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]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 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6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03669 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,500,000,000 | HKD | | 0.01 HKD | | 25,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 2,500,000,000 | HKD | | 0.01 HKD | | 25,000,000 | 本月底法定/註 ...

Summary of Key Points Group 1: Core Insights - On July 2, 32 Hong Kong-listed companies conducted share buybacks, totaling 25.43 million shares and an aggregate amount of HKD 762 million [1] - Tencent Holdings led the buybacks with 996,000 shares repurchased for HKD 500 million, marking a year-to-date total of HKD 37.04 billion [1] - AIA Group and Kang Hsin Pharmaceutical also made significant buybacks, with AIA repurchasing 3 million shares for HKD 214 million and Kang Hsin repurchasing 840,000 shares for HKD 9.46 million [1] Group 2: Buyback Details - The highest buyback amount on July 2 was from Tencent Holdings at HKD 500 million, followed by AIA Group at HKD 214 million [1] - In terms of share volume, the most shares were repurchased by Founder Holdings with 4.92 million shares, followed by Ying Group and China Electric Power at 4 million and 3.2 million shares, respectively [1] - Year-to-date, Tencent Holdings has conducted multiple buybacks totaling HKD 37.04 billion, indicating a strong commitment to returning capital to shareholders [1]

| 代码 | 简称 | 回购股数 | 回购金额（万 | 回购最高价 | 回购最低价 | 年内累计回购金额 | | --- | --- | --- | --- | --- | --- | --- | | | | （万股） | 港元） | （港元） | （港元） | （万港元） | | 00700 | 腾讯控股 | 97.50 | 50084.93 | 516.500 | 511.500 | 2853315.68 | | 01299 | 友邦保险 | 300.00 | 20382.49 | 69.000 | 67.150 | 1206539.55 | | 00670 | 中国东方航 空股份 | 220.00 | 648.42 | 2.970 | 2.920 | 49816.45 | | 01519 | 极兔速递-W | 92.00 | 626.52 | 6.870 | 6.730 | 25362.34 | | 09987 | 百胜中国 | 1.39 | 467.34 | 339.400 | 335.200 | 70033.89 | | 01907 | 中国旭阳集 团 | 165.00 | 412.92 | 2.5 ...

Investment Rating - The report maintains a positive outlook on the Hong Kong stock market, indicating a strong risk appetite and suggesting investment opportunities in various sectors, particularly in virtual assets and Web 3.0 [3][10]. Core Insights - The Hong Kong stock market is experiencing a significant increase in risk appetite, with improved asset quality and trading volume, highlighting the value of asset trading platforms [3][10]. - There is a notable uptrend in multiple sectors such as AI, new consumption, and innovative pharmaceuticals, with a particular focus on small and mid-cap stocks in media and consumer sectors [3][10]. - The report emphasizes the ongoing development of virtual assets and the Web 3.0 market, driven by stablecoin policies and recent IPOs, suggesting that more regulatory frameworks will emerge [3][10]. - The trend of Chinese companies returning to Hong Kong for IPOs is gaining momentum, with increased trading of companies like NetEase and Ctrip in the Hong Kong market [3][10]. - The valuation of overseas Chinese assets remains influenced by US-China trade relations and the broader economic environment, necessitating close monitoring of trade policies and domestic economic changes [3][10]. Summary by Sections Education - The K12 education sector maintains high growth, with leading institutions reporting over 20% revenue growth during the winter training period, and an increase in non-academic course retention rates [5][11]. Luxury Goods - The luxury goods market shows slight pressure due to macroeconomic factors, but brands that align with demand trends are performing well, with cautious price increases observed [5][20]. Coffee and Tea Drinks & OTA - Coffee and tea remain key categories for delivery platforms, with strong performance from major brands like Luckin Coffee, which continues to expand its store presence [5][25]. E-commerce - The e-commerce sector faces slight pressure, but major platforms like Alibaba and JD.com are expected to benefit from ongoing promotional activities [5][26]. Streaming Platforms - Music streaming platforms are viewed as high-quality internet assets, with sustained profitability driven by scale effects [5][34]. Virtual Assets & Internet Brokers - The stablecoin leader Circle's IPO saw a 168% increase on its first day, marking a significant event in the virtual asset space [5][38]. Real Estate Transactions - Recent data shows a slight decline in second-hand housing transactions in major cities, suggesting a need for caution in the real estate market [5][50]. Automotive Services - The automotive aftermarket is under pressure, with traditional fuel vehicle service visits declining, while new energy vehicle service visits are increasing [5][45].

Group 1: Market Overview - The market sentiment is gradually improving despite external disturbances such as interest rate hikes, with A-shares showing a "four consecutive days of gains" trend as of June 2 [1] - The automotive sector has become a favored area for capital, with significant rebounds observed in various automotive-related stocks [2] Group 2: Policy Impact - The recent introduction of a new vehicle purchase tax exemption policy has exceeded market expectations, benefiting a wider range of vehicles than initially anticipated [4][5] - The policy includes a 5% tax reduction for vehicles with engine displacements of 2.0L or below and priced under 300,000 yuan, with 80% of fuel vehicles qualifying for this reduction [5] - Shanghai's full reopening on June 1, along with supportive measures, is expected to further stimulate the automotive market, including subsidies for both fuel and new energy vehicles [7][9] Group 3: Company Focus - Yongda Automotive - Yongda Automotive is identified as a key beneficiary of the Shanghai stimulus measures, holding 30% of the city's automotive dealerships [9] - The company is projected to see a sales increase of over 10% from June to December 2022 due to the new policies and pent-up demand [9] - Yongda has established a strong presence in the new energy vehicle market, with plans to expand its sales network significantly by 2025 [12][13] Group 4: New Energy Vehicle Strategy - Yongda has been proactive in developing its new energy vehicle segment since 2018, achieving a nearly 60% increase in new energy vehicle sales in 2021 [12] - The company aims to reach 250,000 new energy vehicle sales and 30 billion yuan in revenue by 2025, with a gross profit margin target of 17% [13] - Yongda's flexible business model, including partnerships with brands like Xiaopeng, allows for rapid expansion with lower initial investment [14] Group 5: Future Outlook - The automotive industry is entering a recovery cycle, with expectations of a "three-stage rebound" driven by sentiment recovery, valuation recovery, and fundamental recovery [9] - The upcoming launch of high-end models from brands like Xiaopeng and Huawei is anticipated to support Yongda's sales and profit margins in the second half of the year [15]