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 ...

Core Viewpoint - Zhongsheng Holdings (00881) reported a total revenue of 168.12 billion yuan for the year ending December 31, 2024, representing a year-on-year decrease of 6.2% [1] - The company faced challenges in new car sales, leading to a decline in profitability, while used car sales and after-sales services showed growth [1][2] Financial Performance - Total revenue decreased to 168.12 billion yuan, down 6.2% year-on-year [1] - Profit attributable to equity holders was 3.21 billion yuan, a decrease of 36% year-on-year [1] - Basic earnings per share were 1.35 yuan, with a proposed final dividend of 0.678 Hong Kong dollars per share [1] Sales Breakdown - New car sales revenue was 125.33 billion yuan, a decline of 14.89 billion yuan or 10.6% year-on-year, attributed to a drop in new car sales volume and average selling prices [1] - Used car sales revenue reached 15.42 billion yuan, an increase of 1.43 billion yuan or 10.2% year-on-year, driven by higher sales volume despite a decrease in average selling prices [1] - After-sales service revenue was 22.00 billion yuan, an increase of 1.93 billion yuan or 9.6% year-on-year, mainly due to an increase in service visits [1] Market Dynamics - In 2024, new car sales volume was 485,000 units, slightly down from 502,000 units the previous year, reflecting market volatility [2] - The industry faced challenges with negative gross margins in new car sales due to pricing pressures and delayed manufacturer subsidies [2] - Zhongsheng is focusing on maintaining local business concentration and market share to navigate cash flow issues and optimize brand and regional structures for future growth opportunities [2]

EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 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沈進軍先生、應偉先生、錢少華先生及李顏偉先生。 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 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 | | | --- | --- | | 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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 中升集團控股有限公司 | | 股份代號 | 00881 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至二零二四年十二月三十一日止年度之末期股息 | | | 公告日期 | 2025年3月28日 | | 公告狀態 | 新公告 | | 股息信息 ...

Financial Performance - For the fiscal year ending December 31, 2024, the total revenue decreased by 6.2% to RMB 168,124.2 million compared to RMB 179,290.1 million in 2023[2]. - The overall net profit for the year was RMB 3,070.9 million, a decline of 38.5% from RMB 4,990.9 million in 2023[3]. - Gross profit for the year was RMB 10,671.9 million, a decline of RMB 3,092.4 million or 22.5% compared to the previous year[27]. - The operating profit was RMB 5,674.5 million, a decrease of RMB 2,665.2 million or 32.0% compared to the previous year[34]. - The company recorded a net profit of RMB 3,070.9 million for the year, a decrease of RMB 1,920.0 million or 38.5% compared to the previous year[23]. - Basic earnings per share for the year was RMB 1.35, down from RMB 2.09 in 2023, reflecting a decline of 35.4%[67]. - The total tax expense for 2024 was RMB 1.03 billion, down from RMB 1.84 billion in 2023, indicating a reduction of about 44%[91]. Sales and Market Performance - New car sales volume fell by 3.2% to 485,307 units, while luxury brand sales decreased by 3.7% to 293,370 units[3]. - The number of used car sales surged by 37.9% to 226,231 units, indicating a strong performance in the used car market[3]. - New car sales revenue was RMB 125,325.6 million, down RMB 14,889.3 million or 10.6%, primarily due to a decline in new car sales volume and average selling prices[24]. - Used car sales revenue increased to RMB 15,417.3 million, up RMB 1,432.5 million or 10.2%, driven by higher sales volume despite a decrease in average selling prices[24]. - The sales volume of new cars priced above RMB 400,000 decreased by nearly 300,000 units to 1 million units, accounting for 4.5% of total sales[19]. - The retail sales of automobiles in 2024 showed a slight increase of approximately 1.0%, indicating downward pressure on car prices[19]. Customer Engagement and Services - Active customer count increased by 10.7% to 4.19 million, with a three-year compound annual growth rate (CAGR) of 9.2% from 2022 to 2024[6]. - In key strategic cities, the active customer base grew by 10.2%, with significant increases in service visits: maintenance up 6.7%, warranty services up 16.1%, and accident repairs up 18.1%[7]. - The company processed 8.05 million core after-sales service entries, marking a 7.8% increase from the previous year, with a three-year CAGR of 7.5%[12]. - The company provided nearly 8 million car wash services in 2024, enhancing customer engagement and service value[13]. Strategic Initiatives and Future Outlook - The company emphasizes a strategic transformation to become a well-known quality automotive service provider in China, focusing on customer-centric services[4]. - The company is strategically positioned to capitalize on the growing demand for high-quality automotive services in the post-market sector[22]. - Forward-looking statements regarding business outlook and financial performance are based on existing data and assumptions, subject to risks and uncertainties[116]. Dividends and Shareholder Information - The company plans to distribute a final dividend of HKD 0.678 per share, pending shareholder approval at the annual general meeting[3]. - The proposed final dividend for 2024 is HKD 0.678 per share, equivalent to approximately RMB 0.634, compared to HKD 0.797 in 2023[102]. - The total proposed final dividend for 2024 amounts to HKD 1,604 million, approximately RMB 1,500 million[112]. Operational Efficiency and Cost Management - Selling and distribution expenses were RMB 7,552.6 million, a decrease of RMB 184.3 million or 2.4% compared to the previous year[31]. - Administrative expenses were RMB 2,229.2 million, down RMB 189.4 million or 7.8% year-over-year due to cost control measures[32]. - The company has no significant acquisitions or future investment plans as of December 31, 2024[60][61]. Inventory and Capital Management - Inventory increased from RMB 16,366.1 million to RMB 18,476.9 million due to a slight increase in new car turnover days[56]. - Average inventory turnover days increased from 31.2 days in 2023 to 35.1 days in 2024, indicating adjustments to inventory levels[57]. - Total capital expenditure for the year ending December 31, 2024, is RMB 1,356.7 million, a decrease from RMB 1,426.5 million in the previous year[55]. Debt and Financing - The company issued zero-coupon convertible bonds with a principal amount of HKD 4,560 million, maturing in 2025, with a conversion price adjusted to HKD 43.88 per share effective from July 4, 2024[49]. - The company issued a total of $450 million 3.00% bonds due in 2026, with a purchase offer made at $966 per $1,000 principal[51]. - The bank loans and other borrowings as of December 31, 2024, amounted to RMB 32,039.2 million, an increase from RMB 28,372.8 million the previous year[46]. Employee and Governance - The number of employees decreased from 31,180 in 2023 to 26,357 in 2024, a reduction of about 15.5%[109]. - The company expressed gratitude to employees and stakeholders for their unwavering support and dedication[115]. - The company has adopted corporate governance codes and has complied with them throughout the reporting period[104].

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」）茲通告謹定於二零二五年三月 二十八日（星期五）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 屬公司截至二零二四年十二月三十一日止的全年業績及建議派發末期股息（如有）。 承董事會命 中升集團控股有限公司 主席 黃毅 香港，二零二五年三月十八日 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沈進軍先生、應偉先生、錢少華先生及李顏偉先生。 ...

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） 自願公告 擬就拓展經銷網絡與一汽奧迪銷售有限責任公司建立戰略合作夥伴關係 本公告乃由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」）之 董事會（「董事會」）自願刊發，以向其股東及潛在投資者提供有關本集團最新業務發 展的更新資料。 擬與一汽奧迪建立戰略合作夥伴關係 根據諒解備忘錄，本集團與一汽奧迪擬於二零二五年內新建10家以上經銷網點，以 强化一汽奧迪在中國的經銷網絡。本集團與一汽奧迪亦將於新能源發展、新業務場 景落地等領域緊密合作，旨在為彼等客戶提供更優質、更多樣的體驗。 – 1 – 一般事項 諒解備忘錄僅為本公司與一汽奧迪間訂立的諒解備忘錄。諒解備忘錄項下擬進行的 交易的實施須待最終訂立最終協議後，方可作實，且未必會如本公告所述落實或甚 至 ...

Investment Rating - The report assigns a "Buy" rating for Zhongsheng Holdings (00881.HK) for the first time [4]. Core Views - Zhongsheng Holdings is a leading automotive dealer in China, focusing on luxury and mid-to-high-end brands, with a strategic shift towards new energy vehicles (NEVs) [4][22]. - The company is expected to see revenue growth from 2024 to 2026, with projected revenues of 1794.76 billion, 1841.02 billion, and 1807.36 billion CNY respectively, and net profits of 25.45 billion, 31.64 billion, and 49.40 billion CNY [4]. - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 11.0, 8.9, and 5.7 respectively, indicating attractive valuation compared to peers [4]. Summary by Sections Company Overview - Zhongsheng Holdings ranks first in the 2024 list of China's top automotive dealers, with a focus on luxury brands such as Mercedes-Benz and Lexus [4][22]. - The company operates 419 4S dealerships across 32 major cities in China, providing comprehensive automotive services [23]. Financial Performance - In the first half of 2024, Zhongsheng achieved a revenue of 824.21 billion CNY, with a year-on-year growth of 0.6%. However, new car sales revenue decreased by 5.8% due to price competition [31]. - The net profit for the same period was 15.8 billion CNY, reflecting a significant decline of 47.5% year-on-year, primarily due to reduced gross margins from new car sales [33]. Business Segments - New car sales faced challenges, with a gross margin of -3.3% in the first half of 2024, marking the first loss in this segment [5][37]. - The after-sales and used car segments showed resilience, with after-sales revenue growing by 9.3% and used car revenue increasing by 61.6% year-on-year [31][37]. Market Position and Strategy - Zhongsheng is transitioning towards new energy vehicle sales, having partnered with Seres to enhance its offerings in this growing market [4][22]. - The company aims to improve operational efficiency through centralized management, which has already led to significant growth in after-sales and used car businesses [6][31].