Core Viewpoint - Yunji Technology is preparing for an IPO on the Hong Kong Stock Exchange, aiming to become the first publicly listed company in the robot service industry, particularly in hotel delivery robots, with a significant market presence and a strong client base [2][4]. Group 1: Company Overview - Yunji Technology has submitted its prospectus to the Hong Kong Stock Exchange, indicating its intention to list on the main board [2]. - The company ranks first globally in the hotel scene intelligent agent market, with a market share of 9.0% as of 2023, and has over 34,000 corporate clients, including more than 30,000 hotels and 100 hospitals by the end of 2024 [12][14]. - The company has transitioned from plans for an A-share IPO to pursuing a listing in Hong Kong after terminating its previous guidance agreement [3]. Group 2: Founder and Leadership - The founder and CEO, Zhi Tao, is a notable female entrepreneur in the robotics field, with a background in engineering and management [6]. - Zhi Tao's vision for Yunji Technology was driven by the high labor costs and training difficulties in the hotel industry, leading to the development of robots that can operate continuously and efficiently [6][10]. Group 3: Business Model and Market Demand - Yunji Technology's robots are designed to perform repetitive tasks in hotels, allowing human staff to focus on more valuable interactions [6][10]. - The demand for delivery robots surged due to the rise of food delivery services, the COVID-19 pandemic, and regulatory changes in certain regions [9][10]. - The company has developed a comprehensive digital operation system (HDOS) that integrates AI capabilities to enhance service efficiency and reduce manual labor [10]. Group 4: 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% [25]. - The gross margin improved from 24.3% in 2022 to 43.5% in 2024, driven by higher-margin AI digital system revenues [26]. - Despite revenue growth, the company reported net losses of 365 million yuan in 2022, 265 million yuan in 2023, and 185 million yuan in 2024, indicating a trend of decreasing losses [28]. Group 5: Investment and Valuation - Yunji Technology has attracted significant investment from major players like Tencent, Alibaba, and Lenovo, completing multiple funding rounds with a valuation reaching 4 billion yuan before the IPO [16][19]. - The company aims to leverage the IPO to enhance its research and development capabilities and expand into new markets and applications [31][33]. Group 6: Market Opportunity - The robot service intelligent agent market in China is rapidly growing, with an estimated market size of 3 billion yuan in 2023 and a projected growth rate of 18.7% annually, expected to reach 9.7 billion yuan by 2028 [29].