Jizhijia-W (02590) rose more than 6% in the intraday period, opening up space for commercial imagination

On November 5, the humanoid robot concept is heating up again today. The Zhitong Finance App learned that the A-share humanoid robot sector rose about 1.7% in the intraday market, driven by multiple news such as Yushu Technology's increase in the “robot brain”, Meta and Fourier collaboration prototype iterations, and Tesla Optimus mass production expectations, and many individual stocks rose. In terms of Hong Kong stocks, Jizhijia-W (02590) rose to a high of 6.3% in the intraday period, with a turnover exceeding HK$43.8 million, which is significantly better than the average value of the market and the robot sector it belongs to.

Earlier, Jizhijia (02590) released the “24/7 Autonomous Smart Warehouse Plan” to vigorously develop physical intelligence and full-warehouse intelligence, rely on end-to-end robot solutions and warehouse brains, push warehouses towards 7×24 hour unmanned autonomous operation and autonomous evolution, and rely on a global large-scale commercial foundation to make autonomous intelligent warehouses a next-generation productivity infrastructure to support future commercial and social operations.

From an industry perspective, under the wave of warehousing automation, the global warehousing automation market has maintained steady growth for many years. According to industry statistics quoted in Jizhijia's prospectus, the global warehouse automation solutions market grew from 30.8 billion yuan in 2020 to 471.1 billion yuan in 2024, with a compound annual growth rate of 11.9%; the growth trend is expected to continue, reaching 804 billion yuan by 2029, and the compound annual growth rate from 2024 to 2029 is 11.3%. The penetration rate of warehousing automation also increased steadily during the same period, from 20.0% in 2020 to 23.7% in 2024, and is expected to reach 28.5% in 2029.

Implemented at the company level, it is no accident that Gizhijia's first-mover advantage is in the wave of warehousing autonomy. The products, technology and global operation capabilities accumulated over ten years form the core barrier for the company to launch an autonomous smart warehouse, and also make it the player with the best chance to seize industry opportunities. The company has AMR solutions covering all categories of bins, trays, shelves, etc., and has developed its own Gravity intelligent framework. Intelligent products, including the humanoid robot Gino 1 and the unmanned picking workstation, can operate in collaboration with AMR to complete all categories of scheduling through a software system to achieve 7×24 hours of uninterrupted end-to-end fully automatic picking, and verifying the technical feasibility of autonomous operation of the entire warehouse. At the same time, full-stack AI and data flywheels rely on the deployment of over 81,000 robots around the world to accumulate real operating data to feed back AI iterations, forming an empirical barrier that is difficult to replicate. The “warehouse brain” supports collaborative scheduling of thousands of robots in a single warehouse. In terms of global-scale chassis, the global AMR market share has been the largest for seven consecutive years. The business covers more than 40 countries, serves 85 Fortune 500 companies, and has a customer repurchase rate of 80%, providing a foundation for the rapid implementation and replication of new plans.

What is more noteworthy is the expansion of Jizhijia's business model: from one-time project delivery to lifetime value for a single customer. The plan pushes Jizhijia's revenue model from one-time project delivery to a complex model of “solution+software subscription+AI value addition”, and customers begin to pay for “continuous and stable service capabilities.” In the first half of 2026, its subscription service orders increased by more than 75% year over year, which was significantly higher than the overall growth rate. The cumulative shipment target for smart products in the next three years will exceed 10,000 units, and the scenario extends from warehousing to manufacturing and retail.