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。 調任董事、 委任獨立非執行董事 及 董事會委員會組成變更 董事會欣然宣 佈 以 下 董事調 任 、 董 事 委 任 以 及 董 事 會 委 員 會 組 成 變 更 ， 該 等變 更 均 自 2025 年 6 月 18 日 起生 效: (a) 李浩 先 生已 由 非執 行董 事 調 任 為 執行 董事 及 獲委 任 為提 名委 員 會成 員 ; (b) 劉 景 偉 先 生 已 由 非 執 行 董 事 調 任 為 執 行 董 事 及 不 再 擔 任 審 核 委 員 會 成 員; 及 (c) 謝其 潤 女士 獲 委任 為 獨 立 非執 行 董事 。 調 任 董 事 首程控股有限公司（「本 公 司 」連同其附屬公司「本集團」）董事會（「 董 事 會 」 ） 欣 然 宣 佈 ， 李 浩 先生（「 李 先 生 」）及 劉 景 偉 先 生 （ 「 劉先生 」 ） 已由 非 執行 董 事調 任為 執 行董 事 ，自 ...

Group 1: Major Contracts and Financial Performance - China Railway Group (00390.HK) recently won multiple major engineering contracts with a total bid amount of approximately RMB 91.2 billion, accounting for about 8.52% of the company's revenue under Chinese accounting standards for 2021 [1] - China People's Insurance Group (01339.HK) reported a total insurance premium income of RMB 452.46 billion from January to August 2022, representing a year-on-year growth of 9.89% [2] - China Coal Energy (01898.HK) announced that its coal sales volume in August reached 25.96 million tons, a year-on-year increase of 1.3%, while coal production was 10.92 million tons, up 22.3% year-on-year [3] Group 2: Share Buybacks and Stake Increases - Bohai Bank (09668.HK) announced that several employees plan to voluntarily purchase at least 25 million H-shares using their own funds, reflecting confidence in the bank's long-term business development [4] - China Communications Construction (01800.HK) disclosed that its controlling shareholder has cumulatively increased its stake by approximately 264.47 million H-shares, representing 1.64% of the company's total issued shares [5] - Shougang Holding (00697.HK) reported that its major shareholder has entered into an agreement to sell 728 million shares to Beijing Guoguan Investment Holdings, which will acquire about 10% of the company's total issued shares [6] Group 3: Market Activities and Corporate Actions - Jianye Real Estate (00832.HK) announced plans to repurchase shares in the open market based on market conditions [7] - China Pacific Insurance (02601.HK) reported cumulative original insurance business income of RMB 290.9 billion from January to August [8] - China Property & Casualty Insurance (02328.HK) reported a premium income of RMB 340.25 billion from January to August, reflecting a year-on-year growth of 9.8% [9]

Core Insights - The humanoid robot sector is experiencing rapid development, with leading companies expected to exceed production of 1,000 units this year, and 2025 may mark the "mass production year" for humanoid robots [1] - The company plans to invest in over 10 selected robotics firms annually through its fund platform, focusing on three main areas: vertical innovation in specific fields like healthcare and industry, core supply chain technologies, and upgrades in human-robot interaction for consumer-grade robots [1] - The company emphasizes a long-term perspective in supporting enterprises, recognizing that robotics is a technology-intensive field with long cycles, and anticipates the emergence of companies with valuations in the hundreds of billions or even trillions [1] Investment Strategy - The company has established Beijing Shoucheng Robot Technology Industry Co., Ltd. to provide diversified services such as financing leasing, sales agency, industry consulting, and supply chain management, aimed at addressing key bottlenecks in the development of robotics companies [2] - The investment process involves thorough due diligence, focusing on the capabilities of founding teams and supply chain capabilities, with a preference for companies that possess technological barriers and strong commercialization potential [2] - A comprehensive risk control system is in place throughout the project lifecycle, utilizing a pre-investment checklist and a self-developed enterprise valuation assessment model for quantitative analysis [2] Industry Trends - The company is investing across various segments of the robotics industry, including embodied intelligence/humanoid robots, medical robots, consumer robots, and upstream components, with a focus on building a sustainable value creation mechanism [3] - In industrial applications, the company notes that while some specific areas may see mature applications within 1-2 years, further technological development is required for household scenarios [3] - The rapid emergence of new technologies in the robotics field presents both opportunities and challenges, necessitating support for team building, supply chain, application scenarios, data collection, and sales agency to help companies progress [3]

Core Insights - The "CMG World Robot Competition - Mecha Fighting Arena" concluded on May 25, showcasing the capabilities of the Yushu G1 robots in combat skills and motion control [1][2] - Yushu Technology's humanoid robots are expected to achieve a shipment of 1,000 units by 2025, indicating a faster industrialization process [6] Group 1: Event Overview - The competition took place in Hangzhou and was broadcasted live by CCTV Science and Education Channel, featuring four teams competing with Yushu G1 robots [2] - The competition format was based on a point system, consisting of three rounds, each lasting two minutes [2] Group 2: Robot Performance - Yushu G1 robots demonstrated advanced motion control capabilities, executing complex combat moves such as side kicks, knee strikes, and combinations with fluidity and power [3] - The robots exhibited strong balance and recovery abilities, maintaining upright posture after being struck and smoothly transitioning from a fallen position back to standing [3] Group 3: Software and Learning Progress - The robots learned combat skills through a pre-training model that includes real data from professional fighters and video data for imitation learning [4] - The robots' action output is linked to remote control commands, allowing for quick decision-making and execution based on environmental assessments [4] Group 4: Hardware Capabilities - The robots are equipped with high-performance motors, depth cameras, laser radars, and sensors, enhancing their motion output and perception [5] - Lightweight materials contribute to the robots' agility and flexibility during operations [5] Group 5: Industry Outlook - The humanoid robots' skill sets are expanding, and the acceleration of model evolution is crucial for commercial viability and adaptability across various tasks [6] - Investment recommendations include companies such as Zhongda Lide, Changsheng Bearing, and Aobi Zhongguang, with additional attention suggested for Shoucheng Holdings, Wolong Electric Drive, and Lingyun Optics [7]

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].

Core Viewpoint - The recent surge in large transactions of REITs indicates increased institutional activity in the consumer REIT sector, despite low daily trading volumes in the secondary market [1][2][3]. Group 1: Large Transactions in REITs - On May 15, multiple REITs completed large transactions, including China International Capital Corporation's (CICC) consumer REIT with 2.35 million shares traded for approximately 10 million yuan, reflecting a slight discount to the closing price [3]. - Consumer REITs have frequently appeared in large transactions over the past month, with notable performers like Huaxia Huayun Commercial REIT and CICC Consumer REIT leading the way [3]. - The CSI REITs index has shown an average increase of 8.34% this year, with consumer funds like Huaxia BaiLian Consumer REIT rising by 47.66% [3]. Group 2: Liquidity Challenges - The frequent large transactions highlight liquidity issues in the secondary market for REITs, with CICC Consumer REIT showing significant activity in large trades but low daily trading volumes [5][6]. - The market for public REITs in China is still developing, with a concentrated investor structure leading to significant price impacts from individual institutional trades [6]. - The valuation system for public REITs in China is underdeveloped, which hinders the attraction of new capital and contributes to low overall valuation levels [7]. Group 3: Institutional Investment Trends - Insurance capital is increasingly favoring REITs, with significant allocations to newly listed REITs like the Southern SF Logistics REIT, which received over 200 million yuan from 22 insurance accounts [8]. - The establishment of large-scale public REITs, such as the Beijing Pingzhun Infrastructure REIT with a target size of 10 billion yuan, indicates growing institutional interest [8][9]. - The expansion of the public REITs market is expected to enhance trading activity and attract a broader range of investors, improving market liquidity [9].

Core Viewpoint - The recent appointment of Zhang Jianwei, an esteemed academic in the field of robotics, to the board of Shoucheng Holdings (00697.HK) is expected to enhance the company's strategic transition from investment to technology empowerment in the robotics industry, coinciding with the release of its Q1 2025 financial report [1][2]. Group 1: Strategic Enhancements - The addition of Zhang Jianwei is anticipated to accelerate both technical validation and practical application within the company, leveraging a 10 billion yuan investment fund focused on high-potential areas like embodied intelligence and humanoid robots [3]. - Zhang's academic background is expected to facilitate the integration of more academic resources into Shoucheng's robotics ecosystem, enhancing collaboration between universities, research institutions, and enterprises [4]. - His involvement in strategic decision-making will improve the scientific basis of the company's strategies, aiding in the transition from a "capital catcher" to an "ecosystem architect" [4]. Group 2: Financial Performance and Strategic Effectiveness - Shoucheng Holdings reported a net profit of approximately HKD 213 million for Q1 2025, an increase of 80.5% compared to HKD 118 million in the same period last year, reflecting the effectiveness of its "asset operation + digitalization" strategy [2][5]. - The company has established a complete chain of "investment-incubation-service" in its robotics ecosystem, with new investments in various sectors, including healthcare and industrial applications [5][6]. - The establishment of a REITs fund with a scale of HKD 52.37 billion in collaboration with China Life enhances the company's asset management capabilities and provides long-term funding support for its robotics ecosystem [6]. Group 3: Long-term Growth Potential - The current performance of Shoucheng Holdings validates the effectiveness of its strategic layout, with a significant profit increase driven by improved asset operation efficiency and ongoing digital system iterations [7]. - The robotics ecosystem is expected to evolve into a new profit growth driver, supported by Zhang's expertise in technology commercialization [7]. - The synergy between infrastructure REITs and the robotics industry is projected to create a value cycle, ensuring sustainable growth capabilities for the company [7].

獨立非執行董事 王鑫博士 張泉靈女士 諸葛文靜女士 張建偉先生 董事會設立 3個董事委員會。下表提供董事會成員在該等委員會中的職務： 董事名單與其角色和職能 首程控股有限公司 董事會 （「董事會 」） 成員載列如下 ： 執行董事 趙天暘先生 （主席） 許華傑先生 非執行董事 吳禮順先生 李浩先生 （ 副 主席） 彭吉海先生 何智恒先生 劉景偉先生 | 董 事 | | 董事委員會 | | | --- | --- | --- | --- | | | 審核委員會 | 薪酬委員會 | 提名委員會 | | 趙天暘 | | | C | | 彭吉海 | | M | | | 何智恒 | M | | | | 劉景偉 | M | | | | 王鑫 | C | M | M | | 張泉靈 | M | C | M | | 諸葛文靜 | M | | M | | 張建偉 | | M | | 附註： C 有關委員會主席 M 有關委員會成員 香港，2025 年 5 月 16 日 ...

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。 委任執行董事及獨立非執行董事 及 董事委員會成員變更 1 於本公告日期及根據證券及期貨條例（香港法例第 571 章證券及期貨條例） 第 XV 部而言，許先生持有本公司 1,300,000 股股份之個人權益，佔本公司已發行股 份約 0.018%。 董事會欣然宣布以下董事 委 任 以及薪酬委員會和提名委員會 成員之變 更 ， 該等變 更均 自 2025 年 5 月 16 日起生效 。 (c) 諸葛文靜女士獲委任為提名委員會成員。 委任執行董事及 獨立非執行董事 首程控股有限公司（「本公司 」連同其附屬公司「本集團」）董事會（「 董 事 會 」）欣 然 宣佈，許華傑先生（「許先生 」）及 張建偉博士（「張博士 」） 已分 別 獲委任為本公司執行董事及獨立非執行董事，自 2025 年 5 月 16 日 起生效（「生效日期 」） 。 (a) 許華傑先生 獲委任為執行董事; (b) 張建偉博士 獲委任為獨立非執 ...