Core Viewpoint - 首程控股 has made an additional investment in 松延动力, enhancing its position in the humanoid robotics sector and promoting further R&D and product upgrades [1] Investment Details - 首程控股's subsidiary, 首程资本, manages the 北京机器人产业发展投资基金, which has invested in 松延动力, a company focused on humanoid robots and bionic facial technology [1] - This investment follows a previous investment made in March 2024, indicating a commitment to support 松延动力's growth and innovation [1] Company Focus - 松延动力 specializes in the research, manufacturing, and sales of humanoid robots and bionic facial technology, aiming to advance general artificial intelligence and embodied operating systems [1] - The investment is expected to accelerate the iteration of bionic facial technology and optimize humanoid robot products, contributing to a commercial ecosystem in the humanoid robotics industry [1] Future Strategy - 首程控股 plans to continue increasing its investments in the robotics industry, particularly in companies with mature products and successful commercialization [1] - The goal is to foster the commercial closure of invested companies and explore more practical applications, thereby promoting the robust development of China's intelligent robotics industry [1]

Core Viewpoint - Shoucheng Holdings (00697) announced an additional investment in Songyan Power (Beijing) Technology Co., Ltd. through its subsidiary Shoucheng Capital, aimed at enhancing R&D and product upgrades in the humanoid robot sector [1] Group 1: Investment Details - The investment in Songyan Power is a follow-up to a previous investment made in March 2024, indicating a commitment to support the company's growth [1] - The funding will facilitate Songyan Power's advancements in humanoid robots and bionic facial technology, reinforcing its leading position in the industry [1] Group 2: Company Profile - Songyan Power focuses on the research, manufacturing, and sales of humanoid robots and bionic facial technology, with a commitment to general artificial intelligence and embodied operating systems [1] - The investment is expected to accelerate the iteration of bionic facial technology and optimize humanoid robot products, contributing to a commercial ecosystem in the humanoid robot industry [1] Group 3: Future Strategy - The company plans to continue increasing its investment in the robotics industry, particularly in collaboration with mature and commercially successful enterprises [1] - The goal is to promote the commercial closure of invested companies and explore more practical applications, thereby fostering the growth of China's intelligent robotics industry [1]

Core Viewpoint - The investment by Shoucheng Holdings in Songyan Power aims to enhance R&D and product upgrades in humanoid robotics, solidifying its leading position in the industry [1] Investment Details - Shoucheng Holdings' subsidiary, Shoucheng Capital, has made an additional investment in Songyan Power following a previous investment in March 2024 [1] - The investment will support Songyan Power in accelerating the iteration of bionic facial technology and optimizing humanoid robot products [1] Company Profile - Songyan Power focuses on the research, manufacturing, and sales of humanoid robots and bionic facial technology, with a commitment to general artificial intelligence and embodied operating systems [1] Industry Outlook - The group plans to continue increasing investments in the robotics industry, particularly in companies with mature products and successful commercialization [1] - The goal is to promote the commercial closure of invested enterprises and explore more practical applications, contributing to the robust development of China's intelligent robotics industry [1]

Core Viewpoint - The investment by Shou Cheng Holdings in Songyan Power aims to enhance the company's R&D and product iteration in the humanoid robot sector, reinforcing its leading position in the industry [1] Group 1: Investment Details - Shou Cheng Holdings announced an additional investment in Songyan Power, following a previous investment in March 2024 [1] - The investment is managed by Beijing Robot Industry Development Investment Fund, a wholly-owned subsidiary of Shou Cheng Capital [1] Group 2: Company Profile - Songyan Power focuses on the research, manufacturing, and sales of humanoid robots and bionic facial technology [1] - The company is dedicated to developing general artificial intelligence bodies, robotic bionics, and embodied operating systems [1] Group 3: Strategic Goals - The investment will accelerate the iteration of bionic facial technology and optimize humanoid robot products [1] - Shou Cheng Holdings plans to continue increasing its investment in the robotics industry, particularly in companies with mature products and successful commercialization [1] - The goal is to promote the commercial closure of invested enterprises and explore more practical application scenarios, contributing to the robust development of China's intelligent robotics industry [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。 自願公告 北京機器人基金投資松延動力 本公告乃由首程控股有限公司（「本公司」，連同其附屬公司「本集團」）自願發出。 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」)投資松延動 力（北京）科技有限公司(「松延動力」),本次投資是繼2024年3月投資之後的追加投資， 將進一步促進被投企業加大研發投入和產品迭代升級，鞏固並提升其在人形機器人賽道 的領先地位。 於本公告日期，董事會包括執行董事趙天暘先生（主席）、李浩先生（副主席）、許華 傑先生及劉景偉先生；非執行董事彭吉海先生及何智恒先生；獨立非執行董事王鑫博士、 張泉靈女士、諸葛文靜女士、張建偉博士及謝其潤女士。 松延動力是一家聚焦於人形機器人本體和仿生人臉研發、製造和銷售的人工智慧公司， 致力於通用人工智慧本體、機器人仿生以及具身操作系統等多個方向的研發。此 ...

Core Viewpoint - The robotics sector is experiencing a significant surge in stock prices, driven by positive performance in the first half of 2025 and accelerating commercialization of robotics technology [1] Group 1: Stock Performance - Companies such as 德昌电机控股 (Dah Chong Hong Holdings) saw an increase of 11.56%, reaching 30.1 HKD; 微创机器人-B (MicroPort Robotics) rose by 9.32% to 24.4 HKD; 力劲科技 (LKE) increased by 8.86% to 5.9 HKD; 极智嘉-W (Geek+) gained 7.18% to 23 HKD; 首程控股 (Shou Cheng Holdings) rose by 6% to 2.12 HKD; 优必选 (UBTECH) increased by 4.19% to 104.5 HKD [1] Group 2: Industry Insights - Guojin Securities reported that nearly 90% of companies in the robotics sector achieved profitability in the first half of 2025 and Q2, indicating a positive trend in core business performance [1] - The speed of technological iteration in robotics is accelerating, with significant marginal changes in components such as motors and reducers [1] - The commercialization of robotics has progressed rapidly in the first half of the year, with a notable expansion in order scale [1] Group 3: Future Outlook - The focus for the second half of the year will be on new technology iterations and the component ticket pricing market, particularly in relation to the supply chains of Tesla, Zhiyuan, and Huawei [1] - Tesla's supply chain is expected to quickly transition into small-batch production, with Q2 performance meetings reaffirming its mass production plans, suggesting a restart of the supply chain after a brief pause [1] - The second half of the year will see the gradual implementation of various segments within the supply chain [1]

Core Insights - The company reported a revenue of HKD 731 million for the first half of 2025, a year-on-year increase of 36%, and a net profit attributable to shareholders of HKD 339 million, up 30% year-on-year [2] - The asset financing segment saw a remarkable revenue increase of 69%, demonstrating the effectiveness of the "asset operation + asset financing" dual-drive strategy [2] - The company is focusing on the robotics sector as a strategic core, investing in various robotics companies to enhance technology application in multiple fields [2][3] Financial Performance - The company has cash reserves exceeding HKD 8 billion and a low interest-bearing debt ratio of 7.9%, maintaining an AAA credit rating for three consecutive years [2] - A total dividend payout of HKD 1.159 billion is planned for the year, with a dividend yield of nearly 8% [2] Strategic Developments - The company is transitioning from a traditional infrastructure operator to a technology-driven new infrastructure platform, with robotics becoming a key growth engine [3] - Collaborations with various partners have led to the implementation of robotics in multiple applications, including automotive production line automation and the establishment of a robot experience store [3] - The establishment of a wholly-owned subsidiary focused on advanced materials for robotics aims to address upstream material shortages and enhance the entire robotics supply chain [2][4] Market Positioning - The company holds approximately 4% of Yushu Technology through a development fund, positioning itself for potential asset revaluation as Yushu moves towards an IPO [3][4] - The ongoing development of the robotics ecosystem and the progress of invested companies' IPOs are expected to accelerate the release of synergistic value and lead to a new round of valuation reappraisal for the company [4]

| 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 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 首程控股有限公司 | | 股份代號 | 00697 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 05723 SHOUCHENG B2607 | | 公告標題 | 截至2025年6月30日止六個月之中期股息(更新) | | 公告日期 | 2025年8月30日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 更新公告日期 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.0343 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 ...

[Financial Summary](index=1&type=section&id=Financial%20Summary) The company's interim financial performance shows significant growth in revenue, profit attributable to owners, and earnings per share, alongside a substantial dividend declaration [Interim Results Overview](index=1&type=section&id=Interim%20Results%20Overview) During the reporting period, the company demonstrated strong financial performance with significant growth in revenue, profit attributable to owners, and a corresponding increase in basic and diluted earnings per share Interim Financial Performance Summary | Metric | H1 2025 (HKD millions) | H1 2024 (HKD millions) | YoY Growth | | :--- | :--- | :--- | :--- | | Revenue | 731 | 536 | 36% | | Gross Profit | 295 | 233 | 26% | | Profit Attributable to Owners of the Company | 339 | 261 | 30% | | Basic and Diluted EPS (HK cents) | 4.77 | 3.65 | 1.12 HK cents | [Dividend Declaration](index=1&type=section&id=Dividend%20Declaration) The Board declared an interim dividend of HKD 271 million for H1 2025 and a special dividend of HKD 768 million on March 26, 2025, payable in three installments - An interim dividend of **HKD 271 million** was declared for H1 2025 (H1 2024: HKD 208 million)[4](index=4&type=chunk) - A special dividend of **HKD 768 million** was declared, payable in three installments, with the first installment paid on April 14, 2025, and the second and third installments due on September 26, 2025, and December 29, 2025, respectively[4](index=4&type=chunk) [Condensed Consolidated Interim Statement of Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Comprehensive%20Income) The company's comprehensive income statement for the interim period shows robust growth in revenue and profit, significantly boosted by foreign exchange gains Condensed Consolidated Interim Statement of Comprehensive Income Summary | Metric (HKD thousands) | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | 731,158 | 535,843 | 36.45% | | Gross Profit | 294,639 | 233,456 | 26.21% | | Operating Profit | 454,850 | 352,566 | 29.02% | | Profit Before Income Tax | 390,646 | 293,299 | 33.19% | | Profit for the Period | 341,520 | 243,949 | 40.00% | | Profit Attributable to Owners of the Company | 339,026 | 260,551 | 30.12% | | Total Comprehensive Income for the Period | 608,964 | 318,959 | 90.92% | | Basic EPS (HK cents) | 4.77 | 3.65 | 30.68% | - Exchange differences on translation of overseas operations turned from a loss of **HKD 119,794 thousand** in H1 2024 to a gain of **HKD 137,941 thousand** in H1 2025, significantly contributing to the substantial increase in total comprehensive income[8](index=8&type=chunk) - Fair value changes of financial assets at fair value through other comprehensive income decreased from **HKD 215,217 thousand** in H1 2024 to **HKD 104,811 thousand** in H1 2025[8](index=8&type=chunk) [Condensed Consolidated Interim Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) The company's financial position shows an increase in total assets and liabilities, with a notable rise in current liabilities primarily due to dividend payables Condensed Consolidated Interim Statement of Financial Position Summary | Metric (HKD thousands) | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Total Non-current Assets | 7,801,719 | 7,312,200 | 6.70% | | Total Current Assets | 6,546,065 | 6,516,883 | 0.45% | | Total Assets | 14,347,784 | 13,829,083 | 3.75% | | **Equity** | | | | | Total Equity | 9,263,880 | 9,515,844 | -2.65% | | **Liabilities** | | | | | Total Non-current Liabilities | 3,402,156 | 3,333,305 | 2.06% | | Total Current Liabilities | 1,681,748 | 979,934 | 71.62% | | Total Liabilities | 5,083,904 | 4,313,239 | 17.87% | - Total current liabilities significantly increased by **71.62%**, primarily due to dividends payable rising from zero to **HKD 632,155 thousand** and contract liabilities increasing from **HKD 68,751 thousand** to **HKD 156,228 thousand**[10](index=10&type=chunk) - Time deposits maturing in more than three months increased from **HKD 1,626,752 thousand** to **HKD 3,061,844 thousand**, indicating a shift in the company's cash management strategy[9](index=9&type=chunk) [Notes to the Condensed Consolidated Interim Financial Information](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) This section provides detailed notes on the preparation basis, accounting policies, segment information, and other key financial items for the interim period [1 Basis of Preparation](index=6&type=section&id=1%20Basis%20of%20Preparation) This condensed consolidated interim financial information is prepared in accordance with HKAS 34 "Interim Financial Reporting" and should be read in conjunction with the 2024 annual financial statements - The financial information is prepared in accordance with **HKAS 34 "Interim Financial Reporting"**[12](index=12&type=chunk) - The auditors issued an unqualified opinion on the **2024 annual financial statements**[13](index=13&type=chunk) [2 Accounting Policies and Accounting Estimates and Judgements](index=7&type=section&id=2%20Accounting%20Policies%20and%20Accounting%20Estimates%20and%20Judgements) The Group's accounting policies are consistent with the 2024 annual financial statements, with income tax accrued using the applicable tax rate on the expected total annual profit; management is assessing the impact of newly issued but not yet effective standards - Accounting policies are consistent with the **2024 annual financial statements**, and income tax is accrued using the applicable tax rate on the expected total annual profit[14](index=14&type=chunk)[15](index=15&type=chunk) - Management is evaluating the potential impact of newly issued but not yet applied standards on the Group's operating results and financial position[15](index=15&type=chunk) [3 Revenue and Segment Information](index=8&type=section&id=3%20Revenue%20and%20Segment%20Information) The Group primarily engages in infrastructure asset management, with total revenue of HKD 731 million in H1 2025, significantly contributed by operating service income and investment gains from financial assets at fair value through profit or loss Revenue by Type | Revenue Type (HKD thousands) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Operating Service Income | 475,803 | 370,277 | | Construction Income from Service Concession Arrangements | 9,902 | 11,492 | | Fund Management Service Income | 90,854 | 95,206 | | Excess Returns from Investment Funds | – | 97,491 | | Rental Income | 25,424 | 24,003 | | Investment Gains/(Losses) from Financial Assets at Fair Value Through Profit or Loss | 129,175 | (62,626) | | **Total Revenue** | **731,158** | **535,843** | - Investment gains from financial assets at fair value through profit or loss turned from a loss of **HKD 62,626 thousand** in H1 2024 to a gain of **HKD 129,175 thousand** in H1 2025, serving as a significant driver for revenue growth[17](index=17&type=chunk) - Excess returns from investment funds were **zero** in H1 2025, compared to **HKD 97,491 thousand** in H1 2024[17](index=17&type=chunk) [4 Income Tax Expense](index=9&type=section&id=4%20Income%20Tax%20Expense) The Group's income tax expense primarily comprises Hong Kong profits tax (16.5%) and PRC corporate income tax (mainly 25%), with H1 2025 expense remaining stable year-on-year - Hong Kong profits tax rate is **16.5%**[19](index=19&type=chunk) - PRC mainland subsidiaries' corporate income tax rate is mainly **25%**[20](index=20&type=chunk) - H1 2025 income tax expense was **HKD 49,126 thousand**, largely consistent with **HKD 49,350 thousand** in H1 2024[7](index=7&type=chunk) [5 Earnings Per Share](index=9&type=section&id=5%20Earnings%20Per%20Share) In H1 2025, both basic and diluted earnings per share attributable to owners of the company were 4.77 HK cents, an increase from the prior period, calculated based on the weighted average number of ordinary shares outstanding Earnings Per Share | Metric (HK cents) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Basic EPS | 4.77 | 3.65 | | Diluted EPS | 4.77 | 3.65 | - Profit attributable to owners of the company used for calculating basic and diluted earnings per share was **HKD 339,026 thousand** (H1 2024: **HKD 260,551 thousand**)[25](index=25&type=chunk) - The weighted average number of ordinary shares used for calculating basic and diluted earnings per share was **7,114,104 thousand shares** in H1 2025, slightly lower than **7,132,972 thousand shares** in H1 2024[26](index=26&type=chunk) - Certain unexercised share options were not included in the diluted earnings per share calculation due to their **anti-dilutive effect**[27](index=27&type=chunk) [6 Trade Receivables](index=11&type=section&id=6%20Trade%20Receivables) As of June 30, 2025, net trade receivables increased to HKD 224,372 thousand from year-end 2024, with receivables over 180 days constituting the largest portion Trade Receivables Ageing Analysis | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 60 days | 37,778 | 50,391 | | 61 to 90 days | 12,106 | 8,073 | | 91 to 180 days | 23,207 | 29,560 | | Over 180 days | 151,281 | 115,068 | | **Total** | **224,372** | **203,092** | - Trade receivables generally have a credit period of **30 to 180 days**[28](index=28&type=chunk) - Trade receivables over 180 days increased from **HKD 115,068 thousand** at year-end 2024 to **HKD 151,281 thousand** as of June 30, 2025[28](index=28&type=chunk) [7 Trade Payables](index=11&type=section&id=7%20Trade%20Payables) As of June 30, 2025, total trade payables increased to HKD 516,671 thousand from year-end 2024, with payables over 365 days representing the largest portion Trade Payables Ageing Analysis | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 90 days | 80,734 | 112,051 | | 91 to 180 days | 65,656 | 48,009 | | 181 to 365 days | 81,833 | 59,030 | | Over 365 days | 288,448 | 233,660 | | **Total** | **516,671** | **452,750** | - Trade payables over 365 days increased from **HKD 233,660 thousand** at year-end 2024 to **HKD 288,448 thousand** as of June 30, 2025[29](index=29&type=chunk) [8 Share Capital](index=12&type=section&id=8%20Share%20Capital) As of June 30, 2025, the company's issued and fully paid ordinary share capital was HKD 12,994,847 thousand, with the number of shares reduced due to share repurchases - As of June 30, 2025, the number of issued and fully paid ordinary shares was **7,284,455 thousand shares**, with share capital of **HKD 12,994,847 thousand**[30](index=30&type=chunk) - In H1 2025, **400,000 shares** were repurchased and cancelled for a total consideration of approximately **HKD 533 thousand**[30](index=30&type=chunk) - For the full year 2024, **83,960,000 shares** were repurchased and cancelled for a total consideration of approximately **HKD 58,736 thousand**[30](index=30&type=chunk) [9 Dividends](index=13&type=section&id=9%20Dividends) The Group recognized final and special dividends during the half-year and declared an interim dividend for H1 2025 Dividends Recognized | Dividend Type (HKD thousands) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Final Dividend | 120,068 | 160,539 | | Special Dividend | 761,621 | – | | **Total Dividends Recognized in Half-Year** | **881,689** | **160,539** | - The Board declared a special dividend of **HKD 768 million** on March 26, 2025, payable in three installments, with two installments recognized as liabilities as of June 30, 2025[32](index=32&type=chunk) - The Board declared an interim dividend of **HKD 271 million** for H1 2025, which has not yet been recognized as a liability[33](index=33&type=chunk) [10 Events After the Reporting Period](index=14&type=section&id=10%20Events%20After%20the%20Reporting%20Period) Subsequent to the reporting period, the company completed the issuance and listing of USD 180 million 0.75% convertible bonds in July 2025 - On **July 9, 2025**, the company completed the issuance of **USD 180 million 0.75% convertible bonds**, which were listed on the Stock Exchange on **July 10, 2025**[34](index=34&type=chunk) [Interim Dividend Policy and Arrangements](index=15&type=section&id=Interim%20Dividend%20Policy%20and%20Arrangements) This section outlines the company's interim dividend declaration for H1 2025 and the associated arrangements for share transfer registration [Interim Dividend Declaration](index=15&type=section&id=Interim%20Dividend%20Declaration) The Board declared an interim dividend totaling HKD 271 million for the six months ended June 30, 2025, expected to be paid on November 17, 2025 - An interim dividend of **HKD 271 million** (HKD **3.43 cents** per share) was declared, an increase from **HKD 208 million** in H1 2024[35](index=35&type=chunk) - The interim dividend is expected to be paid on **November 17, 2025**[35](index=35&type=chunk) [Closure of Register of Members](index=15&type=section&id=Closure%20of%20Register%20of%20Members) To determine eligibility for the interim dividend, the company will suspend share transfer registration on September 30, 2025, requiring shareholders to complete transfer procedures before this date - The register of members will be closed on **September 30, 2025**[36](index=36&type=chunk) - To be eligible for the interim dividend, all transfer documents must be lodged with the share registrar by **4:30 p.m. on September 29, 2025**[36](index=36&type=chunk) [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the company's business operations, financial performance, risk management strategies, and future outlook [Company Overview](index=16&type=section&id=Company%20Overview) The Group is a leading intelligent infrastructure asset service provider in China, focusing on "asset operation + asset securitization," with businesses spanning parking asset management, industrial space management, REITs, and equity investments, alongside a forward-looking robotics industry layout - The company is positioned as a leading **intelligent infrastructure asset service provider** in China, with a core focus on **"asset operation + asset securitization"**[37](index=37&type=chunk) - Business covers four segments: **parking asset management, industrial space management, REITs investment, and equity investment**[37](index=37&type=chunk) - Adopts an **"asset cycle + digitalization"** operating model to achieve closed-loop management throughout the asset lifecycle[37](index=37&type=chunk) - Proactively lays out the **robotics industry**, investing in several leading enterprises and establishing Beijing Shoucheng Robotics Technology Industrial Co, Ltd[37](index=37&type=chunk) [Overview of Key Financial Indicators](index=17&type=section&id=Overview%20of%20Key%20Financial%20Indicators) In H1 2025, the company achieved growth in revenue, operating profit, and profit attributable to owners, while maintaining healthy asset-liability and debt-to-capital ratios Key Financial Indicators Overview | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue (HKD millions) | 731 | 536 | 36.4% | | Asset Operation Revenue (HKD millions) | 511 | 406 | 25.9% | | Asset Securitization Revenue (HKD millions) | 220 | 130 | 69.2% | | Adjusted EBITDA (HKD millions) | 587 | 482 | 21.8% | | Operating Profit (HKD millions) | 455 | 353 | 28.9% | | Profit Attributable to Owners of the Company (HKD millions) | 339 | 261 | 29.9% | | Basic and Diluted EPS (HK cents) | 4.77 | 3.65 | 30.7% | | **Balance Sheet Metrics** | **June 30, 2025** | **December 31, 2024** | **Change** | | Total Assets (HKD millions) | 14,348 | 13,829 | 3.8% | | Net Assets (HKD millions) | 9,264 | 9,516 | -2.7% | | Asset-Liability Ratio | 35.4% | 31.2% | +4.2% | | Debt-to-Capital Ratio | 12.4% | 15.9% | -3.5% | [Non-HKFRS Measures](index=18&type=section&id=Non-HKFRS%20Measures) The Group utilizes Adjusted EBITDA, asset-liability ratio, and debt-to-capital ratio as non-HKFRS measures to supplement consolidated financial statements, offering a more comprehensive assessment of operating performance and financial position - **Adjusted EBITDA** is used to assess core operating performance, excluding non-cash transactions, income tax, finance costs, and non-controlling interests[40](index=40&type=chunk) - **Asset-liability ratio** (total liabilities/total assets) is used to assess the level of indebtedness[40](index=40&type=chunk) - **Debt-to-capital ratio** (total borrowings and bonds payable/equity and reserves attributable to owners of the company) is used to assess the financing structure[40](index=40&type=chunk) - These non-HKFRS measures aim to provide additional information, enhancing the understanding of the company's performance and prospects[41](index=41&type=chunk) [Financial Review](index=19&type=section&id=Financial%20Review) In H1 2025, the Group's revenue and gross profit grew significantly, driven by strong performance in asset operation and securitization businesses, with finance costs slightly up, income tax stable, and adjusted EBITDA substantially increasing [Revenue and Cost of Sales](index=19&type=section&id=Revenue%20and%20Cost%20of%20Sales) In H1 2025, the Group's total revenue increased by 36% year-on-year, with asset operation revenue up 26% and asset securitization revenue up 69%, leading to a 26% rise in gross profit - Total revenue was approximately **HKD 731 million**, a year-on-year increase of **36%**[42](index=42&type=chunk) - Asset operation revenue was approximately **HKD 511 million**, a year-on-year increase of **26%**, primarily benefiting from new projects like the Xi'an Xianyang International Airport T5 terminal parking project and improved operational efficiency of existing projects[42](index=42&type=chunk) - Asset securitization revenue was approximately **HKD 220 million**, a year-on-year increase of **69%**[42](index=42&type=chunk) - Overall gross profit was approximately **HKD 295 million**, a year-on-year increase of **26%**[42](index=42&type=chunk) [Finance Costs](index=19&type=section&id=Finance%20Costs) In H1 2025, finance costs were approximately HKD 61 million, an increase of about 5% year-on-year, primarily comprising interest on lease liabilities and borrowings and bonds payable - Finance costs were approximately **HKD 61 million**, a year-on-year increase of about **5%**[43](index=43&type=chunk) - The main components are interest on lease liabilities and interest on borrowings and bonds payable[43](index=43&type=chunk) [Taxation](index=19&type=section&id=Taxation) In H1 2025, income tax expense was approximately HKD 49 million, consistent with the prior period, mainly comprising corporate income tax for PRC subsidiaries - Income tax provision was approximately **HKD 49 million**, consistent with H1 2024[44](index=44&type=chunk) - Primarily corporate income tax for PRC mainland subsidiaries calculated at a **25% tax rate**[44](index=44&type=chunk) [Adjusted EBITDA](index=20&type=section&id=Adjusted%20EBITDA) In H1 2025, Adjusted EBITDA was approximately HKD 587 million, a year-on-year increase of about 22%, reflecting strong cash profit growth from core operations Adjusted EBITDA Reconciliation | Metric (HKD millions) | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Profit Before Income Tax | 391 | 293 | 33.4% | | Non-controlling Interests | (10) | 9 | -211.1% | | Finance Costs | 61 | 58 | 5.2% | | Depreciation of Property, Plant and Equipment | 14 | 11 | 27.3% | | Depreciation of Right-of-Use Assets | 115 | 97 | 18.6% | | Amortization of Other Non-current Assets | 16 | 14 | 14.3% | | **Adjusted EBITDA** | **587** | **482** | **21.8%** | - Adjusted EBITDA increased by **22%** year-on-year, reaching **HKD 587 million**, reflecting growth in cash profit from core operations[45](index=45&type=chunk) - The calculation of Adjusted EBITDA excludes the impact of depreciation, amortization, income tax expense, finance costs, and non-controlling interests[45](index=45&type=chunk) [Business Review](index=21&type=section&id=Business%20Review) The Group achieved significant progress in both asset operation and securitization, enhancing efficiency through a "asset cycle + digitalization" model, accelerating robotics industry layout, and deepening REITs-based full-lifecycle asset management capabilities [Asset Scale and Operational Efficiency Growth and Digitalization Progress](index=21&type=section&id=Asset%20Scale%20and%20Operational%20Efficiency%20Growth%20and%20Digitalization%20Progress) The Group continued to expand its parking resource layout, adding the Xi'an Xianyang International Airport project, accelerating "parking + charging" business development, and enhancing operational efficiency through digitalized operations like AI smart customer service - The Xi'an Xianyang International Airport T5 terminal parking project commenced operations in **February 2025**, offering over **5,200 parking spaces** and completing the national transportation hub project layout[46](index=46&type=chunk) - Accelerated the layout of **"parking + charging" business**, extending parking asset management to comprehensive services[46](index=46&type=chunk) - Launched **AI smart customer service and Q&A functions** built on DeepSeek V3 and Alibaba Tongyi Qianwen models, reducing manual customer service workload by over **50%**[46](index=46&type=chunk) [Asset Securitization and Operational Synergy and Robotics Industry Layout](index=22&type=section&id=Asset%20Securitization%20and%20Operational%20Synergy%20and%20Robotics%20Industry%20Layout) The Group invests in cutting-edge fields like humanoid and medical robots through industrial funds, leveraging its infrastructure management expertise to provide scenario implementation and data support for robotics companies, building an integrated "investment + operation + ecosystem" development path - Invested in core robotics industry chain companies such as **Unitree Robotics and Galaxy Universal** through multiple industrial funds, covering cutting-edge fields like **humanoid robots, medical robots, industrial robots, and low-altitude economy**[47](index=47&type=chunk) - Utilizes managed parking lots and industrial park physical scenarios to provide **real operational data** for robotics companies, accelerating product iteration and commercialization[48](index=48&type=chunk) - Its subsidiary, Beijing Shoucheng Robotics Technology Industrial Co, Ltd, promotes the application and secondary development of robotics products through sales agency, leasing, and consulting services[49](index=49&type=chunk) - Signed agreements with over **50 robotics companies** at the June 2025 Robotics Industry Ecosystem Summit and launched a robotics technology experience store during the World Humanoid Robot Games, covering a **"technology-product-market" closed loop**[49](index=49&type=chunk) [Deepening REITs-Based Full-Lifecycle Asset Management](index=23&type=section&id=Deepening%20REITs-Based%20Full-Lifecycle%20Asset%20Management) The Group, in partnership with China Life, established the Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund, strategically investing in multiple REITs projects and reserving high-quality infrastructure assets for full-lifecycle management through asset securitization and public REITs - Jointly established the Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund with China Life, with a fund size of **RMB 5.237 billion**[50](index=50&type=chunk) - Strategically invested in REITs projects such as **Southern Vanke Data Center, Southern Runze Technology Data Center, CICC-Shounong Industrial Park, and China Everbright Huadian Clean Energy** through proprietary funds and Beijing Pingzhun Fund strategic placements[50](index=50&type=chunk) - The Urban Development Fund reserves high-quality infrastructure assets in the **Beijing-Tianjin-Hebei, East China, Chengdu-Chongqing, and Greater Bay Area** regions, with future exits planned through asset securitization and public REITs[51](index=51&type=chunk) [Principal Risks and Uncertainties](index=24&type=section&id=Principal%20Risks%20and%20Uncertainties) The Group faces market risks (currency, interest rate, price), credit risk, and liquidity risk, managing them through Board-approved guidelines to mitigate potential adverse impacts [Currency Risk](index=24&type=section&id=Currency%20Risk) The Group's operations are primarily in mainland China and Hong Kong, exposing it to exchange rate fluctuations of HKD, USD, and RMB, which are mitigated by matching foreign currency assets with borrowing bases - Faces **exchange rate fluctuation risks** for HKD, USD, and RMB[53](index=53&type=chunk) - Mitigates exchange rate risk by matching foreign currency assets with foreign currency cash flows as the borrowing base[53](index=53&type=chunk) [Interest Rate Risk](index=24&type=section&id=Interest%20Rate%20Risk) The Group primarily faces cash flow interest rate risk associated with floating-rate bank balances and borrowings - Primarily faces **cash flow interest rate risk** related to floating-rate bank balances and borrowings[54](index=54&type=chunk) [Capital Structure](index=24&type=section&id=Capital%20Structure) The Group's capital structure comprises borrowings, bonds payable, and equity attributable to owners of the company, reviewed semi-annually by the Board to balance it through dividends, new share issues, share repurchases, and debt management - Capital structure includes **borrowings, bonds payable, and equity attributable to owners of the company**[55](index=55&type=chunk) - The Board reviews the capital structure semi-annually, balancing it through dividends, new share issues, share repurchases, and debt management[55](index=55&type=chunk) [Liquidity and Financial Resources](index=25&type=section&id=Liquidity%20and%20Financial%20Resources) The Group is committed to diversifying funding sources, maintaining high-liquidity assets, and preserving healthy asset-liability and debt-to-capital ratios High Liquidity Assets | Metric (HKD millions) | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Bank Balances and Cash | 2,702 | 2,622 | 3.05% | | Wealth Management Products and Fixed-Income Financial Assets | 3,198 | 1,746 | 83.16% | | **Total High Liquidity Assets** | **5,900** | **4,368** | **35.08%** | Asset-Liability Ratio | Metric (HKD millions) | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total Liabilities | 5,084 | 4,313 | 17.87% | | Total Assets | 14,348 | 13,829 | 3.75% | | **Asset-Liability Ratio** | **35.4%** | **31.2%** | **+4.2%** | Debt-to-Capital Ratio | Metric (HKD millions) | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total Borrowings and Bonds Payable | 1,137 | 1,496 | -23.99% | | Equity and Reserves Attributable to Owners of the Company | 9,174 | 9,421 | -2.62% | | **Debt-to-Capital Ratio** | **12.4%** | **15.9%** | **-3.5%** | - The asset-liability ratio increased by **4.2%**, primarily due to the provision for two installments of special dividends payable during the period[57](index=57&type=chunk) - The debt-to-capital ratio decreased by **3.5%**, mainly because the Group repaid all bank term loans, reducing total borrowings[58](index=58&type=chunk)[59](index=59&type=chunk) - As of June 30, 2025, all bank term loans were repaid, with a 3-year medium-term note balance of approximately **HKD 548 million** and a REITs-like structured asset-backed product balance of approximately **HKD 589 million**[59](index=59&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk) [Significant Investments Held](index=27&type=section&id=Significant%20Investments%20Held) The Group holds significant investments in CICC GLP REIT and Shougang Fushan Resources Group Limited, with CICC GLP REIT realizing fair value change gains in H1 2025 Major Strategic Investments | Strategic Investment Name | Investment Cost (RMB) | Fair Value (RMB) (June 30, 2025) | Fair Value as % of Total Assets | Unrealized Fair Value Change Gain (RMB) (H1 2025) | Dividends Received (RMB) (H1 2025) | | :--- | :--- | :--- | :--- | :--- | :--- | | CICC GLP REIT | 583,500,000 | 571,650,000 | 4.37% | 71,400,000 | 7,425,000 | - CICC GLP REIT primarily invests in warehousing and logistics infrastructure projects, with its fund units listed on the Shanghai Stock Exchange[64](index=64&type=chunk) - The Group completed the disposal of a portion of Shougang Resources shares on **February 3, 2025**[64](index=64&type=chunk) [Significant Acquisitions and Disposals](index=28&type=section&id=Significant%20Acquisitions%20and%20Disposals) During the reporting period, the company's wholly-owned subsidiary, Fine Power Group Limited, completed the disposal of approximately 11.92% of Shougang Resources shares to related party Shougang Holding - On **February 3, 2025**, Fine Power Group Limited completed the disposal of **606,927,640 shares** (approximately **11.92%**) of Shougang Resources to Shougang Holding[65](index=65&type=chunk) [Events After the Reporting Period](index=28&type=section&id=Events%20After%20the%20Reporting%20Period) Subsequent to the reporting period, the company completed the issuance and listing of USD 180 million 0.75% convertible bonds in July 2025 - On **July 9, 2025**, the company completed the issuance of **USD 180 million 0.75% convertible bonds**, which were listed on the Stock Exchange on **July 10, 2025**[66](index=66&type=chunk) [Employee Relations](index=28&type=section&id=Employee%20Relations) The Group is committed to providing an equal, diverse, and non-discriminatory work environment, attracting and retaining talent through a competitive compensation and incentive system and comprehensive employee benefits, including equity incentives, social insurance, annual health checks, and recreational activities - As of June 30, 2025, the Group had a total of **442 employees**[67](index=67&type=chunk) - Implements a compensation and incentive system that is **"competitive externally and fair internally,"** including fixed salaries, performance-based variable pay, discretionary bonuses, project bonuses, and equity incentive plans[67](index=67&type=chunk) - Provides medical allowances, hospitalization plans, and pension schemes for Hong Kong employees; arranges social insurance benefits (five insurances and one housing fund) and annual health checks for mainland China employees[67](index=67&type=chunk)[68](index=68&type=chunk) - Enhances team cohesion and sense of belonging through recreational activities and employee assemblies[68](index=68&type=chunk) [Outlook](index=29&type=section&id=Outlook) Looking ahead, the Group will continue to increase investment in core regions, focused industries, and assets, deepen the robotics industry ecosystem, and create long-term shareholder returns through an integrated "investment, production, and service" model - Future plans include increasing investment in **core regions, focused industries, and focused assets**[69](index=69&type=chunk) - Continues to deeply lay out the **robotics industry**, building a complete robotics industry ecosystem through **"investment, production, and service"**[69](index=69&type=chunk) - The goal is to promote the upgrading of China's intelligent manufacturing industry, enhance the digital and intelligent management level of managed assets, and create sustainable value returns for shareholders[69](index=69&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=29&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) In H1 2025, the company repurchased and cancelled 400,000 shares on the Stock Exchange for a total consideration of HKD 532,949.60 Share Repurchases | Month | Number of Shares Repurchased (shares) | Highest Price Paid (HKD) | Lowest Price Paid (HKD) | Total Consideration (HKD) | | :--- | :--- | :--- | :--- | :--- | | April 2025 | 400,000 | 1.38 | 1.28 | 532,949.60 | | **Total** | **400,000** | | | **532,949.60** | - All repurchased shares have been cancelled[70](index=70&type=chunk) [Compliance with Corporate Governance Code](index=29&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) For the six months ended June 30, 2025, the company complied with the code provisions of the Corporate Governance Code set out in Appendix C1 of the HKEX Listing Rules - The company has complied with the code provisions of the **Corporate Governance Code** set out in Appendix C1 of the HKEX Listing Rules[71](index=71&type=chunk) [Other Information](index=30&type=section&id=Other%20Information) This section details changes to the company's registered office address and expresses gratitude to stakeholders [Change of Registered Office Address](index=30&type=section&id=Change%20of%20Registered%20Office%20Address) The company's registered office address will change to Units 3706-08, 37/F, AIA Tower, 183 Electric Road, North Point, Hong Kong, effective September 1, 2025 - The registered office address will change to Units 3706-08, 37/F, AIA Tower, 183 Electric Road, North Point, Hong Kong, effective **September 1, 2025**[72](index=72&type=chunk) [Acknowledgements](index=30&type=section&id=Acknowledgements) The Board expresses gratitude for the trust and support of shareholders and strategic investors, reaffirming the company's core competitive advantages as an intelligent infrastructure asset service provider and deep participant in the robotics industry, committed to creating sustainable shareholder value - The Board thanks shareholders and strategic shareholders (including **Shougang Group Co, Ltd, ORIX Corporation, Chow Tai Fook Enterprises Limited, Beijing State-owned Capital Operation and Management Co, Ltd, and Sunshine Insurance Group Co, Ltd**) for their support[73](index=73&type=chunk) - The company will continue to leverage its core competitive advantages in **asset operation and management, capital synergy and integration, and scenario empowerment and innovation** to promote the upgrading of the intelligent manufacturing industry and create sustainable value for shareholders[73](index=73&type=chunk)

Core Viewpoint - The company, 首程控股, is establishing a new subsidiary, 首程机器人先进材料产业有限公司, to enhance its presence in the robotics industry by focusing on advanced materials for humanoid robots [1] Group 1: Company Strategy - The new subsidiary will focus on the industrialization of core advanced materials such as electronic skin materials, tendon materials, and lightweight PEEK materials [1] - This initiative aims to significantly enhance the company's ability to integrate the entire robotics industry chain [1] Group 2: Industry Impact - The establishment of the new company is intended to create a comprehensive ecosystem for humanoid robots, positioning the company as a leading specialized service provider in the robotics industry [1] - The move is expected to empower existing robot projects and improve their performance and competitiveness [1]