仅供机构投资者使用 证券研究报告|港股公司深度研究报告 2026年3月18日 极智嘉(2590.HK)： 全球仓储自主移动机器人（AMR）龙头 | 评级： | | | --- | --- | | 评级： | 买入 | | 上次评级： | 首次覆盖 | | 最新收盘价： | 20.14 | | 股票代码： | 2590 | | --- | --- | | 52 周最高价/最低价： | 33.9/16.06 | | 总市值(亿) | 269.33 | | 自由流通市值(亿) | 206.26 | | 自由流通股数(百万) | 1024.15 | -5% 14% 32% 51% 70% 89% 2025/07 2025/10 2026/01 相对股价% 分析师：游道柱 邮箱：youdz@hx168.com.cn SAC NO：S1120522060002 请仔细阅读在本报告尾部的重要法律声明 注：此处货币单位为港元 1 极智嘉-W 恒生指数 本篇报告主要观点 • 风险提示：市场竞争加剧风险、技术迭代与研发落地风险、下游需求与宏观波动风险、地缘政治与海外经营风险。 | 财务摘要 | 2023A | 2024A | 2 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 董事會會議召開日期 北京極智嘉科技股份有限公司（「本公司」）董事會（「董事會」）茲宣佈謹定於2026 年3月30日（星期一）舉行董事會會議，藉以（其中包括）考慮及批准本公司及其附 屬公司截至2025年12月31日止年度之年度業績及其發佈，並考慮派發末期股息的 建議（如有）。 承董事會命 北京極智嘉科技股份有限公司 董事會主席、執行董事兼首席執行官 鄭勇 香港，2026年3月17日 於本公告日期，董事會包括(i)執行董事鄭勇先生、李洪波先生、陳曦先生及劉凱 先生；(ii)非執行董事夏志進先生、陳和江先生、白津先生及李珂先生；及(iii)獨 立非執行董事陳晨女士、劉大成先生、陳少華先生及韓愉先生。 Beijing Geekplus Technology Co., Ltd. 北京極智嘉科技股份有限公司 （於中華人民共和國註冊成立以不同投票權控股的股份有限公司） （股份代碼：2590） ...

FF301 公司名稱: 北京極智嘉科技股份有限公司（於中華人民共和國註冊成立以不同投票權控股的股份有限公司） 呈交日期: 2026年3月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 218,560,434 | RMB | | | 1 RMB | | 218,560,434 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 218,560,434 | RMB | | | 1 RMB | | 218,560,434 | | 2. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | B | | 於香港聯交所上市 (註1) | ...

Core Viewpoint - The report from China Merchants Securities highlights the significant presence of robotics companies at the recent Spring Festival Gala, showcasing advancements in motion control and autonomy, indicating a strong governmental support phase for the robotics industry this year [1][2] Group 1: Industry Trends - The Spring Festival Gala featured a notable increase in the number of humanoid robots, reflecting the government's commitment to strengthening the humanoid robotics sector, similar to the initial phase of the new energy vehicle industry [1] - The technology demonstrated this year at the gala was more complex than in previous years, with improved group performance and coordination among robots, showcasing advancements in collective control capabilities [2] Group 2: Investment Opportunities - China Merchants Securities recommends focusing on several companies in the robotics sector, including UBTECH (09880), Yujin (02432), Geek+ (02590), and Minth Group (00425), as well as companies in the broader robotics field such as Hesai Technology (02525), SUTENG (02498), and Horizon Robotics (09660) [1] - The report anticipates a policy environment characterized by national strategic guidance and local support, which is expected to foster growth in the robotics industry [1]

Group 1 - The company expects to achieve revenue of approximately RMB 3.14 billion to RMB 3.18 billion in 2025, representing a year-on-year increase of about 30% to 32% [1] - The anticipated loss attributable to shareholders is expected to narrow significantly to approximately RMB 30 million to RMB 10 million, a reduction of about 96% to 99% year-on-year [1] - The adjusted net profit for the reporting period is projected to be around RMB 25 million to RMB 45 million, compared to an adjusted net loss of approximately RMB 92 million in the same period of 2024 [1] Group 2 - The increase in revenue is primarily attributed to the completion of more deliveries of warehouse mobile robot solutions during the reporting period [1] - The transition from adjusted net loss to adjusted net profit is mainly due to the further enhancement of the warehouse mobile robot solutions business, leading to an increase in revenue and consequently an increase in gross profit [1]

Core Viewpoint - The report from China Merchants Securities highlights the significant advancements in robotics showcased during the Spring Festival Gala, indicating a strong governmental push towards the development of humanoid robots and related technologies this year [1][2]. Group 1: Industry Trends - Multiple robotics companies made a prominent appearance at the Spring Festival Gala, showcasing enhanced motion control and autonomy capabilities [1]. - The event reflects a shift in national policy towards supporting the humanoid robotics industry, similar to the initial phase of the new energy vehicle industry [1]. - The number of robots participating in the gala increased significantly compared to previous years, indicating a growing emphasis on robotics in national strategy [1]. Group 2: Company Focus - Key companies to watch in the robotics sector include UBTECH (09880), Yujian (02432), Geek+ (02590), and Minth Group (00425), along with firms in the broader robotics field such as Hesai (02525), SUTENG (02498), and Horizon Robotics (09660) [1]. - The report notes that the technical difficulty of the robot performances this year was higher than in previous years, with improved group control capabilities and zero-error execution [2]. - For instance, Yushun's robots demonstrated a 5 to 10 times increase in agility compared to last year, laying the groundwork for future service-oriented robots [2].

Group 1 - AMD and Meta have reached a strategic partnership agreement for the procurement of AI chips worth up to $60 billion over the next five years, marking a significant shift in the AI chip market dynamics [1] - This agreement signifies Meta's transition from being a hardware buyer to a strategic partner in the supply chain, providing AMD with its largest single order in history [1] - AMD's AI chips, such as the MI300 series, rely heavily on advanced packaging technologies like CoWoS, indicating a substantial demand for high-quality packaging capabilities [1] Group 2 - ASMPT, a leading semiconductor packaging equipment supplier, is expected to benefit directly from the expansion of AMD and the overall industry due to its key equipment for advanced packaging [2] - The major demand for advanced packaging capacity is driven by Meta's large order, with TSMC being the primary provider of CoWoS capacity [1][2] Group 3 - The Nasdaq China Golden Dragon Index rose by 1.37%, reflecting a positive trend in popular Chinese concept stocks, including AMD, which saw an increase of over 8% [3] - Major technology stocks, including Intel and Tesla, also experienced gains, contributing to the overall positive market sentiment [3] Group 4 - Panasonic has decided to transfer its TV sales business in North America and Europe to Skyworth, focusing instead on the Japanese market and high-end model production to reduce costs [4] - This strategic adjustment aligns with Panasonic's goal to optimize its operational model based on regional market conditions [4] Group 5 - Federal Pharmaceutical's UBT251 injection has completed Phase II clinical research in overweight/obese patients in China, indicating progress in its innovative drug development [5] - Haizhi Technology Group has entered a strategic cooperation framework agreement with Zhizhu Technology to collaborate in model training and application scenarios [6][7] Group 6 - Sanofi's partnership with Pfizer has led to significant revenue recognition, with a reported net profit of 2.939 billion yuan for 2025, reflecting a 317.09% year-on-year increase [8] - The company achieved a revenue of 4.199 billion yuan for the same period, marking a 251.81% increase [8] Group 7 - Harbin Electric has forecasted a net profit of 2.65 billion yuan for 2025, representing a year-on-year growth of approximately 57.2%, driven by increased revenue and improved product profitability [13] - The company is expected to benefit from the high demand for reliable power systems in the U.S. due to ongoing electricity shortages [13]

Core Viewpoint - The company expects to achieve revenue of approximately RMB 3.14 billion to RMB 3.18 billion in 2025, representing a year-on-year increase of about 30% to 32% [1] Revenue and Profit Forecast - The anticipated loss attributable to shareholders is expected to be between RMB 30 million to RMB 10 million, significantly narrowing by approximately 96% to 99% year-on-year [1] - The adjusted net profit for the reporting period is projected to be between RMB 25 million to RMB 45 million, compared to an adjusted net loss of approximately RMB 92 million in the same period of 2024 [1] Revenue Growth Drivers - The increase in revenue is primarily attributed to the completion of deliveries of warehouse mobile robot solutions during the reporting period [1] - The transition from adjusted net loss to adjusted net profit is mainly due to the further enhancement of the warehouse mobile robot solutions business, leading to an increase in revenue and consequently an increase in gross profit [1]

Core Viewpoint - The company expects to achieve revenue of approximately RMB 3.14 billion to RMB 3.18 billion in 2025, representing a year-on-year increase of about 30% to 32% [1] - The anticipated loss attributable to shareholders is expected to narrow significantly to approximately RMB 30 million to RMB 10 million, a reduction of about 96% to 99% year-on-year [1] - The adjusted net profit is projected to be around RMB 25 million to RMB 45 million, compared to an adjusted net loss of approximately RMB 92 million in the same period of 2024 [1] Revenue Growth - The increase in revenue is primarily attributed to the completion of more deliveries of warehouse mobile robot solutions during the reporting period [1] Profitability Improvement - The transition from adjusted net loss to adjusted net profit is mainly due to the further enhancement of the warehouse mobile robot solutions business, leading to an increase in revenue and consequently an increase in gross profit [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立以不同投票權控股的股份有限公司） （股份代碼：2590） 盈利預告 截至2025年12月31日止年度之估計年度業績 Beijing Geekplus Technology Co., Ltd. 北京極智嘉科技股份有限公司 本公告所載資料僅基於截至本公告日期可得的對本集團於報告期的未經審計合併 管理賬及相關收入估計的初步評估，有關資料未經本公司核數師審計或審閱，亦 未經本公司審核委員會審閱。本公司仍在敲定報告期的年度業績，且本集團於報 告期的實際財務業績或會予以調整。股東及潛在投資者務請細閱本公司於報告期 的年度業績公告，該公告預期將根據上市規則的規定於2026年3月底前刊發。 本公司股東及潛在投資者在買賣本公司證券時，務請審慎行事。 承董事會命 本公告乃根據《香港聯合交易所有限公司證券上市規則》（「上市規則」）第13.09(2) (a)條及香港法例第571章《證券及期貨條例》第XI ...