Group 1: Company Overview - Yunji Technology officially listed on the Hong Kong Stock Exchange on October 16, 2025, with the stock code "2670," becoming the first stock in the "robot service intelligent body" sector [2] - Founded in 2014, Yunji Technology holds a leading position in China's robot service intelligent body market, with a market share of 6.3% in 2024 [2] - The company has established partnerships with over 34,000 hotels globally, including major hotel groups such as Huazhu and InterContinental [2] Group 2: Financial Performance - Yunji Technology's revenue from 2022 to 2024 was 161 million, 145 million, and 245 million yuan, respectively, with a compound annual growth rate (CAGR) of 23.2% [3] - The company's gross profit increased from 39 million yuan in 2022 to 106 million yuan in 2024, reflecting a CAGR of 64.6% [3] - In the first five months of 2025, Yunji Technology's revenue grew by 18.9% year-on-year to 88 million yuan, with gross profit increasing by 10.2% to 35 million yuan [3] Group 3: Business Segments - Yunji Technology operates two main business lines: hardware and AI digital systems, with the latter experiencing a CAGR of 45.5% from 2022 to 2024 [4] - The AI digital system business saw a revenue increase of 194% in the first five months of 2025 compared to the same period in 2024 [4] Group 4: Market Position and Future Outlook - Yunji Technology is expanding into high-value sectors such as healthcare and factories, with over 150 hospitals served by May 2025 [3] - The company aims to strengthen governance and focus on technological innovation and global market expansion following its IPO [6] Group 5: Other Companies - Daoshengtianhe Materials Technology officially listed on the Shanghai Stock Exchange on October 17, 2025, focusing on new materials for various industries [5] - Pony AI Inc. is preparing for a dual listing in the U.S. and Hong Kong, having already attracted significant institutional investment since its U.S. IPO [9][10] - Jushuitan Group plans to list on the Hong Kong Stock Exchange on October 21, 2025, and has established itself as the largest e-commerce SaaS ERP provider in China with a market share of 24.4% [12]

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].

云迹(02670)于2025年10月8日至10月13日招股，该公司拟全球发售690万股H股，中国香港发售股份34.5 万股，国际发售股份655.5万股，另有15%超额配股权，每股发售价95.6港元。每手50股，预期股份将于 2025年10月16日在联交所开始买卖。 公司的服务智能体(包括机器人智能体及无实体机器人形态的智能体)与第三方AIoT设备及多功能上仓相 容，与其他软件及客户现有工作流程无缝集成。与依赖预先设计的控制算法且智能水平较低，以及受限 于特定场景和固定生产线，生产效率有限的以自动化为特点的传统机器人产品或遵循预定义工作流程且 需要人工输入的传统人工智能产品不同，公司的服务智能体在感知、规划、记忆和独立执行行动方面集 成了先进的AI技术，具备高智能、自我演化、自主运作及与可适应的硬件和软件集成，能够针对不同 场景定制不同功能等特性。 经扣除公司就全球发售应付的估计包销佣金以及其他费用及开支，并假设超额配股权未获行使及发售价 为每股95.60港元，公司估计将收取全球发售所得款项净额约5.9亿港元。公司计划将全球发售所得款项 净额用于下列用途：约60.0%将用于在未来五年持续提升公司的研发能力，以进 ...

智通财经APP讯，云迹(02670)于2025年10月8日至10月13日招股，该公司拟全球发售690万股H股，中国 香港发售股份34.5万股，国际发售股份655.5万股，另有15%超额配股权，每股发售价95.6港元。每手50 股，预期股份将于2025年10月16日在联交所开始买卖。 公司的服务智能体(包括机器人智能体及无实体机器人形态的智能体)与第三方 AIoT设备及多功能上仓 相容，与其他软件及客户现有工作流程无缝集成。与依赖预先设计的控制算法且智能水平较低，以及受 限于特定场景和固定生产线，生产效率有限的以自动化为特点的传统机器人产品或遵循预定义工作流程 且需要人工输入的传统人工智能产品不同，公司的服务智能体在感知、规划、记忆和独立执行行动方面 集成了先进的AI技术，具备高智能、自我演化、自主运作及与可适应的硬件和软件集成，能够针对不 同场景定制不同功能等特性。 经扣除公司就全球发售应付的估计包销佣金以及其他费用及开支，并假设超额配股权未获行使及发售价 为每股95.60港元，公司估计将收取全球发售所得款项净额约5.9亿港元。公司计划将全球发售所得款项 净额用于下列用途：约60.0%将用于在未来五年持续提升 ...

集团是领先的机器人服务AI赋能技术企业。集团主要提供机器人及功能套件，辅以AI数字化系统的服 务。从能够与现实世界互动的机器人，到能够优化决策的AI数字化系统，集团向客户提供适应性强及 可扩展的产品及服务。智能体是一种具有自主感知、记忆、推理分析、决策和行动执行能力的人工智 能，可直接针对特定任务提供端到端、持续迭代的解决方案。于往绩记录期间，集团主要专注于开发机 器人服务智能体。机器人服务智能体是一个搭载于机器人上的智能自动化系统，用于酒店、医疗机构或 类似的服务场所，其集成AI技术，通过直接与用户交互，提供以人为本的端到端服务，通过持续学习 与自适应优化，全面提升体验品质及营运效率。与传统机器人不同，其具备高度灵活性，其软硬件系统 均支持定制化配置，可适配多元场景需求，从而实现对动态变化的高效响应。例如，在酒店场景中，机 器人服务智能体通过与人类互动(从登记入住及客房服务到回答查询及提供建议)管理整个宾客体验。可 将其视为技术驱动的助理，有效率地处理例行性工作，减少人力参与的需求，同时维持流畅及友善的体 验。 集团处于中国机器人服务智能体市场的领先地位实属荣幸，以2024年的收入计，市场规模达人民币37亿 ...

Core Viewpoint - The implementation of innovative IPO policies and the strengthening of the Hong Kong stock market have accelerated the process for unprofitable companies to go public under the "18A" and "18C" listing rules since 2025 [1][2]. Group 1: IPO Trends - Since 2025, a total of 9 companies have submitted applications to the Hong Kong Stock Exchange under the "18C" listing rule, with 5 of these companies applying after the launch of the "Special Line for Science and Technology Companies" in May 2025 [1][2]. - A total of 18 companies have submitted applications under the "18A" listing rule since 2025, with the number for the entire year expected to surpass the 20 companies that applied in 2024 [1][2]. Group 2: Company Characteristics - The 9 companies applying under the "18C" rule are primarily from the fields of artificial intelligence and robotics, each with unique characteristics [3]. - For instance, Chengtai Technology is the largest supplier of forward-looking millimeter-wave radar in China, while Yunjike Technology is a leading provider of robotic service agents in the hotel sector [3]. Group 3: Market Environment - The Hong Kong market is noted for its strong inclusivity and maturity, which contrasts with the A-share market's previously unpredictable stance on unprofitable companies [4]. - The A-share IPO market is gradually increasing its tolerance for unprofitable companies, as indicated by recent policy changes from the China Securities Regulatory Commission [4]. Group 4: Impact of Policy Innovations - The recent IPO policy innovations in Hong Kong have created a more flexible and diverse listing environment, particularly benefiting innovative pharmaceutical companies that are still in the R&D phase [6]. - The introduction of the "Special Line for Science and Technology Companies" allows companies to submit listing applications confidentially, protecting their commercial secrets and facilitating the listing preparation process [6]. Group 5: Market Performance - As of June 25, 2025, the Hang Seng Index has risen approximately 20% since the beginning of the year, with over 80% of the 72 listed "18A" companies experiencing an increase in their stock prices [7]. - The positive performance in the secondary market has boosted investor confidence, attracting overseas capital into the Hong Kong stock market [7].

云迹科技冲刺港股IPO：阿里腾讯携程等巨头参投，估值41亿 | 编纂]的[编纂]數目 | | : [編纂]股H股(視乎[編纂] | | --- | --- | --- | | | | 行使與否而定) | | [編纂]數目 | . | [编纂]股H股(可予[編纂]) | | [編纂]數目 | : | [編纂]股H股(可予[編纂]及 | | | | 視乎[編纂]行使與否而定) | | 最高[編纂] : | | 每股H股[編纂]港元,另加1.0%經紀 | | | | 佣金、0.0027%證監會交易徵費、 | | | | 0.00565%聯交所交易費及0.00015% | | | | 會財局交易徵費(須於申請時以 | | | | 港元繳足,多繳股款可予退還) | | 面值 | . | 每股H股人民幣1.00元 | | 股份代號 | : | [岩護] | 瑞财经 吴文婷近日，北京云迹科技股份有限公司（以下简称"云迹科技"）在港交所递交招股书，中信证券和建银国际为其联席保荐人。 云迹科技是机器人服务智能体企业。其借助顶尖机器人及智能体服务，深度服务企业客户，优化消费者体验。从能够与物理世界互动的机器人，到能 够优化决策的 ...

一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 云迹科技 港股｜递交招股书 据IPO早知道消息，北京云迹科技股份有限公司（以下简称"云迹科技"）于2025年3月21日正式向港 交所递交招股说明书，拟主板挂牌上市，中信证券和建银国际担任联席保荐人。 这意味着，云迹科技或将成为"机器人服务智能体第一股"；同时，云迹科技也是第六家以18C上市章 程赴港上市的特专科技公司。 根据弗若斯特沙利文的资料，在2024年机器人智能体市场拥有可适应三维多层空间的机器人的参与 者中，云迹科技的同时在线机器人数量和服务消费者数量排名全球第一。2024年，云迹科技同时在 线机器人数量单日高峰超过36,000台。 另根据弗若斯特沙利文的资料，按2023年来自酒店场景的收入计算，云迹科技在酒店场景的机器人 智能体市场及智能体市场均排名全球第一。除酒店外，云迹科技的机器人还已应用于商业楼宇、医疗 机构、工厂及社区等多个场景提供服务。 据IPO早知道消息，卓正医疗控股有限公司（以下简称"卓正医疗"）于2025年3月18日更新招股书， 继续推进港交所主板上市进程，海通国际和浦银 ...