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 ...

Investment Highlights - Company is rated as outperforming the industry with a target price of HKD 32.80, based on a comparable valuation method corresponding to a 10x P/S for 2026 [1] - The global warehouse AMR (Autonomous Mobile Robot) solutions market is expected to exceed RMB 100 billion by 2029, with significant advantages for Chinese companies [1][2] - The company has a leading position in the warehouse AMR solutions market, with a market share of 9% and overseas revenue accounting for over 70% in recent years [2] Financial Performance - The company has shown a continuous reduction in losses, with adjusted EBITDA projected to improve from -6.72 billion in 2021 to -0.25 billion in 2024, and achieving positive EBITDA of 0.12 billion in the first half of 2025 [2] - Earnings per share (EPS) are expected to be RMB 0.06 and RMB 0.17 for 2025 and 2026, respectively [3] Technological Edge - The company utilizes three proprietary technology platforms for AI integration in warehouse planning, supply chain optimization, and digital twin applications [2] - It has developed three major warehouse solutions and scenarios, serving over 770 end customers, creating a data barrier for AI transformation [2] Market Positioning - The company is positioned as a comprehensive intelligent entity with AI and scenario capabilities, differing from market perceptions of it being solely a robotics product and solution provider [2] - Potential catalysts for growth include turning profitable, inclusion in the Hang Seng Composite Index, and participation in the Hong Kong Stock Connect [2]

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，是仓储AMR解决方案龙头，商业模式稳定，AI赋能增 厚天花板。公司PS估值介于工业与人形机器人之间，基于可比估值法，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。与市场不同，该行认为公司已成 为具备AI+场景化能力的综合智能体。 全球AMR解决方案龙一，经营拐点已现 中金主要观点如下： 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。 仓储环节具备领先AI落地优势 潜在催化剂：公司盈利扭亏、加入恒生综合指数及港股通。 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% ...

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。 智通财经APP获悉，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，是仓储AMR解决方案龙头，商业 模式稳定，AI赋能增厚天花板。公司PS估值介于工业与人形机器人之间，基于可比估值法，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 ...

Core Insights - In the first three quarters of 2025, Chinese enterprises achieved a total of 197 IPOs, with Tsinghua University alumni being the most active group, contributing 10 new listed companies across various advanced technology sectors [5][9][12]. Group 1: Tsinghua University IPOs - Tsinghua University has produced 10 IPOs in 2025, making it the leading university in terms of IPOs for the year [9][11]. - The 10 companies include HeSai Technology, JiZhiJia, FengZhao Technology, ZhouLiFu, HaiBoSiChuang, TianHe Magnetic Materials, XinHengHui, XunZhong Communication, YuanBao, and YiPinWeiKe, with a total market capitalization exceeding 200 billion RMB [9][11][12]. - Among these, 7 companies have a market value exceeding 10 billion RMB, and 2 companies have surpassed 40 billion RMB [5][8]. Group 2: Notable Companies and Their Performance - HeSai Technology, known as the "global leader in LiDAR," went public on September 16, 2025, raising 4.16 billion HKD and achieving a peak market value of 36 billion HKD on its first day [12][13]. - JiZhiJia, the first global AMR warehouse robot company, completed its IPO on July 9, 2025, raising 2.712 billion HKD, with its market value soaring to nearly 40 billion HKD shortly after [15][18]. - HaiBoSiChuang, a leading energy storage company, has seen its stock price increase 12 times since its listing in January 2025, showcasing the successful cycle of alumni entrepreneurship and capital support from Tsinghua [17][22]. Group 3: Alumni Capital and Ecosystem - Tsinghua alumni capital plays a crucial role in supporting these IPOs, creating a closed-loop ecosystem from alumni entrepreneurship to capital market success [16][18]. - Investment firms like GaoHong Venture and HuoShan Capital, founded by Tsinghua alumni, have significantly contributed to the funding of companies like JiZhiJia and HeSai Technology, yielding substantial returns [18][22]. - The continuous support from Tsinghua alumni capital has enabled new projects in emerging fields like embodied intelligence and robotics to secure early-stage funding and industry resources [21][22]. Group 4: Future Prospects - As of late 2025, Tsinghua alumni are poised to create more "star projects," with companies like XingDongJiYuan and LingYu Intelligent focusing on cutting-edge technologies [20][21]. - The trend indicates a strong pipeline of upcoming IPOs from Tsinghua alumni, reinforcing the university's position as a leading incubator for innovative startups [22].

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company Core Insights - The report highlights the long-term R&D efforts that establish technological barriers and validate commercial capabilities through global delivery [2] Summary by Sections Company Overview - The company, Geek+, is the largest provider of AMR warehouse fulfillment solutions globally, with operations in over 40 countries and serving 806 clients, including 63 Fortune 500 companies [3][6] - The company is set to officially list on the Hong Kong Stock Exchange in July 2025 [6] Industry Overview - The global warehouse automation solutions market is projected to grow from RMB 300.8 billion in 2020 to RMB 471.1 billion in 2024, with a CAGR of 11.9% [70] - The AMR market is expected to expand significantly, with a forecasted growth from RMB 38.7 billion in 2024 to RMB 162.1 billion by 2029, corresponding to a CAGR of 33.1% [74] Core Competitiveness - The company has invested RMB 1.099 billion in R&D from 2022 to 2024, developing core technologies such as the Robot Matrix platform and visual SLAM [3] - The company offers a range of AMR solutions, including shelf-to-person, box-to-person, and pallet-to-person picking solutions, which are modular and scalable [16][19] - The company has a high customer repurchase rate of 84.3%, indicating strong validation of its technology [3] Historical Financial Performance - The company's revenue is projected to increase from RMB 14.52 billion in 2022 to RMB 24.09 billion in 2024, reflecting a CAGR of 28.8% [43][48] - The gross margin is expected to improve from 17.7% in 2022 to 34.8% in 2024, driven by the growth of high-margin warehouse fulfillment AMR solutions [53] Fundraising Purpose - The company plans to use the funds raised from its IPO for R&D, expanding its sales and service network, optimizing its global supply chain, and enhancing digital management and cybersecurity [64]

Core Insights - The article highlights the successful IPO of Geekplus (2590.HK), which raised over HKD 2.7 billion, marking the largest fundraising for a robotics company in Hong Kong and the largest non-"A+H" tech IPO this year [1][2] - The company is set to become the world's first publicly listed AMR (Autonomous Mobile Robot) warehouse robotics firm, indicating strong investor interest and confidence in the sector [2] Group 1: Market Demand and Financial Performance - The IPO was highly oversubscribed, with a 133.62 times subscription for the public offering and 30.17 times for the international offering, attracting sovereign wealth funds and major international investors [1] - Geekplus has shown a significant reduction in losses over the past four years, with an adjusted EBITDA loss projected to decrease to HKD 0.25 million by the end of 2024, indicating a nearing profitability milestone [4] - The company's revenue has grown from HKD 790 million in 2021 to HKD 2.41 billion in 2024, achieving a compound annual growth rate (CAGR) of 45%, making it the largest revenue-generating company in the Hong Kong ToB robotics sector [4][6] Group 2: Technological Advancements and Competitive Edge - Geekplus has established a strong technological moat through its proprietary Robot Matrix platform, enhancing R&D efficiency and system compatibility, which supports large-scale operations [7] - The company has developed a comprehensive product matrix that includes various intelligent picking modes, demonstrating strong competitiveness in throughput capacity and adaptability [8] - Geekplus has a high customer retention rate, with a 75% overall repurchase rate and 84.3% for key clients, reflecting strong market acceptance of its solutions [8] Group 3: Global Market Position and Growth Potential - The global AMR solutions market is projected to grow from RMB 38.7 billion in 2024 to RMB 162.1 billion by 2029, with a CAGR of 33.1%, indicating substantial growth opportunities [9] - Geekplus has maintained its position as the largest provider of warehouse fulfillment AMR solutions globally for six consecutive years, showcasing its extensive international business reach [10] - The company has delivered over 56,000 AMRs to more than 800 end customers across 40 countries, including 63 Fortune 500 companies, highlighting its successful global expansion [10]