Core Viewpoint - The article discusses the growth potential of the AMR (Autonomous Mobile Robot) industry, particularly focusing on the company 极智嘉 (Geek+) as a leading provider of warehouse fulfillment solutions, highlighting three expected discrepancies in market trends and company performance [1][2][3]. Group 1: AMR Market Potential - AMR is revolutionizing warehouse automation by shifting from "man to goods" to "goods to man," characterized by high flexibility and short cycles, which will gradually replace non-AMR solutions [1]. - The industry exhibits a compound leverage effect with a fragmented early competitive landscape, allowing leading firms like 极智嘉 to strengthen their market position [2]. - According to S-curve theory, with a market penetration rate nearing 10%, an excess profit window is anticipated, with the global AMR market projected to exceed $162 billion by 2029, growing at a CAGR of 31.3% from 2025 to 2029 [2]. Group 2: Solution and Technology - The company's business model is highly replicable and has shown rapid improvement in repurchase rates, gross margins, and expense ratios from 2022 to the first half of 2025, with adjusted EBITDA turning profitable [2][3]. - The AMR algorithm and scheduling barriers define the efficiency limits and scalability of the technology stack [2]. - The "Matrix" robot hardware platform offers a comprehensive AMR solution, currently managing over 5,000 robots simultaneously, which may raise entry barriers for key accounts [3]. Group 3: Repurchase Cases - Major 3PL player UPS has adopted two phases of AMR solutions and plans to replace competitor solutions with Robo Shuttle in its German warehouse [3]. - Apparel giant S&S Activewear has made five repurchases within three years, totaling over 2,200 AMRs and more than 200 workstations, indicating strong demand and satisfaction with the solutions provided by 极智嘉 [3]. Group 4: Investment Analysis - The company is projected to achieve revenues of 3.2 billion, 4.35 billion, and 5.9 billion yuan from 2025 to 2027, with year-on-year growth rates of 33%, 36%, and 36% respectively, and a turnaround in net profit from a loss to 1.9 billion, 4.9 billion, and 9.3 billion yuan [4]. - The company is compared with peers such as 越疆 (Yuejiang), Symbotic, and 文远知行 (Wenyan Zhixing) for valuation purposes, with a target market capitalization of approximately 44.8 billion yuan by 2025 [4].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][5][4]. Core Insights - The company, Geek+, established in 2015, has become the largest provider of warehouse fulfillment AMR (Autonomous Mobile Robot) solutions globally, with a comprehensive and standardized solution set [5][10]. - The AMR market is expected to experience significant growth, with a projected CAGR of 31.3% from 2025 to 2029, and the global AMR market size anticipated to exceed USD 162 billion by 2029 [5][27][29]. - The company is expected to achieve revenue of RMB 32 billion in 2025, with a target market capitalization of approximately RMB 448 billion [6][5]. Financial Data and Profit Forecast - Revenue projections for 2023 to 2027 are as follows: RMB 2,143 million (2023), RMB 2,409 million (2024), RMB 3,202 million (2025), RMB 4,350 million (2026), and RMB 5,900 million (2027), with growth rates of 47.6%, 12.4%, 32.9%, 35.9%, and 35.6% respectively [4][6]. - The net profit attributable to ordinary shareholders is forecasted to be RMB -1,127 million (2023), RMB -832 million (2024), RMB 189 million (2025), RMB 488 million (2026), and RMB 1,225 million (2027), with significant growth rates in the latter years [4][6]. - The gross margin is expected to improve from 30.8% in 2023 to 39.0% by 2027 [4][6]. Market Dynamics - The AMR industry is characterized by high flexibility, short deployment cycles, and a shift from operational expenditure (Opex) to capital expenditure (Capex), making it increasingly attractive compared to traditional solutions [5][17][16]. - The company has a high customer repurchase rate, which is projected to reach 80% by 2025, indicating strong customer satisfaction and reliability of its solutions [5][37]. - The competitive landscape remains fragmented, allowing early movers like Geek+ to strengthen their market position [5][24][26]. Technological and Operational Insights - The company's solutions include three main models: "Shelf to Person," "Box to Person," and "Pallet to Person," which cater to various operational needs in e-commerce and manufacturing [5][34][36]. - The Matrix platform enables the integration of various robot types and algorithms, enhancing operational efficiency and scalability [5][42][43]. - The Hyper+ platform supports the simultaneous scheduling of over 5,000 robots, significantly improving operational throughput [5][46][47]. Future Outlook - The report highlights the potential for the AMR market to reach a critical penetration rate of 10% by 2024, which could lead to an excess return window for leading companies [5][27][29]. - The company is expected to enhance its channel revenue share from 33% to 60% by 2024, indicating a strategic shift towards broader market coverage [5][49][51].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][5][4] Core Insights - The company, Geek+, established in 2015, has become the largest provider of warehouse fulfillment solutions globally, focusing on AMR (Autonomous Mobile Robot) technology. The report highlights three expected discrepancies that could lead to significant growth opportunities in the AMR sector [5][12][19] - The AMR market is projected to exceed USD 162 billion by 2029, with a CAGR of 31.3% from 2025 to 2029, indicating a critical inflection point in 2025 as labor costs rise and supply chain efficiency demands increase [5][31][33] Summary by Sections Expected Discrepancy 1: AMR Revolutionizing Warehouse Automation - AMR technology is shifting the logistics paradigm from "man to goods" to "goods to man," characterized by high flexibility, short cycles, and a transition from Opex to Capex [5][20][15] - The industry is expected to experience a supernormal profit window as the penetration rate approaches 10%, with significant growth potential for leading companies [5][31][30] Expected Discrepancy 2: Integrated Solutions with a Focus on AI Algorithms - The business model is highly replicable and exhibits high customer retention, similar to SaaS models, with a significant improvement in repurchase rates and gross margins from 2022 to 2025 [5][41][45] - The Matrix platform enables a unified scheduling of over 5,000 robots, enhancing operational efficiency and setting high entry barriers for key accounts [5][51][47] Expected Discrepancy 3: Repurchase Cases - Notable clients like UPS and S&S Activewear have demonstrated high repurchase rates, indicating strong customer satisfaction and reliability of the AMR solutions [5][41][44] Financial Forecast and Valuation Analysis - Revenue projections for 2025-2027 are estimated at RMB 32.0 billion, RMB 43.5 billion, and RMB 59.0 billion, respectively, with a significant turnaround in net profit expected [6][5][4] - The report assigns a valuation of PS=14x for 2025, leading to a target market capitalization of approximately RMB 448 billion [6][5][4]

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]

北京極智嘉科技股份有限公司 章程 2025年9月 | | | | 第一章 | 總則 | 1 | | --- | --- | --- | | 第二章 | 經營宗旨和範圍 | 2 | | 第三章 | 股份 | 2 | | 第一節 | 股份發行 | 2 | | 第二節 | 股份增減和回購 | 7 | | 第三節 | 股份轉讓 | 8 | | 第四章 | 股東和股東會 | 10 | | 第一節 | 股東 | 10 | | 第二節 | 股東會的一般規定 | 13 | | 第三節 | 股東會的召集 | 16 | | 第四節 | 股東會的提案與通知 | 17 | | 第五節 | 股東會的召開 | 19 | | 第六節 | 股東會的表決和決議 | 22 | | 第五章 | 董事會 | 27 | | 第一節 | 董事 | 27 | | 第二節 | 董事會 | 31 | | 第六章 | 總經理及其他高級管理人員 | 38 | | 第七章 | 監事會 | 40 | | 第一節 | 監事 | 40 | | 第二節 | 監事會 | 41 | | 第八章 | 財務會計制度、利潤分配和審計 | 43 | | 第一節 | 財務會計制度 | ...

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。 附註： 北京極智嘉科技股份有限公司以不同投票權控制，其股本包括A類普通股及B類普通股。對於 提呈股東大會的任何決議案，A類股份持有人每股可投十票，而B類股份持有人每股可投一票， 惟法律或香港聯合交易所有限公司證券上市規則或北京極智嘉科技股份有限公司的組織章程大 綱及細則另行規定者除外。股東及有意投資者應留意投資於不同投票權架構的公司的潛在風 險，特別是不同投票權受益人的利益未必與本公司股東的整體利益一致，不論其他股東如何投 票，不同投票權受益人會對股東決議案的結果可能有重大影響。 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） （股份代號：2590） 於2025年9月22日舉行的臨時股東會會議的投票表決結果 北京極智嘉科技股份有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣 佈， ...

Company Information [Company Overview and Governance Structure](index=3&type=section&id=Company%20Overview%20and%20Governance%20Structure) Beijing Geekplus Technology Co., Ltd. listed on the Main Board of HKEX on July 9, 2025, as a global leader in autonomous mobile robots, maintaining effective corporate governance through its board and committees during the reporting period - The company successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited on **July 9, 2025**, with stock code **2590**[6](index=6&type=chunk)[12](index=12&type=chunk) - The Board of Directors comprises executive, non-executive, and independent non-executive directors, with committees for strategy, audit, remuneration and appraisal, nomination, and corporate governance[5](index=5&type=chunk) - KPMG is the auditor, and legal advisors include Stephen Chow & Co. in association with Commerce & Finance Law Offices (Hong Kong law) and JunHe LLP (PRC law)[5](index=5&type=chunk)[6](index=6&type=chunk) Business Review [Global Leadership in Autonomous Mobile Robot Market](index=5&type=section&id=Global%20Leadership%20in%20Autonomous%20Mobile%20Robot%20Market) The company leads the global autonomous mobile robot market, being the largest warehouse fulfillment robot solution provider by 2024 revenue for six consecutive years, serving over 850 clients across 40+ countries with high repurchase rates - The company is the world's largest warehouse fulfillment robot solution provider, maintaining its leading position for **six consecutive years** (by 2024 revenue)[7](index=7&type=chunk) - As of June 30, 2025, over **66,000 robots** have been delivered to **40+ countries and regions**, serving over **850 end customers** with a repurchase rate exceeding **80%**[7](index=7&type=chunk) [Rapidly Growing Global Business](index=5&type=section&id=Rapidly%20Growing%20Global%20Business) The company achieved rapid order and revenue growth in H1 2025, with orders up 30.1% to RMB 1,759.8 million and revenue up 31.0% to RMB 1,024.7 million, driven by strong global expansion with non-mainland China revenue accounting for 79.5% H1 2025 Business Growth Overview | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Growth (%) | | :--- | :--- | :--- | :--- | | Orders | 1,759.8 | - | 30.1% | | Revenue | 1,024.7 | 782.5 | 31.0% | | Non-mainland China Revenue Share | 79.5% | - | - | - Added over **60 new end customers**, made significant progress in grocery retail and food & beverage sectors, with the largest single order exceeding **RMB 100 million**[8](index=8&type=chunk) - Over **40 new channel partners** added in H1 2025, with over **52 global service stations** and partner sites, **12 spare parts centers**, and over **310 engineers**[8](index=8&type=chunk) [Significantly Improved Profitability](index=6&type=section&id=Significantly%20Improved%20Profitability) In H1 2025, net loss significantly narrowed by 91.3% to RMB 48.0 million, and adjusted net loss by 94.0% to RMB 11.9 million, driven by increased gross profit, cost control, and foreign exchange gains H1 2025 Profitability Improvement | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Narrowing (%) | | :--- | :--- | :--- | :--- | | Net Loss | 48.0 | 550.3 | 91.3% | | Adjusted Net Loss | 11.9 | 197.2 | 94.0% | - Profitability improvement primarily attributed to increased gross profit from higher revenue, effective cost control, and increased foreign exchange gains[10](index=10&type=chunk) [Cutting-Edge Innovative Technology Platforms](index=6&type=section&id=Cutting-Edge%20Innovative%20Technology%20Platforms) The company leverages Hyper+ core algorithm platform for large-scale robot cluster scheduling and Robot Matrix general technology platform for modular, configurable robot innovation and development - The **Hyper+ core algorithm platform** supports cluster scheduling of over **5,000 robots**, covering traffic management, task assignment, warehouse management, and supply chain algorithms[13](index=13&type=chunk) - The **Robot Matrix general robot technology platform** provides modular, configurable integrated technology for efficient robot innovation, design, and development[13](index=13&type=chunk) [Listing on HKEX](index=6&type=section&id=Listing%20on%20HKEX) The company successfully listed on the Main Board of HKEX on July 9, 2025, issuing 161,405,800 H shares at HKD 16.80 per share, with subsequent partial exercise of the over-allotment option - The company successfully listed on the Main Board of HKEX on **July 9, 2025**, issuing **161,405,800 H shares** at an offer price of **HKD 16.80 per share**[12](index=12&type=chunk) - On **August 3, 2025**, the over-allotment option was partially exercised, involving **16,669,800 H shares**, which commenced listing and trading on **August 6**[12](index=12&type=chunk) [Business Outlook](index=7&type=section&id=Business%20Outlook) The company plans to increase R&D in embodied AI, deepen global market penetration, expand its customer base, promote sustainable development with ESG standards, and attract top talent to support strategic goals - Increase R&D investment in **embodied AI technology** and related product businesses, closely collaborating with existing warehouse robot operations, and established Beijing Geekplus Embodied AI Technology Co., Ltd[16](index=16&type=chunk) - Deepen global market presence, focusing on key and high-value customer segments worldwide, strengthening localized sales, operations, and service teams, and expanding robot solutions to related industries[17](index=17&type=chunk) - Promote green and sustainable development with **high ESG standards**, integrating environmental elements into robot solutions, maintaining a green supply chain, and attracting and cultivating top global talent[19](index=19&type=chunk)[20](index=20&type=chunk) Financial Highlights [Key Financial Indicators](index=9&type=section&id=Key%20Financial%20Indicators) In H1 2025, the company achieved RMB 1,024.7 million in revenue, a 31.0% YoY increase, with gross profit up 43.1% to RMB 359.9 million, and net loss and adjusted net loss significantly narrowed by 91.3% and 94.0% respectively, indicating substantial profitability improvement Financial Highlights for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | YoY (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,024,722 | 782,455 | 31.0% | | Gross Profit | 359,914 | 251,532 | 43.1% | | Operating Profit (Loss) | (82,162) | (209,250) | (60.7%) | | Profit (Loss) Before Tax | (46,577) | (549,867) | (91.5%) | | Profit (Loss) for the Period | (47,956) | (550,323) | (91.3%) | | Adjusted Profit (Loss) Net (Non-IFRS Measure) | (11,890) | (197,188) | (94.0%) | Management Discussion and Analysis [Revenue Analysis](index=11&type=section&id=Revenue%20Analysis) The Group's H1 2025 revenue grew 31.0% to RMB 1,024.7 million, primarily from robot solution sales (99.9% of total), while RaaS service revenue decreased due to strategic adjustments, with non-mainland China revenue contributing 79.5% Revenue Breakdown by Service | Revenue Source | 2025 (RMB thousand) | Share (%) | 2024 (RMB thousand) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Robot Solution Sales | 1,023,650 | 99.9% | 778,688 | 99.5% | | - Warehouse Fulfillment | 962,455 | 93.9% | 721,610 | 92.2% | | - Industrial Handling | 61,195 | 6.0% | 57,078 | 7.3% | | RaaS Services | 1,072 | 0.1% | 3,767 | 0.5% | | **Total** | **1,024,722** | **100.0%** | **782,455** | **100.0%** | - RaaS service revenue decreased by approximately **71.5%**, primarily due to business strategy adjustments[25](index=25&type=chunk) - Non-mainland China revenue reached **RMB 815.1 million**, accounting for **79.5%** of total revenue[8](index=8&type=chunk) [Costs and Profitability](index=12&type=section&id=Costs%20and%20Profitability) Cost of sales increased by 24.9% to RMB 664.8 million, driving gross profit up 43.1% to RMB 359.9 million and gross margin to 35.1%, with operating loss significantly narrowing by 60.7% to RMB 82.2 million due to higher gross profit and foreign exchange gains Costs and Gross Profit Overview | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | YoY Growth (%) | | :--- | :--- | :--- | :--- | | Cost of Sales | 664,808 | 530,923 | 24.9% | | Gross Profit | 359,914 | 251,532 | 43.1% | | Gross Margin | 35.1% | 32.1% | +3.0pp | | Non-mainland China Gross Margin | 46.2% | 40.8% | +5.4pp | - R&D expenses increased by **10.5%** to **RMB 147.2 million**, primarily due to increased investment in new technology research[28](index=28&type=chunk) - Operating loss narrowed by **60.7%** to **RMB 82.2 million**, mainly due to increased revenue from warehouse fulfillment robot solutions and higher foreign exchange gains[32](index=32&type=chunk) [Non-IFRS Measures](index=14&type=section&id=Non-IFRS%20Measures) Adjusted net loss (non-IFRS) significantly narrowed by 94.0% to RMB 11.9 million, and adjusted EBITDA (non-IFRS) turned positive to RMB 11.6 million, reflecting core operational performance after excluding non-cash or non-recurring items like share-based payments and listing expenses Non-IFRS Measures Reconciliation | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit (Loss) for the Period | (47,956) | (550,323) | | Equity-settled Share-based Payment Expenses | 26,610 | 13,477 | | Listing Expenses | 30,619 | – | | Change in Fair Value of Redeemable Liabilities | (21,163) | 339,658 | | **Adjusted Net Loss** | **(11,890)** | **(197,188)** | | EBITDA (Non-IFRS Measure) | (24,445) | (522,966) | | **Adjusted EBITDA (Non-IFRS Measure)** | **11,621** | **(169,831)** | - Adjusted EBITDA turned positive, primarily due to increased revenue from warehouse fulfillment robot solutions and higher foreign exchange gains[40](index=40&type=chunk) [Liquidity, Capital Structure and Financial Resources](index=16&type=section&id=Liquidity%2C%20Capital%20Structure%20and%20Financial%20Resources) As of June 30, 2025, the company maintained a sound financial position with RMB 725.6 million in cash and deposits, adjusted net current assets of RMB 457.3 million, and an adjusted current ratio of 1.2 times, while total borrowings increased to RMB 563.5 million for working capital needs Liquidity and Borrowings Overview | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Total Cash and Cash Equivalents and Time Deposits | 725.6 | 736.0 | | Adjusted Net Current Assets (excluding redeemable liabilities) | 457.3 | 572.8 | | Adjusted Current Ratio | 1.2 times | 1.2 times | | Total Borrowings | 563.5 | 413.9 | - Excluding redeemable liabilities, the capital gearing ratio was **80.1%** (December 31, 2024: **75.0%**)[49](index=49&type=chunk) - The company established a foreign exchange risk management system, adhering to a 'risk-neutral' principle, utilizing hedging tools like forward contracts, with **no outstanding foreign exchange hedging balances** as of June 30, 2025[50](index=50&type=chunk)[51](index=51&type=chunk) [Employees and Remuneration](index=18&type=section&id=Employees%20and%20Remuneration) As of June 30, 2025, the Group had 998 employees, with sales and marketing personnel being the largest group, and total remuneration costs for H1 increased by 13.8% to RMB 348.4 million Number of Employees by Function (June 30, 2025) | Function | Number of Employees | | :--- | :--- | | Sales and Marketing | 474 | | Research and Development | 404 | | General Management | 67 | | Supply Chain and Manufacturing | 53 | | **Total** | **998** | - Total remuneration costs for the six months ended June 30, 2025, increased to **RMB 348.4 million** from RMB 306.0 million in the same period of 2024[54](index=54&type=chunk) Corporate Governance and Other Information [Corporate Governance and Compliance](index=19&type=section&id=Corporate%20Governance%20and%20Compliance) The company maintains strict corporate governance standards, complying with the Corporate Governance Code since listing, with the Audit Committee reviewing interim results with KPMG, except for the combined roles of Chairman and CEO - The company has complied with the **Corporate Governance Code** since its listing date, with Mr. Zheng Yong serving as both Chairman and CEO, an arrangement the Board believes facilitates unified leadership and efficient decision-making[57](index=57&type=chunk)[58](index=58&type=chunk) - The Audit Committee reviewed the Group's unaudited interim results for the six months ended June 30, 2025, with an independent review conducted by KPMG, the independent auditor[60](index=60&type=chunk) [Weighted Voting Right Structure and Shareholding](index=22&type=section&id=Weighted%20Voting%20Right%20Structure%20and%20Shareholding) The company operates under a weighted voting right structure, with Class A ordinary shares carrying ten votes each and Class B one vote, enabling beneficiaries to exercise voting control for long-term strategy, with detailed disclosures of directors' and major shareholders' interests - The company has a **weighted voting right structure**, where each Class A ordinary share grants its holder **ten votes**, and each Class B ordinary share grants **one vote**[63](index=63&type=chunk) - Weighted Voting Right Beneficiaries (Mr. Zheng, Mr. Li, Mr. Liu, and Mr. Chen) hold Class A ordinary shares through their controlled entities, exercising voting control over the company[64](index=64&type=chunk)[65](index=65&type=chunk) Overview of Directors' Voting Interests in Class A Ordinary Shares (as of the Latest Practicable Date) | Director | Position | Number of Class A Ordinary Shares Held | Approximate Percentage of Beneficial Interest in Total Share Capital | Approximate Percentage of Voting Rights | | :--- | :--- | :--- | :--- | :--- | | Mr. Zheng | Chairman, Executive Director and CEO | 83,351,729 | 6.23% | 25.22% | | Mr. Li | Executive Director and CTO | 56,194,987 | 4.20% | 17.00% | | Mr. Liu | Executive Director and VP | 39,506,859 | 2.95% | 11.96% | | Mr. Chen | Executive Director and VP | 39,506,859 | 2.95% | 11.96% | [Other Significant Matters](index=23&type=section&id=Other%20Significant%20Matters) During the reporting period, the company had no material litigation, declared no interim dividend, and will utilize the HKD 2,813.8 million net proceeds from the global offering as disclosed in the prospectus, with H shares listed and redeemable preference shares converted post-period - The company had **no material litigation or arbitration** as of June 30, 2025[70](index=70&type=chunk) - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[72](index=72&type=chunk) - Net proceeds from the global offering of approximately **HKD 2,813.8 million** (approximately **RMB 2,570.5 million**) will be used for future plans as stated in the prospectus[73](index=73&type=chunk) - Upon listing on **July 9, 2025**, all issued redeemable preference shares were converted into ordinary shares at a 1:1 conversion ratio, and redeemable liabilities were reclassified from current liabilities to equity[147](index=147&type=chunk) Interim Financial Information Review Report [Independent Auditor's Review Conclusion](index=31&type=section&id=Independent%20Auditor's%20Review%20Conclusion) KPMG reviewed the Group's interim financial report for the six months ended June 30, 2025, in accordance with Hong Kong Standard on Review Engagements 2410, concluding no material non-compliance with IAS 34 - KPMG reviewed the interim financial report in accordance with **Hong Kong Standard on Review Engagements 2410**[88](index=88&type=chunk) - The review concluded that nothing came to the auditor's attention to suggest the interim financial report was not prepared, in all material respects, in accordance with **International Accounting Standard 34**[89](index=89&type=chunk) Consolidated Statement of Profit or Loss and Other Comprehensive Income [Profit or Loss and Comprehensive Income Overview](index=33&type=section&id=Profit%20or%20Loss%20and%20Comprehensive%20Income%20Overview) For the six months ended June 30, 2025, the company reported RMB 1,024.7 million in revenue and RMB 359.9 million in gross profit, with net loss significantly narrowing to RMB 48.0 million, and total comprehensive loss attributable to equity holders at RMB 70.0 million Summary of Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 1,024,722 | 782,455 | | Gross Profit | 359,914 | 251,532 | | Operating Loss | (82,162) | (209,250) | | Loss Before Tax | (46,577) | (549,867) | | Loss for the Period | (47,956) | (550,323) | | Total Comprehensive Loss Attributable to Equity Holders of the Company | (70,041) | (545,893) | | Basic and Diluted Loss Per Share (RMB) | (0.04) | (0.47) | - Loss for the period significantly narrowed by **91.3%**, primarily due to revenue growth and improved operating efficiency[91](index=91&type=chunk) Consolidated Statement of Financial Position [Assets, Liabilities and Equity Position](index=34&type=section&id=Assets%2C%20Liabilities%20and%20Equity%20Position) As of June 30, 2025, total assets were RMB 3,703.6 million, with current assets at RMB 3,375.5 million; net current liabilities were RMB 6,570.1 million, primarily due to redeemable liabilities, but the company's financial position is sound when excluding these liabilities, with total net liabilities at RMB 6,292.2 million Summary of Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current Assets | 328,118 | 275,795 | | Current Assets | 3,375,488 | 2,928,635 | | Current Liabilities | 9,945,622 | 9,404,464 | | Net Current Liabilities | (6,570,134) | (6,475,829) | | Non-current Liabilities | 50,214 | 48,765 | | Net Liabilities | (6,292,230) | (6,248,799) | | Share Capital | 1,159,211 | 1,159,211 | | Reserves | (7,451,441) | (7,408,010) | | Total Deficit Attributable to Equity Holders of the Company | (6,292,230) | (6,248,799) | - Net current liabilities and net liabilities were primarily due to redeemable liabilities (**RMB 7,027.5 million**) presented as current liabilities[93](index=93&type=chunk)[134](index=134&type=chunk) - Inventories increased to **RMB 1,441.4 million**, and trade and bills receivables increased to **RMB 726.2 million**[93](index=93&type=chunk) Consolidated Statement of Changes in Equity [Overview of Changes in Equity](index=36&type=section&id=Overview%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, the total deficit attributable to equity holders increased from RMB 6,248.8 million to RMB 6,292.2 million, reflecting a period loss of RMB 48.0 million, other comprehensive loss of RMB 22.1 million, and a RMB 26.6 million increase in share-based payment expenses Summary of Consolidated Statement of Changes in Equity | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Share Capital | 1,159,211 | 1,159,211 | | Capital Reserve | (2,930,939) | (2,930,939) | | Share-based Payment Reserve | 109,100 | 82,490 | | Exchange Reserve | (43,014) | (20,929) | | Accumulated Losses | (4,586,588) | (4,538,632) | | **Total** | **(6,292,230)** | **(6,248,799)** | - Loss for the period was **RMB 47.956 million**, and other comprehensive income was a loss of **RMB 22.085 million**[97](index=97&type=chunk) - Equity-settled share-based payment expenses increased by **RMB 26.610 million**[97](index=97&type=chunk) Condensed Consolidated Statement of Cash Flows [Cash Flow Overview](index=37&type=section&id=Cash%20Flow%20Overview) For the six months ended June 30, 2025, net cash used in operating activities significantly decreased to RMB 110.1 million, net cash used in investing activities was RMB 58.9 million, and net cash from financing activities turned positive at RMB 130.9 million, resulting in cash and cash equivalents of RMB 625.6 million at period-end Summary of Condensed Consolidated Statement of Cash Flows | Activity Type | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (110,069) | (281,658) | | Net Cash Used in Investing Activities | (58,890) | (63,534) | | Net Cash From / (Used in) Financing Activities | 130,871 | (100,587) | | Net Decrease in Cash and Cash Equivalents | (38,088) | (445,779) | | Cash and Cash Equivalents at June 30 | 625,621 | 310,905 | - Net cash used in operating activities significantly decreased, indicating improved operating efficiency[99](index=99&type=chunk) - Financing activities shifted from a net cash outflow to a net inflow compared to the prior year, primarily due to increased proceeds from bank loans[99](index=99&type=chunk) Notes to the Unaudited Interim Financial Report [Corporate Information and Basis of Preparation](index=38&type=section&id=Corporate%20Information%20and%20Basis%20of%20Preparation) The company, established in China in 2015 and restructured in 2021, primarily sells robot solutions and provides RaaS services; the interim financial report is prepared under IAS 34 on a going concern basis, with redeemable liabilities reclassified to equity post-listing, mitigating going concern uncertainties - The Group primarily engages in the sale of robot solutions and provision of **Robots-as-a-Service (RaaS)**[101](index=101&type=chunk) - The interim financial report is prepared in accordance with **International Accounting Standard 34** and on a **going concern basis**[102](index=102&type=chunk) - As of June 30, 2025, the Group had net liabilities of **RMB 6,292.2 million** and net current liabilities of **RMB 6,570.1 million**, primarily due to redeemable liabilities[103](index=103&type=chunk) - Post-listing, preferential rights were waived, and redeemable liabilities were reclassified from liabilities to equity, leading directors to believe there are **no material uncertainties regarding going concern**[103](index=103&type=chunk) [Loss Per Share Calculation](index=43&type=section&id=Loss%20Per%20Share%20Calculation) For the six months ended June 30, 2025, basic loss per share significantly narrowed to RMB 0.04 from RMB 0.47, with diluted loss per share remaining the same as basic due to the anti-dilutive effect of redeemable ordinary shares Loss Per Share Overview | Metric | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Basic Loss Per Share | (0.04) | (0.47) | | Diluted Loss Per Share | (0.04) | (0.47) | - Basic loss per share is calculated based on a loss attributable to ordinary equity holders of the company of **RMB 12.1 million** and a weighted average of **292.3 million** ordinary shares outstanding[117](index=117&type=chunk)[119](index=119&type=chunk) - Diluted loss per share is the same as basic loss per share because the inclusion of redeemable ordinary shares would result in an **anti-dilutive effect**[120](index=120&type=chunk)[121](index=121&type=chunk) [Inventories and Receivables](index=45&type=section&id=Inventories%20and%20Receivables) As of June 30, 2025, total inventories were RMB 1,441.4 million, predominantly finished goods, and trade and bills receivables totaled RMB 726.2 million, with approximately 78% due within one year, while some inventories were pledged for bank loans Inventories Composition (June 30, 2025) | Inventory Type | Amount (RMB thousand) | | :--- | :--- | | Finished Goods | 1,387,131 | | Work in Progress | 31,992 | | Raw Materials | 189,995 | | Less: Inventory Write-downs | (167,764) | | **Total** | **1,441,354** | Ageing Analysis of Trade and Bills Receivables (June 30, 2025) | Ageing | Amount (RMB thousand) | | :--- | :--- | | Within 1 year | 569,276 | | 1 to 2 years | 107,802 | | 2 to 3 years | 42,219 | | 3 to 4 years | 6,915 | | **Total** | **726,212** | - As of June 30, 2025, **RMB 5.7 million** of the Group's inventories were pledged as collateral for bank loans[123](index=123&type=chunk) [Cash and Bank Loans](index=47&type=section&id=Cash%20and%20Bank%20Loans) As of June 30, 2025, cash and cash equivalents totaled RMB 625.6 million, with RMB 185.4 million in mainland China, and total bank loans were RMB 563.5 million, all denominated in RMB, bearing fixed interest rates, and repayable within one year or on demand, with some secured by inventories Composition of Cash and Cash Equivalents (June 30, 2025) | Type | Amount (RMB thousand) | | :--- | :--- | | Cash at Bank | 610,367 | | Time Deposits and Highly Liquid Investments with Original Maturity within Three Months | 15,254 | | **Total** | **625,621** | Bank Loan Composition and Collateral (June 30, 2025) | Loan Type | Amount (RMB thousand) | | :--- | :--- | | Secured (Inventories) | 4,408 | | Unsecured | 559,127 | | **Total** | **563,535** | - All bank loans are denominated in **RMB**, bear interest at fixed rates ranging from **2.30% to 5.15% per annum**, and are repayable within one year or on demand[133](index=133&type=chunk) [Redeemable Liabilities and Capital Reserve](index=49&type=section&id=Redeemable%20Liabilities%20and%20Capital%20Reserve) As of June 30, 2025, redeemable liabilities were RMB 7,027.5 million, which converted to equity post-listing; capital reserve includes the net consideration for share issuance, net assets upon conversion to a joint-stock company, and the amount recognized for redeemable liabilities Changes in Redeemable Liabilities | Metric | Amount (RMB thousand) | | :--- | :--- | | At January 1, 2024 | 6,362,819 | | Change in Fair Value of Redeemable Liabilities | 685,807 | | At December 31, 2024 and January 1, 2025 | 7,048,626 | | Change in Fair Value of Redeemable Liabilities | (21,163) | | **At June 30, 2025** | **7,027,463** | - Redeemable liabilities automatically terminated upon listing and were reclassified to equity[38](index=38&type=chunk)[103](index=103&type=chunk) - Capital reserve includes the difference between net consideration received for share issuance and nominal amount, the difference between net assets upon conversion to a joint-stock company and total par value of issued shares, and the amount recognized for redeemable liabilities[136](index=136&type=chunk) [Significant Related Party Transactions and Post-Reporting Period Events](index=51&type=section&id=Significant%20Related%20Party%20Transactions%20and%20Post-Reporting%20Period%20Events) During the period, key management compensation totaled RMB 18.3 million, with significant equity-settled share-based payment expenses, and the company engaged in goods sales with related party Geekplus Co., Ltd.; post-period, H shares were listed and redeemable preference shares converted to ordinary shares Key Management Personnel Compensation (for the six months ended June 30, 2025) | Compensation Type | Amount (RMB thousand) | | :--- | :--- | | Short-term Employee Benefits | 2,424 | | Contributions to Retirement Plans | 297 | | Equity-settled Share-based Payment Expenses | 15,563 | | **Total** | **18,284** | - Sales of goods to related party **Geekplus Co., Ltd.** amounted to **RMB 49.5 million** for the six months ended June 30, 2025[144](index=144&type=chunk) - On **July 9, 2025**, the company's H shares were listed, with **161,405,800 H shares** issued, and **846,074,883 unlisted shares** converted into H shares[147](index=147&type=chunk) Definitions [Glossary of Terms](index=53&type=section&id=Glossary%20of%20Terms) This section provides definitions for key terms and abbreviations used throughout the report, covering corporate governance, share capital structure, legal and regulatory aspects, and financial terminology, ensuring clear understanding of the content