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通告之內容概不負責， 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通告全部或任何部 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。 「有關期間」指由本決議案通過之時起至下列任何一項（取最早者）的期間： 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） 股東周年大會通告 茲通告中升集團控股有限公司（「本公司」）謹定於二零二五年六月二十日（星期五）上 午十一時正假座香港灣仔港灣道30號新鴻基中心18樓1803–09室舉行股東周年大 會，藉以處理下列事項： – 1 – 1. 省覽及通過本公司及其附屬公司截至二零二四年十二月三十一日止年度的經審 核綜合財務報表、董事會報告及核數師報告； 2. 宣派截至二零二四年十二月三十一日止年度的末期股息每股0.678港元； 3. 重選李國強先生為本公司執行董事； 4. 重選唐憲峰先生為本公司執行董事； 5. 重選應偉先生為本公司獨立非執行董事； 6. 重選李顏偉先生為本公司獨立非執行董事； 7. 重選鄭寶川女士 ...

此 乃 要 件 請 即 處 理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢股票經紀或其他持牌證券交易商、銀 行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有中升集團控股有限公司的股份，應立即將本通函連同隨附的代表委任 表格交予買主或承讓人，或經手買賣或轉讓的銀行、股票經紀或其他代理人，以便轉交買主或承讓 人。 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通函的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本通函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） 建議授出回購股份及 發行股份的一般授權 及 建議重選退任董事 及 股東周年大會通告 本通函內所有日期及時間均指香港日期及時間。 二零二五年四月三十日 中升集團控股有限公司謹訂於二零二五年六月二十日（星期五）上午十一時正假座香港灣仔港灣道30 號新鴻基中心18樓1803–09室舉行股東周年大會，大會通告載於本通函第20至24 ...

Customer Growth and Market Position - The active customer base increased by 10.7% to 4.19 million in 2024, with a three-year compound annual growth rate (CAGR) of 9.2% from 2022 to 2024[11]. - The number of service visits reached 8.05 million in 2024, achieving a three-year CAGR of 7.5%, highlighting robust growth in after-sales services despite flat new car sales[11]. - In key cities like Chengdu, Dalian, Nanjing, and Shenzhen, the active customer count grew by 10.2% to 950,000, translating into significant operational growth[11]. - The company holds a leading position with approximately 14.1% of luxury car brand users in these 32 cities, which account for 62.7% of the national luxury car user base[10]. - The company aims to enhance its brand positioning by deepening its market presence in the 32 strategic cities, which are crucial for high-end market integration[10]. After-Sales and Service Revenue - The after-sales service revenue reached RMB 22 billion in 2024, marking a year-on-year growth of 9.6% and a three-year compound growth rate of 10.8%[16]. - The average number of service visits for core after-sales services increased to 8.05 million, reflecting a 7.8% year-on-year growth[17]. - The daily maintenance service visits in these four cities increased by 6.7%, warranty service visits grew by 16.1%, and accident repair visits rose by 18.1%[11]. - The renewal policy and used car retail volumes in these cities also saw year-on-year increases of 21.1% and 17.6%, respectively[11]. Financial Performance - The company's revenue for the year ended December 31, 2024, was RMB 168,124.2 million, a decrease of RMB 11,165.9 million or 6.2% compared to the previous year[43]. - New car sales revenue was RMB 125,325.6 million, down RMB 14,889.3 million or 10.6% year-on-year, primarily due to a decline in new car sales volume and average selling prices[46]. - The gross profit for the year was RMB 10,671.9 million, a decrease of RMB 3,092.4 million or 22.5% compared to the previous year[46]. - The company reported a net profit of RMB 3,070.9 million for the year, down from RMB 4,990.9 million in the previous year[41]. - The proportion of revenue from new car sales decreased to 74.5% in 2024 from 78.2% in 2023, while used car sales increased to 9.2% from 7.8%[44]. Inventory and Capital Management - Inventory increased from RMB 16,366.1 million as of December 31, 2023, to RMB 18,476.9 million as of December 31, 2024, primarily due to a slight increase in new car turnover days[64]. - Average inventory turnover days increased from 31.2 days in 2023 to 35.1 days in 2024, indicating adjustments to inventory levels based on market changes[65]. - Total capital expenditure for the year was RMB 1,356.7 million, slightly down from RMB 1,426.5 million in the previous year[63]. Employee and Workforce Management - The total number of employees decreased from 31,180 as of December 31, 2023, to 26,357 as of December 31, 2024[68]. - The employee turnover rate for the year was 27.63%, with a total of 10,065 employees leaving, an increase of 118 from the previous year[108]. - Female employees account for 35.70% of the total workforce, with 17.28% in management roles and 31.25% in senior management positions as of December 31, 2024[105]. - The company provided training to 94.66% of male employees and 97.24% of female employees, with an average training duration of 27 hours for males and 29 hours for females[114]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to enhancing ESG governance and has established an ESG committee to oversee its development strategies and activities[78]. - The company aims to improve employee working conditions and conduct regular satisfaction surveys[87]. - The group emphasizes employee health and safety, adhering to relevant laws and regulations, with zero work-related fatalities and zero days lost due to work injuries in 2024[117]. - The group has established a standardized waste management system, focusing on recycling and proper disposal of hazardous waste[128]. - The group has developed a "climate change policy" to mitigate operational impacts and integrate climate change into its risk management system[132]. Corporate Governance - The board consists of a balanced mix of executive and non-executive directors, ensuring strong independence for effective decision-making[161]. - The company has established an independent board evaluation mechanism to enhance efficiency and identify areas for improvement[165]. - The board has set a measurable target to appoint at least one female director by December 31, 2024, and has already appointed two female directors as of March 27, 2024[177]. - The company has adopted a disclosure policy for inside information and established a shareholder communication policy to fulfill corporate governance responsibilities[190]. - The audit committee held a total of 2 meetings during the year ended December 31, 2024, to review interim and annual financial performance and reports[172].

Summary of the Earnings Call Company Overview - The call discusses the performance of Zhongsheng Group, a company focused on becoming a trusted automotive service brand in China, amidst a challenging market environment in 2024 [1][2]. Key Points Strategic Transformation - Zhongsheng Group is in the second year of its strategic transformation, aiming to establish itself as a leading automotive service brand [2]. - The company achieved new car sales of 485,000 units in 2024, maintaining a consistent sales volume over the past few years [2]. - The market share in luxury brands reached 14.1% in key cities, which includes both traditional luxury brands and new entrants [2]. Customer Engagement and Growth - The company has 3.5 million subscription customers, contributing to a nearly 40% increase in used car sales and over 8 million service visits [3]. - The local market density and customer engagement are emphasized as critical factors for success in the automotive service sector [3][4]. Market Trends - The automotive industry is shifting from a new car market to a focus on existing vehicle services, with 19 million luxury vehicles in 32 key cities [4][5]. - Consumer expectations for automotive services are rising, with repeat purchase rates increasing from 35% in 2016 to 74% in 2024 [6]. Operational Strategy - The company is shifting its operational focus from vehicle-centric to customer-centric approaches, utilizing digital tools to enhance service delivery [7][8]. - The strategy includes a focus on local market concentration and density to improve service opportunities and pricing power [11][12]. Financial Performance - The after-sales service segment has shown a consistent average growth rate of 15.4% over the past three years, contributing significantly to overall profitability [17]. - The company reported a total profit of 1.3 billion RMB from used car sales, despite a decrease in per-unit profit due to market fluctuations [21][22]. Debt and Liquidity Management - The company has seen a slight increase in total debt due to financing activities, but maintains a healthy debt structure with 72.7% of debt linked to daily operations and inventory [23][24]. - Cash reserves reached a historical high of 23 billion RMB, indicating strong liquidity [26]. Future Outlook - The management remains optimistic about the luxury car market's stability and the potential for profitability in new car sales, despite current competitive pressures [29][30]. - The company is exploring partnerships in the new energy vehicle sector, including collaborations with brands like AITO and Audi [35][39]. Additional Insights - The management acknowledges the challenges posed by intense competition among manufacturers and dealers, which has led to price instability [30][31]. - The focus on customer service and local market optimization is seen as a pathway to enhance profitability and market share in the long term [34][41]. Conclusion - Zhongsheng Group is navigating a complex automotive landscape with a clear focus on strategic transformation, customer engagement, and operational efficiency, positioning itself for future growth despite market challenges [1][2][3].

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） 李國強 張志誠 唐憲峰 于寧 周新 非執行董事 （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 錢少華 李顏偉 鄭寶川 – 1 – 陳豪賢 孫燕軍 獨立非執行董事 應偉 附註： C： 相關董事委員會主席 M： 相關董事委員會成員 香港，二零二五年四月八日 – 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 應偉 C 錢少華 MCM 李顏偉 鄭寶川 MM C ...

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。 中升集團控股有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事會（「董事 會」）宣佈，沈進軍先生（「沈先生」）因其打算投入更多時間履行其他事務已辭任本公 司獨立非執行董事、本公司審核委員會及薪酬委員會成員以及提名委員會主席，自 二零二五年四月八日起生效。 沈先生已確認，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。 董事會謹此對沈先生在任期間對本公司作出的寶貴貢獻深表謝意。 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)沈進軍先生已辭任本公司獨立非執行董事、本公司審核委員會及 薪酬委員會成員以及提名委員會主席；及(ii)鄭寶川女士已獲委任為本公司獨立 非執行董事、本公司審核委員會及薪酬委員會成員以及提名委員 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [7]. Core Views - The new car business is under pressure, while the after-sales service and used car business are developing steadily [7]. - The company achieved a revenue of 168.1 billion yuan in 2024, a year-on-year decrease of 6.2%, and a net profit of 3.21 billion yuan, down 36% year-on-year [7]. - The company focuses on key urban areas to enhance performance resilience and has opened 37 AITO stores in collaboration with Seres for its new energy vehicle business [7]. Financial Data and Forecast - Total revenue is projected to be 183.52 billion yuan in 2023, with a slight decline of 0.3% year-on-year, followed by a forecasted revenue of 168.12 billion yuan in 2024, down 6% [6]. - Net profit is expected to decrease significantly to 3.21 billion yuan in 2024, a 36% decline, before recovering to 3.77 billion yuan in 2025, representing a 17% increase [6]. - The company’s gross margin is forecasted to improve from 6.35% in 2024 to 11.91% by 2027 [6]. - Earnings per share (EPS) are projected to be 1.35 yuan in 2024, increasing to 2.49 yuan by 2027 [6]. Business Segments - The new car sales volume in 2024 is expected to be 485,000 units, a decrease of 3.2% year-on-year, with revenue from new car sales at 125.3 billion yuan, down 10.6% [7]. - The used car business is showing robust growth, with sales expected to reach 226,000 units in 2024, a year-on-year increase of 37.9%, contributing 15.4 billion yuan in revenue [7]. - After-sales service revenue is projected to reach 22 billion yuan in 2024, a 9.6% increase, marking a historical high [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12] Core Views - The company reported a revenue of 168.1 billion yuan in 2024, a year-on-year decrease of 6.2%, with a gross profit of 10.672 billion yuan, down 22.5% year-on-year, and a net profit attributable to shareholders of 3.212 billion yuan, down 36.0% year-on-year [6] - The company has a strong market position with 4.19 million active customers, a 10.7% year-on-year increase, and holds 14.1% of luxury car brand users in 32 major cities [6] - The company is expected to improve its market share despite industry challenges, with a focus on embracing new energy vehicles [6] Financial Performance Summary - In 2024, the company sold 485,300 new cars, a year-on-year decrease of 3.2%, with a gross loss of 3.208 billion yuan from new car sales [7] - The after-sales service revenue reached 22.001 billion yuan, a year-on-year increase of 9.6%, with a gross profit of 10.216 billion yuan, reflecting stable growth in after-sales business [8] - The company forecasts net profits of 3.519 billion yuan and 4.944 billion yuan for 2025 and 2026 respectively, with an estimated EPS of 1.5, 2.1, and 2.7 yuan for 2025, 2026, and 2027 [6][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12] Core Views - The company reported a revenue of 168.1 billion yuan in 2024, a year-over-year decrease of 6.2%. The gross profit was 10.672 billion yuan, down 22.5% year-over-year, and the net profit attributable to shareholders was 3.212 billion yuan, down 36.0% year-over-year. Despite these challenges, the company has a strong market position with 4.19 million active customers, a 10.7% year-over-year increase, and a leading share of 14.1% in luxury car brand users across 32 major cities [6][8] - The company has signed a preliminary agreement with Seres to discuss further cooperation in distributing its electric vehicles, indicating a proactive approach to embracing the new energy sector [6] - The company is expected to improve its market share despite the pressure on new car profits, with revised net profit forecasts for 2025-2026 at 3.519 billion yuan and 4.944 billion yuan, respectively, and a new forecast for 2027 at 6.439 billion yuan [6] Summary by Sections Financial Performance - In 2024, the company sold 482,000 new cars, a decrease of 3.2% year-over-year, with a gross loss of 3.208 billion yuan and a gross margin of -2.6%. The average loss per vehicle was approximately 6,600 yuan, showing signs of stabilization in losses [7] - The after-sales service revenue reached 22.001 billion yuan, a year-over-year increase of 9.6%, with a gross profit of 10.216 billion yuan and a gross margin of 46.4%. The number of after-sales service visits reached 8.05 million, a 7.8% year-over-year increase, indicating stable growth in after-sales services [8] Financial Summary and Valuation Metrics - The company’s projected financial metrics for 2025 include revenue of 174.4 billion yuan, net profit of 3.519 billion yuan, and an EPS of 1.5 yuan. The corresponding P/E ratios are 8.9, 6.3, and 4.9 for the years 2025, 2026, and 2027, respectively [9]

去年11月，位居国内汽车经销商百强榜首的中升集团关闭了旗下50家4S店，翻牌问界、鸿蒙智行等新能源品牌，引发了行业震动。关闭 的门店涉及奔驰、宝马、雷克萨斯等豪华品牌，而奥迪也在其中。然而，时至3月11日，在春回大地之际，一汽奥迪与中升的"感情"也出现回 暖。双方新签署的战略合作协议显示，一汽奥迪与中升集团计划在2025年内协同新建至少10家新网点。 与此同时，有消息传出，中升集团自购1000辆问界M9，用于为客户维修期间提供代步车。除问界门店外，还服务于奔驰、宝马、奥迪等品牌 4S店。 不过2025年1月初，一汽奥迪就发布了新增5个批次、16个新增网点招募信息。计划第一季度新增10家经销商门店，全年新增40家网点。紧接着 1月中旬，郴州兰天南奥、绍兴德奥、杭州萧山奥通等多家新店已陆续实现开业。 奥迪的底气来自不错的销量。数据显示，2024年一汽奥迪销量为61.11万辆，其中国产燃油车为55.01万辆，重夺国产燃油豪华车领域第一名。 年初，上任不久的一汽奥迪董事长陈彬走访了超过30家经销商集团，深入了解经营状况。得益于高效的渠道策略调整，在市场变动剧烈的背景 下，2024年一汽奥迪的经销商约60％实现盈利，大 ...