Investment Rating - The report maintains an "Accumulate" rating for the mechanical equipment industry [1] Core Insights - The first humanoid robot marathon took place on April 19, 2025, in Beijing, with 21 robot teams participating in a 21-kilometer race [1][2] - The event showcased the capabilities of humanoid robots, with notable performances from TianGong Ultra and SongYan Power N2, highlighting advancements in robotic movement and control [4][6] - The use of reinforcement learning technology was prevalent among the participating robots, indicating a promising direction for future development in humanoid robotics [5][36] Summary by Sections Event Overview - The first humanoid robot marathon was held on April 19, 2025, in Beijing, featuring 21 robot teams competing in a half marathon [1][14] Participating Teams - A total of 21 humanoid robot teams participated, including notable entries like TianGong Ultra, Kuavo, and SongYan Power N2 [2][16] Race Format and Rules - Robots participated in the marathon through remote operation, with engineers accompanying them. Each robot started at one-minute intervals, maintaining a distance of over one meter from each other [3][19] Race Results - TianGong Ultra won the marathon with a time of 2 hours 40 minutes 42 seconds, benefiting from advanced technology and design [4][22] - SongYan Power N2 secured second and third places, demonstrating excellent stability and humanoid gait without requiring dedicated support [4][26] Future Development Directions - The marathon set three world records, emphasizing the need for improved robustness and hardware stability for commercial viability [32][35] - The report suggests that enhancing the robots' endurance and joint cooling capabilities is crucial for their long-term operational success [37] Investment Recommendations - The report recommends focusing on the supply chains of TianGong Robotics and SongYan Power, highlighting specific companies for potential investment [6][38]

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: Company Overview - On April 14, 2023, the stock price of Shoucheng Holdings (00697.HK) surged by 12.06%, reaching HKD 1.58 per share, marking a five-day consecutive increase and a cumulative rise of over 30%, with a year-to-date increase of 51.21% [1][2] - The stock price increase is attributed to a favorable announcement regarding an investment in Yunqian Company, a leader in the home robotics sector, aimed at enhancing product iteration and global competitiveness [2][3] - Shoucheng Holdings has committed to increasing its investment in the robotics industry, having established a 10 billion RMB robotics industry fund in collaboration with Beijing Guoguan, focusing on strategic equity investments in the robotics sector [2] Group 2: Industry Insights - The robotics industry is emerging as a hot investment sector, with over 35 financing events in humanoid robotics globally, totaling over 8 billion RMB, and China accounting for more than half of these events [3] - Major companies, including Tesla, Figure AI, and Nvidia, are actively entering the humanoid robotics market, alongside Chinese tech giants like Baidu, Tencent, Alibaba, and ByteDance [3] - The Chinese government has recognized embodied intelligence as a national strategy, indicating a significant focus on robotics and embodied intelligence as key future industries [3]

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]

智通财经APP获悉，美豁免部分产品"对等关税"，港股今日全天强势，三大指数均收涨逾2%，实现五连 涨。截止收盘，恒生指数涨2.4%或502.71点，报21417.4点，全日成交额2533.89亿港元；恒生国企指数 涨2.11%，报7965.81点；恒生科技指数涨2.34%，报5015.12点。 华泰证券指出，往前看，在第一波对等关税扰动发生后，坚定看好港股相对收益表现，原因是：1）产 业上，市场中业绩与关税敏感性较高的出口链及中游制造企业市值占比较低；2）科技企业盈利表现或 将持续支持港股行情演绎；3）外部冲击扰动下，市场或对内需政策存在较大预期。 蓝筹股表现 港交所(00388)表现亮眼。截至收盘，涨6.91%，报334港元，成交额57.31亿港元，贡献恒指43.24点。4 月13日，香港特区政府财政司司长陈茂波发表网志表示，针对全球最新变化，已指示证监会和港交所做 好准备，若在海外上市的中概股希望回流，必须让香港成为它们首选的上市地。港交所亦会加紧做好在 东盟和中东市场的联系和推广工作，吸引更多当地优质企业来港上市，同时汇聚更多国际资金到港，进 一步提升香港国际金融中心的实力和地位。 其他蓝筹股方面，石药 ...

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]

雲鯨公司是一家立足家用機器人領域、致力於研發革命性科技產品的公司，以用戶需求 為導向打造高性能智能家居清潔機器人，是「全球智能清潔機器人頭部企業」。此次投 資將有助於雲鯨公司進一步加大家用具身智能領域的投資力度，為全球用戶帶來更迭代、 更全能的智能清潔與服務體驗。 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雲鯨公司 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」)投資雲鯨智 能創新（深圳）有限公司(「雲鯨公司」),進一步促進被投企業的產品的迭代升級，提 升其在全球範圍內的競爭力。 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，致力於通過資本賦能和產 業協同，並依託獨特的生態系統，助力被投企業實現跨越式發展，讓中國乃至全球更多 消費者受 ...

Group 1 - The spot gold price has reached a new historical high of $3,218.63 per ounce, marking a significant increase of nearly 22% year-to-date, indicating strong momentum in the gold market [1] - Several gold-related stocks have surged, with notable increases including Eurasia Group hitting the daily limit, and others like Sichuan Gold and Hunan Gold rising over 5% [1] - Analysts suggest that the complex global economic situation and ongoing geopolitical risks are likely to support further increases in gold prices [1] Group 2 - Goldman Sachs has raised its gold price forecast for the end of 2025 from $3,100 to $3,300 per ounce, with a potential extreme scenario predicting prices could exceed $4,200 per ounce [2] - The strong demand from global central banks and the rising risk aversion among investors are identified as key drivers for the anticipated further increase in gold prices [2] - Despite the rising gold prices, market analysts advise investors to remain rational and cautious in their investment strategies to manage potential market volatility [2]

第 1 頁 共 7 頁 v 1.3.0 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4月10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 ...

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4月9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 | | 佔有關事件前 ...