FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國永達汽車服務控股有限公司(於開曼群島註冊成立的有限公司) 呈交日期： 2025年8月28日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 03669 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | | 佔有關事件前的現有已發 | | | 每股發 ...

Core Viewpoint - The Chinese automotive market is experiencing intensified competition, ongoing price wars, and significant penetration of new energy vehicles (NEVs) in the first half of 2025, leading to a shift in focus from quantity to quality for dealers [1][9]. Group 1: Market Dynamics - Domestic passenger car sales increased by 10.8% year-on-year to 10.902 million units in the first half of 2025, but the oversupply situation has intensified, with demand growth lagging behind capacity expansion [1]. - The average price of new cars decreased by 11.4% in the first half of the year, putting significant profit pressure on upstream suppliers, manufacturers, and dealers [1]. - The penetration rate of new energy vehicles reached 50.2%, with a monthly breakthrough of 53.3% in June, shifting the competitive focus from price wars to technology and service [1]. Group 2: Company Performance - The company achieved revenue of 27.072 billion yuan in the first half of the year, maintaining profitability after excluding asset impairment impacts [2]. - Inventory turnover days improved to 26.3 days, a reduction of 0.4 days year-on-year, effectively mitigating risks from new car price fluctuations [2]. - The net cash flow from operating activities increased by 66.9% year-on-year to 1.167 billion yuan, providing financial support for business adjustments [2]. Group 3: Operational Strategies - The company implemented proactive inventory control and dynamic adjustments, reducing the balance of in-transit and inventory to 4.986 billion yuan, a decrease of 6.8% from the end of 2024 [3]. - The company closed 19 stores in the first half of the year, focusing resources on more promising brands, while opening 7 new stores for leading NEV brands [3][5]. - The total number of operational outlets decreased to 209, with luxury brands accounting for 64.6% and independent NEV brands for 16.7% [4]. Group 4: New Energy and Aftermarket Growth - The company sold 10,312 units of independent NEV brands in the first half, a year-on-year increase of 49%, with direct sales mode growing by 123.1% [6]. - Aftermarket service revenue reached 4.784 billion yuan, with a gross margin of 40.35%, and the after-sales absorption rate improved to 84.2%, up 5.6 percentage points year-on-year [7][10]. - The company’s used car business saw a transaction volume of 30,427 units, achieving a gross margin of 5.21%, an increase of 0.81 percentage points [8]. Group 5: Sustainable Development Logic - The company's focus on "controlling inventory, stabilizing cash flow, and enhancing service" reflects a shift in dealer competition logic from scale to efficiency [9][11]. - The company’s after-sales business covers over 84.2% of fixed operating costs, allowing new car sales to contribute only a small portion of gross profit for overall profitability [10]. - The strategic combination of luxury and NEV brands positions the company to capture both short-term profits and long-term growth opportunities [10][11].

Core Viewpoint - Yongda Automobile (03669) reported a mid-term revenue of 27.072 billion yuan, maintaining profitability after accounting for asset impairment impacts, with the new energy business emerging as a highlight during the reporting period [1] Revenue Performance - The company achieved a revenue of 27.072 billion yuan during the reporting period [1] - The new energy business significantly contributed to revenue growth, with independent new energy brand sales reaching 10,312 units, a year-on-year increase of 49.0% [1] New Energy Business Development - The company is actively optimizing its luxury car brand network layout, focusing on high-quality stores in core regions to enhance single-store operational quality and overall profitability [1] - The number of new energy brand authorizations is set to increase by 30 and 7 new outlets by the first half of 2025 [1] - Revenue from new energy maintenance and repair services surged by 75.8% year-on-year to 216 million yuan [1] - The customer base for independent new energy after-sales management reached 72,300, a growth of 25.9% compared to the end of 2024 [1] Strategic Focus - The ongoing implementation of the new energy strategy is steadily becoming the core engine of the company's second growth curve [1]

Core Viewpoint - Yongda Automobile (03669) reported a mid-term revenue of 27.072 billion yuan, maintaining profitability after accounting for asset impairment, with the new energy business emerging as a highlight [1] Group 1: Financial Performance - The company achieved a revenue of 27.072 billion yuan during the reporting period [1] - The new energy business significantly contributed to profitability, with independent new energy brand sales reaching 10,312 units, a year-on-year increase of 49.0% [1] - Revenue from new energy maintenance and repair surged by 75.8% to 216 million yuan [1] Group 2: Strategic Initiatives - The company is actively optimizing its luxury car brand network layout, focusing on high-quality stores in core regions to enhance single-store operational quality and overall profitability [1] - By the first half of 2025, the company plans to add 30 new energy brand authorizations and 7 new outlets [1] - The independent new energy after-sales management customer base grew to 72,300, an increase of 25.9% compared to the end of 2024 [1] Group 3: Growth Outlook - The ongoing implementation of the new energy strategy is steadily becoming the core engine of the company's second growth curve [1]

Core Viewpoint - Yongda Automobile (3669.HK) reported a robust performance for the first half of 2025, showcasing strong operational metrics and cash flow advantages [1] Financial Performance - The company recorded revenue of 27.072 billion yuan, with a net profit of 62.66 million yuan after accounting for asset impairment [1] - Operating cash flow demonstrated significant growth, with a net inflow of 1.167 billion yuan, marking a year-on-year increase of 66.9% [1] Operational Efficiency - New vehicle turnover efficiency remained high, with turnover days at just 26.4 days [1] - The after-sales service business showed continuous improvement, with the service absorption rate rising to 84.2%, an increase of 5.6% year-on-year [1] Used Car Business - The gross profit from used cars exceeded 113 million yuan, reflecting a quarter-on-quarter increase of 8.2% [1] - Used car turnover days improved to 17.7 days, a decrease of 2.5 days year-on-year and a reduction of 4 days quarter-on-quarter [1] Strategic Initiatives - The company is enhancing operational efficiency, strengthening after-sales services, ensuring healthy cash flow, and expanding the used car business, which collectively boosts its competitive edge [1]

销量方面，2025年上半年集团独立新能源（001258）品牌汽车销量达到10312台，同比上升49.0%。其 中经销模式销量4455台，直销模式销量5857台。由于集团代理的产品在进一步向高端领域发展，今年上 半年新车平均售价达到了26.73万元，尊界S800等车辆在下半年规模交付，集团相信届时会进一步增 长，单台新车综合毛利率也维持稳定，保持在了4%以上。截止到今年上半年结束，独立新能源品牌留 存订单达到近六千张，为下半年业务持续增长奠定了基础。 公告称，2025年上半年新车销量72501辆，同比下降13.4%。新车销售及相关服务收入为205.32亿元、同 比下降14.4%;新车销售及相关服务毛利率为1.03%，同比下降0.61个百分点。上半年行业竞争白热化， 部分品牌及经销商为抢占市场份额，采取激进的降价促销策略，导致新车销售价格持续下探，单车毛利 受损。鉴于现阶段的市场竞争环境，集团于上半年主动调整了新车经营策略，核心目标从'以量取胜'转 向'量利平衡'，在一定程度上影响了短期销量规模。集团通过积极与厂方沟通，实现批零售考核任务目 标的调减，并通过加大在短视频、直播、社交媒体等新媒体获客渠道的投入，以及 ...

智通财经APP讯，永达汽车(03669)发布截至2025年6月30日止六个月中期业绩，总收入270.72亿元(人民 币，下同);毛利23.7亿元。 公告称，2025年上半年新车销量72501辆，同比下降13.4%。新车销售及相关服务收入为205.32亿元、同 比下降14.4%;新车销售及相关服务毛利率为1.03%，同比下降0.61个百分点。上半年行业竞争白热化， 部分品牌及经销商为抢占市场份额，采取激进的降价促销策略，导致新车销售价格持续下探，单车毛利 受损。鉴于现阶段的市场竞争环境，集团于上半年主动调整了新车经营策略，核心目标从'以量取胜'转 向'量利平衡'，在一定程度上影响了短期销量规模。集团通过积极与厂方沟通，实现批零售考核任务目 标的调减，并通过加大在短视频、直播、社交媒体等新媒体获客渠道的投入，以及进一步加强对潜客到 店率、转化率、成交周期等过程指标的跟踪管理，有效促进线索转化率的提升。 销量方面，2025年上半年集团独立新能源品牌汽车销量达到10312台，同比上升49.0%。其中经销模式 销量4455台，直销模式销量5857台。由于集团代理的产品在进一步向高端领域发展，今年上半年新车平 均售价达到 ...

| 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 公告全部或任何部份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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 中國永達汽車服務控股有限公司 | | 股份代號 | 03669 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止六個月的中期股息 | | 公告日期 | 2025年8月26日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.07 RMB | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.07678 HKD | | 匯率 | 1 RMB : 1.09692 HK ...

[Company Information and Financial Highlights](index=1&type=section&id=I.%20Company%20Information%20and%20Financial%20Highlights) [Company Overview](index=1&type=section&id=I.A.%20Company%20Overview) China Yongda Automobile Services Holdings Limited and its subsidiaries primarily engage in automobile sales, after-sales services, operating leases, and distribution of automotive insurance and financial products in China - The Company was incorporated in the Cayman Islands, and its shares are listed on the Hong Kong Stock Exchange[2](index=2&type=chunk) - Principal businesses include automobile sales, after-sales services, automobile operating leases, and distribution of automotive insurance and financial products[29](index=29&type=chunk) [Financial Highlights](index=1&type=section&id=I.B.%20Financial%20Highlights) For H1 2025, the Group's revenue decreased by 12.8% to **RMB 27.072 billion**, with new car sales and adjusted net profit (non-IFRS) declining, while net cash from operating activities significantly improved by 66.9% H1 2025 Key Financial Highlights | Indicator | H1 2025 (RMB billion) | H1 2024 (RMB billion) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 27.072 | 31.036 | -12.8% | | New Car Dealership Revenue | 18.777 | 22.911 | -18.0% | | Maintenance-Related Revenue | 4.660 | 4.654 | Largely Flat | | Used Car Transaction Volume (units) | 30,427 | 35,236 | -13.6% | | Total Selling, Administrative & Finance Costs | 2.382 | 2.568 | -7.3% | | Adjusted Net Profit (non-IFRS) | 0.054 | 0.101 | -46.3% | | Adjusted Net Profit Attributable to Owners (non-IFRS) | 0.063 | 0.111 | -43.8% | | Net Cash Generated from Operating Activities | 1.167 | 0.699 | +66.9% | | Net Gearing Ratio | 9.8% (2025/6/30) | 10.2% (2024/12/31) | -0.4 percentage points | - Inventory turnover days remained at **26.3 days**, a decrease of **0.4 days** compared to the same period last year[7](index=7&type=chunk) [Management Discussion and Analysis](index=2&type=section&id=II.%20Management%20Discussion%20and%20Analysis) [Market Review](index=2&type=section&id=II.A.%20Market%20Review) In H1 2025, China's automotive market maintained steady growth amid fierce competition, driven by a 10.8% increase in passenger vehicle sales and NEV penetration exceeding 50.2%, despite significant price pressure and an 11.4% average new car price reduction - Domestic passenger vehicle sales reached **10.902 million units** in H1 2025, a year-on-year increase of **10.8%**[5](index=5&type=chunk) - NEV penetration rate reached **50.2%**, an 8.4 percentage point year-on-year increase, with the monthly penetration rate exceeding **53.3%** for the first time in June[5](index=5&type=chunk) - Chinese brands' market share surpassed **64%**, a 7.5 percentage point year-on-year increase, with new forces like Xiaomi and HarmonyOS Smart Mobility rapidly emerging[5](index=5&type=chunk) - The average new car price decreased by **11.4%** in H1, leading to immense industry profitability pressure, with competition shifting from price to technology, ecosystem, and user experience[6](index=6&type=chunk) - Industry competition intensity is expected to ease marginally in H2, with the market likely to find a new equilibrium driven by "policy support + technological iteration + export upgrades"[8](index=8&type=chunk) [Business Review](index=3&type=section&id=II.B.%20Business%20Review) In H1 2025, the Group's revenue decreased by 12.8% and gross profit by 8.3% due to market competition and macroeconomic factors, alongside a **RMB 3.539 billion** non-cash, one-off asset impairment primarily targeting underperforming 4S store goodwill and long-term assets - H1 2025 revenue was **RMB 27.072 billion**, a year-on-year decrease of **12.8%**[9](index=9&type=chunk) - Gross profit was **RMB 2.370 billion**, a year-on-year decrease of **8.3%**, with new car sales and related services gross profit decreasing by **46.4%**[9](index=9&type=chunk) - Total selling expenses, administrative expenses, and finance costs amounted to **RMB 2.382 billion**, a year-on-year decrease of **7.3%**[9](index=9&type=chunk) - A non-cash, one-off asset impairment of approximately **RMB 3.539 billion** was recognized, primarily for goodwill, intangible assets, and long-term assets of underperforming 4S stores, impacting consolidated profit and total equity[10](index=10&type=chunk) - This impairment did not involve cash outflow, does not affect daily operations or business profitability, and large future impairments are not anticipated[10](index=10&type=chunk) - After deducting the impairment impact, adjusted net profit and adjusted net profit attributable to owners of the Company were **RMB 54 million** and **RMB 63 million**, respectively[11](index=11&type=chunk) - As of June 30, 2025, in-transit inventory balance decreased by **6.8%** to **RMB 4.986 billion**, with average inventory turnover days at **26.3 days**[12](index=12&type=chunk) - Net cash generated from operating activities was **RMB 1.167 billion**, a year-on-year increase of **66.9%**[12](index=12&type=chunk) - The asset-liability ratio was **59.5%**, largely flat compared to year-end 2024[12](index=12&type=chunk) [New Car Sales Business](index=4&type=section&id=II.B.1.%20New%20Car%20Sales%20Business) In H1 2025, new car sales volume decreased by 13.4% and related revenue by 14.4%, with gross margin falling to 1.03%, as the Group shifted its strategy from volume to balanced profitability, enhancing lead conversion and inventory management - New car sales volume was **72,501 units**, a year-on-year decrease of **13.4%**[13](index=13&type=chunk) - New car sales and related services revenue was **RMB 20.532 billion**, a year-on-year decrease of **14.4%**[13](index=13&type=chunk) - New car sales and related services gross margin was **1.03%**, a year-on-year decrease of **0.61 percentage points**[13](index=13&type=chunk) - Operating strategy adjusted to "balanced profitability," enhancing lead conversion through new media customer acquisition and process management[13](index=13&type=chunk) - New car turnover days remained at **26.4 days**, with a mandatory liquidation mechanism for new car inventory exceeding 60 days implemented[14](index=14&type=chunk) [New Energy Vehicle Business](index=4&type=section&id=II.B.2.%20New%20Energy%20Vehicle%20Business) In H1 2025, the NEV market maintained rapid growth, with independent NEV brand sales increasing by 49.0% to **10,312 units**, average selling price reaching **RMB 267,300**, and comprehensive gross margin above 4%, while after-sales revenue grew by 75.8% - Independent NEV brand sales volume was **10,312 units**, a year-on-year increase of **49.0%**[15](index=15&type=chunk) - Sales volume included **4,455 units** under dealership model and **5,857 units** under direct sales model[15](index=15&type=chunk) - Average new car selling price was **RMB 267,300**, with comprehensive gross margin per new car maintained above **4%**[15](index=15&type=chunk) - Nearly **six thousand** independent NEV brand retained orders lay a foundation for H2 growth[15](index=15&type=chunk) - After-sales business revenue was **RMB 215.59 million**, a year-on-year increase of **75.8%**[16](index=16&type=chunk) - Average single-vehicle output value was **RMB 3,447**, a year-on-year increase of **16.5%**[16](index=16&type=chunk) - Independent NEV brand after-sales customer base reached **72,281**, an increase of **25.9%** from year-end 2024[16](index=16&type=chunk) [After-Sales Services](index=5&type=section&id=II.B.3.%20After-Sales%20Services) In H1 2025, after-sales service revenue was **RMB 4.784 billion**, with maintenance revenue remaining stable and gross margin at 40.35%, while the parts and service absorption rate increased by 5.6 percentage points to 84.2% - After-sales service revenue was **RMB 4.784 billion**, of which maintenance revenue was **RMB 4.660 billion**, largely flat compared to the same period last year[17](index=17&type=chunk) - Maintenance business gross margin was **40.35%**, largely flat compared to the same period last year[17](index=17&type=chunk) - Parts and service absorption rate was **84.2%**, a year-on-year increase of **5.6 percentage points**[17](index=17&type=chunk) - User operations enhanced by launching sticky products, participating in NEV power battery maintenance equipment R&D, and developing customer resources from exited dealers[17](index=17&type=chunk) - Insurance business focused on strengthening renewal management, ensuring renewal volume and premium scale increase by over **5%** year-on-year[17](index=17&type=chunk) - Accident vehicle business improved operational quality through all-staff marketing, vehicle-related insurance products, and digital management, with paint and body repair volume increasing by **4.8%** year-on-year[18](index=18&type=chunk) - Inventory value of parts and supplies decreased by **6.8%** compared to year-end 2024[18](index=18&type=chunk) [Used Car Business](index=6&type=section&id=II.B.4.%20Used%20Car%20Business) In H1 2025, used car transaction volume reached **30,427 units** with revenue of **RMB 2.164 billion**, achieving a gross margin of 5.21% and improved inventory turnover, as the Group actively leveraged subsidies, new retail models, and NEV used car market expansion - Used car transaction volume was **30,427 units**, with used car revenue of **RMB 2.164 billion**[19](index=19&type=chunk) - Used car gross margin was **5.21%**, a sequential increase of **0.81 percentage points**; gross profit was **RMB 113 million**, a sequential increase of **8.2%**[19](index=19&type=chunk) - Turnover days were **17.7 days**, a year-on-year decrease of **2.5 days** and a sequential decrease of **4.0 days**[19](index=19&type=chunk) - Actively leveraging trade-in subsidy policies and deepening the new retail model integrating OEM and Yongda dual-brand channels with online platforms[20](index=20&type=chunk) - Accelerating the layout of new NEV used car channels, exploring open, market-oriented, platform-based operations, and promoting used car exports[20](index=20&type=chunk) [Sales Network Changes](index=6&type=section&id=II.B.5.%20Sales%20Network%20Changes) In H1 2025, the Group actively adjusted its network by closing 19 stores and opening 7 new leading NEV outlets, acquiring 30 new NEV brand authorizations, resulting in 209 operating outlets with luxury brands accounting for 64.6% and independent NEV brands for 16.7% - In H1, **7** new leading NEV outlets were self-built, including **5** HarmonyOS Smart Mobility outlets[21](index=21&type=chunk) - Acquired **30** new NEV brand authorizations, with **14** NEV outlets under construction (**13** HarmonyOS Smart Mobility)[21](index=21&type=chunk) - **19** outlets were closed or merged, including **12** traditional brand and **7** NEV brand outlets[21](index=21&type=chunk) - As of H1 2025, there were **209** operating outlets and **17** authorized outlets pending opening[21](index=21&type=chunk) - Brand structure: **64.6%** luxury brands, **16.7%** independent NEV brands, **12.5%** mid-to-high-end brands, and **6.2%** Yongda Used Car Malls[21](index=21&type=chunk) Operating Outlets Details and Changes (As of June 30, 2025) | Brand Type | Dec 31, 2024 (Operating Outlets) | June 30, 2025 (Operating Outlets) | Outlet Change | | :--- | :--- | :--- | :--- | | Luxury & Ultra-Luxury Brand 4S Stores | 129 | 119 | -10 | | Luxury Brand City Showrooms | 16 | 16 | 0 | | Subtotal Luxury & Ultra-Luxury Brand Outlets | 145 | 135 | -10 | | Mid-to-High-End Brand 4S Stores | 27 | 25 | -2 | | Mid-to-High-End Brand City Showrooms | 1 | 1 | 0 | | Subtotal Mid-to-High-End Brand Outlets | 28 | 26 | -2 | | Independent NEV Brand 4S Stores | 29 | 29 | 0 | | Independent NEV Brand Service Centers | 6 | 6 | 0 | | Subtotal Independent NEV Brand Outlets | 35 | 35 | 0 | | Yongda Used Car Mall Outlets | 13 | 13 | 0 | | Total Outlets | 221 | 209 | -12 | [Key Financial Indicators Analysis](index=26&type=section&id=II.C.%20Key%20Financial%20Indicators%20Analysis) This section provides a detailed analysis of the Group's H1 2025 revenue, costs, gross profit, expenses, non-IFRS adjusted profit, cash flow, inventory, capital expenditure, borrowings, and liabilities, highlighting a decline in overall revenue and profit due to market competition and impairment, but improved operating cash flow and strong NEV business performance [Revenue](index=26&type=section&id=II.C.1.%20Revenue) In H1 2025, total revenue decreased by 12.8% to **RMB 27.072 billion**, primarily due to lower sales volume and average selling prices of luxury and ultra-luxury new cars, while independent NEV brand direct sales volume grew by 123.1% H1 2025 Revenue Breakdown by Business Segment | Business Segment | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | **27,071,934** | **31,035,834** | **-12.8%** | | Subtotal New Car Sales and Related Services Revenue | 20,531,578 | 23,983,885 | -14.4% | | Luxury & Ultra-Luxury Brand New Car Sales | 15,667,841 | 19,106,328 | -18.0% | | Mid-to-High-End Brand New Car Sales | 1,890,174 | 2,714,040 | -30.4% | | Independent NEV Brand New Car Sales (Dealership) | 1,219,443 | 1,090,529 | +11.8% | | Commission Income Related to New Car Sales | 1,511,678 | 747,761 | +102.2% | | Subtotal Used Car Sales and Related Services Revenue | 1,576,350 | 2,087,418 | -24.4% | | Maintenance-Related Services Revenue | 4,659,958 | 4,653,952 | Largely Flat | | After-Sales Service Commission Income | 124,521 | 124,015 | Largely Flat | | Automobile Operating Lease Services | 196,795 | 221,028 | -11.0% | - Passenger vehicle sales and services segment new car dealership sales volume was **66,644 units**, a year-on-year decrease of **17.8%**[67](index=67&type=chunk) - Independent NEV brand direct sales volume was **5,857 units**, a year-on-year increase of **123.1%**[68](index=68&type=chunk) [Sales and Service Costs](index=28&type=section&id=II.C.2.%20Sales%20and%20Service%20Costs) In H1 2025, sales and service costs decreased by 13.2% to **RMB 24.702 billion**, aligning with the revenue decline, with new car and used car related costs decreasing, while after-sales service costs remained largely flat H1 2025 Sales and Service Costs Breakdown | Cost Type | H1 2025 (RMB million) | H1 2024 (RMB million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Total Sales and Service Costs** | **24,701.6** | **28,451.6** | **-13.2%** | | Passenger Vehicle Sales and Services Segment New Car Sales Costs and Related Service Costs | 20,320.5 | 23,590.1 | -13.9% | | Used Car Sales Costs and Related Service Costs | 1,463.6 | 1,948.0 | -24.9% | | Passenger Vehicle Sales and Services Segment After-Sales Service Costs | 2,779.5 | 2,760.3 | Largely Flat | | Automobile Operating Lease Services Segment Costs | 151.2 | 182.2 | -17.0% | [Gross Profit and Gross Margin](index=28&type=section&id=II.C.3.%20Gross%20Profit%20and%20Gross%20Margin) In H1 2025, gross profit decreased by 8.3% to **RMB 2.370 billion**, but the overall gross margin increased by 0.43 percentage points to 8.76%, driven by improved margins in used car and operating lease services despite a significant decline in new car gross profit H1 2025 Gross Profit and Gross Margin | Indicator | H1 2025 | H1 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Total Gross Profit (RMB million)** | **2,370.4** | **2,584.2** | **-8.3%** | | **Total Gross Margin** | **8.76%** | **8.33%** | **+0.43 percentage points** | | New Car Sales and Related Services Gross Profit (RMB million) | 211.1 | 393.8 | -46.4% | | New Car Sales and Related Services Gross Margin | 1.03% | 1.64% | -0.61 percentage points | | Used Car Sales and Related Services Gross Profit (RMB million) | 112.8 | 139.4 | -19.1% | | Used Car Dealership Gross Margin | 6.22% | 5.61% | +0.61 percentage points | | After-Sales Service Gross Profit (RMB million) | 2,005.0 | 2,017.6 | Largely Flat | | Maintenance Gross Margin | 40.35% | 40.69% | Largely Flat | | Automobile Operating Lease Services Gross Profit (RMB million) | 45.6 | 38.8 | +17.4% | | Automobile Operating Lease Services Gross Margin | 23.15% | 17.56% | +5.59 percentage points | [Other Income, Gains and Losses](index=29&type=section&id=II.C.4.%20Other%20Income%2C%20Gains%20and%20Losses) In H1 2025, other income, gains, and losses resulted in a net gain of **RMB 22.0 million**, a 63.5% year-on-year decrease, primarily due to losses from property and equipment disposals and reduced fair value gains on financial assets - Net gain of **RMB 22.0 million**, a year-on-year decrease of **63.5%**[75](index=75&type=chunk) - Government grants were **RMB 7.765 million** (2024: **RMB 10.077 million**)[43](index=43&type=chunk) - Interest income from bank deposits was **RMB 24.729 million** (2024: **RMB 21.982 million**)[43](index=43&type=chunk) - Loss on disposal of property, plant and equipment and other intangible assets was **RMB 11.796 million** (2024: gain of **RMB 3.655 million**)[43](index=43&type=chunk) - Fair value gain on financial assets at fair value through profit or loss was **RMB 0.297 million** (2024: loss of **RMB 11.278 million**)[43](index=43&type=chunk) [Expense Analysis](index=29&type=section&id=II.C.5.%20Expense%20Analysis) In H1 2025, distribution, selling, and administrative expenses totaled **RMB 2.264 billion**, a 6.5% decrease, but the expense ratio rose by 0.56 percentage points to 8.36%, while finance costs decreased by 20.5% to **RMB 117.6 million** - Total distribution and selling expenses and administrative expenses were **RMB 2.264 billion**, a year-on-year decrease of **6.5%**[76](index=76&type=chunk) - Selling and administrative expense ratio was **8.36%**, a year-on-year increase of **0.56 percentage points**[76](index=76&type=chunk) - Finance costs were **RMB 117.6 million**, a year-on-year decrease of **20.5%**[77](index=77&type=chunk) - Finance cost ratio was **0.43%**, a year-on-year decrease of **0.05 percentage points**[77](index=77&type=chunk) - Total staff costs were **RMB 961.768 million**, a year-on-year decrease of **2.2%**[45](index=45&type=chunk) - Total depreciation and amortization expenses were **RMB 591.695 million**, a year-on-year decrease of **3.9%**[45](index=45&type=chunk) [Non-IFRS Measurement Adjustments](index=30&type=section&id=II.C.6.%20Non-IFRS%20Measurement%20Adjustments) The Group provided non-IFRS adjustments to exclude non-cash, one-off asset impairments and their tax and non-controlling interest impacts, revealing an adjusted profit of **RMB 54.4 million** and adjusted profit attributable to owners of **RMB 62.7 million** for H1 2025, down 46.3% and 43.8% year-on-year, respectively H1 2025 Non-IFRS Measurement Adjustments | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Loss for the Period (IFRS) | (3,484.6) | 101.5 (Profit) | N/A | | Loss for the Period Attributable to Owners (IFRS) | (3,331.4) | 111.5 (Profit) | N/A | | Impairment Loss Adjustment | 3,552.8 | - | N/A | | Reversal of Deferred Tax Liabilities Adjustment | (314.3) | - | N/A | | Reversal of Deferred Tax Assets Adjustment | 300.5 | - | N/A | | **Adjusted Profit (non-IFRS)** | **54.4** | **101.5** | **-46.3%** | | **Adjusted Profit Attributable to Owners (non-IFRS)** | **62.7** | **111.5** | **-43.8%** | - Adjusted income tax expense was **RMB 7.0 million**, a year-on-year decrease of **71.7%**[79](index=79&type=chunk) - Non-IFRS measures should not be considered as a substitute for operating results or financial position analysis reported under IFRS[81](index=81&type=chunk) [Cash Flow](index=32&type=section&id=II.C.7.%20Cash%20Flow) In H1 2025, net cash from operating activities increased by 66.9% to **RMB 1.167 billion**, while net cash used in investing activities was **RMB 260.3 million**, and net cash used in financing activities was **RMB 5.1 million**, primarily for net borrowings, dividends, and share repurchases H1 2025 Cash Flow Overview | Cash Flow Type | H1 2025 (RMB million) | H1 2024 (RMB million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 1,166.7 | 699.2 | +66.9% | | Net Cash Used in Investing Activities | 260.3 | 229.9 | +13.2% | | Net Cash Used in Financing Activities | 5.1 | 1,045.5 | -99.5% | - Improvement in operating cash flow was primarily due to increased cash from changes in working capital[82](index=82&type=chunk) - Cash outflow from investing activities was mainly for capital expenditure, partially offset by proceeds from asset disposals[83](index=83&type=chunk) - Cash outflow from financing activities significantly decreased, mainly due to an increase in net borrowings and net repayment of borrowings in the prior year[84](index=84&type=chunk) [Inventory](index=33&type=section&id=II.C.8.%20Inventory) As of June 30, 2025, inventory balance decreased by 28.4% to **RMB 2.972 billion** compared to year-end 2024, with average inventory turnover days remaining stable at 26.3 days Inventory Balance and Turnover Days | Indicator | June 30, 2025 (RMB million) | Dec 31, 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Inventory Balance | 2,971.7 | 4,149.9 | -28.4% | | Average Inventory Turnover Days | 26.3 days | 26.7 days | -0.4 days | - Inventory primarily includes passenger vehicles and spare parts[85](index=85&type=chunk) [Capital Expenditure and Investments](index=33&type=section&id=II.C.9.%20Capital%20Expenditure%20and%20Investments) In H1 2025, total capital expenditure was **RMB 291.1 million**, primarily for acquiring test drive and operating lease vehicles, constructing and upgrading sales and service outlets, and intangible assets, partially offset by asset disposals H1 2025 Capital Expenditure Breakdown (RMB million) | Item | Amount | | :--- | :--- | | Expenditure on Property, Plant and Equipment (test drive and operating lease vehicles) | 382.8 | | Expenditure on Property, Plant and Equipment and Right-of-Use Assets (new and upgraded outlets) | 241.5 | | Expenditure on Intangible Assets (vehicle licenses and software) | 32.0 | | Disposal of Property, Plant and Equipment, Intangible Assets and Right-of-Use Assets | (365.2) | | **Total** | **291.1** | [Borrowings and Liabilities](index=34&type=section&id=II.C.10.%20Borrowings%20and%20Liabilities) As of June 30, 2025, total borrowings increased by 16.6% to **RMB 3.397 billion** compared to year-end 2024, with the net gearing ratio decreasing to 9.8%, and certain borrowings secured by inventory, property, plant, and equipment, land use rights, and subsidiary equity Borrowings Balance and Maturity (As of June 30, 2025) | Maturity Period | Amount (RMB million) | | :--- | :--- | | **Total Borrowings** | **3,397.1** | | Within one year | 1,591.7 | | One to two years | 845.4 | | Two to five years | 960.0 | - Borrowings balance increased by **16.6%** compared to year-end 2024[87](index=87&type=chunk) - Net gearing ratio was **9.8%**, a decrease of **0.4 percentage points** from **10.2%** at year-end 2024[89](index=89&type=chunk) - Assets pledged or mortgaged include inventory, property, plant and equipment, land use rights, and equity interests in subsidiaries[89](index=89&type=chunk) [Contingent Liabilities, Interest Rate and Foreign Exchange Risks](index=34&type=section&id=II.C.11.%20Contingent%20Liabilities%2C%20Interest%20Rate%20and%20Foreign%20Exchange%20Risks) As of June 30, 2025, the Group provided a **RMB 125 million** guarantee for Shanghai Yongda Financial Leasing Co., Ltd.'s principal borrowings, faces interest rate risk from LPR-linked borrowings, but has low foreign exchange risk as most transactions are RMB-denominated with no foreign currency financial borrowings - Provided a **RMB 125 million** guarantee for the principal borrowings of Shanghai Yongda Financial Leasing Co., Ltd[90](index=90&type=chunk) - Faces interest rate risk as some borrowings are linked to the Loan Prime Rate (LPR)[91](index=91&type=chunk) - Foreign exchange risk is low as most business is denominated in RMB, with no foreign currency financial borrowings[91](index=91&type=chunk) [Condensed Consolidated Financial Statements](index=8&type=section&id=III.%20Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss](index=8&type=section&id=III.A.%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) In H1 2025, the Group reported a pre-tax loss of **RMB 3.491 billion** and a loss for the period of **RMB 3.485 billion**, primarily due to **RMB 3.553 billion** in impairment losses, resulting in a basic and diluted loss per share of **RMB 1.78** Condensed Consolidated Statement of Profit or Loss Summary (For the six months ended June 30, 2025) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 27,071,934 | 31,035,834 | | Cost of Sales and Services | (24,701,567) | (28,451,590) | | Gross Profit | 2,370,367 | 2,584,244 | | Impairment Losses | (3,552,837) | – | | (Loss) Profit Before Tax | (3,491,405) | 126,176 | | (Loss) Profit for the Period | (3,484,629) | 101,451 | | (Loss) Profit for the Period Attributable to Owners of the Company | (3,331,377) | 111,450 | | Basic (Loss) Earnings Per Share | RMB (1.78) | RMB 0.06 | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=9&type=section&id=III.B.%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) In H1 2025, total comprehensive expenses amounted to **RMB 3.482 billion**, primarily driven by the loss for the period, with total comprehensive expenses attributable to owners of the Company being **RMB 3.329 billion** Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary (For the six months ended June 30, 2025) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | (Loss) Profit for the Period | (3,484,629) | 101,451 | | Fair Value Gain (Loss) on Equity Instruments at Fair Value Through Other Comprehensive Income ("FVOCI") | 2,441 | (1,603) | | Total Comprehensive (Expense) Income for the Period | (3,482,188) | 99,848 | | Total Comprehensive (Expense) Income for the Period Attributable to Owners of the Company | (3,328,936) | 109,847 | [Condensed Consolidated Statement of Financial Position](index=10&type=section&id=III.C.%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets decreased by 22.5% to **RMB 25.969 billion** compared to year-end 2024, with both non-current and current assets declining, including a 28.4% reduction in inventory, and total equity decreasing by 26.1% to **RMB 10.512 billion** Condensed Consolidated Statement of Financial Position Summary (As of June 30, 2025) | Indicator | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | **Non-Current Assets** | **10,870,222** | **14,888,752** | **-27.0%** | | Property, Plant and Equipment | 4,258,161 | 5,336,096 | -20.2% | | Goodwill | 314,428 | 1,590,421 | -80.2% | | Other Intangible Assets | 1,609,902 | 2,902,044 | -44.6% | | **Current Assets** | **15,098,802** | **20,157,511** | **-25.1%** | | Inventories | 2,971,698 | 4,149,925 | -28.4% | | Bank Balances and Cash | 2,358,967 | 1,457,667 | +61.8% | | **Current Liabilities** | **11,756,417** | **17,138,557** | **-31.4%** | | Trade and Other Payables | 7,770,683 | 12,934,471 | -39.9% | | **Non-Current Liabilities** | **3,700,498** | **3,691,028** | **+0.26%** | | **Total Equity** | **10,512,109** | **14,216,678** | **-26.1%** | [Notes to the Condensed Consolidated Financial Statements](index=12&type=section&id=IV.%20Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [General Information](index=12&type=section&id=IV.A.%20General%20Information) This section outlines China Yongda Automobile Services Holdings Limited's registration, listing, investment holding nature, and its subsidiaries' primary business scope in China, including automobile sales, after-sales services, operating leases, and distribution of automotive insurance and financial products - The Company was incorporated as a public limited company in the Cayman Islands on November 7, 2011, with its shares listed on the Hong Kong Stock Exchange[29](index=29&type=chunk) - The Group's principal businesses include automobile sales, after-sales services, automobile operating lease services, and distribution of automotive insurance and financial products[29](index=29&type=chunk) - The condensed consolidated financial statements are presented in RMB[30](index=30&type=chunk) [Accounting Policies](index=12&type=section&id=IV.B.%20Accounting%20Policies) The condensed consolidated financial statements are prepared on a historical cost basis, adhering to IAS 34 'Interim Financial Reporting' and HKEX Listing Rules disclosure requirements, with the first-time adoption of IAS 21 amendment 'Lack of Exchangeability' having no material impact on financial position or performance - Financial statements are prepared on a historical cost basis, with certain financial instruments measured at fair value[31](index=31&type=chunk) - Compliance with International Accounting Standard 34 and Appendix 16 of the HKEX Listing Rules disclosure requirements[30](index=30&type=chunk) - First-time adoption of the amendment to IAS 21 "Lack of Exchangeability" had no material impact[32](index=32&type=chunk)[33](index=33&type=chunk) [Disaggregation of Revenue from Contracts with Customers](index=13&type=section&id=IV.C.%20Disaggregation%20of%20Revenue%20from%20Contracts%20with%20Customers) The Group's revenue primarily derives from new car sales and related services, used car sales and related services, and after-sales services; in H1 2025, new car sales revenue declined, but commission income related to new car sales significantly increased, while after-sales service revenue remained stable Disaggregation of Revenue from Contracts with Customers (For the six months ended June 30, 2025) | Revenue Type | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | New Car Sales and Related Services Revenue | 20,520,162 | 23,956,258 | | - Luxury & Ultra-Luxury Brand New Car Sales | 15,663,412 | 19,100,028 | | - Mid-to-High-End Brand New Car Sales | 1,883,519 | 2,692,713 | | - Independent NEV Brand New Car Sales | 1,219,111 | 1,090,529 | | - Commission Income Related to New Car Sales | 1,511,678 | 747,761 | | Used Car Sales and Related Services Revenue | 1,576,350 | 2,087,418 | | After-Sales Services | 4,782,700 | 4,776,474 | | **Total** | **26,879,212** | **30,820,150** | - New car sales revenue is recognized when control of the vehicle is transferred, while after-sales service revenue is recognized over time[35](index=35&type=chunk)[37](index=37&type=chunk) - Commission income related to new car sales primarily originates from the distribution of automotive financial products and new car brokerage business[37](index=37&type=chunk) - Used car sales revenue is recognized on a gross basis under the dealership model and a net basis under the brokerage model[37](index=37&type=chunk) [Operating Segments](index=15&type=section&id=IV.D.%20Operating%20Segments) The Group has two primary reportable segments: passenger vehicle sales and services, and automobile operating lease services, both of which experienced a slight revenue decline in H1 2025 Operating Segment Revenue and Gross Profit (For the six months ended June 30, 2025) | Segment | 2025 Revenue (RMB thousand) | 2025 Gross Profit (RMB thousand) | 2024 Revenue (RMB thousand) | 2024 Gross Profit (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Passenger Vehicle Sales and Services | 26,892,407 | 2,328,875 | 30,849,270 | 2,550,771 | | Automobile Operating Lease Services | 196,795 | 45,565 | 221,028 | 38,817 | | **Total** | **27,071,934** | **2,370,367** | **31,035,834** | **2,584,244** | - Passenger vehicle sales and services segment revenue includes new car sales, used car sales, and after-sales service revenue[42](index=42&type=chunk) - Segment results represent pre-tax loss/profit earned by each segment, excluding unallocated other income, expenses, and profit from associates and joint ventures[41](index=41&type=chunk) [Other Income, Other Gains and Losses](index=17&type=section&id=IV.E.%20Other%20Income%2C%20Other%20Gains%20and%20Losses) In H1 2025, the Group's total other income, gains, and losses significantly decreased by 63.5% to **RMB 21.97 million** from **RMB 60.14 million** in the prior year, primarily due to losses on property and equipment disposals and reduced fair value gains on financial assets Other Income, Other Gains and Losses (For the six months ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Government Grants | 7,765 | 10,077 | | Interest Income from Bank Deposits | 24,729 | 21,982 | | (Loss) Gain on Disposal of Property, Plant and Equipment and Other Intangible Assets | (11,796) | 3,655 | | Fair Value Gain (Loss) on Financial Assets at Fair Value Through Profit or Loss | 297 | (11,278) | | Compensation Income | – | 28,707 | | **Total** | **21,971** | **60,143** | [Loss Before Tax](index=18&type=section&id=IV.F.%20Loss%20Before%20Tax) In H1 2025, the Group reported a pre-tax loss of **RMB 3.491 billion**, primarily driven by **RMB 3.553 billion** in impairment losses recognized on goodwill, property, plant and equipment, right-of-use assets, and other intangible assets Loss Before Tax Components (For the six months ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Staff Costs | 961,768 | 983,495 | | Depreciation of Property, Plant and Equipment | 338,915 | 359,705 | | Depreciation of Right-of-Use Assets | 186,274 | 189,921 | | Amortization of Other Intangible Assets | 66,506 | 59,780 | | Impairment Losses (Total) | 3,552,837 | – | | - Goodwill | 1,275,992 | – | | - Property, Plant and Equipment | 964,791 | – | | - Right-of-Use Assets | 54,907 | – | | - Other Intangible Assets | 1,257,147 | – | - Of the impairment losses, **RMB 702 million** was attributed to distribution and selling expenses, and **RMB 1.575 billion** to administrative expenses[45](index=45&type=chunk) [Income Tax (Credit) Expense](index=18&type=section&id=IV.G.%20Income%20Tax%20%28Credit%29%20Expense) In H1 2025, the Group recorded an income tax gain of **RMB 6.78 million**, compared to an expense of **RMB 24.73 million** in the prior year, primarily due to deferred tax credits recognized and the reversal of deferred tax assets for tax losses from previous years Income Tax (Credit) Expense (For the six months ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current Tax | 97,154 | 45,687 | | Deferred Tax (Credit for the Period) | (404,440) | (20,962) | | Write-off of Previously Recognized Deferred Tax | 300,510 | – | | **Income Tax (Credit) Expense for the Period** | **(6,776)** | **24,725** | - The tax rate for Chinese subsidiaries is **25%**, with some lower-profit subsidiaries enjoying a preferential tax rate of **5%**[48](index=48&type=chunk) - During the period, deferred tax assets for tax losses recognized in prior years amounting to **RMB 300,510,000** were reversed[47](index=47&type=chunk) [Dividends](index=20&type=section&id=IV.H.%20Dividends) The Company declared and paid a 2024 final dividend of **RMB 0.069** per share, totaling approximately **RMB 129 million**, and the Board has decided to declare an H1 2025 interim dividend of **RMB 0.070** per share, higher than the prior year's **RMB 0.059** - 2024 final dividend of **RMB 0.069** per share, totaling approximately **RMB 128,813,000**[49](index=49&type=chunk) - H1 2025 interim dividend of **RMB 0.070** per share (H1 2024: **RMB 0.059** per share)[49](index=49&type=chunk) [Loss Per Share](index=20&type=section&id=IV.I.%20Loss%20Per%20Share) In H1 2025, the loss for the period attributable to owners of the Company was **RMB 3.331 billion**, resulting in a basic and diluted loss per share of **RMB 1.78**, compared to a profit per share of **RMB 0.06** in the prior year Loss Per Share (For the six months ended June 30, 2025) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | (Loss) Profit for the Period Attributable to Owners of the Company (RMB thousand) | (3,331,377) | 111,450 | | Basic (Loss) Earnings Per Share | RMB (1.78) | RMB 0.06 | | Diluted (Loss) Earnings Per Share | RMB (1.78) | RMB 0.06 | | Weighted Average Number of Ordinary Shares (thousand shares) | 1,871,540 | 1,927,921 | [Changes in Property, Plant and Equipment, Right-of-Use Assets, Goodwill and Other Intangible Assets](index=21&type=section&id=IV.J.%20Changes%20in%20Property%2C%20Plant%20and%20Equipment%2C%20Right-of-Use%20Assets%2C%20Goodwill%20and%20Other%20Intangible%20Assets) In H1 2025, the Group acquired property, plant, and equipment worth approximately **RMB 610 million** and disposed of assets with a carrying value of approximately **RMB 377 million**, while recognizing **RMB 3.553 billion** in impairment losses due to intensified automotive industry competition and macroeconomic impacts on traditional fuel vehicle dealerships' profitability - Acquisition of property, plant and equipment amounted to approximately **RMB 609,872,000**[51](index=51&type=chunk) - Disposal of property, plant and equipment with a carrying value of approximately **RMB 376,571,000** resulted in a loss on disposal of approximately **RMB 11,796,000**[51](index=51&type=chunk) - Total impairment losses of **RMB 3,552,837,000** were recognized, including goodwill, property, plant and equipment, right-of-use assets, and other intangible assets[54](index=54&type=chunk) - Primary reasons for impairment: intensified competition in the automotive industry, macroeconomic impacts, declining new car sales, and lower gross margins for traditional fuel vehicle brand dealerships[54](index=54&type=chunk) - In the impairment assessment, future revenue growth rates and gross margin expectations were lowered, with a pre-tax discount rate ranging from **11% to 12%**[55](index=55&type=chunk)[56](index=56&type=chunk) [Inventories](index=22&type=section&id=IV.K.%20Inventories) As of June 30, 2025, inventory balance decreased by 28.4% to **RMB 2.972 billion** compared to year-end 2024, with vehicle inventory down 28.4% and parts and accessories inventory down 6.8% Inventory Composition (As of June 30, 2025) | Inventory Type | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Vehicles | 2,521,244 | 3,666,464 | -31.2% | | Parts and Accessories | 450,454 | 483,461 | -6.8% | | **Total** | **2,971,698** | **4,149,925** | **-28.4%** | [Trade and Other Receivables](index=23&type=section&id=IV.L.%20Trade%20and%20Other%20Receivables) As of June 30, 2025, trade and other receivables totaled **RMB 6.224 billion**, remaining largely flat compared to year-end 2024, with trade receivables and bills receivable amounting to **RMB 776 million**, and prepayments and other receivables at **RMB 5.448 billion** Trade and Other Receivables (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables | 771,369 | 852,203 | | Bills Receivable | 5,089 | 1,368 | | Prepayments to Suppliers | 2,014,498 | 1,197,228 | | Rebates Receivable from Suppliers | 2,169,031 | 2,749,556 | | Financial and Insurance Commissions Receivable | 453,114 | 542,272 | | **Total** | **6,224,309** | **6,218,622** | - Trade receivables and bills receivable had an aging of **0 to 90 days**[59](index=59&type=chunk) - No credit period is generally granted for car sales, after-sales services are usually settled in cash, and corporate customers are granted a credit period not exceeding **60 days**[60](index=60&type=chunk) [Trade and Other Payables](index=24&type=section&id=IV.M.%20Trade%20and%20Other%20Payables) As of June 30, 2025, trade and other payables significantly decreased by 39.9% to **RMB 7.771 billion** compared to year-end 2024, primarily due to a substantial reduction in bills payable Trade and Other Payables (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Trade Payables | 615,504 | 725,649 | -15.2% | | Bills Payable | 6,635,980 | 11,622,602 | -42.9% | | Other Payables | 519,199 | 586,220 | -11.4% | | **Total** | **7,770,683** | **12,934,471** | **-39.9%** | - Bills payable are primarily for the purchase of passenger vehicles, with a credit period of **one to six months**[64](index=64&type=chunk) - Trade payables are mainly related to the purchase of parts and accessories, with a credit period not exceeding **90 days**[64](index=64&type=chunk) - The vast majority of trade payables and bills payable have an aging of **0 to 90 days**[65](index=65&type=chunk) [Future Outlook and Strategies](index=35&type=section&id=V.%20Future%20Outlook%20and%20Strategies) [Market Trends and Industry Background](index=35&type=section&id=V.A.%20Market%20Trends%20and%20Industry%20Background) China's automotive market is entering a new phase of restructuring, with rapid NEV development as a core driver, while traditional fuel vehicles remain resilient; the industry is shifting from price wars to technology competition and compliant operations, with policy adjustments expected to aid profit recovery and market consolidation - China's automotive market is entering a new stage of restructuring and iteration, with rapid NEV development and continuously rising penetration rates[92](index=92&type=chunk) - The industry is shifting from price wars to technology competition and compliant operations, with policy adjustments expected to drive profit recovery[92](index=92&type=chunk) - Traditional fuel vehicle brands are optimizing production capacity and channel networks, while NEV brands focus on enhancing outlet efficiency[92](index=92&type=chunk) - The market is returning to rational competition, aiming for high-quality development centered on technological innovation and user experience[92](index=92&type=chunk) [Overall Strategic Direction](index=35&type=section&id=V.B.%20Overall%20Strategic%20Direction) The Group will actively respond to market changes by strengthening key NEV brands, optimizing luxury pillar brands, ensuring stable after-sales services, and upgrading used car operations to improve business structure and profitability, while focusing on cost reduction, operational efficiency, and exploring battery recycling and AI-powered smart robotics - Continuously strengthen and expand key NEV brands, and focus on optimizing luxury pillar brands[93](index=93&type=chunk) - Ensure stable after-sales services and develop and upgrade used car businesses to improve business structure and enhance profitability[93](index=93&type=chunk) - Prioritize cost reduction and control, focus on operational efficiency, and ensure healthy core financial indicators and operating cash flow[93](index=93&type=chunk) - Continuously expand into battery recycling and smart robotics industries, and research AI technology empowerment[93](index=93&type=chunk) [Optimizing Network Structure](index=36&type=section&id=V.C.%20Optimizing%20Network%20Structure) The Group will increase investment to expand its NEV business, deepen cooperation with leading brands like HarmonyOS Smart Mobility to achieve scale, and continuously optimize its traditional luxury brand network by closing underperforming outlets and focusing on high-quality stores in core regions to enhance single-store and overall profitability - Increase investment to strengthen and expand NEV business, deepening cooperation with key brands like HarmonyOS Smart Mobility[94](index=94&type=chunk) - Optimize the network layout of traditional luxury brands, closing or merging underperforming outlets[94](index=94&type=chunk) - Focus on high-quality stores in core regions to improve single-store operational quality and overall profitability[94](index=94&type=chunk) [Business Quality and Efficiency Improvement, Cost Reduction and Control](index=36&type=section&id=V.D.%20Business%20Quality%20and%20Efficiency%20Improvement%2C%20Cost%20Reduction%20and%20Control) The Group aims to improve new car profitability, maintain stable after-sales maintenance, upgrade used car operations, and enhance customer retention through diverse services, while implementing cost control measures, optimizing human resource efficiency, streamlining organizational structure, and accelerating shared management models to reduce administrative expenses - Improve new car profitability, maintain stable after-sales maintenance business, and develop and upgrade used car businesses[95](index=95&type=chunk) - Enhance customer retention and satisfaction through diversified services, solidifying the customer base[95](index=95&type=chunk) - Implement various cost and expense control measures, adjusting management around key selling and administrative expenses such as human resources costs[95](index=95&type=chunk) - Streamline organizational structure, optimize personnel efficiency, and accelerate shared management models to reduce management costs[95](index=95&type=chunk) [Ensuring Cash Flow and Financial Stability](index=36&type=section&id=V.E.%20Ensuring%20Cash%20Flow%20and%20Financial%20Stability) The Group will strengthen cash flow management by ensuring inventory turnover efficiency, diligently collecting receivables, shortening collection cycles, and strictly controlling operating cash flow, while also strictly managing capital expenditure, optimizing financing channels and structure, and enhancing risk resilience to maintain healthy core financial indicators like the asset-liability ratio - Strengthen cash flow management, ensure inventory turnover efficiency, diligently collect receivables, shorten collection cycles, and strictly control operating cash flow[96](index=96&type=chunk) - Strictly control capital expenditure, optimize financing channels and structure, and enhance risk resilience[96](index=96&type=chunk) - Ensure core financial indicators such as asset-liability ratio, current asset coverage of liabilities, and net asset coverage of long-term assets remain healthy[96](index=96&type=chunk) [Talent Development, New Business Layout, and New Technology Empowerment](index=37&type=section&id=V.F.%20Talent%20Development%2C%20New%20Business%20Layout%2C%20and%20New%20Technology%20Empowerment) The Group will strengthen talent development and reserves to support business transformation, continuously expand into battery recycling and smart robotics, and accelerate digital transformation by fully embracing AI technology to inject new vitality into business development - Strengthen talent development and reserves in relevant fields to support business transformation[97](index=97&type=chunk) - Continuously expand into "battery recycling industry" and "smart robotics" business areas[97](index=97&type=chunk) - Accelerate digital transformation and fully embrace AI technology to empower business development[97](index=97&type=chunk) - Actively participate in national "low-carbon" strategies, fulfill ESG responsibilities, and adopt active dividend and share repurchase policies to reward shareholders[97](index=97&type=chunk) [Corporate Governance and Other Information](index=37&type=section&id=VI.%20Corporate%20Governance%20and%20Other%20Information) [Compliance with Corporate Governance Code](index=37&type=section&id=VI.A.%20Compliance%20with%20Corporate%20Governance%20Code) The Company adopted and complied with the Corporate Governance Code set out in Appendix C1 of the HKEX Listing Rules during H1 2025 - The Company adopted and complied with the Corporate Governance Code set out in Appendix C1 of the Hong Kong Stock Exchange Listing Rules[98](index=98&type=chunk) [Model Code for Securities Transactions by Directors](index=37&type=section&id=VI.B.%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted and confirmed that all directors complied with the Model Code for Securities Transactions by Directors set out in Appendix C3 of the Listing Rules during H1 2025, which also applies to employees with unpublished inside information - The Company adopted and confirmed that directors complied with the Model Code for Securities Transactions by Directors set out in Appendix C3 of the Listing Rules[99](index=99&type=chunk) - Employees who may possess unpublished inside information are also required to comply with the code[100](index=100&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=38&type=section&id=VI.C.%20Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) In H1 2025, the Company repurchased **30,860,000** ordinary shares on the HKEX for approximately **HKD 74.825 million**, which were subsequently cancelled to benefit shareholders by enhancing net asset value and/or earnings per share, with no repurchased but uncancelled shares held as of the reporting date - In H1 2025, a total of **30,860,000** ordinary shares were repurchased on the HKEX for approximately **HKD 74,825,230.80**[101](index=101&type=chunk) - The repurchased shares were cancelled on April 10, 2025, and August 18, 2025[101](index=101&type=chunk) - The repurchases aimed to benefit the Company and its shareholders by enhancing net asset value and/or earnings per share[101](index=101&type=chunk) - As of June 30, 2025, the Company did not hold any treasury shares[102](index=102&type=chunk) [Audit and Compliance Committee](index=38&type=section&id=VI.D.%20Audit%20and%20Compliance%20Committee) The Company's Audit and Compliance Committee, comprising three independent non-executive directors, reviewed the Group's accounting policies, internal controls, and financial reporting, confirming that the interim financial results comply with relevant standards and regulations, with the condensed consolidated financial statements reviewed by independent auditors - The Audit and Compliance Committee comprises three independent non-executive directors, complying with Listing Rules requirements[103](index=103&type=chunk) - The Committee reviewed the Group's accounting policies, internal controls, and financial reporting, deeming the interim financial results compliant with relevant standards[104](index=104&type=chunk) - Independent auditors Deloitte Touche Tohmatsu have reviewed the condensed consolidated financial statements[104](index=104&type=chunk) [Events After the Reporting Period](index=39&type=section&id=VI.E.%20Events%20After%20the%20Reporting%20Period) The Company has no material events after the reporting period requiring shareholders' attention - No material events after the reporting period[105](index=105&type=chunk) [Interim Dividend](index=39&type=section&id=VI.F.%20Interim%20Dividend) The Board decided to declare an H1 2025 interim dividend of **RMB 0.070** per share (equivalent to **HKD 0.07678** per share), payable around October 30, 2025, to shareholders registered on September 15, 2025, with the total interim dividend estimated at approximately **HKD 142 million** - H1 2025 interim dividend of **RMB 0.070** per share (H1 2024: **RMB 0.059** per share)[106](index=106&type=chunk) - The dividend payable per share is **HKD 0.07678** after exchange rate conversion[106](index=106&type=chunk) - Total interim dividend is estimated at approximately **HKD 142 million**[106](index=106&type=chunk) - Dividends will be paid on or about October 30, 2025, to shareholders registered on September 15, 2025[106](index=106&type=chunk) [Closure of Register of Members](index=39&type=section&id=VI.G.%20Closure%20of%20Register%20of%20Members) To determine eligible shareholders for the interim dividend, the Company will suspend its register of members from September 10 to September 15, 2025 - The register of members will be closed from September 10 to September 15, 2025, to determine eligible shareholders for the interim dividend[107](index=107&type=chunk) [Publication of Results Announcement and Interim Report](index=40&type=section&id=VI.H.%20Publication%20of%20Results%20Announcement%20and%20Interim%20Report) This announcement has been published on the HKEX and the Company's website, and the interim report will be dispatched to shareholders and posted on the aforementioned websites in due course - The results announcement has been published on the HKEX and the Company's website[108](index=108&type=chunk) - The interim report will be dispatched to shareholders and published on the aforementioned websites in due course[108](index=108&type=chunk) [Acknowledgements and Forward-Looking Statements](index=40&type=section&id=VI.I.%20Acknowledgements%20and%20Forward-Looking%20Statements) The Board expresses gratitude to shareholders, management, employees, business partners, and customers for their support and contributions; this announcement contains forward-looking statements based on current information and assumptions, involving risks and uncertainties, and should not be unduly relied upon - The Board expresses gratitude for the support and contributions from all parties[109](index=109&type=chunk) - This announcement contains forward-looking statements based on subjective expectations, assumptions, and premises, involving risks and uncertainties[111](index=111&type=chunk) - Forward-looking statements should not be taken as assurances that plans and objectives will be achieved, and should not be unduly relied upon[111](index=111&type=chunk)

Core Viewpoint - Yongda Automotive experienced a 5.69% decline in stock price, trading at 1.99 HKD per share with a transaction volume of 2.6027 million HKD as of August 26 [1] Company Overview - Yongda Automotive Services Holdings Limited specializes in luxury and new energy vehicle sales and services, offering new car sales, after-sales services, automotive finance and insurance agency, used car trade-in and sales, as well as automotive parts and maintenance products [1] - The company has a nationwide service network and ranks among the top 500 enterprises in China and the top 10 automotive dealer groups in China [1] Financial Performance - As of the 2024 annual report, Yongda Automotive reported total revenue of 63.42 billion RMB and a net profit of 201 million RMB [1] - The company disclosed its interim report for the fiscal year 2025 on August 26 [1]