Northeast Securities issued a research report maintaining a "BUY" rating on SHOUCHENG (00697). During the National Day holiday, the country's first robot technology experience store opened at Beijing Rongshi Plaza, with simultaneous pop-up stores launching at Capital Airport Terminal T3 and Chengdu Chunxi Road. As a leading domestic parking facility operator, the company frequently wins operating rights for airports with tens of millions of passenger throughput, establishing a robust performance moat. The stable and continuous cash flow provides a solid financial foundation and confidence for the company's aggressive expansion into the robotics sector. China's robotics industry is entering a window of opportunity, and the company's managed parking facilities and industrial parks offer crucial scenario advantages for cultivating the robotics business, representing a rare and unique business model.

**Accelerating Robotics Technology Adoption Through Experience Stores and Expanding C-End Market Layout**

During the 2025 National Day Golden Week, SHOUCHENG opened the nation's first permanently operating robot technology experience store at the "R+ Life Center" in Shougang Park's Rongshi Plaza. The store showcases 1,000 SKU robot products covering multiple life scenarios including family companionship, education and entertainment, health and wellness care, and sports entertainment. It provides immersive interactive experiences and instant purchasing services, allowing visitors to experience humanoid robots, quadruped robots, and educational technology robots firsthand. Simultaneously, a National Day pop-up store launched at Capital Airport Terminal T3, enabling passengers to experience robot technology up close during their wait times.

The experience store has introduced the emotional companion robot IP "RoRo" to enhance interactivity and appeal, and unveiled the new brand "Taozhu Innovation Hub" (tentative name), symbolizing innovation and recreation while combining "new consumption + new technology" concepts. Over the next year, the company plans to gradually open 20 stores nationwide, accelerating mass market promotion of robot products and sales network development, further strengthening its robotics industry ecosystem.

**Accelerated Robotics Industry Layout, Building Complete Value Chain Ecosystem**

The company's robotics sector expansion continues to deepen, having invested in multiple leading enterprises including Unitree Robotics, Quanzhibao, Galaxy General, Xinghaitu, Songyan Power, Tupai Medical, and Narwal, covering humanoid robots, medical robots, industrial robots, and other cutting-edge fields. The company established Beijing SHOUCHENG Robot Technology Industry Co., Ltd., building a robotics industry ecosystem around "sales agency + financing leasing + industry consulting + supply chain management," and signed a strategic cooperation agreement with IAT Automobile Technology to promote robotics technology applications in automotive R&D and manufacturing.

Recently, the company established a robotics advanced materials industry company, focusing on incubating upstream core materials including electronic skin, tendon rope materials, and lightweight PEEK materials to address supply chain gaps.

**Business Performance: Dual-Drive Growth from Asset Operations & Asset Integration, 80% Interim Dividend Payout Ratio**

In 2025H1, the company recorded revenue of HK$731 million (yoy +36%). Benefiting from efficient operations of new projects such as the Xi'an Xianyang International Airport T5 Terminal parking project and operational improvements at existing projects like Beijing Capital International Airport, the group's asset operations revenue reached approximately HK$511 million, up about 26% from the same period in 2024. Asset integration revenue was approximately HK$220 million, up about 69% from the same period in 2024. Overall gross profit for 2025H1 was approximately HK$295 million, up about 26% from the same period in 2024.

The company declared an interim dividend totaling HK$273 million (compared to HK$208 million in the same period last year), representing a payout ratio of 80%. Additionally, the company declared a special dividend totaling HK$768 million on March 26, 2025.

**Risk Factors:** Robotics business development below expectations, slower expansion of parking business, intensified market competition