Founder Securities Initiates Coverage on SHOUCHENG (00697) with "Recommend" Rating, Robotics Business Shows Diversified Growth

Stock News2025-12-25

Founder Securities released a research report stating that SHOUCHENG (00697) has demonstrated multi-faceted growth through its "asset operation + financing" model. The bank forecasts its 2025-2027 revenue to reach HKD 1.664 billion/2.069 billion/2.636 billion, with net profit attributable to shareholders of HKD 529 million/705 million/1.017 billion, corresponding to PE multiples of 31.25X/23.43X/16.24X.

Comparable companies include Quzhou Development (600208.SH), Zhangjiang Hi-Tech (600895.SH), and Shanghai Lingang (600848.SH), which are local state-owned enterprises transitioning to an "investment + asset operation" model. SHOUCHENG's 2025-2027 PE valuation is lower than the average of its peers, indicating valuation advantages. This marks the first coverage, with a "Recommend" rating.

Key highlights from Founder Securities: - **Strong Revenue and Profit Growth in 2025 Q1-Q3**: Revenue reached HKD 1.215 billion, up 30% YoY, with asset operation income at HKD 783 million (+16% YoY) and asset financing income at HKD 432 million (+66% YoY). Gross profit stood at HKD 551 million (+28% YoY), while net profit attributable to shareholders rose 22% YoY to HKD 488 million.

- **Robotics Investments Entering Harvest Phase, Multiple IPOs Underway**: - On December 24, 2025, DeepCloud Technology, a key portfolio company, filed for IPO guidance with Zhejiang Securities Regulatory Bureau after completing nine funding rounds totaling over RMB 1.5 billion. The company specializes in quadruped robots and is expanding into humanoid and wheel-legged robots for applications like power inspection, emergency rescue, and industrial maintenance. - On July 18, 2025, Unitree Robotics entered IPO guidance, with the process scheduled from July to December 2025. SHOUCHENG also holds investments in Xinghai Tu, Accelerated Evolution, and other robotics firms covering humanoid robots, aerial drones, and upstream supply chains.

- **Accelerated Robotics Operations and Offline Store Expansion**: - In October 2025, SHOUCHENG launched "Tao Zhu Xin Zao Ju," China’s first permanent robotics retail experience store, showcasing products from its portfolio companies across embodied intelligence, industrial manufacturing, and education. The company plans to open 20 such stores nationwide within a year, creating a new revenue stream and gathering consumer insights for product refinement.

- **Deepened REITs Full-Cycle Management Capabilities**: - By Q3 2025, SHOUCHENG and China Life Insurance established a RMB 10 billion Beijing Pingzhun Infrastructure REITs Fund (first tranche: RMB 5.237 billion), investing in multiple REITs including Shounong Industrial Park REIT and CICC Vipshop REIT. Its urban development fund also completed a rental housing investment in Q3.

**Risks**: Slower-than-expected macroeconomic recovery, REITs market rebound delays, and robotics business execution risks.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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