（ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：2443） 汽 車 街 發 展 有 限 公 司 有關截至二零二四年十二月三十一日止年度 之年度報告 補充公告 茲提述汽車街發展有限公司（「本公司」）截至二零二四年十二月三十一日止年度之 年度報告（「年報」）。除本公告另有界定者外，本公告所用詞彙與年報所界定者具 有相同涵義。 董事會謹此根據上市規則附錄D2第24段，就本公司執行董事（ 自二零二五年五月 二十八日起 ）及首席 執行官（「首席執行官」）（ 自二零二二年 三月十五日起 ）趙宏良 先生（「趙先生」）之酬金提供下列補充資料。 趙先生於截至二零二四年十二月三十一日止兩個年度以首席執行官身份收取之酬 金載列如下： 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。 Autostreets Development Limited | | 薪金、津貼及 | 表現相關 ...

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 | | | 致：香港交易及結算所有限公司 公司名稱: 汽車街發展有限公司 呈交日期: 2025年9月1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) | 02443 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 FF301 第 ...

Core Viewpoint - The company reported a significant decrease in revenue for the first half of 2025, but managed to turn a profit compared to the previous year [1] Financial Performance - Revenue for the first half of 2025 was 142 million RMB, representing a year-on-year decrease of 25.86% [1] - The profit attributable to shareholders was 5.462 million RMB, a turnaround from a loss of 148 million RMB in the same period last year, indicating a successful recovery [1] - Basic earnings per share were reported at 0.01 RMB [1]

Group 1 - The company reported a revenue of 142 million RMB for the mid-year 2025, representing a year-on-year decrease of 25.86% [1] - The company achieved a profit attributable to shareholders of 5.462 million RMB, compared to a loss of 148 million RMB in the same period last year, indicating a turnaround to profitability [1] - The basic earnings per share were reported at 0.01 RMB [1]

Core Viewpoint - The company reported a revenue of RMB 140 million for the six months ending June 30, 2025, representing a year-on-year decrease of 25.9% due to declines in revenue from its used car auction, value-added services, and sales arrangements [1] Financial Performance - The company improved from a loss of RMB 142 million for the six months ending June 30, 2024, to a profit of RMB 12.8 million during the reporting period, marking a 109.0% improvement [1] - Earnings per share attributable to ordinary equity holders of the parent company was RMB 0.01 [1]

[Summary](index=2&type=section&id=%E6%91%98%E8%A6%81) This summary outlines Autostreets Development Limited's unaudited interim results for the six months ended June 30, 2025, including key financial performance and operating data, compared to the same period in 2024 [Financial Performance](index=2&type=section&id=%E8%B4%A2%E5%8A%A1%E8%A1%A8%E7%8E%B0) During the reporting period, the company's revenue and gross profit significantly decreased year-on-year, but profit for the period turned from loss to profit, mainly due to the absence of a substantial loss from fair value changes in financial liabilities in the prior year Financial Performance Overview | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 141,846 | 191,309 | -25.9% | | Gross Profit | 89,209 | 123,701 | -27.9% | | Gross Profit Margin (%) | 62.9 | 64.7 | -1.8 percentage points | | Profit/(Loss) for the Period | 12,791 | (142,231) | 109.0% | [Operating Performance](index=2&type=section&id=%E7%BB%8F%E8%90%A5%E8%A1%A8%E7%8E%B0) The report does not provide specific operating performance data tables but defines the number of used cars traded and serviced, implying operating activities are related to used car transaction volume - The number of used cars traded and serviced includes: (i) used cars traded in the used car auction business; (ii) used cars serviced by used car value-added services; and (iii) the total number of consumer trade-in vehicles traded under used car consignment arrangements[5](index=5&type=chunk) [Interim Financial Information](index=3&type=section&id=%E4%B8%AD%E6%9C%9F%E8%B4%A2%E5%8A%A1%E8%B5%84%E6%96%99) This section presents the unaudited interim condensed consolidated statement of profit or loss, statement of comprehensive income, and statement of financial position for the six months ended June 30, 2025, with comparative data for 2024, comprehensively illustrating the Group's financial position and operating results [Interim Condensed Consolidated Statement of Profit or Loss](index=3&type=section&id=%E4%B8%AD%E6%9C%9F%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E6%8D%9F%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the company achieved revenue of RMB 141,846 thousands and profit for the period of RMB 12,791 thousands, a significant improvement from the loss of RMB 142,231 thousands in the prior year, with basic and diluted earnings per share of RMB 0.01 Consolidated Statement of Profit or Loss | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 141,846 | 191,309 | | Operating Costs | (52,637) | (67,608) | | Gross Profit | 89,209 | 123,701 | | Other Income and Gains, Net | 3,775 | 4,457 | | Selling and Distribution Expenses | (30,460) | (39,620) | | Administrative Expenses | (42,089) | (77,188) | | Other Expenses | (952) | (1,552) | | Finance Costs | (3,586) | (3,276) | | Share of Profit/(Loss) of Associates | 119 | – | | Fair Value Change of Financial Assets at FVTPL | – | 44 | | Fair Value Change of Financial Liabilities at FVTPL | – | (142,293) | | Profit/(Loss) Before Tax | 16,016 | (135,727) | | Income Tax Expense | (3,225) | (6,504) | | Profit/(Loss) for the Period | 12,791 | (142,231) | | Profit/(Loss) Attributable to Owners of the Parent | 5,462 | (147,607) | | Profit Attributable to Non-controlling Interests | 7,329 | 5,376 | | Basic and Diluted Earnings/(Loss) Per Share (RMB yuan) | 0.01 | (0.19) | [Interim Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=%E4%B8%AD%E6%9C%9F%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the company's total comprehensive income for the period was RMB 8,410 thousands, a significant improvement from the loss of RMB 143,218 thousands in the prior year, mainly due to reduced exchange difference losses Consolidated Statement of Comprehensive Income | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit/(Loss) for the Period | 12,791 | (142,231) | | Exchange Differences on Translation of Company's Financial Statements | (4,381) | (987) | | Other Comprehensive Loss for the Period, Net of Tax | (4,381) | (987) | | Total Comprehensive Income/(Loss) for the Period | 8,410 | (143,218) | | Attributable to Owners of the Parent | 1,081 | (148,594) | | Attributable to Non-controlling Interests | 7,329 | 5,376 | [Interim Condensed Consolidated Statement of Financial Position](index=5&type=section&id=%E4%B8%AD%E6%9C%9F%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E8%A1%A8) As of June 30, 2025, the company's total net assets increased to RMB 945,938 thousands, net current assets maintained stable growth, cash and cash equivalents slightly increased, and total non-current liabilities decreased Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 7,147 | 9,453 | | Right-of-use Assets | 58,512 | 65,393 | | Other Intangible Assets | 335 | 463 | | Investments in Associates | 2,057 | 1,938 | | Deferred Tax Assets | 5,727 | 8,372 | | Other Non-current Assets | 7,447 | 6,455 | | **Total Non-current Assets** | **81,225** | **92,074** | | **Current Assets** | | | | Trade Receivables | 15,032 | 14,670 | | Prepayments, Transaction Deposits and Other Receivables | 94,417 | 93,593 | | Financial Assets at Fair Value Through Profit or Loss | 4,000 | 3,300 | | Cash and Cash Equivalents | 1,046,843 | 1,046,599 | | **Total Current Assets** | **1,160,292** | **1,158,162** | | **Current Liabilities** | | | | Trade Payables | 10,320 | 11,103 | | Other Payables and Accruals | 92,129 | 97,279 | | Interest-bearing Bank Borrowings | 126,230 | 129,480 | | Lease Liabilities | 19,869 | 19,694 | | Tax Payables | 4,132 | 4,729 | | **Total Current Liabilities** | **252,680** | **262,285** | | **Net Current Assets** | **907,612** | **895,877** | | **Total Assets Less Current Liabilities** | **988,837** | **987,951** | | **Non-current Liabilities** | | | | Lease Liabilities | 42,899 | 50,423 | | **Total Non-current Liabilities** | **42,899** | **50,423** | | **Net Assets** | **945,938** | **937,528** | | **Equity** | | | | Share Capital | 56 | 56 | | Other Reserves | 927,299 | 926,218 | | Equity Attributable to Owners of the Parent | 927,355 | 926,274 | | Non-controlling Interests | 18,583 | 11,254 | | **Total Equity** | **945,938** | **937,528** | [Notes to the Interim Condensed Consolidated Financial Information](index=7&type=section&id=%E4%B8%AD%E6%9C%9F%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E8%B5%84%E6%96%99%E9%99%84%E6%B3%A8) This section provides detailed notes to the interim condensed consolidated financial information, covering key financial details such as company information, accounting policies, operating segments, revenue breakdown, profit or loss before tax, income tax, dividends, earnings per share, receivables and payables, share capital, related party transactions, and fair value of financial instruments [Company and Group Information](index=7&type=section&id=%E5%85%AC%E5%8F%B8%E5%8F%8A%E9%9B%86%E5%9B%A2%E8%B5%84%E6%96%99) Autostreets Development Limited was incorporated in the Cayman Islands in 2014, primarily engaged in used car consignment and services, and listed on the Main Board of the Hong Kong Stock Exchange on May 31, 2024 - The company was incorporated as an exempted company in the Cayman Islands on September 3, 2014[12](index=12&type=chunk) - The company and its subsidiaries are primarily engaged in used car consignment arrangements and providing used car services[12](index=12&type=chunk) - The company's shares have been listed on the Main Board of the Hong Kong Stock Exchange since May 31, 2024[12](index=12&type=chunk) [Basis of Preparation and Changes in Accounting Policies](index=7&type=section&id=%E7%BC%96%E5%88%B6%E5%9F%BA%E5%87%86%E5%8F%8A%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%98%E5%8A%A8) The interim condensed consolidated financial information is prepared in accordance with IAS 34 "Interim Financial Reporting" and is consistent with the accounting policies adopted for the annual consolidated financial statements for the year ended December 31, 2024, with only the initial adoption of certain revised IFRS accounting standards, which are not expected to have a significant impact - The interim condensed consolidated financial information is prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[13](index=13&type=chunk) - The accounting policies adopted in preparing the interim condensed consolidated financial information are consistent with those applied in the preparation of the Group's annual consolidated financial statements for the year ended December 31, 2024, except for the initial adoption of the following revised IFRS accounting standards for the current period[14](index=14&type=chunk) - The aforementioned amendments are not expected to have any significant impact on the Group's interim condensed consolidated financial information[15](index=15&type=chunk) [Operating Segment Information](index=8&type=section&id=%E7%BB%8F%E8%90%A5%E5%88%86%E9%83%A8%E8%B5%84%E6%96%99) As all the Group's revenue and non-current assets are derived from China, and its primary business is providing transportation and related services, operating and geographical segment information is not presented. No single customer accounted for more than 10% of total revenue during the reporting period - The Group's revenue and reported results during the reporting period, as well as the Group's total assets at each period end, are derived from a single operating segment (i.e., providing transportation and related services), thus operating segment information is not presented[16](index=16&type=chunk) - All the Group's revenue during the period is derived from China, and all non-current assets are located in China, thus no geographical segment information is presented[17](index=17&type=chunk) - During the period, no single customer accounted for more than **10% of the Group's total revenue**[18](index=18&type=chunk) [Revenue](index=8&type=section&id=%E6%94%B6%E5%85%A5) For the six months ended June 30, 2025, the company's total revenue was RMB 141,846 thousands, primarily from used car auction commissions and service fees, used car value-added service revenue, and used car consignment arrangement revenue, with used car auction commissions and service fees accounting for the largest proportion Revenue by Source | Revenue Source | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Used Car Auction Commissions and Service Fees | 94,051 | 133,309 | | Used Car Value-Added Service Revenue | 28,456 | 33,179 | | Used Car Consignment Arrangement Revenue | 13,534 | 18,326 | | Exhibition Business Revenue | – | 721 | | Other Service Revenue | 5,805 | 5,774 | | **Total** | **141,846** | **191,309** | Revenue by Recognition Timing | Revenue Recognition Timing | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | At a point in time (completion of sale or service) | 121,924 | 166,506 | | Over time (as services are provided) | 19,922 | 24,803 | | **Total** | **141,846** | **191,309** | [Profit/(Loss) Before Tax](index=9&type=section&id=%E9%99%A4%E7%A8%8E%E5%89%8D%E6%BA%A2%E5%88%A9%E2%88%95%EF%BC%88%E4%BA%8F%E6%8D%9F%EF%BC%89) For the six months ended June 30, 2025, the company's profit before tax was RMB 16,016 thousands, a significant improvement from the loss of RMB 135,727 thousands in the prior year, mainly due to the absence of a substantial loss from fair value changes in financial liabilities in the prior year and reduced listing expenses Components of Profit/(Loss) Before Tax | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Cost of Used Car Auction Commissions and Service Fees | 43,197 | 56,254 | | Cost of Exhibition Business | – | 182 | | Cost of Used Car Consignment Arrangements | 2,410 | 3,335 | | Cost of Used Car Value-Added Services | 4,935 | 5,876 | | Cost of Other Services | 2,095 | 1,961 | | Research and Development Costs | 6,334 | 5,309 | | Depreciation of Property, Plant and Equipment | 2,797 | 2,888 | | Depreciation of Right-of-use Assets | 10,616 | 11,955 | | Amortisation of Other Intangible Assets | 129 | 136 | | Net Loss/(Gain) on Disposal of Property, Plant and Equipment | 18 | (44) | | Lease Payments Not Included in Lease Liabilities Measurement | 3,249 | 2,554 | | Fair Value Change of Non-convertible Redeemable Preference Shares | – | 142,293 | | Fair Value Change of Financial Assets at Fair Value Through Profit or Loss | – | (44) | | Auditor's Remuneration | 1,100 | 1,000 | | Listing Expenses | – | 26,662 | | Employee Benefit Expenses (including Directors' Emoluments) | 38,207 | 56,584 | | Net Foreign Exchange Differences | (500) | (864) | | Impairment of Trade Receivables | – | 336 | [Income Tax](index=10&type=section&id=%E6%89%80%E5%BE%97%E7%A8%8E) For the six months ended June 30, 2025, income tax expense was RMB 3,225 thousands, a decrease from the prior year. The company is exempt from income tax in the Cayman Islands, British Virgin Islands, and Hong Kong, while Chinese subsidiaries are subject to a 25% tax rate, with some high-tech, western development zone, and small and micro enterprises enjoying preferential rates Income Tax Expense Breakdown | Income Tax Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current China Mainland: Expense for the Year | 556 | 5,012 | | Under-provision in Prior Years | 24 | 181 | | Deferred Tax | 2,645 | 1,311 | | **Total** | **3,225** | **6,504** | - The Group is not subject to any Cayman Islands income tax[22](index=22&type=chunk) - Subsidiaries incorporated in the British Virgin Islands are not subject to income tax[23](index=23&type=chunk) - No assessable profits arose in Hong Kong, thus no provision for Hong Kong profits tax has been made[24](index=24&type=chunk) - Chinese subsidiaries' assessable income is subject to China income tax at a rate of **25%**, but some enterprises enjoy preferential tax rates (e.g., **15% for high-tech enterprises**, exemption or half reduction for new enterprises in Xinjiang difficult areas, **15% for encouraged industries in western development zones**, and **20% for small and micro enterprises**)[24](index=24&type=chunk)[25](index=25&type=chunk) [Dividends](index=11&type=section&id=%E8%82%A1%E6%81%AF) The company's board of directors has resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board of Directors of the Company has resolved not to declare an interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[26](index=26&type=chunk) [Earnings/(Loss) Per Share Attributable to Ordinary Equity Holders of the Parent](index=11&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%99%AE%E9%80%9A%E6%9D%83%E7%9B%8A%E6%8C%81%E6%9C%89%E4%BA%BA%E5%BA%94%E5%8D%A0%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9%E2%88%95%EF%BC%88%E4%BA%8F%E6%8D%9F%EF%BC%89) For the six months ended June 30, 2025, basic and diluted earnings per share attributable to ordinary equity holders of the parent was RMB 0.01, a significant improvement from the loss per share of RMB 0.19 in the prior year, mainly due to the profit for the period turning positive Earnings/(Loss) Per Share | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Profit/(Loss) Attributable to Ordinary Equity Holders of the Parent (RMB thousands) | 5,462 | (147,607) | | Weighted Average Number of Ordinary Shares in Issue for Basic and Diluted EPS Calculation (thousands) | 832,662 | 773,706 | | Basic and Diluted (RMB yuan) | 0.01 | (0.19) | - For the periods ended June 30, 2025 and 2024, the Group had no potential dilutive ordinary shares[28](index=28&type=chunk) [Trade Receivables](index=12&type=section&id=%E8%B4%B8%E6%98%93%E5%BA%94%E6%94%B6%E6%AC%BE%E9%A1%B9) As of June 30, 2025, total trade receivables amounted to RMB 15,032 thousands, a slight increase from December 31, 2024, with the majority concentrated within six months, indicating a healthy aging structure Trade Receivables Summary | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Receivables | 15,347 | 14,985 | | Impairment | (315) | (315) | | **Total** | **15,032** | **14,670** | Trade Receivables Aging Analysis | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within Six Months | 15,032 | 14,376 | | Six Months to One Year | – | 294 | | **Total** | **15,032** | **14,670** | - Trade receivables are non-interest bearing[29](index=29&type=chunk) [Trade Payables](index=12&type=section&id=%E8%B4%B8%E6%98%93%E5%BA%94%E4%BB%98%E6%AC%BE%E9%A1%B9) As of June 30, 2025, total trade payables amounted to RMB 10,320 thousands, a decrease from December 31, 2024, with all balances concentrated within six months and generally settled within 15 to 120 days Trade Payables Aging Analysis | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within Six Months | 10,320 | 10,906 | | Six Months to One Year | – | 197 | | **Total** | **10,320** | **11,103** | - Trade payables are non-interest bearing and generally settled within **15 to 120 days**[30](index=30&type=chunk) [Share Capital](index=13&type=section&id=%E8%82%A1%E6%9C%AC) As of June 30, 2025, the company's issued and fully paid share capital was RMB 56 thousands, with 832,662,428 shares issued, consistent with December 31, 2024 Share Capital | Date | Number of Shares Issued | Share Capital (RMB thousands) | | :--- | :--- | :--- | | As of December 31, 2024 (audited) and June 30, 2025 (unaudited) Ordinary Shares of US$0.00001 each | 832,662,428 | 56 | [Related Party Transactions](index=13&type=section&id=%E5%85%B3%E8%81%94%E6%96%B9%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in related party transactions, including used car value-added service costs and rental expenses, with entities controlled by shareholders having significant influence over the Group, with corresponding outstanding balances Related Party Transactions | Transaction Type | Related Party Name | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | :--- | | Used Car Value-Added Service Costs | Huzhou Baorui Automobile Sales and Service Co., Ltd | 143 | 92 | | Rental Expenses | Shanghai Kailong Automobile Group Co., Ltd | 1,657 | 1,714 | | Rental Expenses | Shanghai Longyun Property Management Co., Ltd | 259 | 274 | Outstanding Balances with Related Parties | Outstanding Balance Type | Related Party Name | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | :--- | | Non-trade: Prepayments, Transaction Deposits and Other Receivables | Shanghai Kailong Automobile Group Co., Ltd | 2,610 | 2,610 | | Non-trade: Prepayments, Transaction Deposits and Other Receivables | Shanghai Longyun Property Management Co., Ltd | 412 | 415 | | Trade: Trade Payables and Bills Payable | Huzhou Baorui Automobile Sales and Service Co., Ltd | 88 | 122 | | Trade: Trade Payables and Bills Payable | Ma'anshan Ruibao Automobile Sales and Service Co., Ltd | 24 | 14 | | Other Payables and Accruals | Huzhou Baorui Automobile Sales and Service Co., Ltd | – | 622 | Key Management Personnel Remuneration | Key Management Personnel Remuneration | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Salaries, Allowances and Benefits in Kind | 3,611 | 4,546 | | Contributions to Pension Schemes | 171 | 156 | | **Total** | **3,782** | **4,702** | [Fair Value and Fair Value Hierarchy of Financial Instruments](index=15&type=section&id=%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9A%84%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E5%8F%8A%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E5%B1%82%E7%BA%A7) Management assessed that the fair value of financial instruments such as cash and cash equivalents and trade receivables approximates their carrying amounts. The fair value of the company's unlisted investments is estimated using discounted cash flow valuation models. As of June 30, 2025, financial assets measured at fair value through profit or loss amounted to RMB 4,000 thousands, classified as Level 2 fair value measurement - Management has assessed that the fair value of financial instruments such as cash and cash equivalents and trade receivables approximates their carrying amounts, primarily because these instruments are short-term in nature[38](index=38&type=chunk) - The Group's unlisted investments refer to financial products issued by banks, whose fair value is estimated using discounted cash flow valuation models[39](index=39&type=chunk) Financial Assets at Fair Value Through Profit or Loss | Fair Value Measurement Level | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Level 1 (Quoted prices in active markets) | – | – | | Level 2 (Significant observable inputs) | 4,000 | 3,300 | | Level 3 (Significant unobservable inputs) | – | – | | **Total** | **4,000** | **3,300** | - As of June 30, 2025, and December 31, 2024, the Group did not have any financial liabilities measured at fair value[43](index=43&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E5%8F%8A%E5%88%86%E6%9E%90) This section details the company's industry environment, business operations, financial performance, and future outlook during the reporting period. Despite industry challenges, the company maintained core business competitiveness by expanding key accounts, optimizing network layout, and enhancing service quality. Financially, revenue and gross profit decreased, but profit for the period was achieved through cost control and the elimination of fair value change impacts [Industry and Business Review](index=17&type=section&id=%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%B5) China's automotive market saw robust production and sales, with new energy vehicles as the main growth driver, but used car transaction volume growth slowed, and the industry faced challenges of insufficient demand and price wars. As a used car trading intermediary, the company continuously expanded key accounts, optimized its network layout, and enhanced service quality through online and offline auction models and value-added services to adapt to market changes [Industry Review](index=17&type=section&id=%E8%A1%8C%E4%B8%9A%E5%9B%9E%E9%A1%B5) In H1 2025, China's automotive production and sales both exceeded 15 million units for the first time, with new energy passenger vehicle sales growing by 35.5% while fuel vehicles declined by 1.8%. National used car cumulative transaction volume reached 9.57 million units, a 1.99% year-on-year increase, with slowed growth primarily due to insufficient demand and price wars leading to continuous declines in new and used car transaction prices - In H1 2025, China's automotive production and sales both exceeded **15 million units** for the first time, with domestic sales reaching **12.57 million units**, a **11.7% year-on-year increase**[45](index=45&type=chunk) - New energy passenger vehicles grew by **35.5% year-on-year**, while fuel vehicles declined by **1.8% year-on-year**[45](index=45&type=chunk) - From January to June 2025, national used car cumulative transaction volume reached **9.57 million units**, a **1.99% year-on-year increase**, with significantly slowed growth[45](index=45&type=chunk) - The industry faces an "unorderly price war," leading to record-high manufacturer inventory and continuous declines in transaction prices for both new and used cars[46](index=46&type=chunk) [Business Review](index=18&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%B5) As a used car trading intermediary, the company optimizes transaction processes through online and offline simultaneous auction models and comprehensive value-added services. During the reporting period, the company continued to expand its key account business, signing over twenty automotive dealer groups, and made progress in the new energy vehicle sector and commercial vehicle disposal business. The company also optimized its auction network layout, establishing 82 auction centers and service outlets covering 329 cities, while strengthening its appraiser team and industry standard development - The company primarily provides used car auction services through a simultaneous auction model, adopting an integrated online and offline approach to offer end-to-end, highly standardized, and reliable used car transaction solutions[47](index=47&type=chunk) - In H1 2025, the company successively signed cooperation agreements with **over twenty automotive dealer groups**, including traditional top 100 groups and new energy top 100 dealer groups[48](index=48&type=chunk) - The company continues to focus on the new energy vehicle sector, achieving daily special auctions for new energy brands and becoming an auction cooperation platform for several major domestic leading brand manufacturers' resource vehicles[48](index=48&type=chunk) - The company has successfully signed cooperation agreements with **two leading platforms** in domestic box-trailer logistics vehicle assets, initiating commercial vehicle disposal business[48](index=48&type=chunk) - As of the end of June 2025, the company had cumulatively established **82 auction centers and service outlets**, covering **329 cities** nationwide[49](index=49&type=chunk) - Over **92% of the company's in-house professional appraiser team** employees have obtained the "Senior Used Car Appraisal and Evaluation Specialist Certificate" qualification[50](index=50&type=chunk) - In H1 2025, the company participated in the drafting of **three industry group standards and specifications**, such as "Motor Vehicle Auction Inspection and Evaluation Procedures" and "Live Auction Procedures"[50](index=50&type=chunk) [Disclosure of Key Operating Data by Business Segment](index=19&type=section&id=%E4%B8%9A%E5%8A%A1%E5%88%86%E9%83%A8%E6%8A%AB%E9%9C%B2%E4%B8%BB%E8%A6%81%E8%90%A5%E8%BF%90%E6%95%B0%E6%8D%AE) This section discloses key operating data for the company's main business segments, including transaction volumes and average revenue per vehicle for used car auctions, value-added services, and consignment arrangements, reflecting the operational status of each business segment Key Operating Data by Business Segment | Business Segment | Indicator | 2025 | 2024 | | :--- | :--- | :--- | :--- | | Used Car Auction Business | Number of Used Car Transactions | 74,411 | 79,439 | | | Average Revenue Per Vehicle (RMB) | 1,264 | 1,678 | | Used Car Value-Added Services | Number of Used Cars Serviced | 89,545 | 100,921 | | | Average Revenue Per Vehicle (RMB) | 318 | 302 | | Used Car Consignment Arrangements | Number of Consumer Trade-in Vehicle Transactions | 6,502 | 9,231 | | | Average Revenue Per Vehicle (RMB) | 2,081 | 1,985 | [Used Car Auction Business](index=20&type=section&id=%E4%BA%8C%E6%89%8B%E8%BD%A6%E6%8B%8D%E5%8D%96%E4%B8%9A%E5%8A%A1) Used car auction is the company's core business, utilizing an integrated online and offline model. In H1 2025, transaction volume and vehicles listed slightly decreased, but the success rate rose to 47.2%. Influenced by declining new car prices, average revenue per vehicle decreased to RMB 1,263.9 - The used car auction business is the company's core business, adopting an integrated online and offline auction model, including simultaneous and online auctions[57](index=57&type=chunk) - In H1 2025, the transaction volume and number of vehicles listed were **74,411 units** and **157,773 units**, respectively, representing a decrease of **6.3%** and **9.4%** compared to H1 2024[58](index=58&type=chunk) - The transaction success rate was approximately **47.2%**, an increase from **45.6%** in H1 2024[58](index=58&type=chunk) - Average revenue per vehicle decreased from **RMB 1,678.0** in H1 2024 to **RMB 1,263.9** in the reporting period, primarily due to the continuous decline in new car prices and marketing policies[58](index=58&type=chunk) [Used Car Value-Added Services](index=20&type=section&id=%E4%BA%8C%E6%89%8B%E8%BD%A6%E5%A2%9E%E5%80%BC%E6%9C%8D%E5%8A%A1) The company provides various value-added services to buyers and sellers. In H1 2025, due to the sluggish automotive dealership industry, the number of used cars serviced by value-added services decreased to 89,545 units, but average revenue per vehicle slightly increased to RMB 317.8 - The company provides various value-added services to upstream and downstream customers, including pre-acquisition appraisal and inspection, used car acquisition support, ADMS system, and registration and transfer services[59](index=59&type=chunk) - In H1 2025, the number of used cars serviced by value-added services decreased from **100,921 units** in H1 2024 to **89,545 units**, primarily due to dealer groups reducing expenses amidst a sluggish automotive dealership industry[60](index=60&type=chunk) - Average revenue per vehicle slightly increased from **RMB 302.0** in H1 2024 to **RMB 317.8** in the reporting period[60](index=60&type=chunk) [Used Car Consignment Arrangements](index=21&type=section&id=%E4%BA%8C%E6%89%8B%E8%BD%A6%E6%94%B6%E9%94%80%E5%AE%89%E6%8E%92) The company partners with dealer groups to arrange the consignment and sale of consumer trade-in vehicles. In H1 2025, due to declining new car business from partner dealers, the number of consumer trade-in vehicle transactions decreased to 6,502 units, but average revenue per vehicle slightly increased to RMB 2,081.5 due to a fixed fee model - Under the used car consignment arrangement business, the company acts as an agent for the consignor (used car owner or dealer group) to dispose of used cars entrusted for sale[61](index=61&type=chunk) - In H1 2025, the number of consumer trade-in vehicle transactions decreased from **9,231 units** in H1 2024 to **6,502 units**, primarily due to the decline in new car business of partner dealers[62](index=62&type=chunk) - Average revenue per vehicle slightly increased from **RMB 1,985.0** in H1 2024 to **RMB 2,081.5** in the reporting period, as fees are fixed per vehicle[62](index=62&type=chunk) [Exhibition Business](index=21&type=section&id=%E5%B1%95%E4%BC%9A%E4%B8%9A%E5%8A%A1) The company provides car exhibition and advertising services, with revenue primarily from booth and advertising fees. In H1 2025, exhibition business revenue dropped to zero, mainly because partner OEMs and dealer groups reduced marketing spending, and the company did not conduct car exhibition sales during the off-season - The company's exhibition business primarily includes organizing car shows and exhibitions for dealer groups and OEMs, as well as providing advertising services[63](index=63&type=chunk) - Exhibition business revenue decreased by **100%** from **RMB 0.7 million** in H1 2024 to **zero** in H1 2025[64](index=64&type=chunk) - The decrease in revenue is mainly attributed to partner companies reducing marketing expenditures, and the company not conducting car exhibition sales during the off-season[64](index=64&type=chunk) [Other Businesses](index=22&type=section&id=%E5%85%B6%E4%BB%96%E4%B8%9A%E5%8A%A1) The company continues to meet the temporary business needs of dealer groups, including providing vehicle registration and transfer services and GPS installation for new cars, primarily targeting existing business partners - The company provides new car registration and transfer services and GPS installation services, primarily for existing business partners[65](index=65&type=chunk) [Outlook](index=22&type=section&id=%E5%89%8D%E6%99%AF) The company is committed to reshaping China's used car transaction process to be standardized, efficient, and transparent. Future plans include expanding the auction network, diversifying supply and demand sources, broadening service offerings, strengthening cooperation with new energy OEMs, enhancing digital products and services, and exploring strategic partnerships and acquisition opportunities - The company will continue to expand and optimize its auction network and upgrade service facilities to strengthen management and improve service quality[66](index=66&type=chunk) - The company will further expand upstream used car supply sources and downstream professional buyer channels to enlarge its seller and buyer base[66](index=66&type=chunk) - The company will further improve and diversify its service offerings and revenue streams to provide better services to upstream and downstream customers[66](index=66&type=chunk) - The company will strengthen cooperation with new energy OEMs and manufacturers to enhance its appraisal, inspection, and transaction capabilities for new energy used cars[66](index=66&type=chunk) - The company will strengthen its digital products and services to build a comprehensive platform for used car data and appraisal/inspection[66](index=66&type=chunk) - The company will explore potential strategic cooperation and acquisition opportunities[66](index=66&type=chunk) [Significant Events After Reporting Period](index=22&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%90%8E%E7%9A%84%E9%87%8D%E5%A4%A7%E4%BA%8B%E4%BB%B6) Except as disclosed in this announcement, no significant events that could materially affect the company and its subsidiaries occurred between the reporting period and the announcement date - Except as disclosed in this announcement, no significant events that could materially affect the company and its subsidiaries occurred between the reporting period and the date of this announcement[67](index=67&type=chunk) [Financial Analysis](index=22&type=section&id=%E8%B4%A2%E5%8A%A1%E5%88%86%E6%9E%90) This section provides a detailed analysis of various financial indicators for the reporting period, including revenue, costs, gross profit, various expenses, other income and gains, finance costs, share of profit/loss of associates, fair value changes of financial instruments, profit before tax, income tax expense, and profit for the period, explaining the reasons for each change [Revenue](index=22&type=section&id=%E6%94%B6%E5%85%A5) For the six months ended June 30, 2025, the company's revenue was RMB 141.8 million, a 25.9% year-on-year decrease, primarily due to reduced revenue from used car auction, value-added services, and consignment arrangements, as well as zero revenue from exhibition business - For the six months ended June 30, 2025, the company recorded revenue of **RMB 141.8 million**, a **25.9% decrease** compared to the same period in 2024[69](index=69&type=chunk) - The decrease in revenue was primarily due to a decline in revenue from used car auction business, used car value-added services business, and used car consignment arrangement business[69](index=69&type=chunk) Revenue Breakdown | Revenue Source | 2025 (RMB thousands) | Share (%) | 2024 (RMB thousands) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Used Car Auction Commissions and Service Fees | 94,051 | 66.3 | 133,309 | 69.7 | | Used Car Value-Added Services | 28,456 | 20.1 | 33,179 | 17.3 | | Used Car Consignment Arrangements | 13,534 | 9.5 | 18,326 | 9.6 | | Exhibition Business | – | – | 721 | 0.4 | | Other Services | 5,805 | 4.1 | 5,774 | 3.0 | | **Total** | **141,846** | **100.0** | **191,309** | **100.0** | - Revenue from used car auction commissions and service fees decreased by **29.4%**, mainly due to the continuous decline in new car prices, leading to a decrease in both used car transaction prices and volumes[70](index=70&type=chunk) - Revenue from used car value-added services decreased by **14.2%**, primarily due to the sluggish automotive dealership industry, which led to partner dealer groups reducing expenses and a decline in business volume[71](index=71&type=chunk) - Revenue from used car consignment arrangements decreased by **26.1%**, mainly due to the decline in new car business of partner dealer groups, resulting in reduced demand for used car consignment services[72](index=72&type=chunk) - Exhibition business revenue decreased by **100% to zero**, primarily because partner companies reduced marketing expenditures, and the company did not conduct car exhibition sales during the off-season[73](index=73&type=chunk) [Cost of Sales](index=24&type=section&id=%E9%94%80%E5%94%AE%E6%88%90%E6%9C%AC) For the six months ended June 30, 2025, cost of sales was RMB 52.6 million, a 22.1% year-on-year decrease, primarily due to proportional reductions in labor costs, professional service costs, and intermediary costs as business transaction volume declined - Cost of sales includes labor costs, professional service costs, intermediary costs, and other costs[74](index=74&type=chunk) - Cost of sales for the six months ended June 30, 2025, was **RMB 52.6 million**, a **22.1% decrease** compared to the same period in 2024[74](index=74&type=chunk) - The decrease was primarily due to a proportional decline in labor costs, professional service costs, and intermediary costs as business transaction volume decreased[74](index=74&type=chunk) [Gross Profit and Gross Profit Margin](index=24&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) Due to decreased revenue, gross profit decreased by 27.9% from RMB 123.7 million in H1 2024 to RMB 89.2 million in the reporting period, while gross profit margin fell from 64.7% to 62.9% - Gross profit decreased by **27.9%** from **RMB 123.7 million** in H1 2024 to **RMB 89.2 million** in the reporting period[75](index=75&type=chunk) - Gross profit margin fell from **64.7%** in H1 2024 to **62.9%** in the same period of 2025[75](index=75&type=chunk) [Selling and Distribution Expenses](index=24&type=section&id=%E9%94%80%E5%94%AE%E5%8F%8A%E5%88%86%E9%94%80%E5%BC%80%E6%94%AF) Selling and distribution expenses decreased by 23.1% from RMB 39.6 million in H1 2024 to RMB 30.5 million in H1 2025, primarily due to a decrease in staff costs - Selling and distribution expenses decreased by **23.1%** from **RMB 39.6 million** in H1 2024 to **RMB 30.5 million** in H1 2025[76](index=76&type=chunk) - The decrease was primarily due to a decline in staff costs[76](index=76&type=chunk) [Administrative Expenses](index=24&type=section&id=%E8%A1%8C%E6%94%BF%E5%BC%80%E6%94%AF) Administrative expenses decreased by 45.5% from RMB 77.2 million in H1 2024 to RMB 42.1 million in H1 2025, primarily due to the absence of listing expenses and reduced staff salaries and benefits from fewer employees - Administrative expenses decreased by **45.5%** from **RMB 77.2 million** in H1 2024 to **RMB 42.1 million** in H1 2025[77](index=77&type=chunk) - The decrease was primarily due to the absence of listing expenses in H1 2025 and a reduction in staff salaries and benefits resulting from fewer employees[77](index=77&type=chunk) [Other Expenses](index=25&type=section&id=%E5%85%B6%E4%BB%96%E5%BC%80%E6%94%AF) Other expenses decreased by 38.7% from RMB 1.6 million in H1 2024 to RMB 1.0 million in H1 2025, primarily due to a reduction in arbitration compensation - Other expenses primarily include expenses related to subleasing certain areas of auction venues to third parties, and compensation paid to buyers for discrepancies between used car conditions and inspection reports[78](index=78&type=chunk) - Other expenses decreased by **38.7%** from **RMB 1.6 million** in H1 2024 to **RMB 1.0 million** in H1 2025[78](index=78&type=chunk) - The decrease was primarily due to a reduction in arbitration compensation in H1 2025 compared to the same period in 2024[78](index=78&type=chunk) [Other Income and Gains, Net](index=25&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A%E5%87%80%E9%A2%9D) Other income and gains, net, decreased by 15.3% from RMB 4.5 million in H1 2024 to RMB 3.8 million in H1 2025, primarily due to reduced interest income resulting from lower subsidies provided to business partners - Other income and gains, net, decreased by **15.3%** from **RMB 4.5 million** in H1 2024 to **RMB 3.8 million** in H1 2025[79](index=79&type=chunk) - The decrease was primarily due to reduced interest income in H1 2025, resulting from lower subsidies provided to business partners compared to the same period in 2024[79](index=79&type=chunk) [Finance Costs](index=25&type=section&id=%E8%B4%A2%E5%8A%A1%E6%88%90%E6%9C%AC) Finance costs increased by 9.5% from RMB 3.3 million in H1 2024 to RMB 3.6 million in H1 2025, primarily due to an increase in loan balances - Finance costs increased by **9.5%** from **RMB 3.3 million** in H1 2024 to **RMB 3.6 million** in H1 2025[80](index=80&type=chunk) - The increase was primarily due to an increase in loan balances to **RMB 126.2 million** as of June 30, 2025, compared to **RMB 79.7 million** in the prior year[80](index=80&type=chunk) [Share of Profit/(Loss) of Associates](index=25&type=section&id=%E5%88%86%E5%8D%A0%E8%81%94%E8%90%A5%E5%85%AC%E5%8F%B8%E6%8D%9F%E7%9B%8A) Share of profit/(loss) of associates increased from zero in H1 2024 to RMB 0.1 million in H1 2025, remaining relatively stable - Share of profit/(loss) of associates increased from **zero** in H1 2024 to **RMB 0.1 million** in H1 2025, remaining relatively stable[81](index=81&type=chunk) [Fair Value Changes of Financial Assets and Liabilities Measured at Fair Value Through Profit or Loss](index=25&type=section&id=%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E4%B8%94%E5%85%B6%E5%8F%98%E5%8A%A8%E8%AE%A1%E5%85%A5%E5%BD%93%E6%9C%9F%E6%8D%9F%E7%9B%8A%E7%9A%84%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%9A%84%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E5%8F%98%E5%8A%A8) In H1 2025, fair value changes in financial assets and liabilities measured at fair value through profit or loss were zero, a significant improvement from the RMB 142.3 million loss from fair value changes in financial liabilities in H1 2024, primarily due to the automatic conversion of all convertible redeemable preference shares into ordinary shares - In H1 2025, fair value changes in financial assets measured at fair value through profit or loss recorded **zero** gain/loss, compared to a gain of **RMB 0.04 million** in H1 2024[82](index=82&type=chunk) - In H1 2025, fair value changes in financial liabilities measured at fair value through profit or loss recorded **zero** gain/loss, compared to a loss of **RMB 142.3 million** in H1 2024[83](index=83&type=chunk) - The significant reduction in fair value changes of financial liabilities was primarily due to the automatic conversion of all convertible redeemable preference shares into ordinary shares upon completion of the global offering on May 31, 2024[83](index=83&type=chunk) [Profit/(Loss) Before Tax](index=26&type=section&id=%E9%99%A4%E7%A8%8E%E5%89%8D%E6%BA%A2%E5%88%A9%E2%88%95%E4%BA%8F%E6%8D%9F) Profit before tax increased by 111.8% from a loss of RMB 135.7 million in H1 2024 to a profit of RMB 16.0 million in the reporting period, primarily attributable to the absence of fair value change impacts and listing expenses in H1 2025 - Profit before tax increased by **111.8%** from a loss of **RMB 135.7 million** in H1 2024 to a profit of **RMB 16.0 million** in the reporting period[84](index=84&type=chunk) - The increase was primarily attributable to the absence of fair value change impacts and listing expenses in H1 2025[84](index=84&type=chunk) [Income Tax Expense](index=26&type=section&id=%E6%89%80%E5%BE%97%E7%A8%8E%E5%BC%80%E6%94%AF) Income tax expense decreased by 50.4% from RMB 6.5 million in H1 2024 to RMB 3.2 million in the reporting period, primarily due to a decrease in the company's profit before tax in H1 2025 compared to the prior year - Income tax expense decreased by **50.4%** from **RMB 6.5 million** in H1 2024 to **RMB 3.2 million** in the reporting period[85](index=85&type=chunk) - The decrease was primarily due to a decline in the company's profit before tax in H1 2025 compared to the same period in 2024[85](index=85&type=chunk) [Profit for the Period](index=26&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E9%97%B4%E6%BA%A2%E5%88%A9) The company improved from a loss of RMB 142.2 million in H1 2024 to a profit of RMB 12.8 million in the reporting period, a 109.0% improvement, primarily due to the combined effect of the aforementioned factors - The company improved from a loss of **RMB 142.2 million** in H1 2024 to a profit of **RMB 12.8 million** in the reporting period, a **109.0% improvement**[86](index=86&type=chunk) - The improvement was primarily due to the combined effect of the aforementioned factors[86](index=86&type=chunk) [Capital Management, Financing and Financial Policies](index=26&type=section&id=%E8%B5%84%E6%9C%AC%E7%AE%A1%E7%90%86%E3%80%81%E8%9E%8D%E8%B5%84%E5%8F%8A%E8%B4%A2%E5%8A%A1%E6%94%BF%E7%AD%96) The Group's capital management objective is to safeguard its ability to continue as a going concern and maintain a sound capital ratio to support its business and create value for shareholders. The Group adjusts its capital structure based on economic conditions and regularly monitors liquidity needs to ensure sufficient cash reserves. Financing activities include bank deposits, foreign exchange transactions, and other financial instruments - The Group's primary objective of capital management is to safeguard its ability to continue as a going concern and maintain a sound capital ratio to support its business and create maximum value for the company's shareholders[87](index=87&type=chunk) - The Group manages and adjusts its capital structure in response to changes in economic conditions and the risk characteristics of relevant assets[87](index=87&type=chunk) - The Group's policy is to regularly monitor current and anticipated liquidity requirements to ensure sufficient cash reserves are maintained to meet short-term and long-term liquidity needs[88](index=88&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=%E6%B5%81%E5%8A%A8%E8%B5%84%E9%87%91%E5%8F%8A%E8%B5%84%E6%9C%AC%E8%B5%84%E6%BA%90) For the six months ended June 30, 2025, the company funded its operations through cash generated from operations and bank borrowings. Cash and cash equivalents increased from RMB 1,046.6 million as of December 31, 2024, to RMB 1,046.8 million - For the six months ended June 30, 2025, the company funded its operating activities through cash generated from operations and bank borrowings[89](index=89&type=chunk) - As of June 30, 2025, cash and cash equivalents increased from **RMB 1,046.6 million** as of December 31, 2024, to **RMB 1,046.8 million**[89](index=89&type=chunk) [Borrowings](index=27&type=section&id=%E5%80%9F%E6%AC%BE) As of June 30, 2025, outstanding borrowings amounted to RMB 126.2 million, a 3% decrease from RMB 129.5 million as of December 31, 2024. All borrowings bear fixed interest - As of June 30, 2025, outstanding borrowings amounted to **RMB 126.2 million**, a **3% decrease** from **RMB 129.5 million** as of December 31, 2024[90](index=90&type=chunk) - All of the Group's borrowings bear fixed interest[90](index=90&type=chunk) [Gearing Ratio](index=27&type=section&id=%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E6%AF%94%E7%8E%87) As of June 30, 2025, the gearing ratio (calculated as total liabilities divided by total assets) was 23.8%, remaining relatively stable compared to 25.0% as of December 31, 2024 - As of June 30, 2025, the gearing ratio (calculated as total liabilities divided by total assets) was **23.8%**, remaining relatively stable compared to **25.0%** as of December 31, 2024[91](index=91&type=chunk) [Material Investments](index=27&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B5%84) During the reporting period, the company did not make or hold any material investments (including any investment in which the value of the investee company accounted for 5.0% or more of the Group's total assets as of June 30, 2025) - During the reporting period, the company did not make or hold any material investments (including any investment in which the value of the investee company accounted for **5.0% or more** of the Group's total assets as of June 30, 2025)[92](index=92&type=chunk) [Material Acquisitions and/or Disposals of Subsidiaries](index=27&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B4%AD%E5%8F%8A%E2%88%95%E6%88%96%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%9E%E5%85%AC%E5%8F%B8) During the reporting period, the company did not have any material acquisitions and/or disposals of subsidiaries and associated companies - During the reporting period, the company did not have any material acquisitions and/or disposals of subsidiaries and associated companies[93](index=93&type=chunk) [Pledge of Assets](index=27&type=section&id=%E8%B5%84%E4%BA%A7%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group did not have any pledge of assets - As of June 30, 2025, the Group did not have any pledge of assets[94](index=94&type=chunk) [Future Plans for Material Investments and Capital Assets](index=27&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B5%84%E5%8F%8A%E8%B5%84%E6%9C%AC%E8%B5%84%E4%BA%A7%E7%9A%84%E6%9C%AA%E6%9D%A5%E8%AE%A1%E5%88%92) As of the date of this announcement, the company had no other plans for material investments and capital assets - As of the date of this announcement, the company had no other plans for material investments and capital assets[95](index=95&type=chunk) [Employees](index=28&type=section&id=%E9%9B%87%E5%91%98) As of June 30, 2025, the company had 622 employees, a decrease from 686 employees as of December 31, 2024. The company offers competitive remuneration and training, with total employee benefit expenses (excluding amounts capitalized) of RMB 38.2 million for the reporting period, a decrease from the prior year - As of June 30, 2025, the company had **622 employees**, a decrease from **686 employees** as of December 31, 2024[96](index=96&type=chunk) - The company provides competitive remuneration packages to employees, determined based on experience, qualifications, and market conditions[96](index=96&type=chunk) - During the reporting period, total employee benefit expenses (including Directors' emoluments, but excluding amounts capitalized in cost of used car auction commissions and service fees) were **RMB 38.2 million**, compared to **RMB 56.6 million** in the same period of 2024[96](index=96&type=chunk) [Contingent Liabilities](index=28&type=section&id=%E6%88%96%E7%84%B6%E8%B4%9F%E5%80%BA) As of June 30, 2025, the company had no material contingent liabilities - As of June 30, 2025, the company had no material contingent liabilities[97](index=97&type=chunk) [Foreign Currency Risk and Investment Risk](index=28&type=section&id=%E5%A4%96%E5%B8%81%E9%A3%8E%E9%99%A9%E5%8F%8A%E6%8A%95%E8%B5%84%E9%A3%8E%E9%99%A9) The company's primary operations are in China, with most transactions, assets, and liabilities denominated in RMB, currently posing no significant foreign currency risk, thus no hedging is undertaken. The company invests in low-risk, high-return financial products, with investment risk closely monitored by the finance department led by the CFO - The company's primary operations are located in China, with most transactions conducted in RMB, and the majority of assets and liabilities denominated in RMB, currently posing no significant foreign currency risk[98](index=98&type=chunk) - The company currently does not undertake any financial instrument hedging for foreign currency risk[98](index=98&type=chunk) - The company invests in financial products provided by licensed financial institutions that are considered low-risk and offer higher returns than fixed deposits[99](index=99&type=chunk) - As of June 30, 2025, and December 31, 2024, financial assets measured at fair value through profit or loss were **RMB 4.0 million** and **RMB 3.3 million**, respectively[99](index=99&type=chunk) [Corporate Governance and Other Information](index=29&type=section&id=%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B5%84%E6%96%99) This section outlines the company's corporate governance practices, including compliance with the Corporate Governance Code and Model Code for Securities Transactions by Directors, the operation of the Audit Committee, and other key information such as interim dividends, dealings in listed securities, material litigation, use of proceeds from global offering, and report publication [Compliance with Corporate Governance Code](index=29&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%88%99) The company and its directors are committed to maintaining the highest standards of corporate governance and have complied with all code provisions set out in Appendix C1 to the Listing Rules of the Stock Exchange throughout the reporting period - During the reporting period and up to the date of this announcement, the company has complied with all code provisions set out in Appendix C1 to the Listing Rules of the Stock Exchange[100](index=100&type=chunk) [Compliance with Model Code for Securities Transactions by Directors](index=29&type=section&id=%E9%81%B5%E5%AE%88%E8%91%A3%E4%BA%8B%E8%BF%9B%E8%A1%8C%E8%AF%81%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A0%87%E5%87%86%E5%AE%88%E5%88%99) The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules, and all directors have confirmed compliance with the code throughout the reporting period - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules as its securities dealing code[101](index=101&type=chunk) - Following specific enquiries made to all Directors, they confirmed compliance with the Model Code throughout the reporting period[101](index=101&type=chunk) [Audit Committee](index=29&type=section&id=%E5%AE%A1%E6%A0%B8%E5%A7%94%E5%91%98%E4%BC%9A) The company has established an Audit Committee, comprising three members, responsible for considering external auditor matters, overseeing financial reporting, risk management, and internal control systems, and has reviewed the Group's unaudited interim results for the six months ended June 30, 2025 - The company has established an Audit Committee in compliance with Rule 3.21 of the Listing Rules and the Corporate Governance Code, comprising three members (namely Ms. Li Mochou, Mr. Wang Jianping, and Mr. Yan Jun), with Ms. Li serving as chairperson[102](index=102&type=chunk) - The Audit Committee is responsible for considering matters related to the external auditor and their appointment, overseeing the Group's financial reporting system, risk management, and internal control systems, reviewing the Group's financial information, and reviewing policies and practices related to corporate governance[102](index=102&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim results for the six months ended June 30, 2025, and is of the opinion that they comply with applicable accounting standards and requirements and that adequate disclosures have been made[103](index=103&type=chunk) [Other Information](index=30&type=section&id=%E5%85%B6%E4%BB%96%E8%B5%84%E6%96%99) This section covers the non-payment of interim dividends, no purchases/sales/redemptions of the company's listed securities, no material litigation, the use of proceeds from the global offering and future plans, and publication information for the interim results announcement and report, along with a list of Board members [Interim Dividend](index=30&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Directors do not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Directors do not recommend the payment of any interim dividend for the six months ended June 30, 2025[104](index=104&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=30&type=section&id=%E8%B4%AD%E4%B9%B0%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B5%8E%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AF%81%E5%88%B8) During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's securities listed on the Stock Exchange, and as of June 30, 2025, the company held no treasury shares - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's securities listed on the Stock Exchange[105](index=105&type=chunk) - As of June 30, 2025, the company did not hold any treasury shares[105](index=105&type=chunk) [Material Litigation](index=30&type=section&id=%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC) During the reporting period, the company was not involved in any material litigation or arbitration, and the directors were unaware of any outstanding or threatened material litigation or claims - During the reporting period, the company was not involved in any material litigation or arbitration[106](index=106&type=chunk) - The Directors are also unaware of any outstanding or threatened material litigation or claims against the Group during the reporting period and up to the date of this announcement[106](index=106&type=chunk) [Use of Proceeds from Global Offering](index=30&type=section&id=%E5%85%A8%E7%90%83%E5%8F%91%E5%94%AE%E6%89%80%E5%BE%97%E6%AC%BE%E9%A1%B9%E7%94%A8%E9%80%94) The company's shares were listed on May 31, 2024, with net proceeds from the global offering of approximately HKD 83.0 million. As of June 30, 2025, HKD 17.9 million had been utilized, primarily for expanding the auction network, strengthening customer relationships, developing diversified services, and R&D. The company expects to fully utilize the remaining proceeds by December 2028 as disclosed in the prospectus - The net proceeds from the global offering amounted to approximately **HKD 83.0 million**[107](index=107&type=chunk) - As of June 30, 2025, **HKD 17.9 million** of the net proceeds had been utilized in a manner consistent with the disclosures in the "Future Plans and Use of Proceeds" section of the prospectus[107](index=107&type=chunk) - There has been no change in the intended use of the net proceeds, and the company expects to fully utilize the remaining amount by December 2028[107](index=107&type=chunk) Use of Proceeds from Global Offering | Purpose | Percentage (%) | Net Proceeds from Global Offering (HKD millions) | Unutilized Amount as of June 30, 2025 (HKD millions) | Amount Utilized During Reporting Period (HKD millions) | Expected Timeline for Full Utilization of Unutilized Proceeds | | :--- | :--- | :--- | :--- | :--- | :--- | | Expand geographical coverage of auction network | 40.0% | 33.2 | 31.2 | 1.0 | 2028 | | Strengthen relationships with existing sellers and buyers, and attract new sellers and buyers to the platform | 10.0% | 8.2 | 5.0 | 1.6 | 2028 | | Develop and diversify service portfolio and explore new growth areas | 15.0% | 12.5 | 8.5 | 2.0 | 2028 | | Invest in research and development | 15.0% | 12.5 | 7.8 | 2.9 | 2028 | | Establish potential strategic partnerships and alliances with business partners, and make investments and/or acquire controlling interests in target companies | 10.0% | 8.3 | 8.3 | 0 | 2028 | | For working capital and general corporate purposes | 10.0% | 8.3 | 4.3 | 2.0 | 2028 | | **Total** | **100.0%** | **83.0** | **65.1** | **9.5** | | [Publication of Interim Results Announcement and Interim Report](index=33&type=section&id=%E5%88%8A%E5%8F%91%E4%B8%AD%E6%9C%9F%E4%B8%9A%E7%BB%A9%E5%85%AC%E5%91%8A%E5%8F%8A%E4%B8%AD%E6%9C%9F%E6%8A%A5%E5%91%8A) This interim results announcement has been published on the Stock Exchange website and the company's website. The interim report for the six months ended June 30, 2025, will be posted on the aforementioned websites and made available to shareholders in due course - This interim results announcement is published on the Stock Exchange website (http://www.hkex.com.hk) and the company's website (www.autostreets.com)[110](index=110&type=chunk) - The interim report for the six months ended June 30, 2025, containing all relevant information required by the Listing Rules, will be posted on the aforementioned websites of the Stock Exchange and the company in due course and made available to shareholders in accordance with their chosen method of receiving company communications[110](index=110&type=chunk) [Board of Directors](index=33&type=section&id=%E8%91%A3%E4%BA%8B%E4%BC%9A%E6%88%90%E5%91%98) As of the announcement date, the company's Board of Directors includes Executive Directors Mr. Yang Aihua, Mr. Yang Hansong, Ms. Gao Kun, and Mr. Zhao Hongliang; Non-executive Directors Mr. Rob Huting and Ms. Yang Chuyu; and Independent Non-executive Directors Mr. Wang Jianping, Ms. Li Mochou, and Mr. Yan Jun - As of the date of this announcement, the company's Board of Directors comprises (i) Executive Directors Mr. Yang Aihua, Mr. Yang Hansong, Ms. Gao Kun, and Mr. Zhao Hongliang; (ii) Non-executive Directors Mr. Rob Huting and Ms. Yang Chuyu; and (iii) Independent Non-executive Directors Mr. Wang Jianping, Ms. Li Mochou, and Mr. Yan Jun[112](index=112&type=chunk) [Forward-Looking Statements](index=33&type=section&id=%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0) This announcement contains forward-looking statements regarding the Group's business outlook, projected business plans, and development strategies, based on current information and expectations at the time of publication. These statements involve subjective factors and risks and uncertainties beyond the Group's control, which may prove inaccurate or unachievable, thus shareholders and potential investors should not unduly rely on them - This announcement contains forward-looking statements regarding the Group's business outlook, projected business plans, and development strategies[113](index=113&type=chunk) - These forward-looking statements are based on certain forecasts, assumptions, and premises, some of which involve subjective factors or are beyond the Group's control[113](index=113&type=chunk) - These forward-looking statements may prove to be incorrect and may not be realized in the future, and shareholders and potential investors should not unduly rely on such statements[113](index=113&type=chunk)

Core Viewpoint - The company, Automobile Street (02443.HK), has announced a board meeting scheduled for August 29, 2025, to consider and approve its interim results for the six months ending June 30, 2025, and to declare any interim dividends if applicable, along with addressing other matters [1]. Group 1 - The board meeting is set for August 29, 2025 [1] - The meeting will focus on the interim results for the six months ending June 30, 2025 [1] - The company may declare interim dividends during this meeting [1]

董事會會議召開日期 汽車街發展有限公司（「本公司」及其附屬公司「本集團」）董事會（「董事會」）茲通告 謹定於2025年8月29日（ 星期五 ）舉行董事會會議，以考慮及通過本集團截至2025 年6 月30 日止 六個月 的中期業 績及其 刊發， 宣派及派 發中期 股息（ 如有 ），以 及處 理任何其他事項。 承董事會命 汽車街發展有限公司 主席兼執行董事 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。 Autostreets Development Limited （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：2443） 汽 車 街 發 展 有 限 公 司 楊漢松先生 香港，2025年8月19日 於本公告日期，董事會成員包括(i)執行董事楊愛華先生、楊漢松先生、趙宏良先 生及高鵾女士；(ii)非執行董事Rob Huting先生及Yang Chuyu女士；及( ...

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: 汽車街發展有限公司 呈交日期: 2025年8月1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) | 02443 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50 ...

Core Viewpoint - The automotive e-commerce industry in China is rapidly growing, driven by technological advancements and changing consumer habits, with a market size projected to increase from 0.86 trillion yuan in 2018 to 1.41 trillion yuan by 2024, reflecting a compound annual growth rate of 8.6% [1][13][15]. Group 1: Industry Overview - Automotive e-commerce facilitates transactions between sellers and buyers through online platforms, enhancing the efficiency of automotive after-sales services and reducing costs [1][2]. - The main models of automotive e-commerce include comprehensive, C2C, C2B, B2C, B2B, and O2O [2]. - The user base for automotive e-commerce in China has grown significantly, from 46 million in 2016 to over 500 million by 2024 [15]. Group 2: Market Growth and Trends - The automotive market in China is substantial, with production and sales reaching 31.43 million vehicles in 2024, marking a year-on-year growth of 4.5% [4]. - The second-hand car market is also thriving, with a total transaction volume of 19.61 million vehicles in 2024, up 6.5% year-on-year, and a transaction value of approximately 1.29 trillion yuan, reflecting a 9.0% increase [6]. - The automotive e-commerce sector is expected to benefit from favorable government policies aimed at promoting online sales channels and digital transformation [8][10]. Group 3: Investment and Financing - The automotive e-commerce sector has attracted significant investment, with platforms like Kuaizhun Car Service and Huasheng Good Car completing financing rounds in 2024 [17][18]. - Automotive Street went public on the Hong Kong Stock Exchange in May 2024, raising approximately 153 million HKD [17]. Group 4: Future Development - The rise of new energy vehicles, expansion into overseas markets, and the application of digital marketing are anticipated to create new growth opportunities for the automotive e-commerce industry [20][22][23]. - Digital marketing is becoming a mainstream trend, utilizing big data and AI for personalized consumer experiences [22]. - The industry is expected to undergo consolidation and mergers as competition intensifies, with weaker platforms likely to be phased out [23].