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 Viewpoint - The article emphasizes the critical role of the National Robot Testing and Evaluation Center (Chongqing) in ensuring the quality and safety of humanoid and embodied intelligent robots, facilitating their transition from laboratory settings to real-world applications [1][3]. Group 1: Intelligent Assessment - The center has developed a comprehensive intelligent assessment system that simulates various extreme conditions to evaluate robots' visual recognition and path planning capabilities [3][6]. - A multi-dimensional training environment has been created to test robots in realistic scenarios such as homes, restaurants, and offices, ensuring seamless service in diverse settings [3][9]. Group 2: Reliability Testing - The center features China's first professional reliability testing laboratory for robots, capable of simulating extreme temperature conditions from -70°C to 150°C to assess product durability [8]. - Testing facilities include a semi-anechoic chamber and an electromagnetic compatibility lab to ensure stable communication in noisy and high electromagnetic environments [8]. Group 3: Component Evaluation - The center offers testing capabilities covering nearly 60 standards for robot components, acting as a quality gatekeeper for the industry [9]. - Evaluations focus on critical parts like joint modules and servo motors, assessing torque precision, transmission efficiency, and durability [9]. Group 4: Safety and Performance Evaluation - A safety and performance evaluation matrix has been established to provide comprehensive protection for humanoid robots, especially in high-interaction environments [10]. - The center is the first in the country to have a professional explosion-proof laboratory for testing various explosion-proof robot products [10]. Group 5: Software Testing - The software testing laboratory evaluates eight quality characteristics of robot operating systems, including visual recognition accuracy and performance efficiency [12]. Group 6: One-Stop Service - The center provides a full-cycle service model that includes testing, certification, standards, and consulting, significantly reducing product development cycles and compliance costs for enterprises [13]. - The center's services are recognized as not only quality checkpoints but also as intelligent advisors for product design optimization [13]. Group 7: Industry Impact - The center is positioned as a key player in the commercialization of humanoid and embodied intelligent robots, contributing to the establishment of a robust quality system in the smart equipment sector [13].