Group 1: Company Performance - China Telecom reported a revenue of 269.42 billion yuan for the first half of the year, a year-on-year increase of 1.3% [2] - The net profit attributable to shareholders was 23.02 billion yuan, up 5.53% year-on-year, with basic earnings per share of 0.25 yuan [2] - The company plans to distribute an interim cash dividend of 0.1812 yuan per share (including tax) [2] Group 2: Industry Trends - The National Development and Reform Commission is preparing the "14th Five-Year" marine economy development plan, emphasizing innovation-driven growth and the development of emerging industries such as offshore wind power and marine biomedicine [5][6] - The marine economy is projected to exceed 10 trillion yuan in production value by 2024, doubling since 2012 [6] - The marine communication sector is identified as a crucial infrastructure for the marine economy, supporting the future 6G integrated network [6] Group 3: Stock Market Activity - Several deep-sea technology concept stocks saw significant inflows, with Jili Rigging's stock price hitting the daily limit, attracting a net inflow of 484 million yuan, the highest in over eight years [7] - Weichai Heavy Industry's stock has increased by 185.25% year-to-date, leading among concept stocks [7] - China Shipbuilding's net profit is projected to be between 2.8 billion and 3.1 billion yuan for the first half of the year, reflecting a year-on-year increase of 98.25% to 119.49% [9]

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]

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 公司名稱: 中國正通汽車服務控股有限公司 呈交日期: 2025年8月5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) | 01728 | 說明 | 普通股 | | | | | | | | | | 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 (-) | | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.1 | HKD | | 2,000,000,00 ...

Core Viewpoint - Zhengtong Automobile (01728) announced that it received a letter from the Stock Exchange on July 29, 2025, regarding the guidelines for the resumption of trading of its shares [1] Group 1 - The company must comply with the minimum public float requirement under Rule 8.08(1)(a) for resumption of listing [1] - The company is required to disclose all material information to the market for shareholders and investors to assess its condition [1] - Trading of the company's shares remains suspended [1]

Core Viewpoint - Zhengtong Automobile (01728) announced that it received a letter from the Stock Exchange on July 29, 2025, regarding the guidelines for the resumption of trading of its shares, which includes compliance with the minimum public float requirement and the obligation to disclose all material information for shareholders and investors to assess the company's status [1] Summary by Relevant Sections - Resumption of Trading Guidelines - The company must adhere to the minimum public float requirement as per Rule 8.08(1)(a) for resumption of trading [1] - The company is required to disclose all significant information to the market for the evaluation of its condition by shareholders and investors [1] - Current Status - The company's shares remain suspended from trading [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之內容概不負責， 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之任何損失承擔任何責任。 China ZhengTong Auto Services Holdings Limited 中國正通汽車服務控股有限公司 （根據開曼群島法律註冊成立的有限公司） （股份代號：1728） 復牌指引及 繼續暫停買賣 本公告乃由中國正通汽車服務控股有限公司（「本公司」）根據香港聯合交易所有限公 司（「聯交所」）證券上市規則（「上市規則」）第13.09條及香港法例第571章證券及期貨 條例第XIVA部項下之內幕消息條文而作出。 茲提述(i)本公司與信達汽車（香港）有限公司（「要約人」）於2025年6月9日就（其中包 括）要約而聯合刊發之綜合要約及回應文件（「綜合文件」）；及(ii)本公司與要約人於 2025年6月30日就（其中包括）要約結果及本公司股份於聯交所暫停買賣之聯合公告 （「該公告」）。除另有界定者外，本公告所用詞彙與綜合文件及該公告所界定者具有 相同涵義。 – 1 – 復牌指引 於2025年7月29 ...

Group 1 - Zheng Yongda has been appointed as the Party Secretary and Chairman of Xiamen International Trade Holdings Group Co., Ltd. [1] - Prior to this role, Zheng Yongda served as the Deputy Secretary and General Manager of Xiamen Jianfa Group Co., Ltd. [3] - The previous Party Secretary and Chairman of Xiamen International Trade Holdings was Xu Xiaoxi, who has now taken on the same roles at Xiamen Jianfa Group [3] Group 2 - Xiamen International Trade Holdings Group is a state-owned enterprise based in Xiamen, focusing on modern, international, and comprehensive capital investment [4] - The company operates in various sectors including supply chain services, urban construction and operation, consumer and health, advanced manufacturing, and financial services [4] - Xiamen International Trade Holdings is recognized as a Fortune Global 500 company and has consistently ranked in various top enterprise lists in China [4]

Core Points - The articles celebrate the spirit of labor, emphasizing the importance of hard work and dedication in various industries, particularly in the context of China's development and modernization efforts [1][2][13] - The recognition of labor models and advanced workers highlights their contributions to the nation and serves as an inspiration for others [2][4] Group 1: Labor Spirit - The articles illustrate the dedication of workers across different sectors, showcasing their commitment and the physical evidence of their labor, such as worn-out gloves [2][5][6] - Workers like Wu Zeping and Gao Jianlin exemplify the labor spirit, achieving significant results in their fields through hard work and innovation [4][5] - The narrative emphasizes that high-quality development is closely tied to high-quality labor, encouraging the younger generation to pursue excellence in their skills [4][5] Group 2: Craftsmanship Spirit - The articles highlight the meticulous nature of craftsmanship in various industries, where precision and attention to detail are paramount [8][9][12] - Engineers and technicians are portrayed as key players in advancing technology and manufacturing, contributing to significant projects like aircraft and large-scale machinery [9][10][11] - The pursuit of excellence and innovation in manufacturing is underscored as essential for achieving national goals and enhancing industrial capabilities [11][12]

Financial Performance - In 2024, the company reported revenues of RMB 20,746,774 thousand, a decrease of 14.5% compared to 2023[9]. - The company experienced a net loss of RMB 1,529,086 thousand in 2024, which is an increase of 86.3% from the previous year's loss of RMB 820,480 thousand[9]. - The group's revenue for the year ended December 31, 2024, was approximately RMB 20,746.8 million, a decrease of about 14.0% compared to RMB 24,132.0 million in 2023, primarily due to a decline in new car sales volume and prices[39]. - Revenue from new car sales for 2024 was approximately RMB 15,978.6 million, down about 21.0% from RMB 20,224.3 million in 2023, accounting for 77.0% of total revenue[39]. - The group's gross profit for the year was approximately RMB 779.1 million, a decrease of about 22.8% from RMB 1,008.6 million in 2023, with a gross margin of 3.8%[43]. - Operating loss for the year was approximately RMB 549.0 million, compared to an operating profit of RMB 168.2 million in 2023, mainly due to declines in new car sales and gross margin[47]. - The group's net loss for the year was approximately RMB 1,529.1 million, an increase from a loss of RMB 820.5 million in 2023, attributed to decreased new car sales revenue and gross margin[51]. - The company reported a loss of RMB 2,328 million for the year ending December 31, 2024, compared to a loss of RMB 1,883 million for the previous year[149]. Market Performance - In 2024, the Chinese automobile market produced 31.28 million vehicles and sold 31.44 million vehicles, representing year-on-year growth of 3.7% and 4.5%, respectively[13]. - The market share of domestic brands in China increased to 65.1% in 2024, driven by the rise of new energy vehicles[13]. - The group achieved new car sales of 55,054 units in 2024, with mid-to-high-end brand sales accounting for 46,756 units, and new energy vehicle sales reaching approximately 5,759 units, representing about 10.5% of total sales, both in terms of units and percentage showing improvement compared to the previous year[21]. - The Chinese used car market saw a total transaction volume of approximately 19.614 million vehicles in 2024, reflecting a year-on-year growth of about 6.5%[24]. - The total sales volume of used cars for the group in 2024 is projected to be 14,000 units, representing a year-on-year growth of approximately 24%, with retail sales reaching 1,817 units, up about 36%[26]. - In Q4 2024, the retail volume of used cars showed exceptional performance, with a year-on-year increase of over 120%[26]. Operational Strategy - The company aims to enhance its operational quality and accelerate transformation, focusing on high-quality development[13]. - The company is actively expanding its after-sales and used car businesses, as well as accelerating its transition to new energy vehicles[12]. - The group enhanced its after-sales service operations, resulting in an effective customer ratio increase of 3.2% and achieving after-sales service revenue of approximately RMB 3,194.6 million, with a total of 1,102,139 after-sales service instances[22][23]. - The group implemented a procurement management model that led to a 20% reduction in comprehensive costs for centralized procurement products[18]. - The group actively expanded its international business and diversified its operations into new energy and self-owned brands, aiming to alleviate financial pressure and optimize resource allocation[15]. - The group is committed to optimizing its brand structure and implementing lean management to improve efficiency[12]. - The company plans to enhance its operational quality in the 4S dealership business and improve sales gross margin by optimizing product mix and sales strategies[63]. - The company aims to expand its after-sales service business and enhance the scale of used car and insurance agency markets to create new profit growth points[64]. - The company is committed to accelerating its transformation towards new energy and expanding into overseas markets for future growth[64]. Corporate Governance - The company has pledged to uphold high standards of corporate governance to protect shareholder interests and enhance corporate value[66]. - The board of directors experienced significant changes, with multiple appointments and resignations occurring on April 10, 2024, including the appointment of Mr. Huang Junfeng as chairman and Mr. Chen Hong as CEO[70]. - The company faced a compliance issue with listing rules, having fewer than three independent non-executive directors from October 8, 2024, to December 23, 2024, due to the resignation of Dr. Huang Tianyou[74]. - The company has taken necessary measures to comply with listing rules regarding the composition of the board and committees, achieving full compliance as of December 24, 2024[75]. - The company has established a board committee to oversee the daily management and operations, with the senior management responsible for significant transactions requiring board approval[79]. - The independent non-executive directors have confirmed their independence annually, ensuring compliance with the independence standards set forth in the listing rules[71]. - The company has a structured process for the appointment and re-election of directors, with independent non-executive directors serving a term of three years[81]. - The company has arranged directors and officers liability insurance for its directors and executives to cover legal actions arising from company activities[80]. - The chairman and CEO roles are held by different individuals, ensuring a separation of responsibilities in leadership and daily operations[77]. - The company’s nomination committee is responsible for evaluating the board's structure, size, and diversity, as well as monitoring the appointment and succession planning of directors[81]. - The board has adopted a diversity policy, ensuring a balanced mix of skills, experience, and perspectives, achieving its diversity goals without setting further measurable targets[84]. - The board's independence assessment mechanism has been implemented and confirmed to meet the guidelines, ensuring strong independent judgment to protect shareholder interests[87]. - New directors receive comprehensive onboarding training to understand the company's operations and regulatory responsibilities, with several directors receiving training in 2024[88]. - The board has maintained high attendance rates at meetings, with the chairman attending 100% of board meetings and shareholder meetings in 2024[91]. - The company emphasizes the importance of effective communication with shareholders and investors, utilizing various channels including annual reports, interim reports, and investor relations activities[113]. - The company has established a disclosure policy to ensure the handling of confidential information and compliance with insider trading regulations[110]. - The board believes that the current corporate governance system is overall effective and sufficient, following an annual review conducted by the audit committee[111]. Shareholder Relations - The company is committed to maintaining high levels of investor relations through activities such as conference calls, one-on-one meetings, and roadshows[113]. - The company has a structured process for shareholders to propose business transactions at special general meetings, requiring a minimum of 10% of voting shares to initiate[116]. - The company’s articles of association have not undergone any changes during the reporting period, with the latest version available on the company and stock exchange websites[120]. - The company has not established specific goals for enhancing gender diversity among employees, considering the current representation adequate for operational needs[86]. - The board will consider various factors such as operating performance, cash flow, and financial condition when declaring dividends, although no specific payout ratio has been predetermined[122]. - The board has the discretion to review and update the dividend policy as deemed appropriate and necessary[122]. - The company did not recommend the payment of a final dividend for the year ending December 31, 2024, consistent with the previous year[142]. - The company has not proposed an interim dividend for the six months ending June 30, 2024, similar to the previous year[150]. Employee and Management - The company employed 5,672 employees in China as of December 31, 2024, down from 6,669 employees on December 31, 2023[61]. - Employee costs for the year ended December 31, 2024, were approximately RMB 802.3 million, compared to RMB 955.8 million in 2023[61]. - The company has a strong management team with over 20 years of experience in automotive dealership operations and over 30 years in corporate integration and operations[123][124]. - The new CEO, who has been in the role since March 2022, has extensive experience in corporate governance and investment mergers and acquisitions[125]. - The company’s independent non-executive director has a distinguished background in public service and has received multiple awards for contributions to technology and community service[127][128]. - The board includes members with significant experience in legal compliance and risk management, enhancing the company's governance framework[126]. - The management team is well-equipped to navigate market challenges and pursue strategic growth opportunities[123][125]. Related Transactions - The company has established a framework for ongoing related transactions, ensuring adherence to regulatory requirements and fair business practices[163]. - The independent auditor has reviewed the continuing connected transactions and confirmed compliance with the relevant listing rules[168]. - The company has entered into a service subcontracting agreement with Xiamen Gaoxin Yundao Technology Co., Ltd., with a maximum annual limit of RMB 55 million for the years ending December 31, 2023, 2024, and 2025, and an actual amount incurred of RMB 43.9 million for the year ending December 31, 2024[164]. - A financial services agreement was established with Xiamen Guomao Holdings Group Financial Co., Ltd., with a maximum annual deposit service limit of RMB 50 million and other financial service fees capped at RMB 10 million for the years ending December 31, 2023, 2024, and 2025, with actual transactions amounting to RMB 0.2 million for the year ending December 31, 2024[166]. - The company sold a 5.77% stake in Dongfeng Logistics for RMB 331,496,300, reducing its ownership from 14.43% to 8.66%[171]. - An engineering entrustment agreement was signed with Shandong Xinda IoT Application Technology Co., Ltd., with a total cost not exceeding RMB 9 million for upgrading and installing smart technology and weak current systems[173]. Share Incentive Plan - The company has adopted a restricted share incentive plan on June 12, 2020, which is effective for ten years, with approximately five years remaining as of the report date[175]. - A total of 47,100,000 shares have been granted under the share incentive plan since its adoption, representing about 1.92% of the issued shares on the adoption date[178]. - The maximum number of shares that can be granted to individual selected participants is capped at 1% of the issued shares on the adoption date, equating to 24,542,204 shares[177]. - As of December 31, 2024, the total number of shares available for issuance under the share incentive plan is 91,931,021 shares, which is approximately 3.28% of the issued shares at that date[177]. - The market value of the 47,100,000 granted shares is approximately HKD 55,483,800, while the par value is HKD 4,710,000[180]. - No grants were made under the share incentive plan during the year ending December 31, 2024[178]. - The company has appointed a trustee to manage the share incentive plan, ensuring that shares are held in trust for selected participants[176]. - The share incentive plan includes specific vesting conditions based on the tenure and performance of selected participants[182]. - The total number of shares available for grant under the plan increased from 90,391,021 shares at the beginning of 2024 to 91,931,021 shares by the end of the year[186]. - There are no reported interests or short positions in the company's shares or related securities by directors and key executives as of December 31, 2024[187]. - As of December 31, 2024, the total number of issued shares is 3,346,990,420[189]. - Xiamen Guotai Holdings Group Co., Ltd. holds 842,977,684 shares, representing 25.19% of the company's equity[188]. - The net proceeds from the subscription of new shares amount to approximately HKD 59.33 million, with a net subscription price of about HKD 0.124 per share[194]. - The subscription agreement involved the issuance of 479,888,000 new shares at a subscription price of HKD 0.125 per share, which is a discount of approximately 13.79% from the closing price on the agreement date[193]. - The funds raised from the subscription will be used entirely to repay bank loans, reflecting a 100% utilization rate[195]. - Xiamen Guotai Holdings Group Co., Ltd. is deemed to have an interest in 22,359,500 shares of Hong Kong Xinda Nuo Co., Ltd. due to its ownership of approximately 39.93% of Xiamen Xinda Co., Ltd.[189]. - The subscription shares represent approximately 16.74% of the existing issued share capital prior to completion and about 14.34% after the issuance[193]. - No significant acquisitions or disposals of subsidiaries, associates, or joint ventures occurred during the fiscal year ending December 31, 2024[196]. - The company has not entered into any agreements linked to equity other than the share incentive plan[192]. Risk Management - The board of directors confirmed the effectiveness of the risk management and internal control systems, which are reviewed at least annually to ensure they adequately manage risks associated with achieving business objectives[110].