机构：东吴证券 研究员：周尔双/钱尧天/陶泽 2025Q1-Q3 营收稳健增长，资产运营业务贡献度持续提升2025Q1-Q3 公司实现营收12.15 亿港元，同比 +30%；毛利润5.51 亿港元，同比+28%。主要得益于西安咸阳国际机场T5 航站楼停车场项目等新增项 目的高效运营，及北京首都国际机场项目等存量项目的运营提效。2025Q1-Q3 公司归母净利润为4.88 亿港元，同比+22%。公司整体盈利质量改善明显，资产运营业务贡献度持续提升，为中长期业绩上行 打下坚实基础。 分业务看，2025Q1-Q3 公司资产营运收入约为7.83 亿港元，同比+16%；资产融通收入约为4.32 亿港 元，同比+66 %。 毛利率整体企稳，负债资本比下降 盈利预测与投资评级：我们维持公司 2025-2027 年归母净利润预测分别为5.9/7.7/9.3 亿港元，当前市值 对应PE 分别为26/19/16 倍，考虑到公司主业稳健，叠加在人形机器人上的深入布局，维持公司"买 入"评级。 风险提示：宏观经济波动，REITs 市场回暖不及预期，机器人业务落地不及预期。 盈利能力方面，2025Q1-Q3 公司实现毛利率45.35% ...

当机器人技术从单一功能迈向多元融合，从基础研发走向前沿探索，全球机器人产业正迎来 "创新定义未来、 技术颠覆想象"的新纪元。无论是人形机器人的"类人智能突破"、飞行机器人的"极限环境适应"， 还是仿生机 器人的 "仿虫鸟之妙"， 前沿技术创新已成为推动产业变革的核心驱动力。 2025 智能 机器人创新赛道聚焦机 器人技术的 创新 性突破，重磅打造创新类赛道，以 " 多元形态共融，前沿技术领航 "为主题，面向全球招募 具备核心技术创新力的机器人研发团队，尤其鼓励在 人形机器人、 人工智能、新材料、新型驱动、高精度感 知 、创新应用 等领域的原创性探索， 首次创新推出 "自主搭建场景"竞技模式 ，让参赛队伍 充分发挥产品 核心优势 ，为全球机器人团队搭建 "技术竞技—跨界融合—产业孵化"的全链条创新平台。目前报名通道持续 开放，欢迎各类创新机器人团队抢占机遇、踊跃报名！ ▍ 全形态开放：聚焦核心创新方向，以技术突破驱动场景革新 本次创新赛道打破机器人形态限制，覆盖 "虫鸟鱼兽"各类创新机型，创新性 赋予参赛队伍 "自主搭建场景"的 核心权利 —— 参赛团队可根据产品技术特性、核心优势，量身定制适配场景，从环境模拟 ...

首程控股(00697)高开逾5%，截至发稿，涨5.19%，报2.23港元，成交额795.66万港元。 消息面上，首程控股公布2025年前三季度业绩，收入约为12.15亿港元，同比上涨约为30%；公司拥有 人应占溢利约为4.88 亿港元，同比上涨约为22%。从产业投资维度，2025年前三季度，该集团管理的多 支产业基金已完成对宇树科技、云深处、星海图、加速进化、松延动力、微分智飞、泉智博等核心机器 人产业链公司的投资，覆盖人形机器人、飞行机器人以及机器人产业链上游等前沿领域。值得一提的 是，11月15日，据证监会官网消息，宇树科技已完成IPO并上市辅导工作。 此外，首程控股公告，其已批准一项新计划，自2025年11月17日至2028年12月31日，从公开市场以"市 场回购"的方式，回购不超过价值10亿港元的公司股份。董事会认为，股份回购计划反映了公司对其自 身价值的认可及对业务长远发展的信心。此计划预计将为公司创造长期价值，进一步提升股东回报。 ...

Core Viewpoint - The company, 首程控股, reported a significant increase in revenue and profit for the first three quarters of 2025, indicating strong business performance and confidence in future growth [1] Financial Performance - Revenue for the first three quarters of 2025 reached approximately 1.215 billion HKD, representing a year-on-year increase of about 30% [1] - The profit attributable to shareholders was approximately 488 million HKD, showing a year-on-year growth of around 22% [1] Investment Activities - The company has completed investments in several key robotics industry chain companies, including 宇树科技, 云深处, 星海图, 加速进化, 松延动力, 微分智飞, and 泉智博, covering advanced fields such as humanoid robots and flying robots [1] - 宇树科技 has completed its IPO and listing advisory work as of November 15, according to the China Securities Regulatory Commission [1] Share Buyback Plan - The company has approved a new share buyback plan, allowing for the repurchase of up to 1 billion HKD worth of shares from the open market between November 17, 2025, and December 31, 2028 [1] - The board believes that the share buyback plan reflects the company's recognition of its own value and confidence in long-term business development [1] - This plan is expected to create long-term value for the company and enhance shareholder returns [1]

Core Viewpoint - The 2025 Second Zhongguancun Embodied Intelligence Robot Application Competition aims to promote original innovation and lead technological transformation, focusing on the intersection of embodied intelligence and robotics technology, providing a high-end platform for academic exchange and achievement display [1][3]. Competition Structure - The competition consists of three phases: registration, preliminary round, and final round, with the official registration channel opened on July 15 [1][3]. - The preliminary round will take place on November 4-5 at the Zhongguancun National Independent Innovation Demonstration Zone Conference Center, where teams will showcase their robot works [3]. - The final round is scheduled for November 17-18 at the Zhongguancun National Independent Innovation Demonstration Zone Exhibition Center, where teams will present their projects through PPT and demonstrations [3]. Competition Positioning - The competition focuses on technological exploration, aiming to discover cutting-edge technologies in the field of embodied intelligence and facilitate the transformation of academic achievements into engineering practices [4]. - It emphasizes "original innovation" and "engineering feasibility," encouraging theoretical exploration and practical applications that meet industry needs [4]. Technical Directions - The competition covers multiple fields, encouraging cross-innovation in areas such as embodied algorithms, intelligent control, robot mechanisms, and materials [4]. - Typical outcomes include various types of robots (multi-legged, wheeled, flying, soft robots) and innovations in algorithms and materials [4]. Competition Format - The format combines academic reports and physical demonstrations, where teams will present their products and engage in Q&A sessions with judges [4]. - An expert panel will evaluate the entries based on innovation, functionality, practicality, and engineering feasibility [4]. Benefits for Participants - Participants will receive authoritative endorsements from top industry experts, enhancing the recognition of their achievements in both academic and industrial circles [7]. - A prize system is in place, with a total of 30,000 yuan for first place, 20,000 yuan for second, and 10,000 yuan for third, along with additional incentives for innovative teams [7]. - Opportunities for collaboration with industry partners and access to resources for technology commercialization will be provided [9].

Group 1 - The 2025 World Robot Conference (WRC) is taking place, with a focus on the "robot mass production year" and discussions on core technology breakthroughs, application scenario expansion, and the evolution of the financing environment [4][6] - Shoucheng Holdings has established and manages the "Beijing Robot Industry Development Investment Fund" with a total scale of 10 billion RMB, investing in leading companies in the robotics sector [2][4] - The event aims to create a resource-rich ecosystem for the robotics industry, emphasizing the importance of collaboration among academia, industry, and government [6][7] Group 2 - Key figures in the robotics industry discussed the future direction of embodied intelligence, highlighting its complexity and the potential of combining VFM and LLM technologies for task planning [6][7] - The "2025 Most Investable Robot Companies TOP 20" and "2025 Most Growth-Potential Robot Companies TOP 30" lists were released, featuring companies like Beijing Humanoid Robot Innovation Center and Amiao Robotics [9] - The focus has shifted from team backgrounds to the ability to mass-produce and implement robotics solutions in real-world applications [8]

Group 1 - The event "Empowering New Energy, Driving the Future" gathered over a hundred young scientists and entrepreneurs, highlighting the importance of embodied intelligence in robotics [1][5] - Gao Fei, a prominent figure in the field, emphasized the transition from physical intelligence to embodied intelligence, which allows robots to learn and adapt to changing environments [3][4] - The advancements in trajectory planning and autonomous flight capabilities showcase the potential of flying robots to evolve from basic functions to intelligent assistants in various applications [4][5] Group 2 - The development of distributed navigation architecture enables multi-drone systems to operate independently and collaborate in real-time, marking a significant step in the application of embodied intelligence [4][5] - The commercial applications of these technologies include areas such as unmanned inspections and smart logistics, reflecting the potential for industry transformation [5] - Looking ahead, embodied intelligence is expected to evolve further, with flying robots potentially assisting in daily tasks and reshaping the smart industry ecosystem, although challenges remain in sensor integration and environmental adaptability [7]

Core Insights - Researchers at the University of California, Berkeley have developed the world's smallest controllable flying robot, measuring less than 1 centimeter in diameter and weighing only 21 milligrams, aimed at applications such as pollination and exploration of confined spaces [1][3] Group 1: Technology and Design - The new flying robot is equipped with two micro magnets and operates using an external magnetic field for power and flight control, overcoming challenges of integrating power sources and control electronics into a tiny device [3] - The robot's design resembles a small propeller, with the magnets allowing it to hover, change trajectory, and target small objects, similar to how bees collect nectar [3] Group 2: Future Developments - Current limitations include the absence of onboard sensors for real-time position detection, which may lead to deviations in flight path under sudden environmental changes; plans are in place to add active control features for better maneuverability [3] - The research team aims to reduce the robot's size to less than 1 millimeter, enabling control through weak radio waves, and is also developing a 5-millimeter "swarm" robot capable of collaborative tasks, potentially for medical applications such as thrombus ablation [3]