(Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） China Harmony Auto Holding Limited 中國和諧汽車控股有限公司 （Stock Code 股份代號：3836） NOTIFICATION LETTER 通知信函 Dear Non-Registered Shareholders(Note 1) 26 September 2025 China Harmony Auto Holding Limited (the "Company") – Notice of publication of Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.hexieauto.com ...

China Harmony Auto Holding Limited 中國和諧汽車控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） （Stock Code 股份代號：3836） NOTIFICATION LETTER 通知信函 Dear Registered Shareholders, 26 September 2025 China Harmony Auto Holding Limited (the "Company") – Notice of publication of Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are now available on the Company's website at www.hexieauto.com and th ...

China Harmony Auto Holding Limited 中國和諧汽車控股有限公司 （於開曼群島註冊成立的有限公司） 股份代號 : 3836 China Harmony Auto Holding Limited 中國和諧汽車控股有限公司 INTERIM REPORT China Harmony Auto Holding Limited 中國和諧汽車控股有限公司 2025 INTERIM REPORT 中期報告 Stock Code: 3836 (Incorporated in the Cayman Islands with limited liability) 中期報告 2025 2025 公司資料 董事會 執行董事 馮長革先生 （主席） 馮少侖先生 （副主席） 劉風雷先生 （總裁） 馬林濤女士 （副總裁） 成軍強先生 （副總裁） 獨立非執行董事 王能光先生 劉國勳先生 宋嘉桓先生 審核委員會 王能光先生 （主席） 劉國勳先生 宋嘉桓先生 薪酬委員會 目錄 | 公司資料 | 2 | | --- | --- | | 管理層討論與分析 | 4 | | 企業管治及其他資料 | 16 | | 簡明綜合損益 ...

[ 责编：李伯玺 ] 此次新上线的抢修管理功能，直击应急抢修 "指令传递慢、任务指派不清晰、资料归档难" 三大痛点， 实现了应急任务的快速创建、抢修任务精准指派和抢修过程资料的规范管理，有力保障各级抢修指令直 达一线队伍，大幅提升应急响应速度与协同效率，为复电抢修工作安全稳定运行、最快速度恢复供电提 供有力支撑。 "滴！" 指令接收提示音刚落，一线电力抢修人员的手机已同步收到南网智慧工程信息系统发来的抢修 任务。从系统发令到一线接令，全程不超过1秒。面对来势汹汹的超强台风 "桦加沙" ，南网产业发展集 团互联网公司(下称 "南网互联网公司")赫兹工程团队，按南方电网公司工程建设部统一部署，火速在南 网智慧工程信息系统Web端与小程序端上线 "抢修管理功能"，以数字化手段为 "防汛抗台、应急保电" 筑起坚实屏障。 早在台风 "桦加沙" 登陆前，该系统已提前进入 "抗台预警模式"：通过短信平台发送 28715 条台风预警 信息，提醒施工现场加固设备、撤离人员。从 "预警前置" 到 "应急响应"，再到 "抢修闭环"，赫兹工程 构建出 "全链条数字化抗台防灾体系"，为台风防御战夯实南网力量。(完) 作为赫兹工程打造的 ...

Core Viewpoint - The construction of the Zang-Guangdong DC project marks the initiation of the world's strongest flexible DC transmission project, which will deliver over 43 billion kilowatt-hours of clean energy annually to the Guangdong-Hong Kong-Macao Greater Bay Area after its full operation in 2029 [2][3]. Group 1: Project Overview - The Zang-Guangdong DC project is a key cross-province transmission project under China's 14th Five-Year Plan, with a total length of approximately 2,681 kilometers and a transmission capacity of 10 million kilowatts [2][3]. - The project is expected to replace approximately 12 million tons of standard coal consumption and reduce carbon dioxide emissions by about 33 million tons annually [2][3]. Group 2: Investment and Economic Impact - The total investment for the Zang-Guangdong DC project is approximately 53.2 billion yuan, with an additional investment of over 150 billion yuan for the supporting "water-wind-solar integrated" power generation base [3]. - The project is anticipated to create over 100,000 direct jobs during peak construction, significantly promoting the economic and social development of Tibet [3]. Group 3: Technological Challenges and Innovations - The project faces significant challenges, including the development of new technologies for ultra-high altitude DC transmission and the integration of 20 million kilowatts of renewable energy into a weak grid [4][5]. - The project aims to establish a new model for energy production and consumption, contributing to China's dual carbon goals through high-level technological self-reliance and innovation [4][5]. Group 4: Collaborative Efforts - The Zang-Guangdong DC project is a collaboration between China Southern Power Grid Co., Ltd. and State Grid Corporation of China, marking another significant clean energy transmission project following previous successful collaborations [5]. - The project will leverage advanced technologies and equipment, including high-power semiconductor devices and digital twin technology, to enhance operational efficiency and reduce maintenance needs in remote areas [5].

Investment Rating - The report gives a "Buy" rating for the company, with a target price range of HKD 3.28 to HKD 4.11, corresponding to a market capitalization range of HKD 49.93 billion to HKD 62.57 billion [6]. Core Views - The company is a leading luxury and ultra-luxury car dealer in China, with a strategic shift towards new energy vehicles (NEVs) in partnership with BYD, aiming to expand its market presence in Hong Kong and overseas [6][12]. - The company has successfully established 100 BYD stores in Hong Kong and overseas within two years, leveraging its strong dealership capabilities and operational experience [6][48]. - The company's revenue from Hong Kong and overseas markets has increased significantly, with a fivefold growth in the first half of 2025, driven by the sales of BYD vehicles [19][22]. Summary by Sections Investment Highlights - The company focuses on luxury and ultra-luxury car sales, providing a full lifecycle service including new car sales, financing, insurance, and after-sales services [8][12]. - In 2024, the company ranked 26th among the top 100 automotive dealers in China, with a total revenue of CNY 17.067 billion and total vehicle sales of 48,000 units [12][17]. Partnership with BYD - The collaboration with BYD began in 2023, aiming to accelerate the expansion of sales channels in Asia and Europe, transitioning towards NEVs and export markets [6][12]. - The partnership has evolved from a business collaboration to a capital cooperation, with BYD acquiring a 10% stake in the company's overseas operations [6][9]. Financial Projections - The company is projected to achieve revenues of CNY 28.103 billion, CNY 38.488 billion, and CNY 44.961 billion from 2025 to 2027, with corresponding net profits of CNY 0.61 billion, CNY 2.43 billion, and CNY 4.16 billion [2][6]. - The earnings per share (EPS) are expected to be CNY 0.04, CNY 0.16, and CNY 0.27 for the same period [2][6]. Market Performance - In the first half of 2025, the company reported a revenue of CNY 9.64 billion, a year-on-year increase of 25.7%, with significant contributions from Hong Kong and overseas markets [19][22]. - The gross margin improved to 5.8%, with new car sales margins turning positive for the first time [24][32]. Operational Efficiency - The company has maintained a stable inventory turnover rate of 4.64 times, while the accounts receivable turnover rate decreased due to longer payment cycles in overseas markets [38][41]. - As of the first half of 2025, the company's debt ratio was 55.8%, indicating a healthy financial position with sufficient cash reserves [41][42].

Core Viewpoint - China Galaxy Securities initiates coverage on Harmony Auto, giving it a "Buy" rating, with projected revenues and profits for 2025-2027 indicating strong growth potential [1] Group 1: Financial Projections - Expected revenues for Harmony Auto are projected at 28.103 billion yuan, 38.488 billion yuan, and 44.961 billion yuan for 2025, 2026, and 2027 respectively [1] - Corresponding net profits are forecasted to be 61 million yuan, 243 million yuan, and 416 million yuan for the same years [1] - The estimated earnings per share (EPS) are 0.04 yuan, 0.16 yuan, and 0.27 yuan for 2025, 2026, and 2027 respectively [1] - The reasonable per-share value range is set between 3.28 yuan and 4.11 yuan, translating to a market capitalization range of 4.993 billion yuan to 6.257 billion yuan [1] Group 2: Company Overview - Harmony Auto is a leading pure luxury and ultra-luxury automotive dealership group in China, representing 14 luxury and ultra-luxury brands [2] - The company ranks 26th in the top 100 automotive dealers in China for 2024, with total revenue of 17.067 billion yuan and total vehicle sales of 48,000 units [2] - Harmony Auto entered the new energy vehicle sector in 2015 and has established strategic partnerships with Tencent and Foxconn [2] Group 3: Strategic Partnerships and Market Expansion - In 2023, Harmony Auto partnered with BYD to establish sales channels in Asia and Europe, focusing on new energy vehicles and exports [2][3] - The company has demonstrated strong dealership capabilities, rapidly expanding its presence in the Asia-Pacific, Europe, and Oceania regions [3] - By 2025, Harmony Auto plans to open its 100th store in Melbourne, showcasing its effective channel construction capabilities [3] Group 4: Future Outlook - BYD's technological advancements, such as blade batteries and CTB, are gaining global recognition, with expectations of exporting 1 million vehicles by 2025 [4] - Harmony Auto is anticipated to contribute 7-8% of sales through its channels in the Asia-Pacific, Europe, and Oceania regions [4]

Group 1 - The core viewpoint of the report is that Harmony Auto (03836) is expected to achieve significant revenue and profit growth from 2025 to 2027, with projected revenues of 28.103 billion yuan, 38.488 billion yuan, and 44.961 billion yuan, and net profits of 0.61 billion yuan, 2.43 billion yuan, and 4.16 billion yuan respectively [1] - The company is a leading pure luxury and ultra-luxury automotive dealership group in China, with 14 luxury and ultra-luxury brands under its umbrella, including Rolls-Royce, Bentley, Ferrari, Maserati, and Lamborghini [2] - Harmony Auto ranks 26th in the top 100 automotive dealers in China for 2024, with total revenue of 17.067 billion yuan and total vehicle sales of 48,000 units [2] Group 2 - The company has established a strong partnership with BYD, enhancing its market presence in Asia and Europe, and has begun to transition towards new energy vehicles [3] - Harmony Auto has demonstrated its capability in dealership construction and operations, rapidly expanding its channels in the Asia-Pacific, Europe, and Oceania regions [3] - The company opened its 100th store in Melbourne within two years, showcasing its effective channel-building ability [3] Group 3 - BYD's technological advancements, such as blade batteries and CTB, have gained global market recognition, with expectations of exporting 1 million vehicles by 2025 [4] - Harmony Auto is projected to contribute 7-8% of sales volume through its channels in the Asia-Pacific, Europe, and Oceania regions [4]

Core Viewpoint - HARMONY AUTO (03836) shares have risen over 12%, currently trading at 1.89 HKD, with a transaction volume of 13.1585 million HKD, following strategic investment news from BYD (002594) [1] Group 1: Strategic Investment - On September 10, HARMONY AUTO announced that BYD has completed the strategic investment in HARMONY AUTO's overseas new energy ICAR company, marking a shift from business collaboration to capital collaboration [1] - BYD has invested 40 million USD to acquire approximately 10% of HARMONY AUTO's overseas new energy ICAR company, becoming a significant strategic shareholder [1] Group 2: International Operations - Since the strategic cooperation began in October 2023, HARMONY ICAR has successfully established and operated over 100 BYD outlets in more than 20 countries and regions across the Asia-Pacific and Europe, demonstrating exceptional international operational capabilities [1] Group 3: Market Expansion - On September 8, the first day of the 2025 Munich Auto Show, HARMONY AUTO opened a flagship store for BYD and DENZA brands in Munich, marking the first DENZA flagship store in Europe [1] - The opening of this store signifies DENZA's official entry into the high-end market in Germany and adds a crucial support point for BYD's channel layout in Europe [1] - HARMONY AUTO plans to deepen cooperation with BYD to expand more dealership outlets in Germany and other European countries [1]

和谐汽车(03836)再涨超12%，截至发稿，涨10.53%，报1.89港元，成交额1315.85万港元。 消息面上，9月10日，和谐汽车发布公告，比亚迪已完成对和谐汽车海外新能源ICAR公司的战略投资交 割，双方合作正式从业务协同迈向资本协同新阶段。此前，比亚迪以4000万美元认购和谐汽车海外新能 源ICAR公司约10%股份，成为其重要战略股东。自2023年10月双方在海外开展战略合作以来，和谐 ICAR公司已在亚太、欧洲等20多个国家、地区成功建设并运营100家以上比亚迪网点，展现出卓越的国 际化运营能力。 此外，9月8日，2025慕尼黑车展开幕首日，和谐汽车在慕尼黑的比亚迪、腾势双品牌旗舰店盛大开业， 这也是欧洲首家腾势品牌旗舰店。该店开业标志着腾势品牌正式进入德国高端市场，也为比亚迪在欧洲 的渠道布局增添重要支点。未来，和谐汽车将继续与比亚迪深化合作，在德国及其他欧洲国家拓展更多 经销网点。 ...