"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。"雄安基金总经理张乐表示，"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。" 2026年1月9日，被称为"全球仓储机器人第一股"的极智嘉（Geek+，2590.HK）将迎来上市后首个解禁 窗口期。据悉，本次解禁仅涉及基石投资者持股，占总股本比例3.28%，而控股股东及Pre-IPO机构股份 锁定期长达12个月（至2026年7月）。 作为最大基石投资者，雄安基金近日明确表态无减持计划，将看好公司长期价值。这一立场，也与极智 嘉近期将总部迁至雄安、深度融入当地产业生态的布局形成深度呼应。 此前在2025年12月8日，极智嘉被正式纳入恒生综合指数成份股，标志着其市值规模与流动性获得市场 认可。市场普遍预期该公司将于2026年2月6日进入港股通名单，届时南向资金的引入将有效提升股票流 动性，为估值修复注入活水。 盈 ...

12月8日，极智嘉(02590)将正式纳入恒生综合指数。这不仅是资本市场对其技术及商业化实力的认可， 更是对中国机器人产业在全球竞争力的一次确认。 连获亿元大单，商业价值进入兑现期 从北京创业到服务全球40多个国家，从仓储机器人到物理AI的推动者，并连续7年蝉联全球自主移动机 器人(AMR)市场占有率第一的企业，极智嘉的进阶之路，既是技术壁垒持续构建的过程，也是中国科技 企业出海模式升级的典型样本。 "AI教母"、美国国家工程院院士李飞飞认为，空间智能定位为"AI下一个前沿"，而极智嘉作为物理AI产 业链核心标的，其价值已超越传统的机器人公司范畴。这家公司正在回答一个关键问题：中国AI与机 器人技术如何在全球市场实现规模化落地与商业价值闭环。 从全栈AI到具身智能，筑牢物理 AI护城河 极智嘉的核心竞争力，根植于其贯穿"算法-硬件-系统"的全栈AI技术架构。 在仓储自动化领域，大规模多机协同调度能力是衡量企业技术实力的关键指标之一，而极智嘉自研的 Hyper+核心算法平台，可支持单仓超5000台机器人并行作业，这一规模远超行业平均水平，成为其承 接全球大型仓储项目的"技术底气"。早在 2023年初，Bloom ...

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 - Stanford University professor Li Fei-Fei identifies spatial intelligence as the next frontier for AI, emphasizing its role in transitioning AI from "language intelligence" to "physical intelligence" [1] - Shenwan Hongyuan's report highlights physical AI as a systematic engineering approach that integrates world models, physical simulation engines, and embodied intelligence, positioning it as a cornerstone for digital twins and embodied intelligence applications [1][2] - Intelligent warehousing is recognized as a key breakthrough for the commercialization of embodied intelligence and physical AI due to its high maturity and clear value realization pathways [1] Company Overview - Geek+ is identified as a core player in the physical AI industry chain, recognized for its leadership in global warehouse robotics [1][3] - The company launched a "fully unmanned picking workstation" on October 28, leveraging physical AI to advance intelligent warehousing into a new era of automation [2] - Geek+ employs a layered architecture for its intelligent base model, enabling precise object recognition and optimal picking strategies, aligning with the integration logic of physical AI [2] Market Position and Financial Performance - Geek+ has established a strong market presence, serving over 850 major clients across more than 40 countries, maintaining its position as the largest warehouse fulfillment robotics company globally for six consecutive years [2][3] - The company is projected to achieve revenue of 2.41 billion yuan in 2024, leading the Hong Kong stock market's robotics sector, with a 31% year-on-year revenue increase in the first half of 2025 [3] - Geek+ has demonstrated strong customer retention, with a 74.6% overall repurchase rate in 2024, increasing to over 80% in the first half of 2025 [3] Future Outlook - The CEO of Geek+ indicates a strategic goal of achieving a fully automated warehouse by overcoming challenges in the packing process, following the successful automation of the picking stage [4] - The industry trend points towards a clear path of "technology implementation + deep scenario cultivation," with Geek+ leading the commercialization of physical AI through its intelligent technology and global service support [5]

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]

Core Insights - Warehouse automation is becoming a global trend, with major companies like Amazon and Geek+ making significant advancements in this field [2][3] Group 1: Company Developments - Amazon has launched a new multifunctional warehouse robot system named "Blue Jay," continuing its push towards automation [2] - Geek+ has introduced an unmanned picking workstation and the industry's first full-process unmanned picking robot solution at the 2025 CeMAT Asia logistics exhibition, positioning itself as a leader in the unmanned warehouse era [2] - The unmanned picking workstation is driven by Geek+'s embodied intelligence model, Geek+ Brain, which addresses the technical challenges of precise picking and high adaptability for a large number of SKUs [2][3] Group 2: Technological Advancements - Geek+ Brain utilizes perception models for accurate object and environment recognition, generating optimal grasping strategies and movement trajectories, thus achieving full-link intelligent picking [3] - The model is pre-trained on millions of data points and continues to evolve with both simulated and real data, enhancing its performance in warehouse automation [3] Group 3: Market Trends and Growth Potential - The global mobile robot solutions market penetration is expected to rise from 8.2% in 2024 to 20.2% in 2029, with a projected market size of 162.1 billion yuan by 2029 [4] - Geek+ is well-positioned for growth due to its strong AI and robotics technology barriers, customer base, and global delivery advantages [4] - The company's advancements in embodied intelligence are expected to unlock further growth potential as commercialization begins to materialize [4] Group 4: Analyst Ratings and Stock Performance - Multiple research institutions, including Morgan Stanley and Daiwa Securities, have issued positive reports on Geek+'s future development and stock performance [4] - Morgan Stanley has set a target price of 37 HKD with an "Overweight" rating, while Daiwa has reiterated a "Buy" rating with a target price of 38 HKD [4] - Following a peak in early October, Geek+'s stock has experienced a slight pullback, currently stabilizing around 28.8 HKD, with strong support at the 30-day moving average [4]

Core Insights - The global leader in warehouse fulfillment robotics, Geek+, has launched a fully automated picking workstation and the industry's first complete unmanned picking robot solution at the 2025 CeMAT Asia Logistics Exhibition, marking a significant advancement in warehouse automation towards full unmanned operations [1][3]. Group 1: Product Launch and Technology - The newly launched unmanned picking workstation is driven by Geek+'s self-developed embodied intelligence model, Geek+ Brain, which successfully addresses the most challenging and labor-dependent picking process in unmanned warehouse construction, enabling true unmanned picking across multiple categories, scenarios, and industries [1][4]. - The workstation features exceptional adaptability and deployment efficiency, allowing for plug-and-play installation without retraining, capable of intelligent recognition and precise grasping of all SKU categories, and can be rapidly deployed within 48 hours [4]. - Geek+ Brain employs a two-tiered architecture of perception and strategy, utilizing a vast dataset for pre-training and continuous optimization, providing high-performance, reusable grasping and decision-making capabilities for warehouse automation [4][6]. Group 2: Strategic Goals and Market Position - Geek+ aims to focus on the packaging stage of warehouses next, with ongoing research and testing of robotic packing technology, striving to achieve the strategic goal of a fully unmanned warehouse [5]. - The company is positioned as a key player in advancing smart warehousing from "partial automation" to "full-process intelligence," solidifying its leadership in the "AI + warehousing" sector [3][6]. Group 3: Industry Trends and Policy Support - The technological developments by Geek+ and Amazon reflect a strong consensus in the industry towards automation, with both companies utilizing robotic arms and AI algorithms to enhance efficiency and reduce reliance on human labor [7]. - Recent policy signals from the Chinese government, including the inclusion of "embodied intelligence" in the national economic development plan, provide a long-term growth anchor for the industry [7]. Group 4: Market Sentiment and Valuation - The capital market has recognized the trend, with major institutions like Morgan Stanley and Daiwa Securities issuing reports that favor Geek+, indicating that the company's advancements in embodied intelligence are entering a realization phase [8][9]. - Geek+ has seen its stock price rise by 60.68% over the past three months, significantly outperforming the Hong Kong Hang Seng Index, reflecting strong market confidence [8]. - Despite the recent price increase, Geek+ still has substantial upside potential, with a current price-to-sales ratio of 13.04, significantly lower than competitors, suggesting a favorable entry point for long-term investors [9].

Core Insights - The launch of the unmanned picking workstation and the first full-process unmanned picking robot solution marks a significant advancement for the company, positioning it as one of the few global firms capable of providing a comprehensive unmanned picking solution [1] - The new solution transitions smart warehousing from "partial intelligence" to "full-process intelligence," elevating the level and prospects of unmanned warehouses to new heights [1] - The company aims to achieve its strategic goal of a "fully unmanned warehouse" by focusing on the development and testing of robotic packing technology [1] Company Developments - The unmanned picking workstation is driven by the Geek+ Brain model, overcoming technical challenges related to precise picking and efficient adaptation for a large number of SKUs [1] - The workstation supports two modes: single-order picking for immediate response and total picking for optimal efficiency, making it adaptable to various industries such as e-commerce, retail, pharmaceuticals, and 3PL [2] - The workstation integrates seamlessly with the company's entire range of autonomous mobile robots, enhancing overall operational efficiency and advancing the unmanned process to the packing stage [2] Market Outlook - Morgan Stanley's report indicates a 70% to 80% probability that the company's stock price will rise in the next 30 days, citing recent stock price declines that have made short-term valuations more attractive [2] - The company has experienced accelerated growth in new orders for the third quarter, with strong fundamentals and no signs of a slowdown in growth [2] - Since its listing on the Hong Kong Stock Exchange on July 9, the company's stock price has increased by 68.33% from its initial offering price [3]

Core Insights - The global leader in warehouse fulfillment robotics, Geek+, has launched a fully automated picking workstation and the industry's first complete unmanned picking robot solution at the 2025 CeMAT Asia Logistics Exhibition, marking a significant advancement in warehouse automation towards full unmanned operations [1][3] - The introduction of Geek+'s unmanned picking workstation aligns with Amazon's recent launch of the revolutionary Blue Jay robot workstation, indicating a clear industry trend towards warehouse automation [1][6] Company Developments - The unmanned picking workstation is powered by Geek+'s self-developed embodied intelligence model, Geek+ Brain, which successfully addresses the most challenging and labor-dependent picking process in warehouse automation, enabling true unmanned picking across various categories and industries [1][4] - Geek+ has positioned itself among a select few companies capable of delivering a comprehensive unmanned picking solution, solidifying its leadership in the "AI + Warehousing" sector [3][5] Technological Advancements - The unmanned picking workstation features exceptional adaptability and deployment efficiency, allowing for plug-and-play installation without retraining, and can intelligently recognize and accurately grasp a wide range of SKUs, with rapid deployment achievable within 48 hours [4][5] - The Geek+ Brain model employs a two-tiered architecture for perception and strategy, enabling precise object recognition and real-time generation of optimal picking plans and movement trajectories, thus facilitating a complete intelligent picking process [4][5] Market Trends - The technological strategies of Geek+ and Amazon reflect a strong consensus in the smart warehousing industry, with both companies utilizing robotic arms and AI algorithms to enhance automation and reduce reliance on human labor [6][7] - Recent policy developments, including the inclusion of "embodied intelligence" in China's 14th Five-Year Plan, signal a supportive environment for the growth of the embodied intelligence sector, providing a long-term growth anchor for the industry [6][7] Financial Outlook - The capital market has recognized the potential of Geek+'s advancements, with major institutions like Morgan Stanley and Daiwa Securities issuing "buy" ratings, indicating a consensus that the company's strategic positioning in embodied intelligence is entering a realization phase [8][9] - Geek+'s stock has shown strong performance, with a 59.68% increase over the past three months, significantly outperforming the Hang Seng Index, reflecting market confidence in its "AI + Warehousing" commercialization prospects [8][9] - Despite the recent stock price increase, Geek+ still has substantial upside potential, with a current price-to-sales ratio of 13.04, significantly lower than competitors, suggesting a favorable entry point for long-term investors [9]