Group 1 - The core announcement is that Mr. Wei has resigned as an independent non-executive director and chairman of the audit committee of the company [1] - Mr. Bai Fengjiu has been appointed as the independent non-executive director and chairman of the audit committee, effective from December 19, 2025 [1]

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 李國強 張志誠 唐憲峰 于寧 周新 非執行董事 陳豪賢 孫燕軍 獨立非執行董事 錢少華 李顏偉 鄭寶川 白鳳九 – 1 – 附註： C： 相關董事委員會主席 M： 相關董事委員會成員 香港，二零二五年十二月十九日 – 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 MMM 李國強 M M 張志誠 C M 唐憲峰 C C 于寧 周新 陳豪賢 孫燕軍 錢少華 MCM 李顏偉 鄭寶川 MM C 白鳳九 C ...

Group 1 - The board of directors of Zhongsheng Holdings (00881.HK) announced the resignation of Wei Wei as an independent non-executive director and chairman of the audit committee [1] - Bai Fengjiu has been appointed as the independent non-executive director and chairman of the audit committee, effective from December 19, 2025 [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） 獨立非執行董事變更 及 董事會委員會組成之變動 董事會宣佈：(i)應偉先生已辭任本公司獨立非執行董事及審核委員會主席；及(ii) 白鳳九先生已獲委任為本公司獨立非執行董事及審核委員會主席，均自二零二五 年十二月十九日起生效。 獨立非執行董事辭任 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，已服務董事會逾九年的應偉先生（「應先生」）已辭任本公司獨立非執行董事及 審核委員會主席，自二零二五年十二月十九日起生效。 應先生已確認，彼與董事會並無任何分歧，亦無任何有關彼辭任之事宜須敦請本公 司股東垂注。 董事會謹此對應先生在任期間對本公司作出的寶貴貢獻深表謝意。 – 1 – 委任獨立非執行董事 董事會欣然宣佈，白鳳九先生（「 ...

Group 1 - A new company, Tianjin Zhongsheng Toyota Automobile Sales Service Co., Ltd., has been established with a registered capital of 10 million RMB [1] - The company is wholly owned by Zhongsheng (Dalian) Group Co., Ltd., which holds 100% of the shares [1] - The business scope includes automobile sales, new energy vehicle sales, auto parts retail, car rental services, second-hand car brokerage, and information consulting services [1] Group 2 - The legal representative of the company is Li Yuanhua [1] - The company is classified as a limited liability company (sole proprietorship) and is located in the Beichen District of Tianjin [1] - The business license allows the company to operate until December 15, 2025, with no fixed term thereafter [1]

Group 1 - Zhongsheng Holdings (00881) saw a nearly 4% increase in stock price, trading at HKD 11.51 with a transaction volume of HKD 36.1 million [1] - On December 12, the State Administration for Market Regulation released the "Guidelines for Compliance with Pricing Behavior in the Automotive Industry (Draft for Comments)," which regulates pricing behavior in the automotive sector [1] - The guidelines detail compliance requirements for pricing behavior from vehicle production to parts manufacturing, including pricing strategies and sales practices [1] Group 2 - Shenwan Hongyuan noted that the automotive industry is making substantial progress in addressing internal competition, with the market regulation authority demonstrating strong control and determination [1] - Industrial research from Industrial Securities highlighted Zhongsheng Holdings as a leading luxury car dealer in China, focusing on building a high-end automotive service brand to support steady growth in after-sales business [1] - Zhongsheng has actively optimized its network and brand layout, which is expected to enhance the scale and profitability of its new car business [1] - Since November 2024, Zhongsheng has completed its largest network optimization, adding a total of 57 dealerships and 20 service centers, with 48 of the new dealerships being luxury brands [1]

Group 1 - Zhongsheng Holdings (00881.HK) experienced a nearly 4% increase in stock price, with a current rise of 3.6% to HKD 11.51 [1] - The trading volume reached HKD 36.0959 million [1]

Core Viewpoint - The release of the "Guidelines for Compliance with Pricing Behavior in the Automotive Industry" by the State Administration for Market Regulation signifies a substantial regulatory effort to standardize pricing practices in the automotive sector, which may positively impact companies like Zhongsheng Holdings [1] Company Summary - Zhongsheng Holdings (00881) experienced a stock price increase of approximately 3.6%, reaching HKD 11.51, with a trading volume of HKD 36.1 million [1] - As a leading luxury car dealer in China, Zhongsheng is focused on building a high-end automotive service brand, which supports steady growth in its after-sales business [1] - The company has made significant progress in optimizing its network and brand layout, which is expected to enhance the scale and profitability of its new car business [1] - Since November 2024, Zhongsheng has completed its largest network optimization to date, adding a total of 57 dealerships and 20 service centers, with 48 of the new dealerships being luxury brands [1] Industry Summary - The newly issued pricing guidelines detail compliance requirements for pricing behavior across all aspects of the automotive industry, from vehicle production to sales strategies [1] - According to Shenwan Hongyuan, the guidelines indicate a significant advancement in addressing internal competition within the industry, reflecting the regulatory authority's commitment to price management [1] - The guidelines are expected to create a more structured pricing environment, potentially benefiting established players like Zhongsheng Holdings [1]

Core Viewpoint - The report from Industrial Securities initiates coverage of Zhongsheng Holdings (00881) with a "Buy" rating, highlighting its position as a leading luxury car dealer in China and its focus on building a high-end automotive service brand to support steady growth in after-sales business [1] Group 1: Business Strategy and Market Position - Zhongsheng is committed to creating a "Chinese high-end automotive service brand," focusing on 32 key cities and a customer base of millions of luxury car owners, which enhances its operational strategy in a challenging market environment [1] - As of June 30, 2025, 46% of Zhongsheng's 439 stores are led by local brands, with 89 being exclusive local dealers, indicating a strong local market presence [2] - Zhongsheng services 14.6% of the 2.01 million luxury car owners in its main coverage cities, with an average of 15 dealerships and service centers per city, serving approximately 137,000 active customers [2] Group 2: Financial Performance and Growth - The overall active customer base of Zhongsheng reached 4.54 million, reflecting a year-on-year growth of 15.2% [2] - In the first half of 2025, after-sales service revenue grew by 4.4% year-on-year, with gross profit from after-sales services increasing by 8.1% [2] - The company reported a year-on-year increase in after-sales service revenue of 9.6% in 2024 and 4.4% in the first half of 2025, with gross profit growth of 9.9% and 8.1% respectively [2] Group 3: Network Optimization and Product Improvement - Zhongsheng has undertaken a significant network optimization since November 2024, with over 20% of its stores participating in the adjustment, including the establishment of new dealerships and service centers [3] - The company added 57 new dealerships and 20 service centers during this optimization, with 48 of the new dealerships being luxury brands [3] - Traditional automotive brands are improving their supply-side networks and products, with collaborations on smart models enhancing profitability for dealers [3]

Core Viewpoint - The report from Industrial Securities initiates coverage on Zhongsheng Holdings (00881) with a "Buy" rating, highlighting its position as a leading luxury car dealer in China and its efforts to build a high-end automotive service brand, which supports steady growth in after-sales business [1] Group 1: High-End Automotive Service Brand Development - Zhongsheng is focusing on creating a "Chinese high-end automotive service brand," targeting 32 key cities and millions of luxury car owners, which enhances its local market business density and brand concentration [2] - As of June 30, 2025, 46% of Zhongsheng's 439 stores are led by local brands, with 89 being exclusive local dealers; it serves 14.6% of the 2.01 million luxury car owners in its main coverage cities [2] - The company has 454 million active customers, a year-on-year increase of 15.2%, with significant percentages of customers returning for maintenance and repairs [2] Group 2: Network and Product Improvement - Traditional automotive brands are improving their supply-side networks and products, with companies like Toyota and Audi collaborating with third-party suppliers to launch smart models, enhancing dealer margins [3] - Zhongsheng has completed a significant network optimization, including the restructuring of existing stores and the addition of 57 new dealerships and 20 service centers, with over 20% of stores participating in this adjustment [3] - The new dealerships include 48 luxury brand stores, enhancing the company's service capabilities and market presence [3]