机器人服务智能体研发及商业化的先行者——云迹科技，于10月8日-13日在港交所招股 每天解读一家上市企业 买股票就是买公司的未来，解读上市公司，分析投资价值 （股万0.85，领券商研报和香港福利，ichuang001） 北京云迹科技股份有限公司成立于2014年，主要提供机器人及功能套件，辅以AI数字化系统的服务。 截止目前，云迹机器人已落地全球30000 多家酒店、医院、工厂、公寓、楼宇等场景，涵盖中东、美洲、韩国、日本、泰国等国家和地区。 2023年，云迹科技推出具身智能机器人新形态——复合多态机器人「UP」，作为会使用工具、会理解分配任务、可群体协作的复合型机器人。 云迹科技仍处于亏损状态。 2022年至2024年，收入分别为1.61亿元、1.45亿元和2.45亿亿元；净亏损分别为3.65亿元、2.65亿元和1.85亿元。 2025年前5个月营收8833万元，较上年同期增长18.9%，净亏损1.18亿元。 | | | | 截至12月31日止年度 | | | | | 截至5月31日止五個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

IPO 申购指南 云迹科技（2670.HK） 建议谨慎申购 2025-10-8 星期三 【申购建议】 公司是领先的机器人服务 AI 赋能技术企业。公司主要提供机器人及功能套 件，辅以 AI 数字化系统的服务。从能够与现实世界互动的机器人，到能够 优化决策的 AI 数字化系统，公司向客户提供适应性强及可扩展的产品及服 务。根据弗若斯特沙利文的资料，2024 年，在机器人智能体市场拥有可适应 三维多层空间的机器人的参与者中，公司的同时在线机器人日均数量达到 27,000 台及服务消费者数量达到 2.3 亿人次，排名全球第一。于 2024 年，公 司的同时在线机器人数量单日高峰超过 36,000 台。 全球智能体市场按收入计的市场规模由 2020 年的人民币 390 亿元增至 2024 年的人民币 946 亿元，且预计于 2029 年达到人民币 6,020 亿元，2024 年至 2029 年的年复合增长率将加速至 44.8%，这表明全球智能体的采纳及应用呈 显著上升趋势。按收入计，全球有实体机器人形态的智能体市场已由 2020 年 的人民币 378 亿元增至 2024 年的人民币 820 亿元，年复合增长率为 21 ...

被视作"第二曲线"的AI数字化系统业务高速增长。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，北京云迹科技股份有限公司（以下简称"云迹科技"）日前已通过港交所聆讯并于 10月3日披露聆讯后的资料集。 在18C章程下，云迹科技的领航资深独立投资者为阿里、联想创投、腾讯、启明创投以及携程；资深 独立投资者则为安徽人工智能公司和河南科投。此外，云迹科技的投资方还包括中信证券、光控众 盈、海银资本、沸点资本、金茂资本、澜亭资本、睿住资本、泰州东南文投基金、中移创新产业基金 等。 云迹科技在招股书中表示，IPO募集所得资金净额将主要用于持续提升研发能力；提高在中国境内外 的商业化能力；以及用作营运资金及其他一般公司用途。 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓↓↓ 这意味着， 云迹科技成为今年第一家通过港交所聆讯的18C章特专科技企业，亦有望即将正式成 为"机器人服务智能体第一股"。 作为一家机器人服务AI赋能技术企业，成立于2014年的云迹科技现已在中国机器人服务智能体市场 中位列领先地位—— 根据弗若 ...

近期，云迹科技在港交所提交招股书，这家受资本青睐的机器人企业已连续三年亏损。据悉，云迹科技是 领先的机器人服务智能体企业，公司主要提供机器人及功能套件，辅以AI数字化系统的服务。从能够与现 实世界互动的机器人，到能够优化决策的AI数字化系统，公司向客户提供适应性强及可扩展的产品及服 务。 招股书显示，2022年至2024年及2025年前5月，云迹科技实现营业收入1.61亿元、1.45亿元、2.45亿元和 0.88亿元；期内亏损分别为3.65亿元、2.65亿元、1.85亿元和1.18亿元。 云迹科技在风险提示中指出，公司可能在短期内继续产生净亏损，因为公司正在快速发展的机器人服务智 能体市场拓展业务及经营，并正持续投资于研发。公司可能无法于不久将来实现或于随后维持盈利能力。 公司认为，未来的收入增长将取决于（其中包括）开发新技术、提升客户体验、建立有效的商业化策略、 有效及成功地竞争以及开发新产品及服务的能力。此外，公司预计，随著继续拓展业务及经营，并投资于 研发，公司的成本及开支将在未来期间增加。此外，作为一家公众公司，公司预计将产生大量成本及开 支。倘无法产生足够的收入及管理开支，公司可能继续产生重大亏损， ...

Core Viewpoint - Cloudwalk Technology is pursuing an IPO in Hong Kong, revealing details about its main business and financial status, showing revenue growth but an expanding net loss rate, which investors should monitor for potential risks [1] Business Model - Cloudwalk Technology is a leading enterprise in robotic service intelligence, providing robots and functional kits along with AI digital system services, integrating both physical and non-physical robotic forms across various scenarios such as hotels, healthcare, and commercial buildings [2] - The company generates revenue through multiple models including sales, leasing, subscriptions, and commissions, which helps diversify risks and expand market reach [3] Financial Data - Revenue growth is evident, with total revenue of 161 million in 2022, slightly decreasing by 10.0% to 145 million in 2023, and then significantly rebounding by 68.6% to 245 million in 2024, with a further increase of 18.9% in the first five months of 2025 compared to the same period in 2024 [4] - Net losses improved from 365 million in 2022 to 265 million in 2023 (a reduction of 27.6%), and further decreased by 30.1% to 185 million in 2024, but increased by 40.9% in the first five months of 2025 compared to the same period in 2024 [4][5] - Gross margin has been rising, with rates of 24.3%, 27.0%, and 43.5% for 2022, 2023, and 2024 respectively, and 39.5% in the first five months of 2025, indicating improving profitability of products or services [5] - The net loss margin remains high, with rates of 226.6%, 182.2%, and 75.6% for 2022, 2023, and 2024 respectively, and 134.0% in the first five months of 2025, showing room for improvement in cost control and profitability [6] Revenue Composition - Revenue from robots and functional kits constituted a significant portion of total revenue, accounting for 83.6%, 82.4%, and 77.2% from 2022 to 2024, while AI digital system revenue has been gradually increasing [8] - The hotel sector remains the dominant revenue source, contributing 70.1%, 95.1%, and 83.0% from 2022 to 2024, indicating a high dependency on the hotel industry [8] Financial Challenges - The company faces increasing net liabilities, with figures of 1.104 billion, 1.356 billion, 1.519 billion, and 1.617 billion from 2022 to May 2025, primarily due to redemption liabilities from specific investors [12] - Cumulative losses are substantial, totaling 9.04 billion, 11.68 billion, 13.53 billion, and 14.71 billion from 2022 to May 2025, presenting significant financial pressure [12] Market Position - In 2024, Cloudwalk Technology held a 6.3% market share in the Chinese robotic service intelligence market and a leading 13.9% in the hotel sector, although competition is fierce with the top five players only accounting for 25.4% and 27.4% of the respective markets [10] Customer and Supplier Dynamics - The company has a low customer concentration, with the top five customers contributing 23.8%, 10.9%, 14.1%, and 11.9% of total revenue from 2022 to May 2025, reducing revenue risk from customer loss [11] - However, there is an increasing reliance on suppliers, with the top five suppliers accounting for 24.8%, 29.4%, 44.2%, and 62.7% of total purchases from 2022 to May 2025, indicating potential risks from supply chain disruptions [11] Management and Governance - The core management team possesses extensive industry experience, and the company has implemented an employee stock ownership plan to enhance team stability and motivation, although the long-term effectiveness of this mechanism remains to be seen [14]

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 - Beijing Yunji Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to establish itself as a leader in the service intelligent agent ecosystem, focusing on enhancing consumer experiences through advanced robotics and intelligent software platforms [1][2]. Group 1: Company Overview - Yunji Technology was founded in 2014 with the mission of "Robots make humans happier" and aims to redefine consumer experiences through deep service to enterprise clients [1]. - The company is recognized as a pioneer in the commercialization of robotic service intelligent agents, leveraging the UP series robots' technological superiority to achieve a first-mover advantage [2]. Group 2: Market Position and Performance - According to Frost & Sullivan, Yunji Technology ranks first globally in the number of simultaneously online robots and consumers served, with a peak of over 36,000 robots online in a single day [1]. - In 2023, the company held a 9.0% market share in the hotel scene robot market and a 12.2% market share in China's hotel scene intelligent agent market, both ranking first globally [1]. Group 3: Financial Performance - The company reported revenues of 161 million yuan, 145 million yuan, and 245 million yuan for 2022, 2023, and 2024 respectively, with a compound annual growth rate (CAGR) of 23.2% [3]. - The gross profit for the same years was 39.27 million yuan, 39.16 million yuan, and 106 million yuan, with gross profit margins of 24.3%, 27.0%, and 43.5%, reflecting a CAGR of 64.6% [3]. - Net losses decreased from 365 million yuan in 2022 to 185 million yuan in 2024, indicating improved commercialization capabilities and sustainable growth potential with a CAGR reduction of 28.9% [3]. Group 4: Research and Development - R&D expenses for 2022, 2023, and 2024 were 67.8 million yuan, 69.4 million yuan, and 57.4 million yuan, representing 42.0%, 47.8%, and 23.4% of total revenue respectively [3]. - As of December 31, 2024, the company holds 389 invention patents, 335 utility model patents, and 255 design patents [3]. Group 5: Client Base and Service Achievements - Yunji Technology has served over 34,000 enterprise clients, including more than 30,000 hotels and 100 hospitals across regions such as the Middle East, Americas, South Korea, Japan, and Thailand [3]. - In 2024, the company's robotic intelligent agents completed over 500 million service instances [3].

Core Insights - Beijing Yunji Technology Co., Ltd. has officially submitted its listing application to the Hong Kong Stock Exchange, potentially becoming the first stock of robot service intelligent agents [2] - The company has received significant capital support since its establishment in 2014, with shareholders including Alibaba Group, Lenovo Group, Tencent, Qiming, and Ctrip [2] - Yunji Technology's main business is divided into two parts: robots and functional suites, and AI digital systems, with the largest number of online robots and service consumers globally by 2024 [2] Business Performance - By 2024, Yunji Technology is expected to have over 36,000 online robots at peak daily usage, completing over 500 million service instances throughout the year [2] - The company ranks first globally in the hotel scene robot intelligent agent market and the hotel scene intelligent agent market based on 2023 revenue [2] - The AI digital system business revenue has been growing at a compound annual growth rate (CAGR) of 45.5% from 2022 to 2024, indicating significant potential in AI intelligent agent service applications [2] Financial Data - Yunji Technology's operating revenue is projected to increase from RMB 161 million in 2022 to RMB 245 million in 2024, reflecting a CAGR of 23.2% [3] - Gross profit is expected to rise from RMB 39.27 million in 2022 to RMB 106 million in 2024, with a CAGR of 64.6% [3] - The funds raised from the listing will primarily be used to enhance R&D capabilities, improve robot intelligent agent technology, and increase commercialization capabilities both domestically and internationally [3]

Core Viewpoint - Cloudwalk Technology has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to solidify its leading position in the hotel robot market while facing redemption liabilities and intense competition [1][2]. Group 1: IPO and Market Position - Cloudwalk Technology has been planning for an IPO since 2022 and has undergone eight rounds of financing since its establishment in 2014, with notable investors including Alibaba and Tencent [2][4]. - The company has a redemption liability of 1.87 billion yuan by the end of 2024, which adds pressure as it seeks to go public [2]. - Cloudwalk initially aimed to list on the Shanghai Stock Exchange but switched to the Hong Kong Stock Exchange for better international recognition and market access [4]. Group 2: Product and Service Offerings - The company primarily offers robots and functional suites, including hardware and modules that form the basis of robotic services, as well as AI-driven digital systems [4]. - Cloudwalk's robots are mainly used in hotel settings, holding a 9% market share in the global hotel robot service market, with revenue from hotel services accounting for 83% of total revenue in 2024 [5]. Group 3: Financial Performance - Cloudwalk's revenue has shown a positive trend, with figures of 161 million yuan, 145 million yuan, and 245 million yuan for 2022, 2023, and 2024 respectively [6]. - The gross profit for the same years was 39.27 million yuan, 39.16 million yuan, and 106 million yuan, with gross margins improving from 24.3% to 43.5% [6]. - The company has been reducing its losses, with net losses decreasing from 365 million yuan in 2022 to 185 million yuan in 2024 [6]. Group 4: Competitive Landscape and Strategy - The Chinese robot service market is growing, with a compound annual growth rate of 18.7% from 2019 to 2023, projected to reach 9.7 billion yuan by 2028 [7]. - Competitors like Orion Star and Ninebot are intensifying the competition, necessitating Cloudwalk to maintain its market share through differentiation [7]. - To enhance competitiveness, Cloudwalk has been reducing product prices, with the average price of its "Gege" series robots dropping from 26,800 yuan in 2022 to 20,900 yuan in 2024 [8].

Core Viewpoint - Cloud Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange after incurring cumulative losses exceeding 800 million RMB over the past three years [1][2]. Financial Performance - The company's revenue for the years 2022, 2023, and 2024 was approximately 161 million RMB, 145 million RMB, and 245 million RMB, respectively, with corresponding net losses of 365 million RMB, 265 million RMB, and 185 million RMB [2]. - Adjusted net losses for the same years were 234 million RMB, 120 million RMB, and 28 million RMB, leading to a total cumulative loss of 815 million RMB and an adjusted cumulative loss of nearly 400 million RMB [2]. - Revenue from robot and functional kits accounted for approximately 83.6%, 82.4%, and 77.2% of total revenue in the respective years, while AI digital systems contributed 16.4%, 17.6%, and 22.8% [2]. Revenue Sources - The majority of the company's revenue comes from the hotel sector, contributing 70.1%, 95.1%, and 83.0% of total revenue in 2022, 2023, and 2024, respectively [2]. - Other application scenarios include commercial buildings, medical institutions, factories, and communities, but these segments are still under development and represent a small portion of the business [2]. Financing History - Since its establishment in 2014, the company has completed eight rounds of financing, totaling 1.2 billion RMB [3]. - The most recent financing rounds occurred in 2021, with a C round raising 265 million RMB and a D round raising 580 million RMB, leading to post-money valuations of 2.289 billion RMB and 4.08 billion RMB, respectively [3]. - The exit of early investor HNA Capital in 2023 and the shift from the Sci-Tech Innovation Board IPO to the Hong Kong IPO may indicate financial pressures [3]. Cash Position - As of December 31, 2024, the company held approximately 106 million RMB in cash and cash equivalents, which may not be sufficient given its ongoing losses [4].