SIASUN(SZ:300024) Nan Fang Du Shi Bao·2025-07-09 11:16Core Viewpoint - The listing of Geek+ (stock code: 2590.HK) on the Hong Kong Stock Exchange marks it as the first publicly traded company in the global AMR warehouse robot market, reflecting strong investor confidence in the robotics sector [1][3]. Company Overview - Geek+ was founded in 2015 and specializes in intelligent warehouse logistics and robotics technology, offering a full range of logistics robot systems including shelf-to-person, smart sorting, and intelligent forklifts, with operations in over 40 countries and regions [3][4]. - The company had previously attempted an A-share listing in 2021 but later withdrew, and it submitted its application for a Hong Kong listing in late 2024 [3]. IPO Details - Geek+ issued a total of 161.4 million H-shares in its IPO, raising approximately HKD 2.71162 billion, making it the largest H-share IPO for a robotics company to date and the largest non-"A+H" tech IPO in Hong Kong this year [1][4]. - The IPO saw an oversubscription of 133.62 times in the Hong Kong public offering and 30.17 times in the international placement, setting records for the highest international placement multiples in the Hong Kong tech sector [1][4]. Market Position - According to Zhaoshang Consulting, the global AMR solutions market is expected to grow to RMB 172.5 billion by 2028, with AMR solutions' penetration in warehouse automation increasing from 3.6% in 2019 to an anticipated 20.7% by 2028 [4]. - Geek+ holds a 6.0% market share in the global AMR solutions market as of 2023, making it the largest provider of warehouse fulfillment AMR solutions, a position it has maintained for five consecutive years [4]. Financial Performance - Geek+'s revenue from AMR solutions is projected to grow significantly, with revenues of RMB 790 million, RMB 1.452 billion, RMB 2.143 billion, and RMB 2.409 billion expected from 2021 to 2024, reflecting a compound annual growth rate of 45% [5]. - The company has faced losses due to heavy investments in R&D, sales, and marketing, with losses of RMB 1.05 billion, RMB 1.567 billion, RMB 1.127 billion, and RMB 832 million from 2021 to 2024, although losses are expected to narrow in the future [5]. - As of April 30, 2025, Geek+ recorded order revenues of RMB 1.016 billion, a 33.4% increase compared to the same period in 2024, indicating strong demand from e-commerce, third-party logistics, and manufacturing sectors [5]. Future Outlook - Geek+ aims to utilize the funds raised from the IPO for R&D, product iteration, sales and service network expansion, supply chain development, and digital management, with a focus on long-term profitability despite short-term losses [5].