相较于何时能够盈利，云迹科技现在最为迫切需要搞清楚的是，自己账上的钱，还能撑多长时间。 这不是危言耸听。 云迹科技做到了酒店场景机器人的绝对头部地位，但并没有完全实现自我造血。此前8轮融资获得12亿元资金，最后一笔钱停留在2021年底。 在过去三年，云迹科技的营收总和只有5.5亿元，亏损却达8亿元。持续入不敷出的状态，让云迹科技流动负债总额高达20亿元，公司现金及现金等价物只 有1.31亿元。 按照过往云迹科技的花钱速度，这点钱可能很难支撑云迹再花一年。 所以，这是云迹需要迫切上市融资的原因，也是云迹必须跳出酒店场景，讲好更大营收基本盘故事的原因。 结合其他机器人上市公司的发展历程来看，上市之后不一定能立马扭亏，但至少募资所得，可以实打实地让企业再踏实发展很长一段时间。 云迹科技"烧"了多少钱？ 当人形机器人穿着东北花大褂，频繁出现在各个开业典礼上，它们的使用场景似乎又增加了许多。 只是，相较于这些热闹的表象之外，亏损、烧钱依然是我国机器人赛道的底色。 云迹科技深耕酒店场景，覆盖超3万家酒店，占据该场景12.2%的份额。在去年，该公司同时在线机器人数量单日峰值突破36000台，机器人智能体全年累 计完成超过5 ...

Group 1 - The company reported Q1 2025 revenue of approximately 5.768 billion yuan, a year-on-year increase of about 1.40% but a quarter-on-quarter decrease of about 20.43%. The net profit attributable to the parent company was approximately 565 million yuan, a year-on-year decrease of about 12.39% and a quarter-on-quarter decrease of about 26.23% [1] - Customer demand experienced fluctuations, leading to short-term performance pressure. In Q1 2025, Tesla's production was approximately 373,200 units, a year-on-year decrease of about 20.45%. In contrast, BYD's production increased by approximately 73.54% year-on-year to about 1,062,600 units [2] - The company's gross margin was approximately 19.89%, a year-on-year decrease of about 2.54 percentage points, while the net profit margin was approximately 9.81%, a year-on-year decrease of about 1.58 percentage points. The total expense ratio for Q1 2025 was approximately 10.52%, a year-on-year increase of about 1.21 percentage points and a quarter-on-quarter increase of about 2.16 percentage points [3] Group 2 - The company is expanding its customer base and product categories, with traditional businesses progressing steadily. The automotive electronics segment is accelerating, and the robotics business is opening new growth opportunities. Revenue projections for 2025 to 2027 are approximately 33.17 billion yuan, 40.30 billion yuan, and 50.61 billion yuan, representing year-on-year growth rates of approximately 24.7%, 21.5%, and 25.6% respectively [4] - The net profit projections for the same period are approximately 3.64 billion yuan, 4.49 billion yuan, and 5.62 billion yuan, with year-on-year growth rates of approximately 21.2%, 23.4%, and 25.1% respectively. As of April 30, 2025, the stock price corresponds to a PE ratio of approximately 25.0 times, 20.2 times, and 16.2 times for 2025 to 2027 [4]