Core Viewpoint - Cloudwalk Technology officially listed on the Hong Kong Stock Exchange, becoming the first "robot service intelligent body" stock in Hong Kong, highlighting the growing trend of specialized technology companies in the market [1] Group 1: Company Overview - Cloudwalk Technology is a leading player in the Chinese robot service intelligent body market, providing robots and AI digital systems that offer adaptive and scalable products and services [2] - The company has achieved a deployment rate of 99% across the country, becoming a standard in the hotel industry, with a fully autonomous learning system that operates without human intervention [2] - Cloudwalk's products are currently used in over 34,000 hotels globally, with a peak of over 36,000 robots online simultaneously, and cumulative service instances exceeding 500 million [2] Group 2: Market Position and Performance - According to Frost & Sullivan, Cloudwalk ranks first globally in the number of simultaneously online robots and consumer service numbers, with 27,000 robots and 230 million consumers served daily in 2024 [3] - The company holds a 13.9% revenue share in the Chinese robot service intelligent body market, ranking first in the hotel sector [3] - From 2022 to 2024, the company's revenue grew from 161 million to 245 million yuan, with a compound annual growth rate (CAGR) of 23.2%, while gross profit CAGR reached 64.6%, indicating improved profitability [3] Group 3: Future Plans - Post-listing, the company aims to explore broader application cases and create a vibrant ecosystem to enhance commercialization capabilities [3] - Cloudwalk plans to optimize its products and services to improve adaptability across various vertical industries and enhance its technological strength and global influence [3]

据了解，云迹科技具备跨领域的研发能力，覆盖AI、机械工程、计算机科学、控制系统等关键技术。 公司在国内拥有987项注册专利及449项专利申请、167项软件著作权，所有特专科技产品的知识产权均 为自主研发。 公司先后推出三代机器人产品，完成了从"专用机器人"向"通用平台"的战略转型：2015年推出首款可自 主乘坐电梯的送物机器人"润"，2018年推出第二代"格格"系列，2023年发布UP系列复合多态机器人， 采用模块化设计，可灵活适配清洁、安防、导览等多元场景。 为突破增长天花板，云迹科技还积极推进场景多元化战略，拓展写字楼、商场、医院等新场景。截至 2025年5月，累计服务医院数量增加至150余家，落地北京协和医院、立讯集团、北京大兴国际机场在内 的多个行业标杆客户。 【深圳商报讯】（记者 范宏韬）10月16日，云迹科技正式登陆港交所，成为"机器人服务智能体第一 股"。当天上午开盘，该股一度上涨至142.8港元，较发行价95.6港元上涨近50%，触发首小时涨跌幅限 制，最终报收120.5港元，首日涨幅超26%。 公开资料显示，云迹科技成立于2014年，产品已覆盖全球超3.4万家酒店，服务华住、锦江、如家、开 ...

Company Overview - Beijing Yunji Technology Co., Ltd. was listed on the Hong Kong Stock Exchange on October 16, becoming the fourth specialized technology company to list under the new Chapter 18C [2] - Yunji is an AI-enabled robotics service technology enterprise, primarily providing robots and functional suites, along with AI digital system services [2] Market Position - According to Frost & Sullivan, Yunji holds a 6.3% market share in China's robotics service intelligent body market for 2024, ranking first [2] - In the hotel scene of the same market, Yunji ranks first with a 13.9% domestic revenue share for 2024 [2] IPO Performance - At the close of trading on the listing day, Yunji's stock price was HKD 120.50, reflecting a 26.05% increase, with a total market capitalization of approximately HKD 82.81 billion [2] Future Outlook - The founder and CEO, Zhi Tao, emphasized that the IPO signifies market recognition of the commercial value of service robots and marks a critical step towards the large-scale implementation of robotic service intelligence [2] - Yunji plans to strengthen its "brain + limbs" full-stack R&D capabilities and promote deeper integration of robotic technology with vertical industries, aiming to bring intelligent services to households [2]

Core Viewpoint - Yunji Technology has successfully 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 significant increase in stock price and market capitalization [1] Group 1: Company Overview - Yunji Technology, established in 2014, focuses on robot service intelligent bodies, experiencing rapid growth due to the demand for "contactless delivery" during the pandemic, partnering with over 1,300 hotels globally [2] - The company has expanded its services to over 34,000 hotels worldwide, collaborating with major hotel groups such as Huazhu, Jinjiang, and InterContinental [2] - In 2024, Yunji Technology partnered with Meituan to provide a full-cycle delivery service to 10,000 hotels, achieving a peak of over 36,000 robots online simultaneously and over 500 million service instances annually [2] Group 2: Market Position and Financial Performance - Yunji Technology holds the top market share in China's robot service intelligent body market, with a projected market value of 3.7 billion yuan in 2024 and a market share of 6.3% [2][3] - The company reported revenues of 161 million yuan, 145 million yuan, and 245 million yuan from 2022 to 2024, with net losses decreasing from 365 million yuan to 185 million yuan over the same period [3] - The Chinese robot service intelligent body market is expected to grow from 1.8 billion yuan in 2020 to 3.7 billion yuan in 2024, with a compound annual growth rate (CAGR) of 19.8% [3] Group 3: Technological Advancements and R&D - The growth of the robot service intelligent body market is driven by technological advancements, cost reductions, increased application scenarios, and government support [4] - Yunji Technology's revenue primarily comes from robot sales and leasing, accounting for over 70% of total revenue, with significant investments in R&D [5] - The company has registered 987 patents and 449 patent applications in China, showcasing its commitment to innovation and industry standards [5] Group 4: Investment and Shareholding Structure - Yunji Technology has undergone multiple financing rounds since its inception, attracting investments from notable firms such as Tencent, Alibaba, and Sequoia Capital [5] - Post-IPO, the company's founders and early investors hold significant shares, with Alibaba holding 2.65% and Tencent holding 8.18% [6][7]

Core Insights - Yunji Technology officially listed on the Hong Kong Stock Exchange on October 16, becoming the first "robot service intelligent body" stock [1] - The company aims to extend human capabilities rather than replace them, emphasizing a technology approach that is "warm" [1] Company Overview - Yunji Technology issued a total of 6.9 million shares in its IPO, with the Hong Kong public offering being oversubscribed by 5,657.20 times and the international offering by 18.62 times [1] - The IPO raised approximately HKD 660 million at an issue price of HKD 95.6 per share [1] Market Performance - On its first trading day, Yunji Technology's stock price increased by 49.37%, closing at HKD 142.8 per share, resulting in a total market capitalization of HKD 9.813 billion [1] Industry Position - According to Frost & Sullivan, Yunji Technology holds a 6.3% market share in the Chinese robot service intelligent body market for 2024, ranking first [1] - In the hotel sector of the same market, the company leads with a 13.9% revenue share, surpassing the combined share of the second to fifth competitors [1]

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].

"机器人服务智能体第一股"。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，北京云迹科技股份有限公司（以下简称"云迹科技"）于2025年10月16日正式以"2670"为股票代码在港交所主板挂牌上市，成 为"机器人服务智能体第一股"。 云迹科技在本次IPO中总计发行6,900,000股份。其中，香港公开发售获5,657.20倍认购，国际发售获18.62倍认购。以每股95.6港元的发行价计算， 云迹科技的IPO募资规模总额约6.60亿港元。 云迹科技今日开盘上涨49.37%，报于每股142.8港元，总市值为98.13亿港元。 作为一家机器人服务AI赋能技术企业，成立于2014年的云迹科技现已在中国机器人服务智能体市场中位列领先地位—— 根据弗若斯特沙利文的资料， 按2024年中国机器人服务智能体市场收入而言，云迹科技以6.3%的市场占有率排名第一；并以13.9%的国内收入份额在2024年中国机器人服务智能 体市场的酒店场景中排名第一，超过第二名至第五名的份额总和。 云迹科技创始人、董事长兼总裁支涛在上市致辞中表示："在我们看来，科技，当以'温暖'为盾 ...

Core Viewpoint - Yunji Technology is set to launch its IPO on the Hong Kong Stock Exchange, aiming to raise approximately HKD 590 million, despite facing significant financial losses and high redemption liabilities [2][3][10] Company Overview - Founded in 2014, Yunji Technology specializes in commercial service robots and AI digital systems, serving various industries including hotels, commercial buildings, healthcare, and factories [2] - The company has received multiple rounds of investment from major players like Alibaba, Tencent, and Lenovo, but has accumulated losses of CNY 815 million over three years [2][3] Financial Performance - Yunji Technology's total revenue was CNY 161 million in 2022, slightly decreased by 10% to CNY 145 million in 2023, but projected to rebound by 68.6% to CNY 245 million in 2024 [4] - The company reported net losses of CNY 365 million, CNY 265 million, and CNY 185 million for the years 2022, 2023, and 2024 respectively, with a cumulative loss of CNY 815 million [4] - The gross margin improved from 24.3% in 2022 to 43.5% in 2024, primarily due to economies of scale and an increase in high-margin software business [4] Cash Flow and Liabilities - Operating cash flow remained negative, improving from CNY -1.7 billion in 2022 to CNY -0.4 billion in 2024, but further deteriorated to approximately CNY -0.53 billion in the first five months of 2025 [5] - The company faces a redemption liability of CNY 1.925 billion, with cash and cash equivalents of only CNY 75.135 million as of May 2025 [3][5] Market Position and Competition - Yunji Technology's revenue heavily relies on the hotel sector, which accounted for 70.1%, 95.1%, and 83% of its income from 2022 to 2024 [6] - The company is experiencing intense price competition, with the average selling price of its main product series dropping significantly [6] Strategic Initiatives - To diversify its revenue streams, Yunji Technology is expanding into new sectors such as office buildings and hospitals, although non-hotel revenue remains below 17% [6][9] - The company is transitioning from hardware sales to an integrated solution model that includes hardware, software, and services, with AI digital system revenue reaching 22.8% in 2024 [9] Research and Development - R&D expenditures decreased from CNY 68 million in 2022 to CNY 57 million in 2024, with the proportion of R&D spending relative to total revenue halved [8] - The company holds 979 registered patents and 487 patent applications, but lacks competitive differentiation in core algorithm technologies [7][9] Future Outlook - The Chinese hotel service robot market is projected to grow to CNY 3 billion by 2029, with Yunji holding a 12% market share in 2024 [7] - The company is exploring international expansion and has established a subsidiary for this purpose, aiming to enhance its market presence [9]

随着数字化转型浪潮席卷各行各业以及劳动力成本上升，中国服务机器人产业正迎来规模化应用的关键 期。在经历多年的技术积淀与场景探索后，头部企业如云迹科技，凭借深厚的技术积累和场景探索，已 构筑起显著的竞争壁垒，整个行业也正从"产品验证"迈向"价值兑现"的新阶段。 10月8日，云迹科技启动全球招股，成为港股今年首家启动发行的18C特专科技企业。公告显示，云迹 拟发行690万股H股，其中95%为国际配售，5%为香港公开发售，另有15%超额配股权。每股招股价为 95.6港元，入场费4828.21港元，预期将于10月16日挂牌上市。截至10月12日约上午11：30，一众券商累 计借出孖展额约948.34亿元，以其公开发售部分集资3,298万元计，孖展超额认购达2875.49倍。 作为率先在垂直赛道实现规模化落地的标杆企业，云迹科技冲击"第一股"的核心底气何在？成功上市又 能否将其先发优势转化为持续的增长动能，引领行业进入新一轮的生态竞争？ 最后，技术层面的突破，也正推动机器人从自动化工具向智能决策体跃迁，打开新的成长空间。 这也意味着，未来服务机器人有望从执行预设程序的"功能机"进化为能理解、决策、协同的"智能机"， 其 ...

来源：洞察IPO 近日，北京云迹科技股份有限公司（下称"云迹科技"）向港交所主板二次递表，拟按18C章"特专科技公 司"通道登陆港股，由中信证券与建银国际联席保荐。 2025年10月8日，云迹科技开启招股，将于10月16日在港交所上市，此次发售690万股，发售价为95.6港 元，募资净额为5.9亿港元。 这家头顶"酒店机器人全球龙头"光环的公司，刚刚在2025年3月终止了长达三年的A股科创板辅导，转 身投入港交所怀抱。这一战略转向，使云迹科技即将成为"机器人服务智能体第一股"。 然而，在光环之下，公司三年累亏超8亿元、持续扩大的短期亏损以及尚未实现自我造血的商业模式， 正将其推向一场与时间赛跑生存战。 01 财务迷思：增长背后的盈利困境 云迹科技成立于2014年，专注于"机器人服务智能体"领域，主营业务分为两大板块：机器人及功能套 件、AI数字化系统。 公司先后推出三代核心产品："润"系列送物机器人、"格格"系列迎宾机器人，以及2023年发布的复合多 态机器人"UP"。其中，"UP"被视为公司向"具身智能"迈进的关键一步，其具备更强的环境感知与交互 能力，标志着从单一功能机器人向通用服务智能体的转型。 从技术 ...