极智嘉-W(02590) - 2025 - 中期财报

Company Information Company Overview and Governance Structure Beijing Geekplus Technology Co., Ltd. listed on the Main Board of HKEX on July 9, 2025, as a global leader in autonomous mobile robots, maintaining effective corporate governance through its board and committees during the reporting period - The company successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited on July 9, 2025, with stock code 2590[6][12] - The Board of Directors comprises executive, non-executive, and independent non-executive directors, with committees for strategy, audit, remuneration and appraisal, nomination, and corporate governance[5] - KPMG is the auditor, and legal advisors include Stephen Chow & Co. in association with Commerce & Finance Law Offices (Hong Kong law) and JunHe LLP (PRC law)[5][6] Business Review Global Leadership in Autonomous Mobile Robot Market The company leads the global autonomous mobile robot market, being the largest warehouse fulfillment robot solution provider by 2024 revenue for six consecutive years, serving over 850 clients across 40+ countries with high repurchase rates - The company is the world's largest warehouse fulfillment robot solution provider, maintaining its leading position for six consecutive years (by 2024 revenue)[7] - As of June 30, 2025, over 66,000 robots have been delivered to 40+ countries and regions, serving over 850 end customers with a repurchase rate exceeding 80%[7] Rapidly Growing Global Business The company achieved rapid order and revenue growth in H1 2025, with orders up 30.1% to RMB 1,759.8 million and revenue up 31.0% to RMB 1,024.7 million, driven by strong global expansion with non-mainland China revenue accounting for 79.5% H1 2025 Business Growth Overview | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Growth (%) | | :--- | :--- | :--- | :--- | | Orders | 1,759.8 | - | 30.1% | | Revenue | 1,024.7 | 782.5 | 31.0% | | Non-mainland China Revenue Share | 79.5% | - | - | - Added over 60 new end customers, made significant progress in grocery retail and food & beverage sectors, with the largest single order exceeding RMB 100 million[8] - Over 40 new channel partners added in H1 2025, with over 52 global service stations and partner sites, 12 spare parts centers, and over 310 engineers[8] Significantly Improved Profitability In H1 2025, net loss significantly narrowed by 91.3% to RMB 48.0 million, and adjusted net loss by 94.0% to RMB 11.9 million, driven by increased gross profit, cost control, and foreign exchange gains H1 2025 Profitability Improvement | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Narrowing (%) | | :--- | :--- | :--- | :--- | | Net Loss | 48.0 | 550.3 | 91.3% | | Adjusted Net Loss | 11.9 | 197.2 | 94.0% | - Profitability improvement primarily attributed to increased gross profit from higher revenue, effective cost control, and increased foreign exchange gains[10] Cutting-Edge Innovative Technology Platforms The company leverages Hyper+ core algorithm platform for large-scale robot cluster scheduling and Robot Matrix general technology platform for modular, configurable robot innovation and development - The Hyper+ core algorithm platform supports cluster scheduling of over 5,000 robots, covering traffic management, task assignment, warehouse management, and supply chain algorithms[13] - The Robot Matrix general robot technology platform provides modular, configurable integrated technology for efficient robot innovation, design, and development[13] Listing on HKEX The company successfully listed on the Main Board of HKEX on July 9, 2025, issuing 161,405,800 H shares at HKD 16.80 per share, with subsequent partial exercise of the over-allotment option - The company successfully listed on the Main Board of HKEX on July 9, 2025, issuing 161,405,800 H shares at an offer price of HKD 16.80 per share[12] - On August 3, 2025, the over-allotment option was partially exercised, involving 16,669,800 H shares, which commenced listing and trading on August 6[12] Business Outlook The company plans to increase R&D in embodied AI, deepen global market penetration, expand its customer base, promote sustainable development with ESG standards, and attract top talent to support strategic goals - Increase R&D investment in embodied AI technology and related product businesses, closely collaborating with existing warehouse robot operations, and established Beijing Geekplus Embodied AI Technology Co., Ltd[16] - Deepen global market presence, focusing on key and high-value customer segments worldwide, strengthening localized sales, operations, and service teams, and expanding robot solutions to related industries[17] - Promote green and sustainable development with high ESG standards, integrating environmental elements into robot solutions, maintaining a green supply chain, and attracting and cultivating top global talent[19][20] Financial Highlights Key Financial Indicators In H1 2025, the company achieved RMB 1,024.7 million in revenue, a 31.0% YoY increase, with gross profit up 43.1% to RMB 359.9 million, and net loss and adjusted net loss significantly narrowed by 91.3% and 94.0% respectively, indicating substantial profitability improvement Financial Highlights for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | YoY (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,024,722 | 782,455 | 31.0% | | Gross Profit | 359,914 | 251,532 | 43.1% | | Operating Profit (Loss) | (82,162) | (209,250) | (60.7%) | | Profit (Loss) Before Tax | (46,577) | (549,867) | (91.5%) | | Profit (Loss) for the Period | (47,956) | (550,323) | (91.3%) | | Adjusted Profit (Loss) Net (Non-IFRS Measure) | (11,890) | (197,188) | (94.0%) | Management Discussion and Analysis Revenue Analysis The Group's H1 2025 revenue grew 31.0% to RMB 1,024.7 million, primarily from robot solution sales (99.9% of total), while RaaS service revenue decreased due to strategic adjustments, with non-mainland China revenue contributing 79.5% Revenue Breakdown by Service | Revenue Source | 2025 (RMB thousand) | Share (%) | 2024 (RMB thousand) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Robot Solution Sales | 1,023,650 | 99.9% | 778,688 | 99.5% | | - Warehouse Fulfillment | 962,455 | 93.9% | 721,610 | 92.2% | | - Industrial Handling | 61,195 | 6.0% | 57,078 | 7.3% | | RaaS Services | 1,072 | 0.1% | 3,767 | 0.5% | | Total | 1,024,722 | 100.0% | 782,455 | 100.0% | - RaaS service revenue decreased by approximately 71.5%, primarily due to business strategy adjustments[25] - Non-mainland China revenue reached RMB 815.1 million, accounting for 79.5% of total revenue[8] Costs and Profitability Cost of sales increased by 24.9% to RMB 664.8 million, driving gross profit up 43.1% to RMB 359.9 million and gross margin to 35.1%, with operating loss significantly narrowing by 60.7% to RMB 82.2 million due to higher gross profit and foreign exchange gains Costs and Gross Profit Overview | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | YoY Growth (%) | | :--- | :--- | :--- | :--- | | Cost of Sales | 664,808 | 530,923 | 24.9% | | Gross Profit | 359,914 | 251,532 | 43.1% | | Gross Margin | 35.1% | 32.1% | +3.0pp | | Non-mainland China Gross Margin | 46.2% | 40.8% | +5.4pp | - R&D expenses increased by 10.5% to RMB 147.2 million, primarily due to increased investment in new technology research[28] - Operating loss narrowed by 60.7% to RMB 82.2 million, mainly due to increased revenue from warehouse fulfillment robot solutions and higher foreign exchange gains[32] Non-IFRS Measures Adjusted net loss (non-IFRS) significantly narrowed by 94.0% to RMB 11.9 million, and adjusted EBITDA (non-IFRS) turned positive to RMB 11.6 million, reflecting core operational performance after excluding non-cash or non-recurring items like share-based payments and listing expenses Non-IFRS Measures Reconciliation | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit (Loss) for the Period | (47,956) | (550,323) | | Equity-settled Share-based Payment Expenses | 26,610 | 13,477 | | Listing Expenses | 30,619 | – | | Change in Fair Value of Redeemable Liabilities | (21,163) | 339,658 | | Adjusted Net Loss | (11,890) | (197,188) | | EBITDA (Non-IFRS Measure) | (24,445) | (522,966) | | Adjusted EBITDA (Non-IFRS Measure) | 11,621 | (169,831) | - Adjusted EBITDA turned positive, primarily due to increased revenue from warehouse fulfillment robot solutions and higher foreign exchange gains[40] Liquidity, Capital Structure and Financial Resources As of June 30, 2025, the company maintained a sound financial position with RMB 725.6 million in cash and deposits, adjusted net current assets of RMB 457.3 million, and an adjusted current ratio of 1.2 times, while total borrowings increased to RMB 563.5 million for working capital needs Liquidity and Borrowings Overview | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Total Cash and Cash Equivalents and Time Deposits | 725.6 | 736.0 | | Adjusted Net Current Assets (excluding redeemable liabilities) | 457.3 | 572.8 | | Adjusted Current Ratio | 1.2 times | 1.2 times | | Total Borrowings | 563.5 | 413.9 | - Excluding redeemable liabilities, the capital gearing ratio was 80.1% (December 31, 2024: 75.0%)[49] - The company established a foreign exchange risk management system, adhering to a 'risk-neutral' principle, utilizing hedging tools like forward contracts, with no outstanding foreign exchange hedging balances as of June 30, 2025[50][51] Employees and Remuneration As of June 30, 2025, the Group had 998 employees, with sales and marketing personnel being the largest group, and total remuneration costs for H1 increased by 13.8% to RMB 348.4 million Number of Employees by Function (June 30, 2025) | Function | Number of Employees | | :--- | :--- | | Sales and Marketing | 474 | | Research and Development | 404 | | General Management | 67 | | Supply Chain and Manufacturing | 53 | | Total | 998 | - Total remuneration costs for the six months ended June 30, 2025, increased to RMB 348.4 million from RMB 306.0 million in the same period of 2024[54] Corporate Governance and Other Information Corporate Governance and Compliance The company maintains strict corporate governance standards, complying with the Corporate Governance Code since listing, with the Audit Committee reviewing interim results with KPMG, except for the combined roles of Chairman and CEO - The company has complied with the Corporate Governance Code since its listing date, with Mr. Zheng Yong serving as both Chairman and CEO, an arrangement the Board believes facilitates unified leadership and efficient decision-making[57][58] - The Audit Committee reviewed the Group's unaudited interim results for the six months ended June 30, 2025, with an independent review conducted by KPMG, the independent auditor[60] Weighted Voting Right Structure and Shareholding The company operates under a weighted voting right structure, with Class A ordinary shares carrying ten votes each and Class B one vote, enabling beneficiaries to exercise voting control for long-term strategy, with detailed disclosures of directors' and major shareholders' interests - The company has a weighted voting right structure, where each Class A ordinary share grants its holder ten votes, and each Class B ordinary share grants one vote[63] - Weighted Voting Right Beneficiaries (Mr. Zheng, Mr. Li, Mr. Liu, and Mr. Chen) hold Class A ordinary shares through their controlled entities, exercising voting control over the company[64][65] Overview of Directors' Voting Interests in Class A Ordinary Shares (as of the Latest Practicable Date) | Director | Position | Number of Class A Ordinary Shares Held | Approximate Percentage of Beneficial Interest in Total Share Capital | Approximate Percentage of Voting Rights | | :--- | :--- | :--- | :--- | :--- | | Mr. Zheng | Chairman, Executive Director and CEO | 83,351,729 | 6.23% | 25.22% | | Mr. Li | Executive Director and CTO | 56,194,987 | 4.20% | 17.00% | | Mr. Liu | Executive Director and VP | 39,506,859 | 2.95% | 11.96% | | Mr. Chen | Executive Director and VP | 39,506,859 | 2.95% | 11.96% | Other Significant Matters During the reporting period, the company had no material litigation, declared no interim dividend, and will utilize the HKD 2,813.8 million net proceeds from the global offering as disclosed in the prospectus, with H shares listed and redeemable preference shares converted post-period - The company had no material litigation or arbitration as of June 30, 2025[70] - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[72] - Net proceeds from the global offering of approximately HKD 2,813.8 million (approximately RMB 2,570.5 million) will be used for future plans as stated in the prospectus[73] - Upon listing on July 9, 2025, all issued redeemable preference shares were converted into ordinary shares at a 1:1 conversion ratio, and redeemable liabilities were reclassified from current liabilities to equity[147] Interim Financial Information Review Report Independent Auditor's Review Conclusion KPMG reviewed the Group's interim financial report for the six months ended June 30, 2025, in accordance with Hong Kong Standard on Review Engagements 2410, concluding no material non-compliance with IAS 34 - KPMG reviewed the interim financial report in accordance with Hong Kong Standard on Review Engagements 2410[88] - The review concluded that nothing came to the auditor's attention to suggest the interim financial report was not prepared, in all material respects, in accordance with International Accounting Standard 34[89] Consolidated Statement of Profit or Loss and Other Comprehensive Income Profit or Loss and Comprehensive Income Overview For the six months ended June 30, 2025, the company reported RMB 1,024.7 million in revenue and RMB 359.9 million in gross profit, with net loss significantly narrowing to RMB 48.0 million, and total comprehensive loss attributable to equity holders at RMB 70.0 million Summary of Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 1,024,722 | 782,455 | | Gross Profit | 359,914 | 251,532 | | Operating Loss | (82,162) | (209,250) | | Loss Before Tax | (46,577) | (549,867) | | Loss for the Period | (47,956) | (550,323) | | Total Comprehensive Loss Attributable to Equity Holders of the Company | (70,041) | (545,893) | | Basic and Diluted Loss Per Share (RMB) | (0.04) | (0.47) | - Loss for the period significantly narrowed by 91.3%, primarily due to revenue growth and improved operating efficiency[91] Consolidated Statement of Financial Position Assets, Liabilities and Equity Position As of June 30, 2025, total assets were RMB 3,703.6 million, with current assets at RMB 3,375.5 million; net current liabilities were RMB 6,570.1 million, primarily due to redeemable liabilities, but the company's financial position is sound when excluding these liabilities, with total net liabilities at RMB 6,292.2 million Summary of Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current Assets | 328,118 | 275,795 | | Current Assets | 3,375,488 | 2,928,635 | | Current Liabilities | 9,945,622 | 9,404,464 | | Net Current Liabilities | (6,570,134) | (6,475,829) | | Non-current Liabilities | 50,214 | 48,765 | | Net Liabilities | (6,292,230) | (6,248,799) | | Share Capital | 1,159,211 | 1,159,211 | | Reserves | (7,451,441) | (7,408,010) | | Total Deficit Attributable to Equity Holders of the Company | (6,292,230) | (6,248,799) | - Net current liabilities and net liabilities were primarily due to redeemable liabilities (RMB 7,027.5 million) presented as current liabilities[93][134] - Inventories increased to RMB 1,441.4 million, and trade and bills receivables increased to RMB 726.2 million[93] Consolidated Statement of Changes in Equity Overview of Changes in Equity For the six months ended June 30, 2025, the total deficit attributable to equity holders increased from RMB 6,248.8 million to RMB 6,292.2 million, reflecting a period loss of RMB 48.0 million, other comprehensive loss of RMB 22.1 million, and a RMB 26.6 million increase in share-based payment expenses Summary of Consolidated Statement of Changes in Equity | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Share Capital | 1,159,211 | 1,159,211 | | Capital Reserve | (2,930,939) | (2,930,939) | | Share-based Payment Reserve | 109,100 | 82,490 | | Exchange Reserve | (43,014) | (20,929) | | Accumulated Losses | (4,586,588) | (4,538,632) | | Total | (6,292,230) | (6,248,799) | - Loss for the period was RMB 47.956 million, and other comprehensive income was a loss of RMB 22.085 million[97] - Equity-settled share-based payment expenses increased by RMB 26.610 million[97] Condensed Consolidated Statement of Cash Flows Cash Flow Overview For the six months ended June 30, 2025, net cash used in operating activities significantly decreased to RMB 110.1 million, net cash used in investing activities was RMB 58.9 million, and net cash from financing activities turned positive at RMB 130.9 million, resulting in cash and cash equivalents of RMB 625.6 million at period-end Summary of Condensed Consolidated Statement of Cash Flows | Activity Type | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (110,069) | (281,658) | | Net Cash Used in Investing Activities | (58,890) | (63,534) | | Net Cash From / (Used in) Financing Activities | 130,871 | (100,587) | | Net Decrease in Cash and Cash Equivalents | (38,088) | (445,779) | | Cash and Cash Equivalents at June 30 | 625,621 | 310,905 | - Net cash used in operating activities significantly decreased, indicating improved operating efficiency[99] - Financing activities shifted from a net cash outflow to a net inflow compared to the prior year, primarily due to increased proceeds from bank loans[99] Notes to the Unaudited Interim Financial Report Corporate Information and Basis of Preparation The company, established in China in 2015 and restructured in 2021, primarily sells robot solutions and provides RaaS services; the interim financial report is prepared under IAS 34 on a going concern basis, with redeemable liabilities reclassified to equity post-listing, mitigating going concern uncertainties - The Group primarily engages in the sale of robot solutions and provision of Robots-as-a-Service (RaaS)[101] - The interim financial report is prepared in accordance with International Accounting Standard 34 and on a going concern basis[102] - As of June 30, 2025, the Group had net liabilities of RMB 6,292.2 million and net current liabilities of RMB 6,570.1 million, primarily due to redeemable liabilities[103] - Post-listing, preferential rights were waived, and redeemable liabilities were reclassified from liabilities to equity, leading directors to believe there are no material uncertainties regarding going concern[103] Loss Per Share Calculation For the six months ended June 30, 2025, basic loss per share significantly narrowed to RMB 0.04 from RMB 0.47, with diluted loss per share remaining the same as basic due to the anti-dilutive effect of redeemable ordinary shares Loss Per Share Overview | Metric | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Basic Loss Per Share | (0.04) | (0.47) | | Diluted Loss Per Share | (0.04) | (0.47) | - Basic loss per share is calculated based on a loss attributable to ordinary equity holders of the company of RMB 12.1 million and a weighted average of 292.3 million ordinary shares outstanding[117][119] - Diluted loss per share is the same as basic loss per share because the inclusion of redeemable ordinary shares would result in an anti-dilutive effect[120][121] Inventories and Receivables As of June 30, 2025, total inventories were RMB 1,441.4 million, predominantly finished goods, and trade and bills receivables totaled RMB 726.2 million, with approximately 78% due within one year, while some inventories were pledged for bank loans Inventories Composition (June 30, 2025) | Inventory Type | Amount (RMB thousand) | | :--- | :--- | | Finished Goods | 1,387,131 | | Work in Progress | 31,992 | | Raw Materials | 189,995 | | Less: Inventory Write-downs | (167,764) | | Total | 1,441,354 | Ageing Analysis of Trade and Bills Receivables (June 30, 2025) | Ageing | Amount (RMB thousand) | | :--- | :--- | | Within 1 year | 569,276 | | 1 to 2 years | 107,802 | | 2 to 3 years | 42,219 | | 3 to 4 years | 6,915 | | Total | 726,212 | - As of June 30, 2025, RMB 5.7 million of the Group's inventories were pledged as collateral for bank loans[123] Cash and Bank Loans As of June 30, 2025, cash and cash equivalents totaled RMB 625.6 million, with RMB 185.4 million in mainland China, and total bank loans were RMB 563.5 million, all denominated in RMB, bearing fixed interest rates, and repayable within one year or on demand, with some secured by inventories Composition of Cash and Cash Equivalents (June 30, 2025) | Type | Amount (RMB thousand) | | :--- | :--- | | Cash at Bank | 610,367 | | Time Deposits and Highly Liquid Investments with Original Maturity within Three Months | 15,254 | | Total | 625,621 | Bank Loan Composition and Collateral (June 30, 2025) | Loan Type | Amount (RMB thousand) | | :--- | :--- | | Secured (Inventories) | 4,408 | | Unsecured | 559,127 | | Total | 563,535 | - All bank loans are denominated in RMB, bear interest at fixed rates ranging from 2.30% to 5.15% per annum, and are repayable within one year or on demand[133] Redeemable Liabilities and Capital Reserve As of June 30, 2025, redeemable liabilities were RMB 7,027.5 million, which converted to equity post-listing; capital reserve includes the net consideration for share issuance, net assets upon conversion to a joint-stock company, and the amount recognized for redeemable liabilities Changes in Redeemable Liabilities | Metric | Amount (RMB thousand) | | :--- | :--- | | At January 1, 2024 | 6,362,819 | | Change in Fair Value of Redeemable Liabilities | 685,807 | | At December 31, 2024 and January 1, 2025 | 7,048,626 | | Change in Fair Value of Redeemable Liabilities | (21,163) | | At June 30, 2025 | 7,027,463 | - Redeemable liabilities automatically terminated upon listing and were reclassified to equity[38][103] - Capital reserve includes the difference between net consideration received for share issuance and nominal amount, the difference between net assets upon conversion to a joint-stock company and total par value of issued shares, and the amount recognized for redeemable liabilities[136] Significant Related Party Transactions and Post-Reporting Period Events During the period, key management compensation totaled RMB 18.3 million, with significant equity-settled share-based payment expenses, and the company engaged in goods sales with related party Geekplus Co., Ltd.; post-period, H shares were listed and redeemable preference shares converted to ordinary shares Key Management Personnel Compensation (for the six months ended June 30, 2025) | Compensation Type | Amount (RMB thousand) | | :--- | :--- | | Short-term Employee Benefits | 2,424 | | Contributions to Retirement Plans | 297 | | Equity-settled Share-based Payment Expenses | 15,563 | | Total | 18,284 | - Sales of goods to related party Geekplus Co., Ltd. amounted to RMB 49.5 million for the six months ended June 30, 2025[144] - On July 9, 2025, the company's H shares were listed, with 161,405,800 H shares issued, and 846,074,883 unlisted shares converted into H shares[147] Definitions Glossary of Terms This section provides definitions for key terms and abbreviations used throughout the report, covering corporate governance, share capital structure, legal and regulatory aspects, and financial terminology, ensuring clear understanding of the content