（文章来源：证券日报） 证券日报网讯 1月6日，乐歌股份在互动平台回答投资者提问时表示，公司自主研发仓储机器人，其部 分已在投入应用，旨在提升作业效率。目前以自用为主。 ...

Core Insights - The company, Geek+, has achieved a significant breakthrough in commercialization by successfully delivering nearly 1,000 robots for a single warehouse project in Europe, showcasing its technological strength and leading position in large-scale commercialization in the robotics field [1][2]. Group 1: Technological Capabilities - The core competitiveness of the warehouse robotics industry lies not only in the performance of individual robots but also in the ability to coordinate large-scale operations in complex scenarios. The successful deployment of nearly 1,000 robots in a single warehouse serves as a rigorous test of the company's comprehensive capabilities [2]. - Geek+ has developed a full-stack AI technology architecture over ten years, which includes the Hyper+ core algorithm platform and the Robot Matrix universal technology platform. This architecture supports the parallel operation of over 5,000 robots in a single warehouse, providing a strong foundation for large-scale project implementation [2]. Group 2: Global Expansion and Market Leadership - The successful project in Europe marks a phase of "scalable replication" in the European market, with deep recognition from leading clients. This is part of Geek+'s broader global market expansion strategy, including partnerships with logistics giants like Maersk and DHL [3]. - According to the latest report by Interact Analysis, Geek+ has maintained its position as the global leader in the autonomous mobile robot (AMR) market for the seventh consecutive year, with significant market shares in Europe, the Middle East, and Africa, as well as strong positions in the Asia-Pacific and Americas regions [3]. Group 3: Financial Performance and Growth Potential - The company has demonstrated high customer retention, with an overall repurchase rate exceeding 80% and a key customer repurchase rate of 84.3%, significantly above the industry average. This strong customer base is expected to drive a positive cycle of project implementation, order conversion, and scale expansion [4]. - In the first half of this year, Geek+ reported a revenue increase of 31.0%, reaching 1.025 billion yuan, leading the Hong Kong-listed robotics companies. The adjusted EBITDA turned positive for the first time, indicating a turning point in the company's operations [4]. - The company has secured multiple large orders across various industries, including e-commerce, fast-moving consumer goods, food and beverage, and retail, positioning itself for a virtuous cycle of scale effect release [4][5].

具身智能深度融合机械结构、控制算法、感知数据、交互软件等要素，重塑了技术创新的路径，对传统的知识产权保护体系提出了系统性挑战，本文针对 性提出"前置治理、多维保护、系统布局"的新型知识产权治理范式。[1] 作者丨张鹏 党的二十届四中全会审议通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》对"建设现代化产业体系"作出全面部署，系统推进传 统产业、新兴产业、未来产业的共同发展，其中特别强调"推动量子科技、生物制造、氢能和核聚变能、脑机接口、具身智能、第六代移动通信等成为新 的经济增长点"。由此可见，具身智能（Embodied AI）等相关产业将迎来创新发展的重要历史机遇。尤其是，具身智能作为人工智能与物理实体融合的关 键形态，正成为推动智能制造、服务机器人、人机交互等领域突破的核心力量。根据《2025人形机器人与具身智能产业研究报告》，2025年中国具身智能 市场规模预计达52.95亿元，全球占比约27%，人形机器人市场规模达82.39亿元，全球占比高达50%[2]。在这一背景下，对于具身智能产业而言，知识产 权的角色从传统的"法律权利"向"创新资产"跃升，成为企业竞争、融资与国际合作的核心要素 ...

Core Insights - The 2026 Chengdu International Logistics and Supply Chain Expo will take place from April 22 to 24, 2026, in Chengdu, showcasing the largest logistics supply chain event in Western China, themed "Smart Chain in the West, Connecting Globally" [2] - The expo will feature over 8,000 square meters of exhibition space, attracting more than 2,000 domestic and international exhibitors, and is expected to receive over 120,000 professional visitors [2] - The event aims to integrate Western logistics resources and connect enterprises with global markets, facilitating efficient connections between Eastern industries and Western logistics resources [2] Highlights - A special "Western Land-Sea New Corridor Achievement Hall" will be set up to showcase the construction achievements of logistics hubs like the Chengdu International Railway Port, demonstrating logistics efficiency improvement solutions through a simulated multi-modal transport process [4] - Cutting-edge technologies such as drone logistics delivery systems, intelligent sorting equipment, and blockchain supply chain traceability platforms will be launched, with demonstrations from companies like Huawei and JD Logistics on "AI + Logistics" applications [4] Business Matching and Procurement - The expo will host a "one-on-one business matching event" to accurately connect exhibitors with manufacturers, logistics service providers, and supply chain financial institutions, alongside a "Western Logistics Procurement Festival" that will announce over 5 billion yuan in logistics procurement needs [5] Exhibition Areas - The expo will cover five major exhibition areas: - Logistics Equipment: Forklifts, warehouse robots, smart shelves, cold chain transport equipment [7] - Supply Chain Services: Third-party logistics, supply chain management, cross-border logistics, supply chain finance [7] - Smart Logistics Technology: Logistics management systems, IoT devices, big data analysis platforms, blockchain traceability technology [7] - Hubs and Corridors: International land ports, airports, logistics parks, multi-modal transport operators [7] - Green Logistics: New energy logistics vehicles, eco-friendly packaging materials, low-carbon logistics solutions [7] Forum and Policy Support - Concurrently, the "2026 China Western Logistics and Supply Chain Development Forum" will invite industry experts to interpret the "14th Five-Year" modern logistics development plan and analyze logistics demand changes in emerging markets like Southeast Asia and Central Asia [8] - The forum will also release the "2026 Western Logistics Supply Chain Development Report," highlighting trends in smart logistics, green logistics, and cross-border logistics, while local governments will announce policies to support the logistics industry and reduce operational costs for enterprises [8]

Core Insights - The global robotics industry is entering a golden era characterized by technological leaps, widespread penetration, and ecological collaboration, driven by the deep integration of artificial intelligence and large model technologies [1] - In China, the robotics industry is a key engine for manufacturing upgrades and intelligent transformation, with over 50% localization rate in industrial robots and a continuous 12-year position as the largest application market globally [2] Event Overview - The 6th China Robotics Industry Annual Conference and LeadeRobot Awards will be held on December 18-19 in Hangzhou, focusing on the theme of witnessing the power of leading Chinese robotics companies and illuminating new stars in the era of embodied intelligence [2] - The conference will feature five major highlights, including cross-industry integration, insights from industry academicians, the release of authoritative rankings, and a celebration of the 10th anniversary of the Lide Robot platform [4][5] Highlights of the Conference - Highlight 1: Five-dimensional interaction and cross-industry integration through various modules including research, keynote speeches, roundtable discussions, exhibitions, and award ceremonies [4] - Highlight 2: Industry academicians and top scientists will share cutting-edge trends and practical experiences, connecting the entire chain of industry, academia, and funding [5] - Highlight 3: The release of the "Top 50 Leading Chinese Robotics Companies" and "Top 50 New Stars in the Era of Embodied Intelligence" to establish benchmarks in technology, market, and brand [5] - Highlight 4: The 10th anniversary of the Lide Robot platform will include a ceremony to light up the ecological partner wall and strategic cooperation signing [5] - Highlight 5: An exhibition focusing on core components, humanoid robots, and embodied intelligence, along with the LeadeRobot awards ceremony to honor industry pioneers [5] Awards and Recognition - The LeadeRobot awards aim to recognize outstanding contributions in the integration of robotics technology and industry, covering various dimensions such as industrial, service, humanoid, and core components [6] - New awards for individuals have been introduced to honor leaders in the robotics field, with categories including "Leading Entrepreneur" and "Outstanding Young Entrepreneur" [6] Participation and Registration - Early bird tickets for the conference are available, with a limited number of 200 tickets, and the registration for free tickets is ongoing [18][27] - The conference will also release the "2025 China Robotics Development Yearbook," which will serve as an important reference guide for decision-makers, researchers, and investors in the robotics industry [16][18]

Core Insights - The Hong Kong stock market has seen 87 new listings raising over 240 billion HKD, making it the leading exchange globally for IPOs as of November 11, 2025 [1] - The introduction of the "18C" rule and the "Specialized Technology Company" service by the Hong Kong Stock Exchange has attracted a surge of robotics companies seeking to go public, with over 30 companies from the robotics industry lining up for IPOs [1][4] - Despite the influx of companies, many are struggling with losses, indicating a critical test of the commercialization capabilities and sustainable development prospects of China's robotics industry [1][11] Listing Progress - Among the 32 robotics companies currently in the IPO process in Hong Kong, only 5 have successfully listed, while 25 are still awaiting approval [4] - The companies are categorized into four main types, including those already listed on A-shares seeking dual listings in Hong Kong to broaden financing channels [4][5] 18C Rule Impact - The "18C" rule facilitates the listing of unprofitable specialized technology companies by lowering the minimum market capitalization requirements and allowing companies to go public without profitability [5] - Approximately 15-20 companies are targeting the 18C listing pathway, reflecting the high investment and long cycle characteristics of the robotics industry [5] Market Segmentation - Several companies are competing to become the "first stock" in specific robotics segments, such as logistics, agricultural, and household robots, aiming to establish brand recognition and valuation premiums [7] - The presence of 14 upstream suppliers in the robotics industry highlights the importance of these companies in supporting the growing demand from downstream clients [8] Financial Performance - Financial data indicates that about two-thirds of the 32 companies face profitability challenges, with many experiencing significant losses despite revenue growth [11][12] - A few companies have successfully turned losses into profits, showcasing potential for improvement in the industry [12] - The sustainability of these companies post-IPO remains uncertain, as evidenced by previous cases where companies listed under the 18C rule have struggled to maintain their stock prices [13] Conclusion - The 2025 IPO wave in Hong Kong reflects both the potential and challenges within the Chinese robotics industry, with many companies seeking to capitalize on market opportunities while facing significant financial hurdles [14]

（原标题：极智嘉(2590.HK)将被纳入恒生综合指数成份股，股价盘中涨超9%） 11月21日，恒生指数公司最新季检结果显示，全球AMR仓储机器人第一股极智嘉(2590.HK)将被纳入恒生综合指数成份股，标志其在"人工智能＋ 仓储"赛道的行业地位与成长前景正获得资本市场的充分认可。 受此消息提振，极智嘉股价今日强势走高，盘中最高涨幅逾9%，收于23.30港元。 随着被纳入恒生综合指数成份股，极智嘉将吸引更多被动资金与量化资金增配，进一步提升流动性，并为后续纳入港股通奠定基础。 恒生科技指数是港股核心科技标杆指数，入选恒科的公司代表了港股市场科技属性最强、最具成长性的30家公司。此次调整意味着极智嘉在市值 规模、流动性表现以及科技属性等维度，达到了恒生科技指数的纳入标准。 近期，极智嘉以前沿的"AI＋机器人"技术加速赋能全球供应链升级，屡获多个亿元级大订单，覆盖电商、快消、食品饮料及零售等领域，累计订 单金额已突破10亿元，并在全球落地多个仓储自动化标杆项目。 极智嘉继续保持港股机器人板块"营收规模最大、盈利表现最优"的地位，公司今年上半年营收领跑港股上市机器人公司，经调整 EBITDA 实现转 正，盈利能力进 ...

Core Insights - The global robotics industry is entering a golden era characterized by technological leaps, widespread penetration, and ecological collaboration, driven by the deep integration of artificial intelligence and large model technologies [1][2] - In China, the robotics industry is a key driver of manufacturing upgrades and intelligent transformation, with over 50% localization rate in industrial robots and a continuous 12-year position as the largest application market globally [2][4] Event Overview - The 6th China Robotics Industry Annual Conference and LeadeRobot Awards will be held on December 18-19 in Hangzhou, focusing on the theme of witnessing the power of leading Chinese robotics companies and illuminating the new stars of embodied intelligence [2][4] - The conference will feature five major highlights, including cross-industry integration, insights from industry academicians, and the release of authoritative rankings [4][5] Highlights of the Conference - Five-dimensional interaction and cross-industry integration through various modules such as research visits, keynote speeches, roundtable discussions, exhibitions, and award ceremonies [4] - Participation of industry academicians, top scientists, and investors to share cutting-edge trends and practical experiences [4][5] - Release of the "Top 50 Leading Robotics Companies in China" and "Top 50 New Stars in the Era of Embodied Intelligence" to establish benchmarks in technology, market, and brand [5][6] Awards and Recognition - The LeadeRobot awards aim to recognize outstanding contributions in the integration of robotics technology and industry, covering various dimensions such as industrial, service, humanoid, and core components [6][8] - New awards for individuals have been introduced to honor leaders in the robotics field, alongside industry awards for various categories [6][19] Participation and Opportunities - The conference offers opportunities for decision-makers, researchers, investors, and students to connect, learn from leading companies, and explore the future of the industry [5][6] - Early bird tickets are available, and free admission tickets have been opened for registration, providing access to valuable insights and networking opportunities [24][26]

Core Viewpoint - The article discusses the challenges and opportunities in the embodied intelligence sector, highlighting the tension between capital influx and the ongoing financial struggles of many companies in this space [5][12][20]. Group 1: Industry Overview - The Chinese government has recognized "embodied intelligence" as a national strategy in its 2025 work report, accelerating the technological revolution [5]. - Major tech companies like JD, Tencent, and Alibaba are heavily investing in the sector, increasing competition and raising the entry barriers for new players [5][12]. - Despite the hype, many leading companies are still struggling with significant losses, indicating a gap between capital enthusiasm and actual business viability [5][7][9]. Group 2: Financial Performance of Companies - A number of companies seeking IPOs, such as Yujia Technology and Cloud Trace Technology, are projected to report losses in 2024, with net losses being a common trend [7][9]. - For instance, UBTECH, the "first humanoid robot stock," reported a revenue of 1.305 billion yuan in 2024 but faced a net loss of 1.124 billion yuan [8]. - Other companies like MagiTech and Stand Robot also reported substantial losses despite increasing revenues, indicating a troubling trend of "selling more but losing more" [9][10]. Group 3: Market Dynamics and Challenges - The competition in the embodied intelligence sector is intensifying, with price wars emerging in the mid-to-low-end market segments [16]. - Supply chain issues and high production costs are significant challenges, with core components accounting for over 70% of humanoid robot costs [16][18]. - The article notes that many companies are still in the exploratory phase of finding viable business models, which complicates their path to profitability [9][19]. Group 4: Future Outlook and Strategies - The current IPO wave is driven by the need for substantial funding, as traditional financing avenues become more challenging [12][14]. - Companies are advised to adopt a "reverse product development" strategy, focusing on specific application scenarios and customer needs to drive innovation [19]. - The article suggests that the sector will see a consolidation of resources towards leading companies, while those lacking clear business models may face existential risks [14][20].

Investment Rating - The report indicates a structural trend for high-quality Chinese robot companies to go public in Hong Kong, rather than a widespread IPO wave [5][6]. Core Insights - The trend of Chinese robot companies going public in Hong Kong is driven by leading firms with technological advantages and strong commercialization potential, such as UBTECH, Yujian, and Geek+, which are prioritized for listing [5]. - The financial performance of the listed companies shows that most have revenues ranging from hundreds of millions to billions, with a significant portion of their business coming from overseas [11][12]. Summary by Sections Section 1: Companies Going Public - As of mid-2025, a total of 13 Chinese robot companies have initiated the IPO process in Hong Kong, covering various sectors including humanoid robots, advanced autonomous driving, collaborative robots, and warehouse robots [2][4]. - Notable companies include UBTECH, Horizon Robotics, Yujian Technology, and Geek+ [2]. Section 2: Reasons for Going Public - The trend of Chinese robot companies listing in Hong Kong is influenced by the market's more accommodating listing requirements, especially for tech growth companies that may not yet be profitable [6][7]. - Policy support from the Hong Kong Stock Exchange has improved, providing a more favorable environment for specialized tech companies to list [6]. Section 3: Financial Performance - The revenue of the listed robot companies generally falls between hundreds of millions to billions, with a majority having a gross margin around 30% [11][12]. - Companies like Stone Technology and Yujian have shown higher gross margins, indicating their competitive edge in their respective markets [12]. Section 4: Geek+ Business Model - Geek+ successfully listed on July 9, 2025, marking the largest IPO in the Hong Kong robot sector for that year, demonstrating a high scale, growth, and a global business model [16]. - Geek+ reported a revenue of 2.409 billion yuan in 2024, with a compound annual growth rate of approximately 29% from 2022 to 2024 [16][19]. - The company has a high customer repurchase rate of 74.6% and has established a significant international presence, with over 70% of its revenue coming from overseas [17].