Official launch of humanoid robots for warehouse
Officiallaunch of humanoid robots forwarehouse Target PriceHK$26.70Up/Downside(4.4%)Current PriceHK$27.94 Geekplusannounced the official launch of Gino 1, the world’s first general-purpose robot designed specifically forwarehousing scenarios(link).Geekplusreveals that Gino 1 possess human-like ability to perform multiple warehousetasks including picking, box/case moving, packing and inspecting. Based on ourunderstanding,Gino 1will be packaged together with AMR products as solutionofferingsto client at this stage, before entering the stage of promotion and massproduction.We believe, through the launch of Gino 1,Geekplus is on track tocapture the picking and packaging segment in the warehouse automation.Wewill revisit our TP (currentlyHK$26.7, based on7.7x 2026EP/S) after therelease ofthefull-yearearnings. MaintainBUY. China Capital GoodsWayne FUNG, CFA(852) 3900 0826waynefung@cmbi.com.hk Embodied intelligence to expand downstream applications.Geekplus’sembodied intelligence mainly refers to AI-powered robotic arm picking andgeneral-purpose robots. As mentioned bymanagementin 2025, 60-70% ofhuman work in the warehouse can be performed by warehouse fulfilmentAMRs, while the remaining 30-40% (mainly picking and packaging) can beperformed by robotic arms. Geekplus believes downstream expansion canfurther enhance the solutions offering to customers. Investment theme.On the back of technological innovation in autonomousmobilerobots(AMR)with>800 end customers across 40 countries,Geekplus (80% revenue from overseas in 1H25) is set to ride on thestructural increase in the penetration rate of warehouse fulfilment AMRsover the coming years. Key risks.(1) Technology risk; (2) threat of new entrants; (3)Unable toachieve turnaround of profit. Related report:Geekplus(initiation)–A rising star in global AMRfor warehouse automation; aunique play in HK market–14 Aug 2025(link) Geekplus–1H25resultsin-line;Embodied robots the new driver–2 Sep2025 (link) Source: Companydata, CMBIGM Source:Companydata,CMBIGM Source:Companydata,CMBIGM Source:Companydata,CMBIGM Source:Companydata,CMBIGM Disclosures& Disclaimers Analyst CertificationThe research analyst who is primary responsible for the content of this research report, in whole or in part, certifies thatwith respect to the securities or issuer that the analyst covered in thisreport: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to the date of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3)serve as an officer of any of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies coveredin this report.CMBIGM or its affiliate(s) have investment banking relationship with the issuers covered in this report in preceding 12 months. CMBIGM Ratings : Stock with potential return of over 15% over next 12 months: Stock with potential return of+15% to-10% over next 12 months: Stock with potential loss of over 10% over next 12 months: Stock is not rated byCMBIGM BUYHOLDSELLNOT RATED :Industry expected to outperform the relevant broad market benchmark over next 12 months:Industry expected to perform in-line with the relevant broad market benchmark over next 12 months:Industry expected to underperform the relevant broad market benchmark over next 12 monthsCMB InternationalGlobal MarketsLimited Address: 45/F, Champion Tower, 3 Garden Road, Hong Kong, Tel: (852) 3900 0888 Fax: (852) 3900 0800CMB InternationalGlobal MarketsLimited (“CMBIGM”) is a wholly owned subsidiary of CMB International CapitalCorporation Limited (a wholly ownedsubsidiary of China Merchants Bank) Important DisclosuresThere are risks involved in transacting in any securities. The information contained in this report may not be suitable forthe purposes of all investors.CMBIGM does not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial positionor special requirements. Past performance has no indication of future performance, and actual events may differ materially from that which is contained in thereport.The value of, and returns from, any investments are uncertain and are not guaranteed and may fluctuate as a result of their dependence on theperformance of underlying assets or other variable market factors.CMBIGMrecommends that investors should in
