[Company Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) [Board of Directors and Committees](index=3&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E5%A7%94%E5%93%A1%E6%9C%83) The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, with audit, remuneration, and nomination committees ensuring robust corporate governance; nomination committee members changed during the reporting period - Board members include Mr. Huang Wei (Chairman and CEO), Mr. Ye Fuwei, Ms. Zhang Jinghua as executive directors, Mr. Liu Wei as non-executive director, and Mr. Wu Fei, Mr. Feng Zhiwei, Mr. Chen Shuo as independent non-executive directors[5](index=5&type=chunk) - The Audit Committee is chaired by Mr. Feng Zhiwei, the Remuneration Committee by Mr. Wu Fei, and the Nomination Committee by Mr. Huang Wei[5](index=5&type=chunk) - Ms. Zhang Jinghua and Mr. Feng Zhiwei were appointed as Nomination Committee members on June 25, 2025[5](index=5&type=chunk) [Company Basic Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) The company is registered in the Cayman Islands, headquartered in Fuzhou, Fujian Province, China, with a principal place of business in Hong Kong; its stock code is 2473, and its auditor is PwC - The company's registered office is in the Cayman Islands, and its headquarters are located in Fuxing Economic Development Zone, No. 318 Fuguang Road, Jin'an District, Fuzhou, Fujian Province, China[5](index=5&type=chunk) - The principal place of business in Hong Kong is Room 1709, West Tower, Shun Tak Centre, 168-200 Connaught Road Central, Sheung Wan, Central and Western District, Hong Kong[6](index=6&type=chunk) - The company's stock code is 2473, and its auditor is PwC[7](index=7&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Introduction](index=5&type=section&id=%E7%BB%AA%E8%A8%80) The Group is a prominent automobile retailer primarily offering automobile finance lease services through self-operated sales outlets in China, covering retail and financing, operating leases, other related services, and direct retail - The Group's main businesses include automobile retail and financing (selling non-luxury automobiles through direct finance leases), automobile-related business (primarily providing automobile operating lease and other automobile-related services), and direct automobile retail business (one-off sale of automobiles)[9](index=9&type=chunk) [Macroeconomic Environment Analysis](index=5&type=section&id=%E5%AE%8F%E8%A7%82%E7%BB%8F%E6%B5%8E%E7%8E%AF%E5%A2%83%E5%88%86%E6%9E%90) In H1 2025, global economic growth slowed, but China's economy showed strong resilience with **GDP growing 5.3%**, continuous industrial structure optimization, and robust industrial production - The World Bank lowered its 2025 global GDP growth forecast to **2.3%**, the lowest level since the 2008 financial crisis[10](index=10&type=chunk) - In H1 2025, China's GDP reached **RMB 66.05 trillion**, a **5.3%** year-on-year increase[10](index=10&type=chunk) - The value added of the tertiary industry grew **5.5%**, contributing **59.1%** to economic growth; the value added of industrial enterprises above designated size increased **6.4%** year-on-year[10](index=10&type=chunk) [Industry Analysis](index=5&type=section&id=%E8%A1%8C%E4%B8%9A%E5%88%86%E6%9E%90) In H1 2025, China's automotive market maintained high growth driven by rising new energy vehicle penetration and technological innovation, with strong passenger car production and sales, surging exports, especially for new energy passenger vehicles, and accelerated compliance in the ride-hailing sector - In H1 2025, China's passenger car production and sales reached **13.522 million units** and **13.531 million units** respectively, representing year-on-year increases of **13.8%** and **13%**[11](index=11&type=chunk) - China's passenger car exports reached **2.581 million units**, a **10.3%** year-on-year increase; new energy passenger car exports surged **71.3%** to **1.011 million units**[12](index=12&type=chunk) - Over **20 provinces** nationwide intensively introduced new compliance policies for ride-hailing, promoting industry standardization and transparency[12](index=12&type=chunk) [Policy Support](index=6&type=section&id=%E6%94%BF%E7%AD%96%E6%94%AF%E6%8C%81) During the reporting period, the Chinese government introduced multiple policies to stimulate the automotive consumer market, including simplifying export licenses, enhancing 'trade-in' subsidies, targeted reserve requirement ratio cuts for auto finance, and relaxing loan ratios for new energy and fuel vehicles, providing strong support for industry development - In January 2025, online application for automobile export licenses was fully launched, improving export efficiency[13](index=13&type=chunk) - In January 2025, the National Development and Reform Commission and the Ministry of Finance issued the "Notice on Intensifying and Expanding the Implementation of Large-scale Equipment Renewal and Consumer Goods Trade-in Policies in 2025" to stimulate car purchase demand[13](index=13&type=chunk) - In May 2025, the People's Bank of China implemented a targeted reserve requirement ratio cut of **5 percentage points**, releasing approximately **RMB 1.2 trillion** in long-term funds to activate the automobile finance lease market[13](index=13&type=chunk) - In June 2025, the central bank and six other departments jointly issued the "Guiding Opinions on Financial Support for Boosting and Expanding Consumption," removing the **85% cap** on new energy vehicle loans and simultaneously relaxing loan ratios for fuel vehicles[14](index=14&type=chunk) [Business Review](index=7&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%BE) In H1 2025, the Group achieved stable development by strengthening digitalization, deepening channel penetration, and actively expanding overseas markets, with **operating revenue growing 16.8% to RMB 769.2 million**, **gross profit increasing 10.3% to RMB 230.9 million**, and **profit rising 15.9% to RMB 22.6 million** [Key Financial Indicators for H1 2025](index=16&type=chunk) | Metric | 2025年上半年 (RMB million) | 2024年上半年 (RMB million) | YoY Growth Rate | | :--- | :--- | :--- | :--- | | Operating Revenue | 769.2 | 658.7 | 16.8% | | Gross Profit | 230.9 | 209.3 | 10.3% | | Profit | 22.6 | 19.5 | 15.9% | [Deepening Cultivation: Enhancing Channel Penetration and Service Upgrades to Build a Comprehensive Marketing Service System](index=7&type=section&id=%E9%A6%AD%E5%8B%A2%E6%B7%B1%E8%80%95%EF%BC%9A%E6%B7%B1%E5%8C%96%E6%B8%A0%E9%81%93%E4%B8%8B%E6%B2%89%E6%88%B0%E7%95%A5%E5%8F%8A%E6%9C%8D%E5%8B%99%E5%8D%87%E7%B4%9A%EF%BC%8C%E6%A7%8B%E7%AF%89%E5%85%A8%E5%9F%9F%E8%A6%86%E8%93%8B%E7%9A%84%E8%A1%8C%E9%8A%B7%E6%9C%8D%E5%8B%99%E9%AB%94%E7%B3%BB) The Group continued to expand its sales network, increasing self-operated outlets from 89 to 110, particularly for ride-hailing services, while deepening strategic cooperation with Tuhu Auto, expanding service points to over 7,000; **automobile retail and financing revenue grew 7.2%**, **automobile-related business revenue increased 16.6%**, and **ride-hailing operating lease revenue rose 19.4%** - The self-operated sales network size expanded from **89 outlets** as of December 31, 2024, to **110 outlets** as of June 30, 2025[16](index=16&type=chunk) - **19 new outlets** were strategically deployed in East China and South China to adapt to the ride-hailing compliance upgrade regulatory environment[16](index=16&type=chunk) - Cooperative service outlets with Tuhu Auto exceeded **7,000**, providing a one-stop automobile maintenance experience[16](index=16&type=chunk) Key Business Revenue Growth | Business Type | 2025年上半年 Revenue (RMB million) | YoY Growth Rate

Core Viewpoint - Xixiangfeng Group (02473) has seen a significant increase in stock price, reaching a new high of 9.36 HKD, driven by strategic partnerships and positive financial performance [1] Group 1: Strategic Developments - On September 5, a delegation from Hello's rental car division, led by Vice President Zhang Chongqi, visited Xixiangfeng Group to establish a strategic partnership [1] - The collaboration focuses on co-building branded stores, system integration, merchant resource consolidation, and improving operational efficiency [1] - This partnership aims to enhance the integration of offline vehicle resources with online platform traffic, increasing vehicle utilization and user coverage [1] Group 2: Financial Performance - Xixiangfeng Group reported a revenue of 769 million RMB for the first half of the year, representing a year-on-year increase of 16.78% [1] - The net profit attributable to shareholders was 22.486 million RMB, up 14.23% year-on-year [1] - The revenue growth is primarily attributed to a significant increase in the group's direct retail automotive business and the expansion of its self-operated sales network [1] Group 3: Market Positioning - On September 8, Xixiangfeng Group was officially included in the Hang Seng Composite Index and entered the list of eligible securities for the Hong Kong Stock Connect [1]

Group 1 - The core viewpoint of the article highlights the significant stock price increase of Xixiangfeng Group, reaching a new high of 9.36 HKD, driven by strategic partnerships and positive financial performance [1] - On September 5, a strategic cooperation was established between Xixiangfeng Group and Hello's Vice President, focusing on joint store development, system integration, and operational efficiency improvements [1] - The partnership aims to enhance the integration of offline vehicle resources with online platform traffic, thereby increasing vehicle utilization and user coverage in the automotive mobility sector [1] Group 2 - Xixiangfeng Group was officially included in the Hang Seng Composite Index and added to the Hong Kong Stock Connect eligible securities list on September 8 [1] - The company's mid-term performance report indicated a revenue of 769 million RMB for the first half of the year, representing a year-on-year increase of 16.78% [1] - Shareholder profit reached 22.486 million RMB, up 14.23% year-on-year, primarily due to significant growth in the direct retail business and expansion of the self-operated sales network [1]

截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 喜相逢集團控股有限公司 呈交日期: 2025年9月2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) | 02473 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 12,000,000,000 | HKD | 0.003333333333 | HKD | | 40,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 12,000,000,000 | HKD | 0.003333333333 | HKD | | 40,000,000 | 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 本月底法定 ...

Group 1 - The core point of the article is that Xixiangfeng Group (02473) has seen a stock price increase of over 4% after being included in the Hang Seng Composite Index, with a reported price of 8.38 HKD and a trading volume of 13.14 million HKD [1] - The inclusion in the Hang Seng Composite Index will take effect after the market closes on September 5, 2023, and will be effective from September 8, 2023, which may lead to adjustments in the Hong Kong Stock Connect investment scope [1] - According to Huatai Securities research, Xixiangfeng Group is likely to be included in the Hong Kong Stock Connect due to meeting various criteria such as market capitalization, liquidity, and listing duration [1] Group 2 - For the six months ending June 30, 2025, Xixiangfeng Group reported a revenue of 769 million RMB, representing a year-on-year increase of 16.78% [1] - The net profit attributable to shareholders was 22.486 million RMB, which is a year-on-year increase of 14.23%, with basic earnings per share of 1.45 cents [1] - The revenue growth is primarily attributed to a significant increase in the company's direct retail business in the automotive sector and the expansion of its self-operated sales network [1]

Core Viewpoint - The company, 喜相逢集团 (02473), has seen a significant increase in its stock price following its inclusion in the Hang Seng Composite Index, which is set to take effect on September 8, 2023. This inclusion is expected to enhance the company's visibility and liquidity in the market [1]. Group 1: Stock Performance - The stock price of 喜相逢集团 rose by over 4%, with a current price of 8.38 HKD and a trading volume of 13.14 million HKD [1]. - As of the latest report, the stock has increased by 3.97% [1]. Group 2: Index Inclusion - On August 22, the Hang Seng Index Company announced the quarterly review results, confirming that 喜相逢集团 will be included in the Hang Seng Composite Index, effective after market close on September 5, 2023 [1]. - The inclusion is anticipated to lead to adjustments in the Hong Kong Stock Connect investment scope, as the company meets various criteria such as market capitalization, liquidity, and listing duration [1]. Group 3: Financial Performance - For the six months ending June 30, 2025, the company reported revenues of 769 million RMB, reflecting a year-on-year increase of 16.78% [1]. - The net profit attributable to shareholders was 22.486 million RMB, up 14.23% year-on-year, with basic earnings per share of 1.45 cents [1]. - The revenue growth is primarily attributed to a significant increase in the company's direct retail automotive business and the expansion of its self-operated sales network [1].

Core Viewpoint - Hang Seng Index Company announced the results of the quarterly review for the Hang Seng Index series as of June 30, 2025, with Xixiang Group (02473) being included in the Hang Seng Composite Index, effective after market close on September 5 and starting on September 8 [1] Group 1: Company Performance - Xixiang Group reported a revenue of 769 million RMB for the six months ending June 30, 2025, representing a year-on-year increase of 16.78% [1] - The net profit attributable to shareholders was 22.486 million RMB, reflecting a year-on-year increase of 14.23% [1] - Basic earnings per share were reported at 1.45 cents [1] Group 2: Market Implications - The inclusion of Xixiang Group in the Hang Seng Composite Index may lead to its potential addition to the Stock Connect program, as it meets various criteria including market capitalization, liquidity, and listing duration [1]

Core Viewpoint - The Hang Seng Index Company announced the results of the quarterly review for the Hang Seng Index series, with the inclusion of Joy Spreader Group in the Hang Seng Composite Index, effective from September 8, 2025 [1] Group 1: Company Performance - Joy Spreader Group reported a revenue of 769 million RMB for the six months ending June 30, 2025, representing a year-on-year increase of 16.78% [1] - The company's net profit attributable to shareholders was 22.486 million RMB, reflecting a year-on-year growth of 14.23% [1] - Basic earnings per share were reported at 1.45 cents [1] Group 2: Market Impact - The inclusion of Joy Spreader Group in the Hang Seng Composite Index may lead to its potential addition to the Hong Kong Stock Connect, as it meets various criteria including market capitalization, liquidity, and listing duration [1]

Core Viewpoint - The company reported a significant increase in revenue and profit for the six months ending June 30, 2025, indicating strong performance in its automotive retail business and expansion of its sales network [1] Financial Performance - Revenue reached 769 million RMB, representing a year-on-year increase of 16.78% [1] - Shareholders' profit amounted to 22.486 million RMB, reflecting a year-on-year growth of 14.23% [1] - Basic earnings per share were reported at 1.45 cents [1] Business Growth Drivers - The increase in revenue was primarily driven by a high year-on-year growth in the company's direct automotive retail business [1] - The company further expanded its self-operated sales network and enhanced sales capabilities, contributing to the increase in sales performance [1]

Group 1 - The company reported a revenue of RMB 769 million for the six months ending June 30, 2025, representing a year-on-year increase of 16.8% [1] - Gross profit reached RMB 231 million, up 10.3% year-on-year, while profit amounted to RMB 22.6 million, reflecting a 15.9% increase [1] - The automotive retail and financing business generated revenue of RMB 607 million, a growth of 7.2% year-on-year, and automotive-related business revenue was RMB 103.6 million, increasing by 16.6% [1] Group 2 - The company has been implementing a dual strategy of channel expansion and service upgrade, increasing its sales network from 89 to 110 locations by June 30, 2025 [2] - The company added 19 self-operated service points in East and South China to enhance its ride-hailing service network amid regulatory changes [2] - A strategic partnership with Tuhu Car Maintenance has been deepened, resulting in over 7,000 cooperative service points to provide customers with a more convenient and high-quality automotive maintenance experience [2]