从业务模式来看，易鑫通过"纯技术"和"流量+科技"两种模式持续推进金融科技业务发展。"纯技术"模 式提供技术解决方案，报告期内促成融资金额达5亿元，同比增加27%；"流量+科技"模式则凭借渠道及 数据优势，提供从客户获取到资产运营的端到端支持，促成融资金额达148亿元，同比增长59.5%。 在合作网络布局上，易鑫金融科技业务的多样性和市场渗透力持续提升。截至2025年6月30日，其金融 科技平台已与逾60家机构建立了合作关系，覆盖银行、融资租赁公司、主机厂等多元主体，并在报告期 内新增6个合作项目，服务的广度与深度得到进一步拓展。 智通财经APP获悉，8月19日，易鑫集团(02858，以下简称"易鑫")发布2025年中期财报，作为核心战略 重点的金融科技(SaaS服务)今年上半年延续高速增长态势，成为公司业绩的主要驱动力。数据显示，易 鑫金融科技业务报告期内实现收入约19亿元(人民币，下同)，同比大增124.5%；通过金科平台促成的融 资总额达153亿元，同比增长58.2%；其对融资总额的贡献占比首次突破40%大关，达到46.7%， 金融科技业务的高增，验证了易鑫以"科技驱动运营，创新赋能产业"理念的成功。作 ...

Core Insights - Yixin Group demonstrated robust growth in the first half of 2025, with total revenue, net profit, and financing transaction volume all showing double-digit year-on-year increases, despite a challenging macroeconomic environment [1] - The company's financial technology business has become a significant driver of performance, contributing over 40% to total financing [1][8] Financial Performance - Yixin achieved total revenue of 5.5 billion RMB, a year-on-year increase of 22%, and net profit of 549 million RMB, up 34% [6] - Adjusted net profit reached 648 million RMB, reflecting a 28% increase, marking a record high for the first half of the year [6] Financing Transactions - The financing transaction volume reached 364,000, representing an 11% year-on-year growth, with a total financing amount of 32.7 billion RMB, up approximately 4% [3][6] - The second-hand car financing segment performed particularly well, with transaction volume increasing by 45% to 222,000 transactions and financing amount rising by 31% to 18.2 billion RMB, accounting for 61% of total financing transactions [3][4] Strategic Initiatives - Yixin adopted a differentiated competitive strategy, focusing on partnerships with core mainstream brands and quality channels to ensure profitability in the new car business while expanding second-hand car financing services [3] - The company is also enhancing value-added services to meet the full lifecycle needs of vehicle users, which has led to a 44.5% increase in battery GAP product transactions [4] Financial Technology Growth - The financial technology segment saw a remarkable revenue increase of 124.5% to 1.9 billion RMB, with financing facilitated through the platform reaching 15.3 billion RMB, a 58.2% increase [8] - The contribution of financial technology to total financing rose to 46.7%, solidifying its role as a core growth engine for the company [8] Market Outlook - Yixin's performance is bolstered by technological innovations, particularly in artificial intelligence, which has been integrated into key business areas such as marketing and risk control [8][9] - The company plans to launch a next-generation AI model designed for automotive finance scenarios, aiming to address industry challenges and reshape the ecosystem [9]

来源：市场资讯 8月19日，易鑫集团（02858.HK，以下简称"易鑫"）发布2025年中期财报，作为核心战略重点的金融科 技（SaaS服务）今年上半年延续高速增长态势，成为公司业绩的主要驱动力。数据显示，易鑫金融科技 业务报告期内实现收入约19亿元（人民币，下同），同比大增124.5%；通过金科平台促成的融资总额 达153亿元，同比增长58.2%；其对融资总额的贡献占比首次突破40%大关，达到46.7%， 从业务模式来看，易鑫通过"纯技术"和"流量+科技"两种模式持续推进金融科技业务发展。"纯技术"模 式提供技术解决方案，报告期内促成融资金额达5亿元，同比增加27%；"流量+科技"模式则凭借渠道及 数据优势，提供从客户获取到资产运营的端到端支持，促成融资金额达148亿元，同比增长59.5%。 在合作网络布局上，易鑫金融科技业务的多样性和市场渗透力持续提升。截至2025年6月30日，其金融 科技平台已与逾60家机构建立了合作关系，覆盖银行、融资租赁公司、主机厂等多元主体，并在报告期 内新增6个合作项目，服务的广度与深度得到进一步拓展。 金融科技业务的高增，验证了易鑫以"科技驱动运营，创新赋能产业"理念的成功。 ...

易鑫集团(02858.HK)发布截至2025年6月30日止6个月中期业绩，该集团取得收入人民币54.52亿元(单位 下同)，同比增加22%;毛利28.86亿元，同比增加36%;净利润5.49亿元，同比增加34%;经调整净利润6.48 亿元，同比增加28%;基本每股经营利润0.082元。 本文源自：金融界AI电报 ...

Financial Performance - The company reported a revenue of RMB 54.52 billion for the six months ending June 30, 2025, representing a year-on-year increase of 22% [1] - Gross profit reached RMB 28.86 billion, up 36% compared to the previous year [1] - Net profit was RMB 5.49 billion, reflecting a 34% increase year-on-year [1] - Adjusted net profit stood at RMB 6.48 billion, marking a 28% increase [1] - The basic earnings per share were RMB 0.082 [1] Automotive Financing - The company facilitated approximately 364,000 automotive financing transactions during the reporting period, a growth of about 10.7% year-on-year [1] - The total financing amount reached approximately RMB 32.7 billion, an increase of 4.0% compared to the previous year [1] - The financing scale for used cars expanded significantly, with financing amounting to approximately RMB 18.2 billion, accounting for about 56% of total automotive financing [1] Financial Technology Business - The financial technology (SaaS) segment continued to expand rapidly, with financing facilitated through the platform exceeding RMB 15.3 billion, a year-on-year growth of approximately 58.2% [2] - The platform has established partnerships with over 60 financial institutions and deepened cooperation with major state-owned banks [2] - The company’s value-added services, particularly the battery GAP product, saw a transaction volume of approximately 31,000, reflecting a 44.5% year-on-year increase [2] Asset Management and Quality - The total value of automotive financial assets managed by the company surged to approximately RMB 112.1 billion, reinforcing its scale advantage in a competitive market [2] - The 90-day overdue rate remained stable at around 1.86%, indicating resilient asset quality [2] Financing Strategies - The company adopted a multi-faceted approach to further reduce capital costs, with the priority rate for asset-backed securities issued in 2025 being approximately 2.26% [3] - The company successfully issued its first dual-tranche, revolving credit, sustainability-linked syndicated loan in China, marking the largest transaction of its kind in the past five years [3] Investment in AI - The company accelerated investments in cutting-edge artificial intelligence, strategically upgrading its proprietary vertical large model [3] - The upcoming XinMM-AM1 model is designed to enhance operational efficiency and service quality in automotive finance, addressing complex decision-making and risk factors [3]

Core Viewpoint - 易鑫集团 reported a strong financial performance for the first half of 2025, with significant growth in revenue and net profit, driven by increased financing transactions and the expansion of its fintech business [1][2][4] Financial Performance - The total revenue for the six months ending June 30, 2025, was approximately RMB 5.5 billion, representing a year-on-year increase of about 22.0% [1] - The net profit for the same period was approximately RMB 549 million, up approximately 33.9% compared to the previous year [1] - Gross profit reached RMB 2.886 billion, an increase of RMB 757 million from RMB 2.129 billion in the same period last year, with gross margins of 53% and 48% for the reporting period and the first half of 2024, respectively [1] Financing Transactions - The company facilitated approximately 364,000 automotive financing transactions, a year-on-year increase of about 10.7% [2] - The total financing amount reached approximately RMB 32.7 billion, reflecting a growth of about 4.0% compared to the previous year [2] - The financing scale for used cars continued to expand, with financing amounting to approximately RMB 18.2 billion, accounting for about 56% of the total automotive financing [2] Fintech Business Expansion - The fintech business (SaaS) continued to grow rapidly, with financing facilitated through the fintech platform exceeding RMB 15.3 billion, a year-on-year increase of approximately 58.2% [2] - The fintech platform has established partnerships with over 60 financial institutions and is deepening collaborations with major state-owned banks [2] - The company is focusing on digital transformation across the entire automotive finance value chain [2] Value-Added Services - The value-added services are also developing, with the battery GAP product achieving rapid growth, with transaction volume reaching approximately 31,000, a year-on-year increase of 44.5% [2] Investment in AI - The company accelerated investments in cutting-edge artificial intelligence, strategically upgrading its proprietary vertical large model [3] - The upcoming XinMM-AM1 model is designed to address the complexities of automotive finance, enhancing operational efficiency and service quality [3]

Financial Performance - The company reported a revenue of RMB 5.452 billion for the six months ending June 30, 2025, representing a year-on-year increase of 22% [1] - Gross profit reached RMB 2.886 billion, up 36% year-on-year, while net profit was RMB 549 million, reflecting a 34% increase [1] - Adjusted net profit stood at RMB 648 million, a 28% increase compared to the previous year [1] - The basic earnings per share for operating profit was RMB 0.082 [1] Automotive Financing Transactions - The company facilitated approximately 364,000 automotive financing transactions, including both new and used cars, which is a 10.7% increase from the same period last year [1] - The total financing amount reached approximately RMB 32.7 billion, marking a 4.0% year-on-year growth [1] - The financing scale for used cars expanded significantly, with financing amounting to approximately RMB 18.2 billion, accounting for about 56% of the total automotive financing [1] Financial Technology Business - The financial technology (SaaS) segment continued to expand rapidly, with financing facilitated through the platform exceeding RMB 15.3 billion, a year-on-year increase of 58.2% [1] - The platform has established partnerships with over 60 financial institutions and deepened collaborations with major state-owned banks, such as the Industrial and Commercial Bank of China [1] Value-Added Services - The company's value-added services are also developing, with battery GAP products achieving rapid growth, reaching approximately 31,000 transactions, a 44.5% increase year-on-year [2] - The total value of automotive financial assets managed by the company surged to approximately RMB 112.1 billion, supported by resilient asset quality, with a 90-day overdue rate stable at around 1.86% [2] Financing Strategies - The company is employing a multi-faceted approach to further reduce capital costs, with the priority rate for asset-backed securities (ABS) issued in 2025 being approximately 2.26% [2] - The company successfully issued its first dual-tranche, revolving credit, sustainability-linked syndicated loan in China, marking the largest transaction of its kind in the past five years [2] Investment in Artificial Intelligence - The company accelerated investments in cutting-edge artificial intelligence, strategically upgrading its proprietary vertical large model [3] - The next-generation Agentic large model, XinMM-AM1, is set to be launched within the year, designed specifically for the complexities of automotive finance [3] - XinMM-AM1 aims to enhance operational efficiency and service quality by providing end-to-end decision-making solutions [3]

[Performance Highlights](index=1&type=section&id=Performance%20Highlights) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The Group achieved strong financial growth in H1 2025, with total revenue up **22%** to **RMB 5.45 billion** and net profit up **34%** to **RMB 549 million**, notably driven by a **124% surge in SaaS service revenue** Key Financial Data for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue** | **5,452,057** | **4,467,853** | **22%** | | - Transaction Platform Business | 4,345,653 | 3,510,459 | 24% | | - Of which: SaaS Services | 1,873,371 | 834,561 | 124% | | - Proprietary Financing Business | 1,106,404 | 957,394 | 16% | | **Gross Profit** | **2,886,203** | **2,128,937** | **36%** | | **Operating Profit** | **799,695** | **576,522** | **39%** | | **Net Profit** | **548,678** | **409,676** | **34%** | | **Adjusted Net Profit** | **648,206** | **507,477** | **28%** | [Operational Highlights](index=2&type=section&id=Operational%20Highlights) In H1 2025, the Group's total auto financing transactions increased by **11%** to **364 thousand units**, with a significant **45% rise in used car financing** driving growth, while new car financing declined by **19%** Total Auto Financing Transactions (thousands of units) for the Six Months Ended June 30, 2025 | Category | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | **Total Auto Financing Transactions** | **364** | **329** | **11%** | | - New Cars | 142 | 175 | -19% | | - Used Cars | 222 | 154 | 45% | [Chairman's Statement](index=3&type=section&id=Chairman's%20Statement) Chairman Zhang Xua'an noted robust growth for Yixin Group amidst a complex macroeconomic environment, driven by China's automotive industry transformation, with double-digit increases in revenue and net profit, rapid expansion of strategic fintech (SaaS) business to over 60 financial institutions, and planned launch of the next-generation AI model XinMM-AM1 - In H1 2025, the Group facilitated approximately **364 thousand auto financing transactions**, a **10.7% YoY increase**, with total financing volume reaching approximately **RMB 32.7 billion**, up **4.0% YoY**[9](index=9&type=chunk) - Fintech (SaaS) business, a strategic focus, facilitated over **RMB 15.3 billion** in financing, a **58.2% YoY increase**, with over **60 financial institutions** partnering on the platform[10](index=10&type=chunk) - The Group accelerated investment in cutting-edge AI, preparing to launch the next-generation Agentic large model, XinMM-AM1, designed for auto finance within the year to significantly enhance operational efficiency and service quality[11](index=11&type=chunk) Key Performance Indicators for H1 2025 | Metric | Value | YoY Growth | | :--- | :--- | :--- | | Total Revenue | approx. RMB 5.5 billion | approx. 22.0% | | Net Profit | approx. RMB 549 million | approx. 33.9% | | Total Auto Finance Assets Under Management | approx. RMB 112.1 billion | - | | Overdue Rate (90+ days) | approx. 1.86% | - | [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) [Macroeconomic and Industry Overview](index=6&type=section&id=Macroeconomic%20and%20Industry%20Overview) In H1 2025, China's economy grew **5.3%** YoY, with the automotive sector, driven by electrification and intelligence, seeing new car sales up **13.0%** and NEV penetration exceeding **50%**, while the used car market grew only **0.5%**, supported by government policies - China's GDP grew by **5.3% YoY** in H1 2025, maintaining a steady economic recovery[13](index=13&type=chunk) - Total passenger vehicle sales increased by **8.2% YoY**, with new car sales up **13.0%** and used car transactions only marginally increasing by **0.5%**[15](index=15&type=chunk)[16](index=16&type=chunk) - New energy vehicle retail sales surged by **33.3% YoY**, with penetration consistently exceeding **50%** for several months[16](index=16&type=chunk) - The government introduced various policies to support the automotive industry, including "trade-in" subsidies, NEV promotion in rural areas, financial digitalization transformation, and export facilitation measures[19](index=19&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk) [Business Review](index=9&type=section&id=Business%20Review) Yixin Group achieved steady business growth and stable asset quality in H1 2025, strategically shifting focus to used car financing and SaaS services, with used car financing volume up **45%** and SaaS revenue surging **124%**, contributing **46.7%** to total financing volume, while also advancing AI innovation [Auto Financing Transactions](index=9&type=section&id=Auto%20Financing%20Transactions) Total auto financing transactions increased by **11%** to **364 thousand** and total financing volume by **4%** to **RMB 32.7 billion** in the reporting period, driven by a **45% surge in used car financing** to **61%** of total transactions, offsetting a **19% decline in new car financing** Auto Financing Transaction Details for H1 2025 | Category | Number of Financing Transactions (thousands) | YoY Change | Financing Volume (RMB millions) | YoY Change | | :--- | :--- | :--- | :--- | :--- | | **Total** | **364** | **11%** | **32,703** | **4%** | | New Cars | 142 | -19% | 14,482 | -17% | | Used Cars | 222 | 45% | 18,221 | 31% | | New Energy Vehicles | 93 | 34% | 9,501 | 34% | [SaaS Services](index=10&type=section&id=SaaS%20Services) Fintech (SaaS) business maintained high growth in H1 2025, with revenue reaching **RMB 1.9 billion** (up **124.5%**) and facilitated financing volume of **RMB 15.3 billion** (up **58.2%**), increasing its contribution to total financing volume to **46.7%**, while core customer average revenue grew **87%** - SaaS service revenue increased by **124.5% YoY** to **RMB 1.9 billion**, facilitating a total financing volume of **RMB 15.3 billion**, up **58.2% YoY**[27](index=27&type=chunk) - The fintech platform collaborates with over **60 financial institutions**, with core customers increasing to **15**, contributing **98%** of fintech business revenue[27](index=27&type=chunk)[29](index=29&type=chunk) [Technological Innovation and AI Implementation](index=11&type=section&id=Technological%20Innovation%20and%20AI%20Implementation) Yixin Group accelerated its AI strategy in H1 2025, becoming the first in the auto finance industry to fully deploy the DeepSeek framework and upgrading its vertical AI model, with AI agents deeply integrated across four strategic areas, and plans to launch the next-generation Agentic large model XinMM-AM1 - The Group became the first auto finance enterprise to fully localize the DeepSeek framework and plans to launch the next-generation Agentic large model, XinMM-AM1[30](index=30&type=chunk)[31](index=31&type=chunk) - AI agents are deeply embedded in four strategic areas, with AI voice agents handling nearly **120 million calls** and asset management doubling M1 recovery rates[31](index=31&type=chunk) [Financial Review](index=12&type=section&id=Financial%20Review) In H1 2025, the Group's total revenue grew **22%** to **RMB 5.45 billion**, driven by SaaS and proprietary financing, with gross profit up **36%** to **RMB 2.89 billion** and gross margin improving to **53%**, while R&D expenses increased **60%** and credit impairment losses rose **59%**, resulting in a **34%** net profit increase [Non-IFRS Financial Measures](index=12&type=section&id=Non-IFRS%20Financial%20Measures) To better reflect core operating performance, the company reported adjusted operating profit of **RMB 908 million** (up **33%**) and adjusted net profit of **RMB 648 million** (up **28%**) for the period, primarily excluding non-cash items like share-based compensation and intangible asset amortization Reconciliation of Operating Profit to Adjusted Operating Profit (RMB thousands) | Description | 2025 | 2024 | | :--- | :--- | :--- | | **Operating Profit** | **799,695** | **576,522** | | Add: Share-based compensation expenses | 58,764 | 26,020 | | Add: Amortization of intangible assets | 25,765 | 148,047 | | Other adjustments | 23,758 | (67,640) | | **Adjusted Operating Profit** | **907,982** | **682,949** | Reconciliation of Net Profit to Adjusted Net Profit (RMB thousands) | Description | 2025 | 2024 | | :--- | :--- | :--- | | **Net Profit** | **548,678** | **409,676** | | Add: Share-based compensation expenses | 54,096 | 21,742 | | Add: Amortization of intangible assets | 25,721 | 148,001 | | Other adjustments | 19,711 | (71,942) | | **Adjusted Net Profit** | **648,206** | **507,477** | [Operating Performance](index=15&type=section&id=Operating%20Performance) Total revenue grew **22%** to **RMB 5.45 billion**, primarily driven by a **124% increase in SaaS service revenue**, leading to a **36% rise in gross profit** and an improved gross margin of **53%**, while R&D expenses increased **60%** and credit impairment losses rose **59%**, culminating in a **34% net profit growth** - Total revenue increased by **22% YoY** to **RMB 5.452 billion**, primarily driven by increased revenue from SaaS services (**+124%**) and guarantee services (**+36%**)[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) - Gross profit increased by **36% YoY** to **RMB 2.886 billion**, with gross margin improving from **48%** in the prior period to **53%**[49](index=49&type=chunk) - Research and development expenses increased by **60% YoY** to **RMB 172 million**, primarily due to increased R&D investment in the fintech team[59](index=59&type=chunk) - Credit impairment losses increased by **59% YoY** to **RMB 1.043 billion**, mainly due to an expanded asset base, increased proportion of used car business, and higher provision coverage[60](index=60&type=chunk) [Financial Position and Asset Quality](index=22&type=section&id=Financial%20Position%20and%20Asset%20Quality) As of June 30, 2025, the Group maintained a sound financial position with total assets of **RMB 50.3 billion** and total liabilities of **RMB 34.1 billion**, while net finance lease receivables slightly increased to **RMB 28.6 billion** and provision coverage improved to **3.36%**, with the 90+ day overdue rate remaining stable at **1.86%** due to robust risk management [Balance Sheet Analysis](index=22&type=section&id=Balance%20Sheet%20Analysis) As of June 30, 2025, the Group's net finance lease receivables increased **2%** to **RMB 28.6 billion**, with expected credit loss provision coverage rising from **3.21%** to **3.36%**, and off-balance sheet loan balances subject to repurchase obligations growing to **RMB 77.4 billion**, with corresponding risk guarantee liabilities of **RMB 2.6 billion** Selected Consolidated Balance Sheet Items (RMB thousands) | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Net finance lease receivables | 28,603,069 | 28,117,882 | 2% | | Cash and cash equivalents | 5,680,546 | 4,212,760 | 35% | | Total borrowings | 28,418,480 | 26,948,957 | 5% | | Total equity | 16,280,363 | 16,480,133 | -1% | - The provision coverage ratio for net finance lease receivables increased from **3.21%** at the end of 2024 to **3.36%**[70](index=70&type=chunk) - Off-balance sheet outstanding loan balances subject to repurchase obligations increased from **RMB 73.9 billion** to **RMB 77.4 billion**[72](index=72&type=chunk) [Asset Quality and Risk Management](index=24&type=section&id=Asset%20Quality%20and%20Risk%20Management) The Group maintained resilient asset quality as of June 30, 2025, with 90+ day and 180+ day overdue rates stable at **1.86%** and **1.35%** respectively, demonstrating strong risk management capabilities through a comprehensive system encompassing data-driven credit assessment, post-lending management, and loss recovery Overdue Rates | Days Overdue | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 180+ days | 1.35% | 1.39% | | 90+ days | 1.86% | 1.86% | - The company implements a comprehensive risk management system, including automated preliminary assessment, manual assessment, post-lending monitoring, and collection procedures, to address credit risk[80](index=80&type=chunk)[82](index=82&type=chunk)[86](index=86&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, cash and cash equivalents increased to **RMB 5.68 billion**, with net cash inflow from operating activities significantly rising to **RMB 1.54 billion**, while total borrowings grew to **RMB 28.4 billion** through diversified channels, maintaining a healthy financial leverage with a liquidity ratio of **1.17** and a capital-to-debt ratio of **1.75** - Cash and cash equivalents increased to **RMB 5.681 billion**, with net cash generated from operating activities significantly increasing to **RMB 1.536 billion** YoY[88](index=88&type=chunk) - Total borrowings increased to **RMB 28.4 billion**, with diversified financing channels including asset-backed securities (ABS) and bank loans[89](index=89&type=chunk) Key Financial Ratios | Ratio | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Ratio (x) | 1.17 | 1.25 | | Debt Ratio | 55% | 55% | | Capital-to-Debt Ratio (x) | 1.75 | 1.64 | [Other Disclosures](index=31&type=section&id=Other%20Disclosures) Capital expenditures and total investments significantly decreased to **RMB 29.28 million** in the reporting period, while the fair value of the investment in Yusheng, a used car trading platform, remained stable at approximately **RMB 2.57 billion**, and full-time employees increased to **4,539** as of June 30, 2025, with no significant acquisitions, disposals, or contingent liabilities - The fair value of the investment in Yusheng, a used car trading platform, was **US$359 million** (approximately **RMB 2.568 billion**), representing **5.1%** of the Group's total assets[101](index=101&type=chunk) - As of June 30, 2025, the Group had **4,539 full-time employees**, with total staff costs of **RMB 614 million**[104](index=104&type=chunk)[105](index=105&type=chunk) [Interim Condensed Consolidated Financial Information](index=34&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Information) This section presents the Group's unaudited interim condensed consolidated financial statements for the six months ended June 30, 2025, including the statements of profit or loss, comprehensive income, financial position, changes in equity, and cash flows, comprehensively reflecting financial performance and position Summary of Financial Statements for H1 2025 (RMB thousands) | Statement Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | **Statement of Profit or Loss** | | | | Revenue | 5,452,057 | 4,467,853 | | Gross Profit | 2,886,203 | 2,128,937 | | Operating Profit | 799,695 | 576,522 | | Profit for the period | 548,678 | 409,676 | | **Statement of Financial Position (Period-end)** | **June 30, 2025** | **December 31, 2024** | | Total Assets | 50,339,790 | 48,591,241 | | Total Liabilities | 34,059,427 | 32,111,108 | | Total Equity | 16,280,363 | 16,480,133 | | **Statement of Cash Flows** | **H1 2025** | **H1 2024** | | Net cash generated from operating activities | 1,535,606 | 634,081 | | Net cash (used in)/generated from investing activities | (442,527) | 45,743 | | Net cash generated from financing activities | 393,076 | 307,303 | [Notes to the Financial Statements](index=42&type=section&id=Notes%20to%20the%20Financial%20Statements) The notes detail the basis of financial statement preparation, significant accounting policies, and estimates, providing in-depth analysis and disclosure on financial risk management, segment information, revenue, expenses, assets, and liabilities, indicating the Group's operations are primarily in China across two segments: transaction platform and proprietary financing - The Group's business is divided into two operating segments: transaction platform business and proprietary financing business, with the transaction platform business contributing **79% of revenue** and **92% of operating profit** in H1 2025[151](index=151&type=chunk)[153](index=153&type=chunk) - The Group uses a "three-stage" impairment model to measure expected credit losses (ECL) for finance lease receivables, calculated based on probability of default (PD), exposure at default (EAD), and loss given default (LGD)[131](index=131&type=chunk)[133](index=133&type=chunk) - As of June 30, 2025, the Group recognized **RMB 58.764 million** in share-based payment expenses, primarily related to share options and restricted share units granted to employees[185](index=185&type=chunk) [Other Information](index=68&type=section&id=Other%20Information) This section covers corporate governance practices, directors' securities transaction compliance, and post-reporting period events, noting the company's adherence to governance codes, except for the combined roles of Chairman and CEO, and confirms no interim dividend recommendation and audit committee review of financial statements - The Board does not recommend the payment of an interim dividend for the reporting period[67](index=67&type=chunk)[207](index=207&type=chunk) - The company complies with the Corporate Governance Code, with a deviation where the roles of Chairman and Chief Executive Officer are not separated, both held by Mr. Zhang Xua'an, which the Board believes ensures consistent leadership and decision-making efficiency[203](index=203&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim condensed consolidated financial statements for the reporting period[206](index=206&type=chunk)

Core Viewpoint - Yixin Group (02858) experienced a significant stock price increase of over 12%, closing at HKD 2.79 with a trading volume of HKD 1.42 billion, driven by supportive government policies for personal consumption loans [1] Group 1: Government Policy Impact - On August 12, the Ministry of Finance, People's Bank of China, and the Financial Regulatory Bureau jointly issued a plan for fiscal subsidies on personal consumption loans, providing a 1% subsidy for eligible loans [1] - The policy targets key consumption areas, including household vehicles with loans exceeding RMB 50,000, which is expected to directly boost Yixin Group's business growth in the automotive finance sector [1] Group 2: Technological Innovations - Yixin Group showcased a series of AI innovations in the automotive finance sector at the World Artificial Intelligence Conference WAIC 2025, attracting significant attention from the industry [1] - The company's Chief AI Scientist and Senior Vice President, Zhang Lei, announced that Yixin's self-developed Agentic large model has entered a critical development phase, showing promising progress [1] - Current testing indicates that the Agentic model has achieved breakthroughs in dynamic decision-making, enabling the automation and intelligence of the entire automotive finance process, significantly improving processing times to a "second-level era" [1]

Core Viewpoint - E-sunny Group (02858) saw a significant stock price increase of over 12%, closing at 2.79 HKD with a trading volume of 1.42 billion HKD, driven by favorable government policies supporting consumer loans for household vehicles [1] Group 1: Government Policy Impact - The Ministry of Finance, People's Bank of China, and financial regulatory authorities jointly issued a policy on August 12, providing a 1% interest subsidy for eligible personal consumption loans, particularly for household vehicles and general consumption loans above 50,000 RMB [1] - The policy is expected to directly boost E-sunny Group's business growth in the automotive finance sector, as highlighted by Guotai Junan Securities [1] Group 2: Technological Innovations - E-sunny Group showcased a series of AI innovations in the automotive finance sector at the World Artificial Intelligence Conference WAIC 2025, attracting significant attention from the industry [1] - The company's Chief AI Scientist and Senior Vice President, Zhang Lei, announced that E-sunny has developed the industry's first Agentic large model, which is progressing well and aims to achieve dynamic decision-making [1] - The Agentic model is designed to eliminate reliance on manual processes in automotive finance, enabling full-chain smart automation and reducing processing times to "second-level" efficiency [1]