极智嘉-W(02590)发布公告，集团于截至2025年12月31日止年度取得订单人民币41.37亿元，较上年同期 增长约31.7%，主要归因于集团在既有成熟市场保持稳定增长的同时，成功进军并于拉丁美洲及东欧等 新兴区域市场建立立足之地，持续拓展新客户并获取新订单;集团在食品饮料等细分领域取得重大突 破，并凭借电商、快消品及第三方物流等核心产业优势持续深耕;集团深化与关键客户的战略合作，实 现持续性重复采购。围绕区域拓展、行业深耕、客户发展三大核心方向持续发力，集团于2025年实现订 单额的快速增长。 ...

格隆汇2月5日丨极智嘉-W(02590.HK)公告，集团于截至2025年12月31日止年度录得订单人民币41.37亿 元，较上年同期增长约31.7%，主要归因于(i)集团在既有成熟市场保持稳定增长的同时，成功进军并于 拉丁美洲及东欧等新兴区域市场建立立足地，持续拓展新客户并获取新订单；(ii)集团在食品饮料等细 分领域取得重大突破，并凭藉电商、快消品及第三方物流等核心产业优势持续深耕；(iii)集团深化与关 键客户的战略合作，实现持续性重复采购。围绕区域拓展、行业深耕、客户发展三大核心方向持续发 力，集团于2025年实现订单额的快速增长。 ...

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。 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） 本公告所載資料未經本公司外聘核數師審閱或核證，並不構成、代表或預示本集 團的總收入或完整財務表現，且可能須予變動及調整。 本公司股東及潛在投資者在買賣本公司證券時，務請審慎行事。 承董事會命 北京極智嘉科技股份有限公司 （股份代碼：2590） 自願公告 業務情況更新 本公告乃由北京極智嘉科技股份有限公司（「本公司」，連同其附屬公司統稱「本集 團|)自願刊發以向本公司股東及潛在投資者提供本集團的最新業務發展情況。 本集團於截至2025年12月31日止年度錄得訂單人民幣4,137.0百萬元，較上年同期 增長約31.7%，主要歸因於(i)本集團在既有成熟市場保持穩定增長的同時，成功 進軍並於拉丁美洲及東歐等新興區域市場建立立足之地，持續拓展新客戶並 ...

Core Viewpoint - The report from China Merchants Securities International predicts that the humanoid robot industry in China will experience significant growth by 2026 due to advancements in AI model capabilities, hardware technology maturity, cost reductions, and accelerated application scenarios, along with a surge in orders in the fourth quarter [1] Group 1: Recommended Companies - Recommended humanoid robot manufacturers include UBTECH Robotics (09880), Yujin Robot (02432), and Geek+ (02590) [1] - Cross-industry collaborative companies recommended are Tesla (TSLA.US) and Xpeng Motors (09868) [1] - Ecological companies to watch include Xiaomi Group (01810) and Midea Group (00300) [1] Group 2: Supply Chain Insights - The supply chain outlook is positive, focusing on technology convergence, with a favorable view on Minth Group (00425) in the Hong Kong stock market [1] - Companies expanding from intelligent driving to robotics, such as Hesai Technology (02525) and Horizon Robotics (09660), are also highlighted as promising [1] Group 3: Industry Trends - The humanoid robot industry in China is characterized by rapid incremental advancements and a full-chain explosion, particularly with the trend of large-scale production by overseas leaders by the end of the year [1] - Catalysts for growth include the release of Tesla's V3 and the listing of Yushu Technology, along with a significant number of new robot companies expected to go public in the Hong Kong market this year [1]

Group 1 - CMB International maintains a "Buy" rating for Anta Sports with a target price of HKD 108.70, noting a low single-digit decline in Q4 revenue for the Anta brand, while FILA and other brands show resilience with a growth of 35%-40% [1] - CMB International also maintains a "Buy" rating for China Resources Beverage with a target price of HKD 11.87, indicating that 2025 will be a year of pressure release, with stable market share in packaged water and potential improvements in sales incentives [1] Group 2 - CMB International maintains a "Buy" rating for Hutchison China MediTech, highlighting the significant superiority of Savolitinib combination therapy over chemotherapy in MET amplified NSCLC, with global sales peak potential exceeding USD 1.8 billion [2] - CMB International maintains a "Buy" rating for China Resources Power with a target price of HKD 21.05, projecting a 6.7% increase in core profit for 2025, with a 9.8% decrease in thermal coal fuel costs partially offsetting coal price rebounds [3] Group 3 - CITIC Securities maintains a "Buy" rating for Geek+, setting a target price of HKD 53.00, with a significant upward revision of order growth from 30% to 40% for 2026, and successful penetration into North American key accounts [4] - CITIC Securities maintains a "Buy" rating for Jiangnan Buyi, noting excellent performance in FY1H26 and a fundraising of HKD 270 million to enhance brand development, with expected high single-digit to double-digit growth in revenue and profit [5] Group 4 - CITIC Securities maintains a "Buy" rating for Xaircraft with a target price of HKD 87.00, emphasizing its leading position in general aviation and private aviation, with current valuations not reflecting its brand potential and scarcity [6] - CITIC Jiantou maintains a "Buy" rating for Xtep International, indicating flat revenue for the main brand in Q4 2025, with bright performance in running categories and successful adjustments in e-commerce [7][8]

从战略维度进一步审视，新兴市场的崛起将强化极智嘉营收结构的多元化优势。相较于成熟市场的存量 博弈，拉美等新兴市场尚处于爆发前夜，增量潜力充足。这种成熟市场与新兴市场的双轮驱动格局，不 仅能有效对冲单一市场的波动风险，更构筑起一条穿越周期的稳健增长曲线，为公司的长期价值提供了 坚实支撑。 极智嘉（02590.HK）在拉丁美洲地区迎来里程碑式突破，全年中标额一举超过6亿元人民币，创下历史 新高。这一爆发式增长，标志着极智嘉在全球化深水区激活了新兴市场的巨大潜能。拉丁美洲也从战略 试验田，升级为全新的业绩增长极，迈入规模化落地新阶段。 据eMarketer 2024年报告，拉丁美洲已超越东南亚，成为全球零售电商增长最快的地区，未来双位数增 长态势明确。然而，当地物流基建的发展进程显著滞后于电商扩张速度。随着订单结构日趋碎片化、履 约复杂度显著提升，物流自动化升级已演化为行业层面的刚性需求。对于机器人企业来说，这一市场所 具备的长坡厚雪特点，开始清晰显现。 极智嘉早在2020年就进行了前瞻战略布局，以智利首个项目切入市场，完成了对当地复杂物流环境的技 术验证与应用探索。历经5年深耕，公司建立起覆盖方案设计、项目交付与 ...

率先洞察并卡位这一机遇的极智嘉，如今以超 6 亿元的订单规模，证明了其前瞻战略布局的有效性。据 了解，早在 2020 年，公司便以智利首个项目切入市场，完成了对当地复杂物流环境的技术验证与应用 探索。 历经5年深耕，公司建立起覆盖方案设计、项目交付与本地支持的服务网络与生态体系。相较于其他厂 商，这种难以在短期内复制的"服务基建"壁垒，使其在当地客户眼中具有更高的确定性与信任基础，从 而能够率先抢占这一增量市场，并为后续规模化拓展奠定基础。 更重要的是，拉美市场的成功，证明了极智嘉具备在基础设施薄弱区域快速构建生态、占领市场的能 力。这意味着公司能够在东南亚、中东等更多新兴市场快速复制拉美奇迹，打开全球版图的无限想象空 间。 全球智能机器人引领者极智嘉（02590）2025 年在拉丁美洲地区迎来里程碑式突破，全年中标额一举超 过6亿元人民币，创下历史新高。这一爆发式增长，标志着极智嘉在全球化深水区激活了新兴市场的巨 大潜能。拉丁美洲也从战略试验田，升级为全新的业绩增长极，迈入规模化落地新阶段。 从战略维度进一步审视，新兴市场的崛起将强化极智嘉营收结构的多元化优势。相较于成熟市场的存量 博弈，拉美等新兴市场尚处 ...

更重要的是，拉美市场的成功，证明了极智嘉具备在基础设施薄弱区域快速构建生态、占领市场的能 力。这意味着公司能够在东南亚、中东等更多新兴市场快速复制拉美奇迹，打开全球版图的无限想象空 间。 从战略维度进一步审视，新兴市场的崛起将强化极智嘉营收结构的多元化优势。相较于成熟市场的存量 博弈，拉美等新兴市场尚处于爆发前夜，增量潜力充足。这种成熟市场与新兴市场的双轮驱动格局，不 仅能有效对冲单一市场的波动风险，更构筑起一条穿越周期的稳健增长曲线，为公司的长期价值提供了 坚实支撑。 综合近期动态，面对全球供应链重构的历史性机遇，极智嘉展现出强劲的商业爆发力。从拉美市场6亿 元订单突破，到东欧地区近 5亿元的强势斩获，再到锁定与全球电商巨头每年数亿元订单的战略合作， 一系列战绩已然向资本市场证明：极智嘉不仅是技术领跑者，更是全球最具商业变现能力与战略纵深的 智能机器人企业之一，其全球化增长飞轮已全面加速。 率先洞察并卡位这一机遇的极智嘉，如今以超 6 亿元的订单规模，证明了其前瞻战略布局的有效性。据 了解，早在 2020 年，公司便以智利首个项目切入市场，完成了对当地复杂物流环境的技术验证与应用 探索。 历经5年深耕，公司 ...

Group 1: Industrial Sector Development in China - Morgan Stanley's report indicates that the development of China's industrial sector in 2026 will focus on three main themes: the diffusion of AI technology, industrial upgrades, and globalization progress [1] - The push for equipment upgrades and anti-involution policies reflects the government's strong intent to enhance productivity, benefiting high-end equipment manufacturing companies [1] - The report expresses optimism about the opportunities for Geek+ (02590) to increase its global market share and successfully transition into a provider of unmanned warehouse solutions through other embodied intelligent products, setting a target price of HKD 37 and giving an "overweight" rating [1] Group 2: Capital Expenditure Trends - Following a strong momentum in 2025, global capital expenditure for the top 11 listed cloud service providers is expected to approach USD 620 billion in 2026, with continued robust AI capital expenditure in both global and Chinese markets [2] - The report suggests that the expansion of AI into the physical world is just beginning, marking the next major phase of AI technology adoption, with China leading in physical AI investments due to favorable government policies, funding support, and a competitive supply chain ecosystem [2]

Group 1 - The core viewpoint of the articles highlights that the development of China's industrial sector in 2026 will focus on three main themes: the diffusion of AI technology, industrial upgrades, and globalization progress [1] - Morgan Stanley is optimistic about the opportunities for the company Extreme Intelligent Robotics (极智嘉-W, 02590) to increase its global market share and successfully transform into a provider of unmanned warehouse solutions through other embodied intelligent products [1] - The report indicates that the fundamentals of China's capital goods sector are recovering, driven by industrial upgrades, the diffusion of AI technology, domestic replacement cycles, and overseas opportunities [1] Group 2 - The forecast for 2026 suggests that the cloud capital expenditure of the top 11 global listed cloud service providers will approach $620 billion, continuing strong growth in global and Chinese AI capital expenditure [2] - The report emphasizes that the expansion of AI into the physical world is just beginning, marking the next major phase of AI technology adoption, with China leading in physical AI investments due to favorable government policies and a competitive supply chain ecosystem [2]