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 ...

产品与数据的两眼表现背后，是其在技术上的不断投入。云迹科技屡获权威奖项，包括沙利文"最实用 的AgentTOP10"、"最具创新的AgentTOP10"等多项荣誉。公司拥有专利389项发明专利、335项实用新型 专利及255项外观设计专利，参与制定26项国家与行业技术标准。在产学研协同方面，云迹与香港理工 大学携手成立"酒店数字智能联合创新实验室"，推动"基础研究-技术攻关-成果转化"全链条创新，进一 步巩固了其技术领先地位。 公司的业绩表现为持续的研发投入筑牢财务基石。根据招股书披露，2022至2024年，云迹科技营业收入 从1.61亿元增长至2.45亿元，复合增长率达23%，并由2024年首五个月的74.3百万元进一步增长18.9%至 2025年首五个月的88.3百万元。反映出公司成本结构优化和产品附加值提升的成果。 具身智能机器人作为云迹科技的核心技术体现，主要分为"具身智能+离身智能"双引擎模式。其复合多 态机器人UP系列具备模块化架构，支持"一机多能、分时复用"，通过通用底盘适配多种功能舱体，如 送物、清扫、消杀等，UP机器人可灵活切换任务类型，大幅提升设备利用率和场景适应性。离身智能 以HDOS系 ...

Core Viewpoint - Cloudwalk Technology has taken a significant step towards entering the international capital market by filing for an overseas listing in Hong Kong, which reflects its ongoing exploration in the commercialization of AI and embodied intelligence [1][2]. Group 1: AI and Robotics Development - The rapid development of AI is reshaping various industries, with robots as key applications of AI technology, leading to unprecedented changes and opportunities [2][4]. - Cloudwalk Technology's robots are projected to complete over 500 million end-to-end services in 2024, with a peak of 36,000 robots online simultaneously, ranking first globally [2][14]. Group 2: Embodied Intelligence - Embodied intelligence is extending AI capabilities from the digital realm to the physical world, enabling machines to understand environments, make autonomous decisions, and execute tasks [4][10]. - Composite Polymorphic Robots, which integrate multimodal large models and new sensor technologies, are designed to meet future production and service industry needs [4][10]. Group 3: Product Innovation - The UP series robots from Cloudwalk Technology exemplify composite polymorphic robots, integrating advanced AI and sensor systems for precise understanding of human needs and efficient task execution [4][6]. - These robots are capable of multi-task coordination and can operate across various scenarios, such as hotels and hospitals, providing real-time responses to user inquiries and service requests [6][11]. Group 4: Market Growth and Trends - The Chinese robot service market has grown from RMB 1.5 billion in 2019 to RMB 3 billion in 2023, with a projected CAGR of 26.5% from 2023 to 2028, reaching RMB 9.7 billion by 2028 [18][20]. - The AI Agent sector is experiencing exponential growth, with capabilities doubling every four months by 2025, indicating a significant shift in AI applications from simple tasks to complex projects [9][10]. Group 5: Competitive Landscape - Cloudwalk Technology has established a leading position in the service robot sector, leveraging its technological advantages and precise sales strategies amidst a competitive landscape [18][19]. - The company has attracted significant investment from major players like Tencent and Alibaba, highlighting the industry's potential and the importance of continued R&D and commercialization efforts [19][20].

Core Insights - Beijing Yunji Technology Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, aiming to become the first publicly listed company in the hotel service robot sector [1] - The hotel service robot market has shown varied development trends, with some companies thriving while others face significant challenges [1][5] - Yunji Technology reported a cumulative loss exceeding 800 million yuan over three years, raising concerns about the sustainability of its business model and the broader hotel robot industry [1][4] Company Overview - As of the end of 2024, Yunji Technology serves over 30,000 hotels and 100 hospitals across 329 prefecture-level cities in China [2] - More than 80% of Yunji Technology's revenue comes from hotel robot services, with this figure reaching 95.1% in 2023 [2] - The company holds a market share of 9% globally and 12.2% in China for hotel scenarios, ranking first in both markets [2] Financial Performance - Yunji Technology's revenue grew from 161 million yuan in 2022 to 245 million yuan in 2024, with a compound annual growth rate of 23.2% [4] - Despite revenue growth, the company reported net losses of 365 million yuan, 265 million yuan, and 185 million yuan over the same period, totaling over 800 million yuan in losses [4] - The gross margin improved from 24.3% to 43.5%, but hardware business margins remain lower at 38.1% [4] Industry Challenges - The hotel robot industry faces challenges such as reduced procurement budgets in the hotel sector and intensified price competition [4][5] - The market for hotel service robots in China grew from 500 million yuan in 2019 to 1.1 billion yuan in 2023, with projections of reaching 3.6 billion yuan by 2028 [5] - The competitive landscape is intense, with the top five players holding a combined market share of 27.6% [5] Market Dynamics - The hotel robot market is experiencing saturation in hotel applications, while expansion into non-hotel scenarios remains difficult [6] - Many hotels prefer human services over robots, and the industry is characterized by a lack of innovation in business models [6][12] - The high initial investment and maintenance costs of robots, along with their limited functionality compared to human staff, contribute to the perception of hotel robots as a "pseudo-necessity" [12][13] Future Outlook - Experts predict that the hotel robot market will evolve through technological innovation, diversified applications, and new business models [14] - The integration of embodied AI and modular functionalities in robots could reduce costs and enhance service efficiency [14] - The potential for robots to generate additional revenue through value-added services and data-driven operational strategies is recognized [14][15]

Core Viewpoint - Beijing Yunji Technology Co., Ltd. is facing significant challenges in the commercial service robot industry, with a cumulative net loss exceeding 800 million yuan despite generating over 500 million yuan in revenue over the past three years [1] Company Overview - Yunji Technology submitted its prospectus to the Hong Kong Stock Exchange in March 2023, aiming for a main board listing, with CITIC Securities and Jianyin International as joint sponsors [1] - The company is a robot service intelligence enterprise, planning to serve over 30,000 hotels and 100 hospitals by the end of 2024, with deployments in 329 prefecture-level administrative regions in China [1] - In 2024, Yunji's robots are expected to complete over 500 million services, with a peak daily online robot count exceeding 36,000 units [1] Financial Performance - From 2022 to 2024, Yunji's revenue grew from 161 million yuan to 245 million yuan, achieving a compound annual growth rate of 23.2%, with total revenue exceeding 500 million yuan [1] - However, net losses during the same period were 365 million yuan, 265 million yuan, and 185 million yuan, totaling over 800 million yuan [1] - The gross profit margin improved from 24.3% to 43.5%, but hardware business gross margin was only 38.1%, while high-margin software business revenue (HDOS system) accounted for less than 20% of total revenue [1] Market Position and Challenges - Yunji Technology's founder, Zhi Tao, established the company in 2014, successfully deploying delivery robots in 30,000 hotels, capturing 12.2% of the Chinese hotel market [2] - Over 80% of Yunji's revenue comes from hotel robots, with this figure rising to 95.1% in 2023, leading to a dependency on the hotel sector [4] - The hotel industry is experiencing budget cuts and intensified price wars, which are driving down robot prices [4] - Industry analysis indicates that hotel robots have limited functionality, primarily for delivery and cleaning, with poor system integration and high maintenance costs, reducing hotel procurement willingness [4] Strategic Concerns - The departure of CTO Lin Xiaojun at the end of 2024 raised concerns about the stability of Yunji's technology roadmap [4] - The company's R&D expenditure ratio decreased from 42% to 23.4%, significantly lower than industry leaders, while sales expenses increased by 2.46%, highlighting risks associated with the "cut R&D to maintain market" strategy [4] - Yunji previously attempted to list on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2022 but was blocked due to stringent profitability requirements [4] Current Financial Situation - Due to the Hong Kong Stock Exchange's 18C rule allowing unprofitable tech companies to list, Yunji is now pursuing a listing in Hong Kong [5] - As of the end of 2024, Yunji's cash and cash equivalents amounted to only 105 million yuan, sufficient for just 7 months of operations, while total current liabilities reached 2.022 billion yuan, including 1.881 billion yuan in redemption liabilities [5] - A betting agreement requires Yunji to repay substantial debts if it fails to go public within 18 months, making the IPO process critical for the company's survival [5]