Core Viewpoint - Easing Group (02858) has shown significant growth in its second-hand car strategy and high pricing, which supports its performance, leading to a strong recommendation from the securities firm [1] Group 1: Business Performance - In Q3 2025, Easing Group achieved a total of 235,000 car transactions, representing a year-on-year increase of 22.6%, outperforming the industry average growth of 11.0% for new and used cars [2] - The total financing amount for Q3 2025 reached 21.2 billion yuan, reflecting a year-on-year growth of 14.6% [2] Group 2: Business Structure - The second-hand car financing volume in Q3 2025 reached 12.1 billion yuan, with a year-on-year increase of 51.3%, accounting for 56.9% of the total financing [3] - Financing for second-hand electric vehicles amounted to 1.5 billion yuan, representing 22.5% of the company's new energy vehicle financing, with a year-on-year increase of 9.4 percentage points [3] - The financial technology business continued to grow rapidly, with financing facilitated through the fintech platform reaching 11.4 billion yuan, a year-on-year increase of 102.0%, accounting for 53.7% of total financing [3] Group 3: AI Strategy - The company is steadily advancing its XCall deployment, which is expected to be fully completed by the end of 2025, aimed at improving efficiency in the credit application process [4] - The AI products, including XCall, are anticipated to enhance real-time communication and automated interactions, improving conversion rates and customer experience [4]

Group 1: Business Performance - In Q3 2025, the total financing amount of Yixin Group continued to grow, achieving a total of 235,000 vehicle transactions, representing a year-on-year increase of 22.6%, significantly outperforming the industry average of 11.0% for new and used car sales in China [1][10] - The total financing amount reached 21.2 billion yuan in Q3 2025, reflecting a year-on-year growth of 14.6% [1][10] - The second-hand car financing strategy is progressing steadily, with second-hand car financing accounting for 57% of total financing in Q3 2025, and the financing volume for second-hand cars reaching 12.1 billion yuan, up 51.3% year-on-year [1][10] Group 2: Business Structure - The financing volume for second-hand electric vehicles was 1.5 billion yuan, accounting for 22.5% of the company's new energy vehicle financing, with a year-on-year increase of 9.4 percentage points [1][10] - The financial technology business continued to grow rapidly, with financing facilitated through the fintech platform reaching 11.4 billion yuan in Q3 2025, a year-on-year increase of 102.0%, accounting for 53.7% of total financing [1][10] - The company expanded its cooperation network in the fintech model, partnering with two new financial institutions and establishing relationships with two well-known electric vehicle brands in Q3 2025 [1][10] Group 3: AI Strategy - The company is steadily advancing its AI strategy, with the deployment of the X Call product expected to be completed by the end of 2025, aimed at improving efficiency in the credit application process [2][11] - The X Call product is designed to enhance online marketing, document processing, and customer management efficiency, while also enabling real-time communication and automated interactions through AI [2][11] Group 4: Investment Analysis - As a leading third-party automotive finance company, Yixin Group's second-hand car strategy has shown significant results, supporting the company's performance, with expectations for continued high growth in the second half of the year [2][11] - The company maintains a strong dividend policy, providing returns to shareholders, and is rated as "strongly recommended" [2][11] - Forecasted net profits for 2025-2027 are 1.2 billion, 1.46 billion, and 1.76 billion yuan, representing year-on-year growth rates of 48%, 22%, and 21% respectively [2][11]

Investment Rating - The report indicates a positive outlook for the insurance sector, with a recommendation to focus on strong insurance companies such as New China Life Insurance, China Ping An, China Life Insurance H, and China Taiping [2][17] Core Insights - The non-bank financial sector (Shenwan) index increased by 2.27%, outperforming the CSI 300 index by 0.99 percentage points, while the insurance sector saw a significant rise of 5.08% [1][9] - The insurance sector's growth is attributed to several factors, including a reduction in long-term stock holding risk factors, expected strong performance in dividend insurance products, and improved global liquidity due to anticipated interest rate cuts in the US [2][16] - The brokerage sector is expected to experience a valuation correction, with a current price-to-book (PB) ratio of 1.36x, indicating potential for recovery in profitability and valuation [2][19] - The banking sector has underperformed, with a decline of 1.18%, and is currently undervalued with a PB ratio of 0.55x, suggesting room for future valuation improvement [3][20] Summary by Sections Insurance Sector - The insurance index rose by 5.08%, significantly outperforming the CSI 300 index by 3.80 percentage points, driven by regulatory adjustments that lowered risk factors for long-term stock holdings [1][13] - The sector is expected to benefit from a favorable environment for dividend insurance products, with strong growth anticipated in the coming year [2][16] - Key recommendations include focusing on companies like New China Life Insurance and China Ping An, which are positioned for growth [17] Brokerage Sector - The brokerage index increased by 1.14%, with a current PB ratio of 1.36x, indicating a potential mismatch between profitability and valuation [2][19] - Regulatory changes are expected to enhance capital efficiency for leading brokerages, creating opportunities for investment in firms with strong fundamentals [2][18] - Recommended stocks include Guotai Junan, Huatai Securities, and Orient Securities, particularly those involved in mergers or restructuring [19] Banking Sector - The banking sector saw a decline of 1.18%, with a PB ratio of 0.55x, indicating that banks are currently undervalued [3][20] - Concerns about asset quality, particularly related to real estate and local government debt, have affected market perceptions, but there is potential for recovery as regulatory support continues [23][24] - Recommendations include focusing on high-quality city commercial banks in economically developed regions, such as Hangzhou Bank and Ningbo Bank [20][24]

Core Viewpoint - Cathay Securities maintains a "Buy" rating for Yixin Group (02858) with a target price of HKD 3.91, based on a 20x P/E for 2025, driven by strong performance in the used car and SaaS businesses [1] Group 1: Business Performance - The company is expected to achieve revenue of CNY 115.99 billion, CNY 129.40 billion, and CNY 144.39 billion for 2025-2027, representing year-on-year growth of 17%, 12%, and 12% respectively [1] - Net profit is projected to be CNY 11.86 billion, CNY 14.59 billion, and CNY 18.16 billion for the same period, with growth rates of 46%, 23%, and 24% respectively [1] Group 2: Financing and SaaS Growth - In Q3 2025, the company facilitated 235,000 auto financing transactions, a year-on-year increase of 22.6%, with a total financing amount of CNY 21.2 billion [2] - The used car credit segment saw a significant year-on-year growth of 51.3%, reaching CNY 12.1 billion, with its share increasing to 56.9% [2] - The SaaS business contributed CNY 11.4 billion in financing in Q3 2025, marking a 102% year-on-year increase, and its contribution to total financing rose to 53.7% [2] Group 3: Future Outlook and AI Integration - The company is expected to see continued improvement in performance in the second half of the year, with a focus on light asset transformation and potential dividends [3] - The rollout of AI products, including "X Call," is progressing, aiming to enhance efficiency in credit application processes and customer interactions by the end of 2025 [3]

Group 1 - The core viewpoint of the report is that due to the company's rapid performance growth, it is given a target price of HKD 3.91 based on a 20x P/E ratio for 2025, with a rating of "Buy" [1] - The company is expected to achieve revenue of CNY 115.99 billion, CNY 129.40 billion, and CNY 144.39 billion for 2025-2027, representing year-on-year growth of 17%, 12%, and 12% respectively [1] - Net profit is projected to be CNY 11.86 billion, CNY 14.59 billion, and CNY 18.16 billion for the same period, with year-on-year growth of 46%, 23%, and 24% respectively [1] Group 2 - In Q3 2025, the automotive financing transactions reached 235,000, a year-on-year increase of 22.6%, with financing amounts totaling CNY 21.2 billion [2] - The second-hand car credit growth was even faster, increasing by 51.3% to CNY 12.1 billion, with its share rising to 56.9% [2] - The company's SaaS business facilitated financing of CNY 11.4 billion in Q3 2025, a year-on-year growth of 102%, contributing 53.7% to the total financing [2] Group 3 - The company's performance is expected to continue improving in the second half of the year, with expectations for better results compared to the first half [3] - The company is advancing its AI product "X Call," with plans to complete the preliminary agency layout for financing by the end of 2025 [3] - The implementation of AI products is anticipated to significantly enhance efficiency in credit application processes, optimizing customer conversion rates and experiences [3]

Investment Rating - The report assigns a rating of "Buy" for the company, with a target price of HKD 3.91, corresponding to a 20x P/E for 2025 [7][11]. Core Insights - The company is expected to maintain high growth in performance due to an increase in the proportion of used car financing, a successful transition to a light asset model driving SaaS business growth, and the application of AI in the automotive industry [3][11]. - The company’s used car financing transactions reached 235,000 in Q3 2025, a year-on-year increase of 22.6%, with financing amounts totaling CNY 21.2 billion, and used car credit growth of 51.3% to CNY 12.1 billion, increasing its share to 56.9% [11]. - The SaaS business facilitated financing of CNY 11.4 billion in Q3 2025, a 102% year-on-year increase, contributing 53.7% to total financing [11]. - The company is expected to see continued improvement in performance in the second half of 2025, with AI products like "X Call" enhancing efficiency in credit applications and customer management [11]. Financial Summary - Total revenue projections for 2025-2027 are CNY 115.99 billion, CNY 129.40 billion, and CNY 144.39 billion, representing year-on-year growth of 17%, 12%, and 12% respectively [11]. - Net profit estimates for the same period are CNY 11.86 billion, CNY 14.59 billion, and CNY 18.16 billion, with growth rates of 46%, 23%, and 24% respectively [11]. - The company’s P/E ratios are projected to be 6.55 for 2024, increasing to 15.36 in 2025, and then decreasing to 10.03 by 2027 [11].

新京报贝壳财经讯（记者陈维城）12月2日，易鑫集团（02858.HK）发布第三季度报告显示，2025年第 三季度，易鑫实现汽车融资交易量（涵盖新车及二手车）23.5万笔，同比增长22.6%，融资交易额达212 亿元。 报告期内，易鑫二手汽车融资额同比增长约51.3%至约121亿元，占汽车融资总额的比例攀升至约 56.9%。二手新能源车融资额达15亿元，占新能源汽车融资总额的22.5%，同比显著提升。 围绕汽车后市场的增值服务同步发力，电池GAP产品在第三季度延续快速增长态势，交易量达2.24万 笔，同比增长约48.8%。 作为易鑫战略核心之一的金融科技（SaaS）业务，在2025年第三季度融资额约114亿元，同比增长约 102%，对公司融资总额的贡献比例更是提升至53.7%。金科业务与二手车业务协同发展，共同成为公司 的增长支柱。 （文章来源：新京报） ...

来源：新浪港股 易鑫集团公布，第三季度实现快速增长。集团的汽车交易数目增加至约23.5万笔，同比增长22.6%，增 幅领先行业整体水平。其中，二手汽车融资额121亿人民币，增加51.3%，占汽车融资总额比例56.9%。 融资交易额达212亿元人民币。期内，二手车与金融科技两大业务板块表现尤为突出，成为驱动业绩上 行的双重引擎。 易鑫集团（02858）盘中逆市涨超4%，截至发稿，股价上涨2.89%，现报2.49港元，成交额617.87万港 元。 ...

智通财经APP获悉，易鑫集团(02858)逆市涨超4%，截至发稿，涨3.31%，报2.5港元，成交额504.22万港 元。 消息面上，易鑫集团公布，第三季度实现快速增长。集团的汽车交易数目增加至约23.5万笔，同比增长 22.6%，增幅领先行业整体水平。其中，二手汽车融资额121亿人民币，增加51.3%，占汽车融资总额比 例56.9%。融资交易额达212亿元人民币。期内，二手车与金融科技两大业务板块表现尤为突出，成为 驱动业绩上行的双重引擎。 ...

其中，二手车融资业务成为拉动增长的核心力量。报告期内，易鑫二手汽车融资额同比增长约51.3%至 约121亿元，占汽车融资总额的比例攀升至约56.9%，业务结构持续向高价值领域倾斜。值得关注的 是，公司在新能源细分市场的布局亦成效凸显，二手新能源车融资额达15亿元，占新能源汽车融资总额 的22.5%，较去年同期占比显著提升，成功把握了新能源二手车市场的增长机遇。 亮眼数据背后，是易鑫在二手车领域深耕多年的精细化运营策略持续落地。面对市场变化，公司通过迭 代风险定价体系实现更精确的成本控制，覆盖盈利性更强的二手车产品，既保障了合理回报，也夯实了 业务健康增长的根基。与此同时，围绕汽车后市场的增值服务同步发力，电池GAP产品在第三季度延续 快速增长态势，交易量达2.24万笔，同比增长约48.8%，有效缓解了新能源汽车用户对电池健康与残值 的后顾之忧，强化全生命周期服务生态。 金融科技高增长，合作生态持续扩容 作为易鑫战略核心之一的金融科技（SaaS）业务，在2025年第三季度不仅继续保持高增长，更在业务贡 献度与合作版图上实现突破。期内，该业务促成的融资额约114亿元，同比大幅增长约102%，对公司融 资总额的贡献 ...