Geek+ (02590), known as the "world's first warehouse robotics listing," is set to face its first post-IPO lock-up expiration on January 9th, impacting cornerstone investors, while the lock-up for pre-IPO shareholders will remain until July 2026. In response to this event, cornerstone investors including the Xiongan Fund have publicly stated they will not rush to sell their shares upon unlocking and will continue to support the company's long-term development. Notably, Geek+ recently relocated its headquarters to Xiongan, deeply integrating into the region's robotics industry ecosystem and injecting strong momentum into the sector's innovative growth.
As Geek+'s largest cornerstone investor, Zhang Le, General Manager of the Xiongan Fund, expressed that the robotics industry is currently undergoing an accelerated intelligent evolution, presenting a period of rapid global development opportunities. The Xiongan New Area is actively cultivating its robotics industry to develop new quality productive forces, striving to become a new era hub for innovation and entrepreneurship. "Geek+ is a crucial piece in Xiongan's robotics industry strategy. The company has not only built significant technological barriers but has also established a mature and replicable commercial pathway, with its global market expansion achievements being widely recognized. Aligned with Xiongan's long-term vision of creating a robotics innovation hub, we are firmly optimistic about Geek+'s development prospects and long-term value. The lock-up expiration does not shake our commitment to long-term holding. As a leader in AI+ robotics, Geek+ is poised to play a leading role in the global industrial intelligent transformation and the embodied intelligence wave. We are confident that its long-term value will be continuously realized alongside these industry shifts," Zhang Le stated.
Beyond the confidence from cornerstone investors, capital market recognition of Geek+ is also steadily increasing. On December 8th, Geek+ was officially included as a constituent of the Hang Seng Composite Index, becoming one of only two robotics hardware companies in the Hong Kong market. Inclusion in the Hang Seng Composite Index signifies that the company meets high market standards in terms of market capitalization and liquidity, which helps attract more passive funds and brings significant liquidity enhancement. Furthermore, this inclusion means Geek+ is expected to enter the Stock Connect program on February 6th, attracting more mainland investors and potentially further boosting its share price and valuation. Industry analysts note that the cornerstone investors' clear stance against selling lays a solid foundation of confidence for a smooth transition through the lock-up expiry period. Coupled with the positive expectation of imminent inclusion in the Stock Connect, these two favorable signals resonate, providing strong support for the stability of the company's share price and valuation.
The confidence from the capital market is underpinned by Geek+'s continuous dedication and forward-looking布局 in core technologies. In terms of technological innovation, Geek+ has seized a first-mover advantage in warehouse automation for embodied intelligence by adhering to a unique "scenario-first" approach. The company established an embodied intelligence subsidiary in July 2025, subsequently releasing a general-purpose robotic arm manipulation solution, a warehouse-scenario-specific embodied intelligence base model named Geek+ Brain, an embodied intelligence unmanned picking workstation, and the industry's first fully unmanned end-to-end picking robot solution. These innovations have successfully addressed the challenge of accurately picking from ultra-large-scale product SKUs, advancing intelligent warehousing from "partial intelligence" to "full-process intelligence" and elevating the potential and feasibility of unmanned warehouses to new heights.
Following the realization of full-process unmanned picking, the company continues to ramp up its R&D efforts. It is reported that the company's self-developed general-purpose warehouse robot is expected to be officially launched in the near future.
The company's robust performance growth, solid commercial deployment results, and leading global market position are also highly recognized by the capital market. In terms of financial performance, Geek+ demonstrates strong growth momentum, maintaining its position as the company with the "largest revenue scale and strongest profitability" in the Hong Kong-listed robotics sector, leading the ToB intelligent robotics field. In the first half of 2025, the company achieved revenue of RMB 1.025 billion, a year-on-year increase of 31%, with overseas market revenue reaching RMB 815 million, accounting for nearly 80% of total revenue. Gross profit grew 43.1% year-on-year to RMB 360 million, adjusted EBITDA turned positive for the first time, and the net loss narrowed significantly by 94%, approaching a profitability inflection point. Geek+ is poised to become one of the first profitable robotics companies listed in Hong Kong. Additionally, Geek+ secured new orders worth RMB 1.76 billion in the first half of the year, a 30.1% increase year-on-year, including several large orders exceeding RMB 100 million. This sufficiently validates Geek+'s clear path to profitability, combining business sustainability with high-growth potential, and indicates it has entered the fast lane of commercial implementation.
This impressive performance stems from the significant results of Geek+'s global layout, as the company maintains a leading position in the global AMR market, allowing its profit potential to be fully unleashed. According to data from the authoritative market research firm Interact Analysis in its "2025 Mobile Robot Market Report," Geek+ ranked first in global market share for Autonomous Mobile Robots (AMR) for the seventh consecutive year. The company's business spans over 40 countries and regions worldwide. As of June 30, 2025, Geek+ had cumulatively deployed over 66,000 robots and served more than 850 end customers, including over 65 Forbes Global 500 companies, with a customer repurchase rate exceeding 80%. This indicates that the company's products are gradually becoming core infrastructure within global supply chain systems.
From an industry perspective, the global AMR solutions market exhibits strong growth momentum. According to predictions from CIC, the market is expected to expand at a compound annual growth rate of 33% from 2024 to 2029, with the market size potentially exceeding RMB 162 billion by 2029. Simultaneously, the penetration rate of AMR solutions in the warehouse automation sector has significantly increased to 20.2%, providing a solid underlying foundation for Geek+'s growth within this high-growth sector.
In summary, Geek+ possesses a leading industry position, a mature business model, a continuously clarifying path to profitability, and firm recognition from its cornerstone investors. As its fundamentals continue to strengthen, coupled with the sustained positive outlook for its market segment, the certainty of its growth is further solidified.
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