随着机器人产业进入加速落地期，首程控股在"投资+场景应用"双驱动下的增长路径愈加清晰。市场普 遍预期，2026年将成为公司机器人业务与投资收获的关键一年。 近日，首程控股(0697.HK)公布2025年第三季度业绩，并同步宣布被投企业宇树科技已正式完成IPO辅导 工作，距离A股"人形机器人第一股"更进一步。该事件被视为首程控股机器人投资布局的重要里程碑。 财报显示，首程控股前三季度收入同比增长30%至12.15亿港元，归母净利润同比增长22%至4.88亿港 元，延续稳健增长趋势。公司现金及理财资产增至85.5亿港元，资产负债率保持在31.5%的健康水平。 基于充裕的资金实力和对未来发展的信心，公司宣布将在未来三年内实施10亿港元股份回购计划，以提 升股东回报并增强市场信心。 与此同时，首程控股重点投资企业——宇树科技已由中信证券完成IPO辅导，云深处也宣布完成股改。 其中，宇树科技作为全球领先的人形与具身智能机器人公司，其上市进程加速被视为推动产业链估值提 升的关键催化剂，也将为首程控股带来潜在的资本化回报。 ...

Core Insights - The company reported a robust financial performance for Q3 2025, with a revenue of HKD 1.215 billion, a year-on-year increase of 30%, and a net profit of HKD 488 million, up 22% from the previous year [1] - A significant share buyback plan of HKD 1 billion was announced, reflecting management's confidence in the company's future growth [1] Financial Performance - Revenue reached HKD 1.215 billion, representing a 30% year-on-year growth [1] - Net profit was HKD 488 million, showing a 22% increase compared to the previous year [1] - Gross profit amounted to HKD 551 million, with a gross margin of approximately 45%, up 28% year-on-year [1] - Cash and financial assets totaled around HKD 8.5 billion, nearly doubling since the beginning of the year [1] - The company maintained a low debt ratio of 31.5% and a debt-to-capital ratio of 10.9%, ensuring strong financial stability for future growth [1] Strategic Initiatives - The company is advancing its investment and application layout in the robotics sector, establishing an advanced materials company to enhance the robotics supply chain and reduce overall costs [2] - A "robotics technology experience store" has been launched in key locations, with plans to open 20 more stores in major cities [2] - The company is integrating online and offline channels through the "ShouCheng W" online robotics live broadcast platform to expand the "new consumption + new technology" market [2] - A national "robotics + automatic charging" demonstration project has been successfully implemented in Chengdu, enhancing value-added services in parking [2] - Collaborations with automotive companies are underway to apply robotics technology in smart manufacturing and new energy vehicle production lines [2] Educational and Medical Applications - The company is collaborating with the Beijing Municipal Education Commission to implement a "robotics in schools" project, providing integrated solutions for middle and primary schools [3] - In the medical field, the company is promoting high-end surgical robots for clinical applications, successfully completing complex surgeries at Beijing University Shougang Hospital [3] - The dual approach of robotics investment and application is positioning the company as a technology-driven platform with sustainable growth potential [3]

Core Insights - The company reported a 30% year-on-year revenue growth and a 22% increase in net profit attributable to shareholders for Q3 2025, indicating strong growth momentum [1] - The company announced a share buyback plan worth HKD 1 billion, enhancing market confidence in its future development [1] Financial Performance - Revenue increased by 30% year-on-year [1] - Net profit attributable to shareholders grew by 22% [1] Strategic Initiatives - The company is actively investing in leading humanoid robot firms such as Yushu Technology and Songyan Power to promote the commercialization of technology [1] - Significant progress has been made in various sectors including healthcare, education, and consumer markets [1] Market Positioning - The implementation of the buyback plan is expected to enhance shareholder returns and stabilize the stock price, reflecting the company's confidence in its current valuation [1] - The company's robotics business is anticipated to enter a growth phase in the coming years as technology matures [1] Future Outlook - Early investments in companies like Yushu Technology and Yundongchu are expected to yield returns, with several companies anticipated to go public by 2026, marking the beginning of a "harvest period" for investors [1]

Core Viewpoint - The company has announced a share buyback plan worth up to HKD 1 billion from November 17, 2025, to December 31, 2028, reflecting confidence in its long-term business development and recognition of its own value [1] Summary by Relevant Sections - **Share Buyback Plan**: The company will repurchase shares from the open market, with a total value not exceeding HKD 1 billion [1] - **Board's Perspective**: The board believes that the buyback plan will create long-term value and enhance shareholder returns, indicating confidence in the company's financial resources [1] - **Financial Stability**: The board asserts that the company can maintain a robust financial position while executing the buyback plan, aligning with the overall interests of the company and its shareholders [1]

Core Viewpoint - The company reported significant growth in revenue, gross profit, and net profit attributable to shareholders for the third quarter ending September 30, 2025, indicating strong financial performance compared to the previous year [1] Financial Performance - The group recorded revenue of approximately HKD 1.215 billion, an increase of about 30% compared to the same period last year [1] - The group achieved a gross profit of approximately HKD 551 million, reflecting a year-on-year increase of about 28% [1] - The net profit attributable to shareholders was approximately HKD 488 million, up about 22% from HKD 400 million in the same period last year [1] - Basic and diluted earnings per share for the period were approximately HKD 0.0666, compared to HKD 0.0561 in the previous year [1]

Core Viewpoint - The company has approved a new plan to repurchase shares worth up to HKD 1 billion from the open market between November 17, 2025, and December 31, 2028 [1] Group 1 - The share repurchase will be conducted through a "market buyback" approach [1] - The total value of the share repurchase program is capped at HKD 1 billion [1] - The timeline for the repurchase spans from November 17, 2025, to December 31, 2028 [1]

自願公告 股份回購計劃 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。 股東及潛在投資者請注意，本公司實施股份回購計劃將視乎市況而定。概不保證任何 股份回購的時間、數量或價格，或本公司是否將作出任何回購。因此，股東及潛在投 資者於買賣本公司證券時務請審慎行事。 承董事會命 首程控股有限公司 主席 趙天暘 香港，2025年11月14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。 本公告乃由首程控股有限公司（「本公司」）自願發出。 本公司董事會（「董事會」）謹此宣佈，其已批准一項新計劃，自2025年11月17日至 2028年12月31日，從公開市場以「市場回購」的方式，回購不超過價值10億港元的本公 司股份（「股份」）（「股份回購計劃」）。 股份回購計劃的實施須遵守本公司股東（「股東」）於2 ...

Financial Performance - The company recorded revenue of approximately HKD 1.215 billion for the nine months ended September 30, 2025, representing a year-on-year increase of about 30%[5] - Gross profit for the same period was approximately HKD 551 million, up approximately 28% compared to the previous year[5] - Profit attributable to the company's owners was approximately HKD 488 million, an increase of about 22% from HKD 400 million in the same period last year[5] - Basic and diluted earnings per share for the period were approximately HKD 0.0666, compared to HKD 0.0561 in the previous year[5] Assets and Liabilities - The company's total assets as of September 30, 2025, were approximately HKD 16.34 billion, an increase from HKD 13.83 billion as of December 31, 2024[6] - The asset-liability ratio as of September 30, 2025, was approximately 31.5%, up from 31.2% as of December 31, 2024[8] - The debt-to-capital ratio decreased to approximately 10.9% as of September 30, 2025, down from 15.9% as of December 31, 2024[10] Investments and Strategic Initiatives - The company has made significant investments in key robotics industry companies, enhancing its position in the robotics sector[12] - A new subsidiary, First Journey Robotics Advanced Materials Industry Co., Ltd., was established to invest systematically in advanced materials for robotics[12] - The company aims to provide comprehensive services for robotics enterprises through an integrated development path of "investment + operation + ecosystem"[12] - The company established regional equity funds in collaboration with local government guiding funds to invest in AI, robotics, and smart manufacturing, enhancing the integration of technological and industrial innovation[14] - The company completed a total investment of RMB 5.237 billion in the Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund, which is part of a larger RMB 10 billion fund, focusing on various infrastructure sectors[15] Product and Market Expansion - The company launched the first nationwide robot technology experience store "Tao Zhu New Creation Bureau" during the National Day holiday, with plans to open more stores in key cities across China[13] - The company launched the first "Robot +" automatic charging pop-up experience store in Chengdu, enhancing asset operation efficiency through smart technology integration[16] - The company is actively expanding its smart charging network in response to the national plan to double electric vehicle charging capacity by 2027, promoting the "robot + new energy" scenario[16] Cautionary Statements - The company emphasizes the importance of cautious interpretation of quarterly financial data due to market fluctuations and operational environment changes, advising stakeholders to avoid relying solely on quarterly performance for annual forecasts[17] - The company expresses gratitude to strategic shareholders for their support, highlighting its role as a leading smart infrastructure asset service provider and participant in the robotics industry ecosystem[18] Strategic Partnerships - A strategic cooperation framework agreement was signed with strategic clients including Alt Automotive Technology Co., Ltd. to promote innovation and application in the robot industry, aiming for new business models in "robot + automotive" by Q3 2025[13]

Core Insights - Shoucheng Holdings (00697) announced an investment in Beijing Xingdong Jiyuan Co., Ltd. through its subsidiary Shoucheng Capital, aimed at enhancing technology research and development and advancing product upgrades [1] Company Overview - Beijing Xingdong Jiyuan is a leading manufacturer of intelligent robots in China, focusing on the application of industrial logistics and retail scenarios [1] - The company's product line includes full-size humanoid robot L7, commercial service robot Q5, and dexterous hand XHand1 [1] Investment Focus - The investment will primarily target the development of a talent pipeline in research and production preparation [1] - The initiative aims to drive breakthroughs and innovations in core robotic technologies and implement solutions across diverse scenarios, enhancing industrial application capabilities [1]

Core Insights - Recently, Beijing Robotics Industry Development Investment Fund, under Shoucheng Holdings, completed an investment in humanoid robot company Xingdong Jiyuan Technology Co., Ltd. [1] - Xingdong Jiyuan is a leading company in China focusing on integrated humanoid robots, with core products including the full-size humanoid robot L7, commercial service robot Q5, and high-precision five-finger dexterous hand XHand1 [1] - The investment will enhance R&D team development and production preparation, promoting product iteration and application scenario expansion for humanoid robots, service robots, and dexterous hands [1] Company Strategy - Shoucheng Holdings plans to increase investment in the robotics industry and collaborate with leading companies to build a complete ecosystem for humanoid robots [1] - The company is committed to forming a comprehensive ecosystem covering technology R&D, application scenarios, and market transformation through upstream core components, advanced materials, midstream manufacturing support, and downstream scenario implementation [1] - On the consumer side, the company aims to introduce intelligent robots into urban public spaces and family life through the establishment of a robotics technology experience store named "Taozhu New Creation Bureau" (tentative name) and regular online live streaming sessions called "Shoucheng W" [1]