Recently, the Hong Kong stock market is set to welcome a rare player in the robot service intelligent agent sector—YUNJI Technology. As the first 18C specialty technology enterprise on the Hong Kong stock exchange this year and being the "first stock for robot service agents," its IPO has naturally attracted significant market attention. According to public information, YUNJI Technology plans to issue 6.9 million H shares, with 95% allocated to international placements and 5% for public offerings in Hong Kong, alongside a 15% overallotment option. The offering price has been set at HKD 95.6 per share, with an entry cost of approximately HKD 4,828.21 per lot, and it is expected to officially list on October 16. During the subscription period, market investors showed strong enthusiasm, with brokers collectively lending around HKD 107.199 billion in margin financing, leading to an oversubscription of 3,250.43 times. In dark market trading, the company's stock price surged nearly 50%, closing at HKD 141.1, a rise of 47.59% from the offering price of HKD 95.6. This implies a profit of HKD 2,275 per lot for investors, excluding transaction fees. However, while the company garners significant capital interest, discussions have arisen among investors regarding whether its pricing is too high.
In fact, if we delve into YUNJI Technology's industry position, customer base, and technological prospects, understanding its pricing logic becomes clearer—this pricing is not inflated but rather a rational acknowledgment of its scarce value as an industry leader. Especially in the current context where sentiment for new listings in the Hong Kong stock market is high and quality tech stocks remain rare, the field represented by YUNJI is demonstrating increasingly clear growth potential and investment allure.
Accelerating Commercial Applications and Establishing Leading Advantages So far, YUNJI Technology has established a leading position in the emerging robot service agents sector, building a robust competitive barrier through solid operational data and market performance. According to data from Frost & Sullivan, YUNJI holds the largest market share in China's robot service agents market (6.3%) and in hotel scenarios (13.9%), showcasing the "stronger becomes stronger" scale effect and deep penetration in key verticals. Meanwhile, the average daily number of simultaneously operating robots (27,000 units) and service consumers (230 million participants) places it at the forefront of the industry. With a wealth of scene data accumulated in real-world contexts, YUNJI not only fuels the iterative optimization of AI models but also helps establish competitive barriers that competitors find hard to overcome in the short term.
On the other hand, the extensive customer network that YUNJI has built is becoming a solid foundation for expanding its business boundaries and replicating successful models. As of May 31, 2025, the company serves over 34,000 hotels and 150 hospitals, including globally renowned hotel groups such as Marriott, InterContinental, Hyatt, Jinjiang, and Atour. From hotels and hospitals to commercial buildings and more potential application scenarios in the future, YUNJI is rapidly expanding its intelligent service ecosystem. For instance, at a Class A hospital in Xi'an, YUNJI's intelligent logistics delivery robots can navigate through different buildings, automatically travel between floors, and achieve automated drug delivery. In collaboration with Meituan, YUNJI innovatively developed a "delivery person + robot" relay delivery model, systematically addressing the "last 100 meters" delivery challenge in hotel scenarios, truly transforming cutting-edge technology into a convenient and intelligent living experience.
The accumulation of vast training data combined with diverse practical application scenarios will create a powerful "flywheel effect" that continuously drives YUNJI Technology to break through growth boundaries.
Innovative Foundations of Competitive Barriers, Nearing a Profitability Inflection Point In addition to its market-leading advantages, strong performance growth and a continuing deepening of technological layout further substantiate the company’s current valuation. Rapid revenue growth is the most direct manifestation of its commercial capabilities. In 2024, the company reported revenue of HKD 245 million, representing a significant year-on-year increase of 68.6%. The compound annual growth rate of revenue from 2022 to 2024 reached 23.2%, showcasing ongoing growth momentum. Furthermore, the company’s profitability is also undergoing a significant transformation, with net losses narrowing from HKD 365 million in 2022 to HKD 185 million in 2024, bringing the profitability inflection point closer; the gross margin has seen a substantial increase, from 24.3% in 2022 to 43.5% in 2024, demonstrating robust proof of the resilience and health of its business model, even as the gross margin temporarily dropped to 39.5% in the first five months of 2025 due to intentional adjustments in product structure, which still places it within a historically high range.
On the technology front, YUNJI has established a forward-looking technological moat with an advanced product architecture and systematic innovation capability. The world’s first batch of multifunctional polymorphic robots, UP, launched by YUNJI embodies the advanced concept of "one machine with multiple functions, time-sharing reuse." Its universal chassis can flexibly accommodate various functional modules, relying on the world-first "1+N+AIoT" architecture to achieve second-level function switching and multi-robot AI scheduling collaboration. This means the same robot can switch roles seamlessly across different scenarios, completing a range of tasks from material retrieval to floor cleaning and warehouse coordination, significantly enhancing equipment utilization and scene adaptability.
Complementing this is the AI intelligence application system, HDOS (Hospitality Digital Operation System), which, centered on "AI + embodied intelligence," realizes a full-link closure from demand response to service completion, effectively eliminating service gaps and significantly improving operational efficiency and user experience. Recently at the 2025 World Robot Conference, YUNJI showcased the forward-looking nature of its technology. With the world’s first "robot theme park" and six immersive experience scenarios, the company demonstrated how multiple UP robots can form a 「service legion」 in cooperation under the HDOS system: the system analyzes task priorities in real-time, and robots autonomously negotiate roles, showcasing a significant leap from individual intelligence to collective intelligence. At the same time, leveraging large model technology and an 「embodied intelligence」 brain, UP robots are evolving from 「mechanical response」 to 「proactive anticipation.」 For instance, if a guest mentions feeling "thirsty," the robot can proactively offer water service, shifting from a passive execution tool to an active 「operational decision partner,」 effectively enhancing service response speed and reducing complaint rates.
These innovations stem from YUNJI's solid technological accumulation and industry recognition. The company is among the first globally to launch a fully autonomous closed-loop learning system for service agents, having won the Wu Wenjun Artificial Intelligence Science and Technology Progress Award and the Wu Wenjun Artificial Intelligence Science and Technology Award as early as 2017 and 2019, respectively, both of which are authoritative awards for achievements in the Chinese AI field. As of the last actionable date, the company holds 405 invention patents, 327 utility model patents, and 253 design patents, and has been invited to participate in the formulation of 26 technical and industry standards. These figures reflect YUNJI Technology's continuous innovation capability and determination, as well as the most intuitive expression of its building a technological moat.
In summary, YUNJI Technology, leveraging its leading position, solid customer base, continuously validated commercialization capability, and advanced technological layout, has established a comprehensive competitive moat. Its current issue pricing is a reasonable reflection of these core values. Positioned within the rapidly growing AI agent sector, the company is expected to continue releasing growth potential, delivering long-term returns to investors.