Summary of the Conference Call for 首程控股 Company Overview - **Company**: 首程控股 (Shou Cheng Holdings) - **Industry**: Smart Infrastructure and Asset Management Key Points and Arguments Financial Performance - **Q1 2025 Revenue**: 2.58 billion HKD, a 27% increase year-on-year, driven by new property company and parking projects, as well as price increases at Beijing airport and breakthroughs in advertising business [2][3][5] - **Net Profit**: 2.13 billion HKD, an 80% increase year-on-year, primarily due to investment income [3] - **Asset Financing Revenue**: 0.94 billion HKD, with ongoing fundraising and investment efforts through regional funds and a 100 billion HKD stabilization fund with China Life [2][3][5] Business Strategy - **Focus on Smart Infrastructure**: Positioned as a service provider for smart infrastructure assets, with investments in nearly 20 robotics companies and plans for further expansion [4][14] - **Parking Business**: A crucial component of the company’s strategy, leveraging innovative value-added services and digital operations to enhance value [11][27] - **Future Revenue Structure**: Expected stable growth in fund management fees and a strategic exit from invested projects to achieve excess returns [6][7][8] Market Outlook - **New Airport Projects**: Optimistic about revenue growth from new airport projects like Xi'an Xianyang Airport and parking business, with a market-driven pricing strategy [10][12] - **Emerging Markets**: Anticipation of significant contributions from new projects, particularly in the electric power inspection market, which is expected to explode in 2025 [26] Robotics and Technology - **Investment in Robotics**: Focus on enabling robotics companies through open scenarios, addressing funding and supply-demand mismatches [4][23][25] - **Future Development**: Plans to engage in sales agency, financing leasing, and supply chain management to facilitate the application of robotics in various sectors [17][30] Challenges and Solutions - **Funding Issues**: Addressing funding challenges for local manufacturers through financing solutions [25] - **Market Dynamics**: Awareness of market bubbles and the importance of maintaining clarity in investment decisions [15][16] Dividend Policy - **High Dividend Strategy**: The company aims to maintain a high dividend policy due to its asset cycling model, which allows for risk control while expanding its asset base [22] Conclusion - **Long-term Vision**: The company is committed to becoming a leading player in smart infrastructure and robotics, with a focus on sustainable growth and innovation in asset management and technology applications [19][21]

Core Insights - The company reported a significant increase in net profit for Q1 2025, reaching approximately HKD 213 million, representing a year-on-year growth of nearly 80.5%, indicating a transformative change in its core business structure [1] - The driving force behind this performance is the company's ongoing smart parking strategy, which is transforming traditional urban resources into efficient operational assets for the digital age [1] Financial Performance - In Q1 2025, the company achieved a substantial increase in profitability despite moderate revenue growth, showcasing an explosive enhancement in profit margins [1] - The operational efficiency in the parking business has significantly improved, with the integration of AI and digital systems enhancing the "Suyike V3" parking management platform [1] Strategic Developments - The successful operation of the Xi'an Xianyang International Airport T5 terminal parking project, which has 5,200 smart parking spaces serving over 120,000 users daily, marks the completion of the company's strategic network across major transportation hubs [1] - The company is building a high-density operational network in first and second-tier cities, which is releasing scale synergy effects and establishing a strong cash flow foundation [1] Competitive Advantage - The company has established a differentiated competitive advantage through a "space + system + algorithm" strategy, transforming parking assets into digital entry points with multiple values such as data collection and user operation [2] - The "smart parking asset" serves as a testing ground for the company's robotics industry, providing essential support for future technology validation and commercialization [2] Future Outlook - With the further promotion of smart parking systems and the accumulation of high-frequency operational scenarios, the company's foundational platform is expected to become more stable and expandable [2] - The combination of REITs tools in the capital market, scenario collaboration capabilities, and technology empowerment mechanisms positions the company to maintain its leadership as a top infrastructure service operator in China [2]

Financial Performance - The company recorded revenue of approximately HKD 352.15 million for the three months ended March 31, 2025, compared to HKD 351.38 million in the same period last year, representing a slight increase [5]. - Profit attributable to the company's owners was approximately HKD 212.86 million, an increase of about 80.5% compared to HKD 118.13 million in the same period last year [5]. - Basic and diluted earnings per share for the period were HKD 0.0299, up from HKD 0.0165 in the previous year [5]. - Asset operation revenue was approximately HKD 258.35 million, an increase of about 27% year-on-year, while asset financing revenue decreased by approximately 37% to HKD 93.81 million [11]. - Total assets as of March 31, 2025, were HKD 14.28 billion, up from HKD 13.83 billion as of December 31, 2024 [9]. - The company's debt-to-asset ratio increased to 36.8% from 31.2% as of December 31, 2024, primarily due to the declaration of special dividends [8]. - The debt-to-capital ratio rose to 16.7% from 15.9% as of December 31, 2024 [10]. Strategic Investments - The company has invested in high-turnover parking resources in key cities, with the Xi'an Xianyang International Airport project commencing operations in February 2025, featuring over 5,200 parking spaces [12]. - The company established a RMB 5.237 billion infrastructure real estate investment fund in partnership with China Life Insurance, focusing on strategic placements in publicly offered infrastructure REITs [14]. - The company is actively investing in the robotics industry, with multiple investments completed this year, including companies like TuPai Medical and YunJing, to enhance product iteration and upgrade [13]. Operational Enhancements - The company is actively promoting digital transformation in operations, completing the iteration of the parking management system "Speedy Guest V3" and enhancing operational efficiency through AI technology [12]. - The company is enhancing its asset management capabilities through a dual empowerment model of asset financing and operation, aiming to improve industry service capabilities [13]. - A 2,000 square meter application scenario was created for YunJing at the company's managed Rongshi Plaza project, facilitating real-time data access for operational algorithm iteration [13]. Cautionary Notes - The company emphasizes the importance of cautious interpretation of quarterly financial data due to market fluctuations and currency exchange rate volatility [15]. - The board warns shareholders and potential investors to be cautious in relying on unaudited financial data for investment decisions [15]. Future Outlook - The board expresses gratitude to strategic shareholders for their support, indicating a commitment to expanding intelligent industry services and enhancing asset value through robotics and AI [16]. - The company aims to deepen the integration of "industry + capital" to accelerate the commercialization of high-quality robotics enterprises [13]. - The company is focused on providing comprehensive support for robotics products by leveraging its resources in parking asset management and park operations [13]. - The company plans to drive the intelligent transformation of infrastructure assets to create long-term returns for shareholders [16].

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） 所管理的北京首大興業股權投資中心（有限合夥）(「北京首大興業基金」)投資微分智 飛（杭州）科技有限公司(「微分智飛」),進一步加速飛行具身智能領域創新與集群空 中機器人智能進化。 微分智飛是一家立足於空中機器人領域的公司，以打造通用空中自主機器人平台為產品 目標，致力於打造全球領先的通用空中機器人具身智能大腦及其集群系統，推動工業、 城市與自然空間的智能化升級。此次投資將有助於微分智飛進一步加大飛行具身智能領 域的投資力度和集群空中機器人的智能進化，為微分智飛在空中機器人具身智能領域的 持續技術創新和產品落地注入強大動力。 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、產業鏈 及場景優勢，並依託獨特的生態系統，助力被投企業加速商業化落地進程並實現跨越式 發展。 承董事會命 首程控股有限公司 主席 趙天暘 香港，2025年5月14日 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 ...

Investment Rating - The investment rating for the company is "Accumulate" [8][15]. Core Views - The company demonstrates significant growth potential, with its business in the robotic ecosystem and parking asset management achieving breakthroughs. In 2024, both segments drove high revenue growth and provided unexpected dividends to shareholders [4][8]. - The company is expected to continue focusing on "asset circulation + intelligent operation" in 2025, with anticipated earnings per share (EPS) of HKD 0.08, 0.10, and 0.12 for 2025 to 2027, respectively. A price-to-earnings (PE) ratio of 30X is applied for 2025, suggesting a target price of HKD 2.44 [8][9]. Financial Summary - Revenue for 2024 is projected at HKD 1.215 billion, a year-on-year increase of 37.5%. The revenue from asset operation is expected to be HKD 921 million, up 40%, while asset financing revenue is projected at HKD 294 million, a 30.7% increase. Gross profit is estimated at HKD 507 million, reflecting a 41% increase [7][8]. - The net profit attributable to the parent company is forecasted at HKD 410 million, a slight increase of 1.6% year-on-year, primarily due to a decline in dividend income from Shougang Resources and changes in the fair value of investment properties [8][9]. - The company maintains a strong cash reserve, with cash and cash equivalents expected to reach HKD 4.625 billion by 2025, supporting its business expansion [9]. Business Growth - The company is building a robust robotic ecosystem, planning to invest in 40 to 50 top robotic companies over the next 2 to 3 years to enhance product deployment and service offerings [8][9]. - In parking asset management, the company is expanding its "parking + charging" asset scale, with new projects at major transportation hubs, which is expected to drive dual growth in parking and charging revenues [8][9]. Dividend Policy - The total dividend payout for 2024 is projected to be approximately HKD 1.096 billion, exceeding market expectations, reflecting the company's confidence in its long-term investment value [8][9].

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5月12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 ...

Core Insights - The company has achieved significant value appreciation in its investment fund focused on robotics, with the book value increasing over three times compared to the original investment cost [1][3] - The establishment of the Beijing Robotics Industry Development Investment Fund in December 2023 highlights the company's strategic focus on high-quality projects within the Chinese robotics industry [1][2] - The management emphasizes a "technology + industry" dual-driven development strategy, aiming to maintain steady operations in infrastructure asset management while strategically investing in technological innovation [1][2] Investment Strategy - The company plans to focus on three main areas over the next two to three years: specialized robots for medical and industrial applications, key components like joint modules and sensors, and consumer-grade robots for emotional companionship and home services [2] - As of the end of last year, the company had approximately RMB 4.368 billion in cash and cash equivalents, indicating a solid financial position to support ongoing strategic investments [2] - The management has no current financing pressure and aims to manage its capital structure prudently while remaining alert to high-quality project opportunities [2] Market Perception - The investor communication meeting received positive feedback from analysts and media regarding the performance of the robotics fund and the company's overall investment strategy [2] - Analysts believe that companies with long-term investment capabilities and stable operations will be more attractive in the current volatile capital market [2] - The chairman expressed confidence that China will produce globally influential robotics companies, and the company aims to support these firms in maximizing their value [3]

Group 1 - The core viewpoint of the article highlights the strategic focus of Shou Cheng Holdings on the robotics sector, emphasizing long-term investment and growth alongside quality enterprises rather than seeking short-term exits [2][3] - The chairman of Shou Cheng Holdings, Zhao Tianyang, stated that the current value of the fund has increased over three times, with some projects achieving returns as high as ten times [2] - Zhao Tianyang predicts that the robotics industry will require time to mature, particularly for humanoid robots to enter household scenarios, which may take 5-10 years, while large-scale applications in disaster relief and industrial automation are expected within the next 3-5 years [2] Group 2 - Shou Cheng Holdings plans to invest in over ten selected robotics companies annually through its fund platform in the next 2-3 years, focusing on three main areas: specialized robots for vertical innovations in fields like healthcare and industry, core supply chain technologies such as joint modules and sensors, and consumer-grade robots for emotional companionship and household services [3] - The company aims to become an ecological platform that deeply integrates technology with various scenarios, leveraging its real estate assets and fund-held infrastructure to create natural environments for robot applications and data collection [3] - This integration is described as a mutually empowering process, where the introduction of robots enhances the level of intelligence in existing spaces while providing broader application platforms for the robots themselves [3]

主席 趙天暘 香港，2025 年 5 月 2 日 首 程控股 有限公司（「 本公司 」）董事會（「 董事會 」 ） 宣佈， 本公司將 於2025年5月15日（星期 四）舉行董事會會議，藉以（其中包括）批准本公 司及其附屬公司截至2025年3月31日 止 三個月之第一季度 業績及其發佈。 承董事會命 首 程控股 有限公司 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。 董事會會議召開日期 於本公告日期，董事會 包括執行董事 趙 天 暘 先 生（ 主 席 ）；非 執 行 董 事 吳 禮 順 先 生 、 李浩先生（副主席）、彭吉海先生、何智恒先生及劉景偉先生；獨立非執行董事王 鑫博士、張泉靈女士及諸葛文靜女士。 ...

Market Overview - The Hong Kong stock market experienced a collective rise during the holiday, with the Hang Seng Index increasing by 1.74%, the Hang Seng China Enterprises Index rising by 1.92%, and the Hang Seng Tech Index climbing by 3.08% [1][2]. Technology Sector - Tech stocks saw significant gains, with Xiaomi Group rising over 6%, Alibaba and JD.com increasing by over 3%, and Tencent up by over 2% [2]. - Notable individual performances included Tencent Holdings at 487.80 HKD (+2.22%), Alibaba at 122.00 HKD (+3.83%), and Xiaomi at 53.10 HKD (+6.31%) [3]. Robotics and AI - Robotics stocks surged, with Horizon Robotics increasing by over 14%, and other companies like Shengye and Jinli Permanent Magnet rising by over 11% and 5%, respectively [4][5]. Healthcare and Biotech - The healthcare outsourcing sector was active, with Kanglong Chemical and WuXi AppTec both rising over 7%, and WuXi Biologics increasing by over 5% [6]. New Energy Vehicles - New energy vehicle companies saw substantial increases, with Leap Motor rising over 7%, Xiaopeng Motors and Xiaomi both up over 6%, and Li Auto and BYD increasing by over 3% [7]. Consumer Goods - Beer stocks performed well, with Hong Kong San Miguel rising over 4%, and Qingdao Beer and Budweiser APAC both increasing by over 2% [8]. - Home appliance stocks also strengthened, with Quan Feng Holdings rising over 7%, and Hisense and Techtronic Industries increasing by over 4% [9]. Gambling Sector - The gambling sector saw broad gains, with Galaxy Entertainment and MGM China both rising over 2% [10]. Restaurant Sector - The restaurant sector faced declines, with Yum China dropping over 7% and other companies like Chaogao and Cafe de Coral decreasing by over 1% [11]. Local Consumption - Local consumption stocks weakened, with Chao Yue Holdings falling over 6% and Chow Tai Fook down over 1% [13]. Stock Performance - Hong Kong Exchanges saw a peak increase of 3.46% during trading, reaching 352.6 HKD, marking a new high since early April [13]. - Standard Chartered Group's stock initially rose over 4% post-earnings but closed up only 0.71% at 113.6 HKD, with a total market value of 269.225 billion HKD [15]. Future Outlook - Huatai Securities noted that the market has largely priced in the impact of tariffs on earnings expectations, with a 1.5% downward adjustment in profit expectations for core offshore Chinese stocks [17].