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11月30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12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, ...

Core Viewpoint - UBS reported that after a meeting with the management of Zhongsheng Holdings, the company updated its recent operational status, indicating that Huawei AITO car sales reached 27,000 units in the first ten months of this year, slightly exceeding company expectations [1] Group 1: Sales Performance - AITO's sales performance has been positive, with new car sales showing a slight year-on-year increase [1] - Despite the growth in sales, the new car gross margin remains under pressure due to industry competition [1] Group 2: Management Confidence - Management expressed confidence in Zhongsheng's long-term growth, citing good positioning in brand portfolio and store location [1] Group 3: Financial Forecasts - UBS has lowered Zhongsheng Holdings' earnings forecasts for 2025 to 2027 by 12% to 18% to reflect ongoing pressure on new car gross margins [1] - The target price has been adjusted from HKD 24 to HKD 20.8, while maintaining a "Buy" rating [1]

Core Viewpoint - The automotive dealership sector is experiencing a rebound, with notable stock price increases for several companies, driven by government initiatives to boost automotive consumption and improve market conditions [1] Group 1: Stock Performance - Yongda Automobile (03669) increased by 11.11%, trading at HKD 1.8 [1] - Harmony Auto (03836) rose by 7.95%, trading at HKD 0.95 [1] - Zhongsheng Holdings (00881) saw a 2.5% increase, trading at HKD 11.9 [1] - Meidong Auto (01268) gained 1.27%, trading at HKD 1.6 [1] Group 2: Government Initiatives - The Ministry of Commerce's official Yang Si emphasized that commodity consumption is crucial for promoting consumption and improving livelihoods [1] - Future plans include advancing automotive circulation consumption reforms, expanding the second-hand car market, and developing automotive aftermarket sectors such as modifications, rentals, events, and RV camping [1] Group 3: Industry Conditions - According to Longzhong Information, the inventory warning index for Chinese automotive dealers in October 2025 is at 52.6%, which is a year-on-year increase of 2.1 percentage points and a month-on-month decrease of 1.9 percentage points [1] - The index remains above the neutral line (50%), indicating an improvement in industry sentiment, although inventory pressure has not been fully alleviated [1]

Core Viewpoint - The automotive dealership sector is experiencing a rebound, with notable stock price increases for several companies following government initiatives to boost automotive consumption [1] Group 1: Company Performance - Yongda Automobile (03669) shares rose by 11.11% to HKD 1.8 [1] - Harmony Auto (03836) shares increased by 7.95% to HKD 0.95 [1] - Zhongsheng Holdings (00881) shares went up by 2.5% to HKD 11.9 [1] - Meidong Auto (01268) shares climbed by 1.27% to HKD 1.6 [1] Group 2: Government Initiatives - The Ministry of Commerce's official Yang Si stated that consumer goods consumption is crucial for enhancing livelihoods, and the ministry will promote reforms in automotive circulation [1] - Plans include expanding the second-hand car market and developing the automotive aftermarket, including modifications, rentals, events, and RV camping [1] Group 3: Industry Insights - According to Longzhong Information, the inventory warning index for Chinese automotive dealers in October 2025 is at 52.6%, which is a year-on-year increase of 2.1 percentage points and a month-on-month decrease of 1.9 percentage points [1] - The index remains above the neutral line (50%), indicating an improvement in industry sentiment, although inventory pressure has not been fully alleviated [1]

Core Insights - The Hong Kong stock market indices saw significant gains in the afternoon, with the Hang Seng Index rising over 2%, the Hang Seng Tech Index increasing by 2.7%, and the Hang Seng China Enterprises Index up by 1.8% [1] Company Performance - Kuaishou (快手-W) experienced a rise of 6.56% with a year-to-date increase of 66.79%, and a total market capitalization of 294.57 billion [2] - NetEase (网易-S) increased by 6.26%, with a year-to-date gain of 61.57%, and a market cap of 688.29 billion [2] - Alibaba (阿里巴巴-W) rose by 5.42%, showing a year-to-date increase of 93.41%, with a total market value of 2.97 trillion [2] - WuXi AppTec (药明康德) saw a 4.14% increase, with a year-to-date rise of 93.30%, and a market capitalization of 315.38 billion [2] - Baidu (百度集团-SW) increased by 4.10%, with a year-to-date gain of 35.07%, and a market cap of 307.19 billion [2] - Hansoh Pharmaceutical (翰森制药) rose by 4.03%, with a remarkable year-to-date increase of 134.85%, and a market capitalization of 240.51 billion [2] - Zhongsheng Holdings (中升控股) increased by 3.58%, but has a year-to-date decline of 12.81%, with a market cap of 27.41 billion [2] - China Overseas Development (中国海外发展) rose by 3.37%, with a year-to-date increase of 19.16%, and a market cap of 154.54 billion [2] - Longfor Group (龙湖集团) increased by 3.54%, with a year-to-date rise of 6.20%, and a market cap of 72.18 billion [2] - BYD (比亚迪股份) rose by 3.34%, with a year-to-date increase of 9.64%, and a market cap of 873.88 billion [2] - WuXi Biologics (药明生物) increased by 3.34%, with a year-to-date rise of 79.84%, and a market cap of 129.71 billion [2] - Midea Group (美的集团) rose by 2.92%, with a year-to-date increase of 26.14%, and a market cap of 690.12 billion [2] - Meituan (美团-W) increased by 2.88%, but has a year-to-date decline of 35.20%, with a market cap of 600.76 billion [2] - Alibaba Health (阿里健康) rose by 2.87%, with a year-to-date increase of 72.59%, and a market cap of 92.68 billion [2]

Core Viewpoint - The automotive dealership industry in China is facing significant challenges, with a notable decline in the number of authorized dealerships, while Zhongsheng Group is expanding its network by opening new service points amidst this downturn [2][4]. Industry Overview - The number of authorized dealerships in China is projected to decrease by 1.9% in the first half of 2025 compared to the end of 2024, with a net reduction of approximately 625 dealerships this year [2]. - In the first half of this year, the total number of 4S dealerships in China fell from 32,000 to 31,400, a net decrease of over 600, with 2,749 dealerships closing [4]. Zhongsheng Group's Expansion Strategy - Zhongsheng Group opened 15 new service points in the third quarter, collaborating with major brands such as Mercedes-Benz, Audi, Volvo, AITO, and Toyota [3]. - The new service points are strategically located across various provinces, including Hainan, Guangdong, Shandong, and others, with a significant focus on traditional brands despite the overall industry trend towards contraction [3][4]. Market Dynamics - The closure of traditional dealerships has created gaps in certain regions, prompting new investors like Zhongsheng Group to establish a presence to serve existing brand loyal customers [4][5]. - Zhongsheng Group's expansion includes a mix of traditional and new energy vehicle dealerships, with a notable emphasis on the AITO brand, which is part of their strategy to capture the growing market for electric vehicles [6][7]. Financial Performance - Zhongsheng Group reported a revenue of 168.12 billion yuan in the first half of the year, a decrease of 6.23% year-on-year, with net profit dropping by 35.99% [8]. - Despite the decline in vehicle sales, the after-sales service segment achieved a revenue of 11.445 billion yuan, marking a 4.4% increase, indicating a shift in focus towards service offerings [9]. Service Innovation - The company is innovating its service model by introducing digital showrooms and immersive experience zones to enhance customer engagement and streamline the purchasing process [8][10]. - Zhongsheng Group is also diversifying its service offerings, including a new energy vehicle maintenance service package priced between 7,667 and 29,778 yuan, aimed at new car owners [9][10]. Ecosystem Development - The company is building a comprehensive user ecosystem by integrating high-frequency consumer services, such as coffee shops and car wash services, into its dealership model to enhance customer loyalty and brand recognition [10].

Investment Rating - The report suggests a focus on cloud vendors and companies with exceeding expectations in the current market environment [3]. Core Insights - The report highlights a divergence in market performance, with consumer companies facing pressure while AI technology companies continue to show mixed results. Concerns about AI valuation bubbles persist, but leading tech companies like Microsoft, Google, and Meta maintain strong cash flows, suggesting a stable outlook for cloud vendors [3]. - The gaming demand remains robust, although there is a short-term lack of new game releases. Attention is drawn to the progress of key game tests and launches, which could drive revenue growth for related companies [3]. - The report emphasizes the importance of monitoring quarterly reports from major Chinese companies like Tencent, JD, Baidu, and Alibaba, as well as the ongoing value in sectors like PDD and the gaming industry [3]. Summary by Sections 1.1 Consumer & Internet - **Education**: The education index fell by 3.59%, with notable performance differences among companies. The implementation of a spring and autumn break system in Sichuan is expected to impact the sector positively [11][18]. - **Luxury & Gaming**: The luxury goods and gaming sectors are closely tied to macroeconomic conditions. Recent Q3 earnings from major gaming companies exceeded expectations, benefiting from a longer holiday schedule in 2026 [19][24]. - **Coffee & Tea**: The coffee sector remains vibrant, while the tea sector faces challenges due to reduced delivery platform subsidies and seasonal competition [3][27]. - **E-commerce**: The e-commerce sector is under pressure, with a lackluster performance during the Double Eleven shopping festival [3][35]. 1.2 Platform & Technology - **Streaming Platforms**: The streaming sector is driven by domestic demand, with platforms like Spotify reporting better-than-expected earnings [3][42]. - **Virtual Assets & Internet Brokers**: The cryptocurrency market is experiencing volatility, with a significant drop in global market value. However, there are potential buying opportunities following recent corrections [3][43]. - **Automotive Services**: The automotive aftermarket is projected to decline, with a year-over-year decrease of 4% expected by October 2025 [3][61]. 1.3 Media - The media sector is experiencing mixed performance, with streaming services facing challenges but also opportunities for growth through strategic partnerships and content offerings [3][41].

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10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11月3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, ...

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9月30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10月2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 ...

Customer Base and Market Presence - As of June 30, 2025, the active customer base reached 4.54 million, representing a year-on-year growth of 15.2% and an increase of 8.3% compared to the end of 2024[12]. - The subscription members of the WeChat platform Zhongsheng GO reached 3.8 million, with nearly 10.5 million customers connected through corporate WeChat[12]. - The company has closed 37 authorized dealerships since November 2024 and opened 57 new authorized dealerships and 20 service centers, primarily new stores[9]. - In the 32 key cities where the company operates, there is an average of 15 dealerships and service centers per city, serving approximately 137,000 active customers[13]. - Over 46% of the company's stores are the leading dealers for their brands in local markets, with 89 stores being exclusive dealers[13]. Business Strategy and Transformation - The company aims to transform into a high-end automotive service brand, focusing on after-sales services driven by the existing customer base[10]. - The company is focusing on digitalization and centralized operations as part of its transformation into a customer-centric automotive service provider[12]. - The company is enhancing local market business density and brand concentration to support its cross-brand operational strategy[13]. - The company has implemented a significant network optimization, marking the largest scale in its history since November 2024[9]. Financial Performance - The company's revenue for the six months ended June 30, 2025, was RMB 77,322.1 million, a decrease of RMB 5,099.3 million or 6.2% compared to the same period in 2024[36]. - New car sales revenue was RMB 57,931.0 million, down 4.7% from RMB 60,812.0 million in the previous year, while used car sales revenue fell by 27.0% to RMB 6,014.6 million[36]. - The after-sales service segment saw a revenue increase of 4.4%, reaching RMB 11,445.3 million, indicating a positive trend in this area[36]. - Gross profit for the six months ended June 30, 2025, was RMB 4,209.3 million, a decrease of RMB 716.9 million or 14.6% compared to the previous year[42]. - Operating profit was RMB 1,905.1 million, a decrease of RMB 850.7 million or 30.9% compared to the previous year, with an operating profit margin of 2.5%[49]. Vehicle Sales and Market Trends - In the first half of 2025, the company sold approximately 229,000 new vehicles, a decrease of about 4,000 units or 1.7% year-on-year, with luxury brand sales accounting for 62.3% of total sales[21]. - The average transaction price of new vehicles decreased by approximately RMB 33,000, a decline of 12.5% compared to the previous year, while manufacturers provided an average subsidy of RMB 19,000 per vehicle, representing 7.0% of the price[21]. - The company sold approximately 111,000 used vehicles in the first half of 2025, a year-on-year increase of 9.6%, but revenue from used vehicles fell by 27.0% to RMB 6.02 billion[23]. - The average profit per used vehicle was compressed to less than RMB 3,000, with overall profit for the used vehicle segment declining by 60.2%[24]. - The company expects continued growth in after-sales service revenue, particularly in the luxury market, as local competitors exit and market consolidation deepens[18]. Cash Flow and Financial Position - As of June 30, 2025, the company's cash balance was RMB 20,037.2 million, a decrease of RMB 2,966.8 million from December 31, 2024, primarily due to cash outflows from financing activities[55]. - The company generated free cash flow of RMB 3,973.0 million for the six months ended June 30, 2025, with net cash inflow from operating activities amounting to RMB 5,948.4 million[55]. - Cash used in financing activities for the six months ended June 30, 2025, was RMB 10,830.2 million, mainly for repaying bank loans and redeeming convertible bonds[60]. - The company's total capital expenditure for the six months ended June 30, 2025, was RMB 818.7 million, compared to RMB 618.7 million for the same period in 2024[62]. - The average inventory turnover days increased from 36.2 days in 2024 to 38.3 days in 2025, reflecting adjustments in inventory levels[65]. Shareholder Information and Corporate Governance - The company declared a final dividend of RMB 1,734,665,000 for the year 2023, reflecting a commitment to returning value to shareholders despite fluctuations in comprehensive income[77]. - The company has issued zero-coupon convertible bonds with a face value of HKD 4,560,000,000, maturing in 2025, with the conversion price adjusted to HKD 43.88 per share as of July 4, 2024[105]. - Major shareholders, including Blue Natural Development Ltd. and Light Yield Ltd., collectively own 49.66% of the company's shares[133]. - The company has a total of 505,816,116 shares held by Jardine Strategic Limited, representing 21.20% of the total shares[134]. - The company’s board members are considered to have interests in the treasury shares due to their voting rights[129]. Environmental and Social Responsibility - The group has implemented multiple measures to reduce emissions and enhance energy efficiency in daily operations, including improving emission testing equipment and wastewater treatment[167]. - The group encourages employees to use public transportation and replace business travel with phone or video conferencing when feasible to reduce carbon emissions[167]. - The group is committed to corporate social responsibility by providing employment opportunities for local residents and disabled individuals through its national dealer network[168].