极智嘉-W(02590)涨超5%，截至发稿，涨4.65%，报22.52港元，成交额2196.74万港元。 消息面上，上周五，恒生指数公司公布第三季度恒指季检结果，其中，极智嘉-W将被纳入恒生综合指 数成份股。大和指出，此前获得韩国大型电商平台超过3亿元人民币的大单，另外公司管理层预期与一 间美国大型零售商的订单即将落实，涉及金额达3,000万美元的非美国海外仓库项目。基于当前订单储 备，管理层对2026年维持高收入增长充满信心。 大和指出，极智嘉-W管理层强调，年初至今订单量保持强劲，虽然上半年实施加价，但美国订单仍以 最快速度增长，目前占订单总额超过30%；预期美国市场对销售的贡献度提升将支持2026年毛利率。该 行重申"买入"评级，并将极智嘉视为全球物流AI领域首选，目标价38港元不变；认为近期股价波动主要 因获利回吐，而非基本面恶化，为投资者提供了具吸引力的风险回报机会。 ...

消息面上，上周五，恒生指数公司公布第三季度恒指季检结果，其中，极智嘉-W将被纳入恒生综合指 数成份股。大和指出，此前获得韩国大型电商平台超过3亿元人民币的大单，另外公司管理层预期与一 间美国大型零售商的订单即将落实，涉及金额达3,000万美元的非美国海外仓库项目。基于当前订单储 备，管理层对2026年维持高收入增长充满信心。 智通财经APP获悉，极智嘉-W(02590)涨超5%，截至发稿，涨4.65%，报22.52港元，成交额2196.74万港 元。 大和指出，极智嘉-W管理层强调，年初至今订单量保持强劲，虽然上半年实施加价，但美国订单仍以 最快速度增长，目前占订单总额超过30%；预期美国市场对销售的贡献度提升将支持2026年毛利率。该 行重申"买入"评级，并将极智嘉视为全球物流AI领域首选，目标价38港元不变；认为近期股价波动主要 因获利回吐，而非基本面恶化，为投资者提供了具吸引力的风险回报机会。 ...

Core Insights - The event "Digital Integration and Global Trade: Breaking Through Digital Supply Chains in Commerce" aims to explore the transformation paths and innovative practices of supply chains in the digital era, gathering around 180 experts and industry leaders to discuss key topics [1][3] Group 1: Event Overview - The event is organized by the Wuhan Municipal Bureau of Commerce and aims to activate innovation engines for building an efficient, agile, and intelligent modern commerce and trade system [1] - It is part of the 2025 Hubei Trade Fair, focusing on policy trends, opportunities, challenges, technological innovations, and business model transformations [1] Group 2: Key Discussions - The first high-level dialogue focuses on "From Chain to Network - Building a Digital Ecosystem in Commerce," discussing how to break down barriers and create an open, collaborative digital ecosystem [2] - The second dialogue, "Cross-Industry Integration - Digital Collaboration in Manufacturing, Consumption, and Logistics," addresses deep collaboration paths across industries to solve key challenges in digital transformation [2] Group 3: Case Studies and Best Practices - The event features a session for sharing exemplary practices, where ten national supply chain innovation and application demonstration enterprises will present their digital supply chain transformation cases [2] - Companies like Zhongbai Group and Jiuzhoutong Pharmaceutical Group will showcase their successful explorations in supply chain digitization, providing referenceable "Hubei Experience" and "Wuhan Solutions" for peers [2] Group 4: Strategic Importance - The event represents an important initiative by Wuhan to implement national digital economy development strategies and accelerate the construction of a modern circulation system [3] - It aims to enhance Wuhan's position and influence in the national commerce and trade landscape, contributing to the city's role as a strategic hub in the rise of the central region [3]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported a net loss of $2.2 million, compared to a loss of $0.8 million in Q3 2024 and $4.7 million in Q2 2025, indicating improved financial performance year-over-year [11][12] - Cash and short-term liquid investments increased to $2.7 million at the end of Q3, up by $2.1 million from the previous quarter [12] - The company announced a $10 million share buyback program, with 19,700 shares repurchased, reflecting confidence in its intrinsic value [13] Business Line Data and Key Metrics Changes - The company operationalized two new ArrivePoints into monthly service, leading to an increase in recurring subscription revenue [11] - Project-based consulting revenue is expected to fluctuate, as these projects typically last three to four months and culminate in recurring subscriptions [11] Market Data and Key Metrics Changes - The company expanded partnerships with AllMart, ACT Antigua, and Skye Air Mobility in India for international module deployment, indicating growth in international markets [7][14] - Regulatory momentum from the FAA's proposed beyond visual line of sight rule is seen as a key enabler for autonomous operations in the U.S. [7] Company Strategy and Development Direction - The five-year roadmap positions the company as a critical autonomous logistics management network, aiming for a 20x valuation increase by year five [8] - The focus is on commercialization and operational excellence, productizing the third-generation AP3 units, and refining the platform for scale [19][20] - The company is pursuing an America-first manufacturing strategy to strengthen domestic production capacity and reduce dependency on foreign supply chains [15] Management's Comments on Operating Environment and Future Outlook - Management believes the company is at the precipice of several catalyzing events that could lead to substantial share price appreciation [19] - The transition from pilot programs to scalable deployments is emphasized, with ongoing projects serving as proof points for nationwide expansion [19] - The company is focused on executing strategic priorities, including team expansion and advancing the AP3 line for scalability and cost efficiency [20] Other Important Information - The company secured its ninth U.S. patent, reinforcing its leadership in autonomous delivery innovation [17] - The legal and compliance infrastructure has been expanded to manage data, privacy, and cybersecurity across domestic and international markets [18] Q&A Session Summary Question: What is the thought of the next expansion step after current hospital testing? - The next step involves linking Hancock's satellite facilities to the main hospital autonomously [26] Question: What competitive advantages does the company have in the drone space? - The company is future-proofed by a multimodal strategy that is agnostic to delivery methods, enhancing utility with regulatory support [31] Question: What is the detailed growth plan for Arrive AI in the next few years? - The growth strategy includes establishing a network paradigm with major partners and rolling out geographically, similar to Uber's approach [35] Question: How is the company balancing innovation with governance and transparency? - The company maintains a culture of transparency and regular updates, ensuring compliance and operational readiness [36] Question: What is the timeline for the availability of ArrivePoints for customers? - The rollout will take several years, focusing on establishing network capabilities with partners before reaching end users [40] Question: What is the target pricing for ArrivePoints? - The company is innovating on pricing models, aiming for low price points and potential sponsorships to make them affordable [43] Question: How is the growth being financed given the current revenue trajectory? - The company is using proceeds from its equity line to fund operations and R&D, with a runway extending into 2027 based on current forecasts [86]

大和发布研报称，极智嘉-W(02590)管理层强调，年初至今订单量保持强劲，虽然上半年实施加价，但 美国订单仍以最快速度增长，目前占订单总额超过30%;预期美国市场对销售的贡献度提升将支持2026 年毛利率。该行重申"买入"评级，并将极智嘉视为全球物流AI领域首选，目标价38港元不变;认为近期 股价波动主要因获利回吐，而非基本面恶化，为投资者提供了具吸引力的风险回报机会。 另外，管理层预期与一间美国大型零售商的订单即将落实，涉及金额达3,000万美元的非美国海外仓库 项目，早前公司亦获得韩国大型电商平台超过3亿元人民币的大单。基于当前订单储备，管理层对2026 年维持高收入增长充满信心。 ...

智通财经APP获悉，大和发布研报称，极智嘉-W(02590)管理层强调，年初至今订单量保持强劲，虽然 上半年实施加价，但美国订单仍以最快速度增长，目前占订单总额超过30%;预期美国市场对销售的贡 献度提升将支持2026年毛利率。该行重申"买入"评级，并将极智嘉视为全球物流AI领域首选，目标价38 港元不变;认为近期股价波动主要因获利回吐，而非基本面恶化，为投资者提供了具吸引力的风险回报 机会。 另外，管理层预期与一间美国大型零售商的订单即将落实，涉及金额达3,000万美元的非美国海外仓库 项目，早前公司亦获得韩国大型电商平台超过3亿元人民币的大单。基于当前订单储备，管理层对2026 年维持高收入增长充满信心。 ...

大和发表研究报告指，极智嘉管理层强调，年初至今订单量保持强劲，虽然上半年实施加价，但美国订 单仍以最快速度增长，目前占订单总额超过30%；预期美国市场对销售的贡献度提升将支持2026年毛利 率。另外，管理层预期与一间美国大型零售商的订单即将落实，涉及金额达3000万美元的非美国海外仓 库项目，早前公司亦获得韩国大型电商平台超过3亿元的大单。基于当前订单储备，管理层对2026年维 持高收入增长充满信心。 该行重申极智嘉"买入"评级，目标价38港元不变，并将其视为全球物流AI领域首选，认为近期股价波动 为投资者提供了具吸引力的风险回报机会。 ...

Group 1 - The National Development and Reform Commission, along with nine other departments, issued a plan to promote the open interconnection of logistics data, aiming to reduce logistics costs and support the construction of a unified national market [1] - The plan focuses on optimizing logistics resource allocation and addresses issues such as fragmented links, information lag, and resource mismatch in traditional logistics [1] - The implementation path is structured around three dimensions: solidifying the foundation, promoting bidirectional openness, and releasing value [1] Group 2 - Shenzhou Holdings, a company specializing in logistics data intelligence technology, stands to benefit significantly from the new policy [2] - The company has developed the "Yanyun" technology, which has established a competitive edge in logistics data collection and integration [2] - With over 20 years of experience in the logistics supply chain, Shenzhou Holdings has built a vast knowledge base and extensive logistics data, positioning it well to leverage the new data-sharing mechanisms [2] - Experts suggest that companies like Shenzhou Holdings, which possess data technology and practical application capabilities, are likely to continue benefiting from policy incentives, contributing to the high-quality development of China's logistics industry [2]

Core Viewpoint - Zhongke Weizhi (688211) has announced an international patent application for a logistics transport device based on a bidirectional pendulum structure, with the application number PCT/CN2024/119203 and an international publication date set for November 6, 2025 [1]. Group 1 - The company has published a total of five international patent applications this year [4]. - In the first half of 2025, the company invested 63.7667 million yuan in research and development, which represents a year-on-year decrease of 21.16% [4].

Core Insights - The collaboration between CP AXTRA and Alibaba's Cainiao marks a significant shift in the relationship between China and Thailand, transitioning from importing foreign business practices to exporting advanced technology solutions [2][7] - CP AXTRA aims to enhance its logistics and retail capabilities in Southeast Asia through digital transformation, leveraging Cainiao's expertise in smart warehousing and automated sorting [3][5] Group 1: Strategic Partnership - CP AXTRA and Cainiao have formed a strategic partnership to develop advanced digital solutions for smart retail technology in Thailand and Southeast Asia [1][2] - The implementation of the iWMS (Intelligent Warehouse Management System) has resulted in a 140% increase in picking and packing efficiency at Wan Ke Long stores [1][6] - Daily order delivery capacity has expanded from 15,000 to 100,000 orders, utilizing CP AXTRA's fleet of 4,000 vehicles and TMS (Transportation Management System) [1][6] Group 2: Digital Transformation - CP AXTRA is undergoing a digital transformation to meet the increasing demand for rapid delivery, shifting from next-day delivery to hourly and even half-hour delivery [3][4] - The company is focused on enhancing customer experience through improved store layout and inventory management, which directly impacts picking efficiency and delivery times [3][4] - CP AXTRA plans to replicate its digital transformation experience in other Southeast Asian markets, including Malaysia and the Philippines, aiming to become a leading retail technology platform in the region [3][7] Group 3: Technological Integration - Cainiao's logistics technology is being integrated into CP AXTRA's retail network, showcasing China's evolution from a manufacturing hub to a source of technological innovation [1][5] - The partnership includes the development of two core engines: an O2O (Online to Offline) fulfillment engine and a dynamic display engine, enhancing operational efficiency and customer convenience [6][7] - The collaboration also aims to explore AI applications in retail, with plans to open a Wan Ke Long store on Tmall International to introduce Thai products to the Chinese market [7]