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 | 中國美東汽車控股有限公司 | | 股份代號 | 01268 | | 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的末期股息 | | 公告日期 | 2025年3月26日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 匯率, 派息金額及公司預設派發貨幣更新 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2024年12月31日 | | 宣派股息的報告期末 | 2024年12月31日 | | 宣派股息 | 每 股 0.0445 RMB | | 股東批准日期 | 2025年5月20日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | ...

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 何部分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。 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 的 有 限 公 司 ） （股 份 代 號：1268） 派付二零二四年末期股息的匯率 預 期 末 期 股 息 支 票 將 於 二 零 二 五 年 八 月 二 十 七 日（星 期 三）以 平 郵 方 式 寄 出，郵 誤 風險由股東自行承擔。 承董事會命 中國美東汽車控股有限公司 主 席 葉 帆 香港，二零二五年八月 十 三 日 於本公告日期，本公司董事會成員包括： 獨立非執行董事： 陳規易先生 王炬先生 杜紹麟先生 執行董事： * 經約整 葉帆先生 （主席） 葉濤先生 （行政總裁） 羅劉玉女士 茲 提 述 中 國 美 東 汽 車 控 股 有 限 公 司（「本公司」）日 期 為 二 零 二 五 ...

Core Viewpoint - East Motor (01268.HK) announced that it will hold a board meeting on August 27, 2025, to consider its interim performance for the six months ending June 30, 2025, and to discuss the potential declaration of an interim dividend, if any [1] Summary by Relevant Categories - **Company Performance** - The board meeting will review the interim results for the six months ending June 30, 2025 [1] - **Dividend Consideration** - The meeting will also consider the distribution of an interim dividend, subject to the company's performance [1]

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 何部分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。 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 的 有 限 公 司 ） （股 份 代 號：1268） 董事會會議通告 中 國 美 東 汽 車 控 股 有 限 公 司（「本公司」）宣 佈，本 公 司 將 於2025年8月27日（星 期 三） 舉 行 本 公 司 董 事 會（「董事會」）會 議，藉 以（其 中 包 括）考 慮 本 公 司 及 其 附 屬 公 司 截 至 2025年6月30日 止 六 個 月 之 中 期 業 績，以 及 考 慮 派 發 中 期 股 息（如 有）。 於本公告日期，董事會成員包括： 執行董事： 葉帆先生 （主席） 葉濤先生 （行政總裁） 羅劉玉女士 獨立非執行董事： 陳規易先生 王炬先生 杜紹麟先生 承董事會命 中 ...

Core Viewpoint - The article highlights the contrasting experiences of individual car salespeople who can earn high incomes from selling popular new models, while traditional dealerships face significant financial challenges and a wave of closures due to declining profitability and market pressures [9][16][32]. Group 1: Sales Performance and Challenges - In late 2023, the launch of the AITO M9 saw salespeople achieving remarkable sales figures, with one salesperson selling 28 units in a month [6][8]. - Despite the potential for high earnings, the reality for many salespeople is marked by intense work pressure and high turnover rates, as many leave due to the demanding nature of the job [12][15]. - The sales environment is increasingly competitive, with new models from various brands entering the market, yet many salespeople report low sales during off-peak months [10][13]. Group 2: Dealership Financial Struggles - The China Automobile Dealers Association predicts that over 4,400 dealerships will close in 2024, with a loss rate among dealers reaching 41.7% [9][17]. - Price inversion affects 84.4% of dealerships, with over 60.4% experiencing a price drop exceeding 15% [17][18]. - Major dealership groups like Zhongsheng Holdings and Yongda Automotive are experiencing significant declines in new car sales and profitability, with some reporting net profit drops of over 80% [19][20]. Group 3: After-Sales Service as a Revenue Stream - After-sales services are becoming a crucial revenue source for traditional dealerships, with Zhongsheng Holdings reporting a 9.6% increase in after-sales revenue in 2024 [25][26]. - The focus on after-sales services is seen as a potential lifeline for dealerships struggling with new car sales [25][32]. Group 4: Industry Transformation and Future Outlook - The article discusses the need for dealerships to adapt to changing market conditions, emphasizing collaboration with manufacturers and a shift towards after-sales and user engagement strategies [32]. - The success of individual salespeople and mid-sized dealerships in the new energy vehicle market illustrates the potential for growth and adaptation within the industry [30][32]. - The ongoing transformation in the automotive industry highlights the importance of flexibility and innovation for both dealerships and sales personnel to thrive in a competitive landscape [32].

Core Insights - The automotive sales industry in China is experiencing a significant divide between individual salespeople benefiting from high commissions on popular new models and traditional dealerships facing severe financial losses and network reductions [3][10][23] - The introduction of new electric vehicle models is seen as a potential lifeline for struggling dealerships, but the ongoing price wars and channel transformation pressures may exacerbate the existing challenges [3][10][23] Group 1: Sales Performance and Challenges - Individual salespeople have reported high earnings during the launch of popular models, with some achieving monthly incomes of 30,000 to 40,000 yuan [4][6] - However, the high earnings come with extreme work intensity and high turnover rates among sales staff, indicating a challenging work environment [6][9][23] - The automotive sales sector is witnessing a significant number of dealership closures, with over 4,400 4S stores expected to exit the market in 2024, reflecting a 41.7% loss rate among dealers [10][11] Group 2: Financial Performance of Dealerships - Major dealership groups are reporting declining new car sales and revenues, with companies like Zhongsheng Holdings and Yongda Automotive experiencing significant drops in both sales volume and profit margins [11][12] - The overall profitability of traditional dealerships is under pressure, with many reporting negative gross margins on new car sales, leading to a shift in focus towards after-sales services as a key revenue source [15][16] - The after-sales business has shown growth, with Zhongsheng Holdings reporting a 9.6% increase in after-sales revenue, highlighting a potential area for profitability amidst declining new car sales [15][16] Group 3: Industry Transformation and Future Outlook - The automotive industry is undergoing a transformation, with traditional dealerships needing to adapt to new market realities, including the rise of electric vehicles and changing consumer preferences [23] - Collaboration between manufacturers and dealerships is emphasized as a necessary strategy for survival, with calls for more flexible arrangements and support from manufacturers to help dealers navigate the current challenges [23] - The success of individual salespeople and mid-sized dealerships in the electric vehicle market suggests that there are opportunities for growth and adaptation, provided that stakeholders can work together effectively [23]

公司名稱: 中國美東汽車控股有限公司 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 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 呈交日期: 2025年8月6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 ...

Investment Rating - The report maintains a positive outlook on the Hong Kong stock market, indicating a strong risk appetite and suggesting investment opportunities in various sectors, particularly in virtual assets and Web 3.0 [3][10]. Core Insights - The Hong Kong stock market is experiencing a significant increase in risk appetite, with improved asset quality and trading volume, highlighting the value of asset trading platforms [3][10]. - There is a notable uptrend in multiple sectors such as AI, new consumption, and innovative pharmaceuticals, with a particular focus on small and mid-cap stocks in media and consumer sectors [3][10]. - The report emphasizes the ongoing development of virtual assets and the Web 3.0 market, driven by stablecoin policies and recent IPOs, suggesting that more regulatory frameworks will emerge [3][10]. - The trend of Chinese companies returning to Hong Kong for IPOs is gaining momentum, with increased trading of companies like NetEase and Ctrip in the Hong Kong market [3][10]. - The valuation of overseas Chinese assets remains influenced by US-China trade relations and the broader economic environment, necessitating close monitoring of trade policies and domestic economic changes [3][10]. Summary by Sections Education - The K12 education sector maintains high growth, with leading institutions reporting over 20% revenue growth during the winter training period, and an increase in non-academic course retention rates [5][11]. Luxury Goods - The luxury goods market shows slight pressure due to macroeconomic factors, but brands that align with demand trends are performing well, with cautious price increases observed [5][20]. Coffee and Tea Drinks & OTA - Coffee and tea remain key categories for delivery platforms, with strong performance from major brands like Luckin Coffee, which continues to expand its store presence [5][25]. E-commerce - The e-commerce sector faces slight pressure, but major platforms like Alibaba and JD.com are expected to benefit from ongoing promotional activities [5][26]. Streaming Platforms - Music streaming platforms are viewed as high-quality internet assets, with sustained profitability driven by scale effects [5][34]. Virtual Assets & Internet Brokers - The stablecoin leader Circle's IPO saw a 168% increase on its first day, marking a significant event in the virtual asset space [5][38]. Real Estate Transactions - Recent data shows a slight decline in second-hand housing transactions in major cities, suggesting a need for caution in the real estate market [5][50]. Automotive Services - The automotive aftermarket is under pressure, with traditional fuel vehicle service visits declining, while new energy vehicle service visits are increasing [5][45].

Sales Performance - In 2024, the cumulative retail sales of passenger vehicles in China reached 22.89 million units, representing a year-on-year growth of 5.5%[14] - The sales of new energy vehicles accounted for 10.9 million units, marking a significant year-on-year increase of 40.7%, with a market penetration rate of 47.6%[14] - Luxury vehicle sales declined by 7.8% year-on-year to 2.74 million units, influenced by macroeconomic factors affecting consumer behavior[14] - The number of new passenger cars sold was 56,930, down from 66,370 in 2023, with Porsche, BMW, and Lexus contributing approximately RMB 6,833.2 million, RMB 5,749.5 million, and RMB 2,838.1 million respectively[31] Financial Performance - The group's revenue for the year was approximately RMB 22,154.0 million, a decrease of about 22.4% compared to RMB 28,554.6 million in 2023[21] - New passenger car sales revenue decreased by approximately 27.4% to about RMB 17,726.3 million, accounting for approximately 80.0% of total revenue[21] - Gross profit fell to approximately RMB 1,561.0 million, down about 24.9% from RMB 2,077.9 million in 2023, with an overall gross margin of about 7.0%[23] - The company reported a loss of approximately RMB 2,258.8 million for the year, compared to a profit of RMB 155.8 million in 2023, resulting in a loss margin of about -10.2%[27] Impairment and Goodwill - The company reported a total impairment of goodwill and dealership rights amounting to approximately RMB 2.76 billion due to underperformance in cash-generating units[18] - The impairment tests confirmed a reduction in goodwill and intangible assets of approximately RMB 1.048 billion and RMB 465 million, respectively[18] - The company incurred impairment losses of approximately RMB 2,911.0 million related to goodwill and dealership rights, significantly higher than RMB 61.5 million in 2023[24] Cost Management - Operating expenses decreased by about 21.8% year-on-year, contributing to improved profitability[17] - The company emphasized cost control and operational efficiency as key strategies in the current challenging market environment[17] - The average discount rate in the luxury car market reached 20.7%, significantly compressing dealer profit margins and leading to an extended discount period[15] Inventory and Operational Efficiency - The company maintained inventory turnover days at approximately 13 days, effectively reducing the risk of larger future losses[17] - The company aims to maintain efficient operations with lower inventory levels to mitigate the risk of larger future losses amid economic uncertainties[54] Financial Position - As of December 31, 2024, the total equity of the group was approximately RMB 2,956.8 million, a decrease from RMB 5,286.1 million as of December 31, 2023[35] - Current assets increased to approximately RMB 7,113.1 million from RMB 6,372.7 million year-over-year, primarily due to an increase in pledged bank deposits[35] - Current liabilities rose to approximately RMB 6,788.4 million from RMB 4,447.4 million, mainly due to the reclassification of convertible bonds from non-current liabilities[35] - The group’s loans and borrowings decreased by approximately 30.7% to RMB 1,001.5 million from RMB 1,444.4 million year-over-year[36] Shareholder Information - The board proposed a final dividend of RMB 0.0445 per share, up from RMB 0.0330 per share in 2023[28] - The company has a significant shareholder, Mr. Ye Fan, who holds 703,916,000 shares, representing 52.29% of the total issued shares as of December 31, 2024[109] - The total number of issued shares is 1,346,247,201, which is the basis for calculating the percentage of shareholdings[110] Corporate Governance - The board consists of six members, including two executive directors and four independent non-executive directors[152] - The company has adopted a corporate governance code and has been compliant with applicable provisions throughout the year[154] - The board is responsible for setting and approving the group's development, business strategies, policies, and annual budgets[156] - The company emphasizes internal control mechanisms and risk management functions, with the board playing a crucial role in their implementation and oversight[158] Employee and Management Information - The group had a total employee cost of approximately RMB 711.1 million for the year, down from RMB 869.9 million in the previous year[140] - The company emphasizes employee compensation based on individual performance and provides various benefits, including medical benefits and bonuses[184] - The management team emphasizes the importance of human resources management and training in driving business success[62] Environmental and Social Responsibility - The company recognizes the importance of environmental protection and has adopted strict measures to comply with current environmental laws and regulations[82] - The company has maintained its commitment to environmental activities and community benefits through employee engagement[83] Future Strategies - The company intends to explore opportunities in the new energy vehicle market through the sale of existing luxury brand electric models[54] - The company will actively develop after-sales and mortgage application services to enhance customer traffic and conversion rates[54]

Investment Rating - The investment rating for the company is maintained at "Buy" [8] Core Views - The company reported a significant increase in losses due to one-time impairments related to goodwill and automotive dealership rights, with a net loss of 2.26 billion RMB in 2024 compared to a net profit of 140 million RMB in 2023 [1][3] - The company is expected to see a significant reduction in impairment risks in 2025, leading to potential performance recovery [1][3] - The after-sales service business has shown resilience, with revenue growth of 7.1% year-on-year, indicating a strong profit foundation despite challenges in new car sales [2][3] Summary by Sections Financial Performance - The company's revenue for 2024 was 22.15 billion RMB, a decrease of 22.4% year-on-year, while the new car sales volume dropped by 14.2% to 57,000 units [2][7] - The average discount rate in the luxury car market was approximately 20.7% in 2024, impacting sales [2] - After-sales service gross margin improved by 6.4 percentage points to 60.1% in 2024, highlighting the profitability of this segment [3] Operational Strategy - The company continues to implement a low inventory turnover strategy, maintaining an inventory turnover period of 13 days, which helps mitigate larger losses during industry restructuring [4] - Early indicators for 2025 show improvements in orders and customer traffic, suggesting a positive operational outlook [4] Profit Forecast and Valuation - The projected net profits for 2025 and 2026 are 339.54 million RMB and 481.94 million RMB, respectively, with an estimated EPS of 0.26 RMB and 0.38 RMB [5][18] - The target price for the company is set at 2.09 HKD, based on a PE ratio of 7.5 for 2025 [5][9]