| 作者 | 语叔 | 编辑 | 闪电 | | --- | --- | --- | --- | | 美编 | 倩倩 | 审核 | 颂文 | 对于企业而言，寻找增量，尤其是稳定增长的方向和空间，是一项必须长期坚持的任务。在这一探索过 程中，诞生了无数经济与管理理论。 实践是检验真理的唯一标准，真正能够成功开辟"第二曲线"的企业，几乎无一例外都是从自身核心业务 中找到了突破口。 在资本市场，能够稳健地完成这一跨越的企业，往往意味着其已为长期发展奠定了坚实的基础。 10月8日，机器人服务智能体企业——云迹（股票代码：2670.HK）正式开启全球招股，是港股今年首 家启动发行的18C特专科技企业。 来源：子弹财经 有意思的是，这份招股书延续了其稳健的增长态势，并在多个维度上展现了其作为行业龙头的确定性， 体现出其财务数据揭示的深刻进化。从硬件销售到"硬件+软件"双轮驱动以及"第二增长曲线"的强势崛 起。 1 稳固的第一曲线： 强劲的增长引擎 在商业理论范畴内，知名的"S型曲线"理论（Sigmoid Curve）对任何一款产品、一项技术或一种业务从 诞生、成长直至成熟的生命周期进行了描绘。当第一条增长曲线渐趋平缓时，企 ...

Core Viewpoint - Cloudwalk Technology is pursuing an IPO in Hong Kong, revealing details about its main business and financial status, showing revenue growth but an expanding net loss rate, which investors should monitor for potential risks [1] Business Model - Cloudwalk Technology is a leading enterprise in robotic service intelligence, providing robots and functional kits along with AI digital system services, integrating both physical and non-physical robotic forms across various scenarios such as hotels, healthcare, and commercial buildings [2] - The company generates revenue through multiple models including sales, leasing, subscriptions, and commissions, which helps diversify risks and expand market reach [3] Financial Data - Revenue growth is evident, with total revenue of 161 million in 2022, slightly decreasing by 10.0% to 145 million in 2023, and then significantly rebounding by 68.6% to 245 million in 2024, with a further increase of 18.9% in the first five months of 2025 compared to the same period in 2024 [4] - Net losses improved from 365 million in 2022 to 265 million in 2023 (a reduction of 27.6%), and further decreased by 30.1% to 185 million in 2024, but increased by 40.9% in the first five months of 2025 compared to the same period in 2024 [4][5] - Gross margin has been rising, with rates of 24.3%, 27.0%, and 43.5% for 2022, 2023, and 2024 respectively, and 39.5% in the first five months of 2025, indicating improving profitability of products or services [5] - The net loss margin remains high, with rates of 226.6%, 182.2%, and 75.6% for 2022, 2023, and 2024 respectively, and 134.0% in the first five months of 2025, showing room for improvement in cost control and profitability [6] Revenue Composition - Revenue from robots and functional kits constituted a significant portion of total revenue, accounting for 83.6%, 82.4%, and 77.2% from 2022 to 2024, while AI digital system revenue has been gradually increasing [8] - The hotel sector remains the dominant revenue source, contributing 70.1%, 95.1%, and 83.0% from 2022 to 2024, indicating a high dependency on the hotel industry [8] Financial Challenges - The company faces increasing net liabilities, with figures of 1.104 billion, 1.356 billion, 1.519 billion, and 1.617 billion from 2022 to May 2025, primarily due to redemption liabilities from specific investors [12] - Cumulative losses are substantial, totaling 9.04 billion, 11.68 billion, 13.53 billion, and 14.71 billion from 2022 to May 2025, presenting significant financial pressure [12] Market Position - In 2024, Cloudwalk Technology held a 6.3% market share in the Chinese robotic service intelligence market and a leading 13.9% in the hotel sector, although competition is fierce with the top five players only accounting for 25.4% and 27.4% of the respective markets [10] Customer and Supplier Dynamics - The company has a low customer concentration, with the top five customers contributing 23.8%, 10.9%, 14.1%, and 11.9% of total revenue from 2022 to May 2025, reducing revenue risk from customer loss [11] - However, there is an increasing reliance on suppliers, with the top five suppliers accounting for 24.8%, 29.4%, 44.2%, and 62.7% of total purchases from 2022 to May 2025, indicating potential risks from supply chain disruptions [11] Management and Governance - The core management team possesses extensive industry experience, and the company has implemented an employee stock ownership plan to enhance team stability and motivation, although the long-term effectiveness of this mechanism remains to be seen [14]