External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Geekplus announced the official launch of Gino 1, the world’s first generalpurpose robot designed specifically for warehousing scenarios.</li><li>Geekplus reveals that Gino 1 possess human-like ability to perform multiple warehouse tasks including picking, box/case moving, packing and inspecting.</li><li>Based on our understanding, Gino 1 will be packaged together with AMR products as solution offerings to client at this stage, before entering the stage of promotion and mass production. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geekplus announced the official launch of Gino 1, the world’s first generalpurpose robot designed specifically for warehousing scenarios.Geekplus reveals that Gino 1 possess human-like ability to perform multiple warehouse tasks including picking, box/case moving, packing and inspecting.Based on our understanding, Gino 1 will be packaged together with AMR products as solution offerings to client at this stage, before entering the stage of promotion and mass production. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geekplus (2590 HK) - Official Launch of Humanoid Robots for Warehouse

<ul><li>On the back of gross margin expansion, good expense control and FX gains, Geekplus core net loss significantly narrowed by 65% YoY to RMB39mn in 1H25, which is in-line with our expectations.</li><li>With solid order intake in 1H25 (+30% YoY) and little impact from the US tariffs, we expect the company’s revenue growth this year to remain highly visible.</li><li>Meanwhile, management has revealed further details about embodied robotic arms during the post-results call, with potential 5-10% revenue contribution over the coming years. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

On the back of gross margin expansion, good expense control and FX gains, Geekplus core net loss significantly narrowed by 65% YoY to RMB39mn in 1H25, which is in-line with our expectations.With solid order intake in 1H25 (+30% YoY) and little impact from the US tariffs, we expect the company’s revenue growth this year to remain highly visible.Meanwhile, management has revealed further details about embodied robotic arms during the post-results call, with potential 5-10% revenue contribution over the coming years. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geekplus (2590 HK) - 1H25 Results In-Line; Embodied Robots the New Driver

<ul><li>On the back of technological innovation in autonomous mobile robots (AMR) with &gt;800 end customers across 40 countries, Geekplus (72% revenue from overseas in 2024) is set to ride on the structural increase in the penetration rate of warehouse fulfilment AMRs over the coming years.</li><li>Our results from product comparison and selected customers’ payback analysis enhance our confidence in Geekplus’s competitive edges.</li><li>We forecast Geekplus to deliver 34% revenue CAGR in 2024-2027E, and potentially achieve meaningful profit starting from 2026E. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

On the back of technological innovation in autonomous mobile robots (AMR) with &gt;800 end customers across 40 countries, Geekplus (72% revenue from overseas in 2024) is set to ride on the structural increase in the penetration rate of warehouse fulfilment AMRs over the coming years.Our results from product comparison and selected customers’ payback analysis enhance our confidence in Geekplus’s competitive edges.We forecast Geekplus to deliver 34% revenue CAGR in 2024-2027E, and potentially achieve meaningful profit starting from 2026E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geekplus (2590 HK) - A Rising Star in Global AMR for Warehouse Automation...

China

Geekplus Technology is a global leader in autonomous mobile robot (AMR) technology, providing artificial intelligence and robotics solutions for logistics, specializing in warehouse fulfillment and industrial material transport. The company offers picking, moving, and sorting systems, robotic arms, and a comprehensive software suite for unmanned warehouse operations. It was founded in 2015 and is headquartered in Beijing, China.

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Geekplus Technology (2590 HK)

Geekplus (2590 HK) - Official Launch of Humanoid Robots for Warehouse

Geekplus announced the official launch of Gino 1, the world’s first generalpurpose robot designed specifically for warehousing scenarios.

CMB International

Geekplus (2590 HK) - 1H25 Results In-Line; Embodied Robots the New Driver

We see this as an important driver for both earnings and valuation. Reiterate BUY with unchanged TP of HK$26.7 (based on 7.7x 2026E P/S)

CMB International

Geekplus (2590 HK) - A Rising Star in Global AMR for Warehouse Automation...

We forecast Geekplus to deliver 34% revenue CAGR in 2024-2027E, and potentially achieve meaningful profit starting from 2026E.

CMB International

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