The dark market surged by nearly 50%, why is the market willing to buy orders for Yunji Technology (02670)?

In recent days, the Hong Kong stock market will welcome a rare concept stock in the Siasun Robot&Automation service intelligent body sector - Yunji Technology. As the first 18C special technology enterprise listed in Hong Kong this year, and also the first stock of "Siasun Robot&Automation service intelligent body," its IPO naturally attracted high market attention. According to public information, Yunji Technology plans to issue 6.9 million H shares in this round of fundraising, with 95% allocated for international placements and 5% for public offerings in Hong Kong, with an additional 15% over-allotment option. The issue price is set at HK$95.6 per share, with an entry fee of approximately HK$4,828.21 per board lot, and is expected to officially list on October 16. During the offering period, market investors showed great enthusiasm, with the public offering portion oversubscribed by 5677 times, involving approximately HK$189.1 billion; in grey market trading, the company's share price rose nearly 50%, closing at HK$141.1, up 47.59% from the issue price of HK$95.6. Calculated per board lot of 50 shares, investors can profit HK$2,275 per lot without considering transaction fees. However, while the company was highly sought after by capital, it also triggered discussions among investors about whether its pricing was too high. In fact, upon closer inspection of Yunji Technology's industry position, customer base, and technological prospects, it is not difficult to understand the pricing logic - this pricing is not inflated, but a rational confirmation of its rare value as a leading player in the industry. Especially against the backdrop of the high enthusiasm for new listings in the Hong Kong stock market and the scarcity of high-quality technological targets, the track of Siasun Robot&Automation service intelligent body represented by Yunji is increasingly showing clear growth potential and investment appeal. Accelerated expansion of commercial applications, establishment of the leading position in the race track As of now, in the emerging field of Siasun Robot&Automation service intelligent body, Yunji Technology has established a leading position in the industry, building solid competitive barriers based on solid operating data and market performance. According to Frost & Sullivan data, Yunji Technology ranks first in China in terms of market revenue share (6.3%) and hotel scene share (13.9%) in the Siasun Robot&Automation service intelligent body market, demonstrating the scale effects of "the strong get stronger" and deep penetration in key vertical areas. At the same time, the company's three-dimensional multilayer space, with an average of 27,000 Siasun Robot&Automation units online daily and serving 230 million consumers, also leads the industry, leveraging a massive amount of scene data accumulated in real scenarios, not only providing fuel for the iteration and optimization of AI models, but also helping the company establish competitive barriers that are difficult for peers to catch up with in the short term. On the other hand, Yunji Technology's extensive customer network is becoming a solid foundation for expanding the business boundaries and replicating successful models. As of May 31, 2025, the company's customer base includes more than 34,000 hotels and 150 hospitals, including global renowned hotel groups such as Marriott, InterContinental, Hyatt, Jinjiang, Adia, among others. From hotels, hospitals, to commercial buildings, and to more potential application scenarios in the future, Yunji Technology is rapidly expanding its intelligent service ecosystem. For example, in a triple-A hospital in Xi'an, Yunji's intelligent logistics and delivery Siasun Robot&Automation robot can easily navigate through different buildings, ride elevators automatically, and achieve automated drug delivery; in cooperation with Meituan, by innovatively creating the "courier+Siasun Robot&Automation" relay delivery model, Yunji systematically solves the delivery challenges of the hotel scene, making cutting-edge technology truly land for a convenient and intelligent living experience. The massive training data combined with diverse application scenario practices will form a strong "flywheel effect", continuously driving Yunji Technology to break through growth boundaries. Innovative creation of competitive barriers, approaching the turning point of profitability In addition to market leadership advantages, strong performance growth trends and continuous deepening of technology layout also provide reliable evidence for the company's current valuation. The high-speed growth on the revenue side is the most direct manifestation of its commercialization capability. In 2024, the company's revenue reached 245 million yuan, a significant year-on-year increase of 68.6%; the compound annual growth rate of revenue from 2022 to 2024 reached a high of 23.2%, showing continuous growth momentum. At the same time, the company's profitability has also undergone a qualitative change, with net losses significantly narrowed from 365 million yuan in 2022 to 185 million yuan in 2024; the gross profit margin has achieved a significant increase, with the comprehensive gross profit margin rising from 24.3% in 2022 to 43.5% in 2024. Even though the gross profit margin temporarily fell to 39.5% in the first five months of 2025 due to a proactive adjustment of product structure, it still remains in a historically high range, fully confirming the profit resilience and health of its business model. On the technological front, Yunji has built a future-oriented technical moat with its advanced product architecture and systematic innovation capabilities. The company's introduction of the world's first batch of composite polymorphic Siasun Robot&AutomationUP reflects the advanced concept of "one machine, multiple functions, and time-sharing reuse". Its universal chassis can flexibly adapt to various functional bins, relying on the world's first "1+N+AIoT" architecture to achieve second-level function switching and multi-machine AI scheduling coordination. This means that the same Siasun Robot&Automation can easily switch roles between different scenarios, performing diverse tasks from picking up, delivering goods, ground cleaning, to warehouse collaboration, greatly improving equipment utilization and scenario adaptability. The AI intelligent body application system HDOS (Hospitality Digital Operation System), which works in coordination, with "AI+embodied intelligence" at its core, realizes a full-chain closed loop from demand response to service completion, effectively eliminating service breakpoints and significantly improving operational efficiency and user experience. (Company's Siasun Robot&Automation product portfolio) At the World Siasun Robot&Automation Conference held not long ago in 2025, Yunji further demonstrated the foresight of its technology. Through the world's first "Siasun Robot&Automation theme park" and six immersive experience scenes, the company demonstrated the "service legion" collaboration mode formed by multiple UPSiasun Robot&Automation units under the scheduling of the HDOS system: the system analyzes task priorities in real-time, Siasun Robot&Automation autonomously negotiates division of labor, showing a significant leap from single-machine intelligence to group intelligence. At the same time, relying on large-scale model technology and the "disembodied intelligence" brain, UPSiasun Robot&Automation is evolving from "mechanical response" to "active anticipation." For example, when a guest mentions being thirsty, Siasun Robot&Automation can actively provide water delivery services, upgrading from a passive execution tool to an active "operational decision partner," effectively improving service response speed and reducing complaint rates. Behind these innovations is Yunji's solid technological accumulation and industry recognition. The company is not only one of the first companies to introduce a fully autonomous closed-loop learning system for service intelligent bodies globally but has also been awarded the Wu Wenjun Artificial Intelligence Science and Technology Progress Award and the Wu Wenjun Artificial Intelligence Science and Technology Award in 2017 and 2019, respectively, authoritative awards in the field of artificial intelligence in China. As of the actual implementation deadline, the company has owned 405 invention patents, 327 utility model patents, and 253 appearance design patents, and has been invited to participate in the formulation of 26 technical and industry standards. Behind these numbers is Yunji Technology's continuous innovation capability and determination, as well as the most intuitive representation of its technology moat construction. Conclusion Overall, Yunji Technology, with its leading position, solid customer base, proven commercialization capabilities, and leading technical layout, has established a comprehensive competitive moat, and the current issuance pricing is a reasonable reflection of these core values. Positioned in the high-growth track of AI intelligent bodies, the company is expected to continue to unleash growth potential in the future, bringing long-term returns to investors.