The "AI+ robotics" leader GEEKPLUS-W (02590) has recently welcomed a dual boost. According to a February 5th announcement on the Hong Kong Stock Exchange, the company recorded annual orders of RMB 4.137 billion for 2025, representing a year-on-year increase of 31.7% and marking a breakthrough in global order growth. Concurrently, the company has been officially included in the Hong Kong Stock Connect scheme, opening a channel for southbound capital allocation. This is expected to significantly improve liquidity and drive a sustained upward shift in the company's valuation center, laying a solid capital foundation for a new growth cycle.
As the global leader in Autonomous Mobile Robot (AMR) market share for seven consecutive years, the explosive order growth in 2025 stems from comprehensive efforts across three dimensions: regional expansion, industry specialization, and deep customer relationships. This demonstrates the robust resilience of its global orders and further highlights its growth certainty.
**Annual Orders Exceed RMB 4.1 Billion: Overseas Business Gains Momentum, Unlocking a New Blue Ocean for Growth**
In terms of regional strategy, GEEKPLUS-W has adopted a dual-engine approach of "deepening presence in mature markets and breaking into emerging markets." The company has successfully achieved scale breakthroughs in emerging regions like Latin America and Eastern Europe, creating multiple core engines for overseas order growth and opening up vast incremental space for the new cycle. The announcement revealed that the company secured over RMB 600 million in orders in Latin America and nearly RMB 500 million in Eastern Europe in 2025, both setting new historical records.
Latin America, having surpassed Southeast Asia as the world's fastest-growing region for retail e-commerce, offers substantial growth potential. GEEKPLUS-W strategically entered this market around 2020 and, after five years of cultivation, has built a complete service ecosystem covering solution design, project delivery, and local support, allowing it to capture this blue-ocean market early.
The Eastern European market also showed strong performance. With the rapid development of e-commerce and logistics in the region, demand for warehouse automation continues to climb. GEEKPLUS-W has established a strong brand reputation through several benchmark projects and has set up an Eastern European office with a localized team in Poland, continuously expanding its leading advantage and establishing the region as a new growth pole for its overseas business.
Furthermore, the company accelerated its expansion in Europe, deploying multiple smart warehouses in countries like France, Italy, and the UK in 2025. It also achieved its first project breakthroughs in regions such as the Benelux countries and South Africa, while setting records for the largest robot deployments in New Zealand and Hong Kong, China, demonstrating a continuously deepening global footprint.
**Industry Specialization: Building Anti-Cyclical Barriers for the New Cycle**
In terms of industry specialization, GEEKPLUS-W has not only strengthened its position in core sectors but also achieved significant breakthroughs in niche segments, further broadening its order growth potential and building anti-cyclical barriers for the new cycle. While continuing to deepen its presence in core industries like e-commerce, fast-moving consumer goods, and third-party logistics, the company recently secured a significant RMB 200 million project with a global food and beverage giant, achieving a scaled breakthrough in this specific sector.
The food and beverage industry, known for its resilience and stable cash flow within the broader consumer sector, possesses strong anti-cyclical characteristics. This partnership not only validates the core competitiveness of GEEKPLUS-W's technology and services but also secures a long-term, stable source of orders, acting as a "ballast" for earnings growth.
**Deepened Customer Ties: Ensuring Stability for the New Cycle**
Regarding customer collaboration, GEEKPLUS-W has deepened strategic partnerships with key clients, leading to sustained repeat purchases and increased customer stickiness, which provides stability for the new growth cycle. The company recently signed a strategic cooperation agreement with a leading global e-commerce enterprise, which committed to purchasing several hundred million RMB worth of products and services from GEEKPLUS-W annually during the cooperation period. The two parties will collaborate on global project replication and market development, forming a highly synergistic, long-term value partnership.
In 2025, this client had already placed multiple orders valued in the hundreds of millions with GEEKPLUS-W, indicating the high recognition from top-tier clients for the cross-regional applicability and standardization of the company's solutions. Data shows that as of the first half of 2025, the company's overall customer repurchase rate exceeded 80%, with a key customer repurchase rate as high as 84.3%. This deep customer base provides solid support for sustained order growth.
**Formal Inclusion in Stock Connect: Profit Inflection Point Reached, Entering a New Phase of Scale Realization**
If the order surge is the "core" of the new growth cycle, then scaled profitability is the "direction" for its sustained progress. In the first half of 2025, GEEKPLUS-W's adjusted EBITDA turned positive for the first time, reaching RMB 11.62 million, making it the first company in the Hong Kong-listed robotics sector to achieve this milestone. This signifies a significant improvement in operational quality and marks the company's entry into a critical phase of profit realization.
Simultaneously, the overseas business performed exceptionally well. Revenue from overseas markets in the first half of 2025 was RMB 815 million, accounting for 79.5% of total revenue, with a gross margin of 46.2%. The continued growth of this high-margin business is expected to further boost the company's overall profitability, providing solid financial support for the new growth cycle.
More notably, mainstream institutions are unanimously optimistic about the company's prospects for scaled profitability, forecasting that GEEKPLUS-W will achieve scaled profits in 2026, with attributable net profit estimated to be between RMB 270 million and RMB 280 million, entering a period of rapid profit release.
Industry observers note that the rapid order growth in 2025 highlights the high growth trajectory of the global warehouse automation sector and the leading competitiveness of GEEKPLUS-W. The inclusion in Stock Connect, which introduces fresh capital, is expected to enhance trading activity and liquidity, potentially leading to significant valuation premiums. The new growth cycle initiated by GEEKPLUS-W is an upward trajectory paved by solid global business breakthroughs and a clear profit inflection point signal.
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