Fangzheng Securities: First Investment First Investment Holdings (00697) “recommended” rating robot business blossomed in many ways

The Zhitong Finance App learned that Fangzheng Securities released a research report saying that Shoucheng Holdings (00697) relies on the “asset operation+financing” model to make more efforts. The bank predicts revenue for 2025-2027 to reach HK$1,664 million/$2,636 million, and net profit to mother of HK$529 million/705 million/$1,017 million, respectively, with corresponding PE multiples of 31.25X/23.43X/16.24X. The bank selected Quzhou Development (600208.SH), Zhangjiang Hi-Tech (600895.SH), and Shanghai Lingang (600848.SH), which transformed local state-owned enterprises into “investment+asset operation”, as comparable companies. Shoucheng Holdings' 2025-2027 PE valuation is lower than the average of comparable companies and has a valuation advantage. Covered for the first time, giving it a “Recommended” rating.

Fangzheng Securities's main views are as follows:

Revenue and profit increased sharply in the first three quarters of 2025, and the asset operation and financing business were very fruitful

As of the third quarter of 2025, the company achieved revenue of HK$1,225 million, up 30% year on year, including asset operating income of HK$783 million, up 16% year on year, and asset financing revenue of HK$432 million, up 66% year on year. As of the third quarter of 2025, the company achieved gross profit of HK$551 million, up 28% year on year, and net profit to mother of HK$488 million, up 22% year on year.

Investments in the robotics sector are gradually entering a payout period, and several companies have launched IPOs

On December 24, 2025, Yunshenchuo Technology Co., Ltd., the company's key investment, submitted an IPO consultation and filing to the Zhejiang Securities Regulatory Bureau. Previously, it had completed 9 rounds of financing, with a total amount exceeding 1.5 billion yuan. The company is deeply involved in four-legged robots and gradually expanded to humanoid robots, wheel-foot robots, etc., and its products cover scenarios such as power inspection, emergency rescue, industrial operation and maintenance, and security patrol. On July 18, 2025, the Zhejiang Securities Regulatory Bureau revealed that Hangzhou Yushu Technology Co., Ltd. has entered the listing counseling stage, and the counseling cycle is scheduled from July to December 2025. In addition, the company has also invested in core robot industry chain companies such as Xinghai Map, Accelerated Evolution, Matsunan Dynamics, Differential Smart Fly, and Quan Zhibo, covering cutting-edge fields such as humanoid robots, flying robots, and the upstream robotics industry chain.

Operations in the field of robotics are advancing at an accelerated pace, and offline robot stores are quickly laid out

In October 2025, Shoucheng Holdings officially launched the “Tao Zhu Xinzao” robot technology experience store, the country's first normalized robot consumption scenario store, bringing together robot products from many of its star companies to focus on showcasing the latest advances in technology in application scenarios such as physical intelligence, industrial manufacturing, scientific research and education. In the next year, Shoucheng Holdings plans to gradually open 20 “Tao Zhu Innovation Bureau” stores across the country. The layout of offline stores has opened up new business contribution channels for the company, and consumer preferences can also be fed back through sales data to provide product improvement solutions.

Deepening of REITs full-cycle management capabilities

As of the third quarter of 2025, the company and China Life Insurance established a 10 billion yuan, first phase of the Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund of 5.237 billion yuan to complete the battle with many REITs such as Shounong Industrial Park REIT, Southern World Data Center REIT, CICC Vipshop REIT, and Huaxia Huadian Clean Energy REIT; the urban development fund managed by the company also completed a rental housing investment in the third quarter.

Risk warning: The improvement in the macro environment falls short of expectations, the recovery of the REITs market falls short of expectations, and the implementation of the robotics business falls short of expectations