Core Viewpoint - Cloudwalk Technology (2670.HK) has officially listed on the Hong Kong Stock Exchange, becoming the first "robot service intelligent body" stock and a specialized technology enterprise under Chapter 18C rules, with a strong market response reflected in its oversubscription and significant first-day price increase [1][5]. Group 1: IPO Performance - Cloudwalk issued 6.9 million H-shares at a price of HKD 95.6 per share, aiming to raise up to HKD 660 million, with a public offering accounting for 5% of the total shares [1][4]. - The public offering was oversubscribed by 5,657.2 times, involving approximately HKD 189.1 billion, with 263,000 retail investors participating [1][4]. - On its first trading day, Cloudwalk's share price surged by 49.37% to HKD 142.8, resulting in a total market capitalization of HKD 9.813 billion [1]. Group 2: Financial Performance - For the first five months of 2025, Cloudwalk reported total revenue of CNY 88.329 million, an 18.9% increase year-on-year, with significant growth in various sectors including healthcare and factories [3][8]. - The revenue from the intelligent application (HDOS) business saw a remarkable 194% year-on-year increase, indicating the emergence of a high-margin "second revenue curve" beyond hardware sales [3][11]. - The company’s revenue for 2022, 2023, and 2024 was CNY 161 million, CNY 145 million, and CNY 245 million respectively, with gross margins improving from 24.4% to 43.5% [8][11]. Group 3: Market Position and Growth Potential - Cloudwalk holds a 6.3% market share in China's robot service intelligent body market, with a significant 13.9% share in the hotel service sector [9][10]. - The market for robot service intelligent bodies in China is projected to grow from CNY 1.8 billion in 2020 to CNY 3.7 billion by 2024, with a compound annual growth rate (CAGR) of 19.8% [5][9]. - The company has expanded its application scenarios from hotels to commercial buildings, hospitals, and factories, with over 34,000 hotels and more than 150 hospitals deploying its robots as of May 31, 2025 [8][10]. Group 4: Strategic Development - The funds raised from the IPO will primarily enhance AI research and development capabilities, improve hardware technology, and develop robot components [6][12]. - Cloudwalk's strategy includes integrating hardware with software and services to create a self-reinforcing cycle that enhances customer loyalty and long-term revenue [12]. - The recent national policies promoting AI and service industry upgrades align with Cloudwalk's expansion into factories, healthcare, and commercial buildings, presenting unprecedented opportunities for growth [13].
云迹（2670.HK）登陆港交所开盘市值超98亿港元，商业化闭环打开持续