Unitree's IPO ignites revaluation, Shoucheng Holdings' investment appeal continues to rise

Since the beginning of this year, robotics and AI concepts have continued to be the main theme in the capital market, but the attitude of funds has gradually shifted from chasing "conceptual stories" to examining whether enterprises truly possess high-quality assets, investment track records, and the ability to convert industrial dividends into actual returns. Following this logic, the author believes that Shoucheng Holdings (00697.HK) $SHOUCHENG(00697.HK) deserves a re-examination by the market. Especially as Unitree Robotics' IPO process gradually enters a critical stage, the results of Shoucheng's early layout in the robotics industry over the past few years are moving from book value appreciation in the primary market to public market pricing and value verification, providing a new catalyst for the overall asset value reassessment of the company.

Unitree Robotics recently set the IPO issue price on the STAR Market at 150.8 RMB per share, issuing approximately 40.45 million shares, corresponding to a post-listing valuation of approximately 61 billion RMB, further increasing compared to earlier market valuations. The Beijing Robotics Industry Development Investment Fund under Shoucheng holds approximately 3.44% of the shares after Unitree's issuance. If roughly calculated based on the 61 billion RMB valuation, the corresponding market value of the relevant holdings is approximately 2.1 billion RMB. The author believes that the public market valuation anchor formed after Unitree's listing is very significant for Shoucheng's entire robotics investment portfolio.

In fact, Shoucheng's appeal has never been just about "betting on Unitree." According to previous media reports, by the end of 2025, through multiple industry funds managed by the company, cumulative investments in the pan-robotics industry chain had exceeded 2 billion RMB, covering more than 20 enterprises; the valuation of the related investment portfolio grew by approximately 4 times. By this measure, the book value appreciation was approximately 8 billion RMB. Investment projects include Unitree, Galactic General, Xinghai Tu, Yunshenchu, Songyan Power, Accelerated Evolution, and Tupai Medical, forming an industry chain layout ranging from humanoid robots and embodied intelligence to medical robots and core components.

In the past half year, Shoucheng has not stopped its investment pace. The company successively laid out entities such as Tashi Zhizhang, Chengguan Optics, and Accelerated Evolution. In May, it invested in AI startup Zhongke Dunxu, and in July, it invested again in Shuoguang Precision, cutting into the upstream of the AI data center high-speed optical interconnection, CPO, and silicon photonics industry chains; recently, it has also extended its tentacles from Physical AI to quantum computing. This reflects that Shoucheng's technology investment landscape is gradually expanding from a single robotics theme to "Robotics + AI Computing Infrastructure + Frontier Computing".

More noteworthy is that Shoucheng simultaneously utilizes parking lots, industrial parks, and commercial spaces it manages to provide real application scenarios for its invested enterprises. The Capital Airport T3 Parking Garage has already introduced Songyan Power robots, while "Tao Zhu Xin Zao Ju" brings robot display, sales, maintenance, and services into commercial scenes. This "Investment + Operation + Ecology" model has the potential to combine investment returns with industrial service income, which is also a distinctive feature of Shoucheng relative to general robotics concept stocks.

Beyond the tech story, Shoucheng itself still has a stable fundamental base. Revenue in 2025 was 1.437 billion HKD, up 18% year-on-year, of which industry fund income rose 37% to 402 million HKD, and adjusted EBITDA reached 904 million HKD. The board of directors distributed a total of 780 million HKD in dividends throughout the year, with a dividend yield of approximately 5.6% based on the average market cap for the year. In the first quarter of this year, revenue was 327 million HKD, and shareholders' share of profit was approximately 78.53 million HKD; excluding the one-time gain from selling Shougang Resources last year, core profit still grew by approximately 18% year-on-year. The company also continued to repurchase shares this year, showing a relatively positive attitude towards shareholder returns.

The author believes that Shoucheng's greatest investment attraction currently lies in the fact that the market may not have fully reflected the potential value of its technology assets. Unitree's listing is only the first clearer value verification; Galactic General, Xinghai Tu, Yunshenchu, etc., are still in the growth and capitalization stages; once more invested enterprises complete a new round of financing or even go public, Shoucheng's technology assets will have the opportunity to continuously obtain new valuation anchors.

Therefore, compared to robotics shares driven solely by themes, Shoucheng combines the defensiveness of asset management cash flow and dividend/share repurchase with the upside elasticity brought by robotics and AI investments. "Having a fundamental base, having cash flow, having technology assets, and having potential exit channels" is not common in the Hong Kong stock market. As Unitree takes the lead in opening the window for value realization, and more investment projects gradually enter the harvest period, the author is optimistic about Shoucheng's future re-pricing from a traditional infrastructure asset management company to a technology industry investment and comprehensive asset management platform, and looks forward to the mid-to-long-term valuation enhancement space.

Written by: Professor Li Huifen, Greater Bay Area Family Office Association

(I do not hold any of the above stocks)

Since the beginning of this year, robotics and AI concepts have continued to be the main theme in the capital market, but the attitude of funds has gradually shifted from chasing "conceptual stories" to examining whether enterprises truly possess high-quality assets, investment track records, and the ability to convert industrial dividends into actual returns. Following this logic, the author believes that Shoucheng Holdings (00697.HK) deserves a re-examination by the market. Especially as Unitree Robotics' IPO process gradually enters a critical stage, the results of Shoucheng's early layout in the robotics industry over the past few years are moving from book value appreciation in the primary market to public market pricing and value verification, providing a new catalyst for the overall asset value reassessment of the company.

Unitree Robotics recently set the IPO issue price on the STAR Market at 150.8 RMB per share, issuing approximately 40.45 million shares, corresponding to a post-listing valuation of approximately 61 billion RMB, further increasing compared to earlier market valuations. The Beijing Robotics Industry Development Investment Fund under Shoucheng holds approximately 3.44% of the shares after Unitree's issuance. If roughly calculated based on the 61 billion RMB valuation, the corresponding market value of the relevant holdings is approximately 2.1 billion RMB. The author believes that the public market valuation anchor formed after Unitree's listing is very significant for Shoucheng's entire robotics investment portfolio.

In fact, Shoucheng's appeal has never been just about "betting on Unitree." According to previous media reports, by the end of 2025, through multiple industry funds managed by the company, cumulative investments in the pan-robotics industry chain had exceeded 2 billion RMB, covering more than 20 enterprises; the valuation of the related investment portfolio grew by approximately 4 times. By this measure, the book value appreciation was approximately 8 billion RMB. Investment projects include Unitree, Galactic General, Xinghai Tu, Yunshenchu, Songyan Power, Accelerated Evolution, and Tupai Medical, forming an industry chain layout ranging from humanoid robots and embodied intelligence to medical robots and core components.

In the past half year, Shoucheng has not stopped its investment pace. The company successively laid out entities such as Tashi Zhizhang, Chengguan Optics, and Accelerated Evolution. In May, it invested in AI startup Zhongke Dunxu, and in July, it invested again in Shuoguang Precision, cutting into the upstream of the AI data center high-speed optical interconnection, CPO, and silicon photonics industry chains; recently, it has also extended its tentacles from Physical AI to quantum computing. This reflects that Shoucheng's technology investment landscape is gradually expanding from a single robotics theme to "Robotics + AI Computing Infrastructure + Frontier Computing".

More noteworthy is that Shoucheng simultaneously utilizes parking lots, industrial parks, and commercial spaces it manages to provide real application scenarios for its invested enterprises. The Capital Airport T3 Parking Garage has already introduced Songyan Power robots, while "Tao Zhu Xin Zao Ju" brings robot display, sales, maintenance, and services into commercial scenes. This "Investment + Operation + Ecology" model has the potential to combine investment returns with industrial service income, which is also a distinctive feature of Shoucheng relative to general robotics concept stocks.

Beyond the tech story, Shoucheng itself still has a stable fundamental base. Revenue in 2025 was 1.437 billion HKD, up 18% year-on-year, of which industry fund income rose 37% to 402 million HKD, and adjusted EBITDA reached 904 million HKD. The board of directors distributed a total of 780 million HKD in dividends throughout the year, with a dividend yield of approximately 5.6% based on the average market cap for the year. In the first quarter of this year, revenue was 327 million HKD, and shareholders' share of profit was approximately 78.53 million HKD; excluding the one-time gain from selling Shougang Resources last year, core profit still grew by approximately 18% year-on-year. The company also continued to repurchase shares this year, showing a relatively positive attitude towards shareholder returns.

The author believes that Shoucheng's greatest investment attraction currently lies in the fact that the market may not have fully reflected the potential value of its technology assets. Unitree's listing is only the first clearer value verification; Galactic General, Xinghai Tu, Yunshenchu, etc., are still in the growth and capitalization stages; once more invested enterprises complete a new round of financing or even go public, Shoucheng's technology assets will have the opportunity to continuously obtain new valuation anchors.

Therefore, compared to robotics shares driven solely by themes, Shoucheng combines the defensiveness of asset management cash flow and dividend/share repurchase with the upside elasticity brought by robotics and AI investments. "Having a fundamental base, having cash flow, having technology assets, and having potential exit channels" is not common in the Hong Kong stock market. As Unitree takes the lead in opening the window for value realization, and more investment projects gradually enter the harvest period, the author is optimistic about Shoucheng's future re-pricing from a traditional infrastructure asset management company to a technology industry investment and comprehensive asset management platform, and looks forward to the mid-to-long-term valuation enhancement space.

Written by: Professor Li Huifen, Greater Bay Area Family Office Association

(I do not hold any of the above stocks)