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 截至月份: 2025年11月30日 狀態: 新提交 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） 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, ...

Core Viewpoint - The report from China Merchants Securities International indicates that the decline in sales for some Chinese automakers in November was expected, and it suggests forward-looking investments in quality stocks [1] Group 1: Automotive Manufacturers - Recommended stock: Geely Automobile (00175), expected to launch around 10 new models next year, driving domestic sales while maintaining high export growth [1] - Other recommended stocks include BYD Company (01211) and Xpeng Motors-W (09868) [1] Group 2: Auto Parts Manufacturers - Recommended stock: Mindray Group (00425), due to its entry into humanoid robots and low-altitude economy sectors, opening new market opportunities [1] - Another recommended stock is Fuyao Glass (03606), noted for its strong position in the industry chain and steady growth [1] Group 3: Robotics and Autonomous Driving - The report highlights a general decline in stock prices for companies in the robotics and autonomous driving sectors, influenced by the broader AI industry [1] - Long-term outlook remains positive for AI combined with automotive and robotics sectors, with recommendations for companies such as UBTECH Robotics (09880), Horizon Robotics-W (09660), Hesai Technology-W (02525), and DeepGlint-W (02590) [1]

Core Viewpoint - The report from China Merchants Securities International indicates that the decline in sales for some Chinese automakers in November was expected, and it suggests forward-looking investments in quality stocks, particularly recommending Geely Automobile as a top pick for its anticipated new models and strong export growth [1] Group 1: Automotive Manufacturers - Geely Automobile (00175) is highlighted as a primary recommendation, with expectations of around 10 new models driving domestic sales and maintaining high export growth next year [1] - Other recommended stocks include BYD (002594) and Xpeng Motors-W (09868) [1] Group 2: Auto Parts and Components - The report recommends Minth Group (00425) for its entry into humanoid robots and low-altitude economy sectors, indicating new market opportunities [1] - Fuyao Glass (600660) (03606) is also recommended due to its strong positioning within the industry chain and stable growth prospects [1] Group 3: Robotics and Autonomous Driving - The report notes a general decline in stock prices for companies in the robotics and autonomous driving sectors, attributed to the broader AI industry trends [1] - Long-term prospects remain positive for AI applications in automotive and robotics, with recommendations for companies such as UBTECH Robotics (09880), Horizon Robotics-W (09660), Hesai Technology-W (02525), and DeepRobotics-W (02590) [1]

Group 1 - The core viewpoint of the article highlights the increasing governmental support for the robotics industry in the U.S., indicating a shift from private sector involvement to clear governmental backing, with potential executive orders expected next year [1] - The U.S. Department of Commerce emphasizes the importance of robotics and advanced manufacturing for bringing critical production back to the U.S., reflecting a strategic focus on the "reshoring" of manufacturing [1] - The article suggests that the robotics sector is becoming a key battleground for competition among major economies, following the trend set by artificial intelligence [1] Group 2 - The stock performance of various robotics-related companies shows significant gains, with 德昌电机控股 up 6.05% and 三花智控 up 5.67%, indicating strong market interest in this sector [2] - Year-to-date performance for these companies is notable, with 德昌电机控股 showing a 196.40% increase and 优必选 up 103.82%, reflecting robust investor confidence [2] - The overall market sentiment towards robotics stocks is positive, as indicated by the MACD golden cross signal formation, suggesting a continuation of upward momentum [2]

Core Viewpoint - Bank of America Securities has raised the target price for Geek+ (02590) from HKD 31 to HKD 33, an increase of 6%, while maintaining a "Buy" rating. The firm expects Geek+ to turn profitable this year, with earnings per share projected to grow by 55% by 2028 [1] Group 1: Financial Projections - Bank of America anticipates that Geek+ will achieve profitability this year and expects a 55% year-on-year growth in earnings per share by 2028 [1] - The report highlights potential catalysts for growth, including inclusion in the Hong Kong Stock Connect, new orders for picking and robotic products/solutions, and breakthroughs in packaging robot product development [1] Group 2: Market Demand and Competitive Advantage - Investors recognize that Geek+ will benefit from rising demand for warehouse automation, an aging workforce, and increased needs from e-commerce, third-party logistics, and retailers [1] - The company is perceived to have a competitive advantage in developed markets due to higher profit margins and strong demand [1] - The inclusion of Geek+ in the Hang Seng Composite Index is expected to enhance liquidity levels [1] Group 3: Product and Service Offering - Geek+'s automated mobile robot solutions feature robust control systems and scheduling capabilities, which serve as significant entry barriers for competitors [1] - The company provides a one-stop solution for picking and sorting in warehouses, supporting the simultaneous operation of multiple automated mobile robots, which enhances stability [1] - Geek+'s revenue model includes hardware, control systems, and services, making it less susceptible to tariff impacts. The company has also started charging maintenance fees as recurring revenue, which is 10% of the initial cost annually, paving the way for sustainable growth [1]

Core Viewpoint - Bank of America Securities has raised the target price for Geek+ (02590) from HKD 31 to HKD 33, an increase of 6%, while maintaining a "Buy" rating. The firm expects Geek+ to turn profitable this year, with earnings per share projected to grow by 55% year-on-year by 2028 [1] Group 1: Financial Projections - Bank of America anticipates that Geek+ will achieve profitability this year and expects significant earnings growth in the coming years [1] - The projected earnings per share growth of 55% by 2028 indicates strong future performance expectations [1] Group 2: Market Catalysts - Future catalysts for Geek+ include inclusion in the Hong Kong Stock Connect, new orders for picking and robotic products/solutions, and breakthroughs in packaging robot product development [1] - Increased demand for warehouse automation, aging labor force, and rising needs from e-commerce, third-party logistics, and retailers are expected to benefit Geek+ [1] Group 3: Competitive Advantages - Geek+'s automated mobile robot solutions feature strong control systems and scheduling capabilities, which serve as significant entry barriers for competitors [1] - The company provides comprehensive picking and sorting solutions for warehouses, supporting multiple automated mobile robots simultaneously, enhancing stability [1] - Trust from leading global fast-moving consumer goods, retail, and third-party logistics clients represents a second entry barrier for Geek+ [1] Group 4: Revenue Structure - Geek+'s revenue model includes hardware, control systems, and services, making it less susceptible to tariff impacts [1] - The company has begun charging maintenance fees as recurring revenue, which is 10% of the initial cost annually, paving the way for sustainable growth [1]

Group 1 - The core viewpoint highlights the increasing prominence of domestic robot manufacturers in the global humanoid robot competition, supported by government policies and growing application orders [1][2] - As of November 2025, leading domestic robot companies are expected to accumulate over 2.4 billion in orders, with more than 20,000 units already ordered [1] - Tesla has delayed its production target for the Optimus humanoid robot, reducing its goal from 5,000 units to 2,000-3,000 units for Q4 2025, which may shift the certainty of mass production towards domestic manufacturers [1] Group 2 - Recent adjustments in the robot sector are attributed to Tesla's postponement of the Optimus V3 release and production plans, raising concerns about the overall mass production progress and scale of humanoid robots [2] - Companies like Tesla, Figure, and Xiaopeng are still iterating on technology and advancing the mass production process, while others like Yushu Technology are accelerating their IPOs [2] - The humanoid robot sector is expected to enter a phase of scale production from 2026, with further catalysts anticipated for the robot industry chain companies [2]

Core Viewpoint - The stock of Geekplus Technology (02590) has risen over 5%, currently trading at HKD 22.52, following its inclusion in the Hang Seng Composite Index as announced by the Hang Seng Index Company last Friday [1] Group 1: Company Performance - Geekplus has secured a significant order exceeding RMB 300 million from a major South Korean e-commerce platform [1] - The management anticipates finalizing an order with a large U.S. retailer, involving a USD 30 million overseas warehouse project [1] - The management expresses confidence in maintaining high revenue growth through 2026 based on current order reserves [1] Group 2: Market Insights - Year-to-date order volume remains strong, with U.S. orders growing at the fastest rate, now accounting for over 30% of total orders [1] - The anticipated increase in sales contribution from the U.S. market is expected to support the gross margin in 2026 [1] - The stock's recent price fluctuations are attributed to profit-taking rather than a deterioration in fundamentals, presenting an attractive risk-reward opportunity for investors [1] Group 3: Analyst Ratings - Daiwa has reiterated a "Buy" rating for Geekplus, maintaining a target price of HKD 38, viewing it as a top choice in the global logistics AI sector [1]

（文章来源：每日经济新闻） 每经AI快讯，极智嘉-W(02590.HK)涨4.65%，报22.52港元，成交额2196.74万港元。 ...

Group 1 - The core viewpoint of the article highlights that 极智嘉-W (02590) has seen a stock price increase of over 5%, currently trading at 22.52 HKD, with a trading volume of 21.97 million HKD [1] - The company has been included in the Hang Seng Composite Index as announced by the Hang Seng Index Company during its third-quarter review [1] - 大和 (Daiwa) noted that the company secured a significant order exceeding 300 million RMB from a large South Korean e-commerce platform, and anticipates a forthcoming order worth 30 million USD from a major U.S. retailer related to a non-U.S. overseas warehouse project [1] Group 2 - Management expressed confidence in maintaining high revenue growth through 2026, supported by a strong order backlog [1] - Despite implementing price increases in the first half of the year, U.S. orders have been growing rapidly, now accounting for over 30% of total orders, which is expected to enhance gross margins in 2026 [1] - 大和 reiterated a "buy" rating for 极智嘉-W, maintaining a target price of 38 HKD, suggesting that recent stock price fluctuations are due to profit-taking rather than a deterioration in fundamentals, presenting an attractive risk-reward opportunity for investors [1]