几秒钟后，房门打开，我取餐时，机器人屏幕弹出"祝您用餐愉快"的笑脸表情，随后，沿预设路线返回大堂充电区。 这样的场景，2024年每天约有27000台酒店配送机器人在全球各地运作，为全球累计2.3亿人次提供服务。过去十年，机器人从展示科技感的噱头，逐渐成 为酒店服务业的基础劳动力。而在这些机器背后，站着一家刚刚登陆资本市场的公司——云迹科技。 2025年10月，云迹科技在香港交易所上市，发行价定为每股95.6港元，首日开盘价达到142.8港元，市值一度超过90亿港元。根据其财报，截至2024年，公 司全年营收达到2.45亿元人民币，同比增长超过六成，三年复合增长率保持在二成以上。其机器人已覆盖全国三百多个城市。 另据公开信息显示，2024年，中国机器人服务智能体市场呈现适度集中格局。按收入计算，前五大参与者合计占约四分之一（25.4%），云迹科技位列其 中，单独占有6.3%的市场份额。尽管头部企业表现突出，市场仍由大量小型企业分散掌控，剩余74.6%的份额由新兴和区域性企业持有。 这一连串数字背后，是行业的结构性拐点。酒店业人力成本持续上升，服务体验趋于标准化，技术门槛逐渐降低，资本开始重新定义"服务"，一家站 ...

放眼望去，今年机器人火爆，港交所门前排着一支长长的IPO队伍。 一位理工女生造机器人 IPO敲钟了 如果在万豪、洲际、亚朵等酒店的电梯间和一个机器人相遇，最先打破沉默的一定是它。它会用稚嫩的孩子口气与你搭讪，穿梭于酒店帮忙送达酒店用 品、外卖。而创造它们的则是一位女生——支涛。 上市竞赛。 作者 I 杨文静 余梦莹 报道 I 投资界PEdaily 你在酒店看到的送餐机器人正式IPO了。 投资界消息，10月16日，云迹科技正式在港交所上市，募资约5.9亿港元，开盘大涨49.37%，报142.8港元/股，市值近100亿港元。 身后掌门人是一名理工科女生——支涛。早年毕业于西安交通大学，她在2014年创立云迹科技，迄今公司机器人已经在30000多家酒店做起了服务生，身 后浮现腾讯、阿里以及众多知名VC/PE的身影。 云迹科技创始人、董事长、总裁支涛 本科和硕士先后毕业于西安交通大学工程学专业、中国科学技术大学工商管理专业，支涛在创办云迹科技之前，已经拥有10多年传感器和自动化工作经 验，曾担任过多家科技公司高层。 亲历行业浮沉，支涛看到了服务业机器人化的趋势。彼时她和团队发现，酒店对于服务的需求较大、标准化程度高， ...

Core Viewpoint - Yunji Technology officially listed on the Hong Kong Stock Exchange on October 16, 2023, becoming the first "robot service intelligent body" stock in Hong Kong, with a first-day opening price of 142.8 HKD, a 49% increase from the offering price of 95.6 HKD, and a total market capitalization of nearly 10 billion HKD [3][4][9]. Group 1: Company Overview - Yunji Technology is a leading AI-enabled robotics service company, primarily providing robots and functional kits, supported by AI digital systems [22]. - The company has launched three generations of robot products, including the "Run" and "Gege" series, and introduced a new form of embodied intelligent robot called UP in 2023 [24]. - As of the end of 2024, Yunji Technology's robots have covered over 34,000 hotels in China, holding a 13.9% market share in the hotel service robotics market [25]. Group 2: Financial Performance - The company has faced significant financial challenges, with cumulative losses exceeding 800 million RMB over the past three years, and a pressing short-term debt repayment pressure [28]. - As of May 31, 2025, the company's redeemable liabilities reached 1.925 billion RMB, while cash and cash equivalents were only 75.135 million RMB [21]. Group 3: Market Demand and Future Prospects - The company is actively pursuing a diversification strategy to reduce reliance on the hotel sector, expanding into office buildings, shopping malls, and hospitals [26]. - The overall target market size for China's robotics service intelligent body is projected to reach 938.2 billion RMB, indicating significant growth potential [28].

10月8日，云迹科技（2670.HK）正式启动港股招股程序，计 划于10月16日在港交所主板挂牌。 作者： 周悦 封图： 本报资料室 在北京云迹科技股份有限公司（下称"云迹科技"）的办公区，每位员工的工位前都有机器人停靠 点。只需一条手机指令，轮式结构的复合多态机器人便会从走廊尽头缓缓驶来，穿过人群，停靠在 桌前，准确送达文件、饮品或工具。 这些机器人并非用来展示"高科技感"，而是工程师日常测试调度系统的重要载体。整层办公区被 视为真实服务场景的演练场，上百台机器人每天在工位巡逻穿梭，路线规划、速度调整、避障反应 与指令响应，全部成为技术团队反复调校的数据样本。 这家成立于2014年的机器人公司，如今不止于研发硬件，更在于要构建一整套智能服务系统。他 们自主研发的调度平台HDOS（HospitalityDigitalOperationSystem，AI智能体应用系统），就 像一个"数字管家"，帮助服务型机器人更聪明地工作，融入酒店、医院等复杂的三维立体空间。 10月8日，云迹科技（2670.HK）正式启动港股招股程序，计划于10月16日在港交所主板挂牌。 云迹科技是继晶泰科技（2228.HK）、黑芝麻智能（2 ...

Core Viewpoint - Cloud-based hotel robot supplier, Yunji Technology, has successfully passed the hearing for its IPO on the Hong Kong Stock Exchange, marking a significant milestone for the company as it aims to become the first publicly listed company in the robot service agent sector [1][3]. Company Overview - Yunji Technology, established in 2014, is the largest participant in the global hotel scene robot service agent market and holds the top market share in China with 6.3% as of 2024 [3][4]. - The company has launched three generations of service robots: the "Run" series, the "Gege" series, and the UP series, with the UP series introduced in 2023 featuring a modular design for versatility across various applications [4][6]. Financial Performance - Yunji Technology's revenue for the years 2022 to 2024 was reported as 161.28 million yuan, 145.15 million yuan, and 244.77 million yuan, respectively, with a notable rebound in 2024 showing a year-on-year growth of 68.6% [9][10]. - The company has not yet achieved profitability, with net losses of 365 million yuan, 265 million yuan, and 185 million yuan from 2022 to 2024, although the loss margin is narrowing [12][13]. Market Position - The hotel sector is the primary market for Yunji Technology, contributing 70.1% to 95.1% of total revenue during the reporting periods from 2022 to 2025 [6][8]. - The company is actively expanding into non-hotel markets, with revenue from these sectors increasing from 4.9% in 2023 to 17.0% in 2024 [8]. Funding and Debt - The IPO is expected to alleviate 1.925 billion yuan in redemption liabilities, which have been a significant burden due to the company's history of multiple financing rounds and the associated redemption rights for investors [13][15]. - Yunji Technology plans to use the funds raised from the IPO to enhance R&D capabilities, improve commercialization efforts, and cover general corporate purposes [12].

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. 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]