According to reports, Industrial Securities has reiterated its 「Buy」 rating for GEEKPLUS-W (02590) and recommends that investors take notice. The firm forecasts the company’s revenue for 2025 to be CNY 3.173 billion, followed by CNY 4.216 billion in 2026, and CNY 5.519 billion in 2027, representing year-on-year growth rates of +31.7%, +32.9%, and +30.9%, respectively. The net profit (Non-IFRS) is expected to reach CNY 173 million, CNY 420 million, and CNY 711 million in the same years, with profit margins of 5.5%, 10.0%, and 12.9% respectively. The report suggests that if the company is subsequently included in the Hong Kong Stock Connect, its valuation flexibility could further enhance. The report highlights that GEEKPLUS is a leader in global warehousing fulfillment AMRs, leveraging three key advantages—technology, overseas expansion, and customer engagement—to drive transformation in the warehouse automation industry. The company builds barriers with its core algorithms, offers three solutions that meet core customer demands, and explores the expansion of embodied intelligence; it achieves outstanding performance in overseas markets with a high customer repurchase rate; and scale effects become apparent, providing substantial potential for performance elasticity.