Group 1 - Zhongsheng Holdings (00881) shares rose over 5%, currently up 4.57% at HKD 16.7, with a trading volume of HKD 314.83 million [1] - For the six months ending June 30, 2025, Zhongsheng Holdings reported total revenue of RMB 77.322 billion, a year-on-year decrease of 6.2% [1] - The net profit attributable to shareholders was RMB 1.011 billion, down 36% year-on-year, with basic earnings per share of RMB 0.427 [1] Group 2 - In the first half of 2025, the company sold 228,600 new vehicles, a year-on-year decrease of 1.7%, impacted by intensified competition in the new car market [2] - The gross profit from new car sales was negative RMB 2.388 billion, with a gross margin of -4.1%, resulting in an average loss of approximately RMB 10,443 per vehicle [2] - AITO brand's new car sales reached 11,000 units in the first half of 2025, contributing to a 0.6 percentage point increase in the group's new car gross margin [2]

Group 1 - Zhongsheng Holdings (00881) saw its stock rise over 5%, currently trading at HKD 16.7 with a transaction volume of HKD 314.48 million [1] - For the six months ending June 30, 2025, Zhongsheng Holdings reported total revenue of RMB 77.322 billion, a year-on-year decrease of 6.2% [1] - The company's net profit attributable to shareholders was RMB 1.011 billion, down 36% year-on-year, with basic earnings per share at RMB 0.427 [1] Group 2 - In the first half of 2025, Zhongsheng Holdings achieved after-sales service revenue of RMB 11.45 billion, an increase of 4.4% year-on-year, with after-sales service gross profit reaching RMB 5.44 billion, up 8.1% [1] - The strong financial performance was supported by 4.54 million active customers, leading to 4 million after-sales service visits, representing year-on-year growth of 15.2% and 1.7% respectively [1] Group 3 - Kaiyuan Securities reported that in the first half of 2025, the company sold 228,600 new vehicles, a decrease of 1.7% year-on-year, impacted by intensified competition in the new car market [2] - The gross profit from new car sales was negative RMB 2.388 billion, with a gross margin of -4.1%, resulting in an average loss of approximately RMB 10,443 per vehicle [2] - The AITO brand sold 11,000 new vehicles in the first half of 2025, improving the group's new car gross margin by 0.6 percentage points [2]

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: 2025年8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 呈交日期: 2025年9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 | | 0.0001 | HKD | | 100,000,000 | 本月底法定/註冊股本 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][11] Core Views - The company is experiencing pressure on new car profits, but stable contributions from after-sales services are expected to support profitability [4][5][6] - The company has undergone significant network optimization, closing 37 authorized dealerships while opening 57 new ones and 20 service centers to enhance operational efficiency [4][5] - The forecast for net profit has been revised downwards for 2025-2027 due to ongoing challenges in the luxury car sales market, with expected net profits of 27.17 billion, 36.49 billion, and 49.83 billion respectively [4][7] Financial Performance Summary - For H1 2025, the company reported revenue of 77.3 billion, a year-on-year decrease of 6.2%, and a net profit of 10.11 billion, down 36.0% year-on-year [4][5] - The company sold 228,600 new cars in H1 2025, a decrease of 1.7% year-on-year, with a negative gross margin of 4.1% on new car sales [5][6] - After-sales service revenue increased by 4.4% year-on-year to 11.45 billion, with a gross profit of 5.44 billion, reflecting a stable growth trend [6][7] Valuation Metrics - The projected earnings per share (EPS) for 2025-2027 are 1.14, 1.53, and 2.09 respectively, with corresponding price-to-earnings (P/E) ratios of 12.9, 9.6, and 7.0 [4][7] - The company's revenue is expected to stabilize and grow, with projections of 165.3 billion in 2025, 171.7 billion in 2026, and 200 billion in 2027 [7]

Core Viewpoint - Zhongsheng Holdings (00881) reported a 36% year-on-year decline in net profit for the first half of the year, amounting to 1 billion RMB, which is 29% and 48% lower than the expectations of the bank and the market respectively [1] Financial Performance - The decline in net profit is primarily attributed to the impact of after-sales service revenue, after-sales business gross margin, and the average selling price of used cars [1] Future Outlook - The bank anticipates significant profit pressure for the group in the future due to the loss of market share in the fuel vehicle segment and intensified price competition [1] - Net profit forecasts for 2025 to 2027 have been revised downwards by 31%, 28%, and 24% respectively [1] Target Price Adjustment - The target price has been reduced from 10.5 HKD to 7 HKD, maintaining a "Sell" rating [1]

Core Viewpoint - Zhongsheng Holdings (00881) reported a 36% year-on-year decline in net profit for the first half of the year, amounting to 1 billion RMB, which is significantly lower than both the bank's and market's expectations by 29% and 48% respectively [1] Financial Performance - The decline in net profit was primarily influenced by factors such as after-sales service revenue, after-sales business gross margin, and the average selling price of used cars [1] Future Outlook - The bank anticipates that the group will face significant profit pressure due to the loss of market share in the fuel vehicle segment and intensified price competition [1] - Consequently, net profit forecasts for 2025 to 2027 have been revised downwards by 31%, 28%, and 24% respectively [1] Target Price Adjustment - The target price for Zhongsheng Holdings has been reduced from 10.5 HKD to 7 HKD, maintaining a "Sell" rating [1]

Major Events - Sihuan Pharmaceutical Holdings Group Ltd. successfully administered the first human dose of the new radiopharmaceutical conjugate drug 3D1015 [1] - Shenzhen International's joint venture Shenzhen Airlines plans to raise a total of 16 billion yuan in a phased capital increase [1] - Kangzheng Pharmaceutical received clinical trial approval for its innovative oral small molecule JAK1 inhibitor Povorcitinib for indications of vitiligo and suppurative hidradenitis [1] - Ruihe Digital signed a framework agreement with Tielin Superlight Technology to jointly advance the business of real-world asset tokenization [1] - Zhongxu Future will operate and launch a new mobile game "Miracle MU" titled "New Moon Continent" [1] Financial Performance - Noah Holdings reported a net profit attributable to shareholders of 179 million yuan for Q2, a year-on-year increase of 79% driven by strong growth in investment product distribution [1] - Trip.com Group reported a net profit of 4.846 billion yuan for Q2, an increase of 26.43% year-on-year [1] - Shijiazhuang Pharmaceutical Group announced a mid-year profit attributable to equity holders of approximately 283.5 million HKD, a year-on-year decrease of about 58.7% [1] - Zhongsheng Holdings reported a mid-year profit attributable to shareholders of 1.011 billion yuan, a decrease of 36% year-on-year [1] - SF Express City reported an adjusted net profit of approximately 160 million yuan, a year-on-year increase of 139% [1] - Baidu's subsidiary reported a mid-year profit attributable to shareholders of 47.999 million yuan, returning to profitability [1] - Li Auto reported a net profit of 1.093 billion yuan for Q2, a decrease of 0.91% year-on-year [1] - Shanghai Industrial Holdings reported a mid-year profit attributable to shareholders of 1.042 billion HKD, with an interim dividend of 0.42 HKD per share [1] - Beijing Holdings reported a mid-year profit attributable to shareholders of 3.404 billion yuan, an increase of 8.07% year-on-year [1] - Qingdao Port reported a net profit of 2.842 billion yuan, a year-on-year increase of 7.58% [1] - New China Life Insurance reported a net profit of 14.799 billion yuan, a year-on-year increase of 33.5% [1] - China Galaxy Securities reported a net profit of 6.488 billion yuan, a year-on-year increase of 47.86% [1] - China Taiping reported a 12.2% increase in shareholder profit, with a nearly 23% high growth in life insurance new business value [1] - China Resources Gas reported a mid-year profit attributable to shareholders of 2.403 billion HKD, a year-on-year decrease of 30.5% [1] - SF Holding reported a net profit of 5.738 billion yuan, a year-on-year increase of 19.37%, with volume growth exceeding the overall express delivery industry [1] - SMIC reported a net profit of approximately 320 million USD, a year-on-year increase of 35.6% [1] - SenseTime reported a revenue growth of 35.6% year-on-year, reaching 2.358 billion yuan [1] - BeiGene reported a net profit of 95.59 million USD, returning to profitability [1] - Fubo Group reported a mid-year net profit exceeding 100 million, driven by AI [1] - CITIC Securities reported a net profit of 13.719 billion yuan, a year-on-year increase of 29.79% [1] - Huadian International Power reported a net profit of 3.904 billion yuan, a year-on-year increase of 13.15% [1] Additional Financial Performance - Zhou Hei Ya reported a mid-year profit attributable to shareholders of 108 million yuan, a year-on-year increase of 228% [2] - Haitian Flavoring reported a net profit of 3.91 billion yuan, a year-on-year increase of 13.3% [2] - Dasheng Holdings reported a mid-year adjusted net profit growth of 79.6% driven by store expansion and membership growth [2] - CITIC Securities reported a net profit of 4.509 billion yuan, a year-on-year increase of 57.77% [2] - Huitongda reported a mid-year profit attributable to shareholders of 13.9 million yuan, a year-on-year increase of 10.81% [2] - Yunfeng Financial reported a mid-year profit attributable to shareholders of 486 million HKD, a year-on-year increase of 142.04% [2] - Jiufang Zhitu reported a mid-year profit attributable to shareholders of 865 million yuan, returning to profitability [2] - Air China reported a net loss of approximately 1.806 billion yuan, a year-on-year narrowing of 35.11% [2] - ZTE reported a net profit of approximately 5.058 billion yuan, a year-on-year decrease of 11.77% [2] - China Merchants Securities reported a net profit of 5.186 billion yuan, a year-on-year increase of 9.23% [2] - Datang Power reported a net profit of approximately 4.874 billion yuan, a year-on-year increase of 50.3% [2] - China Pacific Insurance reported a net profit of 27.885 billion yuan, a year-on-year increase of 11% [2] - Beijing Capital International Airport reported a post-tax loss of 164 million yuan, a year-on-year narrowing of 56.48% [2] - Dongguan Rural Commercial Bank reported a mid-year net profit of 2.629 billion yuan [2] - Shenzhen Holdings reported a mid-year loss attributable to shareholders of 2.618 billion HKD, a year-on-year increase of 137.76% [2] - China Southern Airlines reported a net loss of 1.534 billion yuan, a year-on-year increase of 45.54% [2] - COSCO Shipping Holdings reported a profit attributable to shareholders of 17.528 billion yuan, a year-on-year increase of 3.9% [2] - Guofu Hydrogen Energy reported revenue of 10.9 million yuan, actively expanding overseas cooperation and business layout [2] - Kangsheng Global reported a mid-year gross profit of 197 million yuan, with stable progress across all businesses [2] - Dongfang Electric reported a net profit of 1.91 billion yuan, a year-on-year increase of 12.91%, maintaining the industry's leading market share in nuclear and gas power [2] - Eagle Eye Technology reported a profit of 443,000 yuan, returning to profitability [2] - Haier Smart Home reported a profit attributable to shareholders of 12.033 billion yuan, a year-on-year increase of 15.6% [2] - EDA Group Holdings reached a partnership agreement with UTCPAY to collaborate in digital asset trading, Web3 technology, and blockchain applications [2] - Gilead Sciences reported that ASC30 oral tablets showed good and differentiated pharmacokinetic characteristics in the U.S. Phase Ib multi-dose escalation study [2]

| 14.6 | 229 k units Premium | % | | --- | --- | --- | | New Car Sales Volume | Positioning | Market Share of Luxury Brands1 | | 4.54 | mn Brand | 3.80 mn | | Active Customers2 | Reputation | Zhongsheng GO Subscribers | | 4.00 | 111 k units Auto | mn | | Used Car Sales Volume | Services | # of After-sales Service Visits | | 137 | k Local | 15 | | Avg. # of Active Customers | Density3 | Avg. # of Stores/Structures | | approximately / the car parc of these brands (the total sales volume of luxury brands in th ...

Core Viewpoint - Zhongsheng Holdings (00881) experienced a significant decline of over 8% following the release of its interim results, with a current drop of 5.03%, trading at HKD 14.34 and a transaction volume of HKD 285 million [1] Financial Performance - The total revenue for the first half of the year was RMB 77.322 billion, representing a year-on-year decrease of 6.2% [1] - The profit attributable to the parent company was RMB 1.011 billion, down 36% compared to the previous year [1] Sales Performance - The group sold approximately 229,000 new vehicles during the period, a decrease of about 4,000 units or 1.7% year-on-year [1] - The AITO brand contributed for the first time, adding 11,000 new vehicles, which partially offset declines in other brands [1] - The proportion of luxury brand sales increased to 62.3% [1] Network Optimization - Since November 2024, the group has completed its largest network optimization, involving the restructuring of existing stores into multi-business properties and converting dealerships into service centers [1] - Over 20% of the stores participated in this adjustment, resulting in the addition of 57 new dealerships and 20 service centers, while 37 dealerships were closed [1] - Among the new dealerships, 48 were for luxury brands, including 36 for AITO, 1 for HIMA, 1 for Mercedes-Benz, 3 for Lexus, 1 for Audi, and 6 for Volvo [1]

Core Viewpoint - Zhongsheng Holdings (00881) reported a significant decline in its stock price following the release of its interim results, indicating challenges in revenue and profit generation [1] Financial Performance - The total revenue for the first half of the year was 77.322 billion RMB, representing a year-on-year decrease of 6.2% [1] - The profit attributable to the parent company was 1.011 billion RMB, down 36% compared to the previous year [1] Sales Performance - The group sold approximately 229,000 new vehicles during the period, a decrease of about 4,000 units or 1.7% year-on-year [1] - The AITO brand contributed 11,000 new vehicle sales, partially offsetting declines in other brands, with luxury brand sales now accounting for 62.3% of total sales [1] Network Optimization - Since November 2024, the group has completed its largest network optimization, involving the restructuring of existing stores and the conversion of dealerships into service centers [1] - Over 20% of the stores participated in this adjustment, resulting in the addition of 57 new dealerships and 20 service centers, while 37 dealerships were closed [1] - Among the new dealerships, 48 were for luxury brands, including 36 for AITO, and others for HIMA, Mercedes-Benz, Lexus, Audi, and Volvo [1]