The global smart intra-logistics market is advancing towards a trillion-scale size with a compound annual growth rate of 13.7%, signaling the arrival of an industry-wide transformation centered on automation and intelligence. On March 8, Gilex Technology officially passed the hearing for listing on the main board of the Hong Kong Stock Exchange, with Guotai Junan International and CITIC Securities acting as joint sponsors. As one of the few leading enterprises globally that has mastered full-stack smart intra-logistics robot technology, the company is set to become the first listed entity in Hong Kong under the category of "comprehensive smart intra-logistics robots," attracting significant market attention.
Notably, amid intense competition in the global smart logistics robotics industry, Gilex Technology has established a synergistic competitive advantage driven by three dimensions: product strength, R&D system, and globalization strategy. This systematic capability enables the company to gradually build a differentiated leading position in a technology-intensive, complex, and increasingly globalized market.
**Core Competitiveness: R&D Drives Product Innovation, Performance Validates Evolution Capability**
Gilex Technology is a specialist in comprehensive smart intra-logistics robotics. Currently, addressing the core demands of smart intra-logistics, the company has developed a diverse and high-performance product portfolio. Its three core product lines offer a full range of robotic solutions, including Multi-directional Shuttle Robots (MSR), Autonomous Mobile Robots (AMR), and Conveyor Sorting Robots (CSR). Among these, the four-way shuttle robot represents the company's technological moat. Compared to traditional flat warehouses, this technology can increase storage space utilization by over 50% and reduce energy consumption by 30% compared to conventional stacker crane systems, showing clear advantages in storage-intensive scenarios such as pharmaceuticals and e-commerce.
In recent years, Gilex launched the globally innovative VFR series robots in the very-narrow-aisle forklift robot sector, specifically designed for warehouse environments with aisle widths narrower than 1,800mm. These robots increase goods storage density by 30% compared to traditional unmanned forklifts. The "Erlang Shen" CS series within this line is equipped with a triple-sensor system featuring dual 3D cameras and LiDAR, achieving a fork lifting height of up to 5,000mm.
Beyond products, the company adopts a "project-based" business model. Through multi-process frameworks and a universal functional analysis matrix, it precisely matches the unique layouts, workflows, and operational requirements of different clients. Whether for single-function robot deployment or multi-functional integrated system solutions, the company can meet personalized customer needs.
Data shows that from 2022 to the first nine months of 2025, both the company's multi-functional integrated robot deployment projects and single-function robot deployment projects maintained steady growth. The synergistic development of these two models has effectively enhanced market coverage breadth and depth.
Precisely because Gilex Technology's products and solutions possess accurate customization capabilities, the company's "full-stack" application scenarios continue to expand. These have extended from traditional warehouses to various facility types like multi-story warehouses and high-standard warehouses, and from the distribution sector to the manufacturing sector. The solutions can meet material handling needs across all scenarios and are adaptable to the personalized logistics requirements of various industries such as automotive, new energy, and pharmaceuticals, demonstrating strong market adaptation capabilities.
A surge in order volume fully confirms the market's increasing recognition of Gilex Technology's products. As of September 30, 2025, the company had served 861 clients spanning 29 industries, with a cumulative total of over 1,600 implemented projects, including several large benchmark projects valued over hundreds of millions. These not only constitute a deep industry moat for the company but also practically demonstrate Gilex Technology's capability to implement complex requirements in diverse business scenarios.
Benefiting from the accelerated expansion of its business footprint, Gilex Technology's growth momentum is exceptionally strong. In 2024, the company's revenue reached 721 million yuan (Renminbi, same below). For the first nine months of 2025, the company recorded revenue of approximately 552 million yuan, continuing a stable growth trend. During the same period, the adjusted net loss narrowed by 70% to approximately 13.755 million yuan, indicating a sustained and robust improvement trend across the two key dimensions of "growth" and "profitability."
Notably, as of the end of December 2025, the total value of Gilex Technology's pending robot and system deliveries amounted to approximately 2.2 billion yuan, which the company expects to realize over the next three years. Specifically, about 44.7% of the pending orders are expected to be fulfilled in 2026, 47.3% in 2027, and the remainder in 2028. These are set to become long-term drivers for the company's performance release.
Behind the continuous leading product strength is Gilex Technology's persistent pursuit of innovation capability. From 2022 to 2024, the company's cumulative R&D expenditure reached 242 million yuan. In the first nine months of 2025, R&D expenditure amounted to 48.113 million yuan. The company's investment in R&D has translated into 379 registered patents and technical barriers for its three core product lines, continually reinforcing its technological moat.
Simultaneously, Gilex Technology supports a well-structured three-tier R&D system through continuous investment: the Robot R&D Center focuses on hardware innovation and product development; the System R&D Center develops advanced software platforms like WMS, WCS, and RCS integrated with AI algorithms; and the AI Intelligence Research Institute promotes basic research utilizing AI tools and developing high-value intellectual property for automated intra-logistics solutions. These three R&D centers together form a tightly integrated R&D ecosystem, enabling the company to continuously enhance its robotic solutions and provide reliable efficiency for customers' operational needs.
This vertical R&D depth, from underlying algorithms to scenario applications, not only ensures the sustainability of the company's technological leadership but also guarantees that technological innovation accurately addresses and solves practical industry pain points. This transforms every investment into long-term competitiveness and reserves technological potential for the future.
**Globalization Strategy: From Technology Export to International Expansion, Timing is Opportune**
As global manufacturing faces dual challenges of efficiency bottlenecks and cost restructuring, an efficiency "storm" led by smart logistics robots is sweeping across the world. According to the latest forecast from Frost & Sullivan, the global smart intra-logistics market is growing steadily, increasing from 270.6 billion yuan in 2020 to 455.1 billion yuan in 2024, and is projected to reach 991.9 billion yuan by 2030, with a compound annual growth rate of 13.7% from 2025 to 2030. It is anticipated that Chinese companies will be key participants in reshaping the global logistics chain in the future. Taking Gilex Technology as an example, its profound accumulation in the domestic market has laid a solid foundation for its overseas expansion.
In recent years, Gilex Technology has positioned itself with the strategy of "Rooted in China, Leading Globally," committed to bringing its technology and experience to the international stage. Its business now covers 19 countries and regions, demonstrating strong international influence. The company continues to benefit from the wave of Chinese companies "going global," acting as a key enabler of intra-logistics infrastructure for Chinese enterprises overseas.
Driven by strong global demand for smart intra-logistics robots, Gilex Technology has achieved commendable results internationally. From an order perspective, as of December 31, 2025, out of its 2.2 billion yuan in pending orders, 46 were ongoing overseas projects, with a total pending contract value of 685 million yuan. This includes 35 ongoing overseas projects in collaboration with integrators, with a total pending order value of 572 million yuan.
Looking ahead, the company plans to strengthen its business network, expand its global sales and service network, and establish 10 overseas sales, distribution, and technical support centers within the next five years. This clearly indicates that its globalization strategy is entering an accelerated phase.
At present, "going global" presents Gilex Technology with more strategic opportunities. On one hand, China's highly complex and diverse logistics environment has nurtured the company's sophisticated technical capabilities, which can be directly applied in overseas markets, forming a unique competitive advantage. China's relatively lower logistics costs and high-quality personnel enable the company to deliver cost-effective, high-quality smart intra-logistics robots and systems.
On the other hand, the company is actively expanding into high-value industries, including pharmaceuticals, 3C electronics, new energy, and automotive manufacturing. These industries have high demands for automation and intelligence. Gilex Technology leverages its successful implementation cases in these key sectors within China to further consolidate its position in the global market.
**Conclusion**
Overall, Gilex Technology's sustained leadership resembles a "flywheel" composed of product, R&D, and market expansion dimensions. Continuously iterating leading technology and deeply scenario-specific product solutions constitute its leading product strength. Demand feedback from complex scenarios, in turn, drives targeted innovation in R&D. The global layout provides a broader market for validation and iteration of its technology and products. This virtuous cycle—where technology drives products, scenarios feedback into R&D, and R&D supports global expansion—enables Gilex Technology to break free from the constraints of homogeneous price competition, allowing it to expand territorially in the international market and achieve a leap in value.
At this juncture, positive signals such as rapid revenue growth, a substantial order backlog, and successful international market development are initial manifestations of this systematic competitive advantage beginning to yield results. In the long-term race of smart logistics robotics, systemic capabilities based on deep R&D, scenario integration, and a global vision will all serve as key cornerstones determining Gilex Technology's ultimate market position.
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