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].

冲刺全球仓储AMR（自主移动机器人）第一股。 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，中国证监会国际合作司于6月13日披露了《 关于北京极智嘉科技股份有限公司 境外发行上市及境内未上市股份 "全流通"备案通知书 》。 这意味着， 极智嘉 或即将寻求通过港交所聆讯，并即将成为 "全球仓储AMR（自主移动机器人）第 一股"。 成立于 2015年的极智嘉 （ Geek+ ） 现可提供一系列 AMR解决方案，旨在赋能仓储履约和工业 搬运场景，在大幅提高供应链效率的同时减少对人工的依赖。根据灼识咨询的资料，极智嘉提供了业 内最广泛的仓储履约AMR解决方案，涵盖各种应用场景和技术方法 ，包括 Geek+货架到人拣选解 决方案 、 Geek+货箱到人拣选解决方案 、 Geek+托盘到人拣选解决方案 、 智能分拣解决方案 、 智能搬运解决方案 等。 除了硬件优势， 极智嘉 技术实力同样领先业界，例如其自主研发的大规模多机混合调度能力， 可 单仓调度 5000台设备，每秒处理万级指令 ， 远超行业平均水平 ，其诸多 创新推动了 整个 仓储 自动化的发展 并 ...

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 ...