首程控股4月14日宣布，旗下首程资本所管理的北京机器人产业发展投资基金近日完成对云鲸智能创新（深圳）有限公司（云鲸智能）的投资。该轮融资总 规模达1亿美元，由北京机器人基金与腾讯联合领投，科幻基金与明势创投加码跟投。 这一融资事件背后，标志着首程控股对机器人赛道的高度认可。近期，人形机器人行业引发业内激烈探讨，彼时首程控股发布公告，称"公司坚定看好中国 科技创新的潜力，坚定看好机器人行业的长期发展动能，并坚定陪伴创新型企业家们跨越周期，推动行业向前发展"。 另外，此前云鲸智能已签约入驻由首程控股管理运营的融石广场。融石广场位于新首钢国际人才社区内，集超甲级写字楼、轻奢公寓和主题商业于一体的办 公与生活空间。未来云鲸智能将在融石广场设立线下智能化旗舰展厅和北京研发总部。 云鲸智能成立于2016年，是一家立足家用机器人领域的科技公司，已连续两年被评为中国科技机器人企业50强，连续四年登上胡润全球独角兽企业榜，2024 年营收同比增长超130%，海外市场同比增长近700%。 首程资本管理合伙人朱方文表示，北京市机器人产业基金立足北京市产业战略布局，看好云鲸智能在清洁机器人领域持续的技术创新和产品化能力，也看好 未来 ...

本报讯(记者李春莲) 首程资本管理合伙人朱方文表示，北京市机器人产业基金立足北京市产业战略布局，看好云鲸智能在清 洁机器人领域持续的技术创新和产品化能力，也看好未来企业在家用具身智能的巨大市场潜力。扫地机 器人是当前家庭场景最大的机器人品类，不但有广阔的增长空间，更是家用具身智能不可忽视的发展路 径。云鲸智能成立至今，每代产品都有重大的技术突破，NPS(净推荐值)保持行业领先。公司在2024年 完成了多产品线布局和海外市场拓展等多项突破，机器人基金将持续支持云鲸智能的技术研发、产品升 级和海外市场拓展，一路陪伴公司成长壮大，期待云鲸智能用新科技为现代家庭创造更多的自由与便 利。 近日，首程控股有限公司(以下简称"首程控股")旗下首程资本所管理的北京机器人产业发展投资基金完 成对云鲸智能创新(深圳)有限公司(以下简称"云鲸智能")的投资。该轮融资总规模达1亿美元，由北京机 器人基金与腾讯联合领投，科幻基金与明势创投加码跟投。 云鲸智能成立于2016年，是一家立足家用机器人领域、致力于研发革命性科技产品的公司，以用户需求 为导向打造高性能智能家居清洁机器人。云鲸团队以产品创新为核心，强调原创精神，在技术创新方向 ...

本报讯 （记者李静）4月11日，现货黄金站上3200美元/盎司，再创历史新高。截至发稿，现货黄金报 3218.63美元/盎司。 尽管金价屡创新高，但市场分析人士提醒，投资者在把握机会的同时，需保持理性，谨慎布局，以应对 可能的市场波动。 与此同时，黄金概念股持续走强。截至发稿，欧亚集团（股票代码：600697）涨停，四川黄金、晓程科 技、赤峰黄金、湖南黄金涨超5%，明牌珠宝、山金国际、山东黄金、中金黄金等跟涨。 值得一提的是，此次现货黄金突破3200美元/盎司大关，距离上次突破3100美元/盎司仅过去十余天时 间。年内金价已累计上涨近22%，显示出黄金市场的强劲势头。业内分析人士指出，当前全球经济形势 依然复杂多变，地缘政治风险依然存在，这为黄金价格的进一步上涨提供了可能。 受到国际金价大涨影响，国内多个黄金饰品克价在4月11日大涨。其中，周大福报990元/克，老凤祥报 978元/克，周生生报991元/克。 中银证券研报认为，未来全球央行黄金储备仍有增长空间，避险需求对金价的推动短期并未结束，实际 利率仍有向下的可能性，因此以伦敦现货黄金度量的黄金价格上涨的逻辑仍在。 高盛集团最新报告将2025年底黄金价格预 ...

Financial Performance - Revenue for the year ended December 31, 2024, increased to HK$ 1,215 million, up from HK$ 883 million in 2023, representing a growth of approximately 37.6%[26] - Operating profit for the same period decreased slightly to HK$ 612 million from HK$ 635 million in 2023, reflecting a decline of about 3.6%[26] - Basic and diluted earnings per share rose to HK$ 5.76 in 2024, compared to HK$ 5.57 in 2023, indicating an increase of approximately 3.4%[28] - The total assets increased to HK$13,829 million in 2024 from HK$13,523 million in 2023, reflecting a growth of 2.3%[30] - The company reported a record annual dividend payout of HK$1.096 billion, the highest since 2017, with a year-on-year revenue growth of 38%[31] - Interest-bearing debt stands at HK$1.496 billion, with a debt-to-asset ratio of only 10.8%, indicating strong financial health[31] - The asset-liability ratio increased to 31.2% in 2024 from 25.7% in 2023, showing a shift in financial structure[30] - Profit attributable to owners of the Company amounted to approximately HK$410 million, representing an increase of approximately 1.5% compared to the same period last year[83] - Adjusted EBITDA for 2024 was HK$854 million, compared to HK$671 million in 2023[87] - The overall gross profit margin improved to approximately 41.7%, up from 40.7% in the previous year[98] Strategic Focus and Business Development - The company continues to focus on asset operation and FIME, enhancing the scale and efficiency of infrastructure asset management[15] - Shoucheng Holdings is strategically deploying in the robotics industry and other sectors, transitioning into an intelligent infrastructure service provider[21] - The company aims to leverage public offering REITs in Mainland China to integrate industry and finance in infrastructure operation and asset securitization[20] - The company divested partial equity interest in Shougang Fushan Resources Group Limited to optimize its asset structure[14] - New business segments such as long-term rental apartments and community commercial properties are expected to become new growth drivers[32] - The establishment of the Beijing Pingzhun Infrastructure Real Estate Investment Fund, one of the largest stabilization funds, marks a significant investment strategy[35] - The Group aims to create a complete robot industry ecosystem encompassing investment, production, and services through a triple empowerment model[74] - The Group's strategy includes enhancing operational efficiency and asset securitization to accelerate capital return[73] - The Group aims to diversify funding sources through banking and capital markets, with a focus on matching financing arrangements to business characteristics and cash flows[142] Corporate Governance and Leadership - Mr. Zhao Tianyang has been appointed as the Executive Director and Chairman of the Board since January 6, 2018, bringing extensive experience in management and investment operations[46] - Mr. Xu Liang, appointed as Executive Director on May 21, 2018, has held various senior positions within the company since joining in 1988, indicating strong leadership continuity[47] - Mr. Wu Lishun was appointed as a Non-executive Director on December 5, 2023, with a background in state-owned capital management and securities[48] - The company is focused on expanding its market presence through strategic appointments and leveraging the expertise of its directors in various sectors[49] - The board's composition reflects a blend of financial, legal, and operational expertise, which is crucial for navigating complex market conditions[54] - The independent directors contribute to the company's strategic decision-making and oversight functions[61][63] - The company is committed to leveraging the expertise of its board members to navigate complex regulatory environments[62] Investment and Asset Management - The Group expanded its asset management scale in areas such as parking mobility and industrial parks, leveraging its expertise in asset operation and FIME (fundraising, investment, management, and exit)[72] - The Group transitioned to digitalized and intelligent operations, enhancing operational efficiency and achieving asset appreciation through comprehensive upgrades of its asset management system[73] - The Group manages the Beijing Robot Industry Development Investment Fund with a scale of RMB 10 billion, focusing on deep investments in the robot industry[74] - The Group obtained operation rights for multiple airport parking projects, including Guangzhou Baiyun International Airport and Tibet Lhasa Gonggar International Airport, solidifying its leading position in airport parking[79] - The Group's capital structure includes borrowings, bond payables, and equity, with a strategy to balance debt and equity to maximize shareholder returns[139] Employee Welfare and Corporate Culture - The Group had a total of 450 employees as of December 31, 2024, promoting equal employment opportunities and a discrimination-free working environment[175] - The remuneration policy is designed to ensure competitive and fair compensation, with a focus on performance-linked remuneration[176] - The Group provides various employee welfare benefits, including social insurance and annual medical checks, in compliance with state regulations[180] - The Group's corporate culture emphasizes values such as customer first, team cooperation, and quality first, promoting operational efficiency[191]

Core Viewpoint - The report from CICC maintains the profit forecast for Shoucheng Holdings (00697) at HKD 604 million and HKD 706 million for 2025-2026, representing year-on-year growth of 47% and 17% respectively, and retains a "outperforming the industry" rating with a target price of HKD 2.50. The company is expected to maintain a good development trend due to the expansion of asset management scale and improved management efficiency, benefiting its parking operation and fund management businesses, while also planning to invest in new productivity sectors such as robotics and new materials, which may bring new growth opportunities [1] Group 1: 2024 Performance - In 2024, the company achieved revenue of HKD 1.215 billion and gross profit of HKD 507 million, representing year-on-year increases of 38% and 41% respectively, with net profit attributable to shareholders rising 2% to HKD 410 million, aligning with market expectations. The company declared a final dividend and special dividend totaling HKD 888 million, combined with an interim dividend of HKD 208 million, resulting in a total annual dividend of HKD 1.096 billion, corresponding to a dividend yield of 9.4% as of March 27, 2025 [1][2] Group 2: Core Business Growth - The company’s revenue of HKD 1.215 billion in 2024 was primarily driven by growth in core businesses within the asset operation and financing segments: 1) The asset operation segment saw revenue increase by 40% to HKD 921 million, mainly from a 45% rise in operational service revenue to HKD 823 million, with franchise and leasing income at HKD 47 million and HKD 51 million respectively; 2) The asset financing segment's revenue increased by 31% to HKD 294 million, although it would have decreased by 22% year-on-year if investment income were excluded. The fund management service business remained stable, with revenue rising 4.6% to HKD 192 million [2] Group 3: High Dividend Payout - The company announced a final dividend of HKD 120 million and a special dividend of HKD 768 million, totaling HKD 888 million, which exceeds market expectations. The special dividend will be distributed in three batches of HKD 256 million each, with record dates for shareholders on April 14, September 16, and December 29, 2025. This move reflects the company's confidence and aims to maximize shareholder value [3] Group 4: Financial Health - In 2024, the company's financial costs rose by 10% to HKD 116 million, primarily due to increased interest on lease liabilities. The debt-to-asset ratio increased by 5.5 percentage points to 31.2%, but remains at a healthy level within the industry [4]

Core Viewpoint - The pursuit of stable returns by investors has become a clear consensus amid the dual backdrop of the "Nine Policies" promoting dividends and increasing market volatility, with high dividend strategies emerging as a stabilizing force in the capital market [1][8]. Group 1: Dividend Strategy and Performance - The company has proposed a total dividend of HKD 10.96 billion for the fiscal year ending December 31, 2024, including an interim dividend of HKD 2.09 billion and a final dividend of HKD 8.88 billion [1][2]. - Since 2018, the company has cumulatively distributed dividends amounting to HKD 51.92 billion, showcasing strong profitability and cash flow management [3][4]. - The company has maintained a dual dividend model of interim and final dividends for five consecutive years from 2020 to 2024, providing predictable returns for long-term investors [4][5]. Group 2: Business Stability and Growth Potential - The company's dividend yield has consistently ranged between 5% and 8%, significantly exceeding bank deposit rates and most fixed-income products, making it attractive for investors seeking stable returns [5][6]. - The company has a strong asset quality, with new parking projects at major international airports contributing to sustainable revenue and cash flow [6][7]. - The company has established a competitive edge through its asset financing business, benefiting from policy incentives and the expansion of the public REITs market [6][7]. Group 3: Credit Rating and Market Position - The company's continuous dividend record supports its credit rating and optimizes financing costs, creating a virtuous cycle [7]. - In 2024, the company received an AAA credit rating from two credit rating agencies, reflecting its financial health and stability [7]. Group 4: Conclusion - The company's long-standing high dividend practice not only validates its profitability and financial health but also demonstrates a commitment to sharing development results with shareholders [8]. - In an increasingly uncertain market environment, the company's seven-year dividend history enhances its long-term investment value, making it a worthy addition for investors focused on cash flow returns [8].

Core Viewpoint - The company has demonstrated strong financial performance and growth potential in the robotics industry, leading to significant market interest and a stock price increase of 91% over 12 trading days starting February 7 [1] Financial Performance - For the fiscal year 2024, the company reported revenue of HKD 1.215 billion, a year-on-year increase of 37.5%, and a gross profit of HKD 507 million, up 41% [1] - The company has high liquidity assets amounting to HKD 4.368 billion and a low debt-to-asset ratio of 31.2%, significantly below the industry average [1][2] - The board proposed a total dividend and special dividend of HKD 888 million for the fiscal year ending December 31, 2024, along with a mid-year dividend of HKD 208 million, totaling HKD 1.096 billion [1] Business Model and Strategy - The company's business model, termed "Asset Circulation + Intelligent Operation," has been pivotal in achieving operational efficiency and cash flow stability [3] - The asset operation segment generated revenue of HKD 921 million, reflecting a 40% increase, driven by expansion in parking lots and industrial parks [3][4] - The company has established a comprehensive network in parking asset management, enhancing operational efficiency through technology [4] Expansion and Investment - The company has launched two major funds aimed at infrastructure investment, with a total scale of HKD 10 billion, indicating strong growth potential in its asset financing business [7][8] - The REITs market recovery has positively impacted the company's asset financing segment, which saw a revenue increase of 31% to HKD 284 million in 2024 [8][9] - The company has also made significant investments in the robotics sector, establishing a fund with a total scale of RMB 10 billion to support the entire robotics industry chain [9][10] Future Outlook - The company is expected to maintain a stable growth trajectory supported by its strong financial foundation and proactive shareholder return strategies, which may enhance its valuation in the capital market [11][12] - The management's confidence in future growth is reflected in the announced dividend and share buyback plans, totaling HKD 1.396 billion [11]

Core Insights - The company reported a strong performance for 2024, with revenue reaching HKD 1.215 billion, a 37.5% increase year-on-year, and gross profit of HKD 507 million, up 41% from the previous year, showcasing its operational excellence and growth momentum [1][2] - The board proposed a total dividend of HKD 888 million, significantly higher than industry peers, reflecting the company's commitment to shareholder returns [1][2] Financial Performance - Revenue for 2024 was HKD 1.215 billion, a 37.5% increase compared to the previous year [1] - Gross profit reached HKD 507 million, representing a 41% year-on-year growth [1] - The company maintained a healthy asset structure with cash reserves exceeding HKD 2.6 billion [1] Dividend Policy - The proposed total dividend of HKD 888 million for the year ending December 31, 2024, demonstrates a strong commitment to shareholder returns [1] - Since 2018, the total dividends distributed have reached HKD 5.192 billion, with most annual distributions ranging between HKD 700 million to HKD 800 million [1] Business Expansion - The company expanded its parking asset management by adding operations at major airports and securing projects in key regions, reinforcing its leading position in the parking sector [2] - The company manages over 1 million square meters of area in industrial parks and rental housing, with a reserve of over 10 million square meters [2] Asset Management and Investment - The company established two large-scale REITs with insurance partners, enhancing asset circulation efficiency [3] - It participated in strategic investments in various REITs, broadening its investment asset coverage [3] - The company is actively investing in the robotics sector through its investment fund and plans to establish a new robotics company to capture growth opportunities [3]

Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 1.215 billion, an increase of 37.5% compared to HKD 883.478 million in 2023[4] - Basic and diluted earnings per share for the year were HKD 5.76, up from HKD 5.57 in the previous year[6] - Profit attributable to the owners of the company increased from HKD 404 million in 2023 to HKD 410 million in 2024[4] - The total comprehensive loss for the year was HKD 91.741 million, compared to a comprehensive income of HKD 590.997 million in the previous year[6] - Operating service revenue rose to HKD 823,446,000, up 45.0% from HKD 567,807,000 in the previous year[15] - The adjusted EBITDA for 2024 was HKD 854 million, compared to HKD 671 million in 2023[40] - The overall gross profit margin improved to approximately 41.7%, compared to 40.7% in the previous year[43] Dividends - The company declared a total dividend of HKD 328 million for the year, consisting of an interim dividend of HKD 208 million and a proposed final dividend of HKD 120 million[3] - The final dividend proposed for the year ending December 31, 2024, is HKD 120,000,000, down from HKD 161,000,000 in 2023[33] - The interim dividend for the six months ending June 30, 2024, was declared at HKD 203,432,000, compared to HKD 236,663,000 in 2023[32] Assets and Liabilities - Non-current assets totaled HKD 7.312 billion, a decrease from HKD 7.878 billion in 2023[7] - Current assets increased to HKD 6.517 billion from HKD 5.644 billion in 2023[7] - Total liabilities rose to HKD 4.313 billion from HKD 3.482 billion in the previous year[8] - The company's equity attributable to owners decreased to HKD 9.421 billion from HKD 9.923 billion in 2023[8] - High liquidity assets increased to HKD 2,622 million as of December 31, 2024, compared to HKD 2,263 million in the previous year[55] - As of December 31, 2024, the company's debt-to-asset ratio increased to 31.2%, up from 25.7% in 2023, with total liabilities rising to HKD 4,313 million from HKD 3,482 million[56] - The debt-to-equity ratio as of December 31, 2024, was 15.9%, a significant increase from 8.0% in 2023, with total borrowings rising to HKD 1,496 million from HKD 793 million[57] Shareholder Actions - The company repurchased 40,856,000 shares in 2024 at a total cost of approximately HKD 58,736,000[31] - The company issued 252,802,000 new shares at HKD 1.80 per share in January 2023, raising approximately HKD 448,000,000[31] - The company repurchased a total of 40,856,000 shares at a total cost of HKD 58,736,737.57 during the fiscal year ending December 31, 2024[70] Tax and Financial Costs - The company reported a significant increase in income tax provision to HKD 85,581,000 for 2024, compared to HKD 6,906,000 in 2023[19] - The company reported a net finance cost of HKD 116.287 million, compared to HKD 105.689 million in the previous year[5] - The financial cost for the year was HKD 116 million, a 10.0% increase from the previous year, primarily due to rising lease liabilities[44] Investments and Projects - The company expanded its asset management scale in the parking and transportation sector by acquiring operational rights for multiple airport parking projects in 2024[38] - The first customized project, "Ideal Auto Headquarters Phase II," was fully operational in Q1 2024, enhancing the company's presence in the industrial park sector[39] - The company is deepening its layout in the robotics industry through the newly established Beijing Shoucheng Robotics Technology Industry Co., Ltd., leveraging a HKD 10 billion fund[37] - The group successfully completed the operational handover of major parking projects at Guangzhou Baiyun International Airport and Beijing Fengtai Station, and secured additional projects at Lhasa Gonggar Airport and Tianjin Binhai International Airport[47] - The group issued a second phase of parking asset REITs with a priority rate of 2.4% in December 2024, enhancing cash flow and revenue levels from quality parking asset projects in key regions[48] Risk Management and Governance - The group faces various financial risks, including market, credit, and liquidity risks, and has established a comprehensive risk management plan[51] - The group maintains a balanced capital structure to maximize shareholder returns, with regular reviews of its capital management strategy[54] - The company has adhered to all provisions of the Corporate Governance Code during the fiscal year ending December 31, 2024[71] Employee and Social Responsibility - The company had a total of 450 employees as of December 31, 2024, promoting equal employment opportunities and a non-discriminatory work environment[65] - The company is committed to providing comprehensive social insurance benefits for all employees, including retirement plans and annual health check-ups[66] - The compensation policy is designed to ensure fairness and competitiveness, with a performance-based incentive system to retain talent[65] Future Outlook - The company plans to allocate approximately HKD 89 million for infrastructure asset management and HKD 60 million for general working capital from the proceeds of a convertible bond issuance[63][64] - The company aims to enhance cash flow management flexibility through the reallocation of unutilized proceeds towards infrastructure asset management[63] - The board believes that strategic investments will provide stable returns for the company moving forward[59] - The company plans to increase investment in core regions and focus on industries such as parking, industrial parks, and consumer infrastructure assets with stable cash returns[68] - The company aims to deepen its investment in the robotics industry and establish a complete ecosystem for robotics[67] - The company expresses gratitude to shareholders and strategic investors for their support and aims to expand its smart industry services[72]

Investment Rating - The report suggests a positive outlook for the company, recommending active attention to its developments [4]. Core Insights - The establishment of a robotics company aims to empower the entire robotics industry through diverse services such as sales agency, leasing, industry consulting, and supply chain management, enhancing the application of quality robotics enterprises and products [2]. - The company has initiated a partnership to establish a Beijing Robotics Industry Development Investment Fund with a total commitment of 10 billion yuan, focusing on key sectors like humanoid robots, medical robots, and industrial automation, thereby creating a closed-loop system of investment, production, and services [3]. - The existing parking business provides stable cash flow and synergizes with investments in robotics and autonomous driving, positioning the company for potential growth as a platform and ecosystem enterprise [4]. Summary by Sections - **Investment Rating**: The company is expected to benefit from improved liquidity and valuation levels after being included in the Hang Seng Index and returning to the Hong Kong Stock Connect [4]. - **Robotics Company Establishment**: The new robotics company will leverage the company's strategic initiatives to enhance the commercialization of humanoid robots and improve industry service capabilities [2]. - **Investment Fund**: The partnership to create a 10 billion yuan fund will support innovative companies in the robotics sector, facilitating market access and technological implementation [3].