来源：洞察IPO 近日，北京云迹科技股份有限公司（下称"云迹科技"）向港交所主板二次递表，拟按18C章"特专科技公 司"通道登陆港股，由中信证券与建银国际联席保荐。 2025年10月8日，云迹科技开启招股，将于10月16日在港交所上市，此次发售690万股，发售价为95.6港 元，募资净额为5.9亿港元。 这家头顶"酒店机器人全球龙头"光环的公司，刚刚在2025年3月终止了长达三年的A股科创板辅导，转 身投入港交所怀抱。这一战略转向，使云迹科技即将成为"机器人服务智能体第一股"。 然而，在光环之下，公司三年累亏超8亿元、持续扩大的短期亏损以及尚未实现自我造血的商业模式， 正将其推向一场与时间赛跑生存战。 01 财务迷思：增长背后的盈利困境 云迹科技成立于2014年，专注于"机器人服务智能体"领域，主营业务分为两大板块：机器人及功能套 件、AI数字化系统。 公司先后推出三代核心产品："润"系列送物机器人、"格格"系列迎宾机器人，以及2023年发布的复合多 态机器人"UP"。其中，"UP"被视为公司向"具身智能"迈进的关键一步，其具备更强的环境感知与交互 能力，标志着从单一功能机器人向通用服务智能体的转型。 从技术 ...

Core Insights - Cloud Technology, a leading player in the hotel robot market with over 12% market share, has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, aiming to list as a "specialized technology company" [1][8] - Despite deploying robots in over 30,000 hotels, the company has accumulated a net loss exceeding 800 million yuan over the past three years, with significant consumer complaints regarding robot performance [2][6] - The hotel robot market in China has seen rapid growth, with projections estimating it will reach nearly 15 billion yuan by 2025, driven by increased competition and a surge in demand for service robots [3][13] Company Overview - Founded in 2014, Cloud Technology focuses on three main areas: delivery, retail, and cleaning robots, with over 80% of its revenue derived from hotel robot services [5][6] - The company has undergone eight rounds of financing, attracting investments from major players like Tencent, Lenovo, and Alibaba [6] - The company’s financials show a decline in revenue and an increase in losses, with 2023 revenue dropping by 10% compared to previous years [6][16] Market Dynamics - The competitive landscape for hotel robots is intensifying, with major players holding a combined market share of 27.6% in 2023, leading to price reductions and aggressive marketing strategies [13][18] - Cloud Technology has reduced the prices of its robots significantly, with the price of its "Run" series dropping by 43.8% from 2022 to 2024 [13][14] - The company is facing challenges in expanding its service capabilities beyond hotel delivery, as current offerings are perceived as limited and costly to maintain [18] Consumer Sentiment - Consumer feedback on hotel robots has been largely negative, with many users reporting operational failures and poor service experiences [9][12] - Instances of robots malfunctioning or causing inconvenience have been documented, leading to a perception of robots as ineffective in enhancing customer experience [12][13] - Despite the negative sentiment, robots are becoming a standard feature in many hotels, indicating a complex relationship between consumer expectations and technological capabilities [13][18] Financial Challenges - As of the end of 2024, Cloud Technology reported cash reserves of only 105 million yuan, sufficient for approximately seven months of operations, against a total current liability of 2.022 billion yuan [8][17] - The company’s financial statements reveal a trend of increasing operational losses, with a reported loss of 365 million yuan in 2022 and 264 million yuan in 2023 [16][17] - The upcoming IPO is seen as a critical move for the company to alleviate financial pressures and secure necessary funding for future operations and development [8][19]

在酒店送东西的机器人要IPO了。 作者丨黎曼 来源丨 投中网 将投中网设为"星标⭐"，第一时间收获最新推送 在万豪、洲际、凯悦、锦江、亚朵等3万多家酒店里送东西的机器人要IPO了。 该机器人来自"云迹科技"，由一位深耕传感器与自动化领域的女工程师支涛，带着对"机器人服务人类"的执着信念创立于2014年。 十年磨一剑，这家从北京中关村起步的创业公司，凭借一款款"能送物、会清扫、懂调度"的智能机器人，不仅征服了北京冬奥会的奥运村，更在全球酒 店场景中稳坐市占率第一的宝座，年收入突破2.4亿元。 如今，云迹科技以"机器人服务智能体第一股"之名冲刺港交所，背后站着阿里巴巴、联想、腾讯、携程、安徽人工智能公司、中信证券、光控众盈、海 银资本、沸点资本、金茂资本、启明创投、澜亭资本、睿聚投资、河南科投、泰州东南文投基金等一众资本。 酒店场景市占率第一 云迹科技的创业故事始于2014年，由创始人支涛带领一支在传感器和自动化领域有着深厚背景的团队创立。团队成员在工业机器人和室内定位导航等方 面有着多年的技术积累和市场运营经验。起初，云迹科技专注于室内定位核心技术的研发，但很快意识到仅有底层技术难以找到合适的市场切入点。 而后 ...

Core Viewpoint - Cloud Robotics Company Yunji Technology is preparing for an IPO in Hong Kong, despite facing significant financial losses and a heavy reliance on the hotel industry for revenue generation [4][7][34]. Company Background - Yunji Technology was founded in July 2014 and has completed eight rounds of financing, with major investments from Tencent, Lenovo, Alibaba, and others [18][34]. - The company specializes in commercial robot development, particularly in hotel delivery robots, which have gained international attention [9][14]. Financial Performance - The company reported net losses of 365 million RMB, 265 million RMB, and 185 million RMB for the years 2022, 2023, and 2024, respectively, totaling 815 million RMB over three years [7][20]. - Despite a valuation of 4.08 billion RMB after the D round of financing, the projected revenue for 2024 is only 245 million RMB, resulting in a high price-to-sales ratio of 16.6 [8][20]. Market Position - Yunji Technology holds a 9% market share in the global hotel robot market, ranking first, while its share in the Chinese hotel market is 12.2% [14][22]. - The company’s revenue is heavily dependent on the hotel sector, with hotel-related income accounting for 70.1%, 95.1%, and 83% of total revenue from 2022 to 2024 [22][24]. Industry Trends - The Chinese robot service market is rapidly growing, with a projected compound annual growth rate of 18.7%, expected to reach 9.7 billion RMB by 2028 [28]. - The increasing adoption of robots in hotels for cost-saving purposes presents opportunities for Yunji Technology, although many hotels prefer leasing models, limiting long-term sales [29][30]. Competitive Landscape - The company faces intense competition from rivals like Qingtian Intelligent and Ninebot, which offer lower-priced alternatives [31]. - The entry of AI giants into the robotics space poses additional challenges for Yunji Technology [32]. Product Development - Yunji Technology's product offerings primarily focus on delivery, retail, and cleaning robots, with ongoing development of the "UP" cleaning robot [34]. - The company’s reliance on hardware sales (77% of revenue) indicates a need for improved software service offerings to enhance profitability [25][26].