智通财经APP获悉，中升控股(00881)跌超4%，截至发稿，跌3.34%，报13.9港元，成交额4252.79万港元。 消息面上，招商证券报告指出，中升主销品牌拖累业绩，长期关注从经销向服务转型。豪华车销售方面，奔驰/宝马/奥迪/雷克萨斯2023年在华销量分别为76.5万/82.5万/72.9万/18.1万辆，同比基本持平/+4.2%/+13.5%/-1.4%，宝马/奥迪新能源占比分别为12.1%/4.3%。整体上维持增长，但仍跑输乘用车行业10.6%增速。 中银国际表示，预期中升控股去年新车销量同比下跌4%，去年下半年奢侈品牌汽车折扣增加，不过复苏仍较预期为佳，估计去年下半年新车销售毛利约7,000万元人民币，全年新车销售利润率约0.63%，售后服务收入去年上半年倒退4.6%后，下半年恢复增长超过5%。该行预期，去年纯利同比倒退26%至28%，到48亿至49亿元人民币，主要因为新车利润率下跌。 ...

智通财经APP获悉，大和发布研究报告称，将中升控股(00881)评级由“买入”降至“持有”，将去年新车收入预测下调2%，去年至2025年售后收入预测下调15%至32%，但二手车收入预测则上调2%至14%，目标价由53港元大削至16港元。 该行估计，中升去年下半年至今年，新车销售毛利率进一步削弱，中升将会更加倚赖售后服务及二手车销售，长远并非坏事，但去年盈利可能未达预期，基于该行与管理层的讨论，预期中升去年新车销售量50万辆，同比大致持平，毛利率0.6%至0.7%，反映去年下半年毛利率只有0.2%，低于之前预期，展望今年新车销售持平，毛利率约0.7%。未来几年传统高端品牌增长缓慢，主要因为市场转往智能汽车技术。 ...

ZHONGSHENG GROUP ZHONGSHENG GROUP LIFETIME PARTNER LIFETIME PARTNER 2023 中期 2023 INTERIM 報告 REPORT ...

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） 截至二零二三年六月三十日止六個月的中期業績公告 中升集團控股有限公司（「本公司或「我們」）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」）截至二零二三年六月三十日止六個月的未經審核綜合業績 如下： 重點摘要 未經審核 截至六月三十日止六個月 二零二三年 二零二二年 同比變動 （人民幣百萬元，特別說明除外） 財務概要 收入 汽車銷售 69,669.8 73,209.0 –4.8% ...

Company Performance and Growth - The company has successfully navigated uncertainties in 2022, achieving a customer base exceeding 7 million, with rapid growth ongoing[9]. - The company secured approximately RMB 67 billion in automotive financing and facilitated over 2 million insurance contracts, becoming a key partner for major banks and insurance companies in China[9]. - The company is the second-largest dealer for Mercedes-Benz and the largest for Lexus in terms of new car sales in China, with a total of around 140,000 used cars sold during the year[9]. - The group sold 520,396 new cars in 2022, with luxury brand sales reaching 307,434 units, a year-on-year increase of 2.7%, accounting for 59.1% of total new car sales[21]. - Sales of new energy vehicles increased by 69.4% year-on-year, attributed to the strong dealership network for core brand electric models[21]. - The group sold 140,121 used cars, with retail sales accounting for 25.3% or 35,450 units[21]. Financial Performance - The company's revenue for the year ended December 31, 2022, was RMB 179,857.0 million, an increase of RMB 4,753.9 million or 2.7% compared to the previous year[32]. - New car sales revenue was RMB 145,419.9 million, growing by RMB 2,954.2 million or 2.1% year-over-year[32]. - The gross profit for the year was RMB 16,031.6 million, a decrease of RMB 2,438.0 million or 13.2% compared to the previous year[36]. - The gross profit margin for the year was 8.9%, down from 10.5% in the previous year[37]. - Operating profit for the year was RMB 10,168.8 million, a decline of RMB 2,448.4 million or 19.4% year-over-year[39]. - Net profit for the year was RMB 6,614.4 million, down RMB 1,792.9 million or 21.3% compared to the previous year[40]. Market Trends and Strategy - The company is focusing on customer and business partner unmet needs to drive long-term growth, shifting from macro-driven new car sales to a more customer-centric approach[12]. - The company has launched multiple OEM brand showrooms in urban shopping areas and its first branded used car market, aligning with changing customer behaviors[10]. - The company has a strategic focus on high-quality brand portfolios across 32 major cities, with over half of its stores located in economically developed areas[9]. - The used car market in China experienced a transaction volume of 9.52 million units in 2022, a decline of 10.1% year-on-year, indicating a growing but challenging market[17]. - The ratio of used car sales to new car sales in China was 0.7 in 2022, compared to 2.5 in the more mature U.S. market, indicating significant growth potential[17]. Operational Efficiency and Management - The company has implemented a detailed management system to maintain operational flexibility and efficiency amid challenging market conditions[10]. - The group established eight centralized used car centers, with an average turnover time of 12.4 days for used cars[25]. - The centralized procurement platform managed a total procurement amount of RMB 3 billion, covering various automotive parts and capital expenditures[28]. - The average monthly after-sales revenue per employee increased by 25%, while monthly expenses decreased by RMB 18 million, a year-on-year decline of 16%[28]. - The group plans to continue enhancing operational efficiency and adapting to changing customer demands, focusing on market consolidation opportunities[29]. Employee and Workforce Management - The total number of employees decreased from 39,668 in 2021 to 32,943 in 2022, indicating a focus on optimizing human resources[54]. - The group has received the "2022 China Best Employer" award, highlighting its commitment to employee development and retention strategies[90][92]. - The group has implemented strict data privacy policies, ensuring that only a limited number of employees have access to customer data, and conducts annual third-party audits of its information security policies[86]. - Employee turnover for the year reached 15,508, an increase of 8,587 from the previous year, resulting in a turnover rate of 32.01%[96]. - The company emphasizes the importance of employee retention and offers competitive compensation packages to attract high-quality talent[54]. Environmental, Social, and Governance (ESG) Initiatives - The group aims to enhance its ESG governance and has established an ESG committee to oversee its sustainability strategies and initiatives[67]. - The company will continue to actively undertake corporate social responsibility and achieve sustainable development, supporting low-carbon development and energy conservation initiatives[68]. - The company has implemented a risk management system for environmental, social, and governance (ESG) risks, with a dedicated team for risk assessment[70]. - The company has established various ESG working groups, including employee care, energy conservation, and supply chain management, to oversee and implement ESG initiatives[71]. - The company has established a "Climate Change Policy" to mitigate the impact of climate change on its operations and aims to integrate climate change considerations into its risk management system[125]. Corporate Governance - The company has adhered to the corporate governance code principles throughout the fiscal year ending December 31, 2022[155]. - The board consists of executive directors, non-executive directors, and independent non-executive directors, ensuring a balance of skills, experience, and diversity[159]. - The company has established an independence assessment mechanism for the board to ensure strong independence and effective decision-making[166]. - The company has implemented a policy for disclosing inside information and planning shareholder communications to fulfill governance responsibilities[194]. - The board aims to maintain a balanced diversity perspective related to business growth and ensure appropriate recruitment processes at all levels[182].

Sales Performance - For the year ended December 31, 2022, the new car sales volume was 520,396 units, a decrease of 1.5% compared to the previous year[2]. - Luxury brand new car sales reached 307,434 units, an increase of 2.7% year-on-year[2]. - The used car transaction volume was 140,121 units, an increase of 0.5% year-on-year[2]. - The group sold 140,121 used cars, with retail sales accounting for 25.3% or 35,450 units[11]. - Automotive sales increased by 69.4% year-on-year, attributed to the strong dealership network of the group's core brand electric vehicles[11]. Financial Performance - Revenue for the year was RMB 179,857.0 million, representing a growth of 2.7% compared to the previous year[2]. - The profit attributable to equity holders for the year was RMB 6,667.6 million, a decrease of 19.9% year-on-year[3]. - The basic earnings per share for the year was RMB 2.76, down from RMB 3.56 in the previous year[3]. - The group's operating profit for the year was RMB 10,168,839, down from RMB 12,617,281 the previous year[14]. - The company's net profit for the year ended December 31, 2022, was RMB 6,614,434, a decrease of 21.3% compared to RMB 8,407,330 in 2021[15]. Assets and Liabilities - The company's total assets less current liabilities amounted to RMB 62,769,034, an increase from RMB 57,093,165 in 2021[17]. - Current assets increased to RMB 46,832,828 from RMB 40,346,938, reflecting a growth of 16.3%[17]. - The company's total liabilities increased to RMB 18,651,474 from RMB 16,386,674, representing a rise of 13.8%[18]. - The net assets of the company reached RMB 44,117,560, up from RMB 40,706,491, indicating a growth of 10.5%[19]. - The company's inventory increased to RMB 15,237,427 from RMB 11,192,016, marking a significant rise of 36.3%[17]. Revenue Breakdown - Total revenue from customer contracts for 2022 was RMB 179,856,972 thousand, an increase from RMB 175,103,062 thousand in 2021, representing a growth of approximately 1.6%[27]. - The revenue from automobile sales was RMB 155,248,023 thousand in 2022, compared to RMB 150,598,453 thousand in 2021, indicating an increase of about 3.5%[27]. - Other income and gains for 2022 totaled RMB 4,424,144 thousand, up from RMB 3,890,572 thousand in 2021, reflecting a growth of approximately 13.7%[28]. Cost and Expenses - Employee benefits expenses for 2022 were RMB 5,492,475 thousand, a decrease from RMB 5,652,610 thousand in 2021, showing a reduction of about 2.8%[29]. - The cost of goods sold for 2022 was RMB 161,663,435 thousand, compared to RMB 154,664,762 thousand in 2021, which is an increase of approximately 4.5%[30]. - Depreciation and impairment of property, plant, and equipment for 2022 amounted to RMB 1,713,613 thousand, up from RMB 1,428,389 thousand in 2021, representing an increase of about 20%[30]. Cash Flow and Capital Expenditure - Cash flow from operating activities was RMB 8,784.8 million, primarily from operating profit before changes in working capital and tax payments[51]. - Cash used in investing activities was RMB 3,599.8 million for the year[52]. - Cash used in financing activities was RMB 4,526.8 million for the year[52]. - The total capital expenditure for the year ended December 31, 2022, was RMB 1,948.8 million, with no significant investments made during the same period[54]. Shareholder Information - The proposed final dividend is HKD 1.09 per share (approximately RMB 0.97), compared to HKD 0.84 per share in the previous year[42]. - The average number of ordinary shares issued during 2022 was 2,411,562,186, an increase from 2,340,870,937 in 2021[35]. - The company has a total of 11,000,000 unexercised share options as of December 31, 2022, representing approximately 0.46% of the issued share capital[67]. Corporate Governance - The company has complied with the Corporate Governance Code throughout the year ended December 31, 2022[69]. - The company has adopted the standard code for securities transactions by directors and confirmed compliance for the year ended December 31, 2022[70]. - The company has not entered into any related party transactions that require disclosure under the Listing Rules during the year ended December 31, 2022[68]. Future Outlook - The company plans to continue enhancing operational efficiency and adapting to changing customer demands, supported by its scale and management system[13]. - The company plans to expand its presence in the luxury and mid-to-high-end passenger car market through new store openings and appropriate acquisitions[62]. - Forward-looking statements regarding the group's business outlook, financial performance estimates, and development strategies are included, based on existing information[78].

Zhongsheng Group 中期報告 Zhongsheng Group Interim Report 2022 中 期 報 告 獨立非執行董事 沈進軍先生 應偉先生 錢少華先生 李顏偉先生 公司總部 目錄 | 2 | 公司資料 | | --- | --- | | 3 | 主席報告書 | | 7 | 首席執行官報告書 | | 13 | 管理層討論與分析 | | 17 | 綜合中期損益表 | | 18 | 綜合中期全面收益表 | | 19 | 綜合中期財務狀況表 | | 21 | 綜合中期權益變動表 | | 22 | 綜合中期現金流量表 | | 24 | 中期簡明綜合財務資料附註 | | 42 | 企業管治及其他信息 | 公司資料 董事會 執行董事 中國 大連市 沙河口區 河曲街20號 黃毅先生 （主席） 李國強先生 （總裁兼首席執行官） 杜青山先生（於二零二二年五月二十七日辭任） 張志誠先生 李國輝先生 唐憲峰先生 非執行董事 許立慶先生（於二零二二年八月一日辭任） 陳豪賢先生 孫燕軍先生（於二零二二年八月一日獲委任） 安理國際律師事務所 香港 中環 交易廣場三座9樓 公司秘書 麥詩敏女士（於二零二二年八 ...