Core Viewpoint - The company has entered into a cornerstone investment agreement with Seres and CICC, committing to invest a total of 20 million USD in investor shares, which is seen as strategically significant for diversifying revenue sources and providing sustainable returns to shareholders [1] Group 1 - The cornerstone investment agreement is set to be executed on October 23, 2025 [1] - The total investment amount for the investor shares is 20 million USD [1] - The board believes that the transaction will enhance the company's business outlook and prospects [1]

本公告僅供參考之用，並不構成收購、購買或認購證券之邀約或要約。 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） 須予披露交易 於 賽力斯 之基石投資 基石投資 基石投資協議的主要條款概述如下： 日 期： 二零二五年十月 二十三 日 訂約方： (3) 中金公司 中 金 公 司 為 全 球 發 售 的 聯 席 保 薦 人 及 整 體 協 調 人 之 一。根 據 公 開 資 料，中 金 公 司 為證監會發牌的註冊機構，可根據證券及期貨條例進行第1類（證券交易）、第2類（期 貨 合 約 交 易）、第4類（就 證 券 提 供 意 見）、第5類（就 期 貨 合 約 提 供 意 見）及 第6類（就 ...

Core Insights - As of October 9, 178 stocks reached their 52-week highs, indicating a strong market performance [1] Group 1: Top Performers - The top three stocks with the highest increase rates are: - Xin Mining Resources (01231) with a high rate of 53.85%, closing at 0.530 and peaking at 0.600 [1] - Hang Seng Bank (00011) with a high rate of 35.70%, closing at 149.800 and peaking at 168.000 [1] - Hang Seng Bank - R (80011) with a high rate of 25.15%, closing at 137.000 and peaking at 141.800 [1] Group 2: Notable Stocks - Other notable stocks that reached new highs include: - DeLi Machinery (02102) with a high rate of 19.61% [1] - OuHua (01711) with a high rate of 18.72% [1] - Ai Century Group (08507) with a high rate of 17.19% [1] Group 3: Market Trends - The data reflects a positive trend in the market, with a significant number of stocks achieving new highs, suggesting investor confidence and potential growth opportunities [1][2]

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: 中國美東汽車控股有限公司 呈交日期: 2025年10月8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： H ...

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 ...

Sales Performance - In the first half of 2025, China's passenger car sales increased by 10.8% year-on-year, reaching 10.902 million units, with new energy vehicles accounting for 5.469 million units, a 33.3% increase and a market penetration rate of 50.2%[7] - New passenger car sales volume increased by 7.8% to 28,214 units, with luxury brands contributing approximately 85.4% to total new passenger car sales revenue[25] - New passenger car sales revenue decreased by approximately 7.5% to about RMB 7,929.8 million, accounting for approximately 78.2% of total revenue[14] Financial Performance - The group recorded revenue of approximately RMB 10,134.7 million, a year-on-year decrease of about 4.9% compared to RMB 10,655.9 million in the first half of 2024[14] - Gross profit decreased by approximately 41.0% to about RMB 475.7 million, with an overall gross margin decline of 2.9 percentage points to about 4.7%[16] - The group reported a net loss of approximately RMB 818.2 million, widening from a loss of RMB 22.9 million in the first half of 2024, resulting in a net profit margin of approximately -8.1%[21] Impairment and Losses - Due to ongoing macroeconomic uncertainties and intensified competition, the company recognized impairment losses on goodwill and intangible assets related to dealership rights, amounting to approximately RMB 870 million[11] - The group experienced a significant increase in impairment losses, with goodwill and dealership rights impairment amounting to approximately RMB 867.9 million, compared to RMB 151.3 million in the first half of 2024[17] - The company recognized a significant impairment loss of RMB 867,874 related to goodwill and intangible assets[90] Strategic Focus and Operations - The company is shifting its strategic focus from expansion to efficient operations, emphasizing cash flow management and cost control in response to the changing business environment[8] - The company aims to leverage the transition of new energy vehicles from a pure direct sales model to a hybrid model of "direct sales + authorized dealerships" to create new business opportunities[8] - The company is exploring opportunities for business growth through structural adjustments in the dealership network and the continuation of the "old for new" policy[8] Cost Management - Employee costs totaled RMB 359.7 million, an increase from RMB 334.2 million in the same period of 2024, with a workforce of 3,763 employees[38] - Operating expenses decreased year-on-year, with distribution costs at approximately RMB 259.8 million, accounting for about 2.6% of total revenue[19] - The total depreciation expense for property, plant, and equipment for the six months ended June 30, 2025, was RMB 113,776,000, slightly down from RMB 119,294,000 in 2024, a decrease of about 4.6%[114] Cash Flow and Liquidity - Cash and cash equivalents, along with other liquid assets, totaled approximately RMB 1,762.1 million as of June 30, 2025[32] - The net cash from operating activities after tax payments was RMB 278,247 thousand, a decrease of 52.4% compared to RMB 584,024 thousand in the previous year[100] - The company reported a net cash used in financing activities of RMB 2,043,343 thousand, significantly higher than RMB 816,456 thousand in the previous year[102] Shareholder Information - The group’s share of profit from a joint venture was approximately RMB 4.4 million, a decrease of about 46.8% compared to RMB 8.3 million in the same period last year[23] - The company declared a dividend of RMB 0.0445 per share for the six months ending June 30, 2025, compared to RMB 0.0330 per share for the same period in 2024, representing a 35% increase[143] - The group paid dividends totaling RMB 4,783,000 to non-controlling shareholders for the six months ending June 30, 2025, down from RMB 16,631,000 for the same period in 2024[144] Share Option Schemes - The company adopted the 2025 Share Option Scheme on June 10, 2025, aimed at attracting, retaining, and motivating eligible participants to contribute to the group's growth and development[71] - The total number of shares available for issuance upon the exercise of options granted under the 2025 Share Option Scheme is 134,624,720 shares, representing up to 10% of the total issued shares as of the adoption date[76] - The maximum number of shares that can be granted to any eligible participant under the 2025 Share Option Scheme is limited to 1% of the total issued shares at any time[77] Market Conditions - The competitive landscape in the luxury car market is undergoing significant changes, with many brands experiencing substantial sales declines[7] - The group anticipates ongoing challenges in profitability due to intensified competition and macroeconomic uncertainties affecting the luxury automotive sector[125] - The group’s management has adjusted its future performance expectations downward due to lower-than-expected gross margins and significant uncertainties regarding recovery timelines[126]

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 ...