First Chain Holdings 2025 Annual Report Review: Holding HKD 3.671 billion in cash, maintaining stability as the most scarce underlying asset

NightAirdropper · 2026-03-30T19:46:12+00:00

First Chain Holdings' revenue in 2025 is projected to reach HKD 1.437 billion, an 18% year-over-year increase. The company's cash reserves have hit a new high, demonstrating financial stability, with all bank loans fully repaid and a AAA credit rating maintained. By adopting an "industry fund + asset management" model to develop the robotics industry, it is expected that significant potential profits will be released in the future, making the company's value increasingly clear.

NightAirdropper

2026-03-30 19:46:12

Abstract generation in progress

March 27, Shoucheng Holdings released its 2025 performance—revenue of HKD 1.437 billion, up 18% year over year. Behind the numbers, what’s even more worth savoring is how the company has carved the word “steady” into its very core, building a deep moat.

By the end of 2025, the company’s cash and cash equivalents totaled HKD 3.671 billion, up HKD 1.049 billion from HKD 2.622 billion at the end of the prior year, reaching a historical high.

During the reporting period, the company fully paid off all bank loans and the first tranche of parking-asset REITs. Its remaining interest-bearing liabilities were only HKD 979 million, all in the form of payables bonds with a cost below 2.5%. The overall financing cost is at a historical low: the convertible bonds issued in 2025 have a coupon rate as low as 0.75%. This financial base ultimately translates into continued recognition from credit rating agencies. For the third consecutive year, CFI and Lianhe Credit Ratings have both assigned the company an AAA issuer rating.

Sound financials are in support of higher-quality growth. In 2025, the company’s “industrial fund + asset management” dual-engine model accelerated its execution.

At present, its layout in the robotics industry chain has entered a value-realization phase. The company manages multiple industrial funds with cumulative investments exceeding RMB 2 billion, covering more than 20 companies including Unitree Technology and Songyan Power. The valuation of its investment portfolio has grown by about 4 times, corresponding to unrealized gains of about RMB 8 billion. Most of these companies are currently in critical windows for an IPO or M&A integration. Even within the robotics segment alone, the company could contribute profits in the hundreds of millions to billions level over the next two years.

With a steady financial foundation layered with a predictable cycle of profit release, Shoucheng Holdings’ value anchor is becoming even clearer.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.