Core Viewpoint - The automotive stocks have collectively declined, with significant drops observed in companies like Xpeng Motors, Li Auto, and Great Wall Motors, amidst new government policies regarding tax exemptions for new energy vehicles [1] Group 1: Stock Performance - Xpeng Motors-W (09868) fell by 4.51%, trading at HKD 86.75 [1] - Li Auto-W (02015) decreased by 2.91%, trading at HKD 91.85 [1] - Brilliance China (01114) dropped by 3.12%, trading at HKD 4.04 [1] - Great Wall Motors (02333) saw a slight decline of 0.42%, trading at HKD 16.65 [1] Group 2: Government Policy Impact - On October 9, the Ministry of Industry and Information Technology, Ministry of Finance, and State Taxation Administration jointly announced new technical standards for the exemption of vehicle purchase tax for new energy vehicles for 2026-2027 [1] - The new policy specifies updated technical requirements for pure electric passenger vehicles and plug-in hybrid passenger vehicles, particularly highlighting that plug-in hybrid vehicles must have an electric range of no less than 100 kilometers [1] Group 3: Market Outlook - According to a recent report by Shenwan Hongyuan, the fourth batch of "trade-in" funds has been allocated, indicating that automotive subsidies are nearing their end [1] - Starting next year, the exemption policy for new energy vehicles will be replaced by a 50% tax reduction, resulting in an additional tax cost of up to 15,000 yuan per vehicle for consumers purchasing models priced over 300,000 yuan, which may lead to a surge in market demand in the fourth quarter as consumers rush to purchase before the policy change [1]

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: Brilliance China Automotive Holdings Limited (於百慕達註冊成立之有限公司) 呈交日期: 2025年10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) | 01114 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 8,000,000,000 | USD | | 0.01 USD | | 80,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 8,000,000,000 | USD | | 0.0 ...

Core Viewpoint - Brilliance China Automotive Holdings Limited reported an increase in revenue for the first half of 2025, but experienced a decline in profit due to rising costs and increased market competition [2][4]. Financial Performance - Revenue for the first half of 2025 reached 5.62 billion RMB, an increase of 8.4% compared to 5.18 billion RMB in the same period of 2024 [2][3]. - Gross profit decreased to 93.48 million RMB, down 9.7% from 103.55 million RMB in the first half of 2024, with the gross margin falling from 20.0% to 16.6% [2][3]. - The company's net profit for the period was 1.65 billion RMB, up from 1.47 billion RMB in the previous year [4]. Cost Structure - Sales costs increased by 13.0%, rising from 4.14 billion RMB in 2024 to 4.68 billion RMB in 2025 [3]. - Selling expenses surged by 167.2%, from 12.46 million RMB to 33.44 million RMB [3]. - General and administrative expenses rose by 58.5%, from 176.59 million RMB to 279.90 million RMB [3]. Investment and Financial Position - The company invested 700 million RMB, holding a 50% equity interest in a joint venture [4]. - Cash and cash equivalents decreased from 10.54 billion RMB at the end of 2024 to 5.86 billion RMB by June 30, 2025 [4]. - Short-term bank borrowings fell from 330 million RMB to 130 million RMB during the same period [4]. Market Dynamics - The total sales of Brilliance BMW decreased by 16.7% in the first half of 2025, with local sales and exports recorded at 260,455 units and 1,550 units, respectively [4].

Group 1 - Hong Kong automotive stocks rose against the trend, with XPeng Motors leading with a peak increase of over 8%, followed by Chery with over 5%, and NIO with nearly 3% [1] - According to a report by CICC, the transformation of China's automotive industry towards electric and intelligent vehicles is nearly complete, with expectations for the penetration rate of new energy vehicles in China to exceed 50% by 2025 [1] - By 2030, it is anticipated that Chinese domestic brands will achieve a production scale of nearly 30 million vehicles globally, with several companies potentially producing over 5 million vehicles annually [1] Group 2 - XPeng Motors announced its official entry into five European markets: Switzerland, Austria, Hungary, Slovenia, and Croatia, and signed a quantum security technology cooperation agreement with Alibaba Cloud [1] - Chery has achieved several significant milestones this year, including being the top exporter of Chinese automobiles, leading in SUV market share, and having the fastest growth in the Fortune Global 500 rankings [1] - BYD is intensifying its efforts to expand into the German market, the largest automotive market in Europe, by hiring senior executives to strengthen its operations [1]

(Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code 股份代號: 1114) 25 September 2025 Dear non-registered shareholder(s), Brilliance China Automotive Holdings Limited (the "Company") – Notice of Publication of 2025 Interim Report (the "Current Corporate Communication") The Current Corporate Communication of the Company has been published in English and Chinese languages and are available on the website of The Stock Exchange of Hong Kong Limited ("HKEX") at www.hkexnews.hk and the Compan ...

BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LIMITED （華晨中國汽車控股有限公司）* (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code 股份代號: 1114) 25 September 2025 To ensure timely receipt of the latest Corporate Communications, the Company recommends you to provide your email address by scanning your personalized QR code printed on the enclosed reply form (the "Reply Form"). Alternatively, you may sign and return the Reply Form to the Share Registrar. Please make sure your email address provided to us ...

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 4,561,692 thousand, a significant increase from RMB 518,038 thousand in the same period of 2024, representing a growth of approximately 782%[4] - Gross profit for the same period was RMB 93,478 thousand, down from RMB 103,552 thousand in 2024, indicating a decrease of about 9.9%[4] - Net profit for the period was RMB 1,654,217 thousand, compared to RMB 1,465,637 thousand in 2024, reflecting an increase of approximately 12.9%[4] - Basic and diluted earnings per share increased to RMB 0.33723 from RMB 0.29201, marking a growth of about 15.5%[4] - Total comprehensive income for the period was RMB 3,243,017 thousand, up from RMB 1,196,013 thousand in 2024, representing a growth of approximately 171.5%[6] - Total revenue for the period was RMB 561,692 thousand, representing a 8.4% increase compared to RMB 518,038 thousand in the same period of 2024[19] - The pre-tax profit before income tax expenses for the same period was RMB 1,906,261 thousand, reflecting a significant performance in the financial services segment[22] - Unreviewed profit before tax decreased by 35.1% from RMB 2,937,800,000 in the first half of 2024 to RMB 1,906,300,000 in the first half of 2025[89] Cash Flow and Liquidity - Cash and cash equivalents decreased to RMB 5,857,011 thousand from RMB 10,539,550 thousand, a decline of about 44.4%[7] - For the six months ended June 30, 2025, the net cash used in operating activities was RMB (257,757) thousand, a significant improvement from RMB (675,034) thousand in the same period of 2024[12] - The net cash generated from investing activities was RMB 527,525 thousand, compared to RMB 5,433,600 thousand in the previous year, indicating a decrease in investment inflows[12] - The net cash used in financing activities was RMB (4,952,307) thousand, down from RMB (8,258,244) thousand in 2024, reflecting a reduction in financing outflows[12] - As of June 30, 2025, cash and cash equivalents decreased to RMB 5,857,011 thousand from RMB 27,346,117 thousand at the beginning of the year[12] Assets and Liabilities - Total assets less current liabilities amounted to RMB 25,770,919 thousand, down from RMB 27,270,066 thousand in 2024, indicating a decrease of approximately 5.5%[8] - The total assets as of June 30, 2025, amounted to RMB 27,406,376 thousand, with manufacturing and sales assets accounting for RMB 11,910,293 thousand[24] - The total liabilities for the same date were RMB 1,804,155 thousand, with manufacturing and sales liabilities at RMB 1,595,858 thousand[24] - The company’s equity attributable to shareholders decreased to RMB 24,612,505 thousand from RMB 26,060,978 thousand, reflecting a decline of about 5.5%[8] - The total current liabilities as of June 30, 2025, were RMB 448,513,000, compared to RMB 408,187,000 as of December 31, 2024, indicating an increase of about 9.8%[59] Investments and Joint Ventures - The Group invested RMB 240,000,000 in Shenyang Hydrogen Energy Technology Co., Ltd., acquiring a 48% stake[36] - The company entered into a joint venture agreement to acquire 50% equity in Yuxin Intelligent Technology (Shenyang) Co., Ltd. for a cash consideration of RMB 700 million[40] - The company reported revenue from the joint venture of RMB 9,883,000 for the six months ended June 30, 2025, with a loss of RMB 23,166,000 during the same period[42] - The joint venture Yuxin, established with TCL Ningbo, focuses on developing and manufacturing smart cockpit and display components, with the company holding a 50% stake valued at RMB 688.4 million as of June 30, 2025[105] Shareholder Information - The major shareholder of the company is Shenyang Automotive Group Co., Ltd., holding a 29.99% equity interest[13] - Major shareholders include Shenyang San Shi Automotive Industry Development Co., Ltd., holding 1,512,875,802 shares, representing 29.99%[123] - First Beijing Investment Limited holds 253,116,000 shares as a beneficial owner[126] - The company has issued a total of 5,045,269,388 shares[125] Employee and Operational Costs - Employee costs, including directors' remuneration, totaled RMB 145,550 thousand for the six months ended June 30, 2025, compared to RMB 116,157 thousand in the previous year[28] - The employee count increased from 1,400 to approximately 1,890, with total employee costs for the first half of 2025 amounting to RMB 145.6 million, up from RMB 116.2 million in the same period last year[112] Market and Sales Performance - Total domestic sales of BMW vehicles by Brilliance BMW fell by 16.7% to 260,455 units in the first half of 2025 from 312,730 units in the same period of 2024[87] - The Chinese automotive market saw a total sales increase of 11.4% to 15.653 million vehicles in the first half of 2025, with NEV sales rising by 40.3%[90] - The company is preparing to start production of the "Neue Klasse" model in 2026, with over 300 test vehicles undergoing rigorous certification across more than 400 cities in China[91] Compliance and Governance - The company is committed to maintaining compliance with the revised Hong Kong Financial Reporting Standards, which are expected to have no significant impact on its financial performance[16] - The company has complied with all provisions of the Corporate Governance Code, except for the separation of roles between the Chairman and CEO, which is currently held by Mr. Zhang Yue[134]

Group 1 - As of September 19, 93 stocks reached their 52-week highs, with Huake Intelligent Investment (01140), Xincheng Power (01148), and Huashang Energy (00206) leading the increase rates at 22.30%, 20.00%, and 17.65% respectively [1] - The closing prices for the top three stocks that reached new highs are Huake Intelligent Investment at 0.170, Xincheng Power at 0.300, and Huashang Energy at 0.305 [1] - Other notable stocks that reached new highs include Handa Fu Holdings (01348) with a high rate of 16.89% and Meijiehui Holdings (01389) at 13.75% [1] Group 2 - The report also lists stocks that reached their 52-week lows, with Shanga Holdings (00412) experiencing the largest decline at -34.98%, followed by Huaying Construction (01582) at -21.47% [3] - The closing price for Shanga Holdings is 3.360, while Huaying Construction closed at 0.360 [3] - Other stocks with significant declines include China Information Technology Equity (08568) at -17.74% and Tai Hing Properties (00277) at -11.90% [3]

Group 1 - Hong Kong Stock Exchange data shows that on September 5, shareholders of Brilliance China (01114) transferred stocks from Hong Kong Stock Connect (Shanghai) to HSBC Hong Kong, with a transfer market value of 335 million HKD, accounting for 2.01% [1] - Brilliance China's mid-term results for 2025 indicate that the company achieved revenue of 562 million RMB, an increase of 8.43% year-on-year; net profit attributable to shareholders was 1.701 billion RMB, up 15.49% year-on-year; basic earnings per share were 0.33723 RMB; and a mid-term dividend of 0.8 HKD per share is proposed [1] - BMW Group announced that the new generation first mass-produced model, BMW iX3, will have its global premiere tomorrow, with the China-exclusive version set to be produced domestically in 2026 [1]

Core Viewpoint - The article highlights the recent stock transfer of Huachen China and its mid-term financial performance, along with the announcement of BMW's new electric vehicle model [1] Group 1: Huachen China - On September 5, Huachen China's shareholder transferred stocks worth HKD 335 million from the Hong Kong Stock Connect (Shanghai) to HSBC Hong Kong, representing 2.01% of the total [1] - For the mid-term results of 2025, Huachen China reported revenue of RMB 562 million, an increase of 8.43% year-on-year [1] - The company's net profit attributable to shareholders was RMB 1.701 billion, reflecting a year-on-year increase of 15.49% [1] - Basic earnings per share were reported at RMB 0.33723, and the company proposed an interim dividend of HKD 0.8 per share [1] Group 2: BMW Group - BMW Group announced that its first mass-produced model of the new generation, the BMW iX3, will have its global premiere tomorrow [1] - The China-exclusive version of the BMW iX3 is set to be produced domestically in 2026 [1]