Header photo source: Geek+.
Robots replacing human labor is no longer a futuristic idea. It’s already visible across industries worldwide.
Among the most mature and widely used technologies are autonomous mobile robots (AMRs), which can navigate warehouses independently to transport goods and perform tasks. Rising labor costs and shifting global supply chains are driving adoption. According to China Insights Consultancy (CIC), the global AMR solutions market is projected to reach RMB 162.1 billion (USD 22.7 billion) by 2029, growing at an annual rate of 33.1%.
As the market expands, Chinese companies across the value chain have emerged as industry leaders. They have validated their technologies, refined business models, and leveraged product strength and technical expertise to secure positions in the global market.
In 2025, a telling trend is unfolding: several of the country’s leading robotics firms are heading to Hong Kong for public listings. These include:
- Geek+, which has led the warehouse AMR sector globally for six consecutive years.
- Seer Robotics, which focuses on building control systems, often described as “robot brains.”
- Standard Robots, which specializes in 3C electronics (computers, communication devices, and consumer electronics), automotive, and other precision manufacturing scenarios, and is now expanding into embodied intelligence.
Together, their filings reveal the different strategies shaping China’s AMR industry. This article reviews their IPO documents to understand their technology roadmaps, business models, and globalization efforts. Unless otherwise noted, all data comes from the companies’ prospectuses.
Geek+
Founded in 2015 and headquartered in Beijing, Geek+ listed on the Hong Kong Stock Exchange main board on July 9, setting a record for the largest fundraising by a robotics company in the city’s history.
According to CIC, Geek+ has been the world’s largest warehouse AMR solutions provider by revenue for six straight years as of 2024. Its robots are now central to modern logistics automation.
Geek+ centers its business on selling and servicing AMR solutions. Its portfolio covers the full workflow of picking, sorting, and moving goods, as well as smart sorting and material handling. These systems are designed to replace traditional warehouse operations. For example, goods-to-person robots can more than double picking efficiency compared with human workers, while pallet-to-person robots can increase warehouse efficiency by up to five times and reduce aisle space by as much as 60%.
By December 31, 2024, the company had deployed more than 30,000 AMRs worldwide. Revenues reached RMB 1.452 billion (USD 203.3 million) in 2022, RMB 2.142 billion (USD 299.9 million) in 2023, and RMB 2.409 billion (USD 337.3 million) in 2024. Geek+ also operates a small robotics-as-a-service business, offering standardized leasing.
The company had served about 806 clients globally by the end of 2024. Repeat customers contributed RMB 1.792 billion (USD 250.9 million), a 74.6% repeat purchase rate. However, its revenue base is concentrated, with the top five clients contributing 30.8%, 45.3%, and 42.1% of revenue in 2022, 2023, and 2024, respectively.
Global markets are central to Geek+’s strategy. More than 70% of its revenue in 2024 came from outside mainland China, with operations spanning more than 40 countries and regions. To support this footprint, it has built 48 service stations and 13 spare-parts centers worldwide, staffed by over 300 engineers.
Geek+ holds the largest global market share in AMR solutions for e-commerce, fast-moving consumer goods (FMCG), and third-party logistics, according to CIC. Its sales strategy combines direct sales and channel partnerships, with direct sales contributing 67% of AMR solutions revenue in 2024.
The company continues to invest in R&D and production capacity. R&D spending was RMB 436 million (USD 61.1 million) in 2022, RMB 379 million (USD 53.1 million) in 2023, and RMB 282 million (USD 39.5 million) in 2024, accounting for 21.3%, 15.8%, and 15.2% of revenue, respectively. Geek+ operates two production bases in Nanjing and Kunshan, with a combined annual output capacity of about 24,000 AMRs.
Looking ahead, IPO proceeds will fund further global expansion. CIC forecasts that the global AMR solutions market will grow from RMB 16.21 billion (USD 2.27 billion) in 2024 to RMB 162.1 billion (USD 22.7 billion) in 2029, with warehouse automation penetration rising from 8.2% to 20.2%.
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Seer Robotics
Founded in 2020 and headquartered in Shanghai, Seer Robotics has quickly moved up the robotics value chain. By sales volume of robot controllers in 2024, it ranked first globally. By the number of smart industrial robots using its controllers, it ranked third.
Robot control systems, often described as the “brains” of intelligent machines, are at the core of Seer’s business. The company has built three product lines around these systems.
Its main customers are system integrators, which embed Seer’s controllers and software into larger automation systems, and end clients in industries including 3C electronics, automotive, new energy, semiconductors, and logistics. In 2024, Seer served 832 customers, with its top five clients contributing 18.6% of revenue.
The company began expanding overseas in 2021 and now operates in more than 30 countries and regions. Overseas revenue was RMB 16.4 million (USD 2.3 million) in 2022, RMB 47.6 million (USD 6.7 million) in 2023, and RMB 49.2 million (USD 6.9 million) in 2024, accounting for 8.9%, 19.1%, and 14.5% of total revenue, respectively.
On May 27, Seer filed for an IPO on the HKEX main board under Chapter 18C. It plans to use funds raised to expand its product lines and overseas operations.
According to CIC, the global smart robotics market was RMB 277.8 billion (USD 38.9 billion) in 2024 and is projected to reach RMB 708.5 billion (USD 99.2 billion) by 2029, growing at 20.6% annually. Smart industrial robots, Seer’s focus, are expected to grow from RMB 22 billion (USD 3.1 billion) in 2024 to RMB 115 billion (USD 16.1 billion) in 2029, at a 39.2% annual rate.
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Standard Robots
Founded in 2016 and headquartered in Shenzhen, Standard Robots is among the largest providers of smart industrial AMR solutions. By shipment volume in 2024, it ranked second in the 3C segment, second in automotive, and fifth in semiconductors, according to CIC.
Nearly 90% of its revenue comes from customized industrial mobile robot solutions. Its primary customers are manufacturers deploying robots directly on production lines, though it also works with system integrators to expand reach. Most of its revenue still comes from mainland China.
The company began overseas expansion in 2019, first entering Japan. Since then, it has added clients in Vietnam, Thailand, and other regions. Overseas revenue contributed 10.2% of total revenue in 2022, 12.5% in 2023, and 24.1% in 2024.
Standard Robots invests heavily in R&D. It allocated 33.5%, 32.8%, and 29.5% of revenue to R&D in 2022, 2023, and 2024, respectively. Its efforts focus on operating systems, core algorithms, and its proprietary RoboVerse system, while also exploring embodied robotics and artificial intelligence.
On June 23, the company filed for a Hong Kong main board listing. Funds raised will support further development of these initiatives.
CIC projects that the intelligent mobile robotics market will grow from RMB 15.3 billion (USD 2.1 billion) in 2024 to RMB 81.4 billion (USD 11.4 billion) in 2029, at a compound annual rate of 39.8%.