Core Viewpoint - 首程控股's stock rose over 3%, currently at 2.51 HKD, with a trading volume of 111 million HKD, following the announcement of an investment in Wuxi Quanzhibo Technology Co., Ltd. by its subsidiary, Beijing Robot Industry Development Investment Fund [1] Company Summary - 首程控股 announced an investment in Wuxi Quanzhibo, a leading manufacturer of integrated robotic joints in China, which has a product line that includes humanoid robots, robotic dogs, robotic arms, and exoskeletons [1] - The company is deepening its investment in the robotics sector, having invested in several leading firms such as Yushu Technology, Galaxy General, Xinghai Map, Songyan Power, Tupai Medical, and Yunji, covering various advanced fields including humanoid robots, medical robots, and industrial robots [1] Industry Summary - 中金 raised the target price for 首程控股 by 21% to 3.3 HKD per share, indicating a 30% upside potential from the current stock price, corresponding to a 2.8 times P/B for 2025, while maintaining an outperform rating for the industry [1]

智通财经APP获悉，首程控股(00697)涨超3%，截至发稿，涨3.46%，报2.51港元，成交额1.11亿港元。 值得一提的是，公司在机器人领域的布局持续深化，已投资多家头部企业，包括宇树科技、银河通用、 星海图、松延动力、图湃医疗、云鲸等，覆盖人形机器人、医疗机器人、工业机器人等多个前沿领域。 中金表示，考虑股权结构优化以及机器人产业发展利好不断释放，上调首程控股目标价21%至每股3.3 港元，较当前股价具备30%的上行空间，对应2.8倍2025年P/B，维持跑赢行业评级。 消息面上，首程控股公告，近日，集团所属首程资本旗下公司所管理的北京机器人产业发展投资基金投 资无锡泉智博科技有限公司。泉智博是国内领先的旋转一体化关节研发及制造厂商，其产品线涵盖人形 机器人、机器狗、机械臂、外骨骼等多种应用场景，并致力于新一代高扭矩密度、高力控精度、高效率 机器人一体化关节的研发与制造。 ...

Core Viewpoint - The report from CICC raises the target price for Shoucheng Holdings (00697) by 21% to HKD 3.3 per share, indicating a 30% upside potential from the current stock price, corresponding to a 2.8 times P/B for 2025, while maintaining an outperform rating for the industry [1]. Group 1: Share Structure Optimization - The transaction involving Chow Tai Fook's issuance of HKD 22.18 billion 0.75% exchangeable bonds, which will exchange for approximately 10% of Shoucheng Holdings' issued share capital, is seen as a significant opportunity for optimizing the shareholding structure of Shoucheng Holdings [2]. - Prior to 2025, Shoucheng Holdings had a high proportion of industrial investors compared to financial market institutional investors, which suppressed stock liquidity and the entry of new institutional investors. The company has taken multiple steps to improve liquidity, including issuing USD 1.8 billion convertible bonds to overseas investors and a recent HKD 600 million placement [3]. - Following the completion of the transaction, the effective float ratio of the company is expected to increase from around 10% to approximately 30%, significantly improving liquidity [3]. Group 2: Future Outlook - In the next 3-6 months, the company is expected to have further upside potential, with around 57% of the convertible bonds issued in the second quarter already converted, totaling approximately 500 million shares [4]. - The share exchange by Chow Tai Fook implies a price of HKD 2.65 per share, which is not expected to exert short-term pressure on the stock price [4]. - The company's profitability is anticipated to continue improving alongside the development of the robotics industry [4].

Group 1 - The core viewpoint of the report is that CICC has raised the target price for Shicheng Holdings (00697) by 21% to HKD 3.3 per share, indicating a 30% upside potential from the current stock price, corresponding to a 2.8 times P/B for 2025, while maintaining an outperform rating [1] Group 2 - On September 25, Chow Tai Fook announced plans to issue HKD 22.18 billion 0.75% exchangeable bonds due in 2028, exchanging approximately 10.0% of its issued share capital in Shicheng Holdings, leading to Chow Tai Fook's exit from its investment in Shicheng Holdings [2] Group 3 - The transaction is viewed as a significant opportunity for Shicheng Holdings to further optimize its shareholding structure, with the potential to increase the effective float ratio from around 10% to approximately 30% by 2025, thereby improving liquidity and attracting more institutional investors [3] Group 4 - In the next 3-6 months, the company is expected to have further upside potential, with around 57% of the convertible bonds issued in the second quarter already converted, and the share exchange by Chow Tai Fook implying a price of HKD 2.65 per share, which is not expected to exert short-term pressure on the stock price [4]

Major Events - China Railway (00390) recently won bids for 11 major projects, with a total contract value of approximately 50.215 billion yuan [1] - China Communications Technology (03969) secured four important projects in the railway market from July to August [1] - Chow Tai Fook (00659) plans to issue convertible bonds worth 2.218 billion HKD, converting approximately 10% of shares in First Journey Holdings (00697) [1] - Shanghai Pharmaceuticals (02607) transferred 40% equity of Shanghai Pharmaceuticals Group to Shanghai Shansi for about 6.7215 billion yuan [1] - Tianjin Port Development (03382) plans to invest 95.403 million yuan to acquire 5% equity in Eurasia International [1] - Tianjin Port Development (03382) intends to acquire 40% equity in Alliance International for 723 million yuan, increasing its stake to 100% [1] - First Journey Holdings (00697) received investment from Beijing Robotics Fund in Quan Zhi Bo, continuing to increase investment in the robotics industry [1] - Boleton (01333) signed a strategic cooperation agreement with Mingyang Mining to promote the electrification and intelligence of mining transportation [1] - China Biopharmaceutical (01177) completed the first patient enrollment in the Phase I clinical trial of LM-350 "CDH17 ADC" in Australia [1] - Xinjiang Xinmin Mining (03833) proposed to issue A-shares [1] - Jihong Co., Ltd. (02603) expects a year-on-year increase of 55%-65% in net profit attributable to shareholders for the first three quarters [1] Buybacks and Shareholding Changes - Tencent Holdings (00700) repurchased 844,000 shares for 550 million HKD on September 25 [1] - Midea Group (00300) repurchased 2.0 billion yuan worth of 2.7455 million A-shares on September 25 [1] - Anta Sports (02020) repurchased 99.819 million HKD worth of 106,500 shares on September 25 [1] - Guoquan (02517) plans to use up to 100 million HKD for further repurchase of H-shares [1] - Juzi Holding increased its stake by acquiring 1.15 million shares in Giant Bio (02367) [1] - Harmony Health, a shareholder of Goldwind Technology (02208), reduced its holdings by approximately 57.14185 million shares [1]

Core Viewpoint - The investment by Shoucheng Holdings in Wuxi Quanzhibo Technology Co., Ltd. aims to enhance core technology research and development, upgrade production manufacturing, and promote the application of robotics technology in broader scenarios [1] Investment Details - Shoucheng Capital, a wholly-owned subsidiary of Shoucheng Holdings, has invested in Beijing Robot Industry Development Investment Fund, which will support Wuxi Quanzhibo in strengthening its core technology and production capabilities [1] - The investment will focus on talent development, manufacturing upgrades, and quality system construction to drive innovation in robotics technology and deepen application solutions [1] Company Profile - Wuxi Quanzhibo is a leading manufacturer in the development and production of integrated rotary joints, with a product line that includes humanoid robots, robotic dogs, robotic arms, and exoskeletons [1] - The company is dedicated to the research and manufacturing of next-generation high-torque density, high-force control precision, and high-efficiency integrated joints [1] Future Strategy - Shoucheng Holdings plans to continue increasing its investment in the robotics industry, particularly through ongoing collaboration with leading companies in the sector [1] - The goal is to empower invested companies through capital and industrial synergy, accelerating the commercial closure and technological iteration of the robotics industry in China [1]

Group 1 - The core viewpoint of the article is that 首程控股 (Shou Cheng Holdings) has announced an investment in Wuxi Quanzhi Technology Co., Ltd. through its subsidiary, Beijing Robot Industry Development Investment Fund, which will enhance the technological development and manufacturing capabilities of the invested company [1] - The investment will focus on talent development, manufacturing upgrades, and quality system construction, aiming to deepen the innovation of robotic technology and application solutions [1] - The company is committed to increasing its investment in the robotics industry and collaborating with leading enterprises to promote the commercial closure and technological iteration of the invested companies [1] Group 2 - Quanzhi Technology is a leading manufacturer of integrated rotary joints in China, with a product line that includes humanoid robots, robotic dogs, robotic arms, and exoskeletons [1] - The investment is expected to drive the development of next-generation high-torque density, high-precision control, and high-efficiency robotic integrated joints [1] - The company aims to build a core supply chain enterprise for the robotic era through intelligent manufacturing and service upgrades [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而産生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公司董事會欣然宣佈，近日，本集團所屬首程資本旗下公司（本公司之全資附屬公司） 所管理的北京機器人產業發展投資基金（有限合夥）(「北京機器人基金」)投資無錫泉 智博科技有限公司(「泉智博」)。本次投資將有力推動被投企業進一步加強核心技術研 發，推進生產製造的迭代升級，促進機器人技術在更廣泛場景中的應用。 泉智博是國內領先的旋轉一體化關節研發及製造廠商，其產品線涵蓋人形機器人、機器 狗、機械臂、外骨骼等多種應用場景，並致力於新一代高扭矩密度、高力控精度、高效 率機器人一體化關節的研發與製造。此次投資將重點投入人才梯隊建設、生產製造升級 及品質體系構建，進一步推動機器人技術的創新與應用場景解決方案的深化，通過智能 製造與服務升級，構建面向機器人時代的核心供應鏈鏈主企業。 本集團未來將堅定不移地持續加大在機器人產業的投資佈局，尤其是與行業頭部企業進 行持續合作，致力於通過資本賦能和產業協同，推動被投企業產業加 ...

Core Viewpoint - The company has received notification from early investor Chow Tai Fook Enterprises Limited regarding the successful issuance of exchangeable bonds totaling approximately HKD 2.2 billion, aimed at improving cash flow [1] Group 1: Company Actions - The company expresses heartfelt congratulations on the successful bond issuance by Chow Tai Fook Enterprises Limited [1] - The company emphasizes its core mission to continuously create comprehensive value for all shareholders through business development [1] Group 2: Future Outlook - The company plans to maintain an entrepreneurial spirit, focusing on careful and dedicated management to provide long-term sustainable returns for all shareholders [1] - The company looks forward to continued attention and support from more investors for its growth and development [1]

Core Viewpoint - The company has received notification from early investor Chow Tai Fook Enterprises Limited regarding the successful issuance of exchangeable bonds totaling approximately HKD 2.2 billion, aimed at achieving better cash flow [1] Group 1 - The company expresses heartfelt congratulations on the successful bond issuance [1] - The core mission of the company is to continuously create comprehensive value for all shareholders through business development, which serves as the driving force for the company's progress [1] - The company plans to maintain an entrepreneurial spirit, focusing on careful and dedicated management to provide long-term sustainable returns for all shareholders [1] Group 2 - The company looks forward to continued attention and support from more investors for its growth and development [1]