FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 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: 2025年10月8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 | ...

智通财经APP获悉，大和发布研报称，首次给予极智嘉(02590)"买入"评级，目标价38港元，指出该公司 是全球仓库自动化移动机器人解决方案的领导者，市场份额达9%，能为客户提供包括AMR及自研软件 在内的完整仓库自动化方案，而目前AMR仅占全球仓库自动化市场8%，全球只有22.5%仓库实现自动 化，认为市场发展潜力庞大，预测2024至2029年全球AMR收入年均复合增长率将超过30%，而极智嘉 将为唯一上市的纯AMR公司，可把握此增长趋势。 ...

极智嘉-W(02590)盘中涨超6%，高见32.38港元再创新高。截至发稿，涨5.72%，报32.16港元，成交额 7293.56万港元。 大和发布研报称，极智嘉是全球仓库自动化移动机械人解决方案的领导者，市场份额达9%，能为客户 提供包括AMR及自研软件在内的完整仓库自动化方案，而目前AMR仅占全球仓库自动化市场8%，全球 只有22.5%仓库实现自动化，认为市场发展潜力庞大，预测2024至2029年全球AMR收入年均复合增长率 将超过30%，而极智嘉将为唯一上市的纯AMR公司，可把握此增长趋势。首次覆盖予其"买入"评级，目 标价38港元。 ...

Matrix"机器人硬件通用平台"实现全仓一站式AMR 柔性解决方案，Hyper+提供NP 难问题的近似最优 解，目前同时调度5000 台以上机器人，有望拉高KA 客户准入门槛。3）渠道：潜在"销售杠杆"，基于 标准化基因，将撬动全球KA客户。4）具身智能：成立具身子公司拓展新领域，产业侧已有"移动"+"操 作"实践。 预期差3：复购的案例。1）3PL 大厂UPS：引入两期AMR 解决方案，后续将在德国仓使用Robo Shuttle 替换友商方案。2）服饰巨头S&S Activewear：三年内五次复购，累计超2200 台AMR，超200 台工作 站。2022 年与极智嘉首期合作，成功后陆续复购，为美国多个仓库部署机器人解决方案。 预期差1：AMR 革命仓储自动化，领军超额窗口。1）AMR 颠覆物流范式：从"人到货"->"货到人"， 高 柔性、短周期、Opex 转Capex 特点，将逐渐替代非AMR 解决方案。 2）培养巨头的潜力：从上下游看，解决方案商主导产业链。梳理主要玩家发现，不依赖集成商、对外 服务、区域不受限，实际为极智嘉提供了高复用土壤。行业具备复合杠杆，早期竞争格局仍分散，利于 先发头部厂商做大 ...

daware start and the with and the with the with the with the with the with the with the with the with the with the with the with the with and the with and the was and the w 计算机 2025 年 09 月 30 日 极智嘉-W 软硬一体的 AMR 领军 报告原因: 首次覆盖 市公司 婴人 (首次评级) | 市场数据: | 2025年09月30日 | | --- | --- | | 收盘价（港币） | 29.50 | | 恒生中国企业指数 | 9555.33 | | 52 周最高/最低（港币） | 30.56/16.06 | | H 股市值（亿港币） | 394.50 | | 流通 H 股（百万股） | 1,024.15 | | 汇率（人民币/港币） | 0.9137 | 一年内股价与基准指数对比走势： 95% HSCE 资料来源: Bloomberg 相关研究 证券分析师 洪依真 A0230519060003 hongyz@swsresea ...

上 市 公 司 公 司 研 究 / 公 司 深 度 计算机 2025 年 09 月 30 日 极智嘉-W (02590) 买入（首次评级） | 市场数据： | 2025 年 09 月 30 日 | | --- | --- | | 收盘价（港币） | 29.50 | | 恒生中国企业指数 | 9555.33 | | 52 周最高/最低（港币） | 30.56/16.06 | | H 股市值（亿港币） | 394.50 | | 流通 H 股（百万股） | 1,024.15 | | 汇率（人民币/港币） | 0.9137 | 洪依真 A0230519060003 hongyz@swsresearch.com 徐平平 A0230525080002 xupp@swsresearch.com 胡书捷 A0230524070007 husj@swsresearch.com 王珂 A0230521120002 wangke@swsresearch.com 黄忠煌 A0230519110001 huangzh@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 联系 ...

Market Performance - The Hong Kong stock market experienced a significant rise, with the Hang Seng Index closing up 1.89% at 26,622.88 points and a total trading volume of HKD 309.1 billion [1] - The Hang Seng Tech Index increased by 2.08%, closing at 6,324.25 points, while the Hang Seng China Enterprises Index rose by 1.62% to 9,454.12 points [1] Blue-Chip Stocks - Alibaba (09988) saw a notable increase of 4.14%, closing at HKD 173.4, contributing 104.49 points to the Hang Seng Index [2] - Morgan Stanley raised its forecast for Alibaba's capital expenditure for FY2026-2028 from RMB 100-108 billion to RMB 130-135 billion, citing growth in Alibaba Cloud [2] - Other blue-chip stocks like New Oriental (09901) and Zijin Mining (02899) also performed well, with increases of 7.86% and 5.86% respectively [2] Sector Performance - Large technology stocks generally rose, with Kuaishou and Alibaba both up over 4%, while Xiaomi saw a decline of 2.01% [3] - The financial sector showed strong performance, with Huatai Securities (06886) up 12.55% and other major brokerages also experiencing significant gains [3] - The metals sector performed well, with stocks like Zhaojin Mining (01818) and Ganfeng Lithium (01772) rising by 6.68% and 6.55% respectively [4][5] Policy and Economic Outlook - The central bank emphasized the need for a moderately loose monetary policy to boost credit and investment in the financial sector [4] - The A-share margin trading balance reached a historical high, indicating increased trading activity and potential for growth in brokerage earnings [4] Emerging Trends - The demand for energy storage is strong, with leading battery companies operating at full capacity and orders extending into next year [7] - The new energy storage installation target for 2027 is set at 180 million kilowatts, which is expected to drive an investment of approximately RMB 250 billion [7] - The gaming and tourism sectors are anticipated to benefit from the upcoming National Day holiday, with hotel occupancy rates nearing 90% [8] Notable Stock Movements - Ubiquitous Robotics (09880) reported a significant contract worth RMB 30 million for its humanoid robots, indicating strong demand in the robotics sector [6] - Lai Kai Pharmaceutical (02105) saw an increase of 11.16% after positive results from its obesity treatment trials [10] - Xiaomi (01810) faced a decline of 2.01% due to a downward revision in expected shipments for its 17 series smartphones [11]

Group 1 - The majority of robotics concept stocks have risen, with notable increases in companies such as Geek+ (02590) up 10.54% to HKD 29.16, Jinli Permanent Magnet (300748) up 6.29% to HKD 22.32, and Ubtech (09880) up 6.04% to HKD 144 [1] - Recent announcements regarding humanoid robots have been frequent, with the Minister of Industry and Information Technology stating that new sectors such as humanoid robots, brain-computer interfaces, and quantum information will be developed during the 14th Five-Year Plan [1] - The Ministry of Science and Technology is promoting the accelerated application of humanoid robots in various sectors including automotive manufacturing, logistics, and power inspection, laying a solid foundation for the development of a trillion-level industry [1] Group 2 - According to Dongfang Securities, there has been an increase in information regarding the mass production of humanoid robots since Q3 this year, with Tesla aiming to produce 100,000 units per month within the next five years and targeting a cumulative delivery of 1 million robots as a key incentive [1] - Domestic humanoid robot companies such as Ubtech, Zhiyuan, and Yushu have received orders worth hundreds of millions, with Zhiyuan and Tiantai Robotics also surpassing 10,000 units in shipments and orders [1] - The industry is currently at a turning point from initial development to mass production, with significant orders reflecting an accelerated rise in industry prosperity [1]

Group 1 - The core viewpoint of the article highlights the positive performance of Hong Kong's robotics concept stocks, with most showing significant gains on September 25 [1] Group 2 - Company "Geek+ (极智嘉-W)" saw an increase of 10.54%, reaching HKD 29.16 [1] - Company "Jinli Permanent Magnet (金力永磁)" rose by 6.29%, trading at HKD 22.32 [1] - Company "UBTECH Robotics (优必选)" experienced a 6.04% increase, with shares priced at HKD 144 [1] - Company "Yuejiang (越疆)" gained 4.52%, with a stock price of HKD 63.6 [1]

Group 1 - The majority of robotics concept stocks have risen, with notable increases in companies such as Geek+ (02590) up 10.54% to HKD 29.16, Jinli Permanent Magnet (06680) up 6.29% to HKD 22.32, and Ubtech (09880) up 6.04% to HKD 144 [1] - The Chinese Ministry of Industry and Information Technology has announced plans to develop humanoid robots, brain-computer interfaces, the metaverse, and quantum information during the 14th Five-Year Plan, establishing a growth mechanism for future industry investments [1] - The Ministry of Science and Technology is promoting the accelerated application of humanoid robots in sectors such as automotive manufacturing, logistics, and power inspection, laying a solid foundation for the development of a trillion-yuan industry [1] Group 2 - According to Dongfang Securities, there has been an increase in information regarding the mass production of humanoid robots since Q3 of this year, with Tesla aiming to produce 100,000 units per month within five years and targeting a cumulative delivery of 1 million robots as part of its incentive plan [1] - Domestic humanoid robot companies like Ubtech, Zhiyuan, and Yushun have received orders worth hundreds of millions, with Zhiyuan and Tiantai Robotics also surpassing 10,000 units in shipments and orders [1] - The industry is currently at a turning point from initial development to mass production, with significant orders reflecting an accelerated increase in industry prosperity [1]