机构：东吴证券 研究员：孙婷/罗宇康 公司简介：专业汽车金融平台，业绩高速增长。1）腾讯控股的汽车金融平台，专注汽车交易及融资服 务。易鑫集团发轫于易车网，2015-2017年连续完成三轮融资，并于2017 年11 月正式登陆港交所，目前 已成长为汽车金融领域的领跑者。公司股权结构相对集中，截至2024 年末腾讯通过旗下全资子公司合 计持有易鑫集团53.88%的股份，系公司控股股东。公司核心管理团队行业经验丰富，为公司长期发展 提供了坚实基础。2025 年3 月，公司发布了面向部分高管的股权激励计划，充分反映了公司对于后续发 展的信心。2）近年盈利高速增长，发展潜力持续兑现。易鑫集团业绩自2020 年触底后持续高增， 2025H1 公司业绩高增，营收同比+22%至54.52 亿元，归母净利润同比+34%至5.49 亿元，2021-2024 年 利润复合增速达到204%。收入结构方面，公司呈现从自营融资向交易平台业务加速转型的特征，金融 科技业务崛起速度较快。此外，公司经营费用率呈现下行趋势，信用减值损失增长与规模扩张并存。 汽车金融行业概况：发展空间依旧广阔，竞争或持续加剧。1）行业规模：汽车消费变革催生增长 ...

证券研究报告·海外公司深度·其他金融(HS) 易鑫集团（02858.HK） 深耕互联网汽车金融，科技能力催生新动能 2025 年 09 月 03 日 买入（首次） | Table_EPS] [盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,686 | 9,888 | 11,790 | 14,947 | 18,238 | | 同比（%） | 28.54% | 47.89% | 19.24% | 26.78% | 22.01% | | 归母净利润（百万元） | 555 | 810 | 1,126 | 1,398 | 1,701 | | 同比（%） | 49.66% | 45.95% | 39.03% | 24.12% | 21.72% | | EPS-最新摊薄（元/股） | 0.09 | 0.13 | 0.17 | 0.21 | 0.26 | | P/E（现价&最新摊薄） | 35.23 | 24.24 | 16.09 | 12.96 | 10.65 | ...

(Stock Code: 2858) Dear Non-registered holders, Reminder letter regarding the Arrangement of Electronic Dissemination of Corporate Communications (Note 1) With reference to the notification letter dated 11 June 2024 titled "Arrangement of Electronic Dissemination of Corporate Communications", Yixin Group Limited (the "Company") is writing to remind you that the Company has adopted electronic dissemination of corporate communications (the "Corporate Communications"), which mean any documents issued or to be ...

(Incorporated in the Cayman Islands with limited liability and carrying on business in Hong Kong as "Yixin Automotive Technology Group Limited") (Stock Code: 2858) Dear Registered Shareholders, September 3, 2025 Reminder letter regarding the Arrangement of Electronic Dissemination of Corporate Communications (Note 1) With reference to the notification letter dated 11 June 2024 titled "Arrangement of Electronic Dissemination of Corporate Communications", Yixin Group Limited (the "Company") is writing to remi ...

中期報告 2025 公司資料 董事會 執行董事 張序安先生 （主席兼首席執行官） 曾令祺先生 （副主席） 姜東先生 （聯席總裁） 非執行董事 曾偉業先生 （於2025年5月13日獲委任） 謝晴華先生 （於2025年5月12日退任） 朱芷欣女士 （於2025年5月12日退任） 獨立非執行董事 www.yixincars.com 目錄 103 釋義 2 公司資料 4 董事長致辭 6 管理層討論與分析 31 其他資料 54 中期財務資料審閱報告 55 中期簡明合併財務報表 環境、社會及管治委員會 張序安先生 （主席） 姜東先生 楊曉光先生 執行委員會 張序安先生 （主席） 姜東先生 楊曉光先生 袁天凡先生 郭淳浩先生 董莉女士 嚴志雄先生 審計委員會 郭淳浩先生 （主席） 袁天凡先生 董莉女士 嚴志雄先生 薪酬委員會 袁天凡先生 （主席） 張序安先生 董莉女士 提名委員會 張序安先生 （主席） 郭淳浩先生 董莉女士 有關中國法律： 漢坤律師事務所 中國北京市 東長安街1號 東方廣場 辦公樓C1座9層 有關開曼群島法律： 邁普達律師事務所（香港）有限法律責任合夥 香港灣仔 港灣道18號 中環廣場26樓 註冊辦事處 P ...

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: Yixin Group Limited 易鑫集团有限公司 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) | 02858 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 15,000,000,000 | USD | | 0.0001 | USD | | 1,500,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 15,000,000,000 | USD | | 0.0001 | USD | | ...

Core Insights - Yixin Group is a leading financial technology company in China, focusing on AI as its core driving force, with over 2 billion yuan invested in R&D and an annual transaction scale of 70 billion yuan [3][5] - The self-developed large model by Yixin is the only one in the automotive finance industry that has been officially registered by the state, showcasing its advanced AI capabilities [3][5] - Yixin has implemented a full-stack AI capability system, covering pre-training, post-training, and multi-dimensional fields, with various AI products already in use [3][5] AI Integration in Automotive Finance - Yixin integrates AI capabilities throughout the entire financing process: pre-financing through automated channel analysis reports and multi-modal data extraction; during financing with an end-to-end risk control model; and post-financing using voice sentiment analysis to predict customer complaint risks [5][7] - The company has introduced an "AI Agent business model + intelligent risk control chain" to enhance operational efficiency and decision-making accuracy, exemplified by the use of intelligent assistants in the pre-approval process [7] Global Competitiveness - Yixin's AI technology has not only been validated in the domestic market but also demonstrates competitiveness on a global scale, leveraging China's unique advantages in the deep integration of AI technology and practical scenarios [7] - The comprehensive layout of Yixin in the vertical integration of AI and automotive finance provides a significant practical path for service innovation in financial technology in the AI era [7]

Core Insights - The event "2025 AI Partner Conference" focused on how AI is reshaping various industries, with a specific emphasis on the integration of AI in automotive finance services by Yixin [1][3] - Yixin has invested over 2 billion yuan in AI research and development, achieving an annual transaction scale of 70 billion yuan [3] Group 1: AI Integration in Automotive Finance - Yixin's self-developed large model is the only one in the automotive finance sector that has been approved by national authorities, showcasing its commitment to AI technology [3] - The company has established a comprehensive AI capability system that includes pre-training, post-training, and multi-dimensional applications [3] - Yixin's AI capabilities are embedded throughout the entire financing process, from pre-financing analysis to post-financing risk management [3][5] Group 2: AI-Driven Business Transformation - Zhang Lei introduced a dual-driven approach of "AI Agent business model + intelligent risk control chain" to enhance operational efficiency and decision-making accuracy [5] - The AI technology has been validated in the domestic market and is showing competitive advantages globally, with Yixin leveraging its full-stack AI capabilities [5] - The integration of AI in automotive finance is seen as a significant innovation path for financial technology in the AI era, providing a "Chinese solution" for the industry [5]

Core Insights - The automotive finance sector requires its own specialized model, and Yixin's self-developed Agentic model has entered the implementation and integration phase [1][2] - Yixin's AI solutions are not only applicable in China but also aim for global impact, contributing to the intelligent development of the automotive finance industry [1][2] Group 1 - Yixin has been advancing AI technology in risk control and business applications since 2018, and in 2023, it fully laid out large models and multimodal technologies [2] - In 2024, Yixin became the first company in China's automotive finance sector to register a generative AI large model, applying AI on a large scale across all business scenarios [2] - Yixin has open-sourced the industry's first high-performance inference model, contributing valuable technical resources to the global automotive finance technology sector [2] Group 2 - The Agentic model has shown significant results in dynamic decision-making, transforming AI from an "auxiliary tool" to a "core driving force" in automotive finance [2] - Yixin's full-chain AI decision engine addresses current pain points in the domestic automotive finance industry and empowers the global market [3] - Yixin is confident in promoting advanced financial technology solutions overseas, injecting new vitality and ideas into the global automotive finance industry's intelligent development [3]

Group 1: Xiaomi Group - The company reported a revenue of approximately 116 billion yuan in Q2 2025, representing a year-on-year growth of 30.5% and a quarter-on-quarter growth of 4.2% [3][4] - Adjusted net profit for Q2 2025 was approximately 10.8 billion yuan, a year-on-year increase of 75.4% and a quarter-on-quarter increase of 1.5% [3][4] - The gross margin for Q2 2025 was approximately 22.5% [3] - The revenue from IoT and lifestyle products reached approximately 38.7 billion yuan, a year-on-year increase of 44.7% [5] - The smart electric vehicle revenue was approximately 20.6 billion yuan, showing a year-on-year growth of 230.3% [6] - Internet service revenue reached 9.1 billion yuan, a year-on-year increase of 10% [6] Group 2: Gigabit Technology - The company achieved a revenue of 2.518 billion yuan in H1 2025, with a year-on-year growth of 28.49% [9][10] - In Q2 2025, the revenue was 1.382 billion yuan, representing a year-on-year increase of 33.89% and a quarter-on-quarter increase of 21.71% [9][11] - The net profit for Q2 2025 was 361 million yuan, a year-on-year increase of 36.64% [9][11] Group 3: Highlan Co., Ltd. - The company established a wholly-owned subsidiary in Singapore to expand its global industrial layout [16] - In 2024, high-power density thermal management products accounted for 47.47% of total revenue [17] - The company signed a procurement contract for the Saudi flexible direct current project worth 361 million yuan [17] Group 4: Xinli Tai Pharmaceutical - The company reported a revenue of 2.131 billion yuan in H1 2025, with a year-on-year growth of 4.32% [23][25] - The net profit for Q2 2025 was 165 million yuan, a year-on-year increase of 14.55% [25] - The gross margin for Q2 2025 was 75.31%, an increase of 4.55 percentage points year-on-year [25] Group 5: Express Delivery Industry - In July 2025, the express delivery industry experienced a business volume growth of 15.1% year-on-year [28][29] - The average revenue per package in July 2025 was 7.36 yuan, a year-on-year decrease of 5.33% [28] - Major companies like YTO Express and SF Express saw varying growth rates in business volume, with SF Express experiencing a significant decline in revenue per package [30] Group 6: Jiangyin Bank - The bank reported a revenue growth of 10.45% year-on-year in H1 2025 [31][32] - Non-interest income increased by 30.26%, primarily driven by investment income [32] - The non-performing loan ratio was stable at 0.86% [33] Group 7: AI Demand and Semiconductor Industry - Demand for AI continues to grow, while consumer electronics orders are becoming more conservative [34] - In July 2025, Taiwan's IC design companies reported a revenue decline, with MediaTek's revenue down 23.4% month-on-month [34][35] - The semiconductor industry is experiencing mixed performance, with some companies reporting significant year-on-year growth [35] Group 8: Used Car Industry - The used car business remains highly prosperous, with significant growth in financial technology services [44] - The company reported a revenue of 5.452 billion yuan in H1 2025, a year-on-year increase of 22% [44]