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 ...

Core Viewpoint - The Hong Kong stock market has seen a significant shift in the IPO landscape for specialized technology companies, particularly those in AI, semiconductors, and autonomous driving, with no successful IPOs for 18C companies in 2025 despite previous enthusiasm in 2024 [1][9]. Group 1: Market Dynamics - In 2024, 18C specialized technology companies were highly sought after, but by 2025, the market has not seen any completed IPOs among the 12 companies that have submitted applications [1][9]. - The Hong Kong Stock Exchange implemented reforms on September 1, 2024, lowering the minimum market capitalization requirements for specialized technology companies, with commercialized companies' thresholds reduced from HKD 60 billion to HKD 40 billion [1][9]. Group 2: Company Performance - Three listed 18C companies have shown varied performance, with Crystal Technology Holdings experiencing a 93% increase since its IPO, while Black Sesame Intelligence has seen a 31% decline [2][6]. - Crystal Technology raised a total of HKD 32.2 billion through two rounds of financing, significantly exceeding its IPO fundraising [4]. - Black Sesame's performance has been hindered by a lack of clarity in its earnings report, leading to a drop in stock price post-IPO [6]. Group 3: Financial Metrics - Crystal Technology's R&D spending has been substantial, with 2024 expenditures at HKD 4.18 billion, representing 157% of its revenue [8]. - In contrast, the R&D spending of other companies like Chengdian is significantly lower, raising concerns about their innovation capabilities [8]. - The financial outlook for companies like Xi Di Zhijia shows a revenue increase of 207% but a widening loss, raising market skepticism about its sustainability [11]. Group 4: Future Outlook - Despite the lowered thresholds for IPOs, many companies still face challenges due to weak fundamentals and unclear commercialization paths [11]. - The ongoing regulatory scrutiny and market conditions may further complicate the IPO process for the remaining 12 companies [12].