股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中升集團控股有限公司 第 1 頁 共 10 頁 v 1.2.1 呈交日期: 2026年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00881 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000,000 | HKD | | 0.0001 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000,000 | HKD | | 0. ...

Investment Rating - The report maintains a "Buy" rating for Zhongsheng Holdings (0881) [1][2] Core Insights - The company reported a revenue of 164.4 billion RMB in 2025, a decrease of 2.2% year-on-year, and a net loss of 1.67 billion RMB, marking a significant decline from profitability [2][10] - The growth of new force brand businesses is expected to contribute significantly to performance, supported by the company's leading position in the dealership industry [2][10] Financial Summary - Total revenue projections for 2025 are 164.4 billion RMB, with a forecasted increase to 170.0 billion RMB in 2026, representing a growth of 3.4% [4] - Gross profit is expected to rise from 88.4 billion RMB in 2025 to 112.6 billion RMB in 2026, indicating a recovery in profitability [4] - The company anticipates a return to profitability with net income projected at 2.07 billion RMB in 2026, a significant turnaround from the 2025 loss [4] Business Performance - The dealership industry is undergoing a consolidation phase, which is expected to enhance the bargaining power of leading dealers like Zhongsheng Holdings [10] - The after-sales service segment showed resilience, with active customer numbers reaching approximately 4.6 million, a 10% increase year-on-year, and after-sales revenue growing by 4.1% to 22.9 billion RMB [10] - The new force brand business is rapidly expanding, with the number of stores for the AITO brand increasing to 38, contributing positively to the company's overall profitability [10]

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 （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 周新 俞建 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 – 1 – 附註： 李國強 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，二零二六年三月二十六日 – 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 MM M 李國強 M M 張志誠 C M 唐憲峰 C C 周新 俞建 陳豪賢 錢少華 M CM 李顏偉 鄭寶川 MMC 白鳳九 C ...

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。 本公司董事會宣佈：(i)俞建先生已獲委任為本公司執行董事兼首席財務官；及(ii) 于寧女士已辭任本公司執行董事，並由本公司首席財務官調任為財務總監，均自 二零二六年三月二十六日起生效。 委任執行董事及首席財務官 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，俞建先生（「俞先生」）已獲委任為本公司執行董事兼本集團首席財務官，自二 零二六年三月二十六日起生效。俞先生的履歷資料載列如下： 俞建先生，54歲，自二零二三年七月至二零二六年二月擔任和光致成（深圳）商業管 理有限公司總裁。自二零一八年十二月至二零二三年六月，俞先生就職於華夏幸福 基業股份有限公司（一家於上海證券交易所上市的公司（股份代號：600340）），最終 職務為南方總部總裁。自二零零九年八月至二零一八年十一月，俞先生就職於華潤 置地有限公司（一家於香港聯合交易所有限公司（「聯交所」）上市的公司（股份代 ...

Financial Performance - For the fiscal year ending December 31, 2025, total revenue decreased by 2.2% to RMB 164,403.4 million compared to RMB 168,124.2 million in 2024[2]. - The overall gross profit declined by 17.2% to RMB 8,837.7 million, down from RMB 10,671.9 million in the previous year[3]. - The company reported a net loss of RMB 1,899.7 million for the year, compared to a profit of RMB 3,070.9 million in 2024[3]. - Total revenue for 2025 was RMB 164.4 billion, a decrease from RMB 168.1 billion in 2024, while the operating loss was RMB 522.4 million compared to a profit of RMB 5.67 billion in 2024[15]. - The gross margin decreased to 5.4% from 6.3% in the previous year[21]. - Other income and net gains were RMB 3,067.3 million, down RMB 1,717.1 million or 35.9%, with commission income from automotive financing significantly declining[22]. - The company recognized a net loss of RMB 8.2 million from joint ventures and associates, compared to a net profit of RMB 1.8 million in the previous year[29]. - The loss attributable to equity holders of the parent company for the year ending December 31, 2025, is RMB 1,673.3 million, compared to a profit of RMB 3,212.2 million for the year ending December 31, 2024[31]. - The company reported a significant reduction in goodwill from RMB 8,272,614 thousand in 2024 to RMB 7,082,247 thousand in 2025, a decrease of about 14.4%[59]. - The company reported a pre-tax loss of RMB 2,058,191,000 for 2025, compared to a profit of RMB 4,103,419,000 in 2024[86]. Sales and Revenue Breakdown - New car sales reached 497,316 units, representing a 2.5% increase from 485,307 units in 2024, with luxury brand sales accounting for 62.6% of total sales[3]. - New car sales generated revenue of RMB 125,877.6 million, an increase of RMB 552.0 million or 0.4% year-on-year, accounting for 76.6% of total revenue[17]. - Used car sales revenue was RMB 12,423.9 million, down RMB 2,993.4 million or 19.4%, primarily due to a decline in average selling prices[16]. - Revenue from automobile sales was RMB 138,301,483 thousand, down from RMB 140,742,927 thousand in the previous year, reflecting a decline of 1.7%[75]. - The used car business sold 221,000 units in 2025, a slight decline of 2.2%, with the average unit price dropping by 17.6% to RMB 56,000, leading to a halved gross profit per unit[9]. After-Sales and Service Revenue - The after-sales service revenue from maintenance, warranty, and bodywork increased by 4.1% to RMB 22,910.8 million, compared to RMB 22,001.2 million in 2024[2]. - After-sales service revenue increased to RMB 22,910.8 million, up RMB 909.6 million or 4.1%, driven by optimized service structure[16]. - The number of service visits for accident repairs increased by nearly 10%, while overall service visits saw a marginal increase of 0.2%[10]. - After-sales service revenue increased by 4.1% year-on-year in 2025, with gross profit rising by 8.2%, indicating improved profitability and service structure[10]. Operational Changes and Strategy - The company is focusing on optimizing its brand portfolio and enhancing its presence in the new energy vehicle segment to counteract the decline in traditional fuel vehicle sales[7]. - In 2025, the company closed 50 underperforming stores and opened 104 new locations, including 84 brand stores and 20 service centers, resulting in a total of 453 brand stores and 46 service centers by the end of 2025[8]. - The company plans to further optimize its store network and enhance market share in dominant local markets, focusing on high-quality and high-efficiency development paths[8]. - The company aims to significantly increase the number of new energy stores by the end of 2026, leveraging successful operations from the Wenjie brand and expanding strategic partnerships with Geely[8]. - The company is implementing cost reduction and efficiency improvement measures, including optimizing asset utilization and transforming service centers into new energy brand showrooms[12]. Cash Flow and Financial Position - The group's cash balance as of December 31, 2025, is RMB 20,438.0 million, a decrease of RMB 2,566.0 million from RMB 23,004.0 million as of December 31, 2024[34]. - The net cash generated from operating activities for the year ending December 31, 2025, is RMB 9,405.0 million, an increase of RMB 5,965.6 million compared to the previous year[35]. - The net cash used in investing activities for the year ending December 31, 2025, is RMB 2,048.6 million, primarily for the acquisition of properties, plants, and equipment[36]. - The net cash used in financing activities for the year ending December 31, 2025, is RMB 10,597.5 million, mainly for repaying bank loans and bonds, redeeming convertible bonds, and paying lease expenses[37]. - The company redeemed and cancelled all outstanding convertible bonds due in 2025, totaling HKD 3,124 million, at 117.49% of their principal amount[40]. - The company plans to issue USD 600 million bonds due in 2028 with a coupon rate of 5.98%[43]. - Total capital expenditure for the year ending December 31, 2025, is RMB 1,496.5 million, an increase from RMB 1,356.7 million for the year ending December 31, 2024[45]. Assets and Liabilities - Inventory decreased from RMB 18,476.9 million as of December 31, 2024, to RMB 17,934.5 million as of December 31, 2025, due to adjustments and optimization of inventory structure[46]. - The company's capital debt ratio as of December 31, 2025, was 44.3%, up from 42.5% as of December 31, 2024[52]. - Current assets also declined to RMB 61,300,951 thousand in 2025 from RMB 65,579,729 thousand in 2024, a decrease of about 6.5%[59]. - The company's equity decreased to RMB 43,529,565 thousand in 2025 from RMB 46,917,817 thousand in 2024, a decline of approximately 7.9%[60]. - Trade payables and notes payable total RMB 16,535,087,000 as of December 31, 2025, compared to RMB 12,607,800,000 in 2024[92]. Employee and Shareholder Information - The company employed 30,287 staff as of December 31, 2025, an increase from 26,357 in 2024[97]. - Proposed final dividend for 2025 is zero per share, compared to RMB 1,500,000,000 in 2024[93]. - The company declared a final dividend of RMB 1,734,665,000 for the year, reflecting a commitment to returning value to shareholders[61]. Audit and Compliance - The audit committee has reviewed the financial statements for the year ending December 31, 2025, ensuring compliance with accounting standards[98]. - The board has proposed not to declare any final dividend for the year ending December 31, 2025[100]. - The annual report for the year ending December 31, 2025, will be published on the Hong Kong Stock Exchange and the company's website[103].

Embrace Changes for Growth Unite Strength for the Future Annual Results 2025 Table of Contents 01 Results Overview 02 Financial Review 03 Business Review 04 Outlook 05 Appendix Results Overview 01 Results Overview | (RMB mn) | 2024 | 2025 | Change | | --- | --- | --- | --- | | New car sales volume (units) | 485,307 | 497,316 | 2.5% | | Pre-owned car sales volume (units) | 226,231 | 221,213 | (2.2)% | | After-sales services visits ('000 units) | 8,048 | 8,067 | 0.2% | | Number of dealership stores | 423 | 45 ...

Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Core Viewpoints of the Report - The geopolitical tensions persist, and concerns about inflation have led to a decline in US Treasuries. The yields of 10 - year and 2 - year US Treasuries have risen significantly, with the 2 - year yield rising more, reflecting concerns about limited Fed rate - cut space due to rising inflation expectations. The situation's uncertainty remains high, and the duration of the Holmuiz Strait's navigation restrictions is crucial [1][2]. - Affected by the sharp rise in US Treasury yields, Chinese - funded US dollar bonds have declined for two consecutive weeks, with the Bloomberg Barclays Chinese - funded US dollar bond total return index falling 0.5% last week [1][3]. - In the on - shore market, the yields of 3 - year and 10 - year government bonds have risen. Factors such as improved inflation expectations, good industrial production and export performance, improved fixed investment data, and reduced expectations of future monetary policy easing have jointly promoted the rise in government bond yields. However, overall, monetary policy will remain supportive, and there is no basis for a continuous rise in interest - rate bond yields [1][4]. Summary According to Relevant Catalogs Off - shore Market - There were 3 new issuances of Chinese - funded US dollar bonds exceeding $100 million last week, totaling $1.45 billion, mainly financial bonds; about 17.5 billion RMB of off - shore RMB bonds were newly issued, also mainly financial bonds [2]. - The yields of 10 - year and 2 - year US Treasuries rose 14 and 16 basis points respectively to 4.28% and 3.72% last week, mainly due to market concerns about potential inflation problems caused by the continuous high oil price [1][2]. - Key - term US Treasuries have fully reversed all their gains this year. The yields of 10 - year and 2 - year US Treasuries have risen 11 and 24 basis points respectively compared to the end of 2025 [1][2]. - Affected by the sharp rise in US Treasury yields, Chinese - funded US dollar bonds have declined for two consecutive weeks. The Bloomberg Barclays Chinese - funded US dollar bond total return index fell 0.5% last week, and the spread narrowed by 2 basis points. Among them, the high - rating index fell 0.5%, and the spread narrowed by 3 basis points; the high - yield index fell 0.4%, and the spread widened by 3 basis points [1][3]. On - shore Market - The People's Bank of China net - withdrew 10.11 billion RMB of short - term liquidity through reverse repurchase operations last week, and inter - bank funding rates rebounded. The weighted average interest rates of 7 - day deposit - type institutional pledged repurchase and 7 - day inter - bank pledged repurchase rose 5 and 1 basis points respectively to 1.46% and 1.50% [4]. - The yields of 3 - year and 10 - year government bonds rose 1 and 3 basis points respectively to 1.37% and 1.81% last week [4]. - February's inflation data showed improved price pressure, and the continuous geopolitical tensions pushed up oil prices, improving market expectations of subsequent inflation. The macro data from January to February showed good industrial production and export performance, improved fixed investment data, and although retail data was still weak, it was better than market expectations. Coupled with the guidance of the People's Bank of China, market expectations of future monetary policy easing have weakened, jointly promoting the rise in government bond yields. However, overall, monetary policy will remain supportive, and there is no basis for a continuous rise in interest - rate bond yields [4]. Recent Newly Issued Chinese - funded US Dollar Bonds - Beijing Construction Engineering (Hong Kong) Co., Ltd. issued bonds with a coupon rate of 4.10%, an issue amount of $300 million, and a maturity date of March 19, 2029 [5]. Appendix: List of Chinese - funded US Dollar Bonds - The appendix provides a detailed list of various Chinese - funded US dollar bonds, including information such as the issuer, guarantor, coupon rate, issue amount, maturity date, and ratings from Moody's, S&P, and Fitch [17][19][21].

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。 中升集團控股有限公司 主席 黃毅 香港，二零二六年三月十六日 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） 董事會會議召開日期 中升集團控股有限公司（「本公司」）董事會（「董事會」）茲通告謹定於二零二六年三月 二十六日（星期四）舉行董事會會議，以考慮及通過（包括其他事項），本公司及其附 屬公司截至二零二五年十二月三十一日止的全年業績及建議派發末期股息（如有）。 承董事會命 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、于寧女士及周新女士；本公司非執行董事為陳豪賢先生；以及本公司獨立非執 行董事為錢少華先生、李顏偉先生、鄭寶川女士及白鳳九先生。 ...

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 （於開曼群島註冊成立的有限公司） （股份代號：881） (i) 受國內消費力持續疲弱、乘用車供需格局失衡、汽車行業競爭加劇等影響，本 集團的汽車銷售業務持續錄得毛損，於二零二五年度，本集團汽車銷售（含新車 及二手車）毛損對比二零二四年度增加不超過70%； – 1 – 根據對本集團二零二五年度之未經審核綜合管理賬目的評估，本集團新車銷量較二 零二四年度小幅上漲，其中新能源品牌對業務的貢獻良好，且本集團售後服務毛利 穩健增長，庫存水平健康且經營活動現金流入增加，董事會認為本集團整體運營及 財務狀況穩健良好。 盈利警告 本公告為中升集團控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香 港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)條及香港法例第571章 證券及期貨條例第XIVA部內幕消息條 ...

Group 1 - The Hang Seng Index Company announced the results of the latest quarterly review of the Hang Seng Index series, with changes effective after market close on March 6, 2026, and effective from March 9, 2026 [2] - The Hang Seng Index will include three new stocks: CATL, Luoyang Molybdenum, and Laopuqin Gold, increasing the number of constituent stocks from 88 to 90 [2] - The Hang Seng China Enterprises Index will add Beike-W and Horizon Robotics-W, while removing China Resources Beer and Mengniu Dairy, maintaining a total of 50 constituent stocks [2] Group 2 - There are no changes to the constituent stocks of the Hang Seng Tech Index, which will remain at 30 stocks [2]