◎记者 梁银妍 当前，智能机器人领域正处于高速发展期。首程控股执委会委员、联席总裁叶芊近日在接受上海证券报 记者专访时表示，人形机器人作为技术门槛最高、系统集成最复杂的品类，正加速走向规模化落地，多 家头部企业产能有望在今年突破千台大关，2025年或是人形机器人的"量产元年"。 "未来两到三年内，首程控股每年将通过旗下基金平台投资10家以上精选机器人企业。"他表示，接下来 将重点布局三大方向：一是垂直领域创新，包括医疗、工业等细分场景的专用机器人；二是供应链核心 技术，如关节模块、灵巧手、传感器等关键零部件；三是人机交互升级智能体机器人，比如聚焦情感陪 伴、家庭服务等消费级机器人。 同时，机器人行业技术迭代快、风险维度复杂，风控必须贯穿项目全生命周期。他告诉记者，旗下基金 平台构建了一套覆盖"投前、投中、投后"的全链条风控体系，在投前阶段，通过分行业、分阶段的"尽 调清单库"快速筛选项目，并结合自研的"企业价值评估模型"，从技术、团队、商业化三个大维度12个 子维度对标的进行量化分析；在投后管理阶段，提供从场景到供应链的赋能服务。 投资行业要有一个"长链条"。叶芊说，以"投科技、引链主、强赋能"为抓手，目前公 ...

Summary of the Conference Call for 首程控股 Company Overview - **Company**: 首程控股 (Shou Cheng Holdings) - **Industry**: Infrastructure Management and Investment Key Points and Arguments Financial Performance - In Q1 2025, 首程控股 reported an asset operation revenue of HKD 258 million, a year-on-year increase of 27%, driven by the parking and park sectors [2][3] - The company achieved a net profit attributable to shareholders of HKD 213 million, an 80% increase compared to the same period last year, primarily due to investment income [3][6] Business Segments - **Asset Operation**: Revenue of HKD 258 million, with significant contributions from airport parking projects and increased parking fees [3] - **Asset Financing**: Revenue of HKD 94 million, with the establishment of regional funds in collaboration with Shanghai Baoshan District and Chengdu Wuhou District [4][5] Investment Strategies - The company has invested in 16 robotics-related projects, focusing on core robotics companies and planning to increase investments in robotics components in 2025 [2][10] - A new "charging and parking" business model has been introduced, enhancing revenue through various participation modes, including partnerships and acquisitions in key urban areas [2][9] Robotics Sector - The establishment of a robotics technology company focusing on sales agency, leasing, supply chain management, and industry consulting, with a focus on medical robotics [12] - The company aims to leverage its experience in parking complex construction to support low-altitude aircraft development [11] Future Plans - The company plans to maintain a dividend payout ratio of no less than 80% of net profit attributable to shareholders until 2027, emphasizing its growth and high dividend potential [4][22] - There is a focus on commercializing large model training and its application in vertical scenarios, aiming to bridge the gap between laboratory stages and actual demand [20][23] Market Positioning - 首程控股 positions itself as a growth-oriented company with a strong dividend policy, aiming to reward shareholders while investing in high-potential sectors like robotics and infrastructure [22] Additional Insights - The company is exploring the integration of robotics in municipal parks, with potential applications for various types of robots [15] - The leasing business is segmented into exhibition, property management, and financial leasing, with varying profit margins expected to improve as the industry matures [16][17] Conclusion - 首程控股 demonstrates robust growth in its core operations, strategic investments in emerging technologies, and a commitment to shareholder returns, positioning itself well for future opportunities in the infrastructure and robotics sectors [19][22]

Core Viewpoint - The company, Shoucheng Holdings, reported a significant increase in shareholder profit and revenue for Q1 2025, indicating strong growth in its core business areas and a positive outlook for future performance [1][4]. Financial Performance - Shareholder profit reached HKD 213 million, a year-on-year increase of 80.5% [1]. - Revenue amounted to HKD 352 million, showing a year-on-year growth [1]. Business Strategy - The company operates in the smart infrastructure sector, focusing on asset operation and financing, including REITs and robotics, to drive sustainable growth [1]. - Management emphasized the deep synergy among four business segments, showcasing significant cross-empowerment effects in financial data [1]. Investment and Robotics - The company has invested in nearly 20 robotics firms, with an overall return rate exceeding 3 times, and some projects seeing valuation increases of over 10 times [2][8]. - Three invested robotics companies are expected to go public next year, further enhancing the company's investment returns [2]. Dividend Policy - The company announced a special dividend distribution plan totaling HKD 888 million, with multiple dividend payments scheduled throughout the year [6]. - The company maintains a high dividend payout ratio, reflecting its commitment to returning value to shareholders [6]. Business Growth Areas - The parking and park management sectors have shown robust growth, with a 40% revenue increase last year and an expected 30% growth this year [5]. - The company is innovating in parking asset management by transforming traditional revenue models into a mixed revenue system [5]. Robotics Ecosystem - The company has established a comprehensive ecosystem in the robotics sector, investing in various projects across humanoid, industrial, and medical robotics [7][10]. - The company aims to create a representative "industry ETF" in the robotics field by continuing to invest in approximately 20 robotics companies annually [8]. Future Outlook - The company is confident in maintaining a strong growth trajectory, supported by its dual business structure of stable core operations and innovative robotics contributions [9]. - Specific vertical applications for robotics are expected to scale in the next two years, focusing on high-value scenarios such as power inspection and medical assistance [11].

Summary of the Conference Call for 首程控股 Company Overview - **Company**: 首程控股 (Shou Cheng Holdings) - **Industry**: Smart Infrastructure and Asset Management Key Points and Arguments Financial Performance - **Q1 2025 Revenue**: 2.58 billion HKD, a 27% increase year-on-year, driven by new property company and parking projects, as well as price increases at Beijing airport and breakthroughs in advertising business [2][3][5] - **Net Profit**: 2.13 billion HKD, an 80% increase year-on-year, primarily due to investment income [3] - **Asset Financing Revenue**: 0.94 billion HKD, with ongoing fundraising and investment efforts through regional funds and a 100 billion HKD stabilization fund with China Life [2][3][5] Business Strategy - **Focus on Smart Infrastructure**: Positioned as a service provider for smart infrastructure assets, with investments in nearly 20 robotics companies and plans for further expansion [4][14] - **Parking Business**: A crucial component of the company’s strategy, leveraging innovative value-added services and digital operations to enhance value [11][27] - **Future Revenue Structure**: Expected stable growth in fund management fees and a strategic exit from invested projects to achieve excess returns [6][7][8] Market Outlook - **New Airport Projects**: Optimistic about revenue growth from new airport projects like Xi'an Xianyang Airport and parking business, with a market-driven pricing strategy [10][12] - **Emerging Markets**: Anticipation of significant contributions from new projects, particularly in the electric power inspection market, which is expected to explode in 2025 [26] Robotics and Technology - **Investment in Robotics**: Focus on enabling robotics companies through open scenarios, addressing funding and supply-demand mismatches [4][23][25] - **Future Development**: Plans to engage in sales agency, financing leasing, and supply chain management to facilitate the application of robotics in various sectors [17][30] Challenges and Solutions - **Funding Issues**: Addressing funding challenges for local manufacturers through financing solutions [25] - **Market Dynamics**: Awareness of market bubbles and the importance of maintaining clarity in investment decisions [15][16] Dividend Policy - **High Dividend Strategy**: The company aims to maintain a high dividend policy due to its asset cycling model, which allows for risk control while expanding its asset base [22] Conclusion - **Long-term Vision**: The company is committed to becoming a leading player in smart infrastructure and robotics, with a focus on sustainable growth and innovation in asset management and technology applications [19][21]

Financial Performance - The company recorded revenue of approximately HKD 352.15 million for the three months ended March 31, 2025, compared to HKD 351.38 million in the same period last year, representing a slight increase [5]. - Profit attributable to the company's owners was approximately HKD 212.86 million, an increase of about 80.5% compared to HKD 118.13 million in the same period last year [5]. - Basic and diluted earnings per share for the period were HKD 0.0299, up from HKD 0.0165 in the previous year [5]. - Asset operation revenue was approximately HKD 258.35 million, an increase of about 27% year-on-year, while asset financing revenue decreased by approximately 37% to HKD 93.81 million [11]. - Total assets as of March 31, 2025, were HKD 14.28 billion, up from HKD 13.83 billion as of December 31, 2024 [9]. - The company's debt-to-asset ratio increased to 36.8% from 31.2% as of December 31, 2024, primarily due to the declaration of special dividends [8]. - The debt-to-capital ratio rose to 16.7% from 15.9% as of December 31, 2024 [10]. Strategic Investments - The company has invested in high-turnover parking resources in key cities, with the Xi'an Xianyang International Airport project commencing operations in February 2025, featuring over 5,200 parking spaces [12]. - The company established a RMB 5.237 billion infrastructure real estate investment fund in partnership with China Life Insurance, focusing on strategic placements in publicly offered infrastructure REITs [14]. - The company is actively investing in the robotics industry, with multiple investments completed this year, including companies like TuPai Medical and YunJing, to enhance product iteration and upgrade [13]. Operational Enhancements - The company is actively promoting digital transformation in operations, completing the iteration of the parking management system "Speedy Guest V3" and enhancing operational efficiency through AI technology [12]. - The company is enhancing its asset management capabilities through a dual empowerment model of asset financing and operation, aiming to improve industry service capabilities [13]. - A 2,000 square meter application scenario was created for YunJing at the company's managed Rongshi Plaza project, facilitating real-time data access for operational algorithm iteration [13]. Cautionary Notes - The company emphasizes the importance of cautious interpretation of quarterly financial data due to market fluctuations and currency exchange rate volatility [15]. - The board warns shareholders and potential investors to be cautious in relying on unaudited financial data for investment decisions [15]. Future Outlook - The board expresses gratitude to strategic shareholders for their support, indicating a commitment to expanding intelligent industry services and enhancing asset value through robotics and AI [16]. - The company aims to deepen the integration of "industry + capital" to accelerate the commercialization of high-quality robotics enterprises [13]. - The company is focused on providing comprehensive support for robotics products by leveraging its resources in parking asset management and park operations [13]. - The company plans to drive the intelligent transformation of infrastructure assets to create long-term returns for shareholders [16].

Investment Rating - The investment rating for the company is "Accumulate" [8][15]. Core Views - The company demonstrates significant growth potential, with its business in the robotic ecosystem and parking asset management achieving breakthroughs. In 2024, both segments drove high revenue growth and provided unexpected dividends to shareholders [4][8]. - The company is expected to continue focusing on "asset circulation + intelligent operation" in 2025, with anticipated earnings per share (EPS) of HKD 0.08, 0.10, and 0.12 for 2025 to 2027, respectively. A price-to-earnings (PE) ratio of 30X is applied for 2025, suggesting a target price of HKD 2.44 [8][9]. Financial Summary - Revenue for 2024 is projected at HKD 1.215 billion, a year-on-year increase of 37.5%. The revenue from asset operation is expected to be HKD 921 million, up 40%, while asset financing revenue is projected at HKD 294 million, a 30.7% increase. Gross profit is estimated at HKD 507 million, reflecting a 41% increase [7][8]. - The net profit attributable to the parent company is forecasted at HKD 410 million, a slight increase of 1.6% year-on-year, primarily due to a decline in dividend income from Shougang Resources and changes in the fair value of investment properties [8][9]. - The company maintains a strong cash reserve, with cash and cash equivalents expected to reach HKD 4.625 billion by 2025, supporting its business expansion [9]. Business Growth - The company is building a robust robotic ecosystem, planning to invest in 40 to 50 top robotic companies over the next 2 to 3 years to enhance product deployment and service offerings [8][9]. - In parking asset management, the company is expanding its "parking + charging" asset scale, with new projects at major transportation hubs, which is expected to drive dual growth in parking and charging revenues [8][9]. Dividend Policy - The total dividend payout for 2024 is projected to be approximately HKD 1.096 billion, exceeding market expectations, reflecting the company's confidence in its long-term investment value [8][9].

Group 1 - The core viewpoint of the report maintains the profit forecast for Shoucheng Holdings at HKD 604 million and HKD 706 million for 2025 and 2026 respectively, representing year-on-year growth of 47% and 17% [1] - The company is currently trading at 1.2 times the 2025 price-to-book ratio and 1.1 times the 2026 price-to-book ratio, with a target price set at HKD 2.50, corresponding to 1.8 times the 2025 price-to-book ratio [1] - The partnership agreement signed between Shoucheng Holdings' subsidiary and China Life focuses on establishing a partnership to invest in public REITs, with a total investment amount of RMB 5.237 billion [2] Group 2 - The partnership will invest in public REITs through strategic placements and non-public transactions, targeting key regions such as Beijing-Tianjin-Hebei, Xiong'an New Area, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area, and Hainan Free Trade Zone [2] - As of April 25, 2025, there are 65 public REITs listed in China with a total issuance scale of nearly RMB 170 billion, indicating a growing market opportunity for the company [2] - The company is actively investing in the robotics industry through a RMB 10 billion robotics industry fund, focusing on humanoid and medical robots [3] Group 3 - A recent procurement plan from a Beijing robotics leasing company, totaling RMB 3 billion, aims to enhance the application of robots in various sectors such as education, healthcare, and elderly care [4] - Shoucheng Holdings established Beijing Shoucheng Robotics Technology Industry Co., Ltd. to accelerate the deployment of quality robotics products [4] - The collaboration with Tencent for investment in Yunji Intelligent, a company focused on household intelligent robots, is expected to broaden the company's growth potential [3]

Summary of Conference Call Company Overview - The company discussed is Shoucheng Holdings, which has transitioned from being a core infrastructure service provider in China to a smart infrastructure asset service provider, reflecting a shift in its business model and identity [2][28]. Key Points and Arguments Business Model and Strategy - Shoucheng Holdings operates under an asset-light model, focusing on service provision rather than heavy asset ownership [2]. - The company has successfully entered various projects, including the operation of parking lots at major airports such as Guangzhou Baiyun Airport and others [3]. - The company is deepening its involvement in the parking and charging sector, which is expected to create a second growth curve [3]. - The company aims to establish a robotics industry cluster at its Shougang Dong'ao Plaza, targeting the integration of upstream and downstream enterprises in the robotics supply chain [4]. Financial Performance - For 2024, the company reported a revenue of HKD 9.21 billion from asset operations, a 40% year-on-year increase, and HKD 2.94 billion from asset financing, a 31% increase [7]. - The net profit for 2024 was HKD 7.11 billion, showing a slight increase compared to 2023, attributed to reduced dividends from held resources [23]. - The company has a strong cash position with over HKD 4 billion available, allowing it to repay all loans if necessary [9]. Investment and Growth Plans - Shoucheng Holdings is actively investing in the robotics sector, having established a fund with a total scale of HKD 10 billion, focusing on top-tier startups in the robotics field [10][11]. - The company plans to continue investing in various robotics applications, including industrial and medical sectors, and aims to expand its investment portfolio in 2025 [16]. - The company has a strategic plan to maintain a dividend payout of at least 80% of the announced amount each year [31]. Market Position and Future Outlook - Shoucheng Holdings is positioned as the largest industrial investor in the Swiss market, collaborating with major insurance companies to establish multiple funds [37]. - The company is optimistic about its growth trajectory, with plans to enhance its operational efficiency and expand its service offerings in the parking and property management sectors [36][42]. - The management emphasizes the importance of maintaining a balance between stable income from asset operations and growth potential from equity investments [35]. Other Important but Overlooked Content - The company has faced challenges in the past, including a drop in stock price due to market conditions, but management reassures investors of the company's solid fundamentals and low leverage [34]. - There is a focus on enhancing shareholder value through share buybacks, with a plan to repurchase up to HKD 300 million worth of shares in 2025 [22]. - The management acknowledges the competitive landscape in the robotics sector and aims to leverage its unique position and resources to capitalize on emerging opportunities [19][40].

Group 1 - The core investment event involves Shoucheng Holdings' investment in Yunji Intelligent Innovation, with a total financing scale of $100 million, co-led by Beijing Robotics Fund and Tencent, along with follow-up investments from Sci-Fi Fund and Ming Shi Venture Capital [1] - Yunji Intelligent, established in 2016, focuses on the home robotics sector and has been recognized as one of China's top 50 technology robotics companies for two consecutive years, as well as being listed on the Hurun Global Unicorn list for four years [1] - The company is projected to achieve over 130% year-on-year revenue growth in 2024, with overseas market growth nearing 700% [1] Group 2 - Shoucheng Capital's managing partner, Zhu Fangwen, expressed confidence in Yunji Intelligent's continuous technological innovation and product capabilities in the cleaning robot sector, highlighting the significant market potential for smart home appliances [1] - The investment signifies Shoucheng Holdings' strong recognition of the robotics sector, with a commitment to supporting innovative entrepreneurs and driving industry development [3] - Yunji Intelligent has signed a lease to establish a flagship smart exhibition hall and R&D headquarters in the Rongshi Plaza, which is expected to attract more high-quality robotics companies and talent [3] Group 3 - Shoucheng Holdings has made significant investments in leading companies in the robotics and artificial intelligence sectors, including Yushu Technology, Galaxy General, Weici Technology, Volant Aviation, and Wanxun Technology [3]

Core Insights - Shoucheng Holdings' subsidiary Shoucheng Capital has completed a $100 million investment in Yunji Intelligent Innovation, focusing on the home robotics sector [1][2] - Yunji Intelligent, established in 2016, specializes in high-performance smart home cleaning robots and has applied for over 1,200 technology patents [1] - In 2024, Yunji Intelligent's market share is increasing, with revenue growth exceeding 130% year-on-year and nearly 700% growth in overseas markets [1] Investment Details - The investment round was co-led by Beijing Robotics Fund and Tencent, with additional participation from Sci-Fi Fund and Mingshi Venture Capital [1] - The investment aims to support Yunji Intelligent's ongoing technological innovation and product development in the cleaning robot sector [2] Market Position - Yunji Intelligent has achieved the highest market share in the domestic vacuum cleaner market during the Double Twelve shopping festival, positioning itself as a leading global player in smart cleaning robots [1] - The company maintains a leading Net Promoter Score (NPS) in the industry, indicating strong customer satisfaction and loyalty [2] Future Outlook - The Beijing Robotics Fund is optimistic about Yunji Intelligent's potential in the smart home appliance market and plans to continue supporting the company's technological advancements and international market expansion [2]