Group 1 - The core viewpoint of the news is that Geekplus (02590.HK) has successfully implemented its robotic solutions in the European market, specifically in Denmark and Poland, showcasing its scalable deployment capabilities and leading market position in smart warehousing [1][3]. - In Denmark, Geekplus provided a smart robotic solution for Coolshop, addressing operational challenges due to increased order volumes and accuracy requirements, achieving a fourfold increase in picking efficiency and near-zero error rates in order picking [1][2]. - The solution for Coolshop integrates the "goods-to-person" model with the Apport WMS system, effectively managing 40,000 SKUs in a 30,000 square meter warehouse, while allowing for future business growth [1][2]. Group 2 - In Poland, Geekplus assisted global logistics provider Arvato by deploying a "goods-to-person" solution in a 48,000 square meter logistics center, significantly enhancing order picking efficiency and reducing walking distances for workers [2][3]. - The solution for Arvato supports higher density shelving layouts, optimizing warehouse space utilization and enabling the company to meet growing business demands for its diverse client base [2][3]. - The successful implementation of these projects in both Northern Europe and Poland indicates Geekplus's expanding footprint in the European market and its adaptability across various scenarios, reinforcing its global leadership in AI and robotics [3].

Core Viewpoint - Company is rated "Buy" by Everbright Securities, highlighting its leading position in the global AMR warehouse fulfillment solutions market and strong commercialization capabilities [1] Group 1: Revenue and Market Position - Company is the global leader in AMR warehouse fulfillment solutions, with a projected revenue of 2.409 billion yuan in 2024, maintaining the number one market share for six consecutive years [1] - The global warehouse automation trend is on the rise, with approximately 80% of warehouses yet to deploy automation solutions, indicating significant market capture potential for AMR solutions [1] - The market size for AMR solutions is expected to reach 162.1 billion yuan by 2029, with a CAGR of 33.1% from 2024 to 2029 [1] Group 2: Customer Base and Service Capabilities - Company has a strong and high-retention global customer base, with 80% of revenue coming from overseas and over 66,000 robots delivered to more than 850 clients across 40 countries [2] - The customer repurchase rate has increased from 58.3% in 2022 to 74.6% in 2024, with key clients showing a repurchase rate of 84.3% [2] - Company offers a diverse range of AMR solutions tailored to various customer needs across manufacturing, e-commerce, and logistics sectors [2] Group 3: Investment in AI and Embodied Intelligence - Company plans to establish a wholly-owned subsidiary focused on embodied intelligence by July 2025, extending core technologies to new applications [3] - The company has accumulated valuable data from servicing major clients, which will support the ongoing training of embodied intelligence models [3]

Group 1 - The core viewpoint is that the company, Geek+, is positioned to benefit from the AI-driven smart warehousing industry, with a projected EPS of 0.06 and 0.17 yuan for 2025 and 2026 respectively, and a target price of 32.8 HKD, indicating a potential upside of 32% [1] - The global market for Autonomous Mobile Robot (AMR) solutions in warehousing is expected to exceed 100 billion yuan by 2029, with Chinese companies having a significant advantage [2] - Geek+ is recognized as a leading global player in AMR solutions, with over 70% of its revenue coming from overseas markets, and it holds a 9% market share in the global AMR solutions for warehousing as of 2024 [3] Group 2 - The company has developed three proprietary technology platforms for AI integration in warehousing, providing a foundational basis for path planning, supply chain optimization, and digital twin applications [4] - Geek+ has accumulated a long-term client base of 770 end customers, creating a substantial data barrier for AI transformation through extensive operational and historical order data [4] - Potential catalysts for the company include achieving profitability, inclusion in the Hang Seng Composite Index, and participation in the Hong Kong Stock Connect [4]

Group 1 - Core viewpoint: CICC initiates coverage on Geek+ (02590) with an "outperform" rating and a target price of HKD 32.8, indicating a potential upside of 32% [1] - Expected EPS for Geek+ is projected to be 0.06 and 0.17 for the years 2025 and 2026 respectively [1] - The company is positioned as a comprehensive intelligent entity with AI and scenario-based capabilities in the smart warehousing sector [1] Group 2 - The warehousing segment has a leading advantage in AI implementation, with the global AMR (Autonomous Mobile Robot) solutions market expected to exceed RMB 100 billion by 2029, showcasing significant advantages for Chinese companies [2] - The integration of AI in warehousing AMR is characterized by high standardization, clear data accumulation, and a solid foundation for automation, making it a crucial market for AI and industrial applications [2] - Amazon has introduced the AI foundational model DeepFleet, which serves as a guiding force for the industry [2] Group 3 - Geek+ is recognized as a global leader in AMR solutions, with over 70% of its revenue coming from overseas markets [3] - The company holds a 9% market share in the global AMR solutions market, making it the top player by revenue in 2024 [3] - Geek+ achieved a positive EBITDA of RMB 0.12 million in the first half of 2025, marking a significant financial turning point for the company [3] Group 4 - Geek+ leads the new paradigm of smart warehousing in China through three proprietary technology platforms, enabling AI integration in warehouse path planning, supply chain optimization, and digital twin applications [4] - The company offers high-performance solutions across various industries through three major warehousing solutions and three application scenarios [4] - With a long-term accumulation of 770 end customers, Geek+ has built a substantial data barrier for AI transformation through extensive operational and historical order data [4] - Potential catalysts for the company include turning profitable, joining the Hang Seng Composite Index, and inclusion in the Hong Kong Stock Connect [4]

随着极智嘉正式纳入恒生综合指数、实质性锁定港股通标的池资格，未来有望获得南下资金的重点配 置，加速兑现其作为港股稀缺"物理AI"核心资产的估值溢价。 相较于行业内普遍单仓部署数十至百余台的现状，千台级项目持续印证了极智嘉在超大规模集群调度等 AI能力和复杂项目经验上的稀缺性和领先优势，并将进一步释放规模效应。 据悉，公司近期接连斩获多笔亿元级大订单，其中一家客户的总订单高达3亿元。PUMA、马士基、 DHL等国际头部品牌的智能仓项目亦密集交付。其技术实力与商业认可度持续领跑行业。 Interact Analysis报告显示，极智嘉已连续七年稳居全球自主移动机器人市场份额首位，在EMEA（欧 洲、中东及非洲）、亚太及美洲等核心区域的市占率均稳居行业前列。 据悉，AI+机器人龙头企业极智嘉（02590.HK）近日在欧洲又成功交付一超大规模智能仓项目，单仓机 器人数量近1000台。目前，极智嘉已在全球落地包括美国 UPS、韩国 Coupang 在内的多个千台级智能 仓。 中金公司最新研报指出，极智嘉已从市场普遍认知的机器人产品与方案公司，发展成为具备AI+场景化 能力的综合智能体，而且公司商业模式稳定，AI赋能将显 ...

Investment Highlights - Company is rated as outperforming the industry with a target price of HKD 32.80, based on a comparable valuation method corresponding to a 10x P/S for 2026 [1] - The global warehouse AMR (Autonomous Mobile Robot) solutions market is expected to exceed RMB 100 billion by 2029, with significant advantages for Chinese companies [1][2] - The company has a leading position in the warehouse AMR solutions market, with a market share of 9% and overseas revenue accounting for over 70% in recent years [2] Financial Performance - The company has shown a continuous reduction in losses, with adjusted EBITDA projected to improve from -6.72 billion in 2021 to -0.25 billion in 2024, and achieving positive EBITDA of 0.12 billion in the first half of 2025 [2] - Earnings per share (EPS) are expected to be RMB 0.06 and RMB 0.17 for 2025 and 2026, respectively [3] Technological Edge - The company utilizes three proprietary technology platforms for AI integration in warehouse planning, supply chain optimization, and digital twin applications [2] - It has developed three major warehouse solutions and scenarios, serving over 770 end customers, creating a data barrier for AI transformation [2] Market Positioning - The company is positioned as a comprehensive intelligent entity with AI and scenario capabilities, differing from market perceptions of it being solely a robotics product and solution provider [2] - Potential catalysts for growth include turning profitable, inclusion in the Hang Seng Composite Index, and participation in the Hong Kong Stock Connect [2]

Group 1 - The core viewpoint of the report is that the company, Geek+, is positioned as a leader in the AI-driven warehouse automation market, with a stable business model and significant growth potential due to AI integration [1][2] - The company is expected to achieve EPS of 0.06 and 0.17 yuan in 2025 and 2026 respectively, with a target price of 32.8 HKD, indicating a potential upside of 32% [1] - The report highlights that the global AMR (Autonomous Mobile Robot) solutions market is projected to exceed 100 billion yuan by 2029, with Chinese companies having a distinct advantage [2] Group 2 - Geek+ was established in 2015 and has become a global leader in AMR solutions, with over 70% of its revenue coming from overseas markets [3] - The company is expected to achieve a positive EBITDA of 0.12 million yuan in the first half of 2025, marking a significant financial turning point [3] - Geek+ has developed three proprietary technology platforms for AI integration in warehouse path planning, supply chain optimization, and digital twin applications, creating a strong data barrier for AI transformation [4] Group 3 - The company has accumulated a long-term client base of 770 end customers, providing a wealth of operational and historical order data [4] - Geek+ is focusing resources on embodied intelligence and has launched a general-purpose robotic arm and an embodied intelligence base called Geek+ Brain [4] - Potential catalysts for the company's growth include turning profitable, joining the Hang Seng Composite Index, and being included in the Hong Kong Stock Connect [4]

Core Viewpoint - The report from CICC indicates that Geek+ (02590) is positioned as a leader in the AI-driven smart warehousing sector, with a stable business model and significant growth potential driven by AI integration [1][2]. Group 1: Financial Projections - CICC forecasts Geek+'s EPS to be 0.06 and 0.17 yuan for 2025 and 2026, respectively [1]. - The company is assigned a target price of 32.8 HKD for 2026, reflecting a 32% upside based on a 10x P/S valuation [1]. Group 2: Market Position and Trends - The global market for AMR (Autonomous Mobile Robot) solutions in warehousing is expected to exceed 100 billion yuan by 2029, with significant advantages for Chinese companies [2]. - Geek+ is recognized as the global leader in AMR solutions, with over 70% of its revenue coming from international markets [3]. Group 3: Technological and Operational Strengths - The company utilizes three proprietary technology platforms for self-developed hardware and software, facilitating AI integration in warehouse path planning, supply chain optimization, and digital twin applications [4]. - Geek+ has established a strong data barrier for AI transformation by accumulating operational data from 770 end customers over the years [4]. Group 4: Potential Catalysts - Key catalysts for the company include achieving profitability, inclusion in the Hang Seng Composite Index, and participation in the Hong Kong Stock Connect program [4].

Core Viewpoint - The inclusion of Geek+ (极智嘉) in the Hang Seng Composite Index signifies recognition of its technological and commercial capabilities, as well as the competitiveness of China's robotics industry on a global scale [1] Group 1: Technological Strength - Geek+ has established a full-stack AI technology architecture that integrates algorithms, hardware, and systems, which is crucial for its competitive edge in warehouse automation [2] - The Hyper+ core algorithm platform developed by Geek+ supports over 5,000 robots operating simultaneously in a single warehouse, significantly exceeding the industry average and enabling the company to undertake large-scale global warehouse projects [2] - The company is expanding from warehouse robotics into embodied intelligence, with plans to launch a "无人拣选工作站" (unmanned picking workstation) in October 2025, utilizing its Geek+ Brain model to cover tens of thousands of SKUs without retraining [2] Group 2: Commercial Performance - Geek+ has recently secured multiple orders exceeding 100 million yuan, including a notable order from a large South Korean e-commerce company worth over 300 million yuan, demonstrating the stability and technical barriers of its solutions in large-scale scenarios [3] - The company's customer repurchase rate surpassed 80% in the first half of 2025, with key customer repurchase rates reaching 84.3%, significantly higher than the industry average of around 50% [4] - Notable clients include global logistics giants like GXO and DHL, as well as leading companies in various sectors, indicating a strong and loyal customer base [4] Group 3: Financial Outlook - Geek+ is projected to achieve revenue of 2.41 billion yuan in 2024, maintaining its leading position in the Hong Kong robotics sector, with a year-on-year revenue growth of 31% to 1.025 billion yuan in the first half of 2025 [4] - The company is expected to turn profitable, with major financial institutions forecasting a 55% year-on-year increase in earnings per share by 2028 [6] - The stock price of Geek+ is currently undervalued compared to industry averages, with a price-to-sales ratio of 10.39, significantly lower than competitors like KION Group and Symbotic [6][7] Group 4: Market Position and Future Growth - The global demand for logistics automation is on the rise, with major companies like Amazon planning significant investments in warehouse robotics, positioning Geek+ to benefit from this trend [8] - The company's inclusion in the Hang Seng Composite Index is expected to enhance liquidity and attract passive capital inflows, further supporting stock price recovery [6] - The combination of low valuation, improving fundamentals, and capital catalysts creates a favorable environment for Geek+ to continue its upward trajectory in the market [8]

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） 本人╱吾等 （附註2） 地址為 為北京極智嘉科技股份有限公司（「本公司」）股本中的股份 （附註1） 之登記持有人，茲委任 （附註3） 大會主席或 地址為 作為本人╱吾等的受委代表並代表本人╱吾等出席本公司將於2025年12月22日（星期一）上午十時正假座中國北京 市順義區安祥街12號北京環普國際科創園5號樓8-9樓會議室舉行之臨時股東會會議（「大會」）或其任何續會，以考慮 及酌情批准日期為2025年12月5日召開大會通告所載以下決議案並按下文指示以本人╱吾等名義投票，或倘無作出 指示，則作為本人╱吾等的受委代表酌情投票。 | 普通決議案 | 贊成 | （附註4） | 反對 | （附註4） | 棄權 | （附註4） | | --- | --- | --- | --- | --- | --- | --- | | 1. 關於委任香港畢馬威會計師事務所為本公司外部審計機構的議案 | | | | | | | | 2. 關於修訂《關聯（連）交易管理制度》的議案 ...