Warburg Pincus Completes Share Reduction; Geekplus (02590) Fundamentals Improving, Continuous Buybacks Demonstrate Confidence

On September 16, Geekplus disclosed a voluntary announcement: 48,915,400 shares (approximately 4.78% of the company's total issued shares) held by Marcasite Gem Holdings Limited, affiliated with Warburg Pincus, have been sold. The announcement clarified that this sale does not involve the company's issuance, allotment, or repurchase of shares, nor does it affect the total number of issued shares. It is not expected to have any material adverse impact on the group's business operations or financial condition. Warburg Pincus first invested in the company during the B1 round in 2017 and has been an early financial investor accompanying the company for nearly a decade; this arrangement largely reflects the rhythm of the fund's cycle, and the company's operating fundamentals and long-term growth logic remain unchanged. The market's next focus is returning to the company's fundamentals. Geekplus's growth momentum is driven by multiple engines: revenue from subscription-based smart warehousing services is expected to reach RMB 1 billion over the next three years; the new RoboShuttle Hyper product launched in August is expected to contribute RMB 3 billion in revenue over three years; embodied intelligence products are expected to ship cumulatively more than 10,000 units over three years. With multiple engines working in concert, the company is poised for even stronger growth. At the same time, the company is backing its valuation recovery with real money. Since the beginning of this year, Geekplus has repurchased shares 36 times cumulatively, totaling 44,249,800 shares, with a cumulative repurchase amount of HKD 419 million. The continuous and intensive buyback actions demonstrate management's confidence in future operations. With fundamentals improving, multiple engines driving growth, and buybacks stepping up, the window for a revaluation of the company's value is opening.