On October 4, 2025, the Hong Kong Stock Exchange announced that YUNJI Technology has successfully passed its listing hearing and updated its prospectus, preparing to list on the Hong Kong Stock Exchange. Notably, YUNJI Technology is the first specialized technology company to submit an application and pass the hearing under Rule 18C following the Hong Kong stock market's Chapter 18C reform this year. If the listing process proceeds smoothly, it will become the "first stock in robot service intelligence" in the capital market, injecting new vitality into this sector's development.

**Company Development Overview: Product Iteration and Upgrades with Extensive Market Coverage**

Founded in 2014, YUNJI Technology holds a leading position in China's robot service intelligence market. Over the years, the company has continuously advanced product innovation, launching three generations of core robot products, including the "Run" series and "Gege" series. In 2023, the company further broke through technological boundaries by developing a new form of embodied intelligent robot - the composite multi-modal robot "UP," which possesses capabilities for tool usage, task allocation understanding, and group collaboration, providing new possibilities for industry application expansion.

From a product matrix perspective, YUNJI Technology's product and service portfolio encompasses two core segments: robots and functional kits, and AI digitalization systems. The robots and functional kits serve as the fundamental hardware and modular support for robot service intelligence, including YJ-robots, YJ-AIoT components, YJ universal tool warehouse modules, and intelligent control modules. The AI digitalization system, driven by AI technology, provides robot basic services and intelligent agent applications, forming a business structure of "hardware + software" collaborative development.

In terms of market coverage, YUNJI Technology's service network has achieved widespread penetration. As of May 31, 2025, its robots cover a cumulative total of over 34,000 hotels and more than 150 hospitals. From a global perspective, the company maintains an average daily count of 27,000 robots simultaneously online in three-dimensional multi-layer spaces, serving over 230 million consumers annually, with service scale ranking among the industry leaders.

**Industry Competitiveness: Leading in Technology and Market Share with Significant Stability Advantages**

YUNJI Technology demonstrates outstanding performance in industry position and innovation capabilities. On the technical front, it is among the world's first companies to launch composite multi-modal robots and fully autonomous closed-loop learning systems for service intelligence. With technological innovation, it has twice won the Wu Wenjun Artificial Intelligence Award and currently holds over 990 patents, establishing solid technological barriers.

In terms of market share, YUNJI Technology shows clear advantages in core scenarios. In 2024, based on revenue from China's hotel scenarios, its market share reached 13.9%, ranking first in the industry, while the combined market share of the second to fifth-ranking companies totaled only 13.5%, less than YUNJI Technology's single share, highlighting its absolute leading position in hotel scenarios. Additionally, the company holds a 6.3% market share in the overall robot service intelligence market, continuously consolidating its competitiveness in segmented fields.

Product stability represents another major highlight of YUNJI Technology. Data shows that its robots require maintenance only 0.5 times annually, significantly lower than the industry average of 1-4 times. This reliable product performance has earned customer trust and laid the foundation for long-term partnerships.

**Financial Performance: Steady Revenue Growth with Continuous Profit Structure Optimization**

In terms of financial data, YUNJI Technology has demonstrated positive trends of revenue growth and gross profit improvement in recent years. From 2022 to 2024, the company's revenue was 161 million yuan, 145 million yuan, and 245 million yuan respectively, with 2024 revenue showing significant growth compared to 2023. Gross profits for the same periods were 39.27 million yuan, 39.16 million yuan, and 106 million yuan respectively, with gross profit margins gradually improving from 24.3% in 2022 to 43.5% in 2024, showing continuous profit enhancement.

In the first five months of 2025, the company's revenue performance remained robust, achieving 88.33 million yuan, representing an 18.9% increase compared to 74.3 million yuan in the same period last year.

From a business segment perspective, the traditional advantageous hotel scenario contributes stable revenue, with hotel scenario revenue accounting for 93.2% in the first five months of 2025. Meanwhile, emerging scenarios such as technology, healthcare, and manufacturing are gradually scaling up, with technology sector revenue reaching 836,000 yuan (450,000 yuan in the same period last year), healthcare institution revenue of 1.05 million yuan (934,000 yuan in the same period last year), and manufacturing sector revenue of 555,000 yuan (297,000 yuan in the same period last year), showing initial success in diversified scenario deployment.

More notably, YUNJI Technology is actively building its second growth curve. In the first five months of 2025, its intelligent agent application (HDOS) business revenue reached 3.551 million yuan, representing a 194% increase compared to 1.207 million yuan in the same period last year, with this business revenue proportion rising from 1.6% in the same period last year to 4%. As a high gross margin business, HDOS's rapid growth is expected to further optimize the company's profit structure and provide new momentum for long-term development.

However, the company is still in a loss-making stage. From 2022 to 2024, adjusted net losses were 233 million yuan, 120 million yuan, and 27.56 million yuan respectively, with loss scale continuously narrowing. In the first five months of 2025, adjusted net loss was 26.8 million yuan. The company stated it will gradually improve profitability through business scale expansion and cost control optimization.

**Shareholding Structure and Financing History: Top-tier Capital Support with Strong Shareholder Background**

Regarding shareholding structure, YUNJI Technology's shareholder lineup brings together industrial capital and renowned investment institutions. Before IPO, co-founder Ms. Zhi Tao holds 9.73% (serving as Chairman and President), co-founder Hu Quan holds 7.30% (serving as General Manager), co-founder Wu Minghui holds 3.99%, co-founder Li Quanyin holds 2.23%, and employee shareholding platform YUNJI Angel Management holds 7.08%, deeply binding the interests of core management teams and employees.

Among external investors, Boiling Point holds 10.7% as an important strategic investor; Tencent's Linzhi Tencent holds 9.09%, iFlytek's Anhui Artificial Intelligence Company holds 9.57%, Lenovo Fund holds 4.22%, and Alibaba's Hangzhou Haoyue holds 2.94%. The investment from leading technology companies provides YUNJI Technology with comprehensive support in technology, resources, and other aspects.

Additionally, well-known investment institutions such as Qiming-related entities (QM165, Beijing Qiming), CITIC Securities Investment, and Ruiju Investment are also on the shareholder list, indicating high capital recognition.

In terms of financing history, YUNJI Technology has received substantial funding multiple times. In August 2021, the company completed a 265 million yuan Series C funding round with a post-investment valuation of 2.289 billion yuan. In December of the same year, it secured an additional 580 million yuan Series D funding, further increasing the post-investment valuation to 4.08 billion yuan. The successful completion of these two funding rounds provided adequate financial support for the company's technology research and development and market expansion.