Negative news has bottomed out, and GEEKPLUS-W (02590), which is in a undervalued position, is now entering the best golden layout window.

It was learned that on July 9, 2026, the Hong Kong-listed company GEEKPLUS-W(02590) experienced the lifting of restrictions for old shareholders. Previously, cornerstone investors had their restrictions lifted on January 9 of this year. As the company enters its second year of listing and faces another period of lifting restrictions, cornerstone investors and old shareholders have expressed their intention to "hold on" and not rush to reduce holdings, continuing to support the healthy development of the company. In the current market with a special window of "undervaluation" and "high growth" mismatch, GEEKPLUS-W is using a dual approach of "cash buyback" and "stock incentive plan" to send a strong signal of value restoration to the capital market. For investors seeking long-term certainty, an AI+Siasun Robot&Automation leading company with technological barriers and global harvesting capabilities has shown attractive opportunities for right-side positioning. Consensus behind the shareholders' "holding on": GEEKPLUS-W's barrier is a "system-level AI brain" The market often falls into the misconception of equating AMR (Autonomous Mobile Robot & Automation) companies with traditional hardware manufacturing businesses. However, GEEKPLUS-W's real moat lies in the technological innovation and commercialization capabilities of AI+Siasun Robot&Automation. One of the old shareholders, Zhongwanhezhi Fund, stated that the market often sees AMR companies as hardware businesses, but GEEKPLUS-W's true barrier lies in the integration of hardware and software, especially the AI capability of group scheduling algorithms. This capability allows GEEKPLUS-W to provide a complete solution far beyond its industry peers, and is the underlying reason why customers are willing to continue repurchasing. The fund believes in the continuous deepening of this technological barrier and will continue to hold after the lifting of restrictions. Xiangfeng Investment stated that GEEKPLUS-W achieved profitability under adjusted terms in 2025, with operating cash flow also turning positive. This is rare in the Hong Kong Siasun Robot&Automation sector. GEEKPLUS-W has been ranked as the global number one in the AMR field for seven consecutive years, with increasing customer stickiness and single customer value. It has also been the first to verify its profit model. This combination of "good track + leading position + profit-making" is a rare target for the capital market. With continued scaling effects, it is expected to enter a phase of accelerated profit release in the future. The "holding on" behavior of major shareholders not only dispels market selling pressure but also, from the perspective of professional industrial investors, endorses the intrinsic value of GEEKPLUS-W. Buyback and incentive dual strategy: Value declaration, locking in long-term development In fact, since the first lifting of restrictions, the behavior of cornerstone shareholders holding on reflects a long-term positive attitude towards the company. In the face of the company's valuation withdrawal, the company continues to boost market confidence through a "buyback" and binds talents through a "stock incentive" plan, locking in long-term development. On June 22, GEEKPLUS-W announced its first buyback plan since listing, aiming to repurchase up to HK$2 billion H shares on the open market within the next 24 months, with a maximum repurchase limit of 10% of the total issued shares. The company's real action and cash buyback signals that the current stock price is significantly lower than the intrinsic value, and expresses strong confidence in the long-term value of the company. A week later, on June 30, the company announced a stock incentive plan, which is one of the uses of the repurchased shares, mainly to motivate and reward individuals who contribute to the growth and development of the group. The total number of B-class ordinary shares that can be issued under the stock incentive plan shall not exceed approximately 124 million shares, accounting for 10% of the total issued shares as of the adoption date. It was publicly stated that as a research-driven high-tech enterprise, deep talent binding is conducive to the stability of the research and development team and efficient transformation of research results. Cognitive mismatch vs. layout window: Negative news exhausted, 185% premium space Currently, there is a significant "cognitive mismatch" in the market regarding the investment value of GEEKPLUS-W. Many investors still habitually equate AMR companies with traditional "low-profit, heavy-asset" hardware manufacturing businesses or mistakenly believe that they are still stuck in the industry's common "burn money without earning money" cycle, underestimating the company's strength and value. As a benchmark in hard technology companies, GEEKPLUS-W has broken the curse of "increased revenue without increased profit" by leveraging economies of scale, entering a phase of balanced profit and high growth. With the advancement of intelligent technology and AI, the company's revenue has continued to grow at a high rate, with a 31.9% growth in 2025, new orders of 4.137 billion yuan, with nearly 80% of overseas orders, where the American market has grown at a rate of over 50%. The strong and sustainable growth momentum, coupled with increasing customer stickiness and single customer value, provides solid support for future performance realization. At the same time, the significant economies of scale have led to a turnaround from losses to profits, a substantial positive operating cash flow, and a virtuous cycle of revenue, profit, and cash flow, securing a leading position in the Hong Kong Siasun Robot&Automation sector. This strong fundamental transformation and the huge contrast with the current valuation withdrawal have created an excellent opportunity for right-side low buy-in. In fact, this valuation trough, smashed by "cognitive mismatch", has already been recognized by authoritative institutions in the market. After being included in the Hang Seng Composite Index and added to the Hong Kong Stock Connect target, GEEKPLUS-W was also included in the Hang Seng Tech 100 Index and Hang Seng Artificial Intelligence Theme Index. In May of this year, the company's self-developed intelligent "autonomous sorting workstation" won the prestigious RBR50 Global Innovation Award in the Siasun Robot&Automation field, the fifth time the company has won the award, making it the Chinese technology company with the most awards. These endorsements from flagship indices and top awards are gradually correcting the market's previous perception of traditional industrial Siasun Robot&Automation and pushing the valuation closer to the AI leader. Furthermore, the company has also received positive reviews from major investment banks. In April, Deutsche Bank released a research report stating that GEEKPLUS-W is one of the most attractive Siasun Robot&Automation companies in the Hong Kong stock market, with a clear path in commercializing AI, intelligent robotic arms, and humanoid Siasun Robot&Automation. These are particularly suitable for warehouses, and the company has domain expertise and a wide customer base. The management plans to deploy 300 to 500 sets of intelligent AI products this year. The bank gave the company a "buy" rating, raising the target price to HK$32.5, a premium of 185% compared to the current price. In conclusion, the lifting of restrictions may have a short-term impact on investor sentiment, but the impact is limited. On the one hand, the negative news has been digested in advance, and the valuation has fully withdrawn; on the other hand, major shareholders are optimistic about the company's development, as they have not reduced their holdings since the lifting of restrictions by cornerstone investors, and old shareholders have also expressed positive attitudes during this period. Long-term valuation depends on fundamentals, and the premium dividend brought about by cognitive mismatch is evident. GEEKPLUS-W, on the valuation trough, is now entering the best golden layout window.