Core Viewpoint - The report from Zheshang Securities highlights the rapid growth of the logistics automation demand, positioning unmanned forklifts as the core vehicle in the third phase (unmanned) of the forklift industry [1] Market Penetration and Growth - The penetration rate of unmanned forklifts in China is projected to be only 2% in 2024, but the compound annual growth rate (CAGR) of sales from 2019 to 2024 is expected to reach 55% [3] - In 2023, the sales scale of unmanned forklifts in China reached 4.3 billion yuan, with a year-on-year growth of 24% and a CAGR of 35% from 2019 to 2023 [3] - The total sales volume of forklifts in China is expected to be 1.2855 million units in 2024, representing a year-on-year growth of 9.5% [3] Economic Benefits - Unmanned forklifts are anticipated to enhance warehouse space utilization, improve efficiency, and reduce labor costs, as they can operate 24 hours a day without human intervention [2] Competitive Landscape - In 2023, only 8% of companies in China achieved sales exceeding 100 million yuan, indicating a fragmented market [4] - Major players in the unmanned forklift sector include traditional forklift manufacturers, AGV/AMR companies, and logistics integrators, with notable companies such as Hangcha Group, Anhui Heli, and Zhongli Co., Ltd. [4]

Group 1 - The company, Geek+, has scheduled a board meeting on August 29, 2025, to consider and approve its interim results for the six months ending June 30, 2025 [1]

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 （股份代碼：2590） 董事會會議召開日期 北京極智嘉科技股份有限公司（「本公司」）董事會（「董事會」）茲宣佈謹定於2025 年8月29日（星期五）舉行董事會會議，藉以（其中包括）考慮及批准本公司及其附 屬公司截至2025年6月30日止六個月之中期業績及其發佈。 承董事會命 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） 董事會主席、執行董事兼首席執行官 鄭勇 北京，2025年8月15日 於本公告日期，董事會包括(i)執行董事鄭勇先生、李洪波先生、陳曦先生及劉凱 先生；(ii)非執行董事夏志進先生、陳和江先生、白津先生及李珂先生；及(iii)獨 立非執行董事陳晨女士、劉大成先生、陳少華先生及韓愉先生。 ...

招银国际发布研报称，给予极智嘉-W(02590)26.7港元目标价，首次予"买入"评级。 考虑到极智嘉在全球仓储自动化市场的快速渗透，该行认为极智嘉应享有估值溢价。基于自主移动机器 人(AMR)领域的技术创新，并在全球40个国家拥有逾800家终端客户，极智嘉(2024年海外收入占比达 72%)预计在未来数年充分把握仓储履约AMR渗透率结构性提升的机会。 该行透过比较同业产品及计算客户投资回报率，进一步确认了极智嘉的竞争优势。预测极智嘉2024- 2027收入复合年增长将达到34%，并有望自2026年起实现有意义的盈利。作为港股市场首个仓储AMR 企业，该行认为极智嘉具备稀缺性价值。 ...

考虑到极智嘉在全球仓储自动化市场的快速渗透，该行认为极智嘉应享有估值溢价。基于自主移动机器 人(AMR)领域的技术创新，并在全球40个国家拥有逾800家终端客户，极智嘉(2024年海外收入占比达 72%)预计在未来数年充分把握仓储履约AMR渗透率结构性提升的机会。 该行透过比较同业产品及计算客户投资回报率，进一步确认了极智嘉的竞争优势。预测极智嘉2024- 2027收入复合年增长将达到34%，并有望自2026年起实现有意义的盈利。作为港股市场首个仓储AMR 企业，该行认为极智嘉具备稀缺性价值。 智通财经APP获悉，招银国际发布研报称，给予极智嘉-W(02590)26.7港元目标价，首次予"买入"评级。 ...

Investment Rating - The report initiates coverage on Geekplus (2590 HK) with a "Buy" rating and a target price of HKD 26.7, representing a potential upside of 42.3% from the current price of HKD 18.76 [1][3]. Core Insights - Geekplus is positioned as a rising star in the global AMR (Autonomous Mobile Robot) market for warehouse automation, with a unique presence in the Hong Kong market. The company has over 800 end customers across 40 countries, with an expected overseas revenue contribution of 72% in 2024 [1]. - The AMR solutions market is projected to grow significantly, with the market size expected to increase from RMB 39 billion in 2024 to RMB 162 billion by 2029, driven by an increase in AMR penetration from 8% to 20% of total warehouse automation solutions revenue [7]. - Geekplus holds a 9% market share in warehouse fulfillment revenue, ranking first globally, attributed to its modular design solutions that integrate easily into existing customer systems, minimizing operational disruptions [7]. - The report highlights the cost-saving and efficiency improvements experienced by Geekplus customers, exemplified by YesAsia, which saved approximately USD 10 million in costs and improved order accuracy to 99.99% after implementing Geekplus AMR solutions [7]. Financial Summary - The forecasted revenue for Geekplus is expected to grow from RMB 2,143 million in FY23A to RMB 5,788 million by FY27E, reflecting a compound annual growth rate (CAGR) of 34% from 2024 to 2027 [2][8]. - Adjusted net profit is projected to turn positive starting in FY26E, with estimates of RMB 112 million in FY25E and RMB 673.5 million in FY27E [2][8]. - The company is expected to achieve a gross margin improvement from 17.7% in FY22A to 39.0% by FY27E, indicating enhanced profitability [9].

智通财经APP获悉，2025世界机器人大会余温未褪，展厅中的精彩演示仍在行业讨论中发酵。优必选演 绎复杂工业场景的群体协同作业方案，银河通用机器人 Galbot 高效执行零件分拣、复杂料箱搬运任 务，擎朗智能XMAN化身调酒师流畅完成调酒等动作...220余家机器人企业不约而同传递出产业共识： 具身智能技术正在寻求突破实验室边界，从炫技转变为真正干活。 竞逐产业落地，头部企业的差异化路径 在产业落地的竞逐中，行业玩家们正沿着各自的优势赛道加速奔跑。宇树科技已经凭借四足机器人占据 全球69.75%市场份额，其人形机器人也以极致性价比快速抢占市场，2024年交付1500台。宇树的产品 生态正覆盖多元落地场景，消费级机器人活跃于家庭娱乐、商业活动、展会及直播带货，工业级解决方 案聚焦电力巡检等高危领域，教育版则走进院校实验室，助力科研攻坚。 极智嘉近期的业绩盈喜为这场战略布局提供了底气：预计2025年上半年营收同比增长27%-32%，经调整 亏损净额收窄90%-95%，这意味着，其To B机器人商业化模式正在得到验证。 资本市场的反应更为直接，多家国内外顶级机构一致看好极智嘉并首次覆盖，招银国际、中信证券、德 意志 ...

Core Viewpoint - The company, Geek+, has announced a positive earnings forecast, expecting a revenue growth of 27%-32% year-on-year in the first half of 2025, along with a significant reduction in adjusted net losses by 90-95% [1] Group 1: Company Performance - Multiple top-tier brokerages have initiated coverage on Geek+, with Citic Securities and Deutsche Bank giving a "Buy" rating, while Morgan Stanley has assigned an "Overweight" rating [1][2] - Citic Securities believes Geek+ is at a critical juncture with accelerating downstream demand, overseas channel transformation, and an impending profitability inflection point [1] - Deutsche Bank highlights Geek+'s use of AI technology to optimize AMR deployment, enhancing warehouse operational efficiency [2] Group 2: Market Position and Competitive Advantage - Morgan Stanley notes that Geek+ has a comprehensive and superior product line, solidifying its market leadership, with the potential to manage over 5,000 robots simultaneously [2] - The company's standardized products and high space utilization are key factors leading to its superior gross margins compared to competitors [2] - Geek+ has a diverse regional revenue structure, with each region contributing 18%-28% to total revenue, unlike competitors who are more regionally concentrated [2] Group 3: Industry Outlook - The AMR warehouse automation market is expected to experience a robust growth phase, driven by the increasing demand for automation solutions [3] - The global market for AMR is anticipated to see steady expansion, positioning Geek+ favorably within the industry [3]

Core Viewpoint - The company, Geek+, has announced a positive earnings forecast, expecting a revenue growth of 27%-32% year-on-year in the first half of 2025, with a significant reduction in adjusted net losses by 90-95% [1] Group 1: Earnings Forecast and Market Position - The company is experiencing a critical moment with accelerating downstream demand, overseas channel transformation, and a strategic focus on embodied intelligence, which is expected to lead to a profitability turning point [1] - Major brokerages have initiated coverage on Geek+, with Citic Securities giving a "Buy" rating, Deutsche Bank also rating it as "Buy," and Morgan Stanley rating it as "Overweight," indicating strong market confidence [1][2] - The highest target price set by analysts is HKD 26, reflecting optimism about Geek+'s core advantages in "AI + Robotics" and future potential [1] Group 2: Competitive Advantages and Industry Outlook - Deutsche Bank highlights that Geek+ is leveraging AI technology to optimize AMR deployment, enhancing warehouse operational efficiency, which positions the company favorably for the anticipated recovery in the global warehouse automation market [2] - Morgan Stanley notes that Geek+ has a comprehensive and superior product line, which solidifies its market leadership, with the potential to manage over 5,000 robots simultaneously, surpassing competitors [2] - The company has a diverse regional revenue structure, with each region contributing 18%-28% to total revenue, unlike competitors who are more regionally concentrated [2] - Everbright Securities emphasizes that Geek+ is a leader in AMR warehouse fulfillment solutions, building strong technical barriers through a full-stack platform and global service network, which validates its commercial capabilities [3]

机构：国信证券 研究员：吴双/杜松阳 投资建议：公司设立了具身智能公司，提升机械手拣货、通用机器人制造等能力，未来公司智能化优 势、规模效应有望逐步显现。综合考虑行业景气度、公司在AMR 全球龙头地位、盈利持续好转态势， 我们预计公司25-27 年归母净利润为1.06/3.03/5.20 亿港元， 对应EPS 为0.08/0.23/0.39 港元。给予极智嘉 一年期合理估值为19.7-22.1 港元，首次覆盖，给予"优于大市"评级。 AMR 解决方案远期市场规模超千亿，增速超过30%。仓储自动化解决方案是使各种物流操作(如存取、 搬、拣及分)自动化的集成系统，包含多种技术和形式，实现了以自动化方案替代重复性人力劳作。其 将硬件和软件无缝结合，涵盖一系列技术，包括AMR、AS/RS、输送机和分拣机、AMR。其中AMR 配 备先进的自主航技术，可用于各种操作任务，包括储、拣和分拣。根据灼识咨询资料，2024 年，AMR 在全球仓储自动化市场的渗透率约8%，2029AMR 渗透率将达到20.2%，2024-2029 年AMR 全球的市场 规模有望从390 亿元增长至1620 亿元，CAGR 约33%。 AI 技术架 ...