NewTimeSpace | Embodied Intelligence Pushes Stock Price to New Highs! Yunji (02670.HK) Performance Remains Under Pressure as 2025 Loss Widens to 295 Million

At the start of 2026, AI has become the focal point of market attention.

Under the "Battle of a Hundred Agents" triggered by OpenClaw, AI Agents have successfully transitioned from the developer community into the mainstream. In China, some AI Agent companies have already pioneered practical application scenarios. Yunji (02670.HK), which listed last year, saw its share price hit a new high after a three-month interval. As of the close on March 20, 2026, Yunji was quoted at HK$198.50, representing a cumulative gain of 82.11% in 2026.

Focus on Service Robots, Upgrading to Full-Scenario Capabilities

Public records show that Yunji Technology was founded in 2014. The company's primary business includes commercial service robots (such as delivery and reception robots) and AI digital system platforms (HDOS and the UP service platform). Its service scenarios cover multiple industries, including hotels, commercial buildings, healthcare, factories, and apartments.

NewTimeSpace has learned that in 2025, Yunji upgraded its positioning from a "single-scenario hardware manufacturer" to a "full-scenario embodied intelligence service ecosystem builder."

Under this new strategic plan, Yunji has constructed a dual-engine ecosystem of "Embodied Intelligence + Disembodied Intelligence." The robots serve as the "limbs" for execution, while the AI system acts as the "brain" for decision-making. This ecosystem has been deployed at scale in over 40,000 hotels and 200 hospitals. With 32,000 robots online daily (an 18.5% year-on-year increase), the massive data generated is used to iterate and refine the technology.

Furthermore, in 2025, Yunji was approved to establish the Beijing Key Laboratory of Embodied Interactive Intelligence. Compared to many embodied intelligence companies that remain in the laboratory stage, Yunji’s core advantage lies in having completed the full closed loop of "R&D–product validation–commercial delivery–data iteration."

Recently, Yunji Technology announced a strategic partnership with SF Cityrush. Both parties will focus on the last-mile delivery scenarios of high-rise buildings, such as commercial offices and hotels, simplifying the building delivery process through a "rider + robot" collaborative relay mode.

Regarding this cooperation, Yunji Technology stated: "The partnership with SF Cityrush marks the first large-scale integration of Yunji Technology's AI Agents into an urban instant fulfillment network. Only when the flexibility of riders and the scalable capabilities of robots collaborate within the same task map can the efficiency boundaries of building delivery truly be broken."

NewTimeSpace understands that Yunji's "rider + robot" relay mode has already been deployed and put into use in over 15,000 hotels across more than 300 cities nationwide, primarily covering high-frequency scenarios such as urgent business documents and food delivery. Moving forward, both parties will explore more diverse terminal scenarios, including high-rise residential buildings and hospital campuses.

Persistent Losses: 2025 Deficit Widens Year-on-Year

From a performance perspective, Yunji Technology exhibits the typical characteristics of a tech company: "revenue growth accompanied by persistent losses." It is also a Hong Kong-listed company that utilized the Chapter 18C "Specialist Technology Companies" pathway.

According to previously disclosed data, Yunji's revenue was RMB 161 million in 2022, decreased slightly to RMB 145 million in 2023, and rebounded significantly to RMB 245 million in 2024, showing obvious volatility. During this period, the company recorded net losses of RMB 365 million, RMB 265 million, and RMB 185 million, respectively, with a cumulative three-year loss of RMB 815 million.

In 2025, the company has yet to reverse its loss-making situation. On March 13, 2026, Yunji released its 2025 annual results.

The financial report shows that Yunji’s revenue in 2025 was RMB 300 million, a 23.1% increase from RMB 245 million in the previous year. The loss for the year was RMB 295 million, compared to RMB 185 million in the previous year—a 59.4% increase. The adjusted net loss was RMB 113 million, a 310.5% increase from RMB 27.56 million in the previous year. Yunji believes the current losses are strategic investments aimed at securing market entry into the future trillion-dollar AI Agent market.

Looking at the specific revenue breakdown, Yunji’s income from robots and functional kits in 2025 was RMB 213 million (accounting for 70.8% of total revenue), compared to RMB 189 million in the previous year. Revenue from AI digital systems was RMB 87.93 million (accounting for 29.2% of total revenue), compared to RMB 55.88 million in the previous year.

In terms of scenarios, Yunji's revenue primarily comes from hotels. In 2025, revenue from the hotel sector was RMB 244 million, accounting for 81% of total revenue. The second-largest source was technology, at RMB 29.64 million (9.8%), followed by factories at RMB 15.09 million (5%).

Slow Transition: Single Scenario Still Accounts for Over 80%

As of December 31, 2025, Yunji has deployed robots in over 40,000 hotels (up from 30,000+ last year) and approximately 200 hospitals (up from 130+ last year).

NewTimeSpace has learned that Yunji Technology's commercial footprint is highly dependent on the hotel scenario. From 2022 to 2024, hotel revenue accounted for 70.1%, 95.1%, and 83% of total revenue, respectively. This heavy reliance makes its performance susceptible to fluctuations within the hotel industry.

According to Frost & Sullivan, the market size of hotel service robots in China is expected to be approximately RMB 3 billion by 2029, with the compound annual growth rate falling below 15%. Currently, with a domestic revenue of RMB 200 million in 2024, Yunji already holds a 12% market share, suggesting limited growth potential in this specific business scenario.

Based on the latest 2025 report, the effectiveness of Yunji's scenario diversification strategy remains mediocre. In 2025, the proportion of revenue from non-hotel scenarios was only 19%, an increase of only 2% compared to 2024. The growth of the company's "second growth curve" is not yet significant.

Currently, Yunji still faces numerous hurdles, including widening losses and heavy scenario dependence; its long-term value and profitability remain to be verified. As of March 20, 2026, the company's share price hit a new record high of HK$199.5, surpassing the previous peak of HK$197.6 set on December 5 last year.  

Judging from historical stock trends and company fundamentals, the pressure for a correction in Yunji’s share price remains.  

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