Focusing on native warehousing scenarios! Geekplus-W (2590.HK) accelerates the commercialization of humanoid robots

On February 10, Geekplus-W (2590.HK), a global leader in intelligent robotics, unveiled Gino 1, the world’s first general-purpose humanoid warehousing robot,ushering the warehousing and logistics industry into a truly unmanned era characterized by multi-agent full-domain collaboration.The capital market quickly picked up on this seismic shift, with the company's stock price surging over 11% in the final trading session of the day, closing at HKD 27.94, while daily trading volume exceeded HKD 200 million.

Reportedly, Gino 1 leverages the embodied brain, Geek+ Brain, to train on the vast amount of warehousing data accumulated by Geekplus-W over the years, combined with large-scale simulation reinforcement learning, enabling human-like general operational capabilities. It can perform multiple tasks such as warehouse picking, box moving, packing, and inspection, truly realizing 'a single robot covering mainstream manual operation scenarios within warehouses,' leading the warehousing industry to make a key leap from mobile intelligence to operational intelligence.

The launch of Gino 1 further refines Geekplus-W's strategic roadmap for 'general-purpose warehousing robots,' making itthe only company in the industry with a full range of product lines and technical capabilities, including Autonomous Mobile Robots (AMR), dedicated robotic arms, and general-purpose humanoid robots, all tailored to warehousing scenarios.Compared to standalone devices, the market often assigns a higher valuation premium to this kind of 'end-to-end unmanned warehouse solution' capability.

Warehousing-native, revenue-driven: End-to-end unmanned warehouse robotic solution implemented

While the humanoid robotics sector is generally mired in the trial-and-error fog of striving for technical versatility and vague application scenarios, Geekplus-W has already clearly identified a pathFocus on a differentiated path of 'warehouse-native, revenue-driven'Gino 1, through targeted design and data training for warehouse scenarios, achieves a leap in performance and efficiency while optimizing cost-effectiveness, effectively lowering the threshold for customers' large-scale deployment, therebyaccelerating the product's entry into the large-scale commercial implementation phase。

The highly efficient and intelligent operation of Gino 1 is rooted in its integrated hardware-software technology foundation: on the hardware side, it incorporates advanced configurations such as top-tier multi-camera vision, three-finger dexterous hands, and anthropomorphic full-joint force-controlled dual arms to precisely meet the precision, flexibility, and efficiency demands of warehouse operations. Equipped with NVIDIA Jetson Thor robot computer powered by NVIDIA Blackwell, it delivers supercomputing power; on the software side, it runs a new generation of embodied intelligence VLA fast-slow collaborative system, enabling the robot to mimic human cognition and execution for fully autonomous operation across the domain, bringing four core values to warehouse automation: efficient execution of complex tasks, explainable and manageable intelligent behavior, industrial-grade operational stability, and continuous evolution of scenarios.

More crucially, Geekplus-W is transforming its accumulated multi-dimensional advantages in the AMR fieldof 'technology + overseas expansion + customer' into growth momentum for its embodied intelligence business, making it one of the few companies in the industry with the capability of 'launch-to-mass-production, deployment-to-revenue-generation', forming a significant leading edge in terms of product deployment efficiency and commercial feasibility.

In the first phase of the 'general warehouse robot' strategy, the company launched an unmanned picking workstation. Within three months of the new product's release, it completed POC validation and acceptance with Fortune 500 clients, achieving stable operations in real warehouse scenarios, marking dual breakthroughs in both technology and commerce; the recently released Gino 1 already possesses mature mass production capabilities, allowing direct batch delivery to global clients and rapid large-scale deployment, laying a solid foundation for subsequent commercial expansion. $GEEKPLUS-W (02590.HK)$

It is reported that Geekplus-W is preparing to initiate the third phase of ecosystem co-construction, planning to collaborate with global physical AI and embodied intelligence enterprises to jointly advance warehouse operations towards a truly unmanned era of multi-agent full-domain collaboration. As its capabilities evolve from point automation to system-level collaboration, Geekplus-W continues to lead the paradigm shift in logistics automation,establishing a new benchmark for end-to-end robotic intelligent solutions in the warehousing and logistics industry.。

Unearth high returns in the warehousing sector, with surging orders signaling a profitability turning point

Industry insiders widely believe that 2026 will be the first year of mass production for the robotics industry, with related sectors receiving strong support from both policy and capital. Among these, the warehousing sector is naturally endowed with attributes such as clear demand scenarios, short investment payback periods (typically 2-3 years), and scalability, giving leading companies in this track"Easy profitability, high growth, and strong resilience" growth characteristics, making it one of the most commercially viable investment themes at present.

According to Interact Analysis data, over 70% of global warehouses still heavily rely on manual labor. Even in modern warehouses equipped with AGVs/AMRs, operational segments like picking and sorting—which account for more than 50% of operating costs—remain difficult to automate due to their high flexibility and complexity, creatinga market opportunity valued at hundreds of billions of dollars, providing vast growth potential for warehouse robotics companies.

Against this structural gap, Geekplus-W's Gino 1 precisely targets warehousing segments with high labor costs and low automation penetration, advancing operational processes from 'mobile intelligence' to 'operational intelligence.' Through deep integration with existing operations, it provides end-to-end unmanned warehouse solutions, setting a new benchmark as an AI-era intelligent warehousing solution provider. Based on this, the company is well-positioned to fully capitalize on incremental growth dividends from industry expansion, becoming a frontrunner in this high-growth sector, poised to benefit from both earnings growth and valuation uplift—the Davis Double Play.

Finally, returning to fundamentals, Geekplus-W achieved its first positive adjusted EBITDA in the first half of 2025, signaling an initial profitability inflection point. China Merchants Securities (Hong Kong) expectsthe company to achieve adjusted profitability in fiscal year 2025 and enter a phase of scaled profitability by 2026.. The performance on the order side also provides real-world support for this assessment. According to recent announcements,Geekplus-W's order value for 2025 reached RMB 4.137 billion, representing a year-on-year increase of 31.7%. Overseas business continues to achieve breakthroughs, with abundant order backlogs providing stronger certainty for future growth.。

Combined with the enhanced liquidity following its inclusion in the Stock Connect program, Geekplus-W will continue to receive dual empowerment from both technological and capital fronts, ushering in a new cycle of value discovery.

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