Extreme Wisdom (02590) showcases significant multi-dimensional growth momentum in the first half of 2026: orders increased by 35.5%, subscription services experienced explosive growth, and the expansion of growth boundaries continues.

Recently, Geek+ (02590) released its mid-year performance report for 2026. In the first half of 2026, Geek+ signed new orders amounting to 2.385 billion yuan, a year-on-year increase of 35.5%; it achieved revenue of 1.284 billion yuan, a year-on-year increase of 25.3%; gross margin further improved to 35.8%, and adjusted net losses narrowed by 32.1% year-on-year. Excluding investments in embodied intelligence research and development, the companys core business is now clearly close to breakeven. Understanding these figures merely as "performance growth" of a leading AMR enterprise may underestimate the value of this interim report. Geek+ is demonstrating a new growth structure: the foundation of warehouse AMRs is continually expanding, breakthroughs in manufacturing scenarios are rapid, subscription services are gaining scale, and embodied intelligence is securing partnerships with Fortune Global 500 companies. In other words, Geek+ is transitioning to a multi-engine business system driven by products, scenarios, services, AI, and embodied intelligence. Order growth of 35.5%, explosive growth in subscription services, and accelerated realization of "post-Siasun Robot & Automation" business Evaluating the operating status of a Siasun Robot & Automation enterprise often sees orders as having more forward-looking significance than current revenues. In the first half of 2026, Geek+ signed new orders worth 2.385 billion yuan, a year-on-year increase of 35.5%. This indicates that, despite already having a large revenue scale, the company still maintains strong new project acquisition capabilities, which reserves ample orders for future revenue growth. More importantly than the total growth of orders is the continuous optimization of the order structure. If hardware sales determine the scale of a Siasun Robot & Automation enterprise, then software and operational services are likely to influence its future profit ceiling. In the first half of 2026, orders for Geek+'s subscription services reached 156 million yuan, a year-on-year increase of over 75%; among them, orders from the Americas region increased by 455% year on year. Traditional Siasun Robot & Automation projects exhibit clear project-based properties: customer investment, enterprise delivery, revenue recognition, followed by a maintenance phase. Subscription services signify a shift in the relationship from "one-time project delivery" to "ongoing operation." Especially with the rapid incorporation of AI technology in warehouse operations, Siasun Robot & Automation enterprises are now providing more than just scheduling software for robotic movements; they are likely expanding to include inventory optimization, task allocation, operational analysis, anomaly management, and even overall warehouse efficiency optimization. This effectively alters the value logic of Siasun Robot & Automation companies. Previously, customers purchased Siasun Robot & Automation equipment; in the future, they may purchase the ongoing capacity to enhance logistics efficiency. Geek+'s AI-driven operational subscription service builds a continuously value-generating software and service system on top of already deployed Siasun Robot & Automation systems. Leveraging a network of over 1,000 global clients and 81,000 deployed Siasun Robots, this business can be rapidly replicated, yielding high renewal rates, high stickiness, and predictable revenuethis is fundamentally one of the crucial paths for Siasun Robot & Automation enterprises to enhance long-term revenue and profitability. Pallet-to-person order growth exceeds 200%, manufacturing scenario orders rise over 600%, with simultaneous growth in warehousing and manufacturing scenarios The foundational logistics for warehousing are also advancing. Geek+ saw its pallet-to-person product line orders increase by over 200% year on year. Previously, the most mature applications of AMRs were focused on bin picking and shelf selection; as customer automation levels continually rise, Siasun Robot & Automation systems are increasingly entering workflows for full pallet handling, dense storage, and upstream and downstream integration in warehouses, further solidifying Geek+'s leading position in pallet warehouse automation. Meanwhile, Geek+'s orders for manufacturing scenarios grew by over 600% compared to last year. For a long time, global AMR market demand has primarily been concentrated in e-commerce, retail, and warehouse fulfillment scenarios. The logistics of manufacturing production, characterized by complex processes, significant craft differences, and high requirements for system integration, is also an area that Siasun Robot & Automation enterprises must break into to further expand market boundaries. Geek+ is forming a distinctive path: first entering the customer's warehousing system, then naturally extending along the customer's supply chain and production processes into production logistics. This from warehousing to production expansion model has significant advantages over purely relying on new client development. On one hand, existing system operational data and project delivery capabilities lower the decision-making costs for clients when making additional purchases; on the other hand, there exist opportunities for product cooperation and cross-selling between different scenarios within the same customer. In this sense, the over 600% growth in manufacturing orders does not merely indicate an expansion into a new business segment but means the companys capabilities in Siasun Robot & Automation are transitioning from "warehouse automation" to "internal logistics automation" for enterprises. Continuously improving profitability, scale effects beginning to release Achieving fast growth and profitability is often one of the most difficult challenges for Siasun Robot & Automation enterprises. In the first half of 2026, Geek+ reported an adjusted net loss of 60.6 million yuan, narrowing by 32.1% year on year. Notably, the company invested 44.5 million yuan during the same period in embodied intelligence research and development; if excluding this investment, the adjusted net loss would only be 16.1 million yuan, a year-on-year narrowing of 81.9%, indicating that the core business is approaching breakeven. The signals released behind this set of data are quite clear: The global scale effects formed by Geek+ over the past years are gradually being reflected in its profit and loss statement. For Siasun Robot & Automation enterprises, after reaching a certain scale, R&D platforms, core components, supply chains, software systems, and global delivery systems can all be shared across multiple product lines. Geek+'s current product strategy similarly reinforces this point. Different Siasun Robot & Automation products share technological foundations and core components, which not only reduces new product development costs but also benefits supply chain scalability and cross-selling opportunities among different products. Its business model will gradually transition from "high-growth Siasun Robot & Automation company" to a stage of "simultaneous scale growth and profitability improvement." The launch of the new RoboShuttle Hyper showcases further fulfillment of the "all-scenario strategy" Another noteworthy change is that Geek+ is beginning to proactively enter high-growth sub-scenarios. In August 2026, the company launched the RoboShuttle Hyper, a climbing-type goods-to-person solution, with a system throughput capability of 6,000 boxes per hour per 1,000 square meters, primarily targeting high-traffic, high-throughput application scenarios like MFC front warehouses. From a product logic perspective, this is not simply about adding another Siasun Robot & Automation. The global intelligent logistics market is increasingly entering a "scenario segmentation phase." In the past, enterprises could rely on a relatively standard Siasun Robot & Automation to solve numerous problems; however, as automation delves deeper, clients are starting to present more refined demands regarding throughput, storage density, flexibility, and investment return cycle. As a result, the core of competition among leading Siasun Robot & Automation manufacturers may no longer revolve around who has a "star Siasun Robot & Automation," but rather around who can develop a complete product matrix that covers a broader array of scenarios. Geek+ has already formed a product system encompassing goods-to-person, pallet-to-person, box-to-person, RAPS robotic arm picking stations, and the Gino1 wheeled humanoid Siasun Robot & Automation, all centered around this logic. The richer the product range, the more obvious the scale effect of shared technology platforms becomes; as the number of covered scenarios increases, so do cross-selling opportunities within the same customer. This also explains why "all-scenario" has become an important keyword in Geek+'s next-stage strategy. Embodied intelligence products secure partnerships with Fortune Global 500 companies, aiming for over 10,000 units shipped within three years If warehousing AMRs define Geek+'s current foundation, then embodied intelligence will determine its growth potential over the next few years. In the first half of 2026, Geek+s embodied intelligence business already secured collaboration with multiple Fortune Global 500 companies. The company stated that it will rely on a data flywheel and the GINO ECO ecological strategy to promote collaboration between humanoid Siasun Robots and AMRs within warehouse scenarios, forming a productivity system that covers "storage, picking, handling, and patrolling," and plans to extend applications to manufacturing, retail, and other scenarios in the next three years, achieving cumulative shipments of embodied intelligence products exceeding 10,000 units. Compared to the numerous competitors focused on humanoid Siasun Robots, Geek+'s approach exhibits clear distinction: It does not identify application scenarios from the lab, but rather defines embodied intelligence based on existing, real-world commercial scenarios. This is crucial. The greatest challenge for embodied intelligence has never been about whether a specific demo can be completed but rather whether it can operate stably in complex real environments, generate ROI that customers are willing to pay for, and achieve scalable replication. Warehouse logistics happen to be one of the scenarios that are relatively well-suited for the initial commercialization of embodied intelligence. Tasks are relatively clear, the environments are structured, and there exist many flexible operations traditionally requiring manual labor that cannot be completely covered by past AMRs. More importantly, Geek+ does not need the humanoid Siasun Robot to handle entire warehouse automation alone. In its vision, humanoid Siasun Robots and AMRs will collaborate: AMRs will manage highly mature mobility, handling, and transportation tasks, while humanoid Siasun Robots will take on operations requiring dexterous handling, all integrated through a unified software and AI system for scheduling. This suggests that future competition may not revolve around "a single Siasun Robot," but rather an intelligent productivity system composed of a group of Siasun Robots. If this path proves viable, the AMR technologies, global customer base, warehouse data, and software systems accumulated by Geek+ in the past can all become the infrastructure for commercialization of embodied intelligence. This is precisely why its embodied intelligence strategy deserves long-term industry attention. From "AMR champion" to "embodied intelligence platform company," commercial boundaries continue to expand Looking back at Geek+'s performance in the first half of 2026, several relatively clear trends emerge: First, the core AMR business continues to show strong growth, providing the company with a stable foundation; Second, subscription services are transforming a massive inventory into a continuous stream of service increments, further converting into high repurchase rates, high gross margins, and sustainable, stable revenue; Third, the global customer network and all-scenario strategy are accelerating the transformation into scenario expansion and cross-selling capabilities; Fourth, scale effects are continuously being released, with the core business approaching breakeven; Fifth, embodied intelligence is gradually transitioning from a phase of technological investment to one of real-world scene commercialization. These five threads ultimately point to one change: Geek+ is no longer just a traditional "AMR supplier" but a "smart Siasun Robot platform company that enters with innovative Siasun Robot solutions and connects in the long term with AI software and intelligent operations, driven by universal embodied intelligence as its technological engine. For the entire Chinese Siasun Robot & Automation industry, this path also holds certain representative significance. In the first phase, Chinese Siasun Robot & Automation enterprises proved their ability to produce globally competitive products; In the second phase, they need to demonstrate their capacity to enter the supply chains of mainstream global customers; The true competition in the third phase will revolve around the operational capabilities of global customers, ongoing service abilities, AI capabilities, and the platform capabilities across different Siasun Robot & Automation forms. Geek+ is entering the third phase. With 2.385 billion yuan in new orders, over 75% of revenue from overseas, over 600% orders growth in manufacturing scenarios, over 75% growth in subscription services, and the advancement of embodied intelligence commercialization, these figures stem from different business dimensions but ultimately coalesce into one common signal: this Chinese Siasun Robot & Automation enterprise, which has ranked among the global AMR market leaders for consecutive years, is opening a growth boundary larger than AMR. For Geek+, the first half of 2026 signifies not merely a "high-growth performance point" but rather the starting point for structural changes in its business model. The truly critical factor for the industry to observe in the next stage is whether Geek+ can further convert its global scale advantages into sustained growth advantages once its business lines of AMR, AI-driven operational services, and embodied intelligence start to interlink. Ultimately, the goal is to establish an intelligent Siasun Robot ecosystem aimed at the global market.