极智嘉上市后首份财报：营收利润双增长、经调整EBITDA转正，要发力具身智能

Core Insights - The company, Geek+, is poised to become the first profitable robotics company listed in Hong Kong, as indicated by its recent financial performance and market position [2][3]. Financial Performance - For the first half of 2025, Geek+ reported revenue of 1.025 billion yuan, a year-on-year increase of 31.0%, and a gross profit of 360 million yuan, up 43.1%, with a gross margin of 35.1% [2]. - The adjusted net loss narrowed by 94.0% year-on-year, and adjusted EBITDA turned positive, indicating a strengthening profitability nearing a breakeven point [2]. Market Position and Growth - Geek+ maintains the largest revenue scale and best profitability in the Hong Kong robotics sector, with several top-tier institutions initiating coverage and issuing "buy" ratings based on its "AI + robotics" core advantages [2][3]. - The company has established a presence in over 40 countries and regions, serving more than 850 end customers, including over 65 Fortune 500 companies, with a customer repurchase rate exceeding 80% [3]. Product and Customer Expansion - In the first half of 2025, Geek+ secured total orders amounting to 1.76 billion yuan, reflecting a 30.1% year-on-year increase, and added over 60 new end customers [3][4]. - The company achieved significant progress in the grocery retail and food and beverage sectors, with its largest single order exceeding 100 million yuan [4]. Technological Advancements - Geek+ has launched a new subsidiary focused on embodied intelligence, aiming to develop technologies for general-purpose robots and mechanical arms, targeting logistics and manufacturing sectors [9][10]. - The company introduced the Geek+ Brain, a foundational model for general-purpose warehouse robots, and a new mechanical arm operation technology that addresses challenges in automated picking across various product types [10][12]. International Business and Profitability - Geek+ generated 815 million yuan in revenue from non-mainland China, accounting for 79.5% of total revenue, indicating strong international business growth [6][9]. - The company’s overseas operations are expected to enhance overall profitability, as the gross margin from international markets has positively impacted the overall gross margin [9]. Strategic Direction - The focus on embodied intelligence is seen as a new growth point, with the company leveraging its existing logistics robot business to drive technological advancements and commercial applications [9][12]. - The strategic direction emphasizes addressing real pain points in warehouse scenarios to ensure measurable commercial value from technological breakthroughs [12].