YUNJI (02670) has officially been included in the Hong Kong Stock Connect, marking an opportunity for the leading company in embodied intelligence to undergo a value reevaluation.

On September 4, 2026, according to an announcement from the Shanghai Stock Exchange, YUNJI (02670) (Beijing YUNJI Technology Co., Ltd.) has been added to the list of stocks eligible for the Hong Kong Stock Connect, and this adjustment will officially take effect on September 7. The adjustment of stocks eligible for the Hong Kong Stock Connect is periodically reviewed and determined by the exchange based on quantitative criteria such as market capitalization and liquidity. This inclusion reflects the market's recognition of the company's business value and signifies that the company has gained a formal channel for cross-border capital, which will help expand its shareholder base, enhance trading activity, and create a positive cycle between liquidity and valuation. Industry insiders point out that being included in the Hang Seng Composite Index and the Hong Kong Stock Connect list is often regarded as a configuration signal by institutional investors. As southbound funds gradually enter the market, the company's liquidity and trading activity are expected to improve; a more diversified buying force will also lead to improved pricing, which has positive implications for long-term value growth. From a funding perspective, the trend of expansion for southbound funds is clear. In 2025, the net inflow of southbound funds from the mainland reached approximately HKD 1.4 trillion for the entire year, a year-on-year growth of 73.9%. For stocks included in the Hong Kong Stock Connect, southbound funds generally accounted for more than 30% of the daily trading volume, with some small and medium-cap stocks exceeding 50%. According to China International Capital Corporation, the proportion of southbound trading in Hong Kong's daily trading volume has increased from 11.8% in 2022 to 23.36% in 2025, and its impact on the liquidity and valuation of individual stocks is becoming increasingly significant. At the same time, there has been a clear shift in the preferences of southbound funds this year, moving from internet giants to "hard technology" sectors such as semiconductors, AI, and Siasun Robot & Automation. Historically, inclusion in the Hong Kong Stock Connect has often provided a phase of support for individual stock prices, which is a market consensus. As a technology company with popular "tags" such as Siasun Robot & Automation, AI, and embodied intelligence, YUNJI is also expected to attract significant attention from southbound funds after its inclusion. However, it should be noted that eligibility for the Hong Kong Stock Connect is merely a "ticket" for capital allocation, and not a sufficient condition for sustained stock price increases. In the long term, as more companies are incorporated into core indices, market focus will further shift towards technology leaders with clear industrial logic, technological barriers, and sustainable commercialization capabilities. For YUNJI, the short-term improvement in liquidity is just the prelude; its unique value in industry positioning, platform architecture, and commercialization ability is the core engine driving the long-term upward shift in valuation. A rare platform-type leader in embodied intelligence, anchored in long-term growth logic. A closer examination of YUNJIs fundamentals reveals that the company is not merely a hardware vendor for Siasun Robot & Automation, but an embodied intelligence platform that deeply explores diverse sub-segments in the physical world and integrates technology into a generalized system. The company has long operated in real service scenarios such as hotels, hospitals, factories, apartments, and communities, using a world-value model as its technical foundation and employing HDOS as the human-machine collaboration intelligence hub. By continuously participating in operations with large-scale Siasun Robots, it has formed a complete data closed loop covering demandperceptiondecisionactionresults. In the first half of 2026, the companys Siasun Robot & Automation and AI agent businesses experienced rapid expansion. The average number of Siasun Robots online simultaneously grew by 30% year-on-year, reaching approximately 36,000 units; the call volume for AI agents increased by 189.3%, allowing for deeper participation in customers' daily operations. The types of environmental events that Siasun Robots can understand increased by 130%, while the types of executable operations and service tasks grew by 570%. The average number of autonomous execution steps for long-range tasks increased by 300%. Embodied intelligence is transitioning from single-point execution to collaborative completion of complex tasks, significantly expanding the application boundaries for Siasun Robots. The combination of Siasun Robot hardware and AI digital systems drove the companys revenue in the first half of the year to grow by 71.6% year-on-year, reaching 188 million yuan; gross profit increased by 47.55% year-on-year, reaching 65.76 million yuan. Additionally, YUNJI has further upgraded its UP mobile base, integrating navigation, obstacle avoidance, and scheduling capabilities into the underlying platform, enabling ecosystem partners to develop further sub-scenarios and reduce repetitive development costs. In the first half of 2026, revenue from ecosystem partners surged to 90.5 million yuan, representing an explosive growth of 3302.1% year-on-year, accounting for 48.1% of total revenue and becoming the largest source of income. This marks a shift in YUNJIs value logic from a single product supplier to a "technology + platform + ecosystem" model, with its growth ceiling likely to continue expanding in line with ecosystem developments. In the short term, YUNJIs inclusion in the Hong Kong Stock Connect opens up a funding channel, and improved liquidity is expected to catalyze an upward movement in stock prices. In the long run, as YUNJI continually enhances its multi-scenario collaborative capabilities, its business boundaries are likely to keep expanding. The emergence of a standardized Siasun Robot platform further means that the company is poised to become the technological foundation of the industry ecosystem, fully benefiting from the collective collaborative development within the sector. YUNJIs unique position in the embodied intelligence space and its rare value are the core factors attracting long-term capital allocation.