Core Viewpoint - Recent positive actions by Shoucheng Holdings have drawn market attention, clearly outlining the company's intrinsic value and growth potential [1] Group 1: Management Actions - The management's share buybacks and stock purchases serve as a direct endorsement of the company's value amidst market volatility [2] - On December 18, the Chairman Zhao Tianyang purchased 100,000 shares at an average price of HKD 1.91, while Executive Director Xu Huajie bought 200,000 shares at HKD 1.94, indicating management's confidence in the company's future [2] - The company completed a buyback of 6.39 million shares on December 24, involving HKD 13.61 million, with a price range of HKD 2.11-2.13, and has conducted 12 buybacks in 2025 totaling 104 million shares and HKD 216 million [2] Group 2: Price Dynamics - The management's purchase prices ranged from HKD 1.91 to 1.94, while subsequent buyback prices increased to HKD 2.11-2.13, reflecting positive market feedback and management's assessment of the company's value bottom [3] Group 3: Investment in Emerging Industries - The technological breakthroughs of invested company Yundongchu Technology and its initiation of listing guidance signal the growth potential of Shoucheng Holdings' investments in emerging industries [4] - On December 24, the company's Secretary participated in a successful extreme cold test of the M20 robot dog, showcasing its technical capabilities [4] - Shoucheng Holdings has established a 10 billion yuan investment fund for the robotics industry, covering key areas such as manufacturing and core components, indicating a strategic investment approach [5] Group 4: Ecosystem and Growth - The company provides a full-chain model of "investment + service + scenario" for its invested robotics firms, enhancing their success probability and opening new growth avenues for Shoucheng Holdings [6] - The successful listing guidance for Yundongchu lays the groundwork for realizing investment returns, with the potential for accelerated growth in the robotics sector benefiting Shoucheng Holdings [5][6] Group 5: Conclusion - The recent actions of Shoucheng Holdings create a multi-dimensional resonance: management's buybacks and purchases solidify the value base, while Yundongchu's breakthroughs validate the company's forward-looking investment strategy [7] - The value re-evaluation logic for investors is becoming clearer, with short-term valuation repair effects already visible and long-term benefits expected from the robotics industry's growth [7]

Group 1 - The core viewpoint of the report is that Shoucheng Holdings (00697) is leveraging an "asset operation + financing" model to drive growth, with projected revenues of HKD 16.64 billion, 20.69 billion, and 26.36 billion for 2025-2027, and corresponding net profits of HKD 5.29 billion, 7.05 billion, and 10.17 billion, indicating a favorable valuation compared to peers [1] - For the first three quarters of 2025, the company reported a significant revenue increase of 30% year-on-year, achieving HKD 12.15 billion in revenue, with asset operation income rising by 16% to HKD 7.83 billion and financing income soaring by 66% to HKD 4.32 billion [1] - The company achieved a gross profit of HKD 5.51 billion, up 28% year-on-year, and a net profit attributable to shareholders of HKD 4.88 billion, reflecting a 22% increase [1] Group 2 - In the robotics sector, investment is entering a realization phase, with multiple companies initiating IPO processes, including Yundongchu Technology, which has completed 9 rounds of financing totaling over 1.5 billion [2] - Shoucheng Holdings launched the first nationwide operational robot experience store, "Taozhu New Creation Bureau," showcasing various robotic products and plans to open 20 such stores across the country within a year [3] - The company has established a 10 billion RMB investment fund in collaboration with China Life Insurance, focusing on various REITs and completing a rental housing investment in the third quarter [4]

Group 1 - The core viewpoint of the report is that Shoucheng Holdings (00697) is leveraging an "asset operation + financing" model to drive growth, with projected revenues of HKD 1.664 billion, HKD 2.069 billion, and HKD 2.636 billion for 2025-2027, and corresponding net profits of HKD 529 million, HKD 705 million, and HKD 1.017 billion, indicating a favorable valuation compared to peers [1] - For the first three quarters of 2025, the company reported a significant revenue increase of 30% year-on-year, achieving HKD 1.215 billion in revenue, with asset operation income rising by 16% to HKD 783 million and financing income soaring by 66% to HKD 432 million [1] - The company achieved a gross profit of HKD 551 million, reflecting a 28% year-on-year increase, and a net profit attributable to shareholders of HKD 488 million, up 22% year-on-year [1] Group 2 - In the robotics sector, investment is entering a realization phase, with multiple companies initiating IPOs, including Yundongchu Technology, which has completed nine rounds of financing totaling over HKD 1.5 billion, focusing on quadruped robots and expanding into humanoid and wheeled robots [2] - Shoucheng Holdings launched the "Taozhu New Creation Bureau" robot technology experience store, the first of its kind in the country, showcasing various robotic products and planning to open 20 such stores nationwide within a year [2] - The company has also invested in several core robotics industry chain companies, covering humanoid robots, flying robots, and upstream sectors of the robotics industry [2] Group 3 - The company has deepened its REITs full-cycle management capabilities, establishing a 10 billion yuan fund with China Life Insurance, and completing investments in multiple REITs, including those focused on infrastructure and clean energy [3] - The urban development fund managed by the company completed a rental housing investment in the third quarter [3]

今年以来该股累计进行12次回购，合计回购1.04亿股，累计回购金额2.16亿港元。（数据宝） 首程控股回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.12.24 | 639.00 | 2.130 | 2.110 | 1361.42 | | 2025.12.23 | 445.00 | 2.100 | 2.100 | 936.21 | | 2025.12.22 | 240.00 | 2.060 | 2.050 | 493.88 | | 2025.10.14 | 1605.00 | 2.350 | 2.210 | 3635.78 | | 2025.10.13 | 890.00 | 2.270 | 2.210 | 2012.60 | | 2025.10.10 | 2545.00 | 2.310 | 2.250 | 5828.47 | | 2025.07.30 | 300.00 | 1.880 | 1.860 | 562.83 | | 2025.07.29 | 1765.0 ...

格隆汇12月24日丨首程控股(00697.HK)公告，12月24日耗资1361.42万港元回购639万股，每股回购价 2.11-2.13港元。 ...

首程控股(00697)发布公告，于2025年12月24日，该公司斥资1361.42万港元回购639万股股份，每股回购 价格为2.11-2.13港元。 ...

智通财经APP讯，首程控股(00697)发布公告，于2025年12月24日，该公司斥资1361.42万港元回购639万 股股份，每股回购价格为2.11-2.13港元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 首程控股有限公司 呈交日期： 2025年12月24日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00697 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關事 ...

Core Viewpoint - The company, Shoucheng Holdings, has been actively repurchasing its shares, indicating a strategy to enhance shareholder value and potentially stabilize its stock price amid market fluctuations [2] Group 1: Share Buyback Details - On December 23, Shoucheng Holdings repurchased 4.45 million shares at a price of HKD 2.10 per share, totaling HKD 9.36 million [2] - The stock closed at HKD 2.10 on the same day, reflecting a decline of 3.23%, with a total trading volume of HKD 75.996 million [2] - The company has conducted a total of 11 buybacks this year, repurchasing 97.396 million shares for a total amount of HKD 202 million [2] Group 2: Recent Buyback Activity - The company has repurchased a total of 6.85 million shares over the last two days, with a cumulative buyback amount of HKD 14.301 million [2] - During this period, the stock has seen a cumulative increase of 3.96% [2] Group 3: Historical Buyback Data - The buyback history includes significant transactions, such as 2.545 million shares repurchased on October 10 at a maximum price of HKD 2.31, totaling HKD 58.2847 million [2] - Other notable buybacks include 1.605 million shares on October 14 and 0.89 million shares on October 13, with respective amounts of HKD 36.3578 million and HKD 20.126 million [2]

Core Viewpoint - The "Golden Award" for Annual Outstanding IR Team was awarded to First Journey Holdings (00697.HK) during the "Technology Empowerment · Capital Breakthrough" online sharing session held by Gelonghui on December 22 [1] Group 1 - The "Annual Outstanding IR Team" award recognizes the exceptional contributions of listed company IR teams in promoting industry transformation and development [1] - The award emphasizes the importance of communication channels between IR teams and investors, encouraging a long-term perspective on the comprehensive performance of companies [1] - The evaluation of the award focuses on the evolution of investor relations work towards "digitalization," "refinement," and "systematization" in response to a maturing market and stricter regulations [1]