Core ideas
The company achieved revenue of HK$0.352 billion in 2025Q1, a slight increase over the previous year. Among them, the operating income of assets increased by about 27%, and the main business operation was steady; profit attributable to the company owners was HK$0.213 billion, up 80.2% year on year. Benefiting from increased investment income, the performance exceeded our expectations. The company continues to improve and consolidate the operating capacity of the asset management business and stabilize the basic market for performance growth; REITs funds continue to make efforts on the fund-raising and investment side, and actively participate in equity investment. In the field of robotics, the company is actively building a complete robot industry ecosystem, completing investments in many robotics companies through the Beijing Robotics Fund; establishing robotics companies to further enhance industrial service capabilities; relying on resources in the fields of parking asset management, park operation, etc., to enable the application of robots in scenarios to achieve two-way enabling collaboration between asset financing and asset operation businesses. The related layout is worth paying attention to.
occurrences
The company released its report for the first quarter of 2025. 2025Q1 achieved revenue of HK$0.352 billion, an increase of about 0.2% year on year; profit attributable to company owners was HK$0.213 billion, up about 80.2% year on year.
Brief review
The asset management business grew steadily, and the Q1 performance exceeded our expectations for 2025Q1, and the company achieved revenue of HK$0.352 billion, an increase of approximately 0.2% over the previous year. By business, 2025Q1's asset operating revenue was HK$0.258 billion, up about 27% year on year, maintaining a relatively rapid growth rate. We judge that the main factors are: ① the parking business, where new projects are put into operation and the increase in parking fees for some projects has driven the business to achieve a sharp rise in volume and price; ② the advertising innovation business in the parking sector has made breakthroughs and progress; ③ the park sector business brought growth. The overall asset management business has maintained a good development trend. Q1 The company's asset finance revenue was HK$0.094 billion, a year-on-year decrease of 36.8%. Asset financing represents fund-raising, investment, management and exit, etc., and there is some fluctuation in revenue within a short period of time due to factors such as the progress of project withdrawal.
Q1 The profit attributable to the owners of the company was HK$0.213 billion, a significant increase of 80.2% over the previous year, including the investment income obtained by the company in some equity transactions completed during the reporting period. The overall performance growth exceeded our expectations.
The scale of asset management and operation efficiency are growing steadily, and the basic market group continues to intensively lay out high-turnover parking resources in core cities. The Xi'an Xianyang International Airport T5 parking building project, which participated in investment and construction, was put into operation in February 2025, further consolidating the company's leading position in the parking business. The Group has completed the nationwide “southeast, northwest, and central” comprehensive network business layout for transportation hub projects.
At the same time, the Group continues to invest in operational technology and actively promote digital intelligence transformation, completed the iteration of the parking management “Speedway V3” system, and is fully equipped with DeepSeek. It is empowered by AI technology to optimize parking scheduling, improve license plate recognition efficiency, vehicle entry and exit management, and user service levels, help comprehensively upgrade “smart parking operations” and improve the operation efficiency of parking assets.
Asset financing and asset operation collaborate to empower the robot industry layout and create the company's second growth curve. In January 2024, the company announced that a subsidiary of Shoucheng Capital, a subsidiary of the Group, signed a partnership agreement with a wholly-owned subsidiary of Beijing State-owned Capital Operation and Management Co., Ltd. and the Beijing Government Investment Guidance Fund (limited partnership) to jointly initiate the establishment of the Beijing Robotics Industry Development Investment Fund (limited partnership). The Beijing Robotics Fund has a subscription scale of RMB 10 billion. The fund will focus on equity investments around the country and the strategic layout of the robotics industry in Beijing, focusing on fields such as robot bodies, industrial chain components, and innovative applications in the industrial chain to help the robot industry develop rapidly. Since this year, the Beijing Robotics Fund has completed a number of investments, including Tupai Healthcare, Independent Variable Robotics, Starsea Map, Cloud Whale, etc., to further promote the product iterative upgrading of the investee companies.
In February 2025, the company announced that Shouwo Investment Holdings Co., Ltd., a wholly-owned subsidiary of the company, intends to fund the establishment of Beijing Shoucheng Robotics Technology Industry Co., Ltd. in Beijing, China, to build a complete robot industry ecosystem. The company will focus on accelerating the commercialization process of high-quality robot companies represented by humanoid robot companies through diversified services such as sales agents, leasing, industry consulting, supply chain management, etc., to promote the deep integration of “industry+capital” and enhance industrial chain collaboration efficiency, thereby further enhancing industrial service capabilities.
In addition, relying on rich resource advantages in the fields of parking asset management and park operation, the Group will also provide comprehensive implementation scenario support for robot products to open up the “last mile” of technology implementation. In the first quarter, Cloud Whale entered the Rongshi Plaza project managed by the Group. Rongshi Plaza opened up a 2,000-square-meter park application scenario for Cloud Whale and opened a real-time data interface for the property management system to help it complete algorithm iteration in actual operation through the three-dimensional empowerment of “space × technology × capital”. Through the two-way collaboration between the company's asset financing and asset operation, the company has further accelerated and deepened the layout of the robot industry and actively built the company's second growth curve.
Investment advice: The company continues to improve and consolidate the operating capacity of the asset management business, stabilize the basic market of performance growth; continue to make efforts on the fund-raising and investment side of REITs funds, and actively participate in equity investment. In the field of robotics, the company is actively building a complete robot industry ecosystem, completing investments in many robotics companies through the Beijing Robotics Fund; establishing robotics companies to further enhance industrial service capabilities; relying on resources in the fields of parking asset management, park operation, etc., to enable the application of robots in scenarios to achieve two-way enabling collaboration between asset finance and asset operation businesses. The robot industry layout is worth paying attention to. We expect the company to achieve revenue of HK$1.463, 1.707, and HK$1.97 billion in 2025-2027, up 20.36%, 16.69% and 15.42% year-on-year respectively. Profit attributable to company owners is HK$0.564, 0.685, and HK$0.803 billion respectively, up 37.40%, 21.53 and 17.19% year-on-year respectively. Corresponding PE is 20.29, 16.70, and 14.25 times, respectively, maintaining the “buy” rating.
risk analysis
① Asset operation business: (1) competition in the parking asset management industry has intensified, causing pressure on the company's scale expansion and profitability; (2) the price increase of projects under management falls short of expectations; (3) labor and material costs have increased beyond expectations, etc.
② Asset financing business: (1) Fund size growth falls short of expectations; (2) The boom in key investment industries of robotics and other companies declined, and the market fluctuated beyond expectations, resulting in excess income collected by the company and investment value profit and loss measured by fair value changes falling short of expectations, etc.
③ Risks related to public offering REITs: (1) changes in regulatory policies have exceeded expectations; (2) the issuance review progress of related projects falls short of expectations; (3) fluctuations in the operating conditions of participating in individual vouchers, resulting in distribution performance falling short of expectations, etc.
