Global warehousing leader Siasun Robot & Automation has reached a turning point in profitability. Huaxi has initiated coverage with a "buy" rating.

Recently, Huaxi released a in-depth research report, covering for the first time Smart Robot (02590) and giving it a "buy" rating. The report points out that the company, as a global leader in autonomous mobile Siasun Robot & Automation (AMR) warehousing, has reached a turning point in profitability, with net profit turning positive after 25 years of adjustment. Based on the high-speed growth of the global AMR market, the company's strong competitive barriers, and long-term growth prospects, Huaxi has given it a "buy" rating. According to the company's announcement, Smart Robot is expected to achieve operating income of approximately 3.16 billion yuan in 2025, a year-on-year increase of 31.1%, with a compound annual growth rate of 29.6% from 2022 to 2025. New orders worth 4.137 billion yuan were recorded in 2025, a year-on-year increase of 31.7%. It is worth noting that the company is expected to achieve net profit after adjustment in 2025 of 25 to 45 million yuan, officially turning losses into profits. Based on the median calculation, Smart Robot's net profit attributable to shareholders in the second half of 2025 has reached 2.8 million yuan, and net profit after adjustment has turned positive. Behind this turning point is the continuous optimization of operational quality. The company's gross profit margin has steadily increased from 10.1% in 2021 to 34.7% in 2024, while the expense ratio has improved from 110% to 39.9% during this period. Looking at the half-yearly figures, the company's gross profit margin has increased from 32.2% in the first half of 2024 to 35.1% in the first half of 2025, while the expense ratio has improved from 58.6% in the first half of 2024 to 51.6% in the first half of 2025. According to Zhaoshi Consulting, the global AMR solution market is expected to grow to 162.1 billion yuan by 2029, with a compound annual growth rate of 33.1% from 2024 to 2029. The compound annual growth rate of warehousing and fulfillment AMR solutions during the same period is 34.0%. As a global leader in autonomous mobile Siasun Robot & Automation warehousing, Smart Robot's market position continues to consolidate. According to the same information, Smart Robot generated revenue of 2.2 billion yuan from warehousing and fulfillment AMR solutions in 2024, capturing a 9.0% market share globally and ranking first worldwide. The company has built warehousing solutions that significantly improve warehouse capacity and picking efficiency, from "shelves to humans", "boxes to humans", to "pallets to humans". In 2024, the key end customer repurchase rate reached 84.3%, far exceeding the industry average. In addition, in February 2025, Smart Robot released the world's first general humanoid Siasun Robot & Automation Gino1 for warehousing scenarios, completing the final piece of the puzzle for a fully unmanned warehouse. The previously launched unmanned picking workstation was accepted by an international giant in October 2025, completing technical and commercial validation.