Core Insights - Cloudwalk Technology (2670.HK) opened at HKD 142.8 per share, a 49.37% increase from its IPO price of HKD 95.6, achieving a market capitalization exceeding HKD 9.8 billion [1] - The company became the first publicly listed "robot service intelligent body" and saw overwhelming demand during its IPO, with a subscription rate of 5657.2 times, attracting 263,000 retail investors and freezing over HKD 189.1 billion in capital [1][3] - Cloudwalk's success is attributed to its unique position as the only company globally to achieve large-scale commercial use of service robots, particularly in the hotel sector, where it holds a dominant market share [4][6] Market Dynamics - The introduction of the Hong Kong Stock Exchange's Chapter 18C in 2023 aimed to attract hard-tech companies, but the number of listings has been limited until Cloudwalk's IPO revitalized interest in this sector [3][4] - The company raised approximately HKD 660 million by issuing 6.9 million H-shares, with the public offering portion seeing record demand [4] Business Model and Growth - Cloudwalk's robots have been deployed in over 34,000 hotels, servicing major hotel chains and achieving a 99% coverage rate across China's 333 prefecture-level cities [7] - In 2024, Cloudwalk partnered with Meituan to create a seamless delivery system, allowing robots to deliver food orders directly to hotel rooms [9] - The company completed over 500 million service instances in 2024, with a total walking distance of 20.33 million kilometers, showcasing its operational scale [9] Product Development - Cloudwalk has evolved its product line from basic delivery robots to advanced "UP multi-modal robots," capable of performing complex tasks autonomously [10] - The company invests significantly in R&D, with 23.4% of its revenue allocated to this area in 2024, resulting in 985 patents covering key technologies [14][15] Financial Performance - Cloudwalk's revenue grew from RMB 161 million in 2022 to RMB 244 million in 2024, with a compound annual growth rate of 23.4% [18] - The gross profit margin improved from 24.3% in 2022 to 43.5% in 2024, driven by economies of scale and a shift towards higher-margin AI digital systems [20] Investment and Market Position - The company has raised over RMB 1.2 billion through 11 funding rounds, attracting investments from major players like Tencent, Alibaba, and Ctrip [22] - The Chinese robot service market is projected to grow significantly, with Cloudwalk positioned as a leader in this expanding sector [23] Founder and Vision - Founder Shi Tao, a female engineer, emphasizes the importance of using robots to alleviate human labor in repetitive tasks, maintaining a focus on commercial applications rather than consumer products [25] - Cloudwalk aims to expand its robot deployment to 100,000 enterprises and serve 10 billion people in the next five years, aspiring to become a global leader in service robotics [25][26]

10 月 16 日，港交所交易大厅的电子屏上，一个红色数字格外刺眼 —— 2670.HK （云迹科技）开盘报 142.8 港元 / 股，较 95.6 港元的发行价直接跳涨 49.37% ，市值瞬间冲破 98 亿港元。 这一天， 云迹科技不仅摘下了 " 机器人服务智能体第一股 " 的桂冠，更成了 又一 个踩着 18C 章规则上市 的特专科技企业。 此前招股阶段，它早已点燃市场热情：公开发售超额认购 5657.2 倍， 26.3 万名散户扎 堆 " 入飞 " ，冻资超 1891 亿港元 ， 这个数字，相当于 2024 年中国机器人服务智能体市场总规模的 51 倍。 在港股市场略显沉寂的当下，云迹科技为何能成为 " 破局者 " ？这家成立 11 年的机器人公司，如何从酒店 走廊的送物机器人， 做到覆盖 3.4 万家酒店、年服务 5 亿次，甚至让腾讯、阿里、携程等巨头集体押注？ 其背后理工科女性创始人支涛，又藏着怎样的梦想 ？机器人大讲堂从这份招股说明书中，试图还原部分该企 业快速发展的真相。 ▍ 5657 倍认购背后的市场逻辑 弗若斯特沙利文的报告给出了关键答案： 2024 年，按中国机器人服务智能体市场收入计算， ...