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]

喜相逢集团截至2025年6月30日止六个月的中期业绩显示，收益7.69亿元(人民币，下同)，同比增加 16.78%；股东应占溢利2248.6万元，同比增加14.23%；每股基本盈利1.45分。 智通财经APP获悉，8月22日，恒生指数公司宣布截至2025年6月30日之恒生指数系列季度检讨结果，其 中喜相逢集团(02473)获纳入恒生综合指数，变动将于9月5日(星期五)收市后实施并于9月8日(星期一)起 生效，届时沪深交易所会相应调整港股通可投资标的范围。据华泰证券研报，喜相逢集团有可能被调入 港股通，因其满足了包括市值、流动性和上市时间等在内的一系列标准。 ...

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]

Group 1 - The core viewpoint of the article is that Xixiangfeng Group (02473) reported a significant increase in both revenue and profit for the six months ending June 30, 2025, indicating strong business performance [1] - The company's revenue reached 769 million yuan, representing a year-on-year increase of 16.78% [1] - Shareholders' profit attributable to the company was 22.486 million yuan, which is a 14.23% increase compared to the previous year [1] - The basic earnings per share were reported at 1.45 cents [1] Group 2 - The increase in revenue is attributed to two main factors: a high year-on-year growth in the automotive direct retail business and the expansion of the self-operated sales network [1] - The company has strengthened its sales capabilities, contributing to the increase in sales performance [1]

Financial Summary [Financial Summary](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) This section provides key financial data for the first half of 2025, highlighting revenue, gross profit, profit before income tax, and profit for the period 2025 H1 Key Financial Data | Indicator | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 769,151 | 658,651 | 16.8% | | Gross Profit | 230,874 | 209,260 | 10.3% | | Profit Before Income Tax | 27,920 | 27,064 | 3.2% | | Profit for the Period | 22,570 | 19,479 | 15.9% | Management Discussion and Analysis [Introduction](index=2&type=section&id=%E7%B7%92%E8%A8%80) Xixiangfeng Group is a renowned automotive retailer primarily offering auto finance leasing services in China, encompassing auto retail and financing, auto-related businesses, and direct auto retail - The company's main businesses include: (i) auto retail and financing (selling most non-luxury cars through direct finance leases); (ii) auto-related businesses (primarily providing auto operating lease services and other auto-related services); and (iii) direct auto retail (selling cars through one-time sales)[5](index=5&type=chunk) [Macroeconomic and Industry Analysis](index=2&type=section&id=%E5%AE%8F%E8%A7%80%E7%B6%93%E6%BF%9F%E8%88%87%E8%A1%8C%E6%A5%AD%E5%88%86%E6%9E%90) In H1 2025, global economic growth slowed, while China's economy maintained stable growth at **5.3%** GDP year-on-year under counter-cyclical adjustments, with the automotive market experiencing high growth driven by new energy vehicles and accelerating compliance in the ride-hailing sector, supported by various government policies [Macroeconomic Environment](index=2&type=section&id=%E5%AE%8F%E8%A7%80%E7%B6%93%E6%BF%9F%E7%92%B0%E5%A2%83) Global economic growth continued to slow in the first half of 2025, with the World Bank lowering its global GDP growth forecast to **2.3%** - Global economic growth continued to slow in the first half of 2025, with the World Bank lowering its global GDP growth forecast to **2.3%**[6](index=6&type=chunk) - China's economy operated steadily overall, with GDP reaching **RMB 66.05 trillion** in H1 2025, a year-on-year increase of **5.3%**[6](index=6&type=chunk) - The tertiary industry's value added grew by **5.5%**, contributing **59.1%** to economic growth; industrial value added above designated size increased by **6.4%** year-on-year[6](index=6&type=chunk) [China's Automotive Market](index=2&type=section&id=%E4%B8%AD%E5%9C%8B%E6%B1%BD%E8%BB%8A%E5%B8%82%E5%A0%B4) China's automotive market saw significant increases in passenger car production, sales, and exports in H1 2025, particularly in new energy vehicles, while the ride-hailing industry accelerated its compliance process 2025 H1 China Passenger Car Production, Sales, and Export Data | Indicator | H1 2025 (ten thousand units) | Year-on-Year Growth | | :--- | :--- | :--- | | Passenger Car Production | 1,352.2 | 13.8% | | Passenger Car Sales | 1,353.1 | 13.0% | | Domestic Passenger Car Sales | 1,095 | 13.6% | | Passenger Car Exports | 258.1 | 10.3% | | New Energy Passenger Car Exports | 101.1 | 71.3% | - The ride-hailing industry's compliance process accelerated, with over **20 provinces** intensively introducing new policies to promote its transformation towards standardization and transparency[8](index=8&type=chunk) [Policy Support](index=3&type=section&id=%E6%94%BF%E7%AD%96%E6%94%AF%E6%8C%81) The government introduced multiple policies in H1 2025 to support automotive consumption and the financial market, including online export permit applications, "trade-in" subsidies, targeted reserve requirement ratio cuts, and relaxed new energy vehicle loan limits - In January 2025, the Ministry of Commerce launched online application for auto export permits, improving efficiency for enterprises[9](index=9&type=chunk) - In January 2025, the National Development and Reform Commission and the Ministry of Finance issued "trade-in" subsidy policies, expanding the scope of scrapped vehicle models and adjusting subsidy standards, effectively stimulating consumer car purchase demand[9](index=9&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 and activating the auto finance leasing market[9](index=9&type=chunk) - In June 2025, the central bank and six other departments removed the **85%** cap on new energy vehicle loans and simultaneously relaxed loan ratios for fuel vehicles, providing more flexible business space for the auto finance industry[10](index=10&type=chunk) [Business Strategy and Operational Performance](index=4&type=section&id=%E6%A5%AD%E5%8B%99%E7%AD%96%E7%95%A5%E8%88%87%E7%87%9F%E9%81%8B%E8%A1%A8%E7%8F%BE) In H1 2025, Xixiangfeng Group implemented three core strategies: deepening channel penetration, expanding global markets, and digital transformation, driving a **16.8%** year-on-year increase in operating revenue to **RMB 769.2 million** and a **15.9%** increase in profit for the period to **RMB 22.6 million** [Deepening Channel Penetration Strategy and Service Upgrades](index=4&type=section&id=%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) The group expanded its self-operated sales network and deepened strategic cooperation to enhance service accessibility and quality - The self-operated sales network expanded from **89 branches** as of December 31, 2024, to **110 branches** as of June 30, 2025, with **19 new self-operated ride-hailing service outlets** in East and South China[11](index=11&type=chunk) - Strategic cooperation with Tuhu Car Care deepened, with over **7,000 cooperative service outlets** providing more convenient and high-quality one-stop car maintenance experiences[11](index=11&type=chunk) 2025 H1 Main Business Revenue and Growth | Business Segment | H1 2025 Revenue (RMB millions) | Year-on-Year Growth | | :--- | :--- | :--- | | Auto Retail and Financing | 606.6 | 7.2% | | Auto-Related Businesses | 103.6 | 16.6% | | Auto Operating Lease (including ride-hailing) | 96.6 | 19.4% | [Expanding Global Market Presence](index=5&type=section&id=%E6%8B%93%E5%B1%95%E5%85%A8%E7%90%83%E5%B8%82%E5%A0%B4%E4%BD%88%E5%B1%80) The group enhanced its international service capacity and established its first overseas direct operation system, expanding its export business across multiple regions - In May 2025, the wholly-owned subsidiary Horgos subsidiary was upgraded, enhancing service capacity and quality for the Central Asian market[13](index=13&type=chunk) - In May 2025, a wholly-owned subsidiary was established in Tashkent, Uzbekistan, successfully executing **48 vehicle purchases** and serving over **300 customers**, marking the establishment of its first overseas direct operation system[14](index=14&type=chunk) - During the reporting period, export revenue reached **RMB 38.0 million**, with business covering Southeast Asia, the Middle East, Central Asia, Africa, and South America[13](index=13&type=chunk) [Digital and Intelligent Transformation](index=5&type=section&id=%E6%95%B8%E5%AD%97%E5%8C%96%E8%88%87%E6%99%BA%E8%83%BD%E5%8C%96%E8%BD%89%E5%9E%8B) The group built AI and big data platforms, expanding digital employee deployment and applying AI models to enhance operational efficiency and risk management - Built an Artificial Intelligence (AI) mid-platform and big data platform, expanding the digital employee workforce to **139 individuals**, covering **39 key positions**[15](index=15&type=chunk) - Deepened the application of large AI models in scenarios such as risk control and customer service, achieving an artificial replacement rate of over **60%**, enhancing operational efficiency and asset security management levels[15](index=15&type=chunk) - Partnered with Baiwang Co., Ltd. to build a smart tax platform, realizing intelligent full-process invoicing and certification, comprehensively upgrading efficiency and risk control[15](index=15&type=chunk) [Future Outlook](index=6&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) Looking ahead to H2 2025, the group will continue to deepen its presence in domestic lower-tier markets, seize opportunities in auto exports for accelerated global expansion, continuously improve business efficiency and customer experience through intelligent algorithms, and actively explore the low-altitude economy sector - For domestic business, the group will further combine market demand, continue to deeply cultivate customer needs in lower-tier markets, and promote sustained and stable growth of domestic business[16](index=16&type=chunk) - For overseas business expansion, the group will continue to seize opportunities in auto exports, accelerate the layout and construction of other comprehensive service networks abroad, and accelerate global expansion[16](index=16&type=chunk) - In terms of technology empowerment, the group will continue to simplify business processes through intelligent algorithms, expand the deployment of "digital employees," and achieve intelligent upgrades in sales, risk control, and other processes to reduce operating costs[16](index=16&type=chunk) - For innovative businesses, the group has established a wholly-owned subsidiary related to the low-altitude economy and obtained the "Civil Unmanned Aircraft Operator Certificate," and will actively explore businesses in the low-altitude economy sector in the future[16](index=16&type=chunk) Non-IFRS Measures [Non-IFRS Measures](index=6&type=section&id=%E9%9D%9E%E5%9C%8B%E9%9A%9B%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87%E8%A8%88%E9%87%8F%E6%96%B9%E6%B3%95) The company uses unaudited adjusted net profit (a non-IFRS measure) as an additional financial metric to eliminate the potential impact of items management deems non-indicative of operating performance, such as share option expenses - The company uses unaudited adjusted net profit (a non-IFRS measure) as an additional financial metric to eliminate the potential impact of items management deems non-indicative of operating performance (such as share option expenses)[17](index=17&type=chunk) Adjusted Net Profit Reconciliation | Indicator | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit for the Period | 22,570 | 19,479 | | Add: Share Option Expenses | 1,756 | 4,395 | | Adjusted Net Profit (Non-IFRS Measure) | 24,326 | 23,874 | - During the reporting period, the Group's adjusted net profit was **RMB 24.3 million**, an increase of **1.9%** compared to **RMB 23.9 million** in the same period last year, primarily due to increased sales revenue[19](index=19&type=chunk) Financial Performance Review [Revenue Analysis](index=8&type=section&id=%E6%94%B6%E7%9B%8A%E5%88%86%E6%9E%90) Total revenue for H1 2025 increased by **16.8%** year-on-year to **RMB 769.2 million**, primarily driven by significant growth in direct auto retail business and sales network expansion, with auto retail and financing revenue growing **7.2%** and auto-related business revenue growing **16.6%**, including a **19.4%** increase in auto operating lease revenue [Total Revenue](index=8&type=section&id=%E7%B8%BD%E6%94%B6%E7%9B%8A) Total revenue increased by **16.8%** year-on-year to **RMB 769.2 million**, mainly due to higher growth in direct auto retail business and expansion of the self-operated sales network Revenue Composition and Year-on-Year Change | Revenue Category | Six Months Ended June 30, 2025 (RMB thousands) | Share | Six Months Ended June 30, 2024 (RMB thousands) | Share | | :--- | :--- | :--- | :--- | :--- | | Auto Retail and Financing | 606,571 | 78.9% | 565,608 | 85.9% | | Auto-Related Businesses | 103,604 | 13.5% | 88,885 | 13.5% | | Direct Auto Retail Business | 58,976 | 7.6% | 4,158 | 0.6% | | Total | 769,151 | 100.0% | 658,651 | 100.0% | - Total revenue increased by **16.8%** year-on-year to **RMB 769.2 million**, primarily due to higher year-on-year growth in direct auto retail business and expansion of the self-operated sales network[20](index=20&type=chunk) - As of June 30, 2025, the Group's number of self-operated sales outlets was **110**[21](index=21&type=chunk) [Auto Retail and Financing Business](index=9&type=section&id=%E6%B1%BD%E8%BB%8A%E9%9B%B6%E5%94%AE%E5%8F%8A%E8%9E%8D%E8%B3%87%E6%A5%AD%E5%8B%99) Revenue from auto retail and financing business increased by **7.2%** to **RMB 606.6 million**, driven by higher car sales, while average effective interest rates and return rates on finance lease receivables slightly decreased due to lower financing costs - Revenue from auto retail and financing business increased by **7.2%** year-on-year to **RMB 606.6 million**, primarily due to increased car sales[22](index=22&type=chunk) Auto Retail and Financing Business Operational Data | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Year Ended December 31, 2024 | | :--- | :--- | :--- | :--- | | Average Principal of New Finance Lease Agreements (RMB thousands) | 84.8 | 89.4 | 88.3 | | Average Effective Interest Rate on New Finance Lease Agreements | 17.5% | 18.7% | 17.4% | | Average Return Rate on Finance Lease Receivables | 17.3% | 18.6% | 17.2% | - The average effective interest rate on new finance lease agreements and the average return rate on finance lease receivables slightly decreased, mainly due to lower new financing costs and corresponding product pricing adjustments[24](index=24&type=chunk) - Revenue in East China, South China, Northwest China, and Northeast China all slightly increased compared to the same period last year, primarily due to strengthened sales network construction in the respective regions[27](index=27&type=chunk) [Auto-Related Businesses](index=10&type=section&id=%E6%B1%BD%E8%BB%8A%E7%9B%B8%E9%97%9C%E6%A5%AD%E5%8B%99) Revenue from auto-related businesses increased by **16.6%** to **RMB 103.6 million**, mainly driven by higher auto operating lease revenue - Revenue from auto-related businesses increased by **16.6%** year-on-year to **RMB 103.6 million**, primarily due to increased auto operating lease revenue[28](index=28&type=chunk) [Direct Auto Retail Business](index=10&type=section&id=%E6%B1%BD%E8%BB%8A%E7%9B%B4%E6%8E%A5%E9%9B%B6%E5%94%AE%E6%A5%AD%E5%8B%99) Direct auto retail business revenue significantly increased from **RMB 4.2 million** to **RMB 59.0 million**, mainly due to the gradual maturity of the business model and increased sales volume - Direct auto retail business revenue significantly increased from **RMB 4.2 million** to **RMB 59.0 million**, primarily due to the gradual maturity of the business model and increased sales volume[29](index=29&type=chunk) [Costs and Gross Profit](index=10&type=section&id=%E6%88%90%E6%9C%AC%E8%88%87%E6%AF%9B%E5%88%A9) Cost of sales increased by **19.8%** to **RMB 538.3 million** due to higher sales volume, while gross profit grew **10.3%** to **RMB 230.9 million**, but the overall gross profit margin decreased from **31.8%** to **30.0%** due to the rapid growth of the lower-margin direct auto retail business [Cost of Sales](index=10&type=section&id=%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC) Cost of sales increased by **19.8%** to **RMB 538.3 million**, primarily due to increased sales volume - Cost of sales increased by **19.8%** year-on-year to **RMB 538.3 million**, primarily due to increased sales volume[30](index=30&type=chunk) [Gross Profit](index=11&type=section&id=%E6%AF%9B%E5%88%A9) Gross profit increased by **10.3%** to **RMB 230.9 million**, mainly driven by the auto retail and financing segment, but the overall gross profit margin slightly decreased to **30.0%** due to the rapid growth of the lower-margin direct auto retail business Gross Profit and Gross Profit Margin by Business Segment | Business Segment | 2025 Gross Profit (RMB thousands) | 2025 Gross Profit Margin | 2024 Gross Profit (RMB thousands) | 2024 Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | | Auto Retail and Financing | 208,697 | 34.4% | 193,085 | 34.1% | | Auto-Related Businesses | 20,429 | 19.7% | 16,083 | 18.1% | | Direct Auto Retail Business | 1,748 | 3.0% | 92 | 2.2% | | Total | 230,874 | 30.0% | 209,260 | 31.8% | - Gross profit increased by **10.3%** year-on-year to **RMB 230.9 million**, primarily due to increased gross profit under auto retail and financing[31](index=31&type=chunk) - The overall gross profit margin slightly decreased from **31.8%** to **30.0%**, mainly due to the faster growth in revenue from the direct auto retail business, which has a lower gross profit margin[32](index=32&type=chunk) [Operating Expenses](index=11&type=section&id=%E7%B6%93%E7%87%9F%E8%B2%BB%E7%94%A8) Selling and marketing expenses increased by **16.0%** to **RMB 57.9 million** due to expanded sales efforts and increased headcount, while administrative expenses rose **8.4%** to **RMB 60.6 million** primarily from higher legal and professional fees, and R&D expenses remained stable [Selling and Marketing Expenses](index=11&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E7%87%9F%E9%8A%B7%E8%B2%BB%E7%94%A8) Selling and marketing expenses increased by **16.0%** to **RMB 57.9 million**, driven by expanded sales efforts, higher employee benefits due to increased headcount, and increased vehicle expenses from higher sales volume and revenue - Selling and marketing expenses increased by **16.0%** year-on-year to **RMB 57.9 million**, primarily due to expanded sales efforts, increased employee benefits expenses from higher headcount, and increased vehicle expenses from higher sales volume and revenue[33](index=33&type=chunk) [Administrative Expenses](index=11&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) Administrative expenses increased by **8.4%** year-on-year to **RMB 60.6 million**, mainly due to increased legal and professional expenses - Administrative expenses increased by **8.4%** year-on-year to **RMB 60.6 million**, primarily due to increased legal and professional expenses[34](index=34&type=chunk) [Research and Development Expenses](index=11&type=section&id=%E7%A0%94%E7%99%BC%E9%96%8B%E6%94%AF) Research and development expenses remained stable at **RMB 0.4 million**, similar to the **RMB 0.5 million** in the prior year - Research and development expenses were **RMB 0.4 million**, largely consistent with **RMB 0.5 million** in the same period last year[35](index=35&type=chunk) [Other Income and Losses](index=12&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E8%88%87%E虧%E6%90%8D) Net other income/losses increased by **7.9%** to **RMB 6.4 million**, primarily due to higher gains from asset disposals - Net other income/losses increased by **7.9%** year-on-year to **RMB 6.4 million**, primarily due to increased gains from asset disposals[36](index=36&type=chunk) [Finance Costs](index=12&type=section&id=%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) Net finance costs increased by **7.7%** to **RMB 86.8 million**, mainly due to the growth in the scale of borrowed financing - Net finance costs increased by **7.7%** year-on-year to **RMB 86.8 million**, primarily due to the growth in the scale of borrowed financing[37](index=37&type=chunk) [Income Tax Expense](index=12&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E8%B2%BB%E7%94%A8) Income tax expense decreased to **RMB 5.4 million** from **RMB 7.6 million** in the prior year, mainly because the group qualified for national tax preferential policies, applying a lower corporate income tax rate - Income tax expense was **RMB 5.4 million**, a decrease from **RMB 7.6 million** in the same period last year, primarily because the Group qualified for relevant national tax preferential policies, applying a lower corporate income tax rate[38](index=38&type=chunk) [Profit for the Period](index=12&type=section&id=%E6%9C%9F%E9%96%93%E5%88%A9%E6%BD%A4) Profit for the period increased by **15.9%** to **RMB 22.6 million**, mainly driven by increased sales revenue, with profit attributable to owners of the company growing **14.2%** to **RMB 22.5 million** - Profit for the period increased by **15.9%** year-on-year to **RMB 22.6 million**, primarily due to increased sales revenue[39](index=39&type=chunk) - Profit for the period attributable to owners of the company increased by **14.2%** year-on-year to **RMB 22.5 million**[40](index=40&type=chunk) Balance Sheet Items Analysis [Inventory Management](index=12&type=section&id=%E5%AD%98%E8%B2%A8%E7%AE%A1%E7%90%86) As of June 30, 2025, net inventory decreased by **RMB 19.0 million** to approximately **RMB 153.1 million** compared to December 31, 2024, mainly due to reduced new car procurement for stock, with the group monitoring inventory through IT systems and regular counts - As of June 30, 2025, the Group's net inventory was approximately **RMB 153.1 million**, a decrease of **RMB 19.0 million** from **RMB 172.1 million** as of December 31, 2024, primarily due to reduced new car procurement for stock[41](index=41&type=chunk) - The Group conducts daily checks of actual inventory conditions and monthly counts to ensure accurate inventory records[41](index=41&type=chunk) [Finance Lease Receivables](index=13&type=section&id=%E8%9E%8D%E8%B3%87%E7%A7%9F%E8%B3%83%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, net finance lease receivables slightly increased to **RMB 1,850.8 million**, involving **29,845 contracts**, with overdue rates for over three, six, and twelve months all below **1%**, indicating good collection management, and the impairment provision ratio remaining stable at **0.9%** [Overall Receivables Situation](index=13&type=section&id=%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E7%B8%BD%E9%AB%94%E6%83%85%E6%B3%81) Net finance lease receivables slightly increased to **RMB 1,850.8 million** as of June 30, 2025, involving **29,845 contracts**, with the proportion of net finance lease receivables due within one year remaining at **42.1%** - As of June 30, 2025, net finance lease receivables were **RMB 1,850.8 million**, a slight increase compared to December 31, 2024[43](index=43&type=chunk) - Involving **29,845 contracts**, the proportion of net finance lease receivables due within one year remained at **42.1%**[43](index=43&type=chunk) Net Finance Lease Receivables Term Distribution | Term | Net Amount as of June 30, 2025 (RMB thousands) | Share | Net Amount as of December 31, 2024 (RMB thousands) | Share | | :--- | :--- | :--- | :--- | :--- | | Within 1 year | 778,589 | 42.1% | 767,998 | 42.1% | | 1 to 2 years | 541,425 | 29.3% | 527,552 | 28.9% | | 2 to 5 years | 530,784 | 28.6% | 527,671 | 29.0% | | Total | 1,850,798 | 100.0% | 1,823,221 | 100.0% | [Geographical Segmentation](index=14&type=section&id=%E5%9C%B0%E5%9F%9F%E5%8A%83%E5%88%86) The geographical distribution of net finance lease receivables shows East China as the largest region, with other regions also contributing significantly Net Finance Lease Receivables Geographical Distribution | Customer Location | Net Amount as of June 30, 2025 (RMB thousands) | Share | Net Amount as of December 31, 2024 (RMB thousands) | Share | | :--- | :--- | :--- | :--- | :--- | | East China | 842,738 | 45.5% | 778,979 | 42.7% | | South China | 247,182 | 13.4% | 258,715 | 14.2% | | Southwest China | 184,857 | 10.0% | 194,104 | 10.6% | | Central China | 149,158 | 8.1% | 165,717 | 9.1% | | North China | 183,194 | 9.9% | 187,645 | 10.3% | | Northwest China | 167,900 | 9.1% | 164,885 | 9.0% | | Northeast China | 75,769 | 4.0% | 73,176 | 4.1% | | Total | 1,850,798 | 100.0% | 1,823,221 | 100.0% | [Overdue Status and Impairment Provisions](index=15&type=section&id=%E9%80%BE%E6%9C%9F%E6%83%85%E6%B3%81%E8%88%87%E6%B8%9B%E5%80%BC%E6%92%A5%E5%82%99) Overdue rates for finance lease receivables exceeding three, six, and twelve months remained below **1%**, while overdue coverage ratios for over three, six, and twelve months slightly decreased due to active monitoring and improved loss recovery measures Finance Lease Receivables Overdue and Impairment Status | Indicator | As of June 30, 2025 (RMB thousands) | As of December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Finance Lease Receivables | 1,850,798 | 1,823,221 | | Impairment Provision for Finance Lease Receivables | 17,183 | 16,625 | | Net Finance Lease Receivables Provision Ratio | 0.9% | 0.9% | | **Net Overdue Finance Lease Receivables** | | | | Over 1 month | 33,956 | 34,425 | | Over 3 months | 14,715 | 13,451 | | Over 6 months | 6,308 | 5,873 | | Over 1 year | 2,719 | 2,563 | | **Overdue Ratio** | | | | Over 1 month | 1.8% | 1.9% | | Over 3 months | 0.8% | 0.7% | | Over 6 months | 0.3% | 0.3% | | Over 1 year | 0.1% | 0.1% | | **Overdue Coverage Ratio** | | | | Over 1 month | 50.6% | 48.3% | | Over 3 months | 116.8% | 123.6% | | Over 6 months | 272.4% | 283.1% | | Over 1 year | 632.0% | 648.7% | - As of June 30, 2025, the overdue ratio for over three months, over six months, and over one year were all below **1%**[46](index=46&type=chunk) - Overdue coverage ratios for over three months slightly decreased, and for over six months and over one year decreased, mainly due to active monitoring and continuous improvement of loss recovery measures[46](index=46&type=chunk) [Current Assets and Liabilities](index=19&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E7%94%A2%E8%88%87%E8%B2%A0%E5%82%B5) As of June 30, 2025, net current assets increased from **RMB 323.2 million** to **RMB 398.6 million**, primarily due to increases in current assets such as finance lease receivables, prepayments, deposits, and other receivables, as well as a decrease in current liabilities like trade payables Current Assets and Current Liabilities Status | Indicator | As of June 30, 2025 (RMB thousands) | As of December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Current Assets | 1,690,783 | 1,664,937 | | Total Current Liabilities | 1,292,190 | 1,341,772 | | Net Current Assets | 398,593 | 323,165 | - The increase in net current assets was primarily due to increases in current assets such as finance lease receivables, prepayments, deposits, and other receivables, and a decrease in current liabilities such as trade payables[56](index=56&type=chunk) [Capital Expenditures](index=20&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF) Capital expenditures increased by **12.1%** year-on-year to **RMB 195.2 million**, primarily for the purchase of property and equipment and additions to intangible assets - Capital expenditures increased by **12.1%** year-on-year to **RMB 195.2 million**, primarily due to increased expenditures for the purchase of property and equipment and additions to intangible assets[58](index=58&type=chunk) [Asset Pledges](index=20&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the total pledged assets for borrowings increased to **RMB 2,350.6 million**, with increases in pledged property and equipment and finance lease receivables, and decreases in pledged loan deposits and inventory - As of June 30, 2025, the Group's pledged assets for borrowings increased from **RMB 2,249.2 million** as of December 31, 2024, to **RMB 2,350.6 million**[59](index=59&type=chunk) Composition of Pledged Assets | Pledged Asset Category | As of June 30, 2025 (RMB thousands) | As of December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Property and Equipment | 467,005 | 376,789 | | Loan Deposits | 51,514 | 57,489 | | Inventory | 79,591 | 103,020 | | Finance Lease Receivables | 1,752,513 | 1,711,893 | Risk Management and Internal Control [Internal Control System](index=16&type=section&id=%E5%85%A7%E9%83%A8%E6%8E%A7%E5%88%B6%E7%B3%BB%E7%B5%B1) The group has established a risk management and internal control system to effectively manage risks, with specific risk management policies tailored to the characteristics of the auto finance leasing business - The Group has established a risk management and internal control system to manage the risks it is exposed to, and has formulated corresponding risk management policies in accordance with the management characteristics of the auto finance leasing business[47](index=47&type=chunk) [Credit Risk Management Policy](index=16&type=section&id=%E4%BF%A1%E7%94%A8%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E6%94%BF%E7%AD%96) The group's credit risk management system is divided into pre-lease assessment and post-lease management, involving strict approval based on qualitative and quantitative factors and database checks, followed by regular monitoring of customer payments and vehicle activities using GPS tracking to maintain low overdue rates [Pre-Lease Credit Assessment and Approval Process](index=16&type=section&id=%E7%A7%9F%E8%B3%83%E5%89%8D%E4%BF%A1%E7%94%A8%E8%A9%95%E4%BC%B0%E5%92%8C%E5%AF%A9%E6%89%B9%E6%B5%81%E7%A8%8B) The credit assessment and approval process considers both qualitative and quantitative factors, including age, location, driving penalty records, credit history, litigation records, proposed principal, personal asset value, and income level - The credit assessment and approval process considers both qualitative factors (such as age, location, driving penalty records, credit history, and litigation records) and quantitative factors (such as proposed principal, personal asset value, and personal income level)[49](index=49&type=chunk) - Potential customers must meet initial requirements (such as valid Chinese ID card, driving license, age restrictions) and undergo credit assessment through self-built and third-party databases[50](index=50&type=chunk) - Before signing the agreement, an interview is conducted with the customer to verify identity and ensure understanding of the terms and conditions, after which the customer is required to make an initial payment[50](index=50&type=chunk) [Post-Lease Credit Risk Management](index=17&type=section&id=%E7%A7%9F%E8%B3%83%E5%BE%8C%E4%BF%A1%E7%94%A8%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) After vehicle handover, the group regularly monitors customer payments and vehicle activities, utilizing pre-installed GPS tracking devices and a vehicle monitoring platform to manage credit risk and maintain low overdue rates - After vehicle handover, the Group regularly monitors customer payments and vehicle activities, and monitors the status of leased vehicles through pre-installed GPS tracking devices and a vehicle monitoring platform[52](index=52&type=chunk) - The customer service department typically sends SMS reminders to customers three to five days before payment due dates[52](index=52&type=chunk) - If any amount is overdue for more than **35 days** or abnormal activity is detected, the Group may exercise its right to directly repossess the vehicle and implement other necessary legal measures[53](index=53&type=chunk) Capital Management [Capital Management](index=18&type=section&id=%E8%B3%87%E6%9C%AC%E7%AE%A1%E7%90%86) The group regularly reviews and manages its capital structure to balance debt and equity financing, adjusting it in response to changes in economic conditions, with the gearing ratio increasing to **71.3%** due to higher net debt - The Group regularly reviews and manages its capital structure to achieve a balance between debt and equity financing, and adjusts its capital structure in response to changes in economic conditions[54](index=54&type=chunk) Capital Structure and Gearing Ratio | Indicator | As of June 30, 2025 (RMB thousands) | As of December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Borrowings | 2,441,445 | 2,281,558 | | Lease Liabilities | 14,137 | 11,195 | | Less: Cash and Cash Equivalents | (333,771) | (340,598) | | Net Debt | 2,121,811 | 1,952,155 | | Total Equity | 852,272 | 827,846 | | Total Capital | 2,974,083 | 2,780,001 | | Gearing Ratio | 71.3% | 70.2% | - As of June 30, 2025, the gearing ratio increased from **70.2%** as of December 31, 2024, to **71.3%**, primarily due to an increase in net debt[55](index=55&type=chunk) Other Corporate Information [Foreign Exchange Risk](index=20&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The group's subsidiaries primarily operate in China, with most revenues and expenses denominated in RMB, and did not encounter significant foreign exchange risk or require hedging during the reporting period - The Group's subsidiaries primarily operate in China, with most revenues and expenses denominated in RMB, and did not encounter significant foreign exchange risk or require hedging for any foreign exchange fluctuations during the reporting period[57](index=57&type=chunk) [Employees and Remuneration Policy](index=21&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the group employed **1,270 full-time employees**, with employee benefits expenses increasing to **RMB 76.5 million**, offering salaries, year-end bonuses, performance bonuses, and share awards, supported by a structured training system - As of June 30, 2025, the Group employed **1,270 full-time employees**, with **1,267** in mainland China and **3** in Hong Kong, China[64](index=64&type=chunk) - For the six months ended June 30, 2025, the Group's employee benefits expenses (including directors' emoluments) were

董事會會議日期 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，並表明概不就因本公告全部或任何部分內容而產生或依賴該等內 容而引致的任何損失承擔任何責任。 XXF GROUP HOLDINGS LIMITED 喜相逢集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2473） 喜相逢集團控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）之董事 （「董事」）會（「董事會」）謹此宣佈，董事會會議將訂於2025年8月20日（星期三）舉 行，藉以（其中包括）考慮及批准本集團截至2025年6月30日止六個月之中期業績 及其發佈，以及處理其他事項。 承董事會命 喜相逢集團控股有限公司 主席 黃偉先生 香港，2025年8月8日 於本公告日期，執行董事為黃偉先生、葉富偉先生及張景花女士；非執行董事為 劉偉先生；及獨立非執行董事為吳飛先生、馮志偉先生及陳碩先生。 ...

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: 喜相逢集團控股有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 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 | 本月底法定 ...

Core Viewpoint - The opening of the first overseas store by Xixiangfeng Group in Tashkent, Uzbekistan, marks a significant step in the company's globalization strategy and demonstrates its commitment to expanding into international markets [1][3]. Group 1: Market Entry and Strategy - Xixiangfeng's Tashkent store is located in the core commercial area, covering over 1,000 square meters and introducing a smart service system that aligns with the evolving automotive consumption market in Uzbekistan [3]. - The automotive market in Uzbekistan is experiencing a dual growth trend of traditional fuel vehicles and electric vehicles, with total vehicle sales surpassing 482,000 units in 2024, and electric vehicle sales increasing by 17% year-on-year [3]. - The Uzbek government's structural reforms have resulted in a GDP growth of 6.5% in 2024, reaching $115 billion, and a real increase in per capita disposable income of 8.1%, creating a favorable environment for automotive financial services [3]. Group 2: Competitive Landscape - The Uzbek automotive market is characterized by local brands dominating and foreign investments accelerating penetration, with companies like BYD rapidly gaining market share, contributing 4.3% in 2024 [3]. - Xixiangfeng's entry into the market coincides with a diversification transformation period, offering installment purchase plans that cater to a wide range of consumer needs, potentially igniting a new wave of vehicle purchases [3]. Group 3: Technological Integration - Xixiangfeng Group has been a leader in digital and AI technology applications, successfully deploying the DeepSeek-R1 intelligent risk control model domestically, which enhances operational efficiency and customer experience [4]. - The new store in Tashkent incorporates targeted optimizations in smart risk control, vehicle management, and customer service systems to ensure efficient and precise execution of business operations [4]. Group 4: Future Expansion Plans - The opening of the Tashkent store is a key milestone in Xixiangfeng's global strategy, serving as a model for exporting Chinese automotive service models abroad [4]. - The company plans to leverage its extensive experience in the Chinese automotive service market while focusing on localized innovations to adapt to the unique characteristics of different regional markets [4].

近日，喜相逢集团控股有限公司(2473.HK)宣布其全资附属公司--喜相逢低空综合服务(福建)有限公司已 于2025年4月正式取得营业执照，标志着公司正式进入低空经济领域。根据集团公告，新公司将围绕低 空经济相关综合服务、无人机销售及融资租赁等业务开展，并计划适时投资优质无人机相关企业，逐步 完善在无人机产业链的战略布局。 图片来源:喜相逢集团控股有限公司公告 低空经济是指利用低空空域(通常指地表以上1000米以下)开展的经济活动，涵盖物流、农业植保、应急 救援、城市交通等多个场景。近年来，随着政策推动和技术进步，低空经济在中国进入快速发展阶段。 数据显示，截至2025年一季度，国内现存低空经济相关企业已达8.24万家，2025年一季度新注册相关企 业5934家，同比增长224%。2023年中国低空经济总产值约5060亿元人民币，同比增长33.8%。预计2025 年市场规模将达到8591.7亿元人民币，部分机构预测2025年有望突破1万亿元人民币。展望2030年，行 业规模有望超过3万亿元人民币，2035年预计达到3.5万亿元。 政策层面，低空经济已被纳入国家战略。2024年，低空经济首次写入《政府工作报告》 ...