| --- | --- | --- | |------------------|-------|-------| | | | | | ZHONGSHENG GROUP | | | | --- | --- | |------------------|-----------------| | | | | ZHONGSHENG GROUP | | | | | | | | | | LIFETIMEPARTNER | | | | | | | | | | | | | | INTERIM REPORT | | | | 2024 | | | | | | | 2024 目錄 | --- | --- | --- | --- | |---------|---------------------------------------------|-------|-------| | | | | | | 2 | 公司資料 | | | | 3 | 高級領導層信函 | | | | 12 | 管理層討論與分析 | | | | 17 | 中期簡明綜合損益表 | | | | | | | | | 18 | 中期簡明綜合全面收益表 | | | | 1 ...

各位投资人分析师大家下午好欢迎大家参加中生集团控股有限公司2024年中期线上业绩发布会本次会议设置英文同声传译大家可以自行选择字幕传译功能中的中英文频道进行切换首先为大家介绍今天出席本次会议的公司管理层他们分别是中生控股董事会主席黄毅先生 和首席战略官周正先生那今天会议的前半程将由两位管理层为大家介绍公司上半年业绩情况后半程我们设置了问答环节届时欢迎大家提问首先分别有请黄毅先生和周正先生发言各位股东各位关注我们终身的朋友们大家下午好 我是公司董事会主席黄毅感谢各位来参加我们的业绩发布会今天中午我们发出了我们的中期的业绩报告相信大家都可以看到在今年这么严峻的市场情况下东森依然取得了16个亿的净利润在汽车服务的各个方面我们都取得了 明显的成绩这证明了我们的战略方针是正确的坚定了我们做终身品牌化汽车服务的决心在这里我也借此机会感谢各位投资人及合作伙伴的信任和支持同时也很感谢我们全体员工的辛苦付出和努力接下来我把时间交给我们的首席战略官周正 由他来具体介绍一下我们2024年上半年的业绩表现感谢黄主席各位朋友大家好我是周震下面由我来为大家介绍一下我们2024年中期业绩的情况 首先在这边先提醒一下我们这里投屏的这份材料和 ...

Automotive Sales Performance - Revenue from automotive sales decreased by 0.9% to RMB 69,052.3 million[2] - New car sales increased by 3.9% to 232,543 units[3] - New car sales reached 233,000 units in the first half of 2024, a year-on-year increase of 3.9%[11] - New car sales revenue decreased by RMB 3,757.0 million or 5.8% to RMB 60,812.0 million, primarily due to a decline in average selling prices[76] - Mercedes-Benz accounted for approximately 40.5% of the company's new car sales revenue, down from 43.1% in the same period last year[76] - New car sales costs decreased by RMB 901.3 million or 1.4% to RMB 62,802.1 million for the six months ended June 30, 2024[77] After-Sales Services - Revenue from after-sales services increased by 13.8% to RMB 10,964.1 million[2] - Gross profit from after-sales services rose by 12.7% to RMB 5,035.0 million[3] - After-sales service revenue rose by RMB 1,327.5 million or 13.8% to RMB 10,964.1 million, due to increased service visits and higher average revenue per visit[76] - ZhongSheng's after-service business saw a 45.2% year-on-year increase in used car retail sales and a 22.9% increase in insurance renewal policies in the first half of 2024[8] - ZhongSheng's maintenance, manufacturer warranty, and accident repair service visits increased by 3.4%, 17.2%, and 9.1% respectively in the first half of 2024[8] Used Car Business - Used car transaction volume surged by 53.9% to 101,525 units[3] - ZhongSheng's used car business achieved a comprehensive profit of RMB 670 million in the first half of 2024, a year-on-year increase of 25.1%[9] - ZhongSheng's used car retail sales increased from 18,000 units in the first half of 2023 to 26,000 units in the first half of 2024[9] - ZhongSheng's used car flagship stores reached 49 by the end of June 2024, with many stores achieving monthly sales of over 100 units[9] - Used car sales revenue increased by RMB 3,139.6 million or 61.6% to RMB 8,240.3 million, driven by higher sales volume[76] - Used car sales costs increased by RMB 2,854.6 million or 59.9% to RMB 7,622.3 million for the six months ended June 30, 2024[78] Financial Performance - Net profit for the period dropped by 50.3% to RMB 1,500.0 million[3] - The company's revenue for the first half of 2024 was RMB 82,421,409 thousand, compared to RMB 81,901,699 thousand in the same period last year[14] - The company's net profit for the first half of 2024 was RMB 1,500,027 thousand, compared to RMB 3,015,283 thousand in the same period last year[14] - The company's comprehensive income for the first half of 2024 was RMB 1,394,832 thousand, compared to RMB 2,612,033 thousand in the same period last year[15] - Gross profit decreased by RMB 2,043.6 million or 29.3% to RMB 4,926.2 million for the six months ended June 30, 2024[79] - Gross margin decreased to 6.0% for the six months ended June 30, 2024, compared to 8.5% for the same period in 2023[79] - Operating profit decreased by RMB 2,011.9 million or 42.2% to RMB 2,755.8 million for the six months ended June 30, 2024[81] - Net profit decreased by RMB 1,515.3 million or 50.3% to RMB 1,500.0 million for the six months ended June 30, 2024[82] Market Share and Brand Performance - The company holds a 32% market share in Lexus new car sales, 18% in Mercedes-Benz, and 10% in Toyota, Volvo, and Jaguar Land Rover in China[11] - Domestic passenger car sales in China were 9.939 million units in the first half of 2024, a year-on-year increase of 3.9%[12] - New energy vehicle (NEV) sales in China reached 4.048 million units in the first half of 2024, a year-on-year increase of 37.5%, with a penetration rate of 40.7%[12] - Used passenger car transactions in China reached 7.528 million units in the first half of 2024, a year-on-year increase of 6.9%[13] Financial Position and Assets - Total non-current assets decreased to RMB 45,145,794 thousand from RMB 45,669,804 thousand[16] - Total current assets increased to RMB 61,818,198 thousand from RMB 57,598,657 thousand[16] - Total current liabilities rose to RMB 40,915,857 thousand from RMB 33,529,583 thousand[17] - Net current assets decreased to RMB 20,902,341 thousand from RMB 24,069,074 thousand[17] - Total assets minus current liabilities stood at RMB 66,048,135 thousand compared to RMB 69,738,878 thousand[17] - Total non-current liabilities decreased to RMB 20,394,469 thousand from RMB 23,692,302 thousand[17] - Net assets slightly decreased to RMB 45,653,666 thousand from RMB 46,046,576 thousand[17] - Inventory increased to RMB 18,353,521 thousand from RMB 16,366,096 thousand[16] - Cash and cash equivalents rose to RMB 17,146,435 thousand from RMB 15,611,984 thousand[16] - Equity attributable to owners of the parent company decreased to RMB 45,487,875 thousand from RMB 45,797,296 thousand[18] - The company's total equity as of June 30, 2024, was RMB 46,046,576 thousand, with a net profit of RMB 1,579,552 thousand for the period[19] Cash Flow and Financing - The company's operating cash flow for the six months ended June 30, 2024, was RMB 3,673,291 thousand, a decrease from RMB 4,496,260 thousand in the same period last year[21] - The company's net cash from operating activities for the six months ended June 30, 2024, was RMB 2,925,583 thousand, compared to RMB 3,466,967 thousand in the same period last year[21] - The company's depreciation and impairment of property, plant, and equipment for the six months ended June 30, 2024, was RMB 1,022,091 thousand, an increase from RMB 441,543 thousand in the same period last year[20] - The company's finance costs for the six months ended June 30, 2024, were RMB 792,249 thousand, up from RMB 717,969 thousand in the same period last year[20] - The company's inventory increased by RMB 2,009,353 thousand for the six months ended June 30, 2024, compared to an increase of RMB 190,385 thousand in the same period last year[21] - The company's trade payables and bills increased by RMB 2,203,538 thousand for the six months ended June 30, 2024, compared to an increase of RMB 1,048,410 thousand in the same period last year[21] - The company's exchange rate fluctuations reserve decreased by RMB 105,195 thousand for the six months ended June 30, 2024[19] - The company's total comprehensive income for the six months ended June 30, 2024, was RMB 1,394,832 thousand, compared to RMB 2,612,033 thousand in the same period last year[19] - The company's declared final dividend for 2023 was RMB 1,734,665 thousand[19] - Investment activities resulted in a net cash outflow of RMB 433,293 thousand, compared to RMB 513,336 thousand in the same period last year[22] - Financing activities resulted in a net cash outflow of RMB 942,448 thousand, compared to a net cash inflow of RMB 1,689,296 thousand in the same period last year[23] - Net increase in cash and cash equivalents was RMB 1,549,842 thousand, compared to RMB 4,642,927 thousand in the same period last year[23] - Cash and cash equivalents at the end of the period were RMB 17,146,435 thousand, compared to RMB 16,352,611 thousand in the same period last year[23] - Purchase of property, plant, and equipment amounted to RMB 1,238,252 thousand, a decrease from RMB 1,620,616 thousand in the same period last year[22] - Proceeds from the sale of property, plant, and equipment were RMB 662,164 thousand, compared to RMB 825,795 thousand in the same period last year[22] - Bank loans and other borrowings obtained amounted to RMB 51,861,550 thousand, slightly lower than RMB 52,770,810 thousand in the same period last year[23] - Repayment of bank loans and other borrowings was RMB 51,694,222 thousand, compared to RMB 48,107,631 thousand in the same period last year[23] - Interest received from investments was RMB 224,321 thousand, slightly lower than RMB 230,930 thousand in the same period last year[22] Debt and Bonds - The company issued USD 600 million in unsecured senior bonds in July 2024[5] - The company issued $600 million in bonds with a 5.98% interest rate, maturing on January 30, 2028[74] - The first batch of Panda Bonds was issued on August 1, 2024, with a total issuance size of RMB 1 billion, a coupon rate of 3.5%, and a maturity of three years[75] - The company repurchased and canceled $292,166,000 of its 2026 bonds, leaving $157,834,000 outstanding as of August 1, 2024[73] - The company's 2025 convertible bonds have an outstanding principal amount of HKD 3,124 million after partial redemption[97] - The company's 2026 bonds have an outstanding principal amount of USD 157.834 million after partial repurchase[99] - The company issued $600 million in bonds with a 5.98% interest rate, maturing on January 30, 2028[100] - The first batch of Panda Bonds was issued with a total size of RMB 1 billion, a coupon rate of 3.5%, and a maturity period of three years[101] Operational Metrics - Active customer base in four key cities grew by 9% to 900,000[4] - ZhongSheng's enterprise WeChat has nearly 7.4 million customers, and its ZhongShengGo membership platform has about 3.1 million subscribers with an average daily visit count of 840,000[8] - ZhongSheng's social media accounts have a total of 16.6 million followers, and new media leads exceeded 1 million in the first half of 2024[8] - ZhongSheng operates 26 maintenance service centers in 20 cities, with an additional 19 centers under construction or planning[7] - ZhongSheng has deployed nearly 10,000 courtesy cars in central cities and established over 1,000 insurance renewal specialist positions across the group[7] - The company operates 419 dealerships nationwide, including 269 luxury brands and 150 mid-to-high-end brands, with no significant changes since 2022[11] - Inventory turnover days increased to 36.2 days for the six months ended June 30, 2024, compared to 33.6 days for the same period in 2023[90] - The company's employee count decreased to 30,944 as of June 30, 2024, down from 31,180 at the end of 2023[93] Strategic Initiatives - BMW became the first company in China to publicly exit the irrational price war in July 2024, adjusting sales targets to rebalance retail prices and demand[6] - The company plans to expand its core regions and brands through new store openings and acquisitions, focusing on used car and after-sales services[95] Forward-Looking Statements - The company's forward-looking statements are based on existing data and current outlook, subject to risks and uncertainties[113] - The forward-looking statements include business outlook, financial performance estimates, business plan forecasts, and development strategies[113] - The statements are based on subjective expectations, assumptions, and premises beyond the company's control[113] - The forward-looking statements may prove to be incorrect and may not be realized in the future[113] - The company's management accounts are used for the statements, which have not been audited by the company's auditors[113] - Shareholders and potential investors should not overly rely on the forward-looking statements[113]

Zhongsheng Group Zhongsheng Group Lifetime Partner Lifetime Partner 中升集團．終生夥伴 中升集團．終生夥伴 ...

智通财经APP获悉，瑞银发布研究报告称，予中升控股(00881)“买入”评级，基于去年业绩表现，将2025至2027年盈利预测下调3%，目标价从20港元微降至19港元。去年下半年公司盈利压力加剧，新车业务及售后服务业务毛利率均同比下跌。 该行表示，中升去年度业绩符合市场预期，去年下半年整体新车销量同比大致持平，当中高端车型销量更录得轻微同比增长，新车销售收入同比跌1.3%，而售后服务收入同比增9.1%；二手汽车销售收入则达到89亿元人民币，创新高。 ...

智通财经APP获悉，美银证券发布研究报告称，重申中升控股(00881)“买入”评级，看好二手车交易及售 后服务业务将成为公司的新增长动力。计及去年下半年经营表现，将2024及2025年盈利预测下调5%及 2%，目标价微降至17港元。 报告中称，公司去年下半年业绩略胜预期，下半年收入同比增长4%，达到970亿元人民币，当中新车业 务收入下跌1%，销量同比持平，综合产品均价下跌1%，业务分部毛利率则同比下跌2个百分点至 0.3%，主要来自中国电动汽车行业价格战所带来的定价压力，以及需求复苏疲软所致。 该行指出，中升期内二手车交易及售后服务均录得显着增长，超出市场预期，其中售后服务收入同比增 长9%，二手车辆成交量更同比增长32%。 ...

智通财经APP获悉，中升控股(00881)涨超10%，截至发稿，涨10.24%，报13.56港元，成交额5823.99万港元。 消息面上，中升控股发布2023年度业绩，该集团期内取得收入1792.9亿元(人民币，下同)，同比减少0.32%；股东应占溢利50.18亿元，同比减少24.97%；拟派发末期股息每股0.797港元。值得注意的是，期内公司二手车业务在交易数量和综合利润方面均取得显著增长。中升控股2023年二手车总交易量超过16.4万台，同比增长17%；相应综合利润超过人民币12亿元，同比增长55%，占全年综合利润的6.9%， 创下历史新高。 美银证券指出，中升控股去年下半年业绩略胜预期，下半年收入同比增长4%，达到970亿元人民币，当中新车业务收入下跌1%，销量同比持平，综合产品均价下跌1%，业务分部毛利率则按年下跌2个百分点至0.3%，主要来自中国电动汽车行业价格战所带来的定价压力，以及需求复苏疲软所致。 ...

智通财经APP讯，中升控股(00881)发布截至2023年12月31日止年度的年度业绩，该集团期内取得收入1792.9亿元(人民币，下同)，同比减少0.32%;股东应占溢利50.18亿元，同比减少24.97%;每股基本盈利2.09元;拟派发末期股息每股0.797港元。 公告称，新车销售的收入为1402.15亿元，较2022年度下降3.6%，主要是源于当年度新车销量的下滑。精品及售后服务业务的收入为250.90亿元，较2022年度增长2.0%。相关变动幅度较小，其中售后服务(保养、保修及钣喷)的收入为200.76亿元，较2022年度增长26.99亿元或15.5%，该变动主要源于当年度售后服务入厂台次的增长以及平均单台次产值贡献的增长。二手车销售收入达139.85亿元，较2022年度增长41.57亿元或42.3%，主要源于当年度二手车销量增长。 集团的收入大部分来自新车销售业务，占截至2023年12月31日止年度总收入的78.2%(2022年度：80.9%)。精品及售后服务业务占截至2023年12月31日止年度总收入的14.0%(2022年度：13.7%)。二手车销售占截至2023年12月31日止年度总收入的7. ...

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之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 中 升 集 團 控 股 有 限 公 司 Zhongsheng Group Holdings Limited （於開曼群島註冊成立的有限公司） （股份代號：881） 截至二零二三年十二月三十一日止年度的 年度業績公告 中升集團控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及其附屬 公司（統稱「本集團」）截至二零二三年十二月三十一日止年度的綜合業績如下： 重點摘要 二零二三年 二零二二年 同比變動 （經重列） （人民幣百萬元，特別說明除外） 財務概要 收入 汽車銷售 154,199.7 155,248.0 –0.7% ...

智通财经APP获悉，中升控股(00881)早盘反弹逾4%，年内累计跌幅仍超20%，截至发稿，涨4.47%，报14.5港元，成交额3031.18万港元。 消息面上，恒生指数有限公司宣布截至 2023年12月31日之恒生指数系列季度检讨结果，恒生指数成份股没有变动，成份股数目维持 82 只。恒生中国企业指数成份股维持 50只，调入中国联通(00762)，剔除中升控股。 中金此前指出，新车价格受终端折扣加大影响承压，叠加部分品牌销量下滑影响中升控股营收表现；二手车业务和维修服务贡献增量，彰显公司经营韧性。汇丰也表示，定价压力对新车销售利润率构成压力，需求动力减弱和电动车转型持续。不过，稳定的售后服务部分缓和了利润侵蚀，而二手车业务尚未从低潮起飞。 ...