日前，酒店机器人供应商云迹科技在港交所网站披露聆讯后资料集，这意味着云迹科技港交所IPO通过聆讯。 全球最大的酒店机器人供应商 已推出三代机器人 云迹科技成立于2014年，主要提供机器人及功能套件、AI数字化系统服务等。据弗若斯特沙利文数据，按2024年 中国市场收入计，云迹科技以6.3%的份额在中国机器人服务智能体市场排名第一，但尚未占据主导地位。 截至目前，云迹科技共推出三代服务型机器人产品，分别为"润"系列、"格格"系列和复合多态机器人UP系列。其 中，"润"系列为云迹科技的第一代产品，主要用于引领及送物，于2015年推出，且在2016年实现大规模商业化。 第二代产品"格格"系列在"润"系列基础上，提升了服务效率、适应性、交互能力和安全性。 "润"和"格格"系列都为整机机器人，云迹科技2023年新推出的第三代产品UP系列则采取了"机器人底盘+各类上 仓"的组合模式，以实现"一机多仓"兼容性，能在不同场景（如酒店、商业楼宇、医疗机构及工厂）、不同功能 （如送物、清洁或环境监测）之间切换。 | 最新發佈 日期 | 申請人 | | --- | --- | | 03/10/2025 | 北京雲迹科技股份有限公司 ...

Core Viewpoint - Beijing Yunji Technology Co., Ltd. is aiming to become the first hotel robot stock listed on the Hong Kong Stock Exchange, but faces significant challenges including heavy reliance on the hotel industry for revenue and substantial redemption liabilities totaling 19.25 billion RMB [1][8]. Company Overview - Yunji Technology specializes in robotic service intelligence, providing robots and functional suites supported by AI digital systems. The company holds a 6.3% share of the domestic market, ranking first in the sector as of 2024. The market for robotic service intelligence in China is projected to grow to 13.5 billion RMB by 2029, with a compound annual growth rate (CAGR) of 29.3% from 2024 to 2029 [4]. Financial Performance - The company reported revenues of 161.28 million RMB, 145.15 million RMB, 244.77 million RMB, and 88.33 million RMB for the years 2022, 2023, 2024, and the first five months of 2025, respectively. Losses during these periods were 365.42 million RMB, 264.52 million RMB, 184.96 million RMB, and 83.97 million RMB, indicating a significant increase in losses compared to the same period in 2024 [5][6]. Revenue Dependency - Over 90% of the company's revenue is derived from the hotel industry, with specific revenue contributions of 70.1%, 95.1%, 83.0%, and 93.2% during the respective reporting periods [7]. The company has established a customer base of over 34,000 enterprises, primarily in the hotel sector, but there is no guarantee of repeat purchases from these customers [7]. Pricing Trends - The average selling price of the company's main robot models has been declining. For instance, the average price of the "Gege" series robots fell from 26,800 RMB in 2022 to 14,500 RMB in the first five months of 2025, a decrease of 37.2%. Similarly, the UP series robots saw a price drop of 68.82% from 54,200 RMB in 2023 to 16,900 RMB in the first five months of 2025 [6][7]. Funding and Liabilities - Since its establishment, Yunji Technology has completed eight rounds of financing, raising a total of 1.202 billion RMB. Notable investors include Tencent, Lenovo, Alibaba, and Ctrip. However, the company faces stringent redemption clauses tied to its financing agreements, with redemption liabilities reaching 19.25 billion RMB as of May 2025, while cash and cash equivalents stood at only 75.14 million RMB [8][10].

Core Viewpoint - Cloud Technology Co., Ltd. is set to launch its IPO process in Hong Kong, aiming to issue up to 12,592,500 shares, following the approval from the China Securities Regulatory Commission [1] Company Overview - Founded in 2014, Cloud Technology specializes in "robot service intelligence," with its main business divided into robot and functional suite products and AI digital systems [1] - The company has launched three generations of robot products: "Run," "Gege," and "UP" [2] Market Presence - As of the end of 2024, Cloud Technology has served over 34,000 enterprise clients, including more than 30,000 hotels and 100 hospitals, with applications across various service industry scenarios [2] - The company's robots have completed over 500 million services and are deployed in 329 prefecture-level administrative regions in China, covering nearly every city at this level [2] Financial Performance - Revenue from 2022 to 2024 showed a compound annual growth rate (CAGR) of 23.4%, with revenues of 161 million yuan, 145 million yuan, and 245 million yuan respectively [5] - Net losses decreased from 365 million yuan in 2022 to 185 million yuan in 2024, totaling cumulative losses of 815 million yuan over three years [5] - Gross profit margins improved from 24.3% in 2022 to 43.5% in 2024 [5] Business Segments - In 2024, revenue from the robot and functional suite business reached 189 million yuan, a year-on-year increase of 77.2%, while AI digital systems generated 56 million yuan, growing by 22.8% [6] - The breakdown of revenue for 2024 includes 188 million yuan from product sales and 2.3 million yuan from rental income in the robot and functional suite segment [7] Investment Background - Prior to the IPO, Cloud Technology underwent eight rounds of financing, with investors including Tencent, Alibaba, Ctrip, Lenovo Capital, Qiming Venture Partners, and iFlytek, achieving a pre-IPO valuation of 4.1 billion yuan [9]

Core Viewpoint - The article discusses the upcoming IPO of Yunji Technology, highlighting its position as a leader in the robot service industry and its significant growth in revenue and customer base [2][3][5]. Group 1: Company Overview - Yunji Technology, established in 2014, aims to be the first stock in the "robot service intelligent body" sector, with a focus on enhancing enterprise customer service and consumer experience [3]. - The company has developed three generations of robot products, with the "Run" and "Gege" series leading in sales, and the newly launched "UP" series being one of the first multi-modal robots globally [3][4]. Group 2: Market Position and Achievements - According to Frost & Sullivan, Yunji Technology ranks first globally in the hotel scene for robot service intelligent bodies, with over 34,000 enterprise clients, including more than 30,000 hotels and 100 hospitals by the end of 2024 [4]. - The company’s robots are deployed in 329 prefecture-level administrative regions in China, covering nearly every city at this level [4]. - Yunji Technology is recognized as one of the first companies to launch a fully autonomous closed-loop learning system for service intelligent bodies, enhancing its AI capabilities [4]. Group 3: Financial Performance - From 2022 to 2024, Yunji Technology's revenue grew from 163 million to 245 million yuan, reflecting a compound annual growth rate (CAGR) of 23.2%, while gross profit increased from 39 million to 106 million yuan, with a CAGR of 64.6% [5]. - The gross margin improved from 24.3% in 2022 to 43.5% in 2024, indicating a positive trend in profitability [5]. - The adjusted net loss narrowed at a CAGR of 65.7% from 2022 to 2024, showcasing improved financial health [6].

Group 1 - The hotel robot industry has seen widespread adoption, with companies like Huazhu Group and Atour Hotels integrating robots for various services, yet companies like Cloudminds Technology have reported significant losses, totaling 815 million RMB over three years [1][14][17] - The COVID-19 pandemic acted as a turning point for the hotel robot market, significantly increasing demand for contactless services [2] - In 2021, Cloudminds Technology raised 500 million RMB in Series C funding, indicating strong investor interest in the sector [3] Group 2 - The hotel robot market is maturing, with a peak of over 36,000 robots online daily in 2024, completing over 500 million services [8] - Despite advancements, robots like the "Figure 01" are still slower than human workers, highlighting limitations in efficiency [10] - The "Bleisure" travel market is projected to reach 692.73 billion USD in 2024, with younger travelers increasingly favoring tech-enhanced experiences [11] Group 3 - Cloudminds Technology holds a significant market share of 12.2% in the hotel robot sector, but has faced continuous losses and high liabilities [14][17] - The competitive landscape has led to price wars, with robot prices dropping significantly, impacting profit margins [19][20] - The operational costs of implementing robots, including infrastructure upgrades, have hindered their adoption in hotels [21][22] Group 4 - Future strategies for the hotel robot industry include reducing initial purchase costs, offering rental models, and enhancing product capabilities through partnerships [26][27] - Expanding into international markets is seen as a crucial step for growth, especially in regions with high labor costs [28] - Tailoring robot designs to fit cultural preferences in different markets can enhance acceptance and usability [30]

Core Viewpoint - Beijing Yunji Technology Co., Ltd. is facing significant financial pressure due to increasing redemption liabilities and ongoing losses, with a potential redemption debt of up to 2.1 billion RMB if it fails to meet its contractual obligations by the end of 2024 [2][8]. Financial Pressure and Redemption Liabilities - The total redemption liability for Yunji Technology is projected to reach 1.88 billion RMB by the end of 2025, increasing daily by 354,500 RMB [2][3]. - As of January 31, 2025, the company's total redemption debt stands at 1.88 billion RMB, up from 1.87 billion RMB at the end of 2024 [2][3]. Operational Performance and Revenue - Yunji Technology's revenue for 2022, 2023, and 2024 was 161 million RMB, 145 million RMB, and 245 million RMB, respectively, while net losses for the same years were 365 million RMB, 265 million RMB, and 185 million RMB, totaling 815 million RMB in cumulative losses over three years [8]. - The average price of the company's flagship robot series has significantly decreased, with the "RUN" series dropping by 36.41% to 13,100 RMB and the "GGE" series by 16.04% to 20,900 RMB in 2024 [5][8]. Market Position and Product Development - Yunji Technology is recognized as a leader in the intelligent service robot industry, having launched its first robot in 2015 and benefiting from the demand for contactless services in the hotel sector [5]. - The company reported approximately 500 million service instances for its robots in 2024, indicating a high utilization rate despite financial losses [9]. Research and Development Challenges - The company's R&D expenditure in 2024 was 57 million RMB, a decrease of 21.05% year-on-year, and accounted for 23.4% of revenue, down 24.4 percentage points from the previous year [9]. - The departure of the CTO at the end of 2024 raises concerns about the impact on the company's R&D capabilities and overall operational stability [9].

Core Viewpoint - Beijing Yunji Technology Co., Ltd. has shifted its listing plans from the Science and Technology Innovation Board to the Hong Kong Stock Exchange, highlighting challenges in profitability within the hotel delivery robot sector [1][2] Company Overview - Yunji Technology was established in 2014 and specializes in hotel delivery robots, ranking first in the smart agent market for hotel scenarios as of 2023 [2] - The company has launched three generations of delivery robot products: the "Run" series (2015), the "Gege" series (2021), and the UP series (2023) [2] Financial Performance - The company reported revenues of 161 million yuan, 145 million yuan, and 245 million yuan for the years 2022 to 2024, with operating losses of 233 million yuan, 132 million yuan, and 53 million yuan respectively [2] - Despite a significant increase in sales volume, the logistics and delivery costs decreased, raising questions about cost management [3][4] Cost Analysis - The sales volume of robots increased significantly from 4,207 units in 2022 to 8,285 units in 2024, with growth rates of 33.66% and 47.34% for 2023 and 2024 respectively [3] - Logistics and delivery costs were reported at 3.969 million yuan, 3.174 million yuan, and 2.878 million yuan for the same periods, showing a decline in costs despite increased sales volume [3][4] Profitability Metrics - The gross profit margin improved significantly from 24.3% in 2022 to 43.5% in 2024, with the gross margin for robots and functional kits increasing from 25.6% to 38.1% during the same period [5] - The company attributes the increase in gross margin to enhanced sales and marketing efforts rather than cost reductions [5][6] Sales and Distribution Models - Yunji Technology primarily utilizes a direct sales model, with direct sales accounting for over 80% of revenue from 2022 to 2024 [6][7] - The company has also engaged in various sales models, including agency and distribution, but the details of these models remain unclear [7][8] Pricing Strategy - The average selling price of the "Run" series robots decreased by 43.53% from 2022 to 2024, while the "Gege" series saw a reduction of 22.01% [6] - The company claims that price reductions are primarily due to decreases in raw material and component costs [6] Distribution Agreements - The distribution agreements lack clarity, with discrepancies noted between the company's disclosures and actual practices observed during investigations [8][9] - The agreements typically require distributors to pay a prepayment of 20% to 50%, but the actual practices may differ significantly from what is stated in the official documents [9]

以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 酒店机器人也内卷。 文 ｜ 林小葵 编辑 ｜ 李不清 来源｜ 财经天下WEEK LY（ID: cjtxweekly ） 封面来源 ｜ 视觉中国 "请把中间的位置留给我"，酒店住客搭乘电梯时，经常会听到背后传来"卡通"的机器人声音。 打开携程、美团App，酒店大多会在页面标注是否有机器人服务。曾经作为差异化服务存在的机器人，正在成为智能酒店标配。在社交平台上，更有许多 不想出门，只想躺在床上点外卖的"懒人""i人"表示，"不会住没有机器人的酒店，不想趿拉着拖鞋去前台取外卖"。 数年前，"非接触式送货"的需求，更进一步做大了酒店机器人赛道。资本的涌入，让数十家商用机器人企业短期内获得了数轮融资。 其中，深耕酒店场景的头部企业云迹科技，率先叩响了港交所大门，剑指"机器人服务智能体第一股"。这家服务于超过3万家酒店和100家医院的机器人企 业，近期在港交所递表。 云迹科技成立于2014年，背后站着一众科技巨头，腾讯、阿里、联想、携程、科大讯飞等皆在其股东名 ...

Group 1: Industry Overview - The surge of robot companies listing in Hong Kong since 2024 highlights the market's attractiveness for tech firms seeking financing and international expansion [1] - Companies like UBTECH and Yujing Technology have successfully listed, with Yujing's stock price multiplying post-IPO, indicating a potential boom in the robotics sector [1] - The robotics industry is categorized into segments such as humanoid robots, collaborative robots, warehouse robots, and service robots, which are becoming significant growth drivers [1] Group 2: Company Performance - Yujing Technology, despite being a leader in hotel robotics, reported revenues of 161 million RMB in 2022, a decrease of 10% from the previous year, followed by a 68.63% increase in 2023 [3] - The company has incurred substantial losses, with cumulative losses of 815 million RMB over three years, indicating a challenging financial situation [3][6] - The average selling price of Yujing's robot products has significantly decreased, with the price of the "UP" series dropping nearly 60% within a year [4] Group 3: Financial Challenges - Yujing Technology has not secured any new financing in over three years, leading to a precarious cash flow situation with negative operating cash flows of 170 million RMB in 2022 [7] - The company faces a looming risk from a redemption liability of 1.87 billion RMB, which could trigger a payout if it fails to go public within 18 months [7]

Core Viewpoint - Yunji Technology is approaching its IPO on the Hong Kong Stock Exchange, aiming to become the first hotel robot company listed there, having submitted its listing application after terminating its previous agreement with CITIC Securities for guidance on the Sci-Tech Innovation Board [1] Financial Performance - In 2022, Yunji Technology reported revenue of 235 million yuan, with over 80% derived from hotel scenarios, and projected revenues for 2023 and 2024 are 145 million yuan and 245 million yuan respectively [2] - The company experienced a 10% decline in revenue in 2023 compared to 2022, attributed to strategic adjustments in product strategy and temporary fluctuations in the development of intelligent applications [2] - The gross profit margins for 2022, 2023, and 2024 were 24.3%, 27.0%, and 43.5% respectively, while the operating losses for the same years were 365 million yuan, 265 million yuan, and 185 million yuan, totaling over 800 million yuan in cumulative losses [2] Product Sales and Trends - In 2023, Yunji Technology sold 8,285 robots, with the "UP" series showing significant growth in sales from 17 units in 2023 to 672 units in 2024, while the average selling price of the "UP" series decreased from 54,200 yuan to 22,300 yuan [4] - The "Gege" series also saw a decline in sales volume from 2,881 units in 2022 to 1,255 units in 2024, with average selling prices decreasing from 26,800 yuan to 20,800 yuan [4] Business Segmentation - Yunji Technology's business is divided into two main segments: robots and functional suites, and AI digital systems, with the former being the primary revenue driver, contributing 83.6%, 82.4%, and 77.2% of total revenue from 2022 to 2024 [5] - The AI digital systems segment, which includes the proprietary HDOS service digital operation system, has shown growth, with revenues increasing from 26 million yuan in 2022 to 56 million yuan in 2024, representing 16.4% to 22.8% of total revenue during the same period [5] Shareholder Structure - Major shareholders of Yunji Technology include prominent investors such as Alibaba, Tencent, and Ctrip, with the founder holding 36.52% of the shares [6][8] - The company has undergone multiple funding rounds since its establishment in 2014, raising over 1.2 billion yuan, with significant investments from well-known venture capital firms [7]