2025年10月16日，云迹科技正式在港交所主板挂牌上市，股票代码02670.HK，成为"机器人服务智能体 第一股"，也成为2025年港股市场上率先依据18C章规则上市的特专科技企业。这家手握阿里、腾讯投 资的服务机器人企业，最终通过18C章"特专科技公司"通道完成上市"续命"。招股书曾披露，公司三年 累计亏损超8亿元，上市前背负19.25亿元赎回负债，现金储备仅能支撑数月运营。在行业价格战与场景 依赖的双重挤压下，云迹科技一边用"硬件+软件"转型勾勒希望，一边在资本悬崖边缘艰难求生，如今 虽跨越上市门槛，却仍未走出科技创业公司的生存迷局。 19亿对赌压顶的生死竞速终落定 云迹科技的IPO征程堪称一场被动的"战略转进"。2025年3月，筹备三年多的科创板上市计划突然终止， 公司随即火速转向港股，选择对盈利要求更低的18C章上市通道。创始人对外宣称"看中港股国际化程 度"，但资本市场更倾向于解读为现实妥协——A股盈利门槛收紧，持续亏损的云迹已难以讲清盈利时 间表。 这场转场背后，是悬在头顶的对赌协议"利剑"，招股书披露，若未能在18个月内完成上市，投资方将恢 复赎回权，云迹需按8%年化利率回购股份，截至2025 ...

沸点资本自2020年起连续投资云迹科技三轮。 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 "）于2025年10月16日 正式以"2670"为股票代码在港交所主板挂牌上市，成为" 机器人服务智能体第一股 "。 成立于 2014年的 云迹科技 作为一家 机器人服务 AI赋能技术企业，在中国机器人服务智能体市场 中位列领先地位 。 通过 "润"、"格格"、"UP"三代产品的清晰迭代，云迹科技实现了从单一功能到 场景定制，再到复合智能协调，形成了以"具身智能+AI"为核心的坚实护城河。 沸点资本创始合伙人涂鸿川表示 ： "作为有幸陪伴云迹成长的投资人， 我们始终坚信，在智能体机 器人产业浪潮奔涌向前的当下，核心技术创新与研发是企业立足的根基，更是抢占科技竞争制高点、 攻克产业薄弱环节的关键所在 ——这与我们对'大机器人时代'的判断高度契合：唯有推动机器人结 合AI深度演进，依托云端大脑实现规模化部署，真正实现人工智能与人机协同，让机器拥有自主'思 考'的'大脑'，才能在产业变革中站稳脚跟、领跑 ...

Core Viewpoint - Cloudwalk Technology (2670.HK) has officially listed on the Hong Kong Stock Exchange, becoming the first "robot service intelligent body" stock and a specialized technology enterprise under Chapter 18C rules, with a strong market response reflected in its oversubscription and significant first-day price increase [1][5]. Group 1: IPO Performance - Cloudwalk issued 6.9 million H-shares at a price of HKD 95.6 per share, aiming to raise up to HKD 660 million, with a public offering accounting for 5% of the total shares [1][4]. - The public offering was oversubscribed by 5,657.2 times, involving approximately HKD 189.1 billion, with 263,000 retail investors participating [1][4]. - On its first trading day, Cloudwalk's share price surged by 49.37% to HKD 142.8, resulting in a total market capitalization of HKD 9.813 billion [1]. Group 2: Financial Performance - For the first five months of 2025, Cloudwalk reported total revenue of CNY 88.329 million, an 18.9% increase year-on-year, with significant growth in various sectors including healthcare and factories [3][8]. - The revenue from the intelligent application (HDOS) business saw a remarkable 194% year-on-year increase, indicating the emergence of a high-margin "second revenue curve" beyond hardware sales [3][11]. - The company’s revenue for 2022, 2023, and 2024 was CNY 161 million, CNY 145 million, and CNY 245 million respectively, with gross margins improving from 24.4% to 43.5% [8][11]. Group 3: Market Position and Growth Potential - Cloudwalk holds a 6.3% market share in China's robot service intelligent body market, with a significant 13.9% share in the hotel service sector [9][10]. - The market for robot service intelligent bodies in China is projected to grow from CNY 1.8 billion in 2020 to CNY 3.7 billion by 2024, with a compound annual growth rate (CAGR) of 19.8% [5][9]. - The company has expanded its application scenarios from hotels to commercial buildings, hospitals, and factories, with over 34,000 hotels and more than 150 hospitals deploying its robots as of May 31, 2025 [8][10]. Group 4: Strategic Development - The funds raised from the IPO will primarily enhance AI research and development capabilities, improve hardware technology, and develop robot components [6][12]. - Cloudwalk's strategy includes integrating hardware with software and services to create a self-reinforcing cycle that enhances customer loyalty and long-term revenue [12]. - The recent national policies promoting AI and service industry upgrades align with Cloudwalk's expansion into factories, healthcare, and commercial buildings, presenting unprecedented opportunities for growth [13].

Core Viewpoint - Cloudwalk Technology (2670.HK) has officially listed on the Hong Kong Stock Exchange, becoming the first "robot service intelligent body" stock and a specialized technology enterprise under the 18C chapter rules, with a strong market response reflected in its oversubscription and significant share price increase [1][4]. Group 1: IPO Performance - Cloudwalk's IPO attracted significant attention, with 690 million H-shares offered, 5% for public sale and 95% for international placement, at a price of HKD 95.6 per share, aiming to raise up to HKD 660 million [1][4]. - The public offering was oversubscribed by 5,657.2 times, involving approximately HKD 189.1 billion, with 263,000 retail investors participating [1][4]. - On its first trading day, Cloudwalk's share price surged by 49.37% to HKD 142.8, resulting in a total market capitalization of HKD 9.813 billion [1]. Group 2: Financial Performance - For the first five months of 2025, Cloudwalk reported total revenue of HKD 88.329 million, an 18.9% increase year-on-year, with hotel revenue growing by 20% [3][9]. - The revenue from intelligent application (HDOS) business saw a significant increase of 194%, indicating the emergence of a high-margin "second revenue curve" beyond hardware sales [3][10]. - The company’s revenue for 2022, 2023, and 2024 was HKD 161 million, HKD 145 million, and HKD 245 million respectively, with gross margins improving from 24.4% to 43.5% [7][10]. Group 3: Market Position and Growth Potential - Cloudwalk holds a 6.3% market share in China's robot service intelligent body market, with a significant 13.9% share in the hotel service segment [8][9]. - The market for robot service intelligent bodies in China is projected to grow from HKD 1.8 billion in 2020 to HKD 3.7 billion by 2024, with a compound annual growth rate (CAGR) of 19.8% [5][8]. - The company plans to use IPO proceeds to enhance AI research and development capabilities and improve hardware technology, including the development of robot components [5][11]. Group 4: Strategic Development - Cloudwalk's strategy includes integrating hardware with software and services, creating a self-reinforcing cycle that enhances customer engagement and loyalty [11][12]. - The introduction of the HDOS system marks a strategic upgrade, allowing Cloudwalk to provide deeper services and increasing customer switching costs [11]. - The Chinese market for non-physical robot forms is expected to experience explosive growth, with projections indicating a rise from HKD 12.6 billion in 2024 to HKD 126.9 billion by 2029, reflecting a CAGR of 58.7% [11].

从提交上市申请到通过聆讯，仅仅耗时10天，国内一机器人概念股港交所上市进程提速。 据报道，北京云迹科技股份有限公司（简称"云迹科技"） 10 月 3 日通过港交所聆讯，有望于近期挂 牌。9月22日，云迹科技更新招股书，通过18C规则（允许未盈利科技企业上市）申请上市。 若云迹科技上市成功，公司将成为港交所"机器人服务智能体第一股"，迈出登陆国际资本市场的关键一 步。 AI智能体破局者 当全球科技界热议AI大模型时，具身智能正悄然推动AI能力从数字空间向物理世界延伸。具身智能的 核心在于赋予机器理解环境、自主决策并执行任务的能力，使AI从"思考的大脑"落地成为"行动的身 体"。 云迹科技的智能体应用包含两个主要组成部分：HDOS，云迹科技的离身服务智能，作为智能虚拟助 手，具备AI礼宾服务、服务订单管理、投诉预警以及强大的报告和分析工具等功能；YJ-Platform，这是 一个将HDOS集成到客户现有工作流程中的平台。 《中国人工智能学会系列白皮书——复合多态机器人（2024）》指出，复合多态机器人作为伴随需求应 运而生的机器人类型，是技术发展的必然趋势，是市场对性能和优势的一种选择，其设计理念和技术实 现正在 ...

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].