Core Viewpoint - The company, $云迹, is a leading provider of robotic services and AI-enabled technology, primarily focusing on the hotel sector, with significant growth expected in the coming years [3][4]. Company Overview - $云迹 offers a "robot service intelligent agent" that is an automated system used in hotels, medical institutions, and public service scenarios [3]. - The company's core business is concentrated in the hotel sector, with projected revenue of approximately RMB 200 million in 2024, representing a 47% year-on-year growth and accounting for 83% of total revenue [3]. Financial Performance - After a brief decline in 2023, the company's revenue is expected to rebound strongly by 68.6% to RMB 244.8 million in 2024, with an 18.9% growth in the first five months of 2025 [4]. - The gross margin has significantly improved from 24.3% in 2022 to 43.5% in 2024, leading to a compound annual growth rate (CAGR) of 64.6% in gross profit [4]. - Despite a projected net loss of RMB 190 million in 2024 (a reduction of nearly half compared to 2022), the company's profitability is showing clear improvement [4]. Market Position - The market for robotic service intelligent agents in China's hotel sector is expected to grow from RMB 600 million in 2020 to RMB 1.4 billion in 2024, with a CAGR of 21.3%, and is projected to reach RMB 5 billion by 2029, with a CAGR of 29.1% from 2024 to 2029 [3]. - The company holds a 13.9% market share, making it the leading player in this niche market, where the top five participants account for only 27.4% of the market [3]. Investment and Cash Flow - The company has received strategic investments from major players such as Tencent, Lenovo, Ctrip, and Alibaba, which support its market expansion and technological upgrades [3]. - Operating cash flow has improved significantly, with net outflow reduced from RMB 170 million in 2022 to RMB 41.5 million in 2024, indicating enhanced operational efficiency [4]. - As of May 31, 2025, the company holds cash and equivalents of RMB 190 million, which, when combined with approximately 60% of the proceeds from the IPO, is sufficient to support several years of R&D expenditures [4].

Core Viewpoint - Beijing Yunji Technology Co., Ltd. is launching an IPO to raise approximately HKD 660 million, focusing on AI-enabled robotic services and solutions for various applications, primarily in the hotel industry [3]. Company Overview - The company is offering 6.9 million shares at a price of HKD 95.6 per share, with the listing scheduled for next Thursday [3]. - Last year, the company generated revenue of HKD 240 million, representing a year-on-year increase of 68.6%, with a net loss of HKD 180 million, which is a 30% reduction compared to the previous year [3]. Revenue Breakdown - The majority of the company's revenue, approximately 83%, comes from the hotel sector, with last year's revenue from this segment amounting to HKD 200 million, reflecting a year-on-year growth of 47% [3]. Funding and Investment - The company has completed eight rounds of financing, attracting investments from notable firms such as Lenovo Capital, Alibaba, Tencent, and Ctrip [3]. - Post-IPO, it is expected that Lenovo Capital, Alibaba, Tencent, and Ctrip will hold approximately 3.8%, 2.65%, 8.18%, and 2.42% of the shares, respectively [3]. Use of Proceeds - The net proceeds from the IPO, estimated at HKD 590 million, will be allocated as follows: about 60% for enhancing R&D capabilities, around 30% for expanding commercialization efforts in China and abroad, and the remaining 10% for working capital and other general corporate purposes [3].