Riding on the concept of humanoid robots, Shoukai Co., Ltd. hit the daily limit again.

On March 10, as the concept of humanoid robots continued to strengthen, Beijing Capital Development Co., Ltd., a real - estate enterprise, also saw a sharp rise in its stock price because it had invested in robot companies such as Unitree Technology, and its stock price hit the daily limit with a 9.94% increase.

Beijing Capital Development Co., Ltd.'s main business is real - estate development. In recent years, dragged down by the downward trend of the real - estate market, the company's performance has been continuously declining. According to the performance data released by Beijing Capital Development Co., Ltd. on January 24, its total contract value from January to December 2025 reached 1.7845 billion yuan, and it is estimated that the net profit attributable to the owners of the parent company in 2025 will be between - 5.5 billion yuan and - 6.9 billion yuan. Although the loss amount has decreased compared with the 8.14 billion yuan loss in 2024, it still continues to incur huge losses.

Due to the continuous decline in performance, the stock price of Beijing Capital Development Co., Ltd. has repeatedly hit new lows in the past few years. It once fell to 1.94 yuan per share on July 31, 2024, a drop of about 78.6% compared with the peak stock price in 2019.

However, in 2025, Beijing Capital Development Co., Ltd. began to enter the robot field through financial investment.

The most crucial investment was in the star company Unitree Technology. In July 2025, Beijing Capital Development Yingxin Investment Management Co., Ltd. (hereinafter referred to as "Yingxin") subscribed for the Jinshi Growth Equity Investment (Hangzhou) Partnership (Limited Partnership) (hereinafter referred to as "Jinshi Growth Fund"). Jinshi Growth first held shares in Unitree Technology in September 2024 and made a capital contribution in May 2025, with a shareholding ratio of 4.7683%.

Through the Jinshi Growth Fund, Beijing Capital Development Co., Ltd. has become one of the shareholders of Unitree Technology, the largest humanoid robot company in China.

Equity structure diagram, source: Tianyancha

As of now, the total capital contribution of the Jinshi Growth Fund is about 3.28 billion yuan. Beijing Capital Development Co., Ltd. subscribed for 600 million yuan, with a shareholding ratio of 18.2936%, making it the second - largest shareholder after CITIC Jinshi Investment Co., Ltd. (a wholly - owned subsidiary of CITIC Securities).

On the evening of September 12, 2025, Beijing Capital Development Co., Ltd. first disclosed that its controlled subsidiary, Yingxin, indirectly held about 0.3% of the shares in Unitree Technology.

Beijing Capital Development Co., Ltd. also stated that "the shareholding ratio (in Unitree Technology) is very low. Yingxin's investment in the fund is only a financial investment and has no control or influence over the fund's decision - making and operation."

However, around September 2025, the stock price of Beijing Capital Development Co., Ltd. climbed all the way to 8.85 yuan per share, more than a 200% increase compared with the stock price that had been hovering around 2.7 yuan per share before the news came out.

Stock price trend chart of Beijing Capital Development Co., Ltd.

In the robot field, in addition to holding shares in Unitree Technology, Beijing Capital Development Co., Ltd. also subscribed for other funds through Yingxin and indirectly invested in Elite Robot (Elite Intelligent Robot Co., Ltd.). The business scope of this company includes R & D, production, processing, and sales of industrial robots and automation equipment, as well as providing relevant technology transfer, technical consultation, and technical services; engaging in technology development in the field of intelligent technology; and engaging in the import and export business of the above - mentioned goods and technologies.

In addition, Yingxin also holds 27.2109% of the shares in Shenzhen Xinzhong Longcheng Investment Partnership (Limited Partnership). The latter has invested in Pharmaron Beijing Co., Ltd., with a shareholding ratio of 12.07%. Pharmaron is a listed company on both the A - share and H - share markets, with a current total market value of about 50.54 billion yuan.

Although Beijing Capital Development Co., Ltd.'s investments in the technology and pharmaceutical fields are all financial investments and the shareholding ratios are generally not high, whenever the robot concept stocks soar, Beijing Capital Development Co., Ltd. can always deviate from the trend of real - estate stocks and "ride on" the popularity of technology stocks.

As of the close on March 10, the stock price of Beijing Capital Development Co., Ltd. was 5.53 yuan per share, with a total market value of about 14.26 billion yuan.

Beijing Capital Development Co., Ltd. suffered its first loss in 2022, with losses of 461 million yuan, 6.339 billion yuan, and 8.141 billion yuan in 2022, 2023, and 2024 respectively. Adding the estimated loss amount this year, the total loss in four years will exceed 20.4 billion yuan.

In order to relieve the cash - flow pressure, Beijing Capital Development Co., Ltd. has been actively raising funds through borrowing, selling project equity, issuing REITs, and other means.

Recently, Beijing Capital Development Co., Ltd. officially listed on the property rights trading platform to transfer its 51% equity in Fuzhou Rongcheng Real Estate Development Co., Ltd. (hereinafter referred to as "Fuzhou Rongcheng") at a base transfer price of about 125 million yuan.

Public information shows that Fuzhou Rongcheng was established on September 23, 2015, with a registered capital of 200 million yuan. Its registered address is in Jin'an District, Fuzhou City, Fujian Province. Its business scope includes real - estate development, sales, investment in the real - estate industry, and property management, and it is currently in operation. The company was originally a joint - venture project company between Beijing Capital Development Co., Ltd. and R&F Group. Beijing Capital Development Co., Ltd. contributed 102 million yuan, holding 51% of the shares; the other shareholder is Fuzhou Rongzhuo Sheng Enterprise Management Co., Ltd., holding 49% of the shares. Its predecessor was R&F Group Co., Ltd., and the shareholder change was completed in March 2025.

As the core asset of Fuzhou Rongcheng, it mainly develops and operates the Shourong Jinjiang Garden project (recorded name), which is well - known in the market as Shoukai R&F · Shourong Mansion. The project is located at No. 59, Changle South Road, Jin'an District, Fuzhou City, with a total construction area of about 161,300 square meters. As of now, the assets of Fuzhou Rongcheng mainly include real - estate such as residential buildings, community commercial buildings, supporting facilities, and underground garages of this project.

On February 9, Beijing Capital Development Co., Ltd. announced that it plans to issue the Harvest Shoukai Closed - end Commercial Real Estate REITs, packaging the Huqiaocun Commercial Street project, the Puti Commercial Street project, and the Songjiazhuang Fumao project as the underlying assets (the first two are community commercial properties, and the last one is a shopping mall), and submit an application to the China Securities Regulatory Commission and the Shanghai Stock Exchange. It is estimated that the fundraising scale will be about 1.142 billion yuan.

Looking back on Beijing Capital Development Co., Ltd.'s journey in the real - estate field, since its establishment 32 years ago, it has achieved many glorious achievements and is known as "Half of Beijing's history is written by Beijing Capital Development". In the past 30 years of residential renewal in Beijing, Beijing Capital Development Co., Ltd. has developed many representative residential communities such as Wangjing New City, Huilongguan, and Fangzhuang. It is also the only real - estate enterprise in China that has participated in the construction of the Beijing Asian Games Village, the Universiade Village, and the Olympic Village, as well as the "Double Olympics" projects of the Summer Olympics and the Winter Olympics.

However, the golden age of the real - estate industry has passed, and Beijing Capital Development Co., Ltd. must have new responses. At present, the financial investments in the robot and pharmaceutical fields are more like a "trial" by Beijing Capital Development Co., Ltd. outside its main real - estate business. It has neither invested core resources nor obtained control over the target enterprises. Although it can drive short - term fluctuations in the stock price during the concept boom, it cannot fundamentally change the company's business structure and profit dilemma. In the future, with the advancement of the asset disposal process and the gradual implementation of cross - border investments, whether Beijing Capital Development Co., Ltd. can transform from "under pressure in the main real - estate business" to "breaking through with diversified layout" remains to be further observed by the market.