Group 1 - The company, 首佳科技 (00103), announced a share buyback plan on November 17, 2025, with an investment of HKD 156,600 to repurchase 44,800 shares [1]

格隆汇11月17日丨首佳科技(00103.HK)发布公告，2025年11月17日耗资15.66万港元回购4.48万股，回购 价格每股3.47-3.52港元。 ...

智通财经APP讯，首佳科技(00103)发布公告，于2025年11月17日斥资15.66万港元回购4.48万股股份。 ...

呈交日期： 2025年11月17日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 首佳科技製造有限公司 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00103 | 股份 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不 ...

Group 1 - The core viewpoint of the article is that Shoujia Technology (00103.HK) is a leading enterprise in China's steel cord industry, with strong shareholder backing and the unique capability to upgrade its steel cord products into robotic tendons [1] - The company has been given an initial target price of HKD 5.0 and an initial rating of "Buy" [1] - On November 5, the company will conduct a share consolidation, merging 5 shares into 1 share, with a temporary code of (02963.HK) [1]

Core Viewpoint - Guozheng International has initiated coverage on Shoujia Technology (00103), identifying it as a leading enterprise in China's steel cord industry with strong shareholder backing and the unique capability to upgrade its steel cord products to robotic tendons. The target price is set at HKD 5.0, with an initial rating of "Buy" [1][5]. Company Overview - Shoujia Technology, established in 1991 and listed on the Hong Kong Stock Exchange in 1992, is one of the first steel cord manufacturers in China. Its products are widely used in the automotive tire sector, maintaining long-term stable partnerships with leading domestic and international tire companies. The company plans to expand its steel cord production capacity to over 300,000 tons by upgrading existing facilities and exploring overseas acquisition opportunities [2]. New Business Development - The company aims to develop robotic tendons by leveraging its existing steel cord production technology and investing in specialized robotic tendon production equipment by 2025. Shoujia Technology has already initiated a joint research and development collaboration with Xingchen Intelligent for tendon production. The company is expected to benefit from strong support from Shougang Group, which has extensive investments in the robotics sector [3]. Financial Forecast - Guozheng International projects Shoujia Technology's revenue to reach HKD 2.42 billion, HKD 2.58 billion, and HKD 2.79 billion from 2025 to 2027, reflecting year-on-year growth of 0.9%, 6.8%, and 8.0% respectively. The net profit attributable to shareholders is expected to be HKD 56.86 million, HKD 70.86 million, and HKD 87.41 million, with growth rates of 79.7%, 24.6%, and 23.4% (excluding acquisitions) [4]. Investment Recommendation - The company is recognized as a leader in the steel cord industry with strong shareholder support and the capability to transition to robotic tendon production. Compared to A-share counterpart Daye Co., Ltd. (603278), which has a projected PE of 45.3 for 2025, Shoujia Technology's PE is significantly lower at 32.1. A DCF valuation estimates the company's market value at HKD 2.61 billion, corresponding to a share price of HKD 4.9, indicating a 43% upside potential from the current price. Therefore, the initial rating is "Buy" [5].

Core Viewpoint - 首佳科技 is a leading enterprise in the steel cord industry in China, with strong shareholder backing and the unique capability to upgrade its steel cord products to robotic tendons [1][4] Group 1: Company Overview - 首佳科技 was established in 1991 and is headquartered in Hong Kong, being one of the first steel cord manufacturers listed on the Hong Kong Stock Exchange in 1992 [1] - The company has established long-term stable partnerships with leading tire manufacturers, and plans to expand its steel cord production capacity to over 300,000 tons [1] Group 2: New Business Development - The company is focusing on developing robotic tendons by leveraging its existing steel cord production technology and investing in specialized production equipment [2] - A collaboration has been established with 星尘智能 for joint research and development in tendon technology, supported by the extensive investment in the robotics sector from its parent company, 首钢集团 [2] Group 3: Financial Forecast - Revenue projections for 首佳科技 from 2025 to 2027 are estimated at HKD 2.42 billion, 2.58 billion, and 2.79 billion, reflecting year-on-year growth of 0.9%, 6.8%, and 8.0% respectively [3] - The net profit attributable to shareholders is expected to reach HKD 56.86 million, 70.86 million, and 87.41 million, with significant growth rates of 79.7%, 24.6%, and 23.4% (excluding acquisitions) [3] Group 4: Investment Recommendation - The company is compared with A-share listed 大业股份, with 首佳科技 having a lower projected PE ratio of 32.1 compared to 45.3 for 大业股份 [4] - A DCF valuation estimates 首佳科技's market value at HKD 2.61 billion, corresponding to a share price of HKD 4.9, indicating a potential upside of 43% from the current price [4]

Core Viewpoint - Multiple companies conducted share buybacks on November 14, 2025, with China Feihe (06186) leading in both the number of shares repurchased and the total amount spent [1][2]. Group 1: Buyback Details - China Feihe (06186) repurchased 10.70 million shares for a total of 46.13 million yuan, representing 1.412% of its total share capital [2]. - COSCO Shipping Holdings (01919) repurchased 3.00 million shares for 42.58 million yuan, accounting for 0.979% of its total share capital [2]. - Sinopec Limited (00386) repurchased 6.74 million shares for 29.82 million yuan, which is 0.120% of its total share capital [2]. - AAC Technologies (02018) repurchased 300,000 shares for 11.97 million yuan, representing 0.212% of its total share capital [2]. - Yimeng Sunshine (N23020) repurchased 604,000 shares for 9.97 million yuan, accounting for 1.732% of its total share capital [2]. Group 2: Other Notable Buybacks - Kweichow Moutai (09987) repurchased 17,400 shares for 6.27 million yuan, which is 3.190% of its total share capital [2]. - Antong Oilfield Services (03337) repurchased 6.01 million shares for 5.99 million yuan, representing 1.660% of its total share capital [2]. - MGM China (02282) repurchased 338,700 shares for 5.45 million yuan, accounting for 0.763% of its total share capital [2]. - China Feihe (06186) has a cumulative buyback of 12.8 million shares for the year, which is 1.412% of its total share capital [2].

智通财经APP讯，首佳科技(00103)发布公告，于2025年11月14日，该公司斥资16.25万港元回购4.68万 股。 ...

首佳科技(00103)发布公告，于2025年11月14日，该公司斥资16.25万港元回购4.68万股。 ...