Core Perspective - The article explores the transformation of Wanzhou, a city submerged by the Three Gorges Dam, highlighting its dual identity as both an underwater city and a vibrant community on the surface, emphasizing the coexistence of memory and modernity [1][2][15]. Group 1: Historical Context - The Three Gorges Dam has led to the submersion of Wanzhou's old streets, docks, and homes, creating a hidden underwater city that exists alongside the current urban landscape [1][2]. - The rise in water levels has altered the geography and reshaped the memories of the residents, who have had to adapt by reconstructing their homes and preserving their heritage in new forms [2][14]. Group 2: Cultural Significance - The Three Gorges Memorial Museum, designed by Academician Cui Kai, serves as a cultural landmark that reflects the history of migration and the emotional struggles of the displaced residents [3][4]. - The performance of the play "Immigrant Jin Dahua" within the museum illustrates the personal stories and conflicts faced by the immigrants, creating a powerful connection between the audience and the historical narrative [4]. Group 3: Urban Development - The "Great Ladder" connecting the upper and lower parts of the city has transformed from a practical structure into a popular scenic spot, enhancing community engagement and economic activity [5]. - The new artistic districts and vibrant street life signify a shift towards a modern identity for Wanzhou, blending the old with the new and fostering a sense of community [5][11]. Group 4: Culinary Identity - Wanzhou's culinary scene, particularly its famous grilled fish and "Gege" steamed dishes, reflects the city's rich cultural heritage and communal dining experiences, contributing to its unique identity [11][12]. - The flavors and aromas of local cuisine serve as a reminder of the city's past and present, reinforcing the connection between food and cultural memory [11][12]. Group 5: Economic Evolution - Historically, Wanzhou was a significant trading port, known as Wankou, facilitating the exchange of goods and information, which has now shifted due to infrastructural changes and the impact of the Three Gorges Project [13]. - The legacy of the bustling port culture continues to influence the character of Wanzhou's residents, who exhibit resilience and adaptability in the face of change [13][14].

Core Viewpoint - Cloudwalk Technology (2670.HK) has officially listed on the Hong Kong Stock Exchange, becoming the first "robot service intelligent body" stock and a specialized technology enterprise under Chapter 18C rules, with a strong market response reflected in its oversubscription and significant first-day price increase [1][5]. Group 1: IPO Performance - Cloudwalk issued 6.9 million H-shares at a price of HKD 95.6 per share, aiming to raise up to HKD 660 million, with a public offering accounting for 5% of the total shares [1][4]. - The public offering was oversubscribed by 5,657.2 times, involving approximately HKD 189.1 billion, with 263,000 retail investors participating [1][4]. - On its first trading day, Cloudwalk's share price surged by 49.37% to HKD 142.8, resulting in a total market capitalization of HKD 9.813 billion [1]. Group 2: Financial Performance - For the first five months of 2025, Cloudwalk reported total revenue of CNY 88.329 million, an 18.9% increase year-on-year, with significant growth in various sectors including healthcare and factories [3][8]. - The revenue from the intelligent application (HDOS) business saw a remarkable 194% year-on-year increase, indicating the emergence of a high-margin "second revenue curve" beyond hardware sales [3][11]. - The company’s revenue for 2022, 2023, and 2024 was CNY 161 million, CNY 145 million, and CNY 245 million respectively, with gross margins improving from 24.4% to 43.5% [8][11]. Group 3: Market Position and Growth Potential - Cloudwalk holds a 6.3% market share in China's robot service intelligent body market, with a significant 13.9% share in the hotel service sector [9][10]. - The market for robot service intelligent bodies in China is projected to grow from CNY 1.8 billion in 2020 to CNY 3.7 billion by 2024, with a compound annual growth rate (CAGR) of 19.8% [5][9]. - The company has expanded its application scenarios from hotels to commercial buildings, hospitals, and factories, with over 34,000 hotels and more than 150 hospitals deploying its robots as of May 31, 2025 [8][10]. Group 4: Strategic Development - The funds raised from the IPO will primarily enhance AI research and development capabilities, improve hardware technology, and develop robot components [6][12]. - Cloudwalk's strategy includes integrating hardware with software and services to create a self-reinforcing cycle that enhances customer loyalty and long-term revenue [12]. - The recent national policies promoting AI and service industry upgrades align with Cloudwalk's expansion into factories, healthcare, and commercial buildings, presenting unprecedented opportunities for growth [13].

Core Viewpoint - The article discusses the significant advancements and potential of Yunji Technology in the field of embodied intelligent robots, highlighting its upcoming IPO and its position as a leader in the market [2][4][39]. Group 1: Company Overview - Yunji Technology submitted its IPO application to the Hong Kong Stock Exchange in March, becoming the sixth specialized technology company to do so under Chapter 18C of the Listing Rules [4]. - The company has updated its prospectus and recently passed the IPO filing, bringing it closer to listing on the Hong Kong Stock Exchange [4][39]. - Founded in 2014, Yunji Technology has established itself as a leader in the global hotel service robot market, with its products deployed in over 34,000 hotels, hospitals, factories, and other venues worldwide [6][9]. Group 2: Market Position and Performance - In 2024, Yunji Technology is projected to hold a 13.9% market share in the Chinese hotel service robot market, ranking first, while the combined market share of the next four competitors is only 13.5% [9]. - The company has achieved a coverage rate of 99% across 331 of China's 333 prefecture-level administrative regions [10]. - Yunji Technology has received over 1.2 billion yuan in total funding since its inception, with a post-D round valuation of 4.08 billion yuan [11]. Group 3: Financial Growth and Revenue Streams - The company reported an 18.9% revenue growth in the first five months of 2025 compared to the same period last year, driven by stable hotel scene income and expansion into other sectors [17]. - The revenue from its HDOS (intelligent agent application) business saw a remarkable growth rate of 194.2% in the same period, indicating the emergence of a high-margin second revenue stream [20]. - Yunji Technology's gross margin has improved significantly, with comprehensive gross margins increasing from 24.3% in 2022 to 43.5% in 2024 [25]. Group 4: Technological Advancements - The company has invested heavily in R&D, with 57.4 million yuan allocated in 2024, representing 23.4% of total revenue [24]. - Yunji Technology has developed a new generation of robots, the UP series, which can use tools, understand task distribution, and collaborate in groups [21][22]. - The company is recognized as one of the first to launch a fully autonomous closed-loop learning system for service intelligent agents, enhancing its technological capabilities [22]. Group 5: Market Expansion and Future Prospects - Yunji Technology is focusing on expanding into international markets, particularly in developed regions and emerging markets, to capitalize on the growing demand for robots in various sectors [35][36]. - The company is also integrating its robots into delivery systems to reduce reliance on human labor and improve delivery efficiency [37]. - The overall market for humanoid robots is expected to grow significantly, with projections indicating a market size of 2.03 billion USD in 2024, reaching 13.25 billion USD by 2029 [32].