Everbright Securities: Maintain the "Buy" rating for Geek+; AI + embodied intelligence unlocks growth potential

Everbright Securities released a research report stating that Geek+ (2590.HK) delivered impressive performance in 2025, with annual revenue increasing by 31.6% year-on-year to 3.17B yuan, gross profit margin rising by 0.7 percentage points to 35.5%, and adjusted net profit reaching 44 million yuan, successfully turning a profit compared to the previous year, marking the first time achieving annual non-IFRS net profit. The firm pointed out that the company’s performance growth mainly benefited from the scaling of robot solutions, upgrades in standardization capabilities, and the recovery of overseas demand along with increased customer repurchases.

Benefiting from the core drive of AI technology, differentiated embodied intelligent solutions, and significant contributions from overseas and emerging markets, the company maintained strong growth in new orders signed throughout the year. In 2025, Geek+’s total new order value reached 4.14 billion yuan, a 31.7% increase year-on-year. Regionally, overseas orders grew by 39.8% to 3.23B yuan, with overseas revenue accounting for 75.3%; among them, the Americas region saw order growth exceeding 50%, Latin America orders exceeded 600 million yuan, and Eastern Europe orders approached 500 million yuan. Looking ahead, the company will deepen its Globalization 2.0 strategy, strengthen localization and the “one-time development, global deployment” technological generalization capabilities, and build a technology-driven lean operation system to consolidate long-term competitive advantages.

Meanwhile, the company will increase investment in embodied intelligent technology R&D to break through the bottleneck of adaptive capabilities in complex scenarios, and fully promote the application of robotic picking workstations, achieving mass production and commercial deployment of wheeled humanoid robots (such as Gino1 released by 26M2). The company aims to continuously set benchmarks for robotic picking and general humanoid robots in logistics scenarios, with an expected commercial shipment of 300-500 embodied robots in 2026.

Everbright Securities believes that the company’s globalization strategy continues to be fulfilled, with “AMR core business leadership + embodied intelligence second curve,” which is expected to unlock medium- and long-term growth potential. Based on this, the firm has revised upward its revenue forecasts for 2026 and 2027 to 4.14/5.44 billion yuan (previously 4.05/5.12 billion yuan), and added a 2028 revenue forecast of 6.92 billion yuan, maintaining a “Buy” rating.