Everbright Securities: Maintain an "Buy" rating for Geek+; AI + Embodied Intelligence Opens Growth Ceiling

Gelonghui April 2｜Everbright Securities released a research report saying that E-Intelligence (2590.HK) delivered impressive performance in fiscal year 2025. Full-year revenue increased 31.6% year over year to RMB 3.17B; gross margin rose 0.7 percentage points year over year to 35.5%; and adjusted net profit reached RMB 44 million, successfully turning around from the previous year to achieve a profit for the first time on an annual Non-IFRS basis. The institution noted that the company’s revenue growth was mainly driven by the large-scale rollout of its robotics solutions, upgrades to its standardized capabilities, and the rebound in overseas demand as well as improved customer repurchase.

Benefiting from AI technology as the core driver, differentiated embodied intelligence solutions, and strong contributions from overseas and emerging markets, the company’s new signed orders maintained robust growth throughout the year. In 2025, the total value of E-Intelligence’s new signed orders reached RMB 4.14 billion, up 31.7% year over year. By region, overseas orders increased 39.8% year over year to RMB 3.23B; overseas revenue accounted for 75.3% of the total. Among them, the Americas region’s orders grew at a rate of more than 50%, Latin America’s order value exceeded RMB 600 million, and Eastern Europe’s orders were close to RMB 500 million. Looking ahead, the company will further deepen its Globalization 2.0 strategy, strengthen localization efforts, and enhance its “one-time development, global deployment” technical generalization capabilities to build a technology-driven lean operations system, thereby consolidating its long-term competitive advantage.

At the same time, the company will increase R&D investment in embodied intelligence technology to break through adaptive bottlenecks in complex scenarios, and will comprehensively roll out the applications of robotic arm picking workstations. It will enable mass production and commercial deployment of wheel-legged humanoid robots (such as Gino1 released by 26M2), and will continue to build benchmark cases for robotic hand picking and general humanoid robots in logistics scenarios. The company expects commercial shipments of embodied robots in 2026 of 300–500 sets.

Everbright Securities believes the company’s globalization strategy continues to be delivered: “the AMR main business leading-edge advantage + the embodied intelligence second growth curve” could open up room for medium- to long-term growth. Based on this, the institution has raised its revenue forecasts for 2026 to 2027 to RMB 4.14/5.44 billion (previous forecast: RMB 4.05/5.12 billion), added a 2028 revenue forecast of RMB 6.92 billion, and maintained a “Buy” rating.