东欧订单爆发。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息， "全球仓储机器人第一股"极智嘉 (Geek+, 2590.HK) 日前在东欧市场中标2亿 元新订单，2025年东欧总订单额近5亿元， 这一关键战果让 东欧成为极智嘉海外业务增长的新引擎 。 雄安基金总经理张乐强调，极智嘉是雄安新区机器人产业布局的重要落子， 公司不仅构建深厚的技 术壁垒，更走出了成熟可复制的商业化路径，其全球化市场拓展成效有目共睹。"立足雄安新区打造 机器人产业创新高地的长远蓝图， 我们坚定看好极智嘉的发展前景与长期价值，解禁不会动摇我们 的长期持有决心。极智嘉作为AI+机器人领军企业，将在全球产业智能化转型以及具身智能浪潮中发 挥引领作用，其长期价值也将伴随产业变革持续兑现，对此我们充满信心。" 据张乐透露，雄安新区积极布局发展机器人产业，培育发展新质生产力，努力打造新时代创新高地和 创业热土。而极智嘉则与雄安合作紧密，近期已将总部迁至雄安，深度融入雄安新区机器人产业生 态，为机器人产业创新发展注入动能。 事实上， 除了最大基石投资者的表态外，极智嘉近期还获得了包括 ...

本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，极智嘉（2590.HK）将于明日（12月8日）正式被纳入恒生综合指数成份股。 这意味着， 资本市场对极智嘉的技术实力和市场地位给予了高度认可 ，并有望为其带来显著的流动 性提升和估值溢价，并将为其后续纳入港股通及其他更具全球影响力的指数体系奠定基础。 值得注意的是，除被纳入港股核心指数外，根据全球市场研究机构Interact Analysis 最新发布的 《移动机器人市场报告》(The Mobile Robot Market)，按2018至2024年全球各大移动机器人企 业的营收统计， 极智嘉连续7年占据全球自主移动机器人市场份额第一 。 有望带来显著的流动性提升和估值溢价。 近期，多家国际一线投行近期亦纷纷对极智嘉维持/重申了"买入评级"——其中，大和认为，极智嘉 在 AMR及具身智能领域具有领先的技术壁垒和商业化能力 ，为长线基金提供了布局机会；美银则 预计，极智嘉 今年能够实现扭亏为盈 ，至2028年每股盈利将同比增长55%；摩根士丹利此前的报 告亦强调，极智嘉的基本面强劲， 稳健收入增长及净利 ...

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]

Core Insights - Amazon and JD.com are accelerating the deployment of logistics robots, with Amazon aiming for 75% operational automation by 2033 and JD.com planning to purchase 3 million robots over the next five years, indicating a significant market expansion in automated warehousing [1][3] - The company, Geek+, has secured multiple logistics robot projects from a well-known e-commerce giant, totaling over 300 million yuan, reflecting strong market recognition and a surge in orders exceeding 1 billion yuan this year, with a growth rate of over 30% and a customer repurchase rate above 80% [1][2] Group 1: Technological Advancements - Geek+ has launched a new unmanned picking workstation and the first full-process unmanned picking robot solution, positioning itself among the few companies capable of achieving full automation in the picking process [2] - The traditional picking process accounts for over 50% of overall warehousing costs, and Geek+'s solution integrates AI visual recognition, robotic arm control, path planning, and intelligent scheduling to significantly enhance picking efficiency [2] Group 2: Market Dynamics - The global market for intelligent logistics is entering a growth phase driven by rising labor costs and the need for efficiency, with the trend towards unmanned warehouses becoming inevitable [3][5] - The AMR (Autonomous Mobile Robot) market is projected to grow at a compound annual growth rate of over 30% in the next three years, with the Chinese market expected to grow even faster, as major companies like Amazon and JD.com increase their investments in robotic warehousing [3][4] Group 3: Company Positioning - Geek+ has deployed over 66,000 robots across more than 40 countries and regions, serving over 850 clients, establishing itself as a comprehensive intelligent robot service provider [4] - The company is focusing on integrating hardware, software, and algorithms to enhance its product matrix and customer loyalty, while also advancing its embodied intelligence strategy to achieve full-process unmanned warehouse capabilities [4][5] Group 4: Market Sentiment - Major financial institutions, including Morgan Stanley and Daiwa Securities, have expressed optimism about Geek+'s growth potential, with expectations of continued high order growth and a target price set at 38 HKD, indicating strong market confidence in the company's leading technology and commercialization capabilities [6]

Core Insights - The company, Geek+, has recently won multiple logistics robot projects from a well-known e-commerce giant, with a total contract value exceeding 300 million yuan [1] - Year-to-date, Geek+ has secured several orders exceeding 100 million yuan, with an order growth rate exceeding 30% and a customer repurchase rate over 80%, solidifying its business growth foundation [1] - Daiwa Securities initiated coverage with a "Buy" rating and a target price of 38 HKD, citing the company's leading technological barriers and commercialization capabilities in the AMR and embodied intelligence sectors, suggesting that stock price adjustments may present a good opportunity for long-term investors [1] - On October 28, Geek+ launched a new embodied intelligence product—a fully automated picking workstation and the industry's first comprehensive unmanned picking robot solution, positioning itself among the few global companies capable of delivering a one-stop solution for unmanned picking [1] - The company's next focus is on the warehouse packing segment, with ongoing research and testing of robotic packing technology, accelerating the realization of its strategic goal of a "fully automated warehouse" [1]