Group 1: Overall Industry Outlook - The issuance of asset - backed securitization products has significantly increased, and the primary and secondary markets of ABS have clearly recovered [2][4] - CMBS issuance has seen a rise in popularity, with multiple first - of - its - kind products launched recently, and it is expected to become an important financing and debt - resolution tool for urban investment companies [2][3] Group 2: Market - wide Issuance Situation - In March 2025, 114 issues of asset - backed securitization products were issued, with a total scale of 172.728 billion yuan, doubling compared to the previous period. There is a differentiation in the issuance costs of different types of products [4] - Supply chain accounts receivable and commercial real estate mortgage loan products have relatively low sub - layer ratios, while non - performing loan products have high sub - layer ratios [4] Group 3: Bank - to - Bank and Exchange Market Issuance Bank - to - Bank Market ABS - 27 issues were issued, with a scale of 18.6 billion yuan, a significant increase from the previous month. The product priority is all AAAsf - rated, with a coupon rate between 1.83% and 2.55% [7] - Non - performing loan products have the largest issuance scale, accounting for about 60%. Consumer loan and micro - enterprise loan products have relatively small issuance scales [9] Transaction Association ABN - 32 issues were issued, with a total scale of 44.267 billion yuan, a 56% increase from the previous month. The coupon rate of the priority products with disclosed credit ratings is between 2.02% and 4.63% [12] - Commercial real estate mortgage loan products have the highest average issuance cost, while specific non - financial claim products have the lowest [14] Exchange ABS - 55 issues were issued, with a total scale of 109.86 billion yuan, an 88% increase from the previous month. The highest coupon rate of the priority products with disclosed credit ratings is 4.50% [19] - Small - loan products have the highest issuance scale, accounting for over 40%. Policy - loan - against - policy products have the highest average issuance cost [19] Group 4: Secondary Market - The trading volume in the secondary market has significantly increased, and products such as quasi - REITs have relatively high trading popularity [23] - The bank - to - bank market ABS had a trading volume of 7.5 billion yuan. Products based on non - performing loans had the largest trading scale [24] - The Transaction Association ABN had a trading volume of 60.731 billion yuan. Among products with disclosed underlying assets, quasi - REITs and bank/internet consumer loan products had relatively large trading scales [24] - The exchange ABS had a trading volume of 117.233 billion yuan, doubling from the previous month. Quasi - REITs, CMBS/CMBN, small - loans, and accounts receivable products had relatively high trading popularity [29][31]

Core Viewpoint - The company has demonstrated significant growth in revenue and profit margins, alongside a strategic shift towards robotics and smart city operations, positioning itself to capitalize on emerging market trends [1][2][11]. Financial Performance - For the fiscal year 2024, the company reported a revenue of HKD 1.215 billion, a 37.5% increase year-over-year, and a gross profit of HKD 507 million, reflecting a 41.0% growth [2]. - The company maintains a low debt-to-asset ratio of 31.2%, indicating strong financial health within the industry [2]. - The board proposed a total dividend of HKD 888 million for the fiscal year, including a final dividend of HKD 120 million and a special dividend of HKD 768 million, showcasing a commitment to shareholder returns [2][10]. Business Segments - In the asset operation sector, the company focused on "parking + industrial parks," achieving a revenue of HKD 921 million, a 40.0% increase, by expanding its national footprint and leveraging technology [4]. - The company has successfully integrated AI technology into its parking operations, enhancing efficiency and revenue generation capabilities [4]. - The park operation segment has seen growth through projects like the Ideal Auto headquarters and partnerships that enhance service offerings [5]. Strategic Initiatives - The company has made significant strides in the robotics sector, establishing a Beijing Robotics Fund and a dedicated robotics company, which positions it to benefit from the growing demand for intelligent robotics [7][8]. - The company has invested in various innovative robotics firms, covering humanoid robots and medical automation, indicating a proactive approach to capitalizing on high-growth sectors [8][9]. Investment Stability - The company has a strong tradition of high dividend payouts, having distributed dividends 16 times since 2018, reflecting its commitment to returning value to shareholders [10]. - With substantial cash reserves of HKD 2.622 billion, the company is well-positioned to expand its investment activities and enhance its competitive edge in the robotics industry [9][10]. Conclusion - The company exemplifies a successful transformation from a traditional asset operator to a leader in smart infrastructure and robotics, demonstrating both value retention and growth potential [11].