Core Viewpoint - Cloud-based hotel robot supplier, Yunji Technology, has successfully passed the hearing for its IPO on the Hong Kong Stock Exchange, marking a significant milestone for the company as it aims to become the first publicly listed company in the robot service agent sector [1][3]. Company Overview - Yunji Technology, established in 2014, is the largest participant in the global hotel scene robot service agent market and holds the top market share in China with 6.3% as of 2024 [3][4]. - The company has launched three generations of service robots: the "Run" series, the "Gege" series, and the UP series, with the UP series introduced in 2023 featuring a modular design for versatility across various applications [4][6]. Financial Performance - Yunji Technology's revenue for the years 2022 to 2024 was reported as 161.28 million yuan, 145.15 million yuan, and 244.77 million yuan, respectively, with a notable rebound in 2024 showing a year-on-year growth of 68.6% [9][10]. - The company has not yet achieved profitability, with net losses of 365 million yuan, 265 million yuan, and 185 million yuan from 2022 to 2024, although the loss margin is narrowing [12][13]. Market Position - The hotel sector is the primary market for Yunji Technology, contributing 70.1% to 95.1% of total revenue during the reporting periods from 2022 to 2025 [6][8]. - The company is actively expanding into non-hotel markets, with revenue from these sectors increasing from 4.9% in 2023 to 17.0% in 2024 [8]. Funding and Debt - The IPO is expected to alleviate 1.925 billion yuan in redemption liabilities, which have been a significant burden due to the company's history of multiple financing rounds and the associated redemption rights for investors [13][15]. - Yunji Technology plans to use the funds raised from the IPO to enhance R&D capabilities, improve commercialization efforts, and cover general corporate purposes [12].

近日，据港交所网站披露，北京云迹科技股份有限公司（以下简称"云迹科技"）已通过上市聆讯，这意 味着，云迹科技成为今年第一家通过港交所聆讯的18C章特专科技企业，同时也有望成为"机器人服务 智能体第一股"。 目前，云迹科技的产品已覆盖全球超3.4万家酒店，服务华住、锦江、如家、开元、洲际等头部酒店集 团，2024年与美团外卖达成合作，已向万家酒店提供从"平台下单—骑手接单—机器人送达房间"的全程 闭环配送联动服务，全球同时在线机器人单日峰值超3.6万台，年累计服务次数突破5亿次。 在18C章程下，云迹科技的领航资深独立投资者为阿里、联想创投、腾讯、启明创投以及携程；资深独 立投资者则为安徽人工智能公司和河南科投。此外，云迹科技的投资方还包括中信证券、光控众盈、海 银资本、沸点资本、金茂资本、澜亭资本、睿住资本、泰州东南文投基金、中移创新产业基金等。 招股书显示，2022年至2024年，云迹科技的营业收入分别为1.61亿元、1.45亿元和2.45亿元（人民币， 下同），相应的净亏损分别为3.65亿元、2.65亿元和1.85亿元，相应的经调整净亏损分别为2.34亿元、 1.20亿元和0.28亿元。 目前港股18C排 ...

近期，云迹科技在港交所提交招股书，这家受资本青睐的机器人企业已连续三年亏损。据悉，云迹科技是 领先的机器人服务智能体企业，公司主要提供机器人及功能套件，辅以AI数字化系统的服务。从能够与现 实世界互动的机器人，到能够优化决策的AI数字化系统，公司向客户提供适应性强及可扩展的产品及服 务。 招股书显示，2022年至2024年及2025年前5月，云迹科技实现营业收入1.61亿元、1.45亿元、2.45亿元和 0.88亿元；期内亏损分别为3.65亿元、2.65亿元、1.85亿元和1.18亿元。 云迹科技在风险提示中指出，公司可能在短期内继续产生净亏损，因为公司正在快速发展的机器人服务智 能体市场拓展业务及经营，并正持续投资于研发。公司可能无法于不久将来实现或于随后维持盈利能力。 公司认为，未来的收入增长将取决于（其中包括）开发新技术、提升客户体验、建立有效的商业化策略、 有效及成功地竞争以及开发新产品及服务的能力。此外，公司预计，随著继续拓展业务及经营，并投资于 研发，公司的成本及开支将在未来期间增加。此外，作为一家公众公司，公司预计将产生大量成本及开 支。倘无法产生足够的收入及管理开支，公司可能继续产生重大亏损， ...

Core Viewpoint - Beijing Yunji Technology Co., Ltd. is aiming to become the first hotel robot stock listed on the Hong Kong Stock Exchange, but faces significant challenges including heavy reliance on the hotel industry for revenue and substantial redemption liabilities totaling 19.25 billion RMB [1][8]. Company Overview - Yunji Technology specializes in robotic service intelligence, providing robots and functional suites supported by AI digital systems. The company holds a 6.3% share of the domestic market, ranking first in the sector as of 2024. The market for robotic service intelligence in China is projected to grow to 13.5 billion RMB by 2029, with a compound annual growth rate (CAGR) of 29.3% from 2024 to 2029 [4]. Financial Performance - The company reported revenues of 161.28 million RMB, 145.15 million RMB, 244.77 million RMB, and 88.33 million RMB for the years 2022, 2023, 2024, and the first five months of 2025, respectively. Losses during these periods were 365.42 million RMB, 264.52 million RMB, 184.96 million RMB, and 83.97 million RMB, indicating a significant increase in losses compared to the same period in 2024 [5][6]. Revenue Dependency - Over 90% of the company's revenue is derived from the hotel industry, with specific revenue contributions of 70.1%, 95.1%, 83.0%, and 93.2% during the respective reporting periods [7]. The company has established a customer base of over 34,000 enterprises, primarily in the hotel sector, but there is no guarantee of repeat purchases from these customers [7]. Pricing Trends - The average selling price of the company's main robot models has been declining. For instance, the average price of the "Gege" series robots fell from 26,800 RMB in 2022 to 14,500 RMB in the first five months of 2025, a decrease of 37.2%. Similarly, the UP series robots saw a price drop of 68.82% from 54,200 RMB in 2023 to 16,900 RMB in the first five months of 2025 [6][7]. Funding and Liabilities - Since its establishment, Yunji Technology has completed eight rounds of financing, raising a total of 1.202 billion RMB. Notable investors include Tencent, Lenovo, Alibaba, and Ctrip. However, the company faces stringent redemption clauses tied to its financing agreements, with redemption liabilities reaching 19.25 billion RMB as of May 2025, while cash and cash equivalents stood at only 75.14 million RMB [8][10].

Core Viewpoint - Cloudwalk Technology is pursuing an IPO in Hong Kong, revealing details about its main business and financial status, showing revenue growth but an expanding net loss rate, which investors should monitor for potential risks [1] Business Model - Cloudwalk Technology is a leading enterprise in robotic service intelligence, providing robots and functional kits along with AI digital system services, integrating both physical and non-physical robotic forms across various scenarios such as hotels, healthcare, and commercial buildings [2] - The company generates revenue through multiple models including sales, leasing, subscriptions, and commissions, which helps diversify risks and expand market reach [3] Financial Data - Revenue growth is evident, with total revenue of 161 million in 2022, slightly decreasing by 10.0% to 145 million in 2023, and then significantly rebounding by 68.6% to 245 million in 2024, with a further increase of 18.9% in the first five months of 2025 compared to the same period in 2024 [4] - Net losses improved from 365 million in 2022 to 265 million in 2023 (a reduction of 27.6%), and further decreased by 30.1% to 185 million in 2024, but increased by 40.9% in the first five months of 2025 compared to the same period in 2024 [4][5] - Gross margin has been rising, with rates of 24.3%, 27.0%, and 43.5% for 2022, 2023, and 2024 respectively, and 39.5% in the first five months of 2025, indicating improving profitability of products or services [5] - The net loss margin remains high, with rates of 226.6%, 182.2%, and 75.6% for 2022, 2023, and 2024 respectively, and 134.0% in the first five months of 2025, showing room for improvement in cost control and profitability [6] Revenue Composition - Revenue from robots and functional kits constituted a significant portion of total revenue, accounting for 83.6%, 82.4%, and 77.2% from 2022 to 2024, while AI digital system revenue has been gradually increasing [8] - The hotel sector remains the dominant revenue source, contributing 70.1%, 95.1%, and 83.0% from 2022 to 2024, indicating a high dependency on the hotel industry [8] Financial Challenges - The company faces increasing net liabilities, with figures of 1.104 billion, 1.356 billion, 1.519 billion, and 1.617 billion from 2022 to May 2025, primarily due to redemption liabilities from specific investors [12] - Cumulative losses are substantial, totaling 9.04 billion, 11.68 billion, 13.53 billion, and 14.71 billion from 2022 to May 2025, presenting significant financial pressure [12] Market Position - In 2024, Cloudwalk Technology held a 6.3% market share in the Chinese robotic service intelligence market and a leading 13.9% in the hotel sector, although competition is fierce with the top five players only accounting for 25.4% and 27.4% of the respective markets [10] Customer and Supplier Dynamics - The company has a low customer concentration, with the top five customers contributing 23.8%, 10.9%, 14.1%, and 11.9% of total revenue from 2022 to May 2025, reducing revenue risk from customer loss [11] - However, there is an increasing reliance on suppliers, with the top five suppliers accounting for 24.8%, 29.4%, 44.2%, and 62.7% of total purchases from 2022 to May 2025, indicating potential risks from supply chain disruptions [11] Management and Governance - The core management team possesses extensive industry experience, and the company has implemented an employee stock ownership plan to enhance team stability and motivation, although the long-term effectiveness of this mechanism remains to be seen [14]

来源：瑞恩资本RyanbenCapital 2025年9月18日，中国证监会国际合作司发布关于北京云迹科技股份有限公司境外发行上市及境内未上 市股份"全流通"备案通知书(国合函[2025]1594号)。 根据备案通知书，云迹科技拟发行不超过1259.25万股股境外上市普通股，以及公司31名股东拟将所持 合计约5466.46万股境内未上市股份转为境外上市股份并在香港联合交易所上市。 云迹科技，于2025年3月21日在港交所递交招股书，中信证券、建银国际联席保荐。 云迹科技，成立于2014年，作为领先的机器人服务智能体企业，致力于提供尖端机器人及智能体服务。 根据弗若斯特沙利文的资料，按2023年来自酒店场景的收入计，云迹科技在酒店场景的智能体市场排名 全球第一，市场份额9.0%。除酒店外，云迹科技的机器人已应用于商业楼宇、医疗机构、工厂及小区 等多个场景提供服务，表现出卓越的跨场景适应性和稳定性。于2024年，云迹科技同时在线机器人数量 单日高峰超过36,000台，根据弗若斯特沙利文的资料，2024年在机器人智能体市场拥有可适应三维多层 空间的机器人的参与者中，云迹科技同时在线机器人数量及服务消费者数量排名全球 ...

Core Viewpoint - Cloud Technology Co., Ltd. is set to launch its IPO process in Hong Kong, aiming to issue up to 12,592,500 shares, following the approval from the China Securities Regulatory Commission [1] Company Overview - Founded in 2014, Cloud Technology specializes in "robot service intelligence," with its main business divided into robot and functional suite products and AI digital systems [1] - The company has launched three generations of robot products: "Run," "Gege," and "UP" [2] Market Presence - As of the end of 2024, Cloud Technology has served over 34,000 enterprise clients, including more than 30,000 hotels and 100 hospitals, with applications across various service industry scenarios [2] - The company's robots have completed over 500 million services and are deployed in 329 prefecture-level administrative regions in China, covering nearly every city at this level [2] Financial Performance - Revenue from 2022 to 2024 showed a compound annual growth rate (CAGR) of 23.4%, with revenues of 161 million yuan, 145 million yuan, and 245 million yuan respectively [5] - Net losses decreased from 365 million yuan in 2022 to 185 million yuan in 2024, totaling cumulative losses of 815 million yuan over three years [5] - Gross profit margins improved from 24.3% in 2022 to 43.5% in 2024 [5] Business Segments - In 2024, revenue from the robot and functional suite business reached 189 million yuan, a year-on-year increase of 77.2%, while AI digital systems generated 56 million yuan, growing by 22.8% [6] - The breakdown of revenue for 2024 includes 188 million yuan from product sales and 2.3 million yuan from rental income in the robot and functional suite segment [7] Investment Background - Prior to the IPO, Cloud Technology underwent eight rounds of financing, with investors including Tencent, Alibaba, Ctrip, Lenovo Capital, Qiming Venture Partners, and iFlytek, achieving a pre-IPO valuation of 4.1 billion yuan [9]

Core Insights - Beijing Yunji Technology Co., Ltd. has officially submitted its listing application to the Hong Kong Stock Exchange, potentially becoming the first stock of robot service intelligent agents [2] - The company has received significant capital support since its establishment in 2014, with shareholders including Alibaba Group, Lenovo Group, Tencent, Qiming, and Ctrip [2] - Yunji Technology's main business is divided into two parts: robots and functional suites, and AI digital systems, with the largest number of online robots and service consumers globally by 2024 [2] Business Performance - By 2024, Yunji Technology is expected to have over 36,000 online robots at peak daily usage, completing over 500 million service instances throughout the year [2] - The company ranks first globally in the hotel scene robot intelligent agent market and the hotel scene intelligent agent market based on 2023 revenue [2] - The AI digital system business revenue has been growing at a compound annual growth rate (CAGR) of 45.5% from 2022 to 2024, indicating significant potential in AI intelligent agent service applications [2] Financial Data - Yunji Technology's operating revenue is projected to increase from RMB 161 million in 2022 to RMB 245 million in 2024, reflecting a CAGR of 23.2% [3] - Gross profit is expected to rise from RMB 39.27 million in 2022 to RMB 106 million in 2024, with a CAGR of 64.6% [3] - The funds raised from the listing will primarily be used to enhance R&D capabilities, improve robot intelligent agent technology, and increase commercialization capabilities both domestically and internationally [3]

Core Viewpoint - Cloud Robotics Company Yunji Technology is preparing for an IPO in Hong Kong, despite facing significant financial losses and a heavy reliance on the hotel industry for revenue generation [4][7][34]. Company Background - Yunji Technology was founded in July 2014 and has completed eight rounds of financing, with major investments from Tencent, Lenovo, Alibaba, and others [18][34]. - The company specializes in commercial robot development, particularly in hotel delivery robots, which have gained international attention [9][14]. Financial Performance - The company reported net losses of 365 million RMB, 265 million RMB, and 185 million RMB for the years 2022, 2023, and 2024, respectively, totaling 815 million RMB over three years [7][20]. - Despite a valuation of 4.08 billion RMB after the D round of financing, the projected revenue for 2024 is only 245 million RMB, resulting in a high price-to-sales ratio of 16.6 [8][20]. Market Position - Yunji Technology holds a 9% market share in the global hotel robot market, ranking first, while its share in the Chinese hotel market is 12.2% [14][22]. - The company’s revenue is heavily dependent on the hotel sector, with hotel-related income accounting for 70.1%, 95.1%, and 83% of total revenue from 2022 to 2024 [22][24]. Industry Trends - The Chinese robot service market is rapidly growing, with a projected compound annual growth rate of 18.7%, expected to reach 9.7 billion RMB by 2028 [28]. - The increasing adoption of robots in hotels for cost-saving purposes presents opportunities for Yunji Technology, although many hotels prefer leasing models, limiting long-term sales [29][30]. Competitive Landscape - The company faces intense competition from rivals like Qingtian Intelligent and Ninebot, which offer lower-priced alternatives [31]. - The entry of AI giants into the robotics space poses additional challenges for Yunji Technology [32]. Product Development - Yunji Technology's product offerings primarily focus on delivery, retail, and cleaning robots, with ongoing development of the "UP" cleaning robot [34]. - The company’s reliance on hardware sales (77% of revenue) indicates a need for improved software service offerings to enhance profitability [25][26].

Group 1 - Cloudwise Technology is applying for an IPO on the Hong Kong Stock Exchange, aiming to become the first publicly listed company in the "robot service intelligent body" sector [1] - The company previously attempted to list on the Sci-Tech Innovation Board but was unsuccessful [1] - The listing will follow the new Chapter 18C rules, which lower the financial thresholds for specialized technology companies, focusing on expected market value and R&D investment [1] Group 2 - Founded in 2014, Cloudwise Technology has completed 8 rounds of financing, with notable investors including Tencent and Alibaba, and a post-money valuation of 4.08 billion yuan after the last round in December 2021 [2] - The company's robots are deployed in over 30,000 locations globally, with a significant focus on the hotel sector, where it holds a 9% market share worldwide and 12.2% in China [2][3] - The competitive landscape in the hotel robot service market is fragmented, with the top five players holding only 27.6% of the market share [2][3] Group 3 - The average selling price of Cloudwise's main robot model has decreased from 268,000 yuan in 2022 to 249,000 yuan in 2023, with further expected declines [4] - The company has not achieved profitability, reporting losses of 365 million yuan, 265 million yuan, and 185 million yuan from 2022 to 2024, totaling over 800 million yuan [5] - The current liquidity ratios are concerning, with values of 0.4, 0.2, and 0.2 from 2022 to 2024, indicating potential liquidity issues [6] Group 4 - The funds raised from the IPO will be allocated to enhancing R&D capabilities, improving commercialization efforts, and general corporate purposes [7]