Core Viewpoint - Zhongsheng Holdings (00881) reported a total revenue of RMB 77.322 billion for the six months ending June 30, 2025, representing 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] Revenue and Profit Analysis - The after-sales service revenue reached RMB 11.45 billion, an increase of 4.4% year-on-year, with after-sales gross profit rising to RMB 5.44 billion, up 8.1% [1] - The strong financial performance was driven by 4.54 million active customers, leading to 4 million after-sales service visits, which grew by 15.2% and 1.7% respectively [1] Network Optimization and Store Adjustments - Since November 2024, the company has completed its largest network optimization, involving the restructuring of existing stores and the establishment of new service centers [1] - Over 20% of stores participated in this adjustment, resulting in the addition of 57 dealerships and 20 service centers, while 37 dealerships were closed [1] Sales Performance - New car sales totaled approximately 229,000 units, a decrease of about 4,000 units or 1.7% year-on-year [2] - The AITO brand contributed 11,000 new car sales, partially offsetting declines in other brands, with luxury brand sales accounting for 62.3% of total sales [2] Used Car Market Dynamics - The company sold approximately 111,000 used cars, a year-on-year increase of 9.6%, but used car revenue fell by 27% to RMB 6.02 billion, with a 33.4% drop in revenue per vehicle [3] - The decline in used car prices was influenced by government policies promoting trade-in programs, leading to a higher proportion of older vehicles in the company's inventory [3] - Nearly 80% of the used cars sold were over six years old, which negatively impacted profitability, resulting in a 60.2% decline in the used car segment's overall profit [3]

Core Insights - 中升控股 reported a total revenue of RMB 77.322 billion for the six months ending June 30, 2025, a decrease of 6.2% year-on-year [1] - The profit attributable to the parent company was RMB 1.011 billion, down 36% year-on-year, with basic earnings per share at RMB 0.427 [1] Revenue and Profit Analysis - The group's after-sales service revenue reached RMB 11.45 billion, an increase of 4.4% year-on-year, with after-sales gross profit at RMB 5.44 billion, up 8.1% [1] - The strong financial performance was driven by 4.54 million active customers, resulting in 4 million after-sales service visits, which grew by 15.2% and 1.7% respectively [1] Network Optimization and Store Adjustments - Since November 2024, the company has completed its largest network optimization, involving the restructuring of existing stores and the establishment of new service centers [1] - Over 20% of stores participated in this adjustment, with 57 new dealerships and 20 new service centers opened, while 37 dealerships were closed [1] Sales Performance - New car sales for the first half of 2025 totaled approximately 229,000 units, a decrease of about 4,000 units or 1.7% year-on-year [2] - The AITO brand contributed 11,000 new car sales, partially offsetting declines in other brands, with luxury brand sales accounting for 62.3% of total sales [2] Used Car Market Dynamics - The company sold approximately 111,000 used cars, a year-on-year increase of 9.6%, but used car revenue fell by 27% to RMB 6.02 billion, with a 33.4% drop in revenue per vehicle [3] - The decline in used car prices was influenced by government policies promoting trade-in programs, leading to a higher proportion of older vehicles in the company's inventory [3] - Nearly 80% of the used cars sold were over six years old, which negatively impacted profitability, resulting in a comprehensive profit of approximately RMB 300 million, down 60.2% year-on-year [3]

Core Insights - The company reported a revenue of RMB 77,322.1 million for the six months ending June 30, 2025, representing a year-on-year decrease of 6.2% [1] - The profit attributable to the parent company was RMB 1,011.4 million, a decline of RMB 568.2 million or 36.0% compared to the previous year [1] Financial Performance - The after-sales service revenue reached RMB 11.45 billion, showing a year-on-year growth of 4.4% [1] - The gross profit from after-sales services was RMB 5.44 billion, which is an increase of 8.1% year-on-year [1] - The strong financial performance was supported by 4.54 million active customers, leading to 4 million after-sales service visits, both of which increased by 15.2% and 1.7% year-on-year, respectively [1]

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。 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） 截至二零二五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」）截至二零二五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 | | | | | --- | --- | --- | --- | | 財務概要 | | | | | | 未經審核 | | | | | 截至 | 截至 | | | | 二零二五年 | 二零二四年 | | | | 六月三十日 | 六月三十日 | | | | 止六個月 | 止六個月 | 同比變動 | | | | （人民幣百萬元，特別說明除外） | | | 收入 | | | | | 汽車銷售 | 63,945.6 | 69,0 ...

格隆汇8月27日丨中升控股(00881.HK)公告，提早赎回已于2025年8月27日完成。截至本公告日期，公司 并无已发行未偿还债券。公司已向香港联合交易所有限公司申请撤回债券的上市地位。预期有关撤销上 市将于2025年9月5日营业时间结束后生效。 ...

本公告僅作參考用途，並不構成收購、購買或認購證券的邀請或要約。債券（定義 見下文）並無且不會根據一九三三年美國證券法（經修訂）（「證券法」）或美國任何州 份或其他司法權區的證券法登記，且債券不得在美國境內或向美國人士提呈要約或 出售。 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。 茲提述本公司日期為二零二五年七月二十八日的公告，內容有關本公司提早贖回 （「提早贖回」）未償還債券。 本公司謹此宣佈，提早贖回已於二零二五年八月二十七日完成。 截至本公告日期，本公司並無已發行未償還債券。本公司已向香港聯合交易所有限 公司申請撤回債券的上市地位。預期有關撤銷上市將於二零二五年九月五日營業時 間結束後生效。 承董事會命 中升集團控股有限公司 主席 黃毅 香港，二零二五年八月二十七日 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） （「本公司」） 於二零二六年到期 ...

Market Overview - The Hong Kong stock market failed to maintain its strong performance from the previous day, with all three major indices experiencing a collective adjustment. The Hang Seng Index fell by 1.18% or 304.99 points, closing at 25,524.92 points, with a total trading volume of HKD 31.78 billion. The Hang Seng China Enterprises Index decreased by 1.07% to 9,148.66 points, while the Hang Seng Tech Index dropped by 0.74% to 5,782.24 points [1] Blue-Chip Stocks Performance - CSPC Pharmaceutical Group (01093) led the decline among blue-chip stocks, falling by 4.33% to HKD 10.38, with a trading volume of HKD 1.797 billion, contributing a loss of 6.04 points to the Hang Seng Index. Bank of America Securities reported a 14.3% year-on-year decline in total revenue for CSPC in Q2, with attributable net profit down 24% to RMB 1.1 billion. The firm revised its revenue forecasts for 2025 to 2027 down by 25%, 2%, and 11% respectively [2] Sector Highlights - Large technology stocks mostly declined, with Alibaba down 2.57% and Tencent down 0.81%. Gold stocks surged, with China Gold International rising over 10%. Apple is expected to initiate a three-year innovation cycle, boosting related stocks like Lens Technology, which rose over 5%. Gaming stocks and some new consumption concepts performed well, with Melco International Development up over 9% [3][5] Federal Reserve Insights - Federal Reserve Chairman Jerome Powell indicated rising downside risks in the U.S. labor market, suggesting a potential policy adjustment could be appropriate. This statement is seen as a strong signal for a possible interest rate cut as early as September. The market reacted positively, particularly for precious metals, with expectations for further increases in gold prices [4] Gaming Sector Performance - The gaming sector continued its upward trend, with Melco International Development rising 9.27% to HKD 5.54. According to JPMorgan, Macau's gaming revenue for the first 24 days of August reached MOP 17.65 billion, with a daily average of MOP 735 million, reflecting a 9% increase from the previous week [6] Pharmaceutical Sector Challenges - The pharmaceutical sector faced pressure, with several stocks declining. Notably, CStone Pharmaceuticals (09966) fell 6.74% to HKD 10.24. U.S. President Trump's announcement to drastically reduce drug prices could create significant challenges for the global pharmaceutical industry, presenting both opportunities and risks for Chinese biotech stocks [6] Notable Stock Movements - Double Ended Co. (06960) debuted with a 31.29% increase, closing at HKD 19.05. The company focuses on energy storage solutions in the data and communication sectors, with a projected market share of 11.1% by 2024 [7] - Kingsoft Holdings (03918) reached a new high, rising 17.94% to HKD 5.72, reporting a 16.76% year-on-year revenue increase to USD 342 million [8] - Angelalign Technology (06699) saw a 10.28% increase to HKD 75.1, with a 33.1% year-on-year revenue growth reported [9] - Meitu Inc. (01357) rose 7.9% to HKD 11.47 after being included in the MSCI China Index, with Morgan Stanley expressing confidence in its long-term growth potential [10] - Xintai Medical (02291) experienced a significant drop of 12.75% to HKD 23.96 following a major shareholder's sale of shares [11]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.24% to close at 25,104.61 points, and a total trading volume of HKD 239.49 billion [1] - The Hang Seng Tech Index was the worst performer, dropping 0.77% to 5,498.5 points [1] - Huatai Securities noted that the market is in a critical phase with a lack of trading themes and awaiting verification of significant domestic and overseas events, suggesting a window for position adjustment [1] Blue-Chip Stocks Performance - China Resources Power (00836) led the blue-chip decline, falling 5.9% to HKD 18.51, contributing a loss of 3.86 points to the Hang Seng Index [2] - The company reported a revenue of HKD 50.267 billion for the first half of 2025, a decrease of 1.67% year-on-year, and a profit attributable to shareholders of HKD 7.872 billion, down 15.92% [2] - Other notable blue-chip movements included China Biologic Products (01177) rising 3.49% and China Unicom (00762) increasing by 3.39% [2] Sector Highlights High-Speed Rail Infrastructure - Major technology stocks generally weakened, while high-speed rail infrastructure stocks performed well, with China CNR (01766) rising 5.85% and Times Electric (03898) increasing by 5.43% [3] - The National Railway Group announced a tender for 210 high-speed train sets, exceeding market expectations, indicating a positive outlook for the sector [3] Pharmaceutical Sector - The pharmaceutical sector saw most stocks rise, with Basilea Pharmaceutica (02616) increasing by 12.87% and Akeso (01167) rising by 10.04% [4] - The Chinese Premier emphasized the need for high-quality technological support and policy backing for the biopharmaceutical industry, aiming to enhance innovation and production of effective medicines [4] Stablecoin Concept Stocks - Stablecoin-related stocks were active, with ZhongAn Online (06060) rising 6.98% and Yao Cai Securities (01428) increasing by 5.75% [4] - Goldman Sachs reported a new expansion cycle for the stablecoin market, potentially reaching trillions of dollars, with payment applications being a key growth driver [6] Notable Stock Movements - Crystal International (02232) reached a new high, closing up 12.66% at HKD 6.85, reporting a revenue of USD 1.229 billion, a 12.4% increase year-on-year [7] - Hong Kong Robotics (00370) surged 12.86% after signing a significant order for 10,000 humanoid robots, marking a milestone in the industry [8] - Huazhu Group (01179) reported a total revenue of RMB 6.426 billion for Q2 2025, a 4.52% increase, with a net profit of RMB 1.544 billion, up 44.7% [9] - Great Wall Motors (02333) saw a rise of 6.45% following the launch of its new PHEV model, which received over 21,856 orders within 24 hours [10] - ZTE Corporation (00763) increased by 5.38%, with analysts highlighting its underestimated progress in AI and network business [11]

Core Insights - The automotive dealership industry in China is facing intensified competition, leading to increased pressure on dealers to transform their business models [1][3][7] - A significant portion of dealerships are experiencing financial losses, with 52.6% reporting losses in the first half of the year and new car gross profit contribution at -22.3% [1][5][6] Market Performance - Passenger car sales reached 10.901 million units in the first half of the year, reflecting a year-on-year growth of 10.8% [3] - Only 30.3% of dealerships met their sales targets, with 29% of dealers achieving less than 70% of their goals [3][4] Dealer Satisfaction and Profitability - Overall dealer satisfaction scores dropped to 64.7, indicating a significant decline [4] - The majority of dealers (74.4%) reported varying degrees of price inversion, with 43.6% experiencing price inversions exceeding 15% [5][6] Shift in Revenue Sources - After-sales and financial services are becoming crucial for profitability, contributing 63.8% and 36.2% to gross profit, respectively, compared to new car sales [7][8] - Dealers are exploring new service offerings, such as car cleaning and maintenance, to enhance customer loyalty and revenue [8] Transition to New Energy Vehicles - Profitability among independent new energy vehicle dealers stands at 42.9%, while traditional fuel vehicle dealers show only 25.6% profitability [9][10] - The retail penetration rate of new energy vehicles reached 53.3% in June, with total retail sales of new energy vehicles at 5.468 million units, a 33.3% increase year-on-year [9][10] Strategic Partnerships and Brand Adjustments - Traditional dealerships are increasingly partnering with new energy vehicle brands, with companies like 中升集团 (Zhongsheng Group) adjusting their brand portfolios to include electric vehicle offerings [10] - New energy brands are shifting from direct sales to collaborations with top dealerships, indicating a strategic pivot in the market [10]

Core Insights - The automotive market in China is facing intensified competition, leading to increased pressure on dealers who are now seeking transformation and adaptation strategies [1][3][6] - The report indicates that the loss ratio among automotive dealers has risen to 52.6% in the first half of 2025, with new car gross profit contribution at -22.3% [5][6] - Dealers are increasingly focusing on after-sales services and financial products to enhance profitability, as traditional new car sales become less viable [7][9] Market Performance - Passenger car sales reached 10.901 million units in the first half of the year, reflecting a year-on-year growth of 10.8% [3] - Only 30.3% of automotive dealers met their sales targets, with 29% of dealers achieving less than 70% of their goals [3][4] - The satisfaction score among automotive dealers dropped significantly to 64.7 points, indicating a decline in overall dealer morale [4] Profitability Challenges - The report highlights that 74.4% of dealers experienced varying degrees of price inversion, with 43.6% facing price inversions exceeding 15% [5][6] - The increasing price inversion is eroding profit margins, pushing many dealers into a state of loss and liquidity challenges [6] Shift in Business Strategy - Dealers are pivoting towards after-sales and financial services, which contributed 63.8% and 36.2% to gross profit respectively, far exceeding the contribution from new car sales [7][8] - Some dealers are exploring additional services such as car washing and maintenance to enhance customer engagement and loyalty [8] New Energy Vehicle (NEV) Focus - The profitability ratio for independent NEV dealers stands at 42.9%, compared to 25.6% for traditional fuel vehicle dealers [9][10] - NEV dealers are benefiting from a significant market demand, with NEV retail sales reaching 5.468 million units, a 33.3% increase year-on-year [9] Brand Transformation - Traditional dealers are increasingly transitioning to sell NEV models, with some forming partnerships with NEV brands to adapt to market changes [10][11] - Major automotive groups are adjusting their brand portfolios to include more NEV options, reflecting a strategic shift in response to evolving consumer preferences [10]