On December 8, GEEKPLUS-W (02590) will officially join the Hang Seng Composite Index. This not only reflects capital markets' recognition of its technological and commercial capabilities but also affirms the global competitiveness of China's robotics industry. From its Beijing startup roots to serving over 40 countries worldwide, evolving from warehouse robotics to a pioneer in physical AI, and maintaining its position as the global leader in Autonomous Mobile Robot (AMR) market share for seven consecutive years, GEEKPLUS-W's journey exemplifies both technological barrier-building and the upgraded globalization model of Chinese tech firms.
Dubbed the "Godmother of AI," Dr. Fei-Fei Li, a member of the U.S. National Academy of Engineering, identifies spatial intelligence as "AI's next frontier." GEEKPLUS-W, as a core player in the physical AI industrial chain, has transcended traditional robotics company valuations by addressing a critical question: how Chinese AI and robotics technologies can achieve scalable global deployment and commercial value realization.
**From Full-Stack AI to Embodied Intelligence: Fortifying the Physical AI Moat** GEEKPLUS-W's competitive edge stems from its full-stack AI architecture integrating algorithms, hardware, and systems. In warehouse automation, large-scale multi-robot coordination is a key benchmark, and its proprietary Hyper+ algorithm platform supports over 5,000 robots operating simultaneously in a single facility—far exceeding industry standards. This capability underpins its global mega-warehouse projects, such as a 1,000-robot collaboration with Korean e-commerce giant Coupang in early 2023, which boosted operational efficiency through Hyper+'s precision in path planning and task allocation.
More strategically, GEEKPLUS-W has expanded from warehouse solutions into embodied intelligence. Its October 2025-launched "Autonomous Picking Workstation," powered by the self-developed Geek+ Brain model, features a perception-decision hierarchical architecture capable of handling tens of thousands of SKUs without retraining. This end-to-end "virtual decision-physical execution"闭环 positions GEEKPLUS-W as a "core整机厂商" in physical AI, per Shenwan Hongyuan, driving commercialization.
**Billion-Dollar Orders Signal Commercialization Momentum** Market confidence in GEEKPLUS-W stems not just from technology but its ability to monetize global advantages. Recent highlights include multiple orders exceeding RMB 100 million, notably a RMB 300+ million deal with a major Korean e-commerce firm, validating scalability and client trust. Its 80% overall and 84.3% key-account repurchase rates in H1 2025 (versus ~50% industry average) further underscore sticky demand. Partners like GXO, DHL, Dr.Max, and PUMA exemplify long-term collaboration, with U.S. apparel distributor S&S Activewear quintupling deployments across five logistics centers in three years.
This "project success-repurchase-industry benchmark" flywheel fuels GEEKPLUS-W's unique client moat. Solid global traction drove 2024 revenue to RMB 2.41 billion, leading Hong Kong's robotics sector. H1 2025 revenue grew 31% YoY to RMB 1.025 billion, with adjusted EBITDA turning positive—a profitability inflection. Banks like BofA project 2025 breakeven and 55% EPS CAGR through 2028, while Daiwa notes U.S. orders (30% of total) as the fastest-growing segment, likely supporting 2026 gross margins.
**Undervalued vs. Peers, with Upside Potential** Inclusion in the Hang Seng Index may catalyze liquidity, with >80% historical likelihood of joining Stock Connect within 3-6 months. At HK$24.80 (Dec 5, 2025), GEEKPLUS-W trades at 10.39x P/S—below peers like Kion Group (18x), Symbotic (15.7x), Fetch Robotics (22x), and the sector's 15x average. Analysts see material upside: Daiwa's "Buy" rating and HK$38 target (+53%), BofA's HK$33 target citing "hardware + service" recurring revenue, and Morgan Stanley's 11x P/S 2026 base case with optionality from unmanned warehouse breakthroughs.
**Conclusion** From Tsinghua University basement prototypes to global AMR leadership, GEEKPLUS-W proves Chinese firms can lead in physical AI. With Amazon's $10B warehouse robotics pledge, JD Logistics' 90% automation target by 2027, and U.S. policy tailwinds, global logistics automation demand is surging. As the sector leader, GEEKPLUS-W's AI+robotics tech, global footprint, and execution clarity position it for sustained growth. Currently at a "valuation trough + fundamentals recovery + liquidity catalyst" inflection, short-term index-driven inflows and long-term order momentum support a compelling risk-reward profile.
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