Group 1 - The core point of the article is that Yongda Automotive has announced a one-time impairment adjustment of approximately 3.5 billion RMB to better reflect asset conditions and reduce future amortization pressure, which will not affect cash flow or daily operations [1][2] - The automotive retail industry is expected to continue its growth trend through 2025, with significant structural changes, as evidenced by a 12.7% increase in production and a 12% increase in sales year-on-year for the first seven months of the year [1] - New energy vehicles (NEVs) are experiencing rapid growth, with production and sales increasing by 39.2% and 38.5% year-on-year, respectively, achieving a penetration rate of 45% [1] Group 2 - Yongda Automotive demonstrates resilience and potential through its forward-looking new energy brand matrix, used car and after-sales capabilities, and digital operational efficiency, maintaining stable after-sales service revenue and gross margin [2] - The company reported a net cash inflow of over 1.1 billion RMB from daily operations in the first half of the year, reflecting a year-on-year increase of over 57% [2] - In the new energy sector, Yongda Automotive has expanded its network significantly, adding 30 new authorized new energy outlets and 7 newly opened outlets, with independent new energy vehicle sales and maintenance revenue increasing by 49% and 76% year-on-year, respectively [2]

Core Viewpoint - The company announced a one-time non-cash impairment of approximately RMB 3.5 billion due to intensified price competition in the automotive market and macroeconomic factors, which will impact the group's consolidated profit and equity for the period ending June 30, 2025 [1] Financial Impact - The impairment is a one-time non-cash adjustment that does not affect cash flow or the company's daily operations and profitability, with no expectation of significant ongoing impairment risks in the future [1] - The impairment will reduce depreciation and amortization pressure on related assets, potentially enhancing overall profitability in the future [1] Business Performance - The group's after-sales service revenue and gross margin are expected to remain stable compared to the first half of 2024, with adjusted profit for the period expected to decline by no more than 60% compared to the same period in 2024 due to decreased new car sales margins [2] - The company's focus on expanding its new energy business remains unaffected, with 30 new brand authorizations and 7 new outlets opened, leading to a year-on-year increase of approximately 49% in new energy vehicle sales and 76% in maintenance revenue [2] Operational Efficiency - The company anticipates maintaining reasonable inventory turnover days and expects net cash inflow from operating activities to be no less than RMB 1.1 billion, reflecting a year-on-year growth of no less than 57% [2] Financial Stability - The company's asset-liability structure is sound, with cash and cash equivalents expected to be no less than RMB 2.3 billion, an increase of no less than RMB 830 million or 56% compared to December 31, 2024 [3] - The asset-liability ratio is expected to remain below 60%, indicating a stable financial condition and strong risk resistance [3] Shareholder Returns - The company has repurchased 30.86 million shares at a cost of HKD 74.83 million and plans to maintain a stable and increasing dividend policy, unaffected by the impairment [3] Future Outlook - The impairment is viewed as a prudent financial measure that does not impact the company's operational stability or future growth prospects, with a continued focus on new energy and luxury brands [4]

Core Viewpoint - The company, Yongda Automobile, announced a non-cash impairment of approximately RMB 3.5 billion due to the intensifying automotive market price war and macroeconomic factors, impacting its financial results for the six months ending June 30, 2025 [1] Financial Impact - The impairment is a one-time non-cash adjustment that does not affect cash flow or the company's daily operations and profitability, with no expectation of significant ongoing impairment risks in the future [1] - The impairment will reduce depreciation and amortization pressure on related assets, potentially enhancing overall profitability in the future [2] Business Performance - The company's core business remains stable, with expected after-sales service revenue and gross margin maintaining stability compared to the same period in 2024; adjusted profit attributable to shareholders is projected to decline by no more than 60% due to decreased gross margins from new car sales [2] - The company's focus on expanding its new energy vehicle (NEV) business remains unaffected, with 30 new NEV brand authorizations and 7 new NEV outlets opened, leading to a year-on-year increase of approximately 49% in independent NEV sales and 76% in maintenance revenue [2] Operational Efficiency - The company expects inventory turnover days to remain reasonable, with net cash inflow from operating activities projected to be no less than RMB 1.1 billion, reflecting a year-on-year growth of no less than 57% [3] - The company's financial structure is sound, with cash and cash equivalents expected to be no less than RMB 2.3 billion, an increase of no less than RMB 830 million or 56% compared to December 31, 2024 [3] Shareholder Returns - The company has repurchased 30.86 million shares at a cost of HKD 74.83 million and plans to maintain a stable and increasing dividend policy, unaffected by the impairment, with expectations to distribute no less than the mid-year dividend of 2024 [4] - The company aims to focus on its core businesses of new energy and luxury brands, enhancing operational efficiency and profitability while actively pursuing dividend and share repurchase policies to create long-term value for shareholders [4]

Core Viewpoint - Yongda Automobile (03669) is actively optimizing its asset structure, planning to recognize approximately 3.5 billion yuan in long-term asset impairment in the first half of 2025 to alleviate historical burdens [1] Group 1: Business Performance - The new energy business is experiencing strong growth, with the expansion of the new energy network, adding 30 authorized and 7 independently opened new energy outlets [1] - Sales of independent new energy vehicle models and maintenance revenue have surged by 49% and 76% year-on-year, respectively, becoming a new engine for performance [1] Group 2: Financial Health - The operating fundamentals remain solid, with stable after-sales gross margins and abundant cash flow [1] - Operating cash inflow has increased significantly by 57% year-on-year, exceeding 1.1 billion yuan, while cash reserves have surpassed 2.3 billion yuan [1] Group 3: Strategic Focus - Management emphasizes a continued focus on the "luxury + new energy" dual strategy, with asset quality optimization supporting high-quality development [1]

Core Viewpoint - Yongda Automobile (03669) is actively optimizing its asset structure, planning to recognize approximately 3.5 billion yuan in long-term asset impairment in the first half of 2025 to alleviate historical burdens [1] Group 1: Business Performance - The new energy business is experiencing strong breakthroughs, with a rapid expansion of the new energy network, adding 30 authorized and 7 independently opened new energy outlets [1] - Sales of independent new energy vehicles and maintenance income have surged by 49% and 76% year-on-year, respectively, becoming a new engine for performance [1] Group 2: Financial Health - The operating fundamentals remain solid, with stable after-sales gross margins and abundant cash flow, as evidenced by a year-on-year increase of 57% in net operating cash inflow, exceeding 1.1 billion yuan [1] - Cash reserves have surpassed 2.3 billion yuan, indicating a strong liquidity position [1] Group 3: Strategic Focus - Management emphasizes a continued focus on the "luxury + new energy" dual strategy, with asset quality optimization supporting high-quality development [1]

03669 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，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 China Yongda Automobiles Services Holdings Limited 綜上所述，本次相關資產減值為本公司基於審慎原則所做出的一次性財務處理，不影響 本集團的經營穩健性與未來發展前景。本集團將持續聚焦新能源與豪華品牌兩大核心業 務，不斷提升運營效率與盈利質量，採取更積極的分紅和股份回購政策，為股東創造長 期價值。 董事會謹此強調，經調整本公司擁有人應佔溢利（非國際財務報告準則計量）並非國際財 務報告準則會計準則（「國際財務報告準則」）規定或按其呈列。經調整本公司擁有人應佔 溢利（非國際財務報告準則計量）乃由本集團界定為本公司擁有人應佔溢利，不包括本次 相關資產減值及所帶來的所得稅和非控股權益的影響。作為一種分析工具，非國際財務 - 3 - (6) 財務狀況審慎穩健－本集團資產負債結構良好，預計截至二零二五年六月三十日 止，本集團現金及現金等價物餘額不低於人民幣2 ...

格隆汇8月14日丨永达汽车(03669.HK)公布，公司将于2025年8月26日召开董事会会议，以（其中包括） 审议及通过集团截至2025年6月30日止六个月的中期业绩及其发布，以及审议派发中期股息的建议（如 有）。 ...

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，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 董事會會議召開日期 中國永達汽車服務控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二零二 五年八月二十六日（星期二）舉行董事會會議，藉以（其中包括）考慮及批准本公司及其附屬公司 截至二零二五年六月三十日止六個月之中期業績及其發佈，並考慮派發中期股息（如有）。 承董事會命 中國永達汽車服務控股有限公司 董事長 張德安 中國，二零二五年八月十四日 於本公告日期，董事會由(i)六名執行董事，即張德安先生、蔡英傑先生、王志高先生、徐悅先生、陳昳女士及唐亮先生； 及(ii)三名獨立非執行董事，即朱德貞女士、呂巍先生及牟斌瑞先生組成。 China Yongda Automobiles Services Holdings Limited 03669 ...

Core Viewpoint - The article highlights the contrasting experiences of individual car salespeople who can earn high incomes from selling popular new models, while traditional dealerships face significant financial challenges and a wave of closures due to declining profitability and market pressures [9][16][32]. Group 1: Sales Performance and Challenges - In late 2023, the launch of the AITO M9 saw salespeople achieving remarkable sales figures, with one salesperson selling 28 units in a month [6][8]. - Despite the potential for high earnings, the reality for many salespeople is marked by intense work pressure and high turnover rates, as many leave due to the demanding nature of the job [12][15]. - The sales environment is increasingly competitive, with new models from various brands entering the market, yet many salespeople report low sales during off-peak months [10][13]. Group 2: Dealership Financial Struggles - The China Automobile Dealers Association predicts that over 4,400 dealerships will close in 2024, with a loss rate among dealers reaching 41.7% [9][17]. - Price inversion affects 84.4% of dealerships, with over 60.4% experiencing a price drop exceeding 15% [17][18]. - Major dealership groups like Zhongsheng Holdings and Yongda Automotive are experiencing significant declines in new car sales and profitability, with some reporting net profit drops of over 80% [19][20]. Group 3: After-Sales Service as a Revenue Stream - After-sales services are becoming a crucial revenue source for traditional dealerships, with Zhongsheng Holdings reporting a 9.6% increase in after-sales revenue in 2024 [25][26]. - The focus on after-sales services is seen as a potential lifeline for dealerships struggling with new car sales [25][32]. Group 4: Industry Transformation and Future Outlook - The article discusses the need for dealerships to adapt to changing market conditions, emphasizing collaboration with manufacturers and a shift towards after-sales and user engagement strategies [32]. - The success of individual salespeople and mid-sized dealerships in the new energy vehicle market illustrates the potential for growth and adaptation within the industry [30][32]. - The ongoing transformation in the automotive industry highlights the importance of flexibility and innovation for both dealerships and sales personnel to thrive in a competitive landscape [32].

Core Insights - The automotive sales industry in China is experiencing a significant divide between individual salespeople benefiting from high commissions on popular new models and traditional dealerships facing severe financial losses and network reductions [3][10][23] - The introduction of new electric vehicle models is seen as a potential lifeline for struggling dealerships, but the ongoing price wars and channel transformation pressures may exacerbate the existing challenges [3][10][23] Group 1: Sales Performance and Challenges - Individual salespeople have reported high earnings during the launch of popular models, with some achieving monthly incomes of 30,000 to 40,000 yuan [4][6] - However, the high earnings come with extreme work intensity and high turnover rates among sales staff, indicating a challenging work environment [6][9][23] - The automotive sales sector is witnessing a significant number of dealership closures, with over 4,400 4S stores expected to exit the market in 2024, reflecting a 41.7% loss rate among dealers [10][11] Group 2: Financial Performance of Dealerships - Major dealership groups are reporting declining new car sales and revenues, with companies like Zhongsheng Holdings and Yongda Automotive experiencing significant drops in both sales volume and profit margins [11][12] - The overall profitability of traditional dealerships is under pressure, with many reporting negative gross margins on new car sales, leading to a shift in focus towards after-sales services as a key revenue source [15][16] - The after-sales business has shown growth, with Zhongsheng Holdings reporting a 9.6% increase in after-sales revenue, highlighting a potential area for profitability amidst declining new car sales [15][16] Group 3: Industry Transformation and Future Outlook - The automotive industry is undergoing a transformation, with traditional dealerships needing to adapt to new market realities, including the rise of electric vehicles and changing consumer preferences [23] - Collaboration between manufacturers and dealerships is emphasized as a necessary strategy for survival, with calls for more flexible arrangements and support from manufacturers to help dealers navigate the current challenges [23] - The success of individual salespeople and mid-sized dealerships in the electric vehicle market suggests that there are opportunities for growth and adaptation, provided that stakeholders can work together effectively [23]