中金发布研报称，维持首程控股(00697)2025-2026年归母净利润预测6.04亿港元及7.06亿港元不变(同比 +47%及+17%)，维持跑赢行业评级，考虑到公司机器人布局进一步深化，该行提高目标价4%至2.60港 元，目标价对应2.0倍2025年市净率，较当前股价隐含56%的上行空间。公司当前交易于1.3倍2025年市 净率和1.2倍2026年市净率。 中金主要观点如下： 公司近况 2025年以人形机器人为代表的具身智能产品进入场景验证期，该行看好工业、商用部署潜力。首程控股 目标为全链条服务商，在机器人领域积极有为： 投资端：2024年1月19日，首程控股发布公告，公司与北京国管旗下公司共同成立北京机器人基金，管 理规模100亿元，至今已投资人形机器人本体、具身智能算法、脑机接口等创新领域。其中，宇树机器 人为全球四足机器人龙头公司，2024年全球市占率70%(按销量，高工机器人统计)，该行认为公司此次 追加投资有望享受优质资产发展红利。 运营端：首城机器人科技产业有限公司2025年2月成立，聚焦机器人销售代理、融资租赁、供应链管理 等，为初创企业提供产业运营经验，该行认为有望2025年贡献规模化收 ...

Core Viewpoint - The article highlights the increasing investor interest in high-dividend, undervalued assets in the Hong Kong stock market, with Shoucheng Holdings (697.HK) positioned as a strong candidate due to its strategic investments in data center REITs, providing a dual value of "defense + growth" [1][2]. Group 1: Investment Strategy - Shoucheng Holdings has made strategic investments in Southern Universal Data Center REIT and Southern Runze Technology REIT, optimizing its asset portfolio and enhancing its high dividend characteristics [1]. - The company’s focus on data center REITs, which offer stable rental income and controllable operating costs, supports a continuous cash flow, thereby increasing the potential for future dividends [1][2]. - The company is currently undervalued compared to similar infrastructure REITs, despite having superior asset quality and cash flow stability [1][2]. Group 2: Financial Performance - The company’s total dividend scale for 2024 is projected to exceed 200% of the net profit attributable to shareholders, indicating strong future dividend capabilities [2]. - The expansion of the Chinese REITs market allows Shoucheng Holdings to diversify its asset allocation, further mitigating risks and enhancing revenue stability [2][3]. Group 3: Operational Strengths - Shoucheng Holdings operates on a "dual-wheel drive" model of "industry + capital," enabling it to identify, acquire, and manage high-quality infrastructure assets effectively [3]. - The company’s deep involvement in REITs projects enhances its ability to maximize asset returns and improve liquidity and return rates [3]. - The focus on standardizing, securitizing, and liquidating assets transforms stable assets into efficient capital operation tools, thereby continuously enhancing shareholder returns [3]. Group 4: Market Positioning - In a global market increasingly favoring "certainty," Shoucheng Holdings' model of "infrastructure + high dividends" is highly attractive, providing predictable cash dividends while exploring high-growth assets [4]. - The ongoing securitization of data centers, urban renewal, and green energy assets will diversify the company’s cash flow sources and dividend capabilities [4]. - As a rare high-dividend infrastructure platform in the Hong Kong market, Shoucheng Holdings offers a unique value proposition of stable operational income and clear capital return pathways, establishing a strong competitive moat [4].

Core Viewpoint - The "Gelonghui Golden Award" ESG Excellence Company selection recognizes companies that excel in environmental, social, and governance dimensions, contributing to China's dual carbon goals and setting benchmarks for long-term value in the capital market [1][2]. Group 1: Award Winners - Twelve companies were awarded the "ESG Sustainable Development Excellence Enterprise" title, including Fourth Paradigm (06682.HK), JinJing New Energy (01783.HK), Kangqiao Yuelife (02205.HK), Ping An Good Doctor (01833.HK), AAC Technologies (02018.HK), Shoucheng Holdings (00697.HK), Tongwei Co., Ltd. (600438.SH), Yaoshi Bang (09885.HK), Zhaojin Mining (01818.HK), China Chunlai (01969.HK), China Reinsurance (01508.HK), and China Nuclear International (02302.HK) [1]. - The ranking of the awarded companies is in alphabetical order and does not indicate any specific order of merit [1]. Group 2: Evaluation Criteria - The selection process involved quantitative data analysis and evaluation by an expert panel to determine the final results [1]. - The award aims to highlight companies that actively promote green transformation and social responsibility through transparent governance [1]. Group 3: Scope of the Selection - The ESG Excellence Company selection covers all listed companies on the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, American Stock Exchange, and NASDAQ [2]. - The initiative is designed to create a reference value ranking of outstanding companies in the ESG field within the investment community [2].

对于本轮持续加码，首程资本管理合伙人朱方文表示："我们看好在硬件、算法、场景形成业务飞轮的 机器人主机厂，宇树科技的四足/双足机器人，在行业应用多样性、出货量、软硬耦合等各个方面均在 行业领先，已经形成良性业务飞轮。同时宇树科技在底层技术自研上积累较深，自研率超过95%，具备 从底层持续迭代的能力，我们判断宇树将持续保持竞争力，成为终局智能机器人企业之一，是我们本轮 继续追投的主要原因。未来我们将持续陪伴宇树科技成长，同时绑定宇树科技链主企业的身位，挖掘更 多的上下游产业链投资机会。" 为进一步完善产业生态，首程控股近期成立北京首程机器人科技产业有限公司，以机器人基金为资本纽 带，通过场景嵌入与产业运营，打造产业链上下游协同发展平台，推动更多机器人创新企业在京落地、 生根、壮大。 未来，首程控股将继续深耕机器人产业，重点支持具备原创技术能力、产业落地潜力强的创新型企业， 助力北京打造新质生产力新引擎，共建全球领先的机器人产业高地。 近日，首程控股有限公司（以下简称"首程控股"）旗下首程资本所管理的北京机器人产业发展投资基金 完成对杭州宇树科技股份有限公司（以下简称"宇树科技"）的追加投资。这是继2024年首次 ...

Core Insights - Shoucheng Holdings has made a strategic follow-up investment in Yushu Technology through its Beijing Robotics Industry Development Investment Fund, marking a new phase in its robotics industry layout [1] - Yushu Technology, a leader in the quadruped robot market with nearly 70% global market share, will utilize the C-round financing for product iteration and global expansion [1] - The investment reflects Shoucheng Holdings' confidence in Yushu Technology's technological strength and commercialization capabilities, aligning with its three-step strategy of investment, operational collaboration, and ecosystem building [1] Company Strategy - Shoucheng Holdings employs a dual-driven model of "left-hand investment, right-hand operation," distinguishing itself from traditional investment firms [1] - The company has invested in several innovative enterprises, including Yushu Technology, with a reported investment portfolio return exceeding three times [1] - Shoucheng Holdings leverages its rich resource scenarios in smart parking and industrial parks to provide practical testing grounds for its portfolio companies, exemplified by the 23% increase in foot traffic at Shougang Park due to the entry of Songyan Power's bionic robot [1] Industry Trends - The robotics industry is experiencing explosive growth, driven by the imminent mass production of Tesla's Optimus and the reduction of humanoid robot costs to around $20,000, alongside advancements in AI models [2] - Shoucheng Holdings is building a comprehensive capability by strategically investing in companies like Yushu Technology, integrating physical robots, intelligence, and application scenarios [2] - The launch of the world's first "robot comprehensive experience store" recruitment plan signifies Shoucheng's transition towards becoming an industry hub, filling market gaps and supporting its strategic initiatives [2] Ecosystem Development - The technological synergies between Yushu Technology's motion control and hardware capabilities and the intelligent models from Xinghaitu enhance the collaborative effects within the industry ecosystem [2] - Shoucheng Holdings' innovative model of "capital + operation + ecosystem" is expected to provide stable financial returns while contributing to the systematic development of China's robotics industry [2] - As the three-step strategy progresses, Shoucheng Holdings is poised to evolve from a traditional operator to a builder of intelligent ecosystems, promoting high-quality development in the Chinese robotics sector [2]

Core Viewpoint - The article highlights the strategic investment by Shoucheng Holdings in Yushu Technology, emphasizing the dual benefits of securing industry certainty and positioning for future growth in the humanoid robotics sector [2][6]. Group 1: Investment and Growth - Yushu Technology holds nearly 70% of the global quadruped robot market and is recognized for its technological maturity and commercial viability, with projected revenues for 2024 expected to double to around 400 million [1][2]. - Shoucheng Holdings' additional investment is not merely financial but is based on a deep industry analysis, aiming to lock in core returns from the humanoid robotics sector [2][3]. Group 2: Strategic Positioning - The latest valuation of Yushu Technology has increased by 25%-87.5% compared to September 2024, indicating significant potential returns that exceed industry averages [2]. - The investment strategy includes integrating Yushu's products with Shoucheng's existing operations in parking management and industrial parks, creating a synergistic effect that enhances operational efficiency [2][4]. Group 3: Ecosystem Development - Shoucheng Holdings has established a dual-driven system of "operations and capital," which includes a 10 billion yuan robot fund that covers various companies across the robotics value chain [3][4]. - The company has initiated a comprehensive ecosystem by signing contracts with over 50 firms and launching the world's first "robot comprehensive experience store," which aims to bridge the gap between B2B and end consumers [5][6]. Group 4: Future Outlook - The strategic evolution of Shoucheng Holdings reflects a shift from being a basic infrastructure operator to becoming a builder of intelligent ecosystems, positioning itself advantageously as the humanoid robotics market approaches commercialization [6].

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宇樹科技 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」)投資杭州宇 樹科技股份有限公司(「宇樹科技」),本次投資是繼2024年投資之後的追加投資，進一 步促進被投企業的產品的迭代升級，提升其行業領先地位。 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，尤其是與高潛力企業及實 際落地進展較快的行業龍頭持續加深合作，通過投資鏈主企業，挖掘上下游產業鏈投資 機會，推動具身智能行業加速商業閉環並深度賦能被投企業長足發展。 承董事會命 首程控股有限公司 主席 趙天暘 香港，2025年7月3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；非執行董事吳 ...

Core Insights - The article discusses the emergence of new retail models in the humanoid robot industry, focusing on the establishment of 4S stores and experiential stores to enhance sales and consumer engagement [1][15]. Group 1: 4S Store Models - Juwei Technology opened China's first humanoid robot 4S store in Hangzhou on June 30, covering 700 square meters and integrating product display, interactive experiences, after-sales maintenance, and roadshow collaboration [2]. - The store will initially focus on self-developed robotic dog products and plans to collaborate with traditional sectors like outdoor and luggage to create versatile applications such as "mobile luggage" and "mobile power supply" [2]. - The world's first humanoid robot 4S store is set to launch during the 2025 World Robot Conference in Beijing, aiming to create a comprehensive platform for humanoid robots that includes sales, spare parts supply, after-sales service, and feedback [7][8]. Group 2: Experiential Stores - Yushu Technology opened its first experiential store in Henan on July 1, emphasizing consumer interaction and hands-on experience with their robotic products [3][4]. - The store features the Go2 robotic dog, priced at 9,997 yuan, showcasing advanced capabilities like backflips and adaptive movements [3]. - Yushu plans to expand its market presence in Henan by collaborating with local enterprises and universities, focusing on applications in emergency services and public safety [4]. Group 3: Comprehensive Experience Platforms - Shoucheng Holdings announced a global recruitment plan for the first "robot comprehensive experience store," aiming to integrate display, sales, and professional services across various robot sectors [10]. - The initiative includes partnerships with over 50 robot companies, covering applications in healthcare, education, and urban operations, to accelerate product deployment and technology integration [10]. - The company also introduced a "robot capability list" and "demand list" to enhance collaboration across the industry [10]. Group 4: Online Sales Channels - JD.com has established a dedicated "smart robot business" department, signing contracts with over 30 humanoid brands to promote online sales [13]. - The platform features various models, including the PM01 robot priced at 188,000 yuan, which integrates advanced conversational capabilities [13]. - Despite the online sales push, many products still rely on pre-orders and consultations, indicating a need for improved sales support and user guidance [13]. Group 5: Future Trends - The article highlights a significant shift in the robot industry towards innovative retail models, drawing parallels with the automotive industry to create integrated sales and service experiences [15]. - These new retail formats aim to address key challenges in the robot market, such as high prices and the need for tangible product experiences, ultimately facilitating broader market adoption [15].

Group 1 - The core event was the successful hosting of the "Shoucheng Leading the Way, Smart Innovation for the Future" Robot Industry Ecosystem Summit and Investor Conference in Beijing [1] - Shoucheng Holdings signed agreements with over 50 robot companies during the event, indicating strong collaboration within the industry [1] - The company announced the launch of a global brand recruitment plan for "Robot Comprehensive Experience Stores," aimed at injecting new momentum into the development of China's robot industry and promoting the strategic upgrade of robot industry services [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。 本公司董事會欣然宣佈，近日，本集團在北京成功舉辦了主題為「首程領航，智創未來 」的機器人產業生態峰會暨投資人大會。於會上，本集團與50餘家機器人企業現場集中 進行現場簽約，並宣佈啟動「機器人綜合體驗店」全球品牌招募計劃，為中國機器人產 業發展注入全新動能，推動機器人產業服務戰略升級。 本集團與50餘家來自具身智能、醫療應用、教育陪伴、服務作業、檢測巡檢、水面作業 及飛行器等細分領域的機器人企業進行集中簽約，圍繞應用場景推進項目合作，構建協 同共贏的產業生態。同時，本集團正式啟動「機器人綜合體驗店」全球品牌招募計劃， 率先構建融合「展示體驗+場景銷售+專業服務+產業賦能」於一體的機器人全場景平台， 推動機器人產業商業化落地。 本次會議的成功舉辦，標誌著本集團「資本+場景+產業鏈」一體化服務戰略邁出了堅實 的一步，並已進入全面落地實施階段。未來，本集團將繼續堅定致力於通過資本賦能和 產業協同，依託其獨特的 ...