上 市 公 司 公 司 研 究 / 公 司 深 度 计算机 2025 年 09 月 30 日 极智嘉-W (02590) 买入（首次评级） | 市场数据： | 2025 年 09 月 30 日 | | --- | --- | | 收盘价（港币） | 29.50 | | 恒生中国企业指数 | 9555.33 | | 52 周最高/最低（港币） | 30.56/16.06 | | H 股市值（亿港币） | 394.50 | | 流通 H 股（百万股） | 1,024.15 | | 汇率（人民币/港币） | 0.9137 | 洪依真 A0230519060003 hongyz@swsresearch.com 徐平平 A0230525080002 xupp@swsresearch.com 胡书捷 A0230524070007 husj@swsresearch.com 王珂 A0230521120002 wangke@swsresearch.com 黄忠煌 A0230519110001 huangzh@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 联系 ...

Core Insights - Geek+ continues to expand its international market presence and partnerships, showcasing its leadership in the global smart robotics sector through various projects and collaborations [1] Group 1: International Expansion and Partnerships - Geek+ deepens its collaboration with Watsons Group to deploy the first robot fulfillment project in the Benelux region, enhancing operational efficiency by doubling order processing capacity [2] - The first autonomous mobile robot project in South Africa, developed in partnership with ECC for Takealot Group, wins the African Supply Chain Excellence Award, setting a new benchmark in Johannesburg's logistics sector [4] - Strategic partnerships with VARGO® and Zion Solutions Group aim to enhance e-commerce and retail fulfillment automation in the Americas, leveraging advanced technologies for improved operational efficiency [6][8] Group 2: Product Showcasing and Industry Recognition - Geek+ showcases three major picking solutions at the IMHX 2025 exhibition in the UK, highlighting innovations that address industry pain points and improve operational resilience [10] - The company’s solutions are also featured at six partner booths, demonstrating diverse application scenarios in the logistics sector [13]

Group 1 - The company achieved significant revenue and profit growth, with a new order increase of 30.1% year-on-year, and a notable surge in SkyCube orders by 237% [2][4] - Revenue reached 1.025 billion yuan, representing a 31.0% increase compared to the previous period, while gross profit was 360 million yuan, up 43.1% [4][8] - The company is on track to become the first profitable robotics company listed in Hong Kong, marking a turning point in profitability with adjusted EBITDA reaching 11.62 million yuan [4][6] Group 2 - The company maintains a leading position in the B2B robotics commercialization sector, being the largest provider of warehouse fulfillment robot solutions globally for six consecutive years [3][7] - Global operations are expanding, with services in over 40 countries and regions, serving more than 850 clients, and delivering 66,000 robots [8][9] - The company has a high customer repurchase rate of 80%, with over 65 Fortune 500 clients [9][10] Group 3 - The company has made significant progress in acquiring new customers and expanding into new industries, with over 60 new end customers and major advancements in grocery retail and food and beverage sectors [10][11] - The company has established a comprehensive global service network with over 52 service points and 12 spare parts centers [8][10] - The introduction of innovative technologies, such as the AI-driven robot platform and modular systems, enhances the company's competitive edge in the robotics market [15][16][20] Group 4 - The company is focused on future growth by developing embodied intelligence and expanding its growth boundaries through innovative technology [20][29] - The company aims to solve industry challenges with its new general-purpose robotic arm and specialized models for warehouse scenarios [22][25] - The company is building a model ecosystem to become a leader in the global embodied intelligence market [27][29]