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]

Core Insights - Yixin Group reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 5.452 billion yuan, up 22.03% year-on-year, and net profit at 549 million yuan, up 33.93% year-on-year [1][2] Group 1: Financial Performance - The total asset scale of the company as of the end of H1 2025 was 50.34 billion yuan, reflecting a growth of 3.60% compared to the end of the previous year [1] - The company's gross profit for H1 2025 was 2.886 billion yuan, representing a year-on-year increase of 35.57%, with a gross margin of 52.94%, up 5.29 percentage points [2] Group 2: Business Segments - The number of automotive financing transactions increased to 364,000, a year-on-year growth of 10.64%, with new car transactions at 142,000 (down 18.86% year-on-year) and used car transactions at 222,000 (up 45% year-on-year) [1] - The revenue from the transaction platform business was 4.346 billion yuan, up 23.79% year-on-year, accounting for 79% of total revenue, while SaaS business revenue surged by 124.47% to 1.873 billion yuan, making it the largest source of income [2] Group 3: Asset Quality and Risk Management - The net receivables from financing leases reached 29.599 billion yuan, a 1.89% increase from the previous year, with a net interest margin rising by 0.9 percentage points to 5.8% [3] - The overdue rates for 180 days and 90 days were 1.35% and 1.86%, respectively, showing improvement from the previous year, indicating enhanced asset quality and reduced financial risk [3]

Core Viewpoint - 易鑫集团's performance in H1 2025 shows significant growth in revenue and net profit, driven by its financial technology services and the increasing share of used car financing in its business model [1][2] Financial Performance - In H1 2025, 易鑫集团 achieved total revenue of 5.452 billion and net profit attributable to shareholders of 549 million, representing year-on-year increases of 22% and 33.93% respectively [1] - The company's total automotive financing reached 32.7 billion, up 4% year-on-year, with financing facilitated by financial technology amounting to 15.3 billion, a 58.2% increase, accounting for 46.7% of total financing [1] Revenue Structure - The revenue structure indicates that the trading platform and self-operated financing contributed 80% and 20% to the total revenue respectively [1] - Financial technology service revenue surged by 124% to 1.87 billion, increasing its share of total revenue by 16 percentage points to 39% [1] Service Fee and Transaction Growth - The number of automotive financing transactions reached approximately 364,000, an 11% increase year-on-year, with used car financing transactions rising by 45% to 222,000, now representing 61% of total transactions [2] - The financing scale for used cars grew by 31% to 18.2 billion, making up 55.7% of the total financing [2] - The net service fee rate for the trading platform increased by 1.1 percentage points to 4.8%, while the self-operated net interest margin rose by 0.9 percentage points to 5.8% [2] Credit Quality - The 90+ overdue rate remained stable at 1.86%, showing no significant change year-on-year or quarter-on-quarter [2] - The credit impairment loss increased by 59% year-on-year to 1.043 billion, while the provision coverage ratio improved by 11 percentage points to 207% [2] Industry Outlook - The automotive finance industry is expected to continue optimizing due to regulatory policies against high-interest rates, positioning 易鑫集团 favorably to enhance its market share and revenue through its advanced financial technology capabilities [2]

Core Viewpoint - Easing Group (02858) has shown a significant increase in stock price and strong financial performance, indicating a positive outlook for the company in the automotive financing sector driven by AI technology [1]. Financial Performance - As of the mid-year report for 2025, Easing Group reported total revenue of 5.452 billion RMB and a net profit of 549 million RMB [1]. - The profit attributable to shareholders for the fiscal year 2025 increased by 33.93% year-on-year, amounting to 548.7 million RMB, with basic earnings per share of 0.082 RMB [1]. Market Activity - On August 21, Easing Group's stock price rose by 4.78%, reaching 3.07 RMB per share, with a trading volume of 302 million RMB [1]. - The company has established operations in over 340 cities across China, enhancing its market presence [1]. Business Model - Easing Group operates as an AI-driven fintech platform, focusing on providing automotive financing and value-added services to consumers, while also offering comprehensive fintech solutions to industry partners [1]. - The company has achieved a cumulative transaction scale exceeding 400 billion RMB, showcasing its significant role in the automotive financial ecosystem [1].

Core Viewpoint - 易鑫集团's stock rose over 9%, reaching 3.2 HKD with a trading volume of 200 million HKD, driven by strong financial performance in the first half of the year [1] Financial Performance - 易鑫集团 reported revenue of 54.52 billion RMB in the first half of the year, a year-on-year increase of 22% [1] - Adjusted net profit for the same period was 6.48 billion RMB, reflecting a year-on-year growth of 28% [1] Business Segments - The financial technology (SaaS services) segment continued its rapid growth, generating approximately 19 billion RMB in revenue, a significant increase of 124.5% year-on-year [1] - Total financing facilitated through the 金科 platform reached 153 billion RMB, marking a year-on-year growth of 58.2% [1] Future Outlook - Citigroup's report indicates that the company expects better performance in the second half of the year, building on the solid results from the first half [1] - Revenue forecasts for 2025 to 2027 have been adjusted upwards by 0%, 2%, and 3% to 116 billion, 131 billion, and 146 billion RMB respectively [1] - Adjusted profit forecasts for the same years have been increased by 9%, 21%, and 22% to 14.2 billion, 17.9 billion, and 19.7 billion RMB respectively [1] Investment Rating - Citigroup raised the target price from 2.1 HKD to 3.5 HKD while maintaining a "Buy" rating for the stock [1]