Yunji (02670) was officially incorporated into the Hong Kong Stock Connect, and the smart leader ushered in an opportunity for value revaluation

On September 4, 2026, according to the Shanghai Stock Exchange announcement, Yunji (02670) (Beijing Yunji Technology Co., Ltd.) was transferred to the Hong Kong Stock Connect list. The relevant adjustments will officially take effect on September 7.

The adjustment of the Hong Kong Stock Exchange Standard is determined by the exchange based on quantitative standards such as market value and liquidity. This transfer not only reflects the market's recognition of the company's business value, but also means that the company has obtained an institutionalized cross-border capital channel, which helps expand the shareholder base, increase trading activity, and form a positive cycle between liquidity and valuation.

Industry insiders pointed out that inclusion in the Hang Seng Composite Index and Hong Kong Stock Connect lists is often viewed as an allocation signal by institutional investors. As southbound capital gradually enters the market, the company's liquidity and trading activity are expected to improve; more diversified buyer power will also make pricing more adequate, which is of positive significance for long-term value growth.

From a financial perspective, the trend of southbound capital expansion is clear. In 2025, the annual net inflow of capital to the mainland was about HK$1.4 trillion, an increase of 73.9% over the previous year; Southbound capital generally accounted for more than 30% of the average daily turnover of Hong Kong Stock Exchange, and over 50% of the average daily turnover of some small to medium markets. According to Bank of China International statistics, the share of southbound transactions in the average daily turnover of the Hong Kong market has risen from 11.8% in 2022 to 23.36% in 2025, and its impact on the liquidity and valuation of individual stocks is becoming more and more significant.

Meanwhile, southbound funding preferences have clearly changed since this year, shifting from Internet giants to “hard technology” fields such as semiconductors, AI, and robotics.

Judging from historical experience, inclusion in the Hong Kong Stock Connect often forms phased support for individual stock prices, which is already a market consensus. And as a technology company with popular “labels” such as robots, AI, and physical intelligence, Yunji is also expected to attract the focus of southbound capital once it is launched.

However, it should be noted that Hong Kong Stock Connect eligibility is only a “ticket” for capital allocation; it is not a sufficient condition for stock prices to continue to rise. In the long run, as more companies are included in the core index, the market's focus will further focus on technology leaders with clear industrial logic, technical barriers, and sustainable commercialization capabilities. As far as Yunji is concerned, short-term liquidity improvement is only a prelude. Its scarce value in terms of industry positioning, platform architecture, and commercialization capabilities is the core engine for the long-term upward movement of the valuation center.

Scarce platform-type smart leader anchors long-term growth logic

If you look closely at the fundamentals of the cloud, it is easy to see that the company is not a pure robot hardware vendor, but an intelligent platform-type enterprise that is deeply involved in various segmented scenarios in the physical world and integrates technology into general systems.

The company has long been rooted in real service scenarios such as hotels, hospitals, factories, apartments and communities. Using the world value model as the technical base and HDOS as the human-robot collaborative intelligence center, the company continues to participate in operations through large-scale robots, forming a closed loop of real data covering the entire link of “demand - perception - decision - action - result”.

In the first half of 2026, the company's robot and AI robot business expanded rapidly. The average number of simultaneous online robots per day increased 30% year over year to about 36,000; the number of AI agents called increased by 189.3% year on year, and participated more deeply in customers' daily operations. The types of environmental events that robots can understand increased by 130%, the types of operations and service tasks that can be performed increased by 570%, and the average number of autonomous execution steps for long-range tasks increased by 300%. Embodied intelligence is moving from single-point execution to collaborative completion of complex tasks, and the application boundaries of robots have greatly expanded.

The combination of robot hardware and AI digital systems jointly promoted the company's revenue growth of 71.6% year-on-year in the first half of the year, reaching 188 million yuan; gross profit increased 47.55% year-on-year to 65.76 million yuan.

In addition, Yunji has further upgraded the UP mobile dock, integrating general capabilities such as navigation, obstacle avoidance, and scheduling into the underlying platform, empowering ecological partners to develop further segmented scenarios and reduce repeated development costs. In the first half of 2026, Ecological Partner's revenue surged to 90.5 million yuan, surging 3302.1% year on year, accounting for 48.1% of total revenue, and has become the largest source of revenue. This indicates that Yunji's value logic is shifting from a single product supplier to “technology+platform+ecology”, and its growth ceiling will continue to expand outward as the ecosystem expands.

In the short term, Yunji's current entry has opened up capital channels, and improved liquidity is expected to catalyze an increase in stock prices; in the long run, Yunji continues to improve multi-scenario collaboration capabilities, and business boundaries are expected to continue to expand in the future. The emergence of standardized robot platforms also means that the company is expected to become the technical foundation of the industry ecosystem, fully benefiting from the collective collaborative development of the industry. The company's unique position and scarce value in building an intelligent circuit is the core factor in attracting long-term capital allocation.