Recently, "the first stock of robot service intelligent entities," YUNJI Technology (02670), officially debuted on the Hong Kong Stock Exchange. The company set its share price at HKD 95.6, and on its first trading day, the stock soared impressively, peaking at 49.37% to HKD 142.8, with a total market capitalization reaching HKD 9.813 billion. The substantial backing from the capital markets clearly reflects optimism regarding the company's future appreciation potential. As a rare listed company in the robot service intelligent entity sector, YUNJI Technology not only leads in market share within this niche but is also on the verge of turning losses into profits.
Recently, global electronics manufacturing giant Luxshare Precision and YUNJI Technology have established a deep strategic partnership. Both parties will jointly promote the intelligent upgrade of Luxshare's global production bases. YUNJI's innovative "Factory AI Intelligent Agent" solution will comprehensively empower Luxshare's global production sites, providing a new paradigm for the digital transformation of the manufacturing industry through its outstanding performance in industrial environments. This collaboration also validates YUNJI Technology's AI Intelligent Agent ecosystem (AIPRO), showcasing its capability to innovate across different sectors from hotel services to industrial manufacturing.
In the context of increasing industry prosperity, the company is expected to unlock new growth opportunities through the continuous deepening of its ecosystem layout and the expansion of application scenarios, accelerating the release of value. With the robot industry entering a fast lane for large-scale commercial use, leading enterprises are rapidly reassessing their values due to the dual driving forces of AI innovation and sustainable development combined with a global labor shortage.
According to the "World Robotics Report 2025," the global industrial robot market has doubled in size over the past decade, with installation volumes expected to reach 542,000 units by 2024, maintaining over 500,000 units per year for four consecutive years. The operating stock continues to grow at a rate of 9% annually, indicating a deepening industry penetration. In 2025, the Chinese government officially included "embodied intelligence" in its work report, marking its rise to a national strategy and becoming a key focus for future industry development.
Major cities like Beijing, Shenzhen, Shanghai, and Hangzhou quickly responded with supportive policies on technology research, industrial cluster development, and application scenario exploration. The continuous release of policy dividends in the field of embodied intelligent robots has created a strong foundation for market growth. Embodied intelligence refers to intelligent systems that perceive and act based on a physical body, emphasizing the interaction abilities between machines and their environments.
In December last year, the complex polymorphic robot UP was recognized as a "new form" of embodied intelligent robots in the "Series White Paper on Artificial Intelligence by the Chinese Artificial Intelligence Society – Complex Polymorphic Robots (2024)." This is the first white paper specifically named "complex polymorphic robots" and strongly affirms YUNJI Technology's innovative advancements in embodied intelligence from both technical and application perspectives.
The report noted that "complex polymorphic robots have emerged as demand-driven robot types, reflecting a natural trend in technological development and a market choice for performance advantages. Their design concepts and technological implementations continually promote the evolution of embodied intelligence, making them one of the pathways to its advancement." The UP robot, designed with "one machine, multiple functions, and time-sharing reuse," merges mobile and operational capabilities, enabling flexible task transitions and providing new technical paths and application models for smart city construction.
As an industry leader that has successfully positioned itself, YUNJI Technology's first-mover advantage is becoming increasingly apparent. According to Frost & Sullivan data, YUNJI Technology holds a 6.3% market share in China's robot service intelligent entity market, reaching as high as 13.9% in the hotel segment, both leading the industry; simultaneously, the average daily number of its three-dimensional multi-layer space online robots has reached 27,000, serving over 230 million consumers cumulatively, also ranking first in the sector. This vast operational scale has allowed it to accumulate massive, high-quality scenario data, which continuously feeds back into its AI intelligent agent system — HDOS, promoting a full-link intelligence transformation from environmental perception, intention recognition, smart decision-making, to autonomous execution and closed-loop feedback.
For instance, in hotel scenarios, under the intelligent scheduling of the HDOS system, YUNJI Technology's robots have transitioned from merely "executing fixed instructions" to "actively coordinating resources." They are no longer limited to completing single delivery tasks; instead, they can autonomously schedule elevators, coordinate equipment, link up with service personnel, and even predict changes in peak customer demand, significantly improving overall operational efficiency while optimizing service experience. This leap from "passive response" to "proactive prediction" is redefining the role of robots in the service industry.
As of May 31, 2025, YUNJI Technology's service network covers over 34,000 hotels and 150 hospitals globally, with notable clients including Marriott, InterContinental, Hyatt, Jin Jiang, and Atour, among other well-known hotel groups worldwide. This extensive and high-quality customer ecosystem not only lays a solid foundation for the company's future sustainable profitability but also creates a competitive moat that is hard to replicate.
The accelerating expansion of diverse application scenarios and a clearer profit path are driven by the capital market's enthusiastic reception of YUNJI Technology, stemming from consistently improving fundamentals. Key financial metrics show that the company has crossed the crucial breakeven threshold and is on the brink of scaling profits. Financial data serves as the most direct indicator of this trend. In 2024, the company achieved operating revenue of RMB 245 million, an impressive year-on-year growth of 68.6%, with a compound annual growth rate of 23.2% from 2022 to 2024, indicating robust growth momentum. In the first five months of 2025, revenues continued this rapid growth trajectory, totaling RMB 88.33 million, up 18.9% year-on-year.
Profitability improvements are similarly noteworthy, with net losses significantly narrowing from RMB 365 million in 2022 to RMB 185 million in 2024, a nearly 50% reduction, while the gross margin climbed from 24.3% in 2022 to 43.5% in 2024, showcasing a clear path to profitability. Meanwhile, operational efficiency has consistently improved, with cash flow conditions also showing positive trends. The ratio of sales costs to revenue fell from 75.7% in 2022 to 56.5% in 2024, a decrease of 19.2 percentage points; by 2024, net cash flow from operating activities was reduced to -RMB 41.48 million from -RMB 76.37 million the previous year, accelerating its self-financing capability.
Behind the impressive financial performance, YUNJI Technology's business model is transitioning from a singular hardware sales focus to an integrated solution of "hardware + software + services." Reports suggest that by 2024, revenue from AI digital systems accounted for 22.8%, with a gross margin significantly higher than that of hardware, highlighting the company's increasing resilience to risks. In terms of product strategy, while consolidating its leading position in hotel scenarios through its "Run" series robots and the second generation "GG" series, the newly launched UP series, equipped with modular design capabilities, quickly adapts to functional modules based on different scenario needs, demonstrating a strategic evolution from "dedicated robots" to a "generalized platform."
In 2023-2024, YUNJI Technology successfully implemented multiple smart building projects, expanding its business into diversified commercial applications such as security, cleaning, and delivery. From a fundamental perspective, YUNJI Technology has solidly completed the commercial deployment process from "zero to one" and is formally at the starting line for scaling expansion from "one to N." Future growth in the company's performance and value is therefore expected to be a natural progression.
At present, supported by favorable industry policies and empowered further by capital and brand benefits from its IPO, YUNJI Technology is likely to accelerate its development pace and speed up its path to profitability, entering a new phase of high-quality growth. For investors, it is also a unique opportunity to position themselves in this leading company and share in the growth dividends.