全球仓储机器人龙头「极智嘉」今起招股：获Eastspring等超7亿港元基石认购

Core Viewpoint - Geek+ is set to become the "global AMR warehouse robot first stock" with its IPO, aiming to raise HKD 23.58 billion and achieve a market capitalization exceeding HKD 21.8 billion [2][4]. Group 1: IPO Details - Geek+ plans to issue 140,353,000 H-shares, with 14,035,400 shares for public offering in Hong Kong and 126,317,600 shares for international offering [2]. - The IPO price is set at HKD 16.80 per share, with cornerstone investors committing a total of USD 91.3 million (approximately HKD 716.7 million) [2][4]. Group 2: Company Performance - From 2021 to 2024, Geek+ saw its order volume increase from CNY 1.59 billion to CNY 3.14 billion [4]. - Revenue grew from CNY 790 million in 2021 to CNY 2.41 billion in 2024, representing a compound annual growth rate (CAGR) of 45% [4]. - Gross profit surged from CNY 80 million to CNY 840 million during the same period, with a CAGR of 118.5% and a gross margin of 34.8% in 2024 [4][5]. Group 3: Profitability and Market Position - Adjusted EBITDA improved from a loss of CNY 672 million in 2021 to a loss of CNY 25 million in 2024, indicating a significant narrowing of losses [5]. - The adjusted net loss rate decreased to 3.8% in 2024, showcasing a trend towards profitability [5]. - Geek+ is recognized as the largest global provider of AMR warehouse robot solutions, serving approximately 806 end customers across various regions and industries [5][6]. Group 4: Global Expansion and Market Trends - As of December 31, 2024, Geek+ operates in over 40 countries and regions, with 72.1% of its AMR solution revenue coming from markets outside mainland China [6][7]. - The global AMR solutions market is projected to grow from CNY 13.3 billion in 2020 to CNY 38.7 billion in 2024, with a CAGR of 30.6% [7]. - The penetration rate of AMR solutions in the overall warehouse automation sector is expected to rise from 4.4% in 2020 to 20.2% by 2029, indicating a growing importance in warehouse automation [7].