Company Overview - Geek+ is the world's largest provider of AMR solutions for warehousing fulfillment, maintaining this leading position for six consecutive years. The funds raised from the IPO will primarily be used for R&D, product iteration, sales and service network expansion, supply chain development, digital management, data security, and general corporate purposes [1] - The company offers a range of AMR solutions aimed at enhancing warehousing fulfillment and industrial handling scenarios, significantly improving supply chain efficiency while reducing reliance on manual labor [1] Product Solutions - Geek+ provides various picking solutions, including: - Shelf-to-person picking solution with an efficiency of up to 400 items per hour per workstation [3] - Box-to-person picking solution with an efficiency of 300 items per hour per workstation [3] - High-density, high-throughput integrated storage and picking system for pallet handling [3] - Intelligent sorting solutions, being one of the first to adopt flexible sorting solutions for small packages [3] - The intelligent handling solutions cover various scenarios in warehouses and factories, with applications in e-commerce, retail, logistics, pharmaceuticals, automotive, and 3C manufacturing [4] Financial Performance - Orders generated were 1.996 billion RMB in 2022, 2.694 billion RMB in 2023, and projected at 3.140 billion RMB in 2024. Revenue for the same years was 1.45 billion RMB, 2.14 billion RMB, and 2.41 billion RMB, showing a gradual slowdown in growth [6] - The overall gross margin has been increasing, reaching 34.8% in 2024, with the gross margin for warehousing fulfillment AMR solutions at 39.2% and overseas AMR gross margin at 46.5% [6][7] - Adjusted net losses decreased significantly from 820.9 million RMB in 2022 to 92.2 million RMB in 2024, indicating a nearing profitability point [6] Sales Channels - In 2024, direct sales accounted for 66.8% of total revenue, with the number of direct customers increasing from 126 in 2022 to 174 in 2024 [9] - The company had 301 channel partners serving the domestic market and 64 serving international markets by the end of 2024 [9] Industry Outlook - The global penetration rate of warehousing automation solutions was only 22.5% in 2024, with challenges such as high integration costs and a lack of skilled labor [11] - The global AMR solutions market is expected to grow at a compound annual growth rate of 33.1% from 2024 to 2029, reaching 162.1 billion RMB [11] Competitive Advantages - Geek+ has a strong technological barrier with its proprietary Robot Matrix platform, enabling rapid iteration and customization of AMR devices [13] - The company has established a global service network with over 48 service stations and has delivered 56,000 AMR robots to more than 40 countries [14] - High customer retention rates, with a repurchase rate of 74.6% in 2024, indicating strong customer loyalty [15]

Core Viewpoint - Beijing Geek+ Technology Co., Ltd. is advancing its IPO process on the Hong Kong Stock Exchange, aiming to become the world's first publicly listed company in the AMR (Autonomous Mobile Robot) sector for warehousing solutions, with significant revenue growth and improving profitability metrics [2][3][4]. Financial Performance - Geek+ has demonstrated substantial revenue growth, with projected revenues increasing from 790 million yuan in 2021 to 2.41 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 45% [2]. - The company's gross profit is expected to rise from 80 million yuan in 2021 to 840 million yuan in 2024, with a CAGR of 118.5%, leading to an overall gross margin of 34.8% in 2024 [2]. - Adjusted EBITDA is projected to improve from a loss of 672 million yuan in 2021 to a loss of 25 million yuan in 2024, indicating a significant narrowing of losses [3]. Business Model and Solutions - Established in 2015, Geek+ offers a comprehensive range of AMR solutions aimed at enhancing warehouse fulfillment and industrial handling, thereby increasing supply chain efficiency while reducing reliance on manual labor [4]. - The company provides various innovative solutions, including: 1. PopPick solution for fast delivery of goods to pickers [6]. 2. Box-to-person picking solution to optimize box-based picking operations [6]. 3. Pallet-to-person picking solution for high-density storage and picking [6]. 4. Flexible sorting solutions for efficient sorting of small to medium packages [6]. 5. Intelligent handling solutions covering the entire industrial production process [6]. Market Position and Customer Base - By 2024, Geek+ is expected to have an order volume increase from 1.59 billion yuan to 3.14 billion yuan, with a customer repurchase rate of 74.6% and a key customer repurchase rate of approximately 84.3% [7]. - Geek+ has become the largest provider of warehousing AMR solutions globally, serving around 806 end customers across various regions and industries, including approximately 63 Fortune 500 companies [8]. - The company has strategically targeted international markets, with 72.1% of its total revenue in 2024 coming from outside mainland China [8]. Industry Growth and Trends - The global AMR solutions market has expanded from 13.3 billion yuan in 2020 to an estimated 38.7 billion yuan in 2024, with a projected CAGR of 33.1% until 2029 [9]. - The penetration rate of AMR solutions in the overall warehouse automation sector has increased from 4.4% in 2020 to 8.2% in 2024, with expectations to reach 20.2% by 2029 [9]. Use of IPO Proceeds - The net proceeds from the IPO are intended for research and development, product iteration, expansion of sales and service networks, supply chain development, digital management, data security, and general corporate purposes [10].

Core Viewpoint - Geek+ is poised to become the first global stock in the autonomous mobile robot (AMR) warehouse sector, as it seeks to list on the Hong Kong Stock Exchange, following the approval from the China Securities Regulatory Commission for its overseas issuance and domestic full circulation of shares [2] Group 1: Company Overview - Founded in 2015, Geek+ offers a comprehensive range of AMR solutions aimed at enhancing warehouse fulfillment and industrial handling, significantly improving supply chain efficiency while reducing reliance on manual labor [2] - Geek+ has established itself as the largest provider of warehouse fulfillment AMR solutions globally, serving approximately 770 end customers across various regions and industries, including around 60 Fortune 500 companies [5][6] Group 2: Financial Performance - From 2021 to 2023, Geek+ reported order volumes of 1.59 billion, 1.996 billion, and 2.694 billion yuan, with a notable order volume of 1.353 billion yuan in the first half of 2024, compared to 1.037 billion yuan in the same period of 2023 [5] - The total revenue for Geek+ from 2021 to 2023 was 790 million, 1.452 billion, and 2.143 billion yuan, reflecting a compound annual growth rate (CAGR) of 64.7%, significantly outpacing the global AMR market's CAGR of 36.0% [7] - The sales revenue from Geek+'s core AMR business from 2021 to 2023 was 575 million, 1.247 billion, and 2.124 billion yuan, with a CAGR of 92.3% [8] Group 3: Market Position and Strategy - Geek+ has strategically targeted the global market, with over 70% of its total revenue in 2023 coming from markets outside mainland China [6] - The gross margins for Geek+ in markets outside mainland China from 2021 to 2024 were 38.7%, 42.0%, 46.4%, and 40.8%, respectively, which were higher than the overall gross margins during the same periods [6] - The global AMR solutions market has expanded from 9.3 billion yuan in 2019 to 36 billion yuan in 2023, with projections to reach 172.5 billion yuan by 2028, indicating a robust growth trajectory for the sector [9]

Core Viewpoint - The company, Zhongke Weizhi, focuses on providing intelligent logistics solutions and has reported a net loss for the fiscal year 2024, leading to a proposal of no cash dividends or capital reserve transfers for shareholders [1][2]. Company Overview - Zhongke Weizhi specializes in intelligent logistics equipment solutions for various sectors including express delivery, e-commerce, new energy, airports, biomedicine, and manufacturing [3][4]. - The company offers a comprehensive product matrix that includes conveying, sorting, warehousing, and handling equipment, along with core components for intelligent manufacturing applications [4][5]. Financial Performance - For the fiscal year 2024, Zhongke Weizhi reported a net loss attributable to shareholders of approximately -84.75 million yuan, with a parent company net loss of about -65.67 million yuan [1]. - The company’s cumulative undistributed profits at the end of 2024 were -5.61 million yuan after accounting for shareholder dividends [1]. Business Model - The company employs a customized sales model, focusing on direct sales to major logistics groups and e-commerce enterprises, supplemented by a distribution model for regional franchisees [26][27]. - The production model is based on "sales-driven production," where products are designed and manufactured according to customer specifications [30]. Industry Context - The intelligent logistics equipment industry is experiencing rapid growth, driven by the increasing demand for automation and smart solutions in logistics and manufacturing sectors [36][40]. - The market for intelligent logistics equipment in China is projected to exceed 1.2 trillion yuan by 2029, with a compound annual growth rate of over 10% [40][41]. Technological Advancements - The company has developed core technologies in image-based barcode recognition, visual positioning, and sorting control systems, positioning itself as a leader in the intelligent logistics sector [43][44]. - The integration of advanced technologies such as AI, IoT, and robotics is transforming traditional logistics operations and enhancing supply chain efficiency [45][46]. Competitive Position - Zhongke Weizhi is recognized as a leading provider of intelligent logistics solutions in China, maintaining a competitive edge through its comprehensive product offerings and technological innovations [43][44]. - The company has received multiple accolades for its technological advancements and contributions to the industry, including recognition from the Chinese Academy of Sciences [43].

2023年，极智嘉总收入的超70%来自中国大陆以外市场。 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，北京极智嘉科技股份有限公司（以下简称"极智嘉"，Geek+）于2024年12月16 日正式向港交所递交招股说明书，拟主板挂牌上市，摩根士丹利和中金公司担任联席保荐人。 具体来讲：1、Geek+货架到人拣选解决方案：极智嘉是全球首家提供创新一体化PopPick解决方案 的AMR解决方案提供商，这一解决方案可将货物迅速送到人工拣选员处，满足客户对高吞吐量、兼 容性、存储、仓储效率的需求；2、Geek+货箱到人拣选解决方案：极智嘉是全球首家提供Geek+货 箱到人拣选解决方案的AMR解决方案提供商，这一解决方案旨在优化基于货箱的拣选操作效率；3、 Geek+托盘到人拣选解决方案：极智嘉率先在全球推出Geek+托盘到人拣选解决方案，这是一种高 密度、高吞吐量的一体化存储和拣选系统，可同时提高存储容量和运营效率；4、智能分拣解决方 案：极智嘉是全球最早采用机器人柔性分拣解决方案(即FleetSort方案)的公司之一，这一解决方案 旨在在地面对中小型包裹进行 ...