Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [2][10]. Core Insights - The company achieved a revenue of HKD 1.215 billion in Q1-Q3 2025, representing a year-on-year growth of 30%. The gross profit reached HKD 551 million, up 28% year-on-year, driven by efficient operations of new projects like the Xi'an Xianyang International Airport T5 terminal parking lot and improved performance of existing projects [2]. - The net profit attributable to the parent company for Q1-Q3 2025 was HKD 488 million, reflecting a 22% increase year-on-year, showcasing a significant improvement in overall profitability and a solid foundation for long-term performance [2]. - The company is accelerating its investment in the humanoid robotics sector, having established multiple industry funds that have invested in key enterprises across the robotics value chain. This includes the establishment of the "Shou Cheng Robot Advanced Materials Industry Co., Ltd." to invest in critical materials for robotics [3][4]. - The company has launched the first nationwide operational robotics technology experience store, enhancing its market presence and consumer engagement in the robotics sector [3]. Financial Summary - The company's revenue projections for 2025-2027 are HKD 1.559 billion, HKD 1.959 billion, and HKD 2.319 billion, respectively, with corresponding net profits of HKD 586 million, HKD 775 million, and HKD 934 million [10]. - The gross margin for Q1-Q3 2025 was 45.35%, with a slight year-on-year decrease of 0.57 percentage points, indicating stable profitability [3]. - The debt-to-capital ratio decreased to 10.9% in Q1-Q3 2025, down 5 percentage points from the end of 2024, reflecting improved financial stability [3][4].

Core Insights - The company reported Q3 2025 results that met market expectations, with revenue of approximately HKD 1.215 billion (up 30% year-on-year) and net profit attributable to shareholders of HKD 488 million (up 22% year-on-year) [1] - A new share buyback plan was announced, allowing the company to repurchase shares worth up to HKD 1 billion from the open market between November 17, 2025, and December 31, 2028 [1] Investment and Business Development - The company accelerated investments in the robotics sector, with multiple funds completing investments in companies like Yushu Technology and Xinghai Map [1] - The establishment of the Shoucheng Robotics Advanced Materials Co., Ltd. indicates further investment in upstream key materials [2] - Strategic partnerships were formed with clients such as Alter Automotive to promote new applications in the "robotics + automotive" sector [2] Business Model and Market Strategy - The company opened several robotics experience stores in 2025, focusing on consumer robots for the C-end and leveraging financing leasing for the B-end manufacturing sector [1] - The company has signed agreements with over 60 robotics agents, enhancing its market reach [1] Profit Forecast and Valuation - The profit forecast for 2025 and 2026 remains unchanged at HKD 648 million and HKD 751 million respectively, representing year-on-year growth of 58% and 16% [2] - The company maintains a target price of HKD 3.30, implying a 45% upside potential based on a price-to-book ratio of 2.8 times for 2025 [2]

Core Insights - Starry Era has completed nearly 1 billion yuan in Series A+ financing, indicating strong investor confidence and support for its growth strategy [1] Financing Details - The financing round was led by Geely Capital, with strategic investments from BAIC Investment and participation from Beijing Artificial Intelligence Industry Investment Fund and Beijing Robotics Industry Development Investment Fund [1] - The funds raised will further support the technological iteration and application of the end-to-end VLA embodied model ERA-42 [1]

Investment Rating - The report rates the company as Outperform, with a target price of 2.94 HKD based on a 2026 PE of 25x and projected EPS of 0.09/0.12/0.15 HKD for 2025-2027 [4][13]. Core Insights - The company has shown notable growth with stable performance, achieving a revenue of 1.22 billion HKD in Q1-3 2025, a 30% year-over-year increase. Asset operation revenue rose by 16% to 783 million HKD, while asset financing revenue surged by 66% to 432 million HKD. Gross profit increased by 28% to 551 million HKD, and net profit attributable to shareholders grew by 22% to 488 million HKD. By Q3 2025, cash and financial assets totaled 8.5 billion HKD, maintaining a low asset/liability ratio of 31.5% [4][14]. Financial Summary - **Revenue Forecast (Million HKD)**: - 2023A: 883 - 2024A: 1,215 - 2025E: 1,782 - 2026E: 2,301 - 2027E: 2,835 - Year-over-year growth rates: -44.8%, 37.5%, 46.7%, 29.1%, 23.2% [3]. - **Net Profit Forecast (Million HKD)**: - 2023A: 404 - 2024A: 410 - 2025E: 713 - 2026E: 984 - 2027E: 1,274 - Year-over-year growth rates: -56.2%, 1.6%, 73.8%, 38.0%, 29.5% [3]. - **Key Financial Ratios**: - PE: 28.19 (2023A), 18.75 (2024A), 24.87 (2025E), 18.02 (2026E), 13.92 (2027E) - PB: 1.17 (2023A), 0.84 (2024A), 1.90 (2025E), 1.84 (2026E), 1.78 (2027E) [3]. Business Development - The company is rapidly advancing its robotics full-chain layout, focusing on three main areas: 1. **Investment**: Continued investment in core robotics, including companies like Yushu Technology and the establishment of an advanced materials company [15]. 2. **TO C Retail**: Launching robotics tech stores and online channels to expand market reach [15]. 3. **TO B Development**: Collaborating with IAT Automobile Technology to integrate robotics into smart manufacturing and new energy vehicle production [15]. - A significant buyback plan of 1 billion HKD is set to be executed from November 17, 2025, to December 31, 2028, reflecting the company's confidence in its value and the robotics industry [15].

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。 由 2025年 12月 17日 起 ， 有關本公司之股份過戶及登記手續將由卓佳證券登 記有限公司辦理。於 2025年12月16日下午4時30分後仍未領取之股票，可於 2025年12月17日起從卓佳證券登記有限公司領取。 趙天暘 承董事會命 香港，2025 年 11 月 18 日 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 。 首 程控股 有限公司 主席 更改股份過戶登記處 首程控股有限公司（「本公司 」）董事會（「董事會 」）宣佈自2025年12 月17日起，本公司之股份過戶登記處將更改為: 卓佳證券登記有限公司 香港夏慤道 16 號 遠東金融中心 17 樓 電話 : (852) 2980 1333 傳真 : (852) 2810 8185 ...

Core Viewpoint - 首程控股 reported a significant increase in revenue and profit for the first three quarters of 2025, indicating strong business performance and confidence in future growth [1] Financial Performance - Revenue for the first three quarters of 2025 reached approximately 1.215 billion HKD, representing a year-on-year increase of about 30% [1] - The company's attributable profit was approximately 488 million HKD, showing a year-on-year growth of around 22% [1] Investment Activities - The company has completed investments in several key robotics industry chain companies, including Yushu Technology, Yundongchu, Xinghaitu, Jiasu Jinhua, Songyan Power, Weifen Zhifei, and Quanzhibo, covering advanced fields such as humanoid robots and flying robots [1] - Notably, Yushu Technology has completed its IPO and listing advisory work as of November 15, according to the China Securities Regulatory Commission [1] Share Buyback Plan - The company has approved a new share buyback plan, allowing for the repurchase of up to 1 billion HKD worth of shares from the open market between November 17, 2025, and December 31, 2028 [1] - The board believes that this share buyback plan reflects the company's recognition of its own value and confidence in long-term business development, which is expected to create long-term value and enhance shareholder returns [1]

Core Viewpoint - 首程控股's stock price increased by 6.13% to 2.25 HKD, with a trading volume of 176 million HKD, following the announcement of its financial results for the first three quarters of 2025 [1] Financial Performance - The company reported revenue of approximately 1.215 billion HKD, representing a year-on-year increase of about 30% [1] - The profit attributable to the company's owners was approximately 488 million HKD, reflecting a year-on-year growth of about 22% [1] Share Buyback Plan - The company has approved a new share buyback plan, allowing for the repurchase of shares worth up to 1 billion HKD from the open market between November 17, 2025, and December 31, 2028 [1] - The board believes that the share buyback plan demonstrates the company's recognition of its own value and confidence in long-term business development [1] - This plan is expected to create long-term value for the company and further enhance shareholder returns [1]

Core Viewpoint - The company, 首程控股, reported a significant increase in revenue and profit for the first three quarters of 2025, indicating strong business performance and confidence in future growth [1] Financial Performance - Revenue for the first three quarters of 2025 reached approximately 1.215 billion HKD, representing a year-on-year increase of about 30% [1] - The profit attributable to shareholders was approximately 488 million HKD, showing a year-on-year growth of around 22% [1] Investment Activities - The company has completed investments in several key robotics industry chain companies, including 宇树科技, 云深处, 星海图, 加速进化, 松延动力, 微分智飞, and 泉智博, covering advanced fields such as humanoid robots and flying robots [1] - 宇树科技 has completed its IPO and listing advisory work as of November 15, according to the China Securities Regulatory Commission [1] Share Buyback Plan - The company has approved a new share buyback plan, allowing for the repurchase of up to 1 billion HKD worth of shares from the open market between November 17, 2025, and December 31, 2028 [1] - The board believes that the share buyback plan reflects the company's recognition of its own value and confidence in long-term business development [1] - This plan is expected to create long-term value for the company and enhance shareholder returns [1]

Group 1 - The company announced a share buyback plan of HKD 1 billion over the next three years, signaling long-term confidence in the market [1] - For the first three quarters of 2025, the company reported a revenue increase of 30% to HKD 1.215 billion and a net profit increase of 22% to HKD 488 million [1] - Cash and investment assets rose to HKD 8.55 billion, nearly doubling year-on-year, while the debt-to-asset ratio remained stable at 31.5% [1] Group 2 - The company’s portfolio companies in the robotics industry are making significant progress, with Yushu Technology entering the IPO application stage after guidance from CITIC Securities [1] - Yushu Technology is recognized as a leading company in embodied intelligence and humanoid robotics, accelerating its capitalization process [1] - "Yunshenchu Technology," one of the "Six Little Dragons of Hangzhou," completed its share reform in November, laying the groundwork for future capital market entry [1] Group 3 - The company is accelerating its consumer scene layout with the launch of "Shoucheng Robot Technology Experience Stores" in major locations such as Beijing and Chengdu [2] - The "Shoucheng W" robot live streaming room combines new consumption and new technology, facilitating direct access and conversion of robot products [2] - The market anticipates that the company will experience a critical release period for its robotics business and investment returns in 2026 as consumer traffic and application scenarios continue to expand [2]

Summary of the Conference Call for 首城控股 (Shoucheng Holdings) Company Overview - **Company**: 首城控股 (Shoucheng Holdings) - **Industry**: Robotics and Infrastructure - **Date of Call**: November 16, 2025 Key Financial Highlights - **Revenue**: HKD 1.215 billion for the first three quarters of 2025, a 30% year-on-year increase [2][3] - **Net Profit**: HKD 488 million, up 22% year-on-year [2][3] - **Total Assets**: HKD 16.34 billion [2][4] - **Share Buyback Plan**: Announced a buyback plan of up to HKD 1 billion from November 17, 2025, to December 31, 2028, reflecting confidence in the company's value and future [2][4] Robotics Industry Developments - **Investment in Robotics**: The company is involved in both upstream (core materials) and downstream (consumer market) segments of the robotics industry [2][5] - **Experience Stores**: Opened three robotics technology experience stores in Beijing and Chengdu, with plans for more in major cities [2][5][10] - **Strategic Partnerships**: Collaborated with 阿尔特汽车 (Alte Automotive) to develop new applications for robotics in the automotive sector [2][5] Infrastructure Investments - **Housing Projects**: Completed investments in rental housing projects in Beijing and is actively acquiring quality assets in key regions [2][6] - **Investment Fund**: Established a HKD 10 billion stabilization fund with China Life to invest in data centers and clean energy projects [2][6] Future Outlook and Strategy - **Growth in Robotics**: Anticipates four to five portfolio companies in the robotics sector may go public in 2026 [11] - **VLA Model**: The company is optimistic about the VLA (Vision, Language, Action) model as a future paradigm in robotics [12] - **Investment Strategy**: Focuses on high-quality enterprises in the robotics sector, with a bifurcated strategy targeting both intelligent body and consumer applications [8][9] Operational Insights - **Experience Store Performance**: The experience stores exceeded expectations, with an average daily footfall of 10,000 and daily sales of approximately HKD 100,000 during peak periods [3][10] - **Investment in Key Technologies**: Investments made in core components and sensory technologies to enhance robotics applications [8][12] Challenges and Market Position - **Market Volatility**: The company maintains a long-term investment approach to navigate market fluctuations [32] - **Competitive Landscape**: Currently, there is no significant competition in the experience store segment, allowing the company to leverage its unique position [35] Shareholder Engagement - **Dividend Policy**: Plans to maintain a high dividend payout, with a commitment to distribute at least 80% of net profits by 2027 [30] - **Communication with Investors**: The management emphasizes transparent communication and actively seeks investor feedback [53] Conclusion 首城控股 is strategically positioned in the robotics and infrastructure sectors, demonstrating robust financial performance and a proactive approach to market opportunities. The company's focus on innovation, strategic partnerships, and shareholder value positions it well for future growth in a rapidly evolving industry.