Core Viewpoint - The company, known as the "first global AMR warehouse robot stock," has officially entered the embodied intelligence sector by establishing a wholly-owned subsidiary in Beijing, focusing on the research and development of embodied intelligence technology and related products. Group 1: Company Developments - The newly established Beijing subsidiary has an initial registered capital of 10 million yuan and will concentrate on technologies such as robotic picking and general-purpose robots [1] - The company aims to integrate embodied intelligence technology with its existing logistics robot business to enhance commercial applications and leverage its brand and business network for rapid deployment [1] - The establishment of the subsidiary is expected to accelerate the development and application of new technologies, create effective synergies with existing operations, and attract talent for long-term growth [1] Group 2: Financial Performance - The company went public on the Hong Kong Stock Exchange on July 9, marking the largest non-"A+H" tech IPO in Hong Kong this year [2] - As of 2024, the company reported revenue of 2.409 billion yuan, making it the largest revenue-generating company in the Hong Kong robotics sector [2] - The compound annual growth rate (CAGR) of revenue from 2021 to 2024 reached 45%, with annual order amounts increasing from 1.59 billion yuan in 2021 to 3.14 billion yuan in 2024 [2] - The adjusted EBITDA loss significantly narrowed to 25 million yuan in 2024, with an adjusted net loss margin of only 3.8% [2] Group 3: Strategic Partnerships - The company has partnered with UK-based Logistex to create a robotic smart warehouse for Yusen Logistics, a global supply chain logistics giant, located in Northampton, UK [3] - This collaboration reinforces the company's leadership position in the UK market, having established numerous benchmark cases in logistics automation over the past six years [3]

Core Insights - Beijing JiZhiJia Technology Co., Ltd. (referred to as "JiZhiJia") has established a wholly-owned subsidiary, Beijing JiZhiJia Embodied Intelligence Technology Co., Ltd., to enter the embodied intelligence sector, focusing on mechanical picking and general robotics for B2B applications in logistics and manufacturing [1] - JiZhiJia aims to leverage its existing logistics robotics business and brand network to accelerate the commercialization of embodied intelligence technologies and products [1] Group 1: Commercialization and Global Network - JiZhiJia has strong commercialization capabilities, a comprehensive global business network, and a mature service system, which will support the development and implementation of its embodied intelligence technologies [2] - The company has been the largest AMR warehouse robotics solution provider globally for six consecutive years, with projected revenue of 2.4 billion yuan in 2024, nearing profitability [2] - JiZhiJia's existing capabilities and resources provide mature application scenarios and benchmark validation channels for its embodied intelligence technologies, facilitating global deployment and scaling [2] Group 2: Research and Development Strength - JiZhiJia possesses significant technological strength, with 1,867 patents and a research team comprising 41% of its workforce, making it one of the largest R&D teams in the industry [3] - The team has extensive experience in robot product development, particularly in perception, decision-making, control, and multi-agent collaboration [3] - The global application and replication of JiZhiJia's solutions demonstrate the robustness, reliability, and scalability of its technology in complex scenarios [3] Group 3: Data Assets and Scene Understanding - JiZhiJia has a unique advantage in scene understanding and data accumulation, with vast operational data from logistics scenarios and a deep understanding of customer pain points [4] - This practical scene recognition and data advantage will accelerate technology validation and create a self-reinforcing cycle for training and optimizing embodied intelligence models [4] - JiZhiJia's mature commercialization model, top-tier R&D resources, and substantial data assets position it well to capture opportunities in the embodied intelligence market [4]

Core Viewpoint - The establishment of Beijing G智嘉 Embodied Intelligence Technology Co., Ltd. aims to enhance the development and commercialization of embodied intelligence technologies and related products, focusing on logistics and manufacturing applications [1] Group 1: Company Developments - The company has completed the establishment of a wholly-owned subsidiary with an initial registered capital of 10 million yuan [1] - The new subsidiary will focus on research and development of embodied intelligence technologies, including robotic picking and general robotics products [1] - The company plans to leverage its existing logistics robot business to promote the new technologies and products rapidly [1] Group 2: Strategic Focus - The company is concentrating on core business solutions represented by warehousing fulfillment robots to drive growth and ensure financial stability [1] - The establishment of the new subsidiary is expected to accelerate the research and application of new technologies while creating effective synergies with existing operations [1] - The initiative aims to attract more talent and lay a solid foundation for the company's long-term development [1]

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） 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。 本公司茲宣佈其已於2025年7月30日完成北京極智嘉具身智能科技有限公司（「具 身智能公司」），一間由本公司全資擁有的附屬公司，的設立。具身智能公司初始 註冊資本1,000萬元，該公司設立之後，將專注於具身智能技術研發和相關產品業 務，包括不限於機械手揀貨、通用機器人產品等。 本集團計劃將具身智能技術以及相關通用機器人產品，應用於物流製造等商業對 商業業務場景，與本集團現有的物流機器人業務緊密協同，並借助於本集團現有 的品牌和業務網路快速推進技術和產品的廣泛商用。 本集團聚焦以倉儲履約機器人解決方案為代表的核心業務，推動本集團業務增 長、盈利及保證財務穩健性，為具身智能等新技術的創新和商用提供持續支援。 董事會認為具身 ...

Summary of Key Points Core Viewpoint - The Hong Kong IPO market is experiencing significant activity, with multiple companies filing for listings and a notable increase in market liquidity and new listings compared to the previous year [14]. Group 1: Company Filings - Three companies submitted applications for IPOs: 1. **Shenzhen Xingyuan Material Technology Co., Ltd.** specializes in lithium-ion battery separators and holds the largest market share in dry-process separators globally, with projected revenues of 2.867 billion, 2.982 billion, 3.506 billion, and 881 million RMB from 2022 to 2025 [2]. 2. **LXJ International Holdings Limited (Laoxiangji)** operates a fast-food chain with 1,564 stores across 55 cities, achieving revenues of approximately 4.528 billion, 5.651 billion, 6.288 billion, and 2.120 billion RMB from 2022 to 2025 [3][4]. 3. **Lianqi Technology Co., Ltd.** is a leading fabless integrated circuit design company, with revenues of approximately 3.672 billion, 2.286 billion, 3.639 billion, and 1.222 billion RMB from 2022 to 2025 [5]. Group 2: IPO Activity - No companies passed the hearing last week, but one company, **Shougang Longze**, is restarting its IPO process, planning to offer 20.1598 million H-shares at a price range of 14.5 to 18.88 HKD per share [6][7]. Group 3: New Listings - Six new stocks were listed last week, including: 1. **Fuwai Group**: Closed at 38.40 HKD with a gain of 1.05% [8]. 2. **Lens Technology**: Closed at 19.84 HKD with a gain of 9.13% [9]. 3. **Dazhong Oral**: Closed at 20.70 HKD with a gain of 3.50% [10]. 4. **Xunzhong Co.**: Closed at 13.58 HKD with a gain of 0.22% [11]. 5. **Jizhi Jia-W**: Closed at 17.70 HKD with a gain of 5.36% [12]. 6. **Fortior**: Closed at 139.80 HKD with a gain of 16.02% [13]. Group 4: Market Trends - The Hong Kong stock market has seen a significant improvement in liquidity, with an average daily trading volume of 240.2 billion HKD in the first half of 2025, a 118% increase from the previous year [14]. - The number of new listings increased to 44 in the first half of 2025, up 47% from the previous year, with total fundraising amounting to 107.1 billion HKD, a 699% increase [14].

Group 1 - The core viewpoint of the articles highlights the surge of robotics companies seeking IPOs in the Hong Kong market, driven by a favorable market environment and new listing regulations that allow unprofitable tech companies to go public [2][5] - In the first half of the year, 13 robotics companies submitted IPO applications to the Hong Kong Stock Exchange, with a notable listing from Geek+ (极智嘉) which raised 2.712 billion HKD, marking the largest H-share IPO for a robotics company to date [3][5] - The Hong Kong market has seen a significant increase in IPO activities, with 42 projects completed in the first half of the year, raising over 107 billion HKD, a 22% increase compared to the entire year of 2024 [2] Group 2 - Most of the robotics companies that have applied for IPOs are currently unprofitable, with only a few, such as Stone Technology and Zhaowei Electromechanical, reporting profits [3][4] - Geek+ reported revenues of 1.452 billion, 2.143 billion, and 2.409 billion CNY for 2022 to 2024, respectively, but also incurred net losses of 1.567 billion, 1.127 billion, and 832 million CNY during the same period [3] - The robotics industry is in a developmental phase characterized by high R&D costs and rapid product iteration, making short-term profitability challenging [4] Group 3 - The new listing rule (Chapter 18C) by the Hong Kong Stock Exchange facilitates the listing of unprofitable tech companies, allowing them to apply for IPOs based on market capitalization and R&D conditions [5] - Analysts suggest that the current market conditions and supportive regulations in Hong Kong provide a favorable environment for robotics companies to secure funding through IPOs [5][6] - Companies in the robotics sector are advised to seek initial funding through angel or venture capital investments before considering an IPO, especially if they are still in the early stages of product development [6]

Group 1 - The Hong Kong Stock Exchange (HKEX) experienced a significant day with five companies, including Lens Technology and Geek+ Technology, listing simultaneously, marking a vibrant IPO atmosphere [1][3] - The total net proceeds from the global offerings of these five companies reached HKD 98.21 billion, with Lens Technology raising the most at HKD 46.94 billion and Dazhong Oral raising the least at HKD 1.78 billion [3] - As of July 9, 2025, stock price performances showed increases for most companies, with Lens Technology up 9.13%, Geek+ Technology up 16.02%, and Dazhong Oral up 3.50% [3] Group 2 - The IPO market in Hong Kong is witnessing a resurgence, with 44 new listings in the first half of 2025, a 47% increase from the same period last year, and total fundraising amounting to HKD 107.1 billion, a 699% increase year-on-year [5][6] - Notable IPOs include CATL, which raised HKD 35.3 billion, making it the largest IPO globally this year [5] - The trend is expected to continue, with 211 companies currently in the application process, primarily in software services, healthcare, and industrial manufacturing sectors [6] Group 3 - Deloitte China forecasts around 80 new IPOs in Hong Kong for the entire year of 2025, with expected fundraising between HKD 130 billion to HKD 150 billion, focusing on large A-share companies and leading enterprises from various regions [6][8] - The recent IPO boom is attributed to supportive policies initiated since April 2024, aimed at enhancing cross-border capital market connectivity and facilitating overseas financing for companies [8][9] - Regulatory changes have simplified the listing process, allowing companies to expedite their applications and approvals, thus attracting more firms to consider Hong Kong as a viable listing destination [9][10]

Core Viewpoint - The company, Geek+, successfully listed on the Hong Kong Stock Exchange, raising over HKD 2.7 billion, marking the largest IPO for a robotics company in Hong Kong to date and the largest non-"A+H" tech IPO since 2025 [1] Group 1: IPO Details - Geek+ opened at HKD 16.9 per share and closed at HKD 17.7, with a total market capitalization of HKD 17.46 billion [1] - The IPO involved the issuance of 161.4 million H-shares, with a subscription rate of 133.62 times for the public offering and 30.17 times for the international offering, making it one of the top three international placements in Hong Kong this year [1] Group 2: Company Growth and Valuation - Founded in 2015, Geek+ has grown its valuation from HKD 210 million in 2016 to HKD 15 billion by the end of 2022, representing a 70-fold increase over six years [2] - By 2024, Geek+ is projected to become the largest provider of AMR solutions globally, with a market share of 9% in the warehouse fulfillment AMR solutions market [2] Group 3: Financial Performance - Geek+ reported revenues of RMB 1.452 billion, RMB 2.143 billion, and RMB 2.409 billion for the years 2022 to 2024, with a significant slowdown in revenue growth from 48% in 2023 to 12% in 2024 [4] - The company incurred cumulative losses of RMB 3.526 billion over three years, with losses of RMB 1.567 billion, RMB 1.127 billion, and RMB 832 million for the respective years [4] Group 4: Future Plans and Challenges - The net proceeds from the IPO will primarily be used for R&D, product iteration, sales network expansion, supply chain development, and general corporate purposes [3] - Geek+ acknowledges that its historical losses are largely due to the unique nature of the AMR market, requiring substantial R&D investment and upfront costs for sales and global expansion [4]

Core Viewpoint - The recent announcement by President Trump regarding potential high tariffs on copper and pharmaceuticals has led to a decline in Hong Kong's stock market, with the Hang Seng Index falling below 24,000 points, reflecting increased macroeconomic risks and impacting market sentiment [1][4]. Market Performance - The Hang Seng Index closed down 1.06% at 23,892.32 points, with a total trading volume of 233.88 billion HKD. The Hang Seng China Enterprises Index fell 1.28%, while the Hang Seng Tech Index dropped 1.76% [1]. - Major blue-chip stocks experienced significant movements, with Henderson Land Development leading the decline, down 8.64% at 25.9 HKD, while China Biologic Products rose 10.06% to 5.91 HKD [2]. Sector Analysis - The technology sector saw a collective decline, with Alibaba down nearly 4% and Tencent over 1%. The copper sector was negatively impacted by Trump's tariff threats, leading to a drop in copper-related stocks [3][6]. - The innovative drug sector performed well, with Hengrui Medicine surging 15.61% to 69.6 HKD, indicating resilience amid broader market declines [3][4]. Specific Stock Movements - Macau's gaming sector showed strong performance, with Wynn Macau up 6.33% and Melco Resorts up 2.12%, driven by robust gaming revenue growth [4][5]. - Copper stocks faced significant declines, with Luoyang Molybdenum down 4.74% and Jiangxi Copper down 3.46%, reflecting market reactions to tariff announcements [5][6]. Commodity Prices - International gold prices fell below 3,300 USD per ounce, influenced by reduced safe-haven demand amid tariff uncertainties. Analysts expect gold prices to remain volatile within a range of 3,000 to 3,500 USD per ounce [7].

Core Insights - The successful IPO of Geek+ (02590) on the Hong Kong Stock Exchange marks the largest scale IPO for a robotics company, establishing it as the "first global AMR warehouse robotics stock" and reflecting international confidence in China's smart robotics sector [1][2] - The IPO was highly sought after, with oversubscription rates of 133.62 times for the public offering and 30.17 times for international placement, setting records for the Hong Kong tech sector [1][4] - Geek+ has maintained its position as the largest provider of AMR warehouse solutions globally for six consecutive years, with projected revenue of 2.409 billion yuan in 2024, making it the largest revenue-generating company in the Hong Kong robotics sector [2][4] Financial Performance - Geek+ has demonstrated strong business and financial growth, achieving a compound annual growth rate (CAGR) of 45% in revenue from 2021 to 2024, with an expected total revenue of 2.409 billion yuan in 2024 [4][7] - The company has significantly reduced its adjusted EBITDA loss to -25 million yuan in 2024, with an adjusted net loss rate of 3.8%, positioning it to potentially become a profitable model in the robotics industry [4][7] International Expansion - Geek+ has established a robust international presence, with over 70% of its revenue coming from overseas markets, including 44% from Europe, the Middle East, and Africa [5][6] - The company has built a wide service network with 48 service stations and 13 spare parts centers across more than 40 countries, serving over 800 clients, including over 60 Fortune 500 companies [5][6] Technological Advancements - The company's proprietary Robot Matrix technology platform supports rapid iteration and customization of AMR devices, enabling efficient operations with over 5,000 devices working in parallel [6][7] - Geek+ has successfully bridged the gap between technological breakthroughs and commercialization, showcasing a successful model in the B2B robotics sector [7][8] Market Impact - The IPO of Geek+ is expected to attract more robotics companies to list in Hong Kong and highlights the strength of Chinese technology firms, potentially drawing continued international investment into quality Chinese tech assets [8]