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） 董事會謹此宣佈，於2025年8月29日，董事會已批准變更本公司註冊地址為中 國（河北）自由貿易試驗區雄安片區啟動區易寧大街164號人工智能產業園4單元 5層501室。 建議修訂章程 鑑於上述變更註冊地址，董事會建議對章程作出相應修訂。 一般事項 建議變更註冊地址以及修訂章程須於臨時股東會會議上以特別決議案獲得本公 司股東批准。一份載有（其中包括）相關詳情連同臨時股東會會議通告的通函將 適時刊發。 本公告乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則第13.51(1)條作 出。 （股份代碼：2590） 建議變更註冊地址以及修訂章程 建議變更註冊地址 除上述修訂的條款內容外，章程中其他條款內容保持不變，建議變更公司註冊地 址以及修訂章程須 ...

Financial Performance - For the six months ended June 30, 2025, the company reported revenue of RMB 1,024.7 million, representing a year-on-year increase of 31.0% compared to RMB 782.5 million in 2024[6]. - Gross profit for the same period was RMB 359.9 million, up 43.1% from RMB 251.5 million in the previous year[6]. - The company recorded a net loss of approximately RMB 48.0 million, a significant reduction of 91.3% compared to a loss of RMB 550.3 million in the same period last year[9]. - The adjusted net loss (non-IFRS measure) was approximately RMB 11.9 million, narrowing by 94.0% from RMB 197.2 million year-on-year[9]. - Revenue increased by approximately 31.0% from RMB 782.5 million for the six months ended June 30, 2024, to RMB 1,024.7 million for the six months ended June 30, 2025[19]. - Gross profit rose from RMB 251.5 million to RMB 359.9 million, with the overall gross margin improving from 32.1% to 35.1%[23]. - The company's net loss narrowed from RMB 550.3 million for the six months ended June 30, 2024, to RMB 48.0 million for the six months ended June 30, 2025, primarily due to increased revenue from robotic solutions and reduced interest expenses on redeemed liabilities[31]. - Adjusted net loss (non-IFRS measure) decreased by 94.0% from RMB 197.2 million for the six months ended June 30, 2024, to RMB 11.9 million for the six months ended June 30, 2025, reflecting the same reasons for the narrowed operating loss[32]. - EBITDA (non-IFRS measure) improved from a loss of RMB 522.966 million for the six months ended June 30, 2024, to a loss of RMB 24.445 million for the six months ended June 30, 2025, driven by increased revenue from warehousing robotic solutions[37]. Revenue Sources - Non-mainland China revenue reached RMB 815.1 million, accounting for 79.5% of total revenue, driven by strong demand from core verticals such as e-commerce and logistics[8]. - Revenue from robot solution sales increased by approximately 31.5%, from RMB 778.7 million to RMB 1,023.7 million, driven by higher delivery volumes and increased order quantities[20]. - Revenue from RaaS services decreased by approximately 71.5%, from RMB 3.8 million to RMB 1.1 million, due to strategic business adjustments[21]. - The company’s revenue primarily comes from the sale of robotic solutions and RaaS services, which include design, sales, installation, and debugging of robotic hardware and software solutions[61]. Expenses and Costs - R&D expenses increased from approximately RMB 133.1 million to RMB 147.2 million, reflecting increased investment in new technology research[24]. - Sales and marketing expenses grew from approximately RMB 229.7 million to RMB 240.2 million, driven by higher marketing, exhibition, and travel costs[25]. - Administrative expenses rose significantly from approximately RMB 87.6 million to RMB 134.8 million, primarily due to increased personnel costs and professional fees related to the IPO[26]. - The total salary cost for the six months ended June 30, 2025, is RMB 348.4 million, compared to RMB 306.0 million for the same period in 2024, indicating a 13.8% increase[49]. - Employee costs rose to RMB 348,422 thousand, an increase of 14% from RMB 305,974 thousand in 2024[68]. - The cost of inventory sold was RMB 664,808 thousand, up 27% from RMB 523,059 thousand in the previous year[78]. Cash Flow and Liquidity - As of June 30, 2025, the total cash and cash equivalents, along with time deposits, amounted to RMB 725.6 million, a decrease of approximately RMB 10.4 million from RMB 736.0 million as of December 31, 2024[38]. - The company's adjusted net current assets (excluding redeemable liabilities) were approximately RMB 457.3 million as of June 30, 2025, down from approximately RMB 572.8 million as of December 31, 2024[38]. - Cash used in operating activities for the six months ended June 30, 2025, was RMB 110,069,000, a reduction from RMB 281,658,000 in the same period of 2024, reflecting improved cash flow management[54]. - The company generated net cash from financing activities of RMB 130,871,000 for the six months ended June 30, 2025, compared to a net cash used of RMB 100,587,000 in the same period of 2024[54]. - The company’s cash and cash equivalents decreased by RMB 38,088,000 for the six months ended June 30, 2025, compared to a decrease of RMB 445,779,000 in the same period of 2024[54]. Debt and Liabilities - Total borrowings increased to RMB 563.5 million as of June 30, 2025, compared to RMB 413.9 million as of December 31, 2024, primarily due to working capital needs[39]. - As of June 30, 2025, the company's total liabilities amounted to RMB 6,292,230,000, with current liabilities at RMB 6,570,134,000, primarily due to redeemable liabilities[57]. - The total amount of redeemable liabilities decreased to RMB 7,027.5 million as of June 30, 2025, from RMB 7,048.6 million as of December 31, 2024[86]. - The company's capital debt ratio is 80.1%, up from 75.0% on December 31, 2024[44]. - The group's total capital debt ratio stands at 269.9% as of June 30, 2025, compared to 295.0% on December 31, 2024[44]. Corporate Governance and Future Plans - The company has complied with all applicable provisions of the Corporate Governance Code, except for the separation of the roles of Chairman and CEO[104]. - The board believes that having the same person serve as both Chairman and CEO is beneficial for unified leadership and effective strategic planning[104]. - The company plans to utilize the net proceeds from the offering according to the future plans outlined in the prospectus[102]. - There are no significant future plans for investments or capital assets beyond those disclosed in the prospectus[43]. - The company did not declare or pay any dividends during the reporting period, consistent with its historical practice since incorporation[91]. - The company has not declared an interim dividend for the six months ended June 30, 2025[107]. - The audit committee has reviewed the unaudited interim results for the six months ended June 30, 2025, and discussed accounting policies and internal controls with senior management[105]. - The company has not yet implemented the execution plans mentioned in the prospectus as the new proceeds were received after June 30, 2025[102]. Market and Operational Highlights - The company secured orders totaling RMB 1,759.8 million in the first half of 2025, an increase of 30.1% compared to the same period in 2024[8]. - The company has delivered over 66,000 robots to more than 40 countries and regions, with a customer repurchase rate exceeding 80%[7]. - The establishment of a wholly-owned subsidiary focused on embodied intelligence technology was completed on July 30, 2025, to enhance R&D capabilities[13]. - The company plans to deepen its global market presence and expand its customer base by enhancing local sales and service teams[14]. - The Hyper + core algorithm platform supports the scheduling of over 5,000 robots, showcasing the company's technological advancements in the robotics sector[12].

Core Viewpoint - The report from Zheshang Securities highlights the rapid growth of the logistics automation demand, positioning unmanned forklifts as the core vehicle of the third phase (automation) in the forklift industry. 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%, indicating significant potential for unmanned forklifts to replace traditional forklifts [1][3]. Industry Overview - The forklift industry has evolved through three stages: fuel-powered, electric, and now unmanned. As of July 1, 2025, Amazon has deployed over 1 million robots globally. Unmanned forklifts accounted for 16% of mobile robot sales in 2023, primarily used in manufacturing and logistics for outdoor transportation, platform unloading, and indoor storage [1][2]. Economic Benefits - Unmanned forklifts are anticipated to enhance warehouse space utilization, improve efficiency, and reduce labor costs. Traditional forklifts require manual operation, while unmanned forklifts can operate autonomously, potentially saving 2-3 forklift drivers per unit, with an average labor cost of approximately 100,000 yuan per year for a forklift operator [2]. Market Size and Growth - The penetration rate of unmanned forklifts in China is projected to be 1.9% in 2024, with a sales volume of 24,500 units, reflecting a 26% year-on-year growth and a CAGR of 55% from 2019 to 2024. In comparison, the overall forklift market in China is expected to see total sales of 1.2855 million units in 2024, a 9.5% increase year-on-year, with a CAGR of 16% from 2019 to 2024 [3]. Competitive Landscape - In 2023, only 8% of companies in China achieved sales exceeding 100 million yuan. The main participants in the unmanned forklift market include traditional forklift manufacturers, AGV/AMR companies, and system integrators. Key players in China include Hangcha Group, Anhui Heli, and Zhongli Co., among others [3].

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。 ...

Core Viewpoint - 招银国际 has initiated coverage on 极智嘉-W (02590) with a target price of HKD 26.7 and a "Buy" rating, citing the company's rapid penetration in the global warehouse automation market as a reason for a valuation premium [1] Group 1: Company Overview - 极智嘉 is positioned in the autonomous mobile robot (AMR) sector, with significant technological innovations and over 800 end customers across 40 countries [1] - The company is expected to achieve a 72% share of overseas revenue by 2024, indicating strong international growth potential [1] Group 2: Market Potential - The firm anticipates a structural increase in AMR penetration rates in warehouse fulfillment, which 极智嘉 is well-positioned to capitalize on in the coming years [1] - Revenue growth for 极智嘉 is projected to compound annually at 34% from 2024 to 2027, with meaningful profitability expected to begin in 2026 [1] Group 3: Competitive Advantage - A comparative analysis of industry products and customer return on investment has confirmed 极智嘉's competitive advantages in the market [1] - As the first AMR company listed in the Hong Kong stock market, 极智嘉 is considered to have a unique value proposition [1]

Core Viewpoint - 招银国际 has initiated coverage on 极智嘉-W (02590) with a target price of HKD 26.7 and a "Buy" rating, citing the company's rapid penetration in the global warehouse automation market as a reason for a valuation premium [1] Company Summary - 极智嘉 is expected to leverage structural improvements in the penetration rate of Autonomous Mobile Robots (AMR) in warehouse fulfillment, with overseas revenue projected to account for 72% by 2024 [1] - The company has over 800 end customers across 40 countries, highlighting its extensive market reach and competitive advantage [1] - 招银国际 predicts a compound annual growth rate (CAGR) of 34% in revenue from 2024 to 2027, with meaningful profitability anticipated starting in 2026 [1] - As the first AMR company listed in the Hong Kong stock market, 极智嘉 is considered to have unique value due to its scarcity in the market [1] Industry Summary - The report emphasizes the technological innovation in the AMR sector, which is driving the growth of warehouse automation [1] - The competitive landscape is analyzed through comparisons with peer products and customer return on investment, reinforcing 极智嘉's market position [1]

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].

Core Insights - The 2025 World Robot Conference showcased advancements in embodied intelligence technology, indicating a shift from mere demonstrations to practical applications in various industries [1] - Leading companies are pursuing differentiated paths to commercialize their robotic solutions, with significant market shares and orders being reported [2][3] Group 1: Industry Trends - Embodied intelligence technology is moving beyond laboratory settings, with over 220 robotics companies demonstrating a consensus on its potential [1] - Companies like Yushutech and Zhiyuan Robotics are achieving substantial market penetration, with Yushutech holding a 69.75% global market share in quadruped robots and planning to deliver 1,500 humanoid robots in 2024 [2] - Zhiyuan Robotics secured a significant order for 96 wheeled general-purpose robots for an automotive factory, marking a major milestone in smart manufacturing [2] Group 2: Company Strategies - Yushutech's product ecosystem spans various applications, including consumer, industrial, and educational robots, indicating a broad market approach [2] - Extreme Intelligence (Jizhi Jia) is adopting a reverse strategy by leveraging its logistics expertise to enter the embodied intelligence market, having maintained the top market share in AMR warehouse robots for six consecutive years [4] - Extreme Intelligence's comprehensive AI technology stack and patent portfolio support its transition into embodied intelligence, with expectations of significant revenue growth in 2025 [5] Group 3: Market Dynamics - The competition is intensifying as companies explore different strategies for commercialization, with a focus on practical applications rather than just technological showcases [7] - The industry faces challenges in achieving breakthroughs in the "brain" capabilities of robots, which are essential for overcoming barriers to market entry [8] - The future success of these companies will depend on their ability to achieve technological advancements and synergize with market needs [8]