GEEKPLUS-W (02590) rose more than 6% intraday, as autonomous smart warehouses open up room for commercial imagination.

On November 5, the humanoid robot concept heated up again today. Driven by multiple developments including Unitree Technology stepping up its "robot brain" efforts, Meta and Fourier's collaborative prototype iteration, and expectations for Tesla's Optimus mass production, the A-share humanoid robot sector rose about 1.7% intraday, with multiple stocks surging. In Hong Kong stocks, GEEKPLUS-W (02590) rose as much as 6.3% intraday, with turnover exceeding HK$43.8 million, notably outperforming the broader market and the average of its robot sector. Previously, Geek+ (02590) released its "24/7 Autonomous Smart Warehouse Plan," vigorously developing embodied intelligence and full-warehouse intelligence. Relying on end-to-end robot solutions and a warehouse brain, it aims to drive warehouses toward 724-hour unmanned autonomous operation and self-evolution, and leveraging its global large-scale commercial foundation, to make autonomous smart warehouses a next-generation productivity infrastructure supporting future business and social operations. From an industry perspective, amid the warehouse automation wave, the global warehouse automation market has maintained steady growth for many years. According to industry statistics cited in Geek+'s prospectus, the global warehouse automation solutions market grew from RMB300.8 billion in 2020 to RMB471.1 billion in 2024, a compound annual growth rate of 11.9%; the growth trend is expected to continue, with the market reaching RMB804 billion by 2029, a CAGR of 11.3% from 2024 to 2029. Over the same period, warehouse automation penetration also rose steadily, from 20.0% in 2020 to 23.7% in 2024, and is expected to reach 28.5% by 2029. At the company level, in the wave of warehouse autonomy, Geek+'s first-mover advantage is no accident. More than a decade of accumulated product, technology, and global operations capabilities constitute the company's core moat for implementing autonomous smart warehouses, and also make it the player best positioned to capture industry opportunities. The company offers AMR solutions covering all categories including totes, pallets, and shelving, and has self-developed the Gravity embodied intelligence framework. Embodied intelligence products including the humanoid robot gino 1 and unmanned picking workstations can operate in coordination with AMRs, completing full-category scheduling through a single software system to achieve 724-hour uninterrupted end-to-end fully automated picking, validating the technical feasibility of fully autonomous warehouse operations. Meanwhile, its full-stack AI and data flywheel rely on real operational data accumulated from more than 81,000 robots deployed worldwide to feed back into AI iteration, forming an experience barrier that is difficult to replicate; the "warehouse brain" supports coordinated scheduling of thousands of robots in a single warehouse. On the global scale foundation, it has ranked first in global AMR market share for seven consecutive years, with operations covering more than 40 countries, serving 85 Fortune Global 500 companies, and a customer repurchase rate of 80%, providing the basis for rapid implementation and replication of the new plan. More noteworthy is Geek+'s broadening business model: from one-time project delivery to per-customer lifetime value. The plan drives Geek+'s revenue model to shift from one-time project delivery to a composite model of "solutions + software subscriptions + AI value-added," with customers beginning to pay for "sustained and stable service capabilities." In the first half of 2026, its subscription-based service orders grew more than 75% year over year, significantly faster than overall growth. Over the next three years, cumulative shipments of embodied intelligence products are targeted to exceed 10,000 units, with scenarios extending from warehousing to manufacturing and retail.