Core Viewpoint - Cloud Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange after incurring cumulative losses exceeding 800 million RMB over the past three years [1][2]. Financial Performance - The company's revenue for the years 2022, 2023, and 2024 was approximately 161 million RMB, 145 million RMB, and 245 million RMB, respectively, with corresponding net losses of 365 million RMB, 265 million RMB, and 185 million RMB [2]. - Adjusted net losses for the same years were 234 million RMB, 120 million RMB, and 28 million RMB, leading to a total cumulative loss of 815 million RMB and an adjusted cumulative loss of nearly 400 million RMB [2]. - Revenue from robot and functional kits accounted for approximately 83.6%, 82.4%, and 77.2% of total revenue in the respective years, while AI digital systems contributed 16.4%, 17.6%, and 22.8% [2]. Revenue Sources - The majority of the company's revenue comes from the hotel sector, contributing 70.1%, 95.1%, and 83.0% of total revenue in 2022, 2023, and 2024, respectively [2]. - Other application scenarios include commercial buildings, medical institutions, factories, and communities, but these segments are still under development and represent a small portion of the business [2]. Financing History - Since its establishment in 2014, the company has completed eight rounds of financing, totaling 1.2 billion RMB [3]. - The most recent financing rounds occurred in 2021, with a C round raising 265 million RMB and a D round raising 580 million RMB, leading to post-money valuations of 2.289 billion RMB and 4.08 billion RMB, respectively [3]. - The exit of early investor HNA Capital in 2023 and the shift from the Sci-Tech Innovation Board IPO to the Hong Kong IPO may indicate financial pressures [3]. Cash Position - As of December 31, 2024, the company held approximately 106 million RMB in cash and cash equivalents, which may not be sufficient given its ongoing losses [4].