China MeiDong Auto Holdings Limited 中 國 美 東 汽 車 控 股 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) (Stock code 股 份 代 號：1268) （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） NOTIFICATION LETTER 通知信函 30 September 2025 Dear Non-registered Shareholder(s) (Note 1) , China MeiDong Auto Holdings Limited (the "Company") – Notification of publication of 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are available on t ...

Dear Registered Shareholders. China MeiDong Auto Holdings Limited 中 國 美 東 汽 車 控 股 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) (Stock code 股 份 代 號：1268) （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） NOTIFICATION LETTER 通知信函 30 September 2025 China MeiDong Auto Holdings Limited (the "Company") – Notification of publication of 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are now available on the Company's ...

中期報告 2025 China MeiDong Auto Holdings Limited 中國美東汽車控股有限公司 （於開曼群島註冊成立之有限公司） 股份代號：1268 目 錄 2 公司資料 4 管理層討論及分析 21 其他資料 34 中期財務報告之審閱報告 36 合併全面收益表 38 合併財務狀況表 40 合併權益變動表 42 簡明合併現金流量表 44 未經審核中期財務報告附註 公司資料 董事會 執行董事 葉 帆 （主席） 葉 濤 （行政總裁） 羅劉玉 獨立非執行董事 陳規易 王 炬 杜紹麟 授權代表 葉 濤 陳 焯 墁，ACG (CS, CGP), HKACG (CS, CGP) 公司秘書 陳 焯 墁，ACG (CS, CGP), HKACG (CS, CGP) 審核委員會 杜紹麟 （主席） 陳規易 王 炬 薪酬委員會 王 炬 （主席） 陳規易 杜紹麟 提名委員會 葉 帆 （主席） 杜紹麟 王 炬 羅劉玉 （於二零二五年 八月二十七日獲委任） 陳規易 （於二零二五年 八月二十七日獲委任） 註冊辦事處 Cricket Square Hutchins Drive PO Box 2681 Grand Caym ...

Group 1: Industry Overview - Morgan Stanley reports that capacity reductions in the mainland automotive industry are driving industry consolidation, with luxury car dealers expected to benefit first [1] - It is anticipated that from 2025 to 2026, there will be an acceleration in dealership closures, as the overall profit margin for new cars fell below 1% in the first half of this year, making it unattractive for small dealers [1] - Automakers plan to reduce their dealership networks in mainland China by 10% to 30% by the end of 2026, which will favor financially stable dealers [1] Group 2: Company Insights - Zhongsheng Holdings (00881) is expected to continue dominating the automotive accident repair business, while independent repair shops like Tuhu-W (09690) will capture market share in maintenance and minor repairs [1] - Excluding the pandemic impact from 2020 to 2021, Zhongsheng Holdings' repair service gross profit has a compound annual growth rate of 14% from 2017 to 2024, which is expected to support core profitability in the future [1] - After four years of a downward cycle, Zhongsheng Holdings is believed to be at a turning point, with a projected 67% year-on-year rebound in profit to 4 billion RMB by 2026, driven by the recovery of new car profit margins and increased market share in accident repair [1] Group 3: Financial Projections - The decline in capital expenditure needs suggests that the expected dividend yield of 5% in 2026 still has upside potential; the target price for Zhongsheng Holdings has been raised from 15 HKD to 21 HKD with an upgrade to "overweight" rating [1] - Tuhu is also rated "overweight," with an expected compound annual growth rate of 25% in earnings from 2025 to 2027, based on user growth in its app and expansion of franchise stores; the target price has been increased from 20 HKD to 23 HKD [2] - For Meidong Automotive (01268), the target price has been lowered from 2.2 HKD to 2.1 HKD, maintaining a "market perform" rating [2]

Core Viewpoint - The domestic automotive circulation industry in China is facing intensified market competition and uneven consumer recovery in the first half of 2025, leading to significant challenges for dealers and a notable decline in performance across major groups [1] Group 1: Industry Performance - Only 30.3% of dealers achieved their sales targets in the first half of 2025, with a loss ratio rising to 52.6% [1] - 74.4% of dealers experienced varying degrees of price inversion, resulting in a situation where sales volume increased but revenue and profits did not [1] - Major listed dealer groups are experiencing exacerbated losses, with performance significantly diverging, highlighting the importance of the new energy vehicle (NEV) business as a key variable [1] Group 2: Financial Results of Major Dealers - Zhongsheng Holdings (00881.HK) reported a revenue of 77.322 billion yuan, a year-on-year decrease of 6.2%, and a net profit of 1.011 billion yuan, down 36% [2] - New car sales revenue for Zhongsheng was 57.931 billion yuan, down 4.7%, with new car sales volume at 228,600 units, a decrease of 1.7% [2] - Yongda Automotive (03669.HK) saw a revenue of 27.072 billion yuan, down 12.8%, and a net loss of 3.33 billion yuan, compared to a net profit of 110 million yuan last year [3] - Yongda's new car sales volume was 72,501 units, down 13.4%, with new car sales and related services revenue at 20.532 billion yuan, a decline of 14.4% [3] - Meidong Automotive (01268.HK) reported a revenue of 10.135 billion yuan, down 4.9%, and a net loss of approximately 815 million yuan, a nearly 30-fold increase from the previous year [3] Group 3: Strategic Adjustments and Opportunities - Dealers are actively adjusting their structures and shifting focus towards new energy vehicles, which have become a significant growth engine [4] - Zhongsheng noted that the AITO brand contributed to sales with 11,000 units sold, partially offsetting declines in other brands [4] - Yongda's independent NEV brand sales reached 10,312 units, a substantial increase of 49%, with nearly 6,000 orders retained for future growth [4] - The after-sales service remains a stable profit source, with Yongda's after-sales service revenue at 4.784 billion yuan, and NEV repair income rising by 75.8% [5] - Both Zhongsheng and Yongda anticipate ongoing competition but also see structural opportunities in the electric transformation of the industry and the growing after-sales market [5]

截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 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 公司名稱: 中國美東汽車控股有限公司 呈交日期: 2025年9月4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) | 01268 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 20,000,000,000 | HKD | | 0.1 HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | 0 | | HKD | | 0 | | 本月底結存 | | 20,000,000,000 | HKD | | 0.1 HKD | | 2,000,000,000 | 本月底法定/註冊股本總額： HKD 2,000,000,000 FF ...

Performance Summary - China People's Insurance Group reported revenue of 324.12 billion yuan, a year-on-year increase of 10.87%, and a net profit of 26.67 billion yuan, up 13.98% [1] - China Life Insurance recorded revenue of 239.49 billion yuan, a 2.2% increase, with a net profit of 40.93 billion yuan, growing by 6.9% [1] - CNOOC's revenue was approximately 207.61 billion yuan, down 8.45%, with net profit around 69.5 billion yuan, a decrease of 13% [2] - Meituan's revenue reached 178.40 billion yuan, up 14.7%, but adjusted net profit fell by 41% to 12.44 billion yuan [3] - CITIC Bank's revenue was 105.43 billion yuan, down 2.96%, while net profit increased by 2.8% to 36.48 billion yuan [3] - Fosun International's revenue decreased by 10.8% to 87.28 billion yuan, with net profit down 8.2% to 0.66 billion yuan [3] - New Hope Energy reported revenue of 55.67 billion yuan, a 2% increase, but net profit decreased by 5.6% to 2.43 billion yuan [4] - China Cinda's revenue was 34.36 billion yuan, down 2%, while net profit increased by 5.8% to 2.28 billion yuan [5] - China Orient Group's revenue decreased by 12% to 19.86 billion yuan, but net profit surged by 116% to 0.20 billion yuan [6] - Shimao Group's revenue fell by 49% to 14.80 billion yuan, with a net loss of 8.93 billion yuan, narrowing by 61% [7] - Chongqing Steel's revenue was approximately 13.08 billion yuan, down 13.26%, with a net loss of 0.13 billion yuan, narrowing by 81% [8] - United Group's revenue increased by 197.3% to 12.08 billion yuan, with a net profit of 1.69 billion yuan, reversing from a loss of 0.21 billion yuan [9] - Chow Sang Sang's revenue decreased by 2.5% to 11.04 billion yuan, while net profit increased by 71.4% to 0.90 billion yuan [10] - Tianhong International's revenue was 11.03 billion yuan, down 1.86%, with net profit rising by 53.33% to 0.42 billion yuan [11] - Meidong Automotive's revenue fell by 4.9% to 10.14 billion yuan, with a net loss of approximately 0.82 billion yuan, expanding by about 29 times [12] - Jian Sha Tsui's revenue was 8.24 billion yuan, down 6.6%, with net profit of 2.33 billion yuan, a decrease of 7.06% [13] - Sino Land's revenue decreased by 6.64% to 8.18 billion yuan, with net profit down 8.7% to 4.02 billion yuan [14] - Xinyi International's revenue was 8.10 billion yuan, down 5.7%, with net profit of 0.14 billion yuan, a decrease of 19.22% [15] - Fuyao Glass reported revenue of approximately 7.74 billion yuan, down 27.7%, with net profit of approximately 0.26 billion yuan, a decrease of 82.6% [16] - Tianjin Port Development's revenue increased by 3% to 6.95 billion yuan, while net profit decreased by 17.3% to 0.35 billion yuan [17] - Guotai Junan International's revenue was approximately 2.83 billion yuan, up 30%, with net profit of approximately 0.55 billion yuan, a growth of 182% [21] - IGG's revenue decreased by 0.5% to 2.72 billion yuan, with net profit down 2.85% to 0.32 billion yuan [22] - China Aircraft Leasing's revenue was 2.40 billion yuan, down 4.86%, while net profit increased by 6.66% to 0.14 billion yuan [22] - China Orient Education's revenue increased by 10.2% to 2.19 billion yuan, with net profit rising by 48.4% to 0.40 billion yuan [23] Corporate News - China Shengmu signed a new procurement framework agreement with Yiyingmei Dairy for milk powder [24] - Rongchang Bio's clinical trial for Taitasip in treating IgA nephropathy reached its primary endpoint in Phase III [24] - China Huaxing's Bagua City project is expected to start construction in October, with completion by the end of 2026 [24] Buyback Activities - Tencent Holdings repurchased 909,000 shares for 550 million HKD at prices between 596-614.5 HKD [24] - HSBC repurchased 1.5472 million shares for approximately 156 million HKD at prices between 100.2-101.5 HKD [24] - Hang Seng Bank repurchased 210,000 shares for approximately 23.49 million HKD at prices between 111.5-112.2 HKD [24] - MGM China repurchased 1 million shares for approximately 16.02 million HKD at prices between 15.92-16.13 HKD [24]

Core Viewpoint - The company reported a decline in revenue and significant losses for the six months ending June 30, 2025, indicating ongoing financial challenges [1] Financial Performance - Revenue for the period was RMB 10,134.7 million, a decrease of 4.9% compared to the same period in 2024 [1] - Gross profit for the period was RMB 475.7 million, down 41.0% from the previous year [1] - The gross profit margin was recorded at 4.7% [1] - The company recognized a non-cash impairment of goodwill and intangible assets related to automotive dealership rights totaling RMB 867.9 million [1] - The net loss for the period amounted to RMB 818.2 million [1]

Core Insights - Meidong Automobile (01268) reported a mid-year performance for 2025, with revenue of RMB 10.135 billion, a year-on-year decline of 4.9% [1] - Gross profit was approximately RMB 476 million, representing a year-on-year decrease of 41.0% [1] - The company's loss attributable to equity shareholders was about RMB 815 million, an increase of 29.17 times year-on-year; the loss per share was 60.51 cents [1] Financial Performance - Revenue decreased to RMB 10.135 billion, down 4.9% compared to the previous year [1] - Gross profit fell to approximately RMB 476 million, a significant drop of 41.0% year-on-year [1] - The loss attributable to equity shareholders expanded to approximately RMB 815 million, marking a dramatic increase of 29.17 times year-on-year [1] - Loss per share was reported at 60.51 cents [1] Factors Influencing Performance - The increase in losses was primarily driven by pressure on gross margins from new passenger vehicle sales and impairments related to goodwill and dealership rights [1]

Group 1 - The core viewpoint of the article indicates that Meidong Automobile (01268) reported a decline in mid-term performance for 2025, with revenue of RMB 10.135 billion, a year-on-year decrease of 4.9% [1] - The gross profit was approximately RMB 476 million, reflecting a significant year-on-year decline of 41.0% [1] - The company reported a loss attributable to equity shareholders of approximately RMB 815 million, which represents a dramatic year-on-year increase of 29.17 times; the loss per share was 60.51 cents [1] Group 2 - The announcement attributes the increase in losses primarily to the pressure on gross profit from new passenger vehicle sales, as well as impairment of goodwill and dealer rights [1]