极智嘉：全球最大AMR仓储机器人厂商， 全栈平台化技术+全球服务网络构建竞争力 ——海外机器人系列跟踪报告（八） 分析师 付天姿 执业证书编号 S0930517040002 分析师 黄铮 执业证书编号 S0930524070009 2025年8月5日 证券研究报告 核心观点 长期研发筑深技术壁垒，全球交付验证商业化能力 风险提示：技术迭代不及预期风险、市场需求不及预期风险、市场竞争加剧风险、渠道网络管理不当风险等 请务必参阅正文之后的重要声明 注：如无特别注明，货币单位元均为人民币 1 极智嘉为全球AMR仓储履约解决方案龙头。极智嘉的主营业务为仓储自动化AMR解决方案的设计、交付与运维，公司自研的AMR仓 储机器人平台覆盖搬运、分拣、存储、调度等核心环节，已实现全球40+个国家部署，并服务客户806家，其中包含63家《财富》 500强企业。2024年公司收入24.09亿元，全球仓储AMR市占率连续六年第一；2024年公司毛利率自2022年的17.7%/2023年的 30.8%进一步提升至34.8%，体现其在产品标准化、模块化设计和成本控制方面的规模经济效益。 AMR作为仓储自动化的主要驱动力，全球市场规模有望 ...

Company Overview - The company, Geek+, is a leading provider of Autonomous Mobile Robot (AMR) solutions for warehouse fulfillment, achieving a revenue of 2.4 billion RMB in 2024, making it the largest in the world by revenue [4] - Geek+ was founded in 2015 by Zheng Yong, who has a strong academic background, including degrees from Tsinghua University and RWTH Aachen University [2] Market Position - Geek+ has established itself as an industry leader, delivering 56,000 AMRs to over 40 countries by the end of last year [4] - The company has a significant international presence, with 70% of its revenue coming from overseas markets last year [6] Financial Performance - The adjusted net losses for Geek+ from 2022 to 2024 are projected to be 820 million RMB, 460 million RMB, and 90 million RMB respectively, indicating a trend towards profitability [7] - The company raised nearly 2.4 billion HKD in its recent IPO, which will be used to accelerate the development of its Robot Matrix platform and expand its sales and service network [7] Leadership - Liu Hongyan serves as the Chief Financial Officer and Company Secretary, bringing extensive experience in finance and accounting to the company [8][12] IPO Market Trends - The Hong Kong stock market has seen a surge in IPO activity, with over 40 companies successfully listing in the first half of the year, raising 106.7 billion HKD, a significant increase of 688.56% compared to the same period last year [14] - There are currently over 170 companies in the pipeline for IPOs in Hong Kong, indicating a robust market environment [15]

Core Viewpoint - The article highlights the successful IPO of logistics robot company Geek+ on the Hong Kong Stock Exchange, emphasizing its market leadership and significant revenue growth, particularly from overseas markets [2][20]. Company Overview - Geek+ was founded in 2015 by Tsinghua University alumni Zheng Yong, Li Hongbo, Liu Kai, and Chen Xi, and has become a leading provider of Autonomous Mobile Robot (AMR) solutions for warehouse fulfillment, with projected revenues of 2.4 billion RMB in 2024 [3][20]. - The company has delivered approximately 56,000 AMRs to over 40 countries and regions, with 70% of its revenue coming from international markets [4][21]. Business Model and Technology - Geek+ specializes in warehouse automation through AMRs, which enhance operational efficiency and reduce costs compared to traditional labor methods [3][21]. - The company has developed a comprehensive robotic solution covering the entire logistics process, including handling, picking, sorting, and replenishment [13][21]. - Geek+ operates the Robot Matrix platform, the world's first universal technology platform for warehouse robots, enabling innovation and development in AMR solutions [21]. Financial Performance - Geek+ has experienced rapid revenue growth, with a compound annual growth rate of 30%, increasing from 1.45 billion RMB in 2022 to 2.41 billion RMB in 2024 [23]. - The company has shown improvement in its financials, with adjusted net losses decreasing from 820 million RMB in 2022 to 90 million RMB in 2024 [23]. Investment and Shareholder Insights - Geek+ has completed 11 rounds of financing, attracting investments from notable firms such as Hillhouse Capital, Warburg Pincus, and IDG Capital, with early investors seeing significant returns [15][18]. - Post-IPO, Hillhouse Capital holds 2.92% of the total shares, valued at approximately 584 million RMB, while Warburg Pincus is the largest external shareholder with a 10.58% stake [18][19]. Market Context - The article notes that multiple companies, including Geek+, went public on the same day, reflecting a robust IPO market in Hong Kong, which has seen a significant increase in fundraising compared to the previous year [24].

Core Viewpoint - Geek+ is set to become the first global AMR stock with its IPO, aiming to capitalize on the rapidly growing AMR solutions market, which is projected to expand significantly by 2029 [1][2]. Group 1: Company Overview - Geek+ was founded in 2015 and specializes in autonomous mobile robot (AMR) solutions for warehousing and logistics, quickly establishing itself as a global leader in the AMR market [2]. - The company's competitive edge lies in its comprehensive technology matrix and deep global presence, covering the entire warehousing process with various solutions [2][4]. - As of the end of 2024, Geek+ will operate in over 40 countries with more than 56,000 AMRs deployed, generating 72.1% of its revenue from international markets [4]. Group 2: Financial Performance - Geek+ has seen substantial revenue growth, with sales increasing from 790 million RMB in 2021 to an estimated 2.41 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 45% [5][6]. - The core AMR business has experienced a remarkable CAGR of 92.3% over three years, indicating strong demand for its solutions [5]. - Despite significant revenue growth, the company has incurred cumulative losses of 4.294 billion RMB from 2021 to the first half of 2024, although the adjusted net loss rate has decreased from 96.7% in 2021 to 3.8% in 2024 [7][8]. Group 3: Strategic Investments and Future Outlook - The company has strategically invested in sales and marketing, maintaining a spending ratio of 20-30% to support global expansion, while also optimizing R&D expenses [8]. - Geek+ plans to use the proceeds from its IPO to enhance R&D, expand its sales and service network, localize supply chains, and improve data security and digitalization [12]. - The AMR market is expected to grow significantly, with a projected shipment of 125,000 units by 2025, driven by increasing demand from e-commerce and high-precision applications in industries like automotive [14].