Portfolio company steps onto the national stage; First Capital Holdings' "Capital + Scenarios + Industry Chain" logic validated; enters value realization phase.

On the stage of the 2026 CCTV Spring Festival Gala, technology and culture were deeply integrated, with humanoid robot cluster performances becoming the most eye-catching highlight. Three robotics companies—Unitree Technology, Galaxy General, and Songyan Power—showcased their core products on the same stage, sparking widespread online discussion with their cutting-edge technology. All three core enterprises in the field of embodied intelligence are portfolio companies of Shoucheng Holdings (0697.HK), making Shoucheng Holdings the largest stakeholder associated with the robot segment of the Gala. The companies' performance exceeding expectations on the national stage not only demonstrated their respective technological strengths but also fully validated the strategic value of Shoucheng Holdings' forward-looking layout of "capital + scenarios + industry chain."

As a "national-level tech show" reaching 1.4 billion viewers nationwide, the CCTV Spring Festival Gala has extremely stringent selection criteria for robot partners, requiring not only high technological maturity and reliability but also scenario customization capabilities and cultural integration innovation. The fact that all three of Shoucheng Holdings' portfolio companies made the cut lies in their respective core positions within their tracks, forming a full industry chain layout covering "algorithms - hardware - consumer applications," showcasing differentiated and irreplaceable technological advantages.

Unitree Technology: Third Appearance at the Gala, Pushing the Limits of Extreme Sports

As a "veteran" of the Gala stage, Unitree Technology made its third appearance, taking a leading role in the "Wu BOT" program. A formation of 16 humanoid robots accurately replicated difficult martial arts movements such as backflips and horse stances, perfectly blending technology and martial arts. Relying on its self-developed high-concurrency cluster control system and AI-integrated positioning algorithms, the robots achieved multiple global firsts, including continuous trick tabletop parkour, catapult backflips (maximum height over 3 meters), and consecutive single-leg backflips, with cluster synchronization accuracy reaching the millisecond level. Its newly self-developed dexterous hands support rapid weapon changes and stable gripping, fully demonstrating world-leading high-dynamic motion capabilities. Behind this impressive performance is Unitree Technology's continuous breakthroughs in core component R&D—its self-developed harmonic reducer achieves over 90% transmission efficiency, with costs 40% lower than imported products, laying a solid foundation for mass production. As one of the earliest robotics companies backed by Shoucheng Holdings, the latter has accompanied Unitree's growth through multiple rounds of funding and by opening up scenarios at Shougang Park. In 2025, Unitree produced 6,500 robot units and shipped over 5,500, capturing a 70% global market share in quadruped robots, becoming a leading domestic robot hardware manufacturer. Its brilliant Gala appearance further solidified its industry position and showcased the power of Chinese technology to a global audience.

Galaxy General: Embodied Intelligence, Autonomous Decision-Making Wows the Audience

If Unitree Technology represents the hardware strength of a robot's "limbs," then Galaxy General controls the core technology of its "brain." As the first-ever "designated embodied large model robot" supplier introduced at this year's Gala, Galaxy General performed "My Most Unforgettable Night" alongside Shen Teng and Ma Li. The robot "Xiao Gai" autonomously completed a series of dexterous operations on stage in real-time, such as rotating walnuts, picking up glass shards, folding clothes, and skewering sausages. All actions were not pre-programmed but relied on the autonomous decision-making capabilities of the embodied large model "Galaxy Brain AstraBrain," which perceives the environment and responds in real-time. Its embodied manipulation model has been selected as a key achievement in Beijing's AI development, highlighting its strategic value. In terms of industrial application, Galaxy General has achieved a closed loop of "technology - product - commercialization." The world's first industrial-grade embodied intelligent heavy-load robot, Galbot S1, has successfully entered production lines of leading companies like CATL. Since its initial investment in 2024, Shoucheng Holdings has continued to increase its stake, providing not only long-term financial support but also helping Galaxy General build a dual-drive structure of "industrial-grade + consumer-grade." The national stage exposure at the Gala is expected to further accelerate its expansion of industrial orders and penetration into the consumer market.

Songyan Power: Bionic Interaction, Warmly Portraying Family Scenes

Making its Gala debut, Songyan Power received dual official certifications from CCTV as the "Exclusive Bionic Humanoid Robot Partner" and "Humanoid Robot Partner." In the sketch "Grandma's Favorite," its two consumer products priced around ten thousand yuan, Xiao Bumi and Xiao Wantong N2, not only smoothly performed movements like cartwheels, flips, and running but also demonstrated highly bionic interactive capabilities through anthropomorphic eye movements, facial expressions, and breathing-like body undulations. The natural coordination of the neck and arms during conversation, along with the amplitude of breathing-like body movements, transformed the robots from cold machines into warm family companions. This breakthrough is attributed to Songyan Power's self-developed low-cost servo motors, which reduce the cost per motor to one-third of the industry average, laying the groundwork for mass adoption. As the largest external investor in Songyan Power, Shoucheng Holdings led its early-stage funding round in 2024 and has supported brand penetration through resources like the "Wall Breaker Plan" live-streaming matrix and Tao Zhu Xin Zaoju offline experience stores. Pre-sale orders continued to climb in 2026, showing strong growth momentum. The high exposure from the Gala will further enhance its brand awareness and market recognition, solidifying its leading position in the consumer humanoid robot track.

The collective appearance of the three portfolio companies highlights the foresight of Shoucheng Holdings' ecosystem investment logic. Unlike traditional financial investors, Shoucheng Holdings deeply engages in the growth of its portfolio companies, forming a complete value cycle of "investment - empowerment - exit." In terms of capital empowerment, Shoucheng Holdings leverages its Beijing Robotics Industry Development Investment Fund, with a scale of tens of billions, to provide long-term, stable financial support to portfolio companies, preventing them from halting R&D due to short-term profit pressures. Public interviews indicate that its investments in the robotics field have yielded over four times the book return within two years, with some projects exceeding a 10x return rate, demonstrating significant investment value. In terms of scenario empowerment, Shoucheng Holdings opens up core scenario resources like Shougang Park and millions of parking spaces, providing portfolio companies with multi-scenario testing environments to accelerate technology iteration and product optimization.

The capital market reacted positively to the Gala's empowerment effect. Several institutions pointed out that Shoucheng Holdings' ecosystem layout has entered a period of concentrated value realization, with the Gala appearance of its three portfolio companies directly catalyzing the performance of the robotics sector. As a national-level endorsement, the Gala enhances the brand awareness of Shoucheng Holdings and its portfolio companies, strengthening its positioning in the robotics track. Secondly, the accelerated commercialization of portfolio companies will bring substantial revenue growth. Unitree Technology's potential IPO could bring substantial equity appreciation gains to Shoucheng Holdings. Furthermore, the highlighted ecosystem synergy will boost market confidence. Shoucheng Holdings has invested in nearly 20 companies across the robotics industry chain, forming a complete ecosystem matrix. As the industry booms, the scarcity and growth potential of its ecosystem layout will become more prominent, attracting more capital attention.

With its investment philosophy of "investing early, accurately, and for the long term," Shoucheng Holdings placed early bets on three core sub-sectors: hardware manufacturing, embodied large models, and consumer applications. Through deep empowerment, it has achieved mutual growth for both the companies and itself. The simultaneous appearance of its three portfolio companies at the Gala is both a concentrated showcase of its investment achievements and the beginning of its dividend realization. In the future, with the continuous expansion of the Tao Zhu Xin Zaoju offline store network and the ongoing improvement of the "Wall Breaker Plan" online channels, Shoucheng Holdings will further amplify its ecosystem synergy advantages, helping more portfolio companies achieve commercialization. Simultaneously, its layout in robotics materials and the advancement of secondary development businesses will further complete its industry chain layout and solidify its competitive moat.