来源：格隆汇APP 格隆汇10月3日｜酒店送餐机器人公司云迹科技通过上市聆讯，在港交所上载聆讯后资料集，拟在香港 主板上市。股东包括腾讯、阿里巴巴、联想、携程等。集团指出，集资将用于提升研发能力，提高境内 外商业化能力，以及营运资金及一般公司用途。中信证券及建银国际为联席保荐人。 ...

Core Viewpoint - The article discusses the unique behavior of delivery robots in hotels, particularly their tendency to occupy the center of the elevator, which is attributed to their design and safety protocols [19][22][43]. Group 1: Robot Elevator Behavior - The delivery robot follows a specific process to use the elevator, which includes calling the control system, entering the elevator, and reaching the target floor [18][19]. - The robot is programmed to stand in the center of the elevator for safety reasons, ensuring it maintains a safe distance from the elevator doors and walls [22][19]. - This central positioning can lead to conflicts with human passengers, as the robot may not yield space, causing discomfort or inconvenience [26][30]. Group 2: Design and Technology - The robot's design is influenced by IoT communication technology, requiring modifications to the elevator system to accommodate its operation [13][43]. - Newer robot designs are being explored to allow for more flexible positioning within the elevator, enabling them to detect obstacles and choose safer spots [32][43]. Group 3: User Experience and Reactions - While some users find the robots endearing, others express frustration over their clumsiness and insistence on occupying space [35][42]. - The presence of delivery robots can enhance the hotel experience for some guests, providing convenience and reducing the need for direct interaction with delivery personnel [42][43].

Core Viewpoint - The article discusses the challenges and quirks of hotel delivery robots, particularly their tendency to occupy the center of elevators, which can lead to awkward situations for human passengers [1][3][12]. Group 1: Robot Operation and Design - The delivery robot uses IoT communication technology to navigate elevators, requiring a smart control system to manage its movements [5][6]. - The robot is programmed to stand in the center of the elevator for safety and efficiency, ensuring it maintains distance from walls and doors [11][8]. - This design choice can lead to conflicts in crowded elevators, as robots may ignore the presence of human passengers to maintain their central position [12][13]. Group 2: User Experience and Reactions - Users have expressed mixed feelings about the robots, with some appreciating the convenience while others find their behavior frustrating [16]. - The robots can sometimes cause delays by waiting for less crowded elevators or by physically pushing against passengers [12][13]. - Despite the challenges, some guests prefer hotels with robots for the ease of receiving deliveries without interacting with human staff [16]. Group 3: Future Developments - New designs are being explored to allow robots to assess their surroundings and choose safer positions in elevators, potentially improving user experience [14]. - The integration of advanced technologies like AI and IoT in daily life is highlighted as a significant trend, with robots representing a blend of innovation and practicality [16].

Core Viewpoint - The Hong Kong stock market is rapidly becoming a prime location for domestic robotics companies to raise funds, with 10 robotics and related industry companies filing for IPOs this year [1][2]. Group 1: Market Dynamics - The favorable financing environment in Hong Kong, characterized by a higher acceptance of emerging technology companies and lower listing thresholds, has attracted robotics firms [2][7]. - The clustering of robotics companies in Hong Kong reflects their critical development phase, necessitating capital market support to accelerate commercialization [2]. Group 2: Company Positioning - Companies are strategically positioning themselves as leaders in their respective niches, with firms like Geek+ aiming to be the "first stock" in the AMR (Autonomous Mobile Robot) sector, while others like Standee Robotics target industrial intelligent mobile robots [3][4]. - Geek+ is recognized as the global leader in warehouse fulfillment AMR solutions, with a projected revenue ranking it as the largest provider by 2024, serving 806 global clients and delivering 56,000 units [3]. - Standee Robotics is positioned as the fifth largest provider of industrial intelligent mobile robots, holding a market share of 3.2% [3]. Group 3: Financial Performance - Many of the recently listed robotics companies are currently unprofitable, with seven out of ten companies applying for IPOs reporting losses, highlighting the competitive and high-investment nature of the industry [6][7]. - Specific losses include Geek+ and Estun, each projected to lose over 800 million RMB in 2024 due to limited demand and increased competition in the mobile warehousing and manufacturing sectors [6]. - The overall market for industrial robots in China is expected to decline by 5% in 2024, influenced by reduced investments in downstream sectors like photovoltaics and lithium batteries [6]. Group 4: Strategic Importance of IPOs - Listing on the Hong Kong stock exchange provides essential funding for robotics companies to enhance technology development, market expansion, and brand building [7]. - The ability of Hong Kong to accommodate unprofitable companies for IPOs offers a significant opportunity for robotics firms that require substantial upfront investment [7]. - The relatively short IPO process in Hong Kong is a key factor driving robotics companies to seek listings there, facilitating the formation of a comprehensive robotics sector that attracts investor attention [7].

Core Insights - The hotel service industry is undergoing a transformation with the integration of robots, particularly in food delivery, reflecting a shift in consumer habits driven by the younger generation [1][4][5] Market Overview - The global hotel service robot market has grown from RMB 700 million in 2019 to RMB 1.5 billion in 2023, with a compound annual growth rate (CAGR) of 20.0%. It is projected to reach RMB 4.8 billion by 2028, with a CAGR of 25.6% from 2023 to 2028 [2] Company Focus - CloudMinds Technology, a leading provider of delivery robots in China, has submitted an application for an IPO, indicating the significant market potential for delivery robots [4] Consumer Trends - 83% of users opting for smart service hotels are aged 25-34, and they are willing to pay an additional 18% for a tech-enhanced experience, highlighting the demand for technology in hospitality [5] Privacy and Space - Young consumers are increasingly valuing personal space and privacy, preferring robot delivery to minimize social interaction and maintain comfort during their stay [8][6] Industry Challenges - Despite the enthusiasm for hotel robots, the industry faces challenges, including significant losses reported by leading companies like CloudMinds Technology, which has incurred losses of RMB 800 million over three years [9] - The lack of differentiated technology in the underlying algorithms poses a challenge for competitive advantage in the hotel robot sector [9] Experience Optimization - There are practical issues with robot delivery, such as navigating complex environments, which can lead to delays and decreased service efficiency [10] - Improving the functionality and adaptability of robots is essential to enhance consumer satisfaction and avoid being perceived as mere gimmicks [12] Future Trends - The future of hotel robots is expected to evolve beyond simple delivery tasks to more integrated roles within hotel operations, focusing on personalized service and data-driven interactions [13][15] - The latest generation of robots aims to be multifunctional and cost-effective, supporting various hotel needs while collaborating with digital systems for efficient service delivery [17]

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].