<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2025/04/01014428/Yunji-Tech.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2025/04/01014428/Yunji-Tech.jpeg"/></p>
<p><em>中国酒店业的数字化正在推动相关机器人的需求，为公司的产品提供了肥沃的土壤</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>云集科技已申请在香港上市，报告显示其去年收入增长近 70%</li>
<li>该公司是酒店业机器人制造商，拥有包括阿里巴巴和腾讯在内的明星投资者名单</li>
</ul>
<p>机器人股票最近表现强劲，部分原因是 Nvidia 的明星 CEO 黄仁勋在最近的多个活动中宣称新机器人时代的到来。同时，特斯拉人形机器人的即将推出也在推动这一热潮。</p>
<p>机器人热潮帮助提升了像 Dobot Corp. (2432.HK) 这样的公司，自年初以来其股价一路上涨。现在，<strong>北京云集科技有限公司</strong> 希望借助本月早些时候提交的香港上市申请，抓住这一热潮。</p>
<p>该公司在机器人领域相对较为成熟，成立于 2014 年，由胡海军、胡全和吴明辉三人创办，专注于机器人技术。与许多中国私营企业一样，云集也是一个家族企业，胡海军的妻子志涛担任董事长。公司的机器人覆盖了广泛的应用场景，包括酒店、医疗机构、工厂和社区，主要集中在酒店业。</p>
<p>根据上市文件中的第三方数据，中国基于机器人技术的酒店 AI 代理市场正在快速扩张，从 2019 年的 15 亿元人民币（约合 2.07 亿美元）翻倍至 2023 年的 30 亿元人民币，年增长率为 18.7%。预计 AI 的快速进步将改善机器人功能和可扩展性，进一步推动酒店基于机器人技术的 AI 代理市场到 2028 年达到 97 亿元人民币。</p>
<h4><strong>酒店机器人市场领导者</strong></h4>
<p>云集的专长是服务导向的机器人，执行重复和劳动密集型的工作，酒店业是其最重要的关注点。这些机器人目前占公司收入的 83%，能够执行多种任务，从送餐服务到清洁工作，如清扫走廊或清理公共区域。它们还可以协助接待和导航，为客人提供到房间和餐厅的方向，甚至可以提供入住和退房服务，提升客人的便利性。</p>
<p>在中国酒店业，潜在市场巨大，截至 2023 年底，酒店连锁经营约 90,600 家物业，拥有 1650 万间客房。该行业目前正在快速数字化转型，旨在提升客人体验、提高运营效率和降低成本。超过一半的中国酒店目前计划在机器人技术上进行更多投资。这使得云集不仅在国内处于有利位置，也在全球范围内受益，因其在全球酒店机器人市场中占有 9% 的份额。</p>
<h4><strong>投资者名单</strong></h4>
<p>该行业的强劲前景吸引了广泛的投资者在云集成立以来的八轮融资中参与。其中包括与科技巨头如电商巨头阿里巴巴、游戏领军者腾讯、PC 巨头联想和顶级在线旅游代理商 Trip.com 相关的投资公司。公司的主要机构投资者包括启明创投、中信证券和中国光大集团，均希望分一杯羹。</p>
<p>该公司的收入主要来自两个来源。其中较大的来源是机器人和功能套件，去年占云集收入的 77.2%，而剩余的 22.8% 来自 AI 驱动的机器人基础服务。在其机器人和功能套件业务中，公司要么收取产品的一次性付款，要么根据租赁协议获得定期费用。其 AI 数字化系统为公司的 AI 驱动机器人提供基础服务，收取订阅或一次性服务费用。</p>
<p>该公司去年实现收入 2.45 亿元人民币，同比增长 68.6%。更令人印象深刻的是，其毛利率在这一年跃升了 16.5 个百分点，达到 43.5%，毛利润激增 170%，达到 1.06 亿元人民币。但由于在研发、销售和市场营销上的重投入，最终导致云集出现亏损，尽管其去年的亏损缩小了 30%，降至 1.85 亿元人民币。</p>
<h4><strong>快递扩展</strong></h4>
<p>为了寻找新领域，云集正在超越其最初的酒店业重点，进入其他领域，包括与食品配送和快递公司的合作。它正在努力将机器人整合到配送和交付系统中，特别关注将机器人委托进行最后一公里的配送任务，免去人类快递员在长时间电梯等待等方面的麻烦。</p>
<p>生产成本的下降是推动云集从亏损转为盈利的另一个潜在催化剂。随着越来越多的机器人零部件和组件在本地采购，技术逐渐成熟，主控板的价格从 2021 年的 1800 至 2500 元降至去年的 1000 至 1800 元。电动机的价格在此期间从 400 元至 800 元降至仅 250 元至 500 元。随着应用的增加和本地化组件生产的支持，预计公司将进一步改善其毛利率。</p>
<p>但云集的业绩也受到季节性因素的影响。它目前对酒店行业的依赖意味着它往往在重大旅游时期，如十月的国庆假期，以及圣诞节和新年期间的年末时段，看到业务高峰。这意味着公司在下半年通常会报告更好的收入。</p>
<p>还有竞争的问题，因为资金雄厚的参与者开始注意到市场的巨大潜力，尤其是在人工智能崛起的背景下。像 <strong>亚马逊</strong>（AMZN.US）、<strong>特斯拉</strong>（TSLA.US）和 <strong>英伟达</strong>（NVDA.US）这样的全球大型科技公司正在投入大量资源来开发这一领域，韩国的现代汽车也在 2020 年收购了 <strong>波士顿动力</strong>。</p>
<p>查看香港的一些上市机器人股票显示，它们的交易倍数很高。<strong>优必选科技</strong>（9880.HK）的市销率（P/S）为 40，而 Dobot 的市销率甚至更高，达到 87 倍。如果云集的目标定在这个范围内，或许在 50 倍左右，它可能会对新投资者产生强烈吸引力，这些投资者也可能会被公司强大的早期支持者阵容所吸引。</p>

云集

<p>云集科技已提交香港 IPO 申请，得到了阿里巴巴和腾讯的支持，正值中国酒店机器人市场蓬勃发展。该公司去年报告收入增长 68.6%，达到 2.45 亿元，其中 83% 的收入来自服务型机器人。酒店机器人市场预计将显著增长，超过一半的中国酒店计划投资于机器人。尽管亏损缩窄至 1.85 亿元，云集仍在扩展至食品和快递配送领域，旨在将机器人技术整合到配送系统中</p>

<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2025/04/01014428/Yunji-Tech.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/04/01014428/Yunji-Tech.jpeg"/></p>
<p><em>Digitization of China's hospitality sector is boosting demand for related robots, providing fertile ground for the company's products</em></p>
<div class="lb-trans"><p><em>中国酒店业的数字化正在推动相关机器人的需求，为公司的产品提供了肥沃的土壤</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Yunji Technology has filed to list in Hong Kong, reporting its revenue grew nearly 70% last year</li>
<li>The maker of robots for the hospitality sector boasts a star-studded list of early investors, including tech giants Alibaba and Tencent</li>
</ul>
<div class="lb-trans"><ul>
<li>云集科技已申请在香港上市，报告显示其去年收入增长近 70%</li>
<li>该公司是酒店业机器人制造商，拥有包括阿里巴巴和腾讯在内的明星投资者名单</li>
</ul>
</div><p>Robotic stocks are on a roll these days, fueled in part by hype from the likes of Nvidia's celebrity CEO Jensen Huang, who has hailed the dawning of a new robotic era at several recent events. Concurrently fueling the craze are real-world developments like the imminent launch of Tesla's humanoid robot.</p>
<div class="lb-trans"><p>机器人股票最近表现强劲，部分原因是 Nvidia 的明星 CEO 黄仁勋在最近的多个活动中宣称新机器人时代的到来。同时，特斯拉人形机器人的即将推出也在推动这一热潮。</p>
</div><p>The robotic frenzy has helped to boost names like Dobot Corp. (2432.HK), whose shares have been on a roll since the start of the year. Now, <strong>Beijing Yunji Technology Co. Ltd.</strong>, which specializes in robots for the hospitality sector, is hoping to cash in on the craze with its own filing for a Hong Kong listing earlier this month.</p>
<div class="lb-trans"><p>机器人热潮帮助提升了像 Dobot Corp. (2432.HK) 这样的公司，自年初以来其股价一路上涨。现在，<strong>北京云集科技有限公司</strong> 希望借助本月早些时候提交的香港上市申请，抓住这一热潮。</p>
</div><p>The company is a relative old timer in the robotic space, established in 2014 by the trio of Hu Haijun, Hu Quan and Wu Minghui with a focus on robotics, according to its <strong>listing document</strong>. Like many private Chinese companies, Yunji is also a family affair, with Hu Haijun's wife, Zhi Tao, as its chairman. The company's robots cover a wide range of application scenarios, including hotels, medical institutions, factories and communities, with a primary focus on hospitality.</p>
<div class="lb-trans"><p>该公司在机器人领域相对较为成熟，成立于 2014 年，由胡海军、胡全和吴明辉三人创办，专注于机器人技术。与许多中国私营企业一样，云集也是一个家族企业，胡海军的妻子志涛担任董事长。公司的机器人覆盖了广泛的应用场景，包括酒店、医疗机构、工厂和社区，主要集中在酒店业。</p>
</div><p>China's hospitality robotic-based AI agent market is expanding rapidly, doubling from 1.5 billion yuan ($207 million) in revenue in 2019 to 3 billion yuan in 2023, representing 18.7% annual growth, according to third-party data in the listing document. Rapid advances in AI are expected to improve the functionality and scalability of robotics, further boosting the hospitality robotic-based AI agent market to 9.7 billion yuan by 2028.</p>
<div class="lb-trans"><p>根据上市文件中的第三方数据，中国基于机器人技术的酒店 AI 代理市场正在快速扩张，从 2019 年的 15 亿元人民币（约合 2.07 亿美元）翻倍至 2023 年的 30 亿元人民币，年增长率为 18.7%。预计 AI 的快速进步将改善机器人功能和可扩展性，进一步推动酒店基于机器人技术的 AI 代理市场到 2028 年达到 97 亿元人民币。</p>
</div><h4><strong>Hospitality robot market leader</strong></h4>
<div class="lb-trans"><h4><strong>酒店机器人市场领导者</strong></h4>
</div><p>Yunji's specialty is service-oriented robots that do repetitive and labor-intensive work, with hospitality as its most important focus. Such robots currently account for 83% of the company's revenue, and can carry out a huge variety of tasks, from room service delivery to cleaning duties, such as vacuuming hallways or cleaning public areas. They can also assist with functions like guest reception and navigation by providing directions to rooms and restaurants. They can even offer check-in and check-out services, enhancing convenience for guests.</p>
<div class="lb-trans"><p>云集的专长是服务导向的机器人，执行重复和劳动密集型的工作，酒店业是其最重要的关注点。这些机器人目前占公司收入的 83%，能够执行多种任务，从送餐服务到清洁工作，如清扫走廊或清理公共区域。它们还可以协助接待和导航，为客人提供到房间和餐厅的方向，甚至可以提供入住和退房服务，提升客人的便利性。</p>
</div><p>The potential market for such products is huge in a Chinese hospitality industry with hotel chains operating about 90,600 properties containing 16.5 million guest rooms at the end of 2023. The industry is currently undergoing a rapid digital transformation with aims of enhancing guest experience, improving operating efficiency and reducing costs. Over half of the hotels in China currently plan to invest more in robotics technologies. That's left Yunji in a sweet spot not just at home but also globally, thanks to its position as industry leader with 9% of the worldwide market for hospitality robots.</p>
<div class="lb-trans"><p>在中国酒店业，潜在市场巨大，截至 2023 年底，酒店连锁经营约 90,600 家物业，拥有 1650 万间客房。该行业目前正在快速数字化转型，旨在提升客人体验、提高运营效率和降低成本。超过一半的中国酒店目前计划在机器人技术上进行更多投资。这使得云集不仅在国内处于有利位置，也在全球范围内受益，因其在全球酒店机器人市场中占有 9% 的份额。</p>
</div><h4><strong>A-list of backers</strong></h4>
<div class="lb-trans"><h4><strong>投资者名单</strong></h4>
</div><p>The industry's strong prospects have attracted a wide range of investors to Yunji over its eight financing rounds since its inception. Those include investment companies affiliated with tech giants like e-commerce giant Alibaba, gaming leader Tencent, PC giant Lenovo and top online travel agent Trip.com. The company's major institutional investors include Qiming Venture, Citic Securities and China Everbright Group, all aiming for a piece of the action.</p>
<div class="lb-trans"><p>该行业的强劲前景吸引了广泛的投资者在云集成立以来的八轮融资中参与。其中包括与科技巨头如电商巨头阿里巴巴、游戏领军者腾讯、PC 巨头联想和顶级在线旅游代理商 Trip.com 相关的投资公司。公司的主要机构投资者包括启明创投、中信证券和中国光大集团，均希望分一杯羹。</p>
</div><p>The company derives its revenue from two primary sources. The larger of those, robots and functional kits, provided 77.2% of Yunji's revenue last year, while the remaining 22.8% came from AI-driven robotic fundamental services. Under its robots and functional kits business, the company either collects one-time payments for products or obtains recurring fees under rental arrangements. Its AI digitalization systems provide fundamental services from the company's AI-driven robots for subscription or one-off service fees.</p>
<div class="lb-trans"><p>该公司的收入主要来自两个来源。其中较大的来源是机器人和功能套件，去年占云集收入的 77.2%，而剩余的 22.8% 来自 AI 驱动的机器人基础服务。在其机器人和功能套件业务中，公司要么收取产品的一次性付款，要么根据租赁协议获得定期费用。其 AI 数字化系统为公司的 AI 驱动机器人提供基础服务，收取订阅或一次性服务费用。</p>
</div><p>The company generated 245 million yuan in revenue last year, up by an impressive 68.6% from 2023. Even more impressive, its gross margin for the year jumped by 16.5 percentage points to 43.5%, producing a 170% surge in gross profit to 106 million yuan. But heavy spending on R&amp;D, sales and marketing ultimately dragged Yunji into the red, though its loss last year narrowed by 30% to 185 million yuan.</p>
<div class="lb-trans"><p>该公司去年实现收入 2.45 亿元人民币，同比增长 68.6%。更令人印象深刻的是，其毛利率在这一年跃升了 16.5 个百分点，达到 43.5%，毛利润激增 170%，达到 1.06 亿元人民币。但由于在研发、销售和市场营销上的重投入，最终导致云集出现亏损，尽管其去年的亏损缩小了 30%，降至 1.85 亿元人民币。</p>
</div><h4><strong>Express delivery expansion</strong></h4>
<div class="lb-trans"><h4><strong>快递扩展</strong></h4>
</div><p>In search of new frontiers, Yunji is going beyond its initial focus on hospitality into other areas, including collaborations with food delivery and express delivery companies. It's working on integrating robotics into distribution and delivery systems, with a particular interest in entrusting robots with last-mile delivery tasks, sparing human couriers from things like long elevator waits.</p>
<div class="lb-trans"><p>为了寻找新领域，云集正在超越其最初的酒店业重点，进入其他领域，包括与食品配送和快递公司的合作。它正在努力将机器人整合到配送和交付系统中，特别关注将机器人委托进行最后一公里的配送任务，免去人类快递员在长时间电梯等待等方面的麻烦。</p>
</div><p>Falling production costs are another potential catalyst driving Yunji from the red to the black. As more robotic parts and components are sourced locally and the technology matures, prices for main control boards have fallen from between 1,800 and 2,500 yuan in 2021 to just 1,000 yuan to 1,800 yuan last year. Electric motor prices declined from between 400 yuan and 800 yuan to just 250 yuan and 500 yuan during that period. The company is likely to achieve further improvements to its gross margins as its economies of scale grow with more applications, aided by more localized component production.</p>
<div class="lb-trans"><p>生产成本的下降是推动云集从亏损转为盈利的另一个潜在催化剂。随着越来越多的机器人零部件和组件在本地采购，技术逐渐成熟，主控板的价格从 2021 年的 1800 至 2500 元降至去年的 1000 至 1800 元。电动机的价格在此期间从 400 元至 800 元降至仅 250 元至 500 元。随着应用的增加和本地化组件生产的支持，预计公司将进一步改善其毛利率。</p>
</div><p>But Yunji's performance is also affected by seasonal factors. Its current reliance on the hospitality industry means it tends to see business peaks around major tourism periods like the National Day holiday in October, and the end-of-year period around Christmas and New Year's Day. That means the company tends to report better revenue in the second half of the year.</p>
<div class="lb-trans"><p>但云集的业绩也受到季节性因素的影响。它目前对酒店行业的依赖意味着它往往在重大旅游时期，如十月的国庆假期，以及圣诞节和新年期间的年末时段，看到业务高峰。这意味着公司在下半年通常会报告更好的收入。</p>
</div><p>There's also the issue of competition, as deep-pocketed players start to notice the market's big potential, especially with the rise of AI. Large global tech names like <strong>Amazon</strong> (AMZN.US), <strong>Tesla</strong> (TSLA.US) and <strong>Nvidia</strong> (NVDA.US) are committing significant resources to developing the space, as is South Korea's Hyundai Motor, with its acquisition of <strong>Boston Dynamics</strong> in 2020.</p>
<div class="lb-trans"><p>还有竞争的问题，因为资金雄厚的参与者开始注意到市场的巨大潜力，尤其是在人工智能崛起的背景下。像 <strong>亚马逊</strong>（AMZN.US）、<strong>特斯拉</strong>（TSLA.US）和 <strong>英伟达</strong>（NVDA.US）这样的全球大型科技公司正在投入大量资源来开发这一领域，韩国的现代汽车也在 2020 年收购了 <strong>波士顿动力</strong>。</p>
</div><p>A look at some listed robotic stocks in Hong Kong shows they trade at high multiples. <strong>Ubtech Robotics</strong> (9880.HK) trades at a price-to-sales (P/S) ratio of 40, while Dobot is even higher at 87 times. If Yunji targets a value somewhere in that range, perhaps around 50 times, it could hold out strong appeal to new investors, who might also be attracted by the company's strong lineup of heavyweight early backers.</p>
<div class="lb-trans"><p>查看香港的一些上市机器人股票显示，它们的交易倍数很高。<strong>优必选科技</strong>（9880.HK）的市销率（P/S）为 40，而 Dobot 的市销率甚至更高，达到 87 倍。如果云集的目标定在这个范围内，或许在 50 倍左右，它可能会对新投资者产生强烈吸引力，这些投资者也可能会被公司强大的早期支持者阵容所吸引。</p>
</div>

Alibaba, Tencent Among Early Backers For Yunji's Hong Kong IPO Amid China's Hospitality Robotic Boom

- 云集科技计划在香港上市，去年收入增长近 70%。  
- 该公司专注于酒店行业的服务型机器人，83% 收入来自此类产品。  
- 中国酒店机器人市场预计到 2028 年将达到 97 亿元人民币。  

在中国酒店机器人热潮中，阿里巴巴和腾讯成为云集香港 IPO 的早期支持者