Farewell to the "burning money" era: ExtremeSmart (02590) takes the lead in running To B intelligent Siasun Robot & Automation profit loop using AI and embodied intelligence.

At present, the competition in the global AI field has long bid farewell to the "parameter competition" stage, and the consideration of the capital market has become more pragmatic - whoever can transform AI research and development investment into real profits will seize the initiative. In this transformation competition from "technical concepts" to "business effectiveness", the enterprises that first establish a complete business cycle will stand on the industry high ground. On March 30, the global intelligent leader Siasun Robot & Automation pioneer Geek+ (02590) released its 2025 annual performance and delivered a highly convincing answer. The data shows that the company achieved a revenue of 3.171 billion yuan for the whole year, an increase of 31.6% year-on-year; more significantly, the adjusted net profit reached 43.82 million yuan, and the net cash flow from operating activities reached 85.66 million yuan, both turning positive, achieving a historic breakthrough in profitability. This outstanding performance is not only reflected in the triple improvement of revenue, profit, and cash flow but also clearly demonstrates that Geek+ has successfully transformed AI and embodied intelligence into a "growth engine," achieving the sustainability of its own business cycle and becoming the industry leader in To B intelligent Siasun Robot & Automation industry to achieve "increased revenue and profit" high-quality growth benchmarks. The technology enables increased revenue and profit, leveraging high gross profit sustainable growth. The data shows that the company's gross profit increased by 34.4% year-on-year to 1.125 billion yuan, and the gross profit margin increased to 35.5%. This growth is due to the "internal efficiency optimization" and "new profit growth point" brought by AI technology, establishing a sustainable profit model. On the one hand, AI algorithms empower the RMS (Siasun Robot & Automation dispatch system) and WES (Warehouse Execution System), significantly improving the stability and adaptability of the systems, reducing project deployment and post-operation costs. This enables Geek+ to deliver to its 950 global customers at a higher standardization level, compressing cost space and increasing profitability. On the other hand, AI technology has spawned new high-gross-profit revenue sources. One of the most eye-catching signals in the financial report is the subscription service (IOP) order growth rate exceeding 90% year-on-year. Leveraging an AI-assisted data intelligence service platform, Geek+ helps customers achieve digital warehouse operations and intelligent decision-making. The nearly doubling growth rate indicates that large customers have highly recognized and are willing to pay for Geek+'s "algorithm premium," this high stickiness continuous revenue has become an important pillar for Geek+ to optimize revenue structure and increase profitability. Embodied Intelligence second growth curve, consolidating long-term growth confidence. If AI algorithms have opened up Geek+'s profit space, then embodied intelligence directly determines its future order scale and growth ceiling. 2025 is widely recognized as the "first year of commercialization of embodied intelligence" in the industry, and capital and markets have returned to rationality, focusing on order scale and scene implementation. In response, Geek+'s performance is very impressive: the total value of new signed orders for the whole year reached 4.137 billion yuan, an increase of 31.7% year-on-year. The core of this substantial increase is its full-stack solution based on embodied intelligence technology. Since July 2025, Geek+ has successively launched the embodied intelligence base model Geek+ Brain, the robotic arm unmanned picking workstation, and in February 2026 released the world's first general humanoid Siasun Robot & Automation Gino 1 tailored for warehouse scenarios. This full-category array makes Geek+ one of the few vendors that can provide end-to-end unmanned warehousing solutions, not only seizing the technological high ground of the next-generation warehouse intelligence but also fostering diverse joint innovation opportunities, continuously enhancing customer recognition and stickiness, opening up new space for business growth, and achieving the dual value of "strengthening existing business moat" and "empowering the second growth curve." According to disclosure, Geek+ currently serves more than 80 Fortune Global 500 customers, with a high customer repurchase rate of 78%. These staggering data indicate that embodied intelligence has evolved from a forward-looking technological reserve to become a "killer weapon" for Geek+ to obtain billion-yuan heavyweight orders. Through the high threshold created by technological differentiation, Geek+ has gained higher pricing power and premium space in competition for global top-tier customers, laying a solid foundation for long-term growth. Switching valuation logic to unlock long-term growth space. Through Geek+'s 2025 performance, we see a hard-tech company achieving self-sufficiency, fully validating the feasibility of driving performance growth with AI and embodied intelligence technology. Standing at a new starting point for profit realization, Geek+'s future planning is also clearer. In 2026, Geek+ has explicitly established "embodied intelligence technology research and commercialization landing" as the strategic main line. This means that the company will further accelerate the commercialization of technological achievements, driving performance scale and profitability continuously upwards. From the perspective of the capital market, this financial report of Geek+ may trigger a deep value reassessment. Influenced by multiple macro factors, some high-quality targets in the Hong Kong Siasun Robot & Automation sector are still undervalued. However, with Geek+'s high-quality double-digit revenue and profit growth, especially the substantial contribution of AI technology to the company's profits, its underlying investment logic has changed. As pointed out in research reports by several authoritative investment banks, the market should no longer view Geek+ from the perspective of traditional industrial hardware manufacturers. With the Geek+ Brain embodied intelligence base model, full-stack hardware capabilities, and massive scenario data, Geek+ has transformed into a high-growth AI technology platform. With the global penetration rate of warehousing intelligence still low and humanoid Siasun Robot & Automation and embodied intelligence opening up a trillion-dollar market, Geek+ as a pioneer in profitability, holding ample cash flow and high-value orders, undoubtedly has high long-term investment value.