四年间毫末智行获得7轮融资，估值一度达到百亿元。但由于种种原因，2025年毫末智行突然陷入经营困境，顾维灏也随之离开毫末。 公开资料显示，顾维灏是自动驾驶领域资深技术专家，2022年9月进入清华大学智能产业研究院（AIR）攻读工程博士学位，师从张亚勤教授。 他于2003年加入百度，历任百度MP3和视频搜索主架构师、百度语音识别技术负责人、百度地图副总经理、百度智能汽车事业部总经理等职，主导L3级自 动驾驶技术研发。 2019年他从百度离职，并在2021年2月出任长城汽车旗下毫末智行CEO，推动形成"车企+技术公司"双基因发展模式。其团队研发的城市辅助驾驶系统搭载于 多款长城车型，并与美团、阿里达摩院合作开发末端物流无人车。顾维灏提出"数据智能驱动自动驾驶"理念，构建包含数据治理、模型研发到安全验证的完 整技术闭环，并建立三项核心能力体系架构。 来源：猎云网；文/孙媛 据AI科技评论，前毫末智行首席执行官顾维灏已开启创业征程，将目光投向酒店服务机器人领域，并已组建起一支实力强劲的团队。该团队核心成员多来 自百度和自动驾驶公司Momenta，目前顾维灏正积极与众多投资方接触洽谈。 现如今，他再次创业，在另一条赛道 ...

值得注意的是，顾维灏瞄准的酒店服务机器人海外需求高涨，但同时面临行业竞争激烈的挑战。在这一背景下，顾维灏的新故事更加令人期待。 雷峰网《新智驾》独家获悉，前毫末智行CEO顾维灏创业，成立公司，布局酒店服务机器人赛道，其团队成员主要来自于百度和Momenta，目前顾维灏已 接触不少投资方。 顾维灏是知名"老百度人"，自2003年开始在百度工作长达16年，最初负责MP3搜索业务，随着技术发展工作扩展到视频搜索和语音搜索领域。2015年顾维 灏的团队转向地图领域，他负责地图业务的大部分研发工作，包括地图数据采集和部分产品开发。 顾维灏2019年从百度离职，并于2021年加入毫末智行担任CEO。四年间毫末智行获得7轮融资，估值一度达到百亿人民币。但由于种种原因，2025年毫末 智行突然陷入经营困境，顾维灏也随之离开毫末，在另一条赛道寻找新的可能。 又一智驾"老兵"入局机器人赛道。 作者 | 高景辉 编辑 | 马晓宁 ...

Core Insights - The article discusses the increasing trend of robotics companies going public in Hong Kong, highlighting the launch of cloud service robot leader Yunji Technology's IPO, aiming to raise approximately HKD 660 million [2][4] - The robotics industry is experiencing a surge in activity, with over 15 companies having filed for IPOs in Hong Kong this year, driven by AI advancements and supportive policies for smart manufacturing [4][5] Group 1: IPO Activity - Yunji Technology is set to be the first company to list under the Hong Kong Stock Exchange's Chapter 18C for specialized technology, with its IPO scheduled for October 16 [2] - Other companies like Jizhi Technology have also successfully listed, raising over HKD 2.7 billion and seeing a stock price increase of 64.7% as of October 10 [2] - A total of 17 robotics companies are currently in the process of going public in Hong Kong, with many facing financial losses due to the high R&D costs and long development cycles typical of the industry [5][6] Group 2: Market Dynamics - The robotics sector is witnessing a significant increase in financing activities, with 56 financing events reported in September, a 40% increase from August, indicating strong capital interest in next-generation robotics technologies [7] - Companies like Woan Robot and Ledong Robot, despite not being profitable, are showing strong growth potential, with over 95% of Woan Robot's revenue coming from international markets [8] - The competitive landscape is shifting towards larger firms that can leverage substantial financing and industry support, leading to a widening gap between these firms and smaller companies [12] Group 3: Industry Trends - The robotics industry is characterized by high R&D investment and long commercialization cycles, yet it continues to attract significant financing, reflecting confidence in its long-term growth potential [10][12] - The market is increasingly focused on humanoid and embodied intelligent robots, with companies building differentiated competitive advantages through hard technology [10] - The current environment poses survival risks for smaller firms lacking product viability, as the industry enters a phase of intensified differentiation and consolidation [12]

Core Viewpoint - The listing of Cloudwalk Technology marks a significant milestone for the Chinese service robot industry, highlighting the company's decade-long journey of investment and development in the commercial service robot sector [4][29]. Financing Journey - Cloudwalk Technology's financing journey began in 2014 with angel investment from Anhui Artificial Intelligence Company and Onion Fund, backed by iFlytek, establishing its technological credibility [6]. - In 2017, the company experienced a financing peak, securing investments from HNA Capital and Tencent, which helped validate its commercial value in hotel scenarios [7]. - The COVID-19 pandemic in 2020 catalyzed a surge in demand for contactless services, leading to a significant increase in orders and subsequent financing rounds from various investors [8]. - By 2021, Cloudwalk completed multiple financing rounds, raising a total of 1.58 billion RMB, with a pre-IPO valuation exceeding 4.08 billion RMB [9]. Financial Performance - Revenue projections for Cloudwalk from 2022 to 2024 are 161 million RMB, 145 million RMB, and 245 million RMB, respectively, with a reported 18.9% year-on-year growth in the first five months of 2025 [12]. - Despite revenue growth, the company faced substantial losses, totaling 816 million RMB over three years, with losses in early 2025 increasing by 40% year-on-year [13]. Market Position and Strategy - Cloudwalk's strategic focus on the hotel sector has proven advantageous, with a market share of 13.9% in China's hotel service robot market, making it the industry leader [20]. - The company has established a competitive barrier through deep integration of technology and service, enabling its robots to perform various functions and interact with existing hotel systems [21]. - However, the heavy reliance on the hotel sector poses risks, as non-hotel revenue remains low, prompting Cloudwalk to explore new markets such as hospitals and commercial buildings [21]. Relationship with iFlytek - iFlytek's continued investment in Cloudwalk is part of its broader strategy to enhance its robotics ecosystem, leveraging Cloudwalk's commercial capabilities in the hotel sector [22]. - The collaboration between Cloudwalk and iFlytek focuses on complementary technologies, enhancing the interactive capabilities of Cloudwalk's robots through iFlytek's AI technologies [23]. Conclusion - Cloudwalk's IPO represents a breakthrough in the commercialization of service robots, validating the strategy of focusing on niche markets rather than broad applications [29]. - The ongoing competition in the robotics sector is intensifying, and the company's ability to address profitability challenges and expand into new markets will be critical for its future success [29].

Core Viewpoint - Cloud Robotics Company Yunji Technology has successfully completed its IPO on the Hong Kong Stock Exchange, marking a significant milestone as the first publicly listed hotel robotics company, with a notable initial stock price surge of nearly 50% from its offering price [1][3]. Company Overview - Yunji Technology, founded in 2014 by CEO Zhi Tao, focuses on the sale and rental of robots and their functional suites, with over 70% of its revenue derived from robot product sales [3][5]. - The company has established partnerships with over 34,000 hotels and 150 hospitals, and it ranks first in the Chinese hotel scene with a market share of 13.9% as of 2024 [3][9]. Financial Performance - Yunji Technology reported revenues of RMB 161.28 million, RMB 145.15 million, and RMB 244.77 million for the years 2022, 2023, and 2024, respectively, with corresponding losses of RMB 365.42 million, RMB 264.52 million, and RMB 184.96 million [6][7]. - The company has been experiencing a narrowing of losses, although it has not yet achieved profitability [6][8]. Investment and Funding - The company has attracted significant investment from major institutions, including Tencent, Alibaba, and Ctrip, with multiple rounds of financing since its inception [4][5]. - The recent IPO raised approximately HKD 590 million, with plans to allocate 60% for R&D, 30% for commercialization, and 10% for operational expenses [9]. Market Strategy - Yunji Technology aims to expand its market penetration in non-chain hotels, which constitute about 72% of the total hotel market in China, and plans to explore growth opportunities in third- and fourth-tier cities [8][9]. - The company is also looking to diversify its business into verticals such as healthcare, manufacturing, and logistics to reduce reliance on the hotel sector [9].

Core Insights - Xi'an Jiaotong University alumni Zhi Tao's company, Yunji, has officially listed in Hong Kong with a market value of approximately 9.8 billion [1] - The success of Yunji highlights the potential opportunities in the robotics industry, particularly in service robots [1] Company Overview - Yunji is known for its service robots, particularly in hotel settings, where it has established a strong market presence [2][3] - The company holds a 13.9% market share in the domestic hotel service robot market, ranking first [3] Market Dynamics - The commercialization of robots has been ongoing for the past decade, with varying degrees of success across different categories [2] - Service robots, especially those related to delivery, have shown significant commercial viability [6][7] Financial Performance - Yunji's revenue figures from 2022 to 2024 are as follows: 161 million, 145 million, and 245 million, totaling 550 million [8] - Despite not yet achieving profitability, the scale of revenue indicates a strong demand for its services [8] Industry Trends - The robotics industry is evolving from a 1.0 era focused on manual labor assistance to a 2.0 era that incorporates AI capabilities [13][14] - Future investment opportunities are expected to center around robots equipped with AI "brains" that can perform complex tasks [14][15] Competitive Landscape - Other successful categories in the robotics market include industrial delivery robots and cleaning robots, with significant market shares held by Chinese companies [9][11] - The education robot sector is also emerging, with notable revenue contributions from companies like UBTECH [12] Future Outlook - The integration of AI into robotics is anticipated to create new opportunities, although the adaptation process may take several years [17] - Companies like Yushun Technology are exploring advanced applications for their robots, indicating a shift towards more sophisticated use cases [16]

Core Viewpoint - The Hong Kong Stock Exchange has introduced Chapter 18C to its Main Board Listing Rules, providing a new listing pathway for specialized technology companies, allowing them to go public even without profitability, similar to the previous 18A listing for biotech companies [1][2]. Company Overview - Yunji Technology, established in 2014 and headquartered in Beijing, is a robotics service company that leverages AI technology to provide robotic services and components [5]. - The company is the fourth specialized technology company to list under Chapter 18C, following Jingtai Technology, Hezhima Intelligent, and Yuejiang Technology [3]. Financial Performance - Yunji Technology's revenue grew from RMB 161.28 million in 2022 to an estimated RMB 244.78 million in 2024, representing a compound annual growth rate (CAGR) of 23.2% [8]. - For the first five months of 2025, the revenue reached RMB 88.33 million, an 18.9% increase compared to the same period in 2024 [8]. - Despite the revenue growth, the company remains in a loss position, with net losses narrowing from RMB 365.42 million in 2022 to RMB 184.96 million in 2024, and a net loss of RMB 118.35 million for the first five months of 2025 [9]. Market Position - In 2024, Yunji Technology held a 6.3% share of the Chinese robotics service market and a leading 13.9% share in the hotel service robotics market, surpassing the combined market share of its competitors [7]. - The hotel segment accounted for 70.1%, 95.1%, and 83.0% of total revenue from 2022 to 2024, with a further increase to 93.2% in the first five months of 2025 [10]. Investment and Financing - Prior to its IPO, Yunji Technology underwent eight rounds of financing, raising approximately RMB 1.2 billion, with notable investors including Tencent, Alibaba, and Ctrip [11]. - The last financing round in December 2021 valued the company at RMB 4.08 billion, but it has not raised funds in the past four years, indicating a lack of confidence in its growth prospects [11]. Industry Outlook - The Chinese hotel robotics market is expected to grow from RMB 1.1 billion in 2023 to RMB 3.6 billion by 2028, with a CAGR of 26.4% [12]. - The competitive landscape is concentrated, with the top five players holding a combined market share of 27.6%, and Yunji Technology leading the market [12]. IPO Details - Yunji Technology plans to issue 6.9 million shares at an offer price of HKD 95.6, with a total market capitalization of HKD 6.57 billion [5][13]. - The IPO is expected to attract significant interest, with a projected oversubscription rate of 4000 times [14].

Core Insights - The International Federation of Robotics (IFR) reports that China will account for 67% of global robot patent applications in 2024, with significant breakthroughs in humanoid robot motion control and dexterous manipulation technology [1] - By the end of 2025, the service robot market in China is expected to reach 83.9 billion yuan, driven by both policy and demand [1] Group 1: Industry Trends - The 2025 World Robot Conference showcased over 200 domestic and international robot-related companies, with more than 100 new products launched and over 1,500 exhibits displayed [3] - The evolution of robots from industrial applications to household and caregiving roles reflects a shift in public perception, moving from industrial manufacturing to domestic chores and elder care [3][4] Group 2: Technological Advancements - Robots are increasingly being integrated into household tasks, with innovations such as a folding robot that can efficiently handle clothing, demonstrating advanced capabilities in perception and task execution [4] - The emergence of multifunctional robots in commercial settings, such as those used in hotels for delivery, cleaning, and security, highlights the versatility and efficiency of robotic applications [5] Group 3: Market Potential - The attendance of over 1.3 million ordinary consumers at the conference indicates a growing interest in consumer-level robotics, suggesting that the market potential for robots in education, companionship, and entertainment may be underestimated [5] - JD.com announced an "Intelligent Robot Industry Acceleration Plan" aimed at boosting sales for 100 robot brands, indicating a strategic push to integrate robots into over one million end-user scenarios [5]

Core Insights - The humanoid robot sector is experiencing significant growth, with financing increasing from 1.58 billion yuan in 2020 to 7.23 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 35.6% [1][2] - The global humanoid robot market is projected to reach 2.03 billion USD in 2024 and 13.25 billion USD by 2029, with a CAGR of approximately 45.5% [2] - Various companies are pursuing IPOs in Hong Kong, indicating a strategic focus on international expansion and the attractiveness of the Hong Kong market for financing [1][5] Financing Growth - In 2024, humanoid robot projects attracted significant capital, with 182 financing rounds totaling 14.05 billion yuan [2] - Yushutech completed nearly 1 billion yuan in Series B financing in February 2024, marking the largest financing amount in the humanoid robot sector for that year [2] Technological Advancement and Market Potential - The influx of funds is accelerating technological upgrades and promoting the commercialization of humanoid robots across various sectors, including industrial, medical, service, and education [3] - The rapid development of the humanoid robot industry is fostering collaboration across the supply chain, creating unprecedented opportunities for growth [3] Policy Support - China has introduced several policies to support the development of the humanoid robot industry, including the "14th Five-Year" plan and the "Guidance on the Innovative Development of Humanoid Robots" [4] - The Beijing Action Plan (2025-2027) aims to achieve breakthroughs in key technologies and foster a billion-level industry cluster by 2027 [4] IPO Activity - The successful IPO of UBTECH at the end of 2023 marked it as the first humanoid robot company listed on the Hong Kong Stock Exchange, focusing on industrial applications [5] - In December 2024, the collaborative robot company Yujian also went public, ranking among the top two in global collaborative robot shipments [6] - Other companies, including Jizhijia Technology and Yunji Technology, are also preparing for IPOs in Hong Kong, while Zhaowei Electromechanical plans to issue H-shares to enhance its global strategy [6]