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 Viewpoint - Beijing Geek+ Technology Co., Ltd. (Geek+) is expected to become the first profitable robotics company listed in Hong Kong, showcasing strong revenue growth and improving profitability metrics since its IPO on July 9, 2023 [3][4]. Financial Performance - For the first half of 2025, Geek+ reported revenue of 1.025 billion RMB, a year-on-year increase of 31.0%, and a gross profit of 360 million RMB, up 43.1%, with a gross margin of 35.1% [3]. - The adjusted net loss narrowed by 94.0% year-on-year, and adjusted EBITDA turned positive, indicating a strengthening in profitability [3]. Market Position - 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" or "overweight" ratings based on its "AI + robotics" core advantages [4]. Customer Base and Orders - As of June 30, 2025, Geek+ has over 850 end customers across more than 40 countries, including over 65 Fortune 500 companies, with a cumulative delivery of over 66,000 robots and a customer repurchase rate exceeding 80% [5]. - The total order amount for the first half of the year reached 1.76 billion RMB, a 30.1% increase year-on-year, with over 60 new end customers added [7]. International Expansion - Geek+ generated 815 million RMB in revenue from non-mainland China, accounting for 79.5% of total revenue, driven by repeat customers in e-commerce, fashion, and third-party logistics [12]. - The company has established over 52 service stations globally and has implemented benchmark projects in various countries, significantly enhancing logistics efficiency [14][16]. Technological Advancements - Geek+ has launched a wholly-owned subsidiary focused on embodied intelligence, aiming to develop technologies for general-purpose robots and mechanical arms, which will complement its existing logistics robot business [17][19]. - The company introduced the Geek+ Brain model and a new mechanical arm operation technology, addressing challenges in automated picking across diverse product types [21]. Future Growth Potential - The focus on embodied intelligence is expected to be a new growth point for Geek+, with a strategic direction aimed at solving real-world warehouse challenges to generate quantifiable commercial value [21]. - With its deep understanding of warehouse scenarios and existing customer resources, Geek+ is well-positioned to capture market opportunities and achieve exponential growth in the future [21].