Recent market performance has been notable across both A-shares and Hong Kong stocks, with robotics emerging as one of the hottest sectors. The consecutive World Robotics Conference and World Humanoid Robot Sports Championships have given many investors their first real glimpse of the "humanoid era" arrival. In capital markets, companies that can successfully integrate "robotics," "asset operations," and "fund management" are few and far between, with SHOUCHENG (0697.HK) standing as a prime example.

What's particularly noteworthy is that several mainstream brokerages, including CICC, CITIC Securities, Northeast Securities, and Soochow Securities, have recently published in-depth research reports on SHOUCHENG, unanimously issuing "buy" ratings. This consensus is uncommon in Hong Kong stocks, indicating that institutional views have aligned: SHOUCHENG's investment value is entering a realization phase.

**Stable Asset Operations: A Solid "Defensive Shield"**

According to research from Soochow Securities, SHOUCHENG has established six operational models in asset management: "long-term leasing + parking complexes + property acquisition + charging/battery swapping + smart parking + parking industry funds," creating deep partnerships with high-frequency scenarios including airports, high-speed rail, and municipal facilities.

The company has secured parking projects at major transportation hubs with over 10 million passenger throughput, including Beijing Capital Airport, Daxing Airport, Guangzhou Baiyun Airport, and Xi'an Xianyang Airport. In 2024, the company's asset operations revenue grew nearly 40% year-over-year, accounting for over 75% of total revenue and serving as the primary source of stable cash flow.

Through its "Speed Inn" intelligent system, the company has achieved unmanned operations, automated parking, and automatic charging functions, continuously improving operational efficiency while reducing overall expense ratios. Simply put, parking and facility operations serve as SHOUCHENG's "defensive shield," ensuring stable cash flow under any market conditions.

**REITs and Fund Management: "Capital Leverage" for Valuation Enhancement**

SHOUCHENG is one of the largest industrial investors in China's public REITs market, having established three funds worth over 10 billion yuan each and participating in multiple core projects across data centers, industrial parks, and clean energy sectors.

In June 2025, the first batch of data center REITs—Southern WanGuo Data Center REIT and Southern Runze Technology Data Center REIT—successfully received approval, with SHOUCHENG securing core positions as a strategic investor. In August, Huaxia Huadian Clean Energy REIT also listed on the Shanghai Stock Exchange, with the company again participating.

This "REITs investment + equity investment + fund management" model not only contributes stable high-margin cash flows but also generates substantial returns upon exit. Soochow Securities believes SHOUCHENG's asset circulation business will maintain approximately 15% revenue growth in coming years, creating synergy with asset operations and establishing a positive cycle of "capital—assets—exit."

**Forward-Looking Robotics Strategy: "Offensive Spear" Opening Growth Potential**

While asset operations and REITs form SHOUCHENG's "base business," robotics investments represent its "breakthrough opportunity." Since 2023, SHOUCHENG has invested in China's leading robotics companies including Unitree Robotics, Galaxy General, Songyan Power, Stellar Chart, and Accelerated Evolution.

In 2024, the company established Beijing SHOUCHENG Robotics Technology Industry Co., Ltd., exploring sales agency, leasing services, and secondary development to create a triple closed-loop of "capital + platform + scenarios."

At the recently concluded World Humanoid Robot Sports Championships, SHOUCHENG's portfolio companies collectively appeared and won 37 medals, sweeping the top three positions on the corporate medal table. Unitree Robotics claimed 4 gold medals, Beijing Humanoid Robot Innovation Center secured 2 gold, 6 silver, and 2 bronze medals, while Songyan Power, Galaxy General, Stellar Chart, and Accelerated Evolution all delivered outstanding performances.

These achievements not only demonstrate the technical capabilities of SHOUCHENG's portfolio companies but also showcase the company's influence in the sector. More importantly, Unitree Robotics has entered the IPO counseling phase and is expected to list in the second half of 2025. Drawing parallels to Li Auto's historical investment returns, the market widely anticipates that Unitree's IPO will generate significant book value gains for SHOUCHENG.

**Earnings Forecast: High Growth + Low Valuation Creates Significant Revaluation Opportunity**

Brokerage predictions are remarkably consistent: Soochow Securities projects SHOUCHENG's net profit attributable to shareholders at HK$5.9/7.7/9.3 billion for 2025-2027, corresponding to PE ratios of 26/19/16x, significantly below the 30+x average of comparable companies.

Both CICC and CITIC Securities emphasize that as robotics investments gradually materialize and asset operational efficiency improves, the company's earnings quality will continue to enhance. In other words, SHOUCHENG currently offers both "high growth" expectations and "low valuation" safety margins—an ideal combination for Hong Kong stock investors.

From a stock price perspective, SHOUCHENG's share price has risen from HK$1 to breakthrough above HK$2 since late last year, with bottom-fishing capital gradually accumulating. Combined with earnings growth, favorable policies, and the timing window for robotics industry explosion, the current period likely represents the starting point of a "second major upward wave."

SHOUCHENG represents a typical "balanced offense and defense" investment target: asset operations provide a defensive foundation, robotics investments create offensive potential, and REITs funds amplify capital efficiency. With brokerages collectively recommending purchases, clear valuation rerating logic, and gradually emerging slow bull trends, the investment case appears compelling.