Jizhijia (02590) “Boots Landed”: Huaping reduced holdings one step at a time and successfully welcomed value revaluation

The Zhitong Finance App learned that the biggest suspense about lifting the ban and reducing holdings after the launch of Jizhijia (02590) finally came to an end with a “one step in place” approach.

As early financial investor Huaping Investment completed major transactions and reduced its holdings to less than 5%, the market generally believed that the pressure to reduce its holdings, which suppressed Jizhijia's stock price in the early stages, has been fully realized, and the company has officially entered a new stage of “running out of profit and going to battle lightly.”

Release the pressure to reduce holdings in one go

On July 27, Jizhijia announced that Marcasite Gem Holdings Limited, the company's largest institutional shareholder and a subsidiary of Huaping Investment, sold a total of 886.05 million shares through three OTC transactions, reducing its shareholding ratio from about 13.43% to 4.78%. Meanwhile, Chen Hejiang (current executive director of Shanghai Huaping Private Equity Fund Management Co., Ltd.) resigned as the non-executive director of Jizhijia.

A number of market analysts pointed out that the factors that plagued Gizhijia's stock price in the early stages were due to the majority shareholders' expectations of reducing their holdings after the ban was lifted. However, this reduction in holdings was completed centrally in an off-market manner, which means that the greatest uncertainty has been “solved” once and completely realized. After the holdings were reduced, the shareholder's holdings have fallen below 5%. The remaining shares have essentially entered the sedimentation range, and there will be no continuous pressure on the secondary market to reduce their holdings.

It can be said that the worrying phase of reducing holdings has passed, and the company was able to go to battle lightly.

It is worth noting that the current holdings reduction is only an early financial investor who has accompanied the company for nearly ten years, not a controlling shareholder or industry strategist. Huaping Investment began investing in the B1 round of shares in 2017. The current holdings reduction was based more on the orderly withdrawal of the fund's life cycle and completed in a “one-step” manner, leaving no doubts about “continuous reduction in batches” in the market.

Previously, important shareholders of Jizhijiaduo had clearly stated their long-term holdings and continued to be optimistic about the company's future development.

Xiangfeng Investment said, “Jizhijia achieved a profit correction under the adjusted caliber in 2025, and operating cash flow also corrected at the same time. This is rare in the current Hong Kong stock robot sector. Jizhijia has been number one in the world in the AMR field for seven consecutive years. Customer stickiness and single customer value have continued to increase, and it has taken the lead in verifying the profit model. This combination of 'good track+leading position+ability to make money' is a scarce allocation target in the capital market. As the scale effect continues to unleash, it is expected that profits will be released at an accelerated pace in the future.”

Hongwei Capital believes, “Gizhijia has a clear path to implementation in a scenario where it takes the direction of intelligence. The company's intelligent AMR robots have been deeply involved in the field of warehousing for many years, and the warehousing scenario is a test field where intelligence is the first to be verified. Years of accumulated robot operation data, deep understanding of scenarios, and continuous refinement of solutions are expected to help the company quickly transform intelligent products into effective industrial orders. Combined with the company's deep layout in the global market, we are optimistic about the possibility that it will deliver results in the wave of embodying intelligent industrialization.”

Zhongwan HeZhi Foundation emphasized, “The market often sees AMR companies as hardware businesses, but the real barrier to Jizhijia lies in the integration of software and hardware — especially the AI capabilities of group scheduling algorithms. This ability makes Jizhijia's ability to provide complete solutions far superior to its peers, and is also the underlying reason customers are willing to continue to repurchase. The technical barrier is not a single point, but the ability to collaborate and optimize at the system level. We are optimistic that this technical barrier will continue to deepen, and we will continue to hold it after the ban is lifted.”

Basically oriented to support long-term value

If reducing holdings and cleaning up aside short-term disturbances, then Jizhijia's in-depth layout in the field of physical intelligence provides solid fundamental support for long-term value.

Gizhijia debuted the humanoid robot Gino 1 at the 2026 World Artificial Intelligence Conference (WAIC) and officially unveiled the “one-core dual-engine” general-purpose embodied intelligent layout. Furthermore, the company also released Gravity, a unified physical intelligence framework for long-term complex tasks, and pioneered the launch of its core module, the Gravity 4D physical model. In the industry's view, this is a paradigm shift from “predictive images” to “predictive physics.”

Thanks to the support of the Gravity 4D Embodied Model, Gizhijia's figurative intelligence became WAIC's only robot solution with both generality and efficiency, showing a clear path from a “single champion” to a “personalised intelligent solution expert”.

However, the current valuation of such a company whose main business is number one in the world, was the first to achieve an inflection point in profit, and achieved breakthroughs at the cutting edge of intelligence is currently significantly undervalued by the market.

Deutsche Bank previously released a research report stating that the current price of Jizhijia is less than 4 times the predicted market sales rate (P/S) in 2026. It is one of the most attractive robot companies with the highest valuation in the Hong Kong stock market, while most robotics peers are valued at 13 times or more. Based on the average target price of 14 analysts at HK$33.07, compared to the current share price of around HK$9.26, there is room for valuation repair of about 257%.

The pressure to reduce holdings was cleared once, and the profit model was first verified with intelligence — when the triple logic was gradually recognized by the market, the revaluation of Gizhijia's value was probably just beginning.