According to a Shanghai Stock Exchange announcement on September 4, 2026, YUNJI (02670) (Beijing Yunji Technology Co., Ltd.) has been added to the Stock Connect eligible list, with the adjustment set to take effect on September 7. The selection process for Stock Connect constituents is based on quantitative criteria such as market capitalisation and liquidity, reviewed periodically by the exchange. This inclusion not only reflects market recognition of the company's business value but also grants it an institutionalised channel for cross-border capital, which could broaden its shareholder base, enhance trading activity, and foster a positive feedback loop between liquidity and valuation.

Industry insiders point out that inclusion in the Hang Seng Composite Index and the Stock Connect list is often viewed by institutional investors as a configuration signal. As southbound capital gradually enters, the company's liquidity and trading activity are expected to improve; a more diversified buyer base will also lead to more thorough price discovery, which is beneficial for long-term value growth. From a capital flow perspective, the expansion trend of southbound funds is clear. In 2025, net inflows from mainland southbound capital reached approximately HK$1.4 trillion for the full year, a year-on-year increase of 73.9%; southbound funds accounted for more than 30% of average daily turnover on Stock Connect eligible stocks, with some small and mid-cap names exceeding 50%. According to BOCI statistics, the proportion of southbound trading in Hong Kong's average daily market turnover has risen from 11.8% in 2022 to 23.36% in 2025, with its impact on individual stock liquidity and valuation becoming increasingly significant. Meanwhile, the preference of southbound funds has shifted noticeably this year, moving from internet giants towards "hard technology" sectors such as semiconductors, AI, and robotics.

Historically, inclusion in Stock Connect often provides阶段性 support to stock prices, which is widely recognised by the market. As a technology enterprise carrying popular "labels" such as robotics, AI, and embodied intelligence, YUNJI is also likely to attract significant attention from southbound funds following its inclusion. However, it is important to note that Stock Connect eligibility is merely a "ticket" for capital allocation, not a sufficient condition for sustained share price increases. In the long run, as more companies are added to core indices, market attention will further focus on technology leaders with clear industry logic, technical barriers, and sustainable commercialisation capabilities. For YUNJI, the short-term liquidity improvement is just a prelude; its scarcity value in terms of industry positioning, platform architecture, and commercialisation capabilities is the core engine driving the long-term upward shift in its valuation centre.

A Rare Platform-Based Embodied Intelligence Leader, Anchored by Long-Term Growth Logic

A closer look at YUNJI's fundamentals reveals that the company is not a pure robotics hardware manufacturer, but rather an embodied intelligence platform enterprise that deeply cultivates diverse physical-world scenarios and integrates technology into a general-purpose system. The company has long been rooted in real service environments such as hotels, hospitals, factories, apartments, and communities, using the World Value Model as its technical foundation and HDOS as its human-machine collaborative intelligence hub. Through large-scale robot participation in ongoing operations, it forms a closed-loop of real-world data covering the full chain of "demand-perception-decision-action-result."

In the first half of 2026, the company's robot and AI agent businesses expanded rapidly. The average daily number of concurrently online robots increased by 30% year-on-year to approximately 36,000 units; AI agent invocation volume surged 189.3% year-on-year, indicating deeper involvement in customers' daily operations. The types of environmental events understandable by robots increased by 130%, while the types of operational and service tasks executable increased by 570%. The average number of autonomous execution steps for long-horizon tasks increased by 300%, showing that embodied intelligence is evolving from single-point execution to collaborative completion of complex tasks, significantly expanding the boundaries of robot applications.

The combination of robot hardware and AI digital systems drove the company's first-half revenue up 71.6% year-on-year to RMB 188 million; gross profit increased 47.55% year-on-year to RMB 65.76 million. Furthermore, YUNJI has upgraded its UP mobile base platform, integrating universal capabilities such as navigation, obstacle avoidance, and scheduling into the underlying infrastructure, empowering ecosystem partners to develop further segmented scenarios while reducing redundant development costs. In the first half of 2026, revenue from ecosystem partners surged to RMB 90.5 million, skyrocketing 3,302.1% year-on-year, accounting for 48.1% of total revenue and becoming the largest revenue source. This marks a shift in YUNJI's value proposition from a single-product supplier to a "technology + platform + ecosystem" model, with its growth ceiling set to expand further as the ecosystem develops.

In the short term, YUNJI's Stock Connect inclusion opens up a capital channel, and improved liquidity is likely to catalyse share price upside. In the long term, the company's continuously enhanced multi-scenario collaboration capabilities suggest its future business boundaries will keep expanding. The emergence of a standardised robot platform further positions the company as the technical foundation for the industry ecosystem, allowing it to fully benefit from the collective and collaborative development of the sector. The company's unique positioning and scarcity value in the embodied intelligence track are the core factors that will attract long-term capital allocation.