Core Viewpoint - Beijing Geek+ Technology Co., Ltd. is advancing its IPO process on the Hong Kong Stock Exchange, aiming to become the world's first publicly listed company in the AMR (Autonomous Mobile Robot) sector for warehousing solutions, with significant revenue growth and improving profitability metrics [2][3][4]. Financial Performance - Geek+ has demonstrated substantial revenue growth, with projected revenues increasing from 790 million yuan in 2021 to 2.41 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 45% [2]. - The company's gross profit is expected to rise from 80 million yuan in 2021 to 840 million yuan in 2024, with a CAGR of 118.5%, leading to an overall gross margin of 34.8% in 2024 [2]. - Adjusted EBITDA is projected to improve from a loss of 672 million yuan in 2021 to a loss of 25 million yuan in 2024, indicating a significant narrowing of losses [3]. Business Model and Solutions - Established in 2015, Geek+ offers a comprehensive range of AMR solutions aimed at enhancing warehouse fulfillment and industrial handling, thereby increasing supply chain efficiency while reducing reliance on manual labor [4]. - The company provides various innovative solutions, including: 1. PopPick solution for fast delivery of goods to pickers [6]. 2. Box-to-person picking solution to optimize box-based picking operations [6]. 3. Pallet-to-person picking solution for high-density storage and picking [6]. 4. Flexible sorting solutions for efficient sorting of small to medium packages [6]. 5. Intelligent handling solutions covering the entire industrial production process [6]. Market Position and Customer Base - By 2024, Geek+ is expected to have an order volume increase from 1.59 billion yuan to 3.14 billion yuan, with a customer repurchase rate of 74.6% and a key customer repurchase rate of approximately 84.3% [7]. - Geek+ has become the largest provider of warehousing AMR solutions globally, serving around 806 end customers across various regions and industries, including approximately 63 Fortune 500 companies [8]. - The company has strategically targeted international markets, with 72.1% of its total revenue in 2024 coming from outside mainland China [8]. Industry Growth and Trends - The global AMR solutions market has expanded from 13.3 billion yuan in 2020 to an estimated 38.7 billion yuan in 2024, with a projected CAGR of 33.1% until 2029 [9]. - The penetration rate of AMR solutions in the overall warehouse automation sector has increased from 4.4% in 2020 to 8.2% in 2024, with expectations to reach 20.2% by 2029 [9]. Use of IPO Proceeds - The net proceeds from the IPO are intended for research and development, product iteration, expansion of sales and service networks, supply chain development, digital management, data security, and general corporate purposes [10].

Core Viewpoint - Geek+ is poised to become the first global stock in the autonomous mobile robot (AMR) warehouse sector, as it seeks to list on the Hong Kong Stock Exchange, following the approval from the China Securities Regulatory Commission for its overseas issuance and domestic full circulation of shares [2] Group 1: Company Overview - Founded in 2015, Geek+ offers a comprehensive range of AMR solutions aimed at enhancing warehouse fulfillment and industrial handling, significantly improving supply chain efficiency while reducing reliance on manual labor [2] - Geek+ has established itself as the largest provider of warehouse fulfillment AMR solutions globally, serving approximately 770 end customers across various regions and industries, including around 60 Fortune 500 companies [5][6] Group 2: Financial Performance - From 2021 to 2023, Geek+ reported order volumes of 1.59 billion, 1.996 billion, and 2.694 billion yuan, with a notable order volume of 1.353 billion yuan in the first half of 2024, compared to 1.037 billion yuan in the same period of 2023 [5] - The total revenue for Geek+ from 2021 to 2023 was 790 million, 1.452 billion, and 2.143 billion yuan, reflecting a compound annual growth rate (CAGR) of 64.7%, significantly outpacing the global AMR market's CAGR of 36.0% [7] - The sales revenue from Geek+'s core AMR business from 2021 to 2023 was 575 million, 1.247 billion, and 2.124 billion yuan, with a CAGR of 92.3% [8] Group 3: Market Position and Strategy - Geek+ has strategically targeted the global market, with over 70% of its total revenue in 2023 coming from markets outside mainland China [6] - The gross margins for Geek+ in markets outside mainland China from 2021 to 2024 were 38.7%, 42.0%, 46.4%, and 40.8%, respectively, which were higher than the overall gross margins during the same periods [6] - The global AMR solutions market has expanded from 9.3 billion yuan in 2019 to 36 billion yuan in 2023, with projections to reach 172.5 billion yuan by 2028, indicating a robust growth trajectory for the sector [9]