招商证券认为，极智嘉-W是全球最大仓储履约AMR(自主移动机器人)解决方案提供商，拥有最全面的 提供方案并最庞大的客户数量。公司利用机器人赋能仓储物流智能化变革，解决传统仓库效率低、可靠 性低、成本高、灵活性差等痛点。 中金发布研报称，极智嘉-W是领先的AMR解决方案供应商，其商业模式稳定，且随着AI技术的应用， 可望提升其仓库AMR解决方案增长潜力。该行认为，公司在智能仓储运用AI技术方面具领先优势，且 行业竞争格局清晰。 智通财经APP获悉，极智嘉-W(02590)涨超3%，截至发稿，涨2.74%，报24港元，成交额1093.41万港 元。 ...

招商证券认为，极智嘉-W是全球最大仓储履约AMR(自主移动机器人)解决方案提供商，拥有最全面的 提供方案并最庞大的客户数量。公司利用机器人赋能仓储物流智能化变革，解决传统仓库效率低、可靠 性低、成本高、灵活性差等痛点。 极智嘉-W(02590)涨超3%，截至发稿，涨2.74%，报24港元，成交额1093.41万港元。 中金发布研报称，极智嘉-W是领先的AMR解决方案供应商，其商业模式稳定，且随着AI技术的应用， 可望提升其仓库AMR解决方案增长潜力。该行认为，公司在智能仓储运用AI技术方面具领先优势，且 行业竞争格局清晰。 ...

Company Research - Microelectrophysiology (688351.SH) is a leading domestic company in cardiac electrophysiology, providing a comprehensive three-dimensional solution with strong technical barriers. The acceleration of domestic substitution and favorable policies are expected to drive significant performance growth. Additionally, the company's layout in pulse ablation and other sectors is anticipated to contribute to future growth potential [4]. - Taihe Co., Ltd. (301665.SZ) possesses global leading technology and production capacity in core products such as Bacillus thuringiensis and 2,4-D. In the first three quarters of 2025, the company's core product prices rebounded, leading to significant performance improvement. The newly registered pesticide, cyhalofop-butyl, is expected to contribute to additional performance. The company is also enhancing its product matrix by leveraging core processes to develop functional chemicals like tetrachloroethylene and m-phenylenediamine [5]. - Geekplus Technology (2590.HK) is recognized as a global leader in AMR warehousing, with expectations for a value reassessment driven by a "data-algorithm flywheel." The company has a solid position in the global market, with continuous commercialization capabilities. Its full-stack technology creates core barriers, leading to industry-leading efficiency. The effectiveness of its global layout is notable, with a profitability inflection point approaching, and it is entering the embodied intelligence sector, opening up long-term growth opportunities [6].

近日，极智嘉(02590.HK)在欧洲市场连下两城，其机器人方案相继落地北欧电商巨头Coolshop位于丹麦 的智能仓，以及全球物流服务商Arvato位于波兰的物流中心，彰显了极智嘉在欧洲智能仓储赛道的规模 化落地能力及领先的市场领导地位。 作为欧洲增速最快的电商市场之一，波兰物流行业正持续推进现代化转型，灵活性与可扩展性成为第三 方物流服务商(3PL)的核心竞争力，越来越多的企业开始引入移动机器人技术以适配市场变化。Arvato 波兹南项目充分印证了移动机器人为3PL企业带来显著的运营效能提升。极智嘉货架到人方案支持物流 服务商按需、分阶段扩展机器人数量和工作站配置，使其无需重建仓库，即可敏捷响应持续变化的客户 需求。该项目的成功，进一步巩固了极智嘉在波兰这一欧洲核心市场的战略地位。 从北欧电商到波兰3PL，极智嘉近期两大项目的落地，标志着其欧洲市场版图持续扩容，同时印证了其 解决方案在电商、3PL等多场景的适配能力与规模化复制实力。作为"AI+机器人"代表企业，极智嘉正 以成熟的技术、灵活的方案持续深化欧洲布局，助力当地企业实现智能化转型，进一步巩固其全球化领 先地位。 在丹麦，极智嘉为北欧电商巨头Coo ...

以新加坡的全球枢纽优势为支点，吕文扬搭建起"本土运营+全球辐射"的商业架构。他充分利用新加坡"3小时飞行圈覆盖东盟6.7亿人口"的区位便利，在 狮城设立全球运营总部，统筹研发、融资与品牌管理；同时联动柔佛-新加坡经济区的制造产能，形成"新加坡出技术、柔佛出产能"的互补格局，大幅降 低生产成本。借助新加坡作为亚洲最大转口港的物流优势，他构建起"24小时全球供应链响应网络"，将东南亚的优质农产品、本土研发的智能设备精准送 达全球30多个国家和地区，让狮城的枢纽价值成为全球贸易的高效纽带。 深耕本土创新生态，是吕文扬撬动全球商机的核心动能。他积极融入新加坡蓬勃的初创生态，与本地科研机构共建联合实验室，借助政府"Tech@SG"计 划引进国际顶尖人才，在绿色经济领域实现技术突破。依托新加坡全球碳交易枢纽的优势，他将研发的光伏储能技术推向欧洲市场，通过新加坡知识产权 局的专利加速计划，仅用6个月便获得欧盟专利认证，成功切入欧洲绿色能源项目供应链。这种"本土创新+全球转化"的模式，既依托了新加坡的研发与知 识产权保护优势，又实现了技术价值的全球化变现。 从本土扎根到全球拓展，吕文扬的商业实践生动诠释了"根基稳则天地宽"的 ...

当前，全球矿业正经历一场以自动化、数字化、智能化为核心的深刻产业变革。在中国，随着国家矿山 安全监察局对煤矿智能化建设提出明确目标与路径指导，智慧矿山已从示范探索进入加快推广的新阶 段。在这一宏观背景下，作为矿山生产物流关键节点的煤仓，其智能化、安全化升级是深度融入矿山整 体智能化转型的系统性工程，受到技术迭代与政策驱动的双重影响。 从更广阔的视角看，煤仓智能化转型的应用场景正在延伸。中感集团相关核心技术和解决方案(如穿透 性感知、无人化清理、防堵防溃)对于水泥、粮食、冶金等行业存在类似物料板结、仓储安全风险的筒 仓场景，具有很强的可复制性与适应性。这为技术提供商开辟了更广阔的市场空间，也意味着相关技术 正在催生一个跨行业的"智能仓储安全"细分赛道。 因此，煤矿企业在规划煤仓智能化升级时，应具备系统思维和前瞻视野。选择的解决方案不仅需要技术 先进、安全可靠，更需评估其系统的开放集成能力、与矿山现有及未来系统的兼容性，以及供应商提供 持续迭代与一站式服务的能力。以中感集团为代表的方案提供商正从装备销售商向全生命周期服务商角 色演进，提供从咨询设计、系统集成、安装调试到运维培训、数据服务的完整价值链。在政策东风与 ...

中金发表研究报告指，首予极智嘉"跑赢行业"评级，目标价32.8港元。该行提到，极智嘉受惠于其三个 自主技术平台及内部开发的软件和硬件，可利用人工智能技术进行仓储路径规划，改善供应链，并应用 数位对映(Digital twin)技术。另外，该公司拥有约770个终端客户，并利用大量订单和业务营运数据，在 人工智能转型中获得数据优势。该行预计极智嘉今明两年的每股盈测分别为0.06元及0.17元，认为公司 在智能仓储领域运用人工智能技术具领先优势，人工智能仓储行业的竞争格局清晰可见。 ...

中金发布研报称，预计极智嘉-W(02590)2025-2026年EPS分别为0.06/0.17元。该行认为极智嘉布局AI智 慧仓储行业具有场景领先落地、格局清晰特征，公司PS估值介于工业与人形机器人之间，给予公司 2026年10x的P/S，对应目标价格32.8港元，涨幅空间32%，首次覆盖给予"跑赢行业"评级，该行认为公 司已成为具备AI+场景化能力的综合智能体。 极智嘉成立于2015年，是全球化布局的AMR解决方案龙头，海外市场收入占比近年来超70%。根据招 股书，按收益计2024年极智嘉仓储AMR解决方案全球第一，市场份额9%。公司2025H1实现EBITDA转 正，达0.12亿元，标志公司经营层面财务拐点正式出现。 智慧仓储新范式国内引领者 1)公司基于三个专有技术平台，软硬件全自研，为AI融入仓储路径规划、供应链优化、数字孪生等提供 底层打通基础;2)三大仓储方案+三大场景，提供各行业高性能方案;3)长期积累770名终端客户，积累了 大量运营数据与历史订单数据，打造向AI转型的数据壁垒;4)集中资源布局具身智能，已推出通用机械 臂及具身智能底座Geek+ Brain。 潜在催化剂：公司盈利扭亏、加入恒 ...

Core Viewpoint - Dongjie Intelligent (300486.SZ) has signed a strategic cooperation framework agreement with New Zealand Alpha Logic Capital Ltd, Dayan Investment (Hainan) Co., Ltd., and Aobo (Shandong) Intelligent Robot Co., Ltd. to develop a smart logistics platform in Hainan, China, focusing on biopharmaceutical product management and logistics [1] Group 1 - The project involves the establishment of a smart warehouse with a total area of approximately 1.3536 million square meters and around 3.9 million storage positions, featuring a construction standard of 24-meter high intelligent warehouses [2] - The project aims to enhance cargo turnover efficiency by 55%, reduce order response time to within 15 minutes, and achieve zero-error sorting through digital scheduling, with an annual carbon reduction of 28,000 tons using photovoltaic low-carbon technology [1][2] Group 2 - The total budget for the initial phase of the project is approximately 870 million RMB, with an overall budget of about 11.1 billion RMB for the cooperation, where Aobo will provide around 10% of the equipment and services [2] - The agreement outlines the roles of each party: Dongjie as the main system integrator, Aobo as the collaborative robot technology partner, Dayan Investment responsible for project requirements and local approvals, and Alpha Logic leading investment planning and financing [3]

Core Insights - The company, Geek+, has achieved significant growth in orders, surpassing 1 billion yuan in total orders with a growth rate exceeding 30% [1][2] - The company has established a strong commercial model, with a revenue of 1.025 billion yuan in the first half of 2025 and a positive adjusted EBITDA of 11.621 million yuan, marking it as the first in the Hong Kong robotics sector to achieve this milestone [2] Group 1: Order Growth and Financial Health - The surge in orders is attributed to long-term technological accumulation and market reputation, with a customer repurchase rate exceeding 80% in the first half of 2025 [2] - The company has successfully connected order growth with financial health, establishing a scalable profit path [2] Group 2: Global Expansion and Market Penetration - Geek+ is expanding its global influence, with significant projects in Europe, Japan, South Korea, and New Zealand, enhancing its market presence [3][5] - As of June 30, 2025, the company operates in over 40 countries, deploying more than 66,000 robots and serving over 850 global clients, with overseas revenue accounting for 79.5% of total revenue [5] Group 3: Technological Advancements - The company has built a strong technological moat in the "AI + Robotics" sector, launching groundbreaking products such as the first fully automated picking robot solution [6][7] - Ongoing research in robotic packing technology aligns with industry trends, positioning the company for long-term growth [9] Group 4: Industry Outlook and Institutional Support - The company has received positive recognition from various institutions, with ratings indicating strong growth potential and a favorable market outlook [10] - The logistics automation sector is expected to experience accelerated growth, driven by major industry players and supportive policies [11]