4% in 2022 to 25.6% in early 2025, although it still cannot replace hardware as the main revenue source [10]. Capital and Financing Pressure - Yunji Technology faces a redemption liability of CNY 1.925 billion, significantly exceeding its current asset scale and profitability [11]. - The company has not secured new financing since 2021, making the upcoming IPO critical for its survival and operational continuity [12]. - The Hong Kong Stock Exchange's new Chapter 18C allows unprofitable tech companies to list, providing Yunji Technology with a potential lifeline [12][13].