Yunji Technology Annual Report: AI Agent Revenue Surges 194%

Stellar Annual Report: Total Revenue Exceeds RMB 300 Million as AI Agent Business Becomes Core Growth Engine

36Kr has learned that Yunji Technology recently released its 2025 annual report. According to the data, the company achieved total revenue of RMB 301 million during the period, representing a year-over-year increase of 23.1%. Most notably, AI agent application revenue surged 194.1%, with its share of total revenue leaping from a previously modest level to 11.3% — a milestone signaling that the company's strategic positioning in the AI agent space has entered its harvest phase.

Meanwhile, the company's AI digitalization system revenue grew 57.3% year-over-year, with its share of total revenue rising to 29.2%, further solidifying the revenue foundation on the software and services side. Together, these two high-growth business segments now account for over 40% of total revenue, marking a qualitative shift in the company's revenue structure.

HDOS Subscription Customers Skyrocket 925%, SaaS Transformation Accelerates

Another striking set of figures in the annual report is the 925% surge in HDOS (Hotel Digital Operating System) subscription customers. This data point indicates that Yunji Technology's SaaS subscription model has gained widespread market acceptance, and the transformation from "selling hardware" to "selling services" is rapidly taking shape.

As Yunji Technology's digital operating system designed for the hotel industry, HDOS integrates robot services, room management, operational analytics, and other functions into a unified platform. The explosive growth in subscription customers not only generates more sustainable recurring revenue but also significantly enhances customer stickiness and lifetime value.

Industry analysts note that the rapid expansion of the subscription model signals that Yunji Technology's revenue structure is gradually shifting from one-time hardware sales toward a predictable, sustainable cash flow model — a development with profound implications for the company's valuation framework.

Overseas and Factory Segments Drive Dual-Engine Growth, Expanding the Scenario Landscape

Beyond its core hotel segment, Yunji Technology also achieved breakthrough progress in scenario expansion. The annual report shows that overseas revenue grew 92.1% year-over-year, with the internationalization process accelerating markedly. Against the backdrop of robust global demand for service robots, Yunji Technology's overseas business has become a significant growth driver.

Even more impressive is the 393% revenue growth in factory scenarios. Although the base remains relatively small, the nearly fourfold increase demonstrates that Yunji Technology's exploration of industrial scenarios is already yielding tangible results. From hotels to factories, from domestic to overseas markets, the company's application scenario landscape is expanding rapidly, and its diversified strategy is reducing dependency risk on any single industry.

From Hardware Supplier to Agent Platform: A Valuation Logic in Reconstruction

Looking at the annual report as a whole, the most significant trend is not the high growth of any single metric, but the systemic transformation of Yunji Technology's overall business model.

In the past, the market largely defined Yunji Technology as a service robot hardware supplier, applying hardware company valuation logic. However, the 2025 annual report data reveals that the company is accelerating its transformation into a "service agent platform." The revenue share of its two major software and services businesses — AI agent applications and AI digitalization systems — continues to climb. Recurring revenue driven by the HDOS subscription model is growing steadily thicker, while expansion into overseas markets and new scenarios provides even greater room for growth.

This transformation suggests that Yunji Technology's valuation framework may need to shift gradually from traditional hardware-based P/E multiples to the ARR (Annual Recurring Revenue) valuation system typically applied to SaaS platform companies. If AI agent applications and subscription businesses maintain their rapid growth trajectories, the company's valuation ceiling could be significantly elevated.

Outlook: A New Narrative for Service Robots in the Age of AI Agents

As large language model technologies continue to permeate industries, the service robot sector is entering a critical window of upgrading from "automation tools" to "intelligent agent service platforms." The growth picture presented in Yunji Technology's 2025 annual report validates precisely this trend.

Looking ahead, as AI agent capabilities continue to strengthen, subscription customer scale further expands, and overseas and new scenario businesses ramp up, whether Yunji Technology can truly complete its metamorphosis from a hardware company to a platform company will become a focal point for capital markets. This annual report undoubtedly provides powerful data support for that transformation narrative.