Core Viewpoint - Cloudwalk Technology urgently needs to understand how long its cash reserves can last rather than focusing on when it can become profitable [1][3] Financial Situation - Cloudwalk Technology has raised a total of 1.2 billion RMB through 8 rounds of financing, with the last funding round occurring at the end of 2021 [3][4] - The company has generated a total revenue of 550 million RMB over the past three years, while incurring losses of 800 million RMB [3] - As of the end of 2024, Cloudwalk's cash reserves are only 105 million RMB, marking the lowest level in three years [14] - The total current liabilities amount to 2 billion RMB, with redeemable liabilities reaching 1.88 billion RMB [20] Revenue and Cost Analysis - Revenue is projected to grow from 161.28 million RMB in 2022 to 245 million RMB in 2024, while net losses have exceeded 800 million RMB over three years [7][9] - The company is shifting its strategy by reducing R&D expenses from 47.8% in 2023 to 23.4% in 2024, while increasing sales expenses [10] - The average selling price of its second-generation product has decreased from 26,800 RMB in 2022 to 20,900 RMB in 2024 [11] Market Position and Competition - Cloudwalk Technology holds a leading position in the hotel robot market, covering over 30,000 hotels and capturing 12.2% of the market share [6] - The company is expanding into other sectors, such as hospitals, but has only developed over 100 hospitals so far [29] - Competitors like Qingtian Intelligent are encroaching on Cloudwalk's market, forming partnerships with major hotel groups [30] Future Outlook - The company is facing a critical need for cash flow and profitability, with the upcoming IPO seen as a potential solution to its financial challenges [16][17] - The recent introduction of the 18C rule in Hong Kong allows unprofitable tech companies to go public, which Cloudwalk is eager to leverage [18] - However, the company acknowledges that going public may not resolve all its issues, particularly regarding profitability [27]