今年3月，云迹科技向港交所递交上市申请，成为香港第6个以《上市规则》18C章申请上市的特专科技 公司。日前又有好消息传出，云迹科技更新了招股书，上周刚刚通过IPO备案。至此，云迹科技距离登 陆港交所又近一步。 当大模型为具身智能注入灵魂之后，在具身智能领域深耕多年的机器人"明星企业"们，终于迎来了人工 智能时代的新一波红利。 人工智能将带来第四次产业革命，已成社会共识。尤其是今年，"人工智能+"正渗透至社会生活的方方 面面，国家密集出台的相关政策则成为助推行业发展的"东风"。 2025年被业内看作是"智能体"（Agent）元年。在此背景下，具身智能机器人行业率先承接上AI技术变 革带来的巨大红利，正从科幻概念走向产业爆发时刻。据不完全统计，今年上半年已有13家左右机器人 相关概念企业，申报港股IPO或登陆港股资本市场，其中包括仓储物流机器人国内龙头企业极智嘉，全 球机器人服务智能体龙头企业云迹科技等等。 值得关注的是，市场普遍期待上述企业能够凭借资本东风突围商业化边界线，进而形成技术迭代升级与 资本持续关注的良性循环。在集体吹响IPO热潮的号角背后，机器人赛道上，选手们的"含金量"正在被 重新定义。 集体吹响 ...

Core Viewpoint - The article discusses the significant advancements and potential of Yunji Technology in the field of embodied intelligent robots, highlighting its upcoming IPO and its position as a leader in the market [2][4][39]. Group 1: Company Overview - Yunji Technology submitted its IPO application to the Hong Kong Stock Exchange in March, becoming the sixth specialized technology company to do so under Chapter 18C of the Listing Rules [4]. - The company has updated its prospectus and recently passed the IPO filing, bringing it closer to listing on the Hong Kong Stock Exchange [4][39]. - Founded in 2014, Yunji Technology has established itself as a leader in the global hotel service robot market, with its products deployed in over 34,000 hotels, hospitals, factories, and other venues worldwide [6][9]. Group 2: Market Position and Performance - In 2024, Yunji Technology is projected to hold a 13.9% market share in the Chinese hotel service robot market, ranking first, while the combined market share of the next four competitors is only 13.5% [9]. - The company has achieved a coverage rate of 99% across 331 of China's 333 prefecture-level administrative regions [10]. - Yunji Technology has received over 1.2 billion yuan in total funding since its inception, with a post-D round valuation of 4.08 billion yuan [11]. Group 3: Financial Growth and Revenue Streams - The company reported an 18.9% revenue growth in the first five months of 2025 compared to the same period last year, driven by stable hotel scene income and expansion into other sectors [17]. - The revenue from its HDOS (intelligent agent application) business saw a remarkable growth rate of 194.2% in the same period, indicating the emergence of a high-margin second revenue stream [20]. - Yunji Technology's gross margin has improved significantly, with comprehensive gross margins increasing from 24.3% in 2022 to 43.5% in 2024 [25]. Group 4: Technological Advancements - The company has invested heavily in R&D, with 57.4 million yuan allocated in 2024, representing 23.4% of total revenue [24]. - Yunji Technology has developed a new generation of robots, the UP series, which can use tools, understand task distribution, and collaborate in groups [21][22]. - The company is recognized as one of the first to launch a fully autonomous closed-loop learning system for service intelligent agents, enhancing its technological capabilities [22]. Group 5: Market Expansion and Future Prospects - Yunji Technology is focusing on expanding into international markets, particularly in developed regions and emerging markets, to capitalize on the growing demand for robots in various sectors [35][36]. - The company is also integrating its robots into delivery systems to reduce reliance on human labor and improve delivery efficiency [37]. - The overall market for humanoid robots is expected to grow significantly, with projections indicating a market size of 2.03 billion USD in 2024, reaching 13.25 billion USD by 2029 [32].