Zhongsheng Group Holdings Limited 中升集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：881） 董事名單及彼等角色及職能 中升集團控股有限公司董事會（「董事會」）成員如下。 執行董事 黃毅 李國強 于寧 周新 非執行董事 陳豪賢 獨立非執行董事 錢少華 李顏偉 鄭寶川 白鳳九 張志誠 唐憲峰 C： 相關董事委員會主席 M： 相關董事委員會成員 香港，二零二六年一月二十三日 – 2 – 董事會已成立六個委員會。下表提供各董事會成員所屬委員會的成員資料。 董事╱ 董事會委員會 審核委員會 薪酬委員會 提名委員會 合規委員會 風險委員會 環境、社會及 管治委員會 黃毅 MMM 李國強 M M 張志誠 C M 唐憲峰 C C 于寧 周新 陳豪賢 錢少華 MCM 李顏偉 鄭寶川 MM C 白鳳九 C – 1 – 附註： ...

中升控股(00881)公布，孙燕军先生已辞任公司非执行董事，自2026年1月23日起生效。孙燕军先生的辞 任乃由于退休及其计划投入更多时间于其个人事务。 ...

格隆汇1月23日丨中升控股(00881.HK)宣布，孙燕军已辞任公司非执行董事，自2026年1月23日起生效。 孙燕军之辞任乃由于退休及其计划投入更多时间于其个人事务。 ...

智通财经APP讯，中升控股(00881)公布，孙燕军先生已辞任公司非执行董事，自2026年1月23日起生 效。孙燕军先生的辞任乃由于退休及其计划投入更多时间于其个人事务。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Zhongsheng Group Holdings Limited 中升集團控股有限公司 董事會謹此對孫先生在任期間對本公司作出的寶貴貢獻深表謝意。 主席 （股份代號：881） 非執行董事之辭任 中升集團控股有限公司（「本公司」，連同其附屬公司，「本集團」）董事會（「董事會」） 宣佈，孫燕軍先生（「孫先生」）已辭任本公司非執行董事，自二零二六年一月二十三 日起生效。孫先生之辭任乃由於退休及其計劃投入更多時間於其個人事務。 經更新之董事名單及彼等角色及職能包括各董事委員會組成可於香港聯合交易所有 限公司及本公司網站內查閱。 承董事會命 中升集團控股有限公司 （於開曼群島註冊成立的有限公司） 孫先生已確認，彼與董事會並無任何分歧，亦無任何有關彼辭任之事宜須敦請本公 司股東垂注。 黃毅 香港，二零二六年一月二十三日 於本公告日期，本公司執行董事為黃毅先生、李國強先生、張志誠先生、唐憲峰先 生、于寧女士及周新女 ...

Core Viewpoint - The automotive dealership industry is experiencing a severe crisis, with numerous groups facing operational difficulties and closures, leading to a significant reshaping of the market landscape [2][5][19]. Group 1: Current State of Dealerships - In early 2026, two 4S groups, Dong'an Holdings and Tongyuan Group, reported operational failures, with multiple stores unable to deliver vehicles [2]. - In 2025, five large dealership groups experienced financial breakdowns, and nine groups had their store authorizations revoked by manufacturers [3]. - A total of 1,000 dealerships are expected to adjust their operations or exit the market due to financial issues [5]. Group 2: Financial Performance and Valuation - The average valuation of a single 4S store has dropped to approximately 16 million, reflecting a significant decline in dealership values [6][8]. - In 2024, the average price for transferring 4S stores was around 17 million, compared to previous years where values reached billions [10]. - The financial strain on dealerships is exacerbated by reduced customer traffic and shrinking demand, with nearly half of the dealers expected to meet only 90% of their sales targets in 2025 [11]. Group 3: Market Dynamics and Strategies - The market is witnessing a "stronger survive" trend, with leading groups like Zhongsheng expanding while others are forced to close or sell stores [5][19]. - Zhongsheng opened 50 new stores in 2025, strategically acquiring locations from struggling groups, thereby enhancing its market presence [5][12]. - The industry is seeing a shift towards optimizing brand structures, with some groups opting to sell underperforming stores to focus on more profitable ventures [15][19]. Group 4: Competitive Landscape - The automotive market is entering a price war, with significant discounts announced by major manufacturers, further squeezing dealership profits [16]. - The competition is intensifying, particularly in the electric vehicle sector, leading to uncertainty for traditional fuel vehicle dealerships [17]. - The industry is undergoing a profound transformation, with a focus on local market control and customer lifecycle management becoming critical for survival [19].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The coffee industry remains highly prosperous with brands actively opening new stores, although there is a caution regarding short-term data volatility due to the seasonal downturn [3] - The tea beverage sector is under slight pressure as it enters the off-season, with a trend of subsidy reductions expected despite the government's investigation into delivery platforms [3] - The e-commerce sector continues to face challenges, showing lackluster performance due to the domestic consumption environment [3] - Music streaming platforms are highlighted as valuable internet assets driven by domestic demand, with a recommendation to focus on music subscription platforms [3] - The virtual asset and trading platform market is experiencing limited catalysts, with cryptocurrency prices remaining volatile [3] - The automotive service sector is seeing expansion, with new 4S stores being opened by Zhongsheng Group in various cities [3] - The internet healthcare sector is gaining attention with OpenAI's launch of "ChatGPT Health," suggesting a focus on this area [3] - The AI and cloud sectors are viewed positively, with recommendations to monitor leading tech companies with strong cash flows [3] - The media sector is showing signs of recovery, with new games performing well and user growth in the gaming segment [3] Summary by Sections 1.1 Consumer & Internet - The Hang Seng non-essential consumer index decreased by 0.98%, underperforming the Hang Seng index by 0.57 percentage points [8] - Notable stock performances include: Gu Ming (+8.72%), Ba Wang Tea (+6.99%), and Luckin Coffee (-6.47%) [8][10] 1.2 Platform & Technology 1.2.1 Streaming Platforms - The Hang Seng media index increased by 3.22%, outperforming both the Hang Seng index and the technology index [15] - Key stock performances include: iQIYI (+0.99%) and Tencent Music (-2.86%) [15] 1.2.2 Virtual Assets & Internet Brokers - As of January 9, the global cryptocurrency market cap reached $319.54 billion, up 3.40% [22] - Bitcoin and Ethereum prices were $90,505 and $3,083.14, reflecting changes of +0.6% and -1.2% respectively [22] 1.2.3 Automotive Services - The Hang Seng composite index rose by 0.38%, with notable stock performances including Advance Auto Parts (+12.73%) [31] 1.2.4 O2O - The Hang Seng internet technology index decreased by 0.27%, with key stock performances such as JD Health (+13.31%) and Didi Global (-7.19%) [37] 1.2.5 AI & Cloud - The Nasdaq internet index increased by 1.59%, with Amazon (+9.22%) and Google (+4.26%) showing strong performances [39] 1.3 Media - The Shenwan一级传媒 index increased by 13.14%, with the advertising and marketing sector showing the largest gains [46] - Key stock performances include: Xindong Company (+18.50%) and Tencent Holdings (-1.93%) [46]

Group 1 - The core viewpoint indicates that Hong Kong automotive dealership stocks have collectively declined, with notable drops in companies such as Zhongsheng Holdings down 4.3% and Baoteli Holdings down over 3% [1][2] - Despite predictions of a strong start in January, the operational conditions for automotive dealers remain challenging due to reduced customer traffic and a cautious market leading to demand contraction [1] - A survey by the China Automobile Dealers Association reveals that nearly half of the dealers expect to achieve a completion rate of 90% or above for their annual targets in 2025, with 15.3% exceeding their targets [1] Group 2 - The automotive market in China is facing pressures from shrinking subsidies and tax incentives, alongside a weak performance in the fourth quarter, leading to forecasts of a 7% decline in sales for 2026, marking the first anticipated annual drop since 2020 [1] - The stock performance of key automotive dealers includes Zhongsheng Holdings at 11.720 with a decline of 4.33%, Baoteli Holdings at 0.470 down 3.09%, Meidong Automotive at 1.200 down 2.44%, and Yongda Automotive at 1.650 down 2.37% [2]

Group 1 - The Hong Kong automotive dealership sector experienced a collective rise in stock prices, indicating positive market sentiment [2] - Yongda Automobile (03669.HK) saw an increase of 2.96%, reaching HKD 1.74 [2] - Harmony Auto (03836.HK) rose by 1.96%, trading at HKD 1.04 [2] - Zhongsheng Holdings (00881.HK) increased by 3.88%, with shares priced at HKD 12.33 [2] - Meidong Auto (01268.HK) experienced a 3.25% rise, with shares at HKD 1.27 [2]

Group 1 - Automotive dealers collectively saw an increase in stock prices, with Yongda Automobile rising by 2.96% to HKD 1.74, Harmony Auto up by 1.96% to HKD 1.04, Zhongsheng Holdings increasing by 3.88% to HKD 12.33, and Meidong Auto gaining 3.25% to HKD 1.27 [1] - Morgan Stanley's report indicates that BMW China will reduce suggested retail prices by 10% to 20% starting January 1, primarily affecting imported models such as the 7 Series, 6 Series, M Series, and i-series electric vehicles [1] - The price reduction is not aimed at initiating price competition, as BMW dealers have been offering discounts significantly below the suggested retail prices for some time [1] Group 2 - The price adjustments are expected to benefit dealers like Yongda Automobile, Zhongsheng Holdings, and Meidong Auto slightly, as lower suggested retail prices will lead to reduced procurement costs and potentially increase new car sales margins [1] - However, future rebates received by dealers may decrease, as the amount of rebates is determined by the manufacturer [1]