Geekplus-W (02590), a global leader in autonomous mobile robots (AMRs) for warehouses, has reached a turning point in profitability, according to a recent in-depth research report. The report, which initiated coverage on the company, assigned a "Buy" rating. It highlighted that the company's adjusted net profit turned positive in 2025. This rating is based on the rapid growth of the global AMR market, the company's strong competitive advantages, and its long-term growth potential.

According to company announcements, Geekplus is projected to achieve operating revenue of approximately 3.16 billion yuan in 2025, representing a year-on-year increase of 31.1%. The compound annual growth rate from 2022 to 2025 reached 29.6%. In 2025, the company recorded new orders worth 4.137 billion yuan, a 31.7% increase year-on-year. Notably, the company's adjusted net profit for 2025 is estimated to be between 25 million and 45 million yuan, marking an official transition to profitability. Based on the median figure, the net profit attributable to shareholders for the second half of 2025 reached 28 million yuan, confirming the turnaround on an adjusted basis.

This financial improvement is underpinned by continuous optimization of operational quality. The company's gross profit margin steadily increased from 10.1% in 2021 to 34.7% in 2024. Concurrently, the period expense ratio improved significantly, dropping from 110% to 39.9%. On a half-yearly basis, the gross profit margin rose from 32.2% in the first half of 2024 to 35.1% in the first half of 2025, while the period expense ratio was optimized from 58.6% to 51.6% over the same period.

Market research indicates strong growth prospects for the industry. The global AMR solutions market is projected to expand to 162.1 billion yuan by 2029, with a compound annual growth rate of 33.1% from 2024 to 2029. The segment for warehouse fulfillment AMR solutions is expected to grow even faster, at a CAGR of 34.0% during the same period.

As the global leader in warehouse AMRs, Geekplus continues to solidify its market position. Data shows that in 2024, the company's revenue from warehouse fulfillment AMR solutions reached 2.2 billion yuan, capturing 9.0% of the global market share and ranking first worldwide. The company has developed a comprehensive suite of solutions for warehouse scenarios, including "goods-to-person," "bin-to-person," and "pallet-to-person" systems, which significantly enhance storage capacity and picking efficiency. In 2024, the repurchase rate among key end customers was 84.3%, far exceeding the industry average.

Furthermore, in February 2025, Geekplus launched Gino1, the world's first general-purpose humanoid robot designed for warehouse environments, completing the final component for fully automated warehouses. Previously, the company's unmanned picking workstation received acceptance from an international giant in October 2025, successfully validating both its technology and commercial viability.