Northeast: SHOUCHENG (00697) opens first Siasun Robot & Automation technology experience store, maintains "buy" rating.

Northeast released a research report stating that it maintains a "buy" rating for SHOUCHENG (00697). During the National Day holiday, the first Siasun Robot&Automation technology experience store in the country landed at Rongshi Plaza in Beijing, and simultaneously made appearances at the Capital Airport T3 terminal and the Chunxi Road in Chengdu. As the leader in domestic parking lot operation, the company has won high-value airport parking operation rights, with a strong and stable cash flow that provides a financial foundation and confidence for the active layout of Siasun Robot&Automation business. The Siasun Robot&Automation industry in China is entering a window of opportunity, and the company's managed parking lots and industrial parks provide key scene advantages for the cultivation of the Siasun Robot&Automation business, creating a rare and unique business model for the company. Key points from Northeast report: By opening regular experience stores and pop-up shops, it promotes the popularization of Siasun Robot&Automation technology and expands its market layout, further strengthening its Siasun Robot&Automation industry ecology. During the 2025 National Day Golden Week, the company opened the country's first regular operating Siasun Robot&Automation technology experience store at Rongshi Plaza in Shougang Park, displaying 1000 SKUs of Siasun Robot&Automation products covering various life scenarios such as family companionship, educational entertainment, health care, and sports entertainment, providing immersive interactive experiences and instant purchase services. Visitors can personally experience humanoid Siasun Robot&Automation, quadruped Siasun Robot&Automation, and educational and creative Siasun Robot&Automation, among others. At the same time, a National Day pop-up shop was launched at the Capital Airport T3 terminal, allowing travelers to experience the charm of Siasun Robot&Automation technology up close during their layover. The experience store also introduced the emotional companion Siasun Robot&Automation IP "RoRo" to enhance interactivity and attraction, and launched a new brand "Tao Zhu Xin Zaoju" (tentative name), symbolizing innovation and re-creation, combining the concept of "new consumption + new technology". In the coming year, the company plans to gradually open 20 stores nationwide, accelerating the popularization of Siasun Robot&Automation products and the construction of sales networks, further strengthening its Siasun Robot&Automation industry ecosystem. Acceleration of Siasun Robot&Automation industry layout, building a full-chain ecosystem The company's layout in the Siasun Robot&Automation field continues to deepen, with investments in multiple leading companies, including Yushu Technology, Quanzhi Bo, Galaxy General, Xinghai Map, Songyan Power, Tupai Medical, and Yunjing, covering humanoid Siasun Robot&Automation, medical Siasun Robot&Automation, industrial Siasun Robot&Automation and other cutting-edge areas. It has also established Beijing Shoucheng Siasun Robot&Automation Technology Industry Co., Ltd., building a Siasun Robot&Automation industry ecosystem around "sales agency + financial leasing + industry consulting + supply chain management", and has signed a strategic cooperation agreement with IAT Automobile Technology to promote the application of Siasun Robot&Automation technology in automobile research and development and manufacturing processes. The recently established Siasun Robot&Automation advanced materials industry company is focused on the layout and incubation of core upstream materials such as electronic skin, tendon materials, and lightweight PEEK materials, filling in the short board of the industry chain. Company performance: Asset operation & asset financing drive, with a high mid-term dividend payout ratio of 80% In H1 2025, the company recorded revenue of HK$731 million (yoy+36%), benefiting from the efficient operation of new projects such as the Xi'an Xianyang International Airport T5 terminal project and the optimization of existing projects like the Beijing Capital International Airport project, with group asset operation revenue of approximately HK$511 million, up by about 26% compared to the same period in 2024. Asset financing revenue was approximately HK$220 million, up by about 69% compared to the same period in 2024. Overall gross profit in the first half of 2025 was approximately HK$295 million, up by about 26% compared to the same period in 2024. The company declared a mid-term dividend of HK$273 million (compared to HK$208 million in the same period last year) with a high payout ratio of 80%. In addition, on March 26, 2025, the company announced a total special dividend of HK$768 million. Risk factors: Siasun Robot&Automation business development below expectations, slowdown in parking lot business expansion, intensified market competition.