Group 1 - Core viewpoint: CICC initiates coverage on Geek+ (02590) with an "outperform" rating and a target price of HKD 32.8, indicating a potential upside of 32% [1] - Expected EPS for Geek+ is projected to be 0.06 and 0.17 for the years 2025 and 2026 respectively [1] - The company is positioned as a comprehensive intelligent entity with AI and scenario-based capabilities in the smart warehousing sector [1] Group 2 - The warehousing segment has a leading advantage in AI implementation, with the global AMR (Autonomous Mobile Robot) solutions market expected to exceed RMB 100 billion by 2029, showcasing significant advantages for Chinese companies [2] - The integration of AI in warehousing AMR is characterized by high standardization, clear data accumulation, and a solid foundation for automation, making it a crucial market for AI and industrial applications [2] - Amazon has introduced the AI foundational model DeepFleet, which serves as a guiding force for the industry [2] Group 3 - Geek+ is recognized as a global leader in AMR solutions, with over 70% of its revenue coming from overseas markets [3] - The company holds a 9% market share in the global AMR solutions market, making it the top player by revenue in 2024 [3] - Geek+ achieved a positive EBITDA of RMB 0.12 million in the first half of 2025, marking a significant financial turning point for the company [3] Group 4 - Geek+ leads the new paradigm of smart warehousing in China through three proprietary technology platforms, enabling AI integration in warehouse path planning, supply chain optimization, and digital twin applications [4] - The company offers high-performance solutions across various industries through three major warehousing solutions and three application scenarios [4] - With a long-term accumulation of 770 end customers, Geek+ has built a substantial data barrier for AI transformation through extensive operational and historical order data [4] - Potential catalysts for the company include turning profitable, joining the Hang Seng Composite Index, and inclusion in the Hong Kong Stock Connect [4]