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]

Market Overview - Hong Kong stocks experienced volatility, with the Hang Seng Index closing down 0.21% at 25,122.9 points and a total turnover of 278.2 billion HKD [1] - The Hang Seng China Enterprises Index fell 0.3% to 9,006.23 points, while the Hang Seng Tech Index decreased by 0.67% to 5,542.03 points [1] Blue Chip Performance - China Resources Beer saw a significant increase of 6.24%, closing at 28.28 HKD, contributing 4.24 points to the Hang Seng Index [2] - The company reported a revenue of 23.942 billion RMB, a year-on-year increase of 0.83%, and a net profit attributable to shareholders of 5.789 billion RMB, up 23.04% [2] - Other notable blue chips included Zhongsheng Holdings, which rose 8.29%, and Hansoh Pharmaceutical, which increased by 4.75% [2] Sector Performance - Large tech stocks showed mixed results, with Tencent up 0.94% and Alibaba down 0.25% [3] - AI application stocks performed well, with Zhihu-W rising 23% and Fenbi increasing by nearly 14% [3] - The property management sector was active, with Wanwu Cloud rising 7.19% and Sunac Services increasing by 5.18% [4][5] Earnings Reports - Wanwu Cloud reported a revenue of 18.14 billion RMB, a 3.1% year-on-year increase, and a core net profit of 1.32 billion RMB, up 10.8% [5] - Kancheng Pharmaceutical reported a revenue of 1.569 billion RMB, a 23.7% increase, and a net profit of 498 million RMB, up 24.6% [8] - Li Auto announced a revenue of 24.25 billion RMB, a 174% increase, with a gross margin of 14.1% [9] Notable Stock Movements - Dongfang Zhenxuan experienced a significant drop of 20.89%, closing at 34.32 HKD, following rumors regarding its CEO [12] - Gilead Sciences saw a decline of 15.01% after announcing a share placement and a new share subscription at a discount [13]

Group 1 - The company, Zhongsheng Holdings (00881.HK), announced a board meeting scheduled for August 28, 2025, to consider and approve the interim results for the six months ending June 30, 2025, and to discuss the distribution of an interim dividend, if any [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） 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」）兹通告謹定於二零二五年八月 二十八日（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六月三十日止六個月的中期業績及派發中期股息（如有）。 承董事會命 中升集團控股有限公司 主席 黃毅 香港，二零二五年八月十八日 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及孫燕軍先生；以及本 公司獨立非執行董事為應偉先生、錢少華先生、李顏偉先生及鄭寶川女士。 ...

Core Viewpoint - The article highlights the contrasting experiences of individual car salespeople who can earn high incomes from selling popular new models, while traditional dealerships face significant financial challenges and a wave of closures due to declining profitability and market pressures [9][16][32]. Group 1: Sales Performance and Challenges - In late 2023, the launch of the AITO M9 saw salespeople achieving remarkable sales figures, with one salesperson selling 28 units in a month [6][8]. - Despite the potential for high earnings, the reality for many salespeople is marked by intense work pressure and high turnover rates, as many leave due to the demanding nature of the job [12][15]. - The sales environment is increasingly competitive, with new models from various brands entering the market, yet many salespeople report low sales during off-peak months [10][13]. Group 2: Dealership Financial Struggles - The China Automobile Dealers Association predicts that over 4,400 dealerships will close in 2024, with a loss rate among dealers reaching 41.7% [9][17]. - Price inversion affects 84.4% of dealerships, with over 60.4% experiencing a price drop exceeding 15% [17][18]. - Major dealership groups like Zhongsheng Holdings and Yongda Automotive are experiencing significant declines in new car sales and profitability, with some reporting net profit drops of over 80% [19][20]. Group 3: After-Sales Service as a Revenue Stream - After-sales services are becoming a crucial revenue source for traditional dealerships, with Zhongsheng Holdings reporting a 9.6% increase in after-sales revenue in 2024 [25][26]. - The focus on after-sales services is seen as a potential lifeline for dealerships struggling with new car sales [25][32]. Group 4: Industry Transformation and Future Outlook - The article discusses the need for dealerships to adapt to changing market conditions, emphasizing collaboration with manufacturers and a shift towards after-sales and user engagement strategies [32]. - The success of individual salespeople and mid-sized dealerships in the new energy vehicle market illustrates the potential for growth and adaptation within the industry [30][32]. - The ongoing transformation in the automotive industry highlights the importance of flexibility and innovation for both dealerships and sales personnel to thrive in a competitive landscape [32].