Core Insights - The automotive industry in China is facing significant structural challenges, including high inventory levels and thin profit margins, prompting the need for innovative solutions [4] - Jiuche GO's ecological strategy focuses on "linking demand, optimizing the ecosystem, and empowering with digital intelligence" to reconstruct the relationships within the automotive distribution sector [4][5] Group 1: Market Dynamics - The lower-tier markets are identified as key drivers for growth in China's automotive consumption, with sales in fifth-tier cities increasing by 14.6% year-on-year, nearly three times the growth rate of first-tier cities [5] - The market share of fuel vehicles in third-tier cities and below is less than 50%, indicating substantial unmet demand [5] Group 2: Jiuche GO's Strategic Initiatives - Jiuche GO has established a large third-party fulfillment network, with over 5,800 local regulatory personnel covering more than 17,000 4S stores, effectively filling the market gap at the distribution end [5] - The platform has served nearly 100 dealers across 14 provinces and 31 cities, processing over 40,000 units of D-class inventory with a regulatory asset value exceeding 5 billion [6] Group 3: Ecosystem Optimization - The "direct connection between manufacturers and secondary networks" strategy has transformed the traditional multi-level distribution model, significantly reducing logistics, inventory, and capital costs [5][6] - Jiuche GO aims to create a collaborative ecosystem where information, funds, and vehicles form an efficient closed loop, integrating manufacturers, platforms, and dealers into a cohesive unit [10] Group 4: Digital Empowerment - The platform serves as both a "digital distribution network" and a "market sensor" for manufacturers, providing real-time decision support for product planning and inventory allocation [9] - For dealers, Jiuche GO offers stable vehicle sources and utilizes data integration and intelligent algorithms to identify and distribute precise customer leads [9] Group 5: Vision for the Future - Jiuche GO aspires to establish not just a trading platform but a new ecosystem of collaborative growth, aiming for a digital transformation of the automotive supply chain [10] - As of November 2025, the platform has facilitated over one million vehicle transactions and served more than 50,000 dealers, positioning itself as a benchmark for innovation in the industry [10]

Core Insights - The sinking market is identified as a key driver for the growth of China's automotive consumption, with lower-tier cities showing significant sales growth compared to first-tier cities [2][3] - The retail sales of automotive products in China reached 3.6 trillion yuan from January to September, reflecting only a slight increase of 0.6% year-on-year, which is notably lower than the overall retail sales growth [2] - The automotive manufacturing industry's profit margin stands at 4.5%, significantly below the average of 6% for downstream industries, indicating ongoing profitability challenges [2] Market Dynamics - Sales growth in lower-tier cities is substantial, with five-tier cities experiencing a year-on-year increase of 14.6%, nearly three times that of first-tier cities, while third and fourth-tier cities grew by 8.15% and 10.65% respectively [2] - Fuel vehicles hold less than 50% market share in third-tier cities and below, indicating a large unmet demand [2] Industry Challenges - The automotive sales system in China faces significant inefficiencies, with manufacturers and dealers under immense operational pressure, leading to a "three losses" situation for manufacturers, dealers, and consumers [3] - Over 70% of secondary dealers face challenges such as unstable vehicle supply and difficulty in customer acquisition, while nearly 60% struggle with thin profits and inventory backlog [5] Strategic Initiatives - Long-term strategies proposed include activating county and rural markets to create new growth areas in lower-tier markets, shifting from zero-sum competition to symbiotic growth [3] - The launch of the new retail platform, Jiuche GO, aims to optimize the automotive distribution ecosystem by linking demand, enhancing the ecosystem, and leveraging digital intelligence [3][4] Platform Development - Jiuche GO has established a vast third-party delivery network with over 5,800 local regulatory personnel covering more than 17,000 4S stores, facilitating access to previously unreachable markets [4] - The platform has registered 52,300 merchants and operates in over 400 cities and 2,300 counties, addressing the channel gaps in the end markets [4] Digital Transformation - Jiuche GO's dual-channel strategy combines online trading with offline county-level franchises to drive the digital transformation of the automotive supply chain ecosystem [7] - The platform provides comprehensive digital support to secondary dealers, including stable vehicle supply, precise lead generation, and inventory collaboration, significantly reducing operational costs and risks [6] Performance Metrics - As of November 2025, Jiuche GO has facilitated over one million vehicle transactions and served more than 50,000 dealers, showcasing its impact on the automotive retail landscape [7]

Changjiu Holdings Limited 長久股份有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） | 與本代表委任表格 | | --- | | 有關的股份數目 （附註1） | 將於2025年11月27日（星期四）舉行的股東特別大會適用的代表委任表格 本人╱吾等 （附註2） 地址為 為長久股份有限公司（「本公司」）已發行股本的股份登記持有人，兹委任大會主席 （附註3） 或 ， 地址為 為本人╱吾等的代表，代表本人╱吾等出席本公司謹訂於2025年11月27日（星期四）上午十時正於中國北京市朝陽區石各莊路99號長久大廈舉行 的股東特別大會（「股東特別大會」）（及其任何續會），並依照下列指示代表本人╱吾等投票。 請於適當的方格內填上「✔」號，以表明 閣下的投票意願 （附註4） 。 | | | 普通決議案 | 贊成 | 反對 | | --- | --- | --- | --- | --- | | 1. | 「動議： | | | | | | (a) | 謹此批准、追認及確認本公司與吉林省長久實業集團有限公司（「長久實業」）於2025 | | | | | | 年10月17日訂立之2025 ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的持牌證券交易商、註冊證券機構、銀行經理、律 師、專業會計師或其他專業顧問。 閣下如已將名下的長久股份有限公司（「本公司」）所有股份售出或轉讓，應立即將本通函連同隨附的代表委任表格送交買 主或受讓人或經手買賣或轉讓的銀行經理、持牌證券交易商或註冊證券機構或其他代理商，以便轉交買主或受讓人。 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通函之內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示概不就因本通函全部或任何部份內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 本通函僅供參考，並不構成收購、購買或認購證券的邀請或要約。 Changjiu Holdings Limited 長久股份有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：6959） 持續關連交易： 2025年汽車經銷商 運營管理服務框架協議 獨立董事委員會及獨立股東的獨立財務顧問 本封面頁所用詞彙與本通函「釋義」一節所界定者具有相同涵義。董事會函件載於本通函第4至13頁。 股東特別大會謹訂於2025年11月 ...

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通告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本通告全部或任何部分內容所產生或因依賴該等 內容而引致的任何損失承擔任何責任。 Changjiu Holdings Limited 務框架協議之任何條款或對2025年汽車經銷商運營管理服務框架協議之任何條 款作出（或同意作出）非重大的有關修改。」 承董事會命 長久股份有限公司 董事會主席兼執行董事 李桂屏女士 長久股份有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：6959） 股東特別大會通告 茲通告長久股份有限公司（「本公司」）謹訂於2025年11月27日上午10時正於中國北京市朝陽 區石各莊路99號長久大廈舉行實體股東特別大會（「股東特別大會」），以考慮及酌情通過下列普通 決議案（不論有否修訂）： 普通決議案 – 1 – 1 「動議： (a) 謹此批准、追認及確認本公司與吉林省長久實業集團有限公司（「長久實業」） 於2025年10月17日訂立之2025年汽車經銷商運營管理服務框架協議（其副本已 提呈股東特別大會，並由股東特別大會主席簽署以資識 ...

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10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: | 长久股份有限公司 | | | | | | 呈交日期: | 2025年11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) | 06959 | 說明 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | 上月底結存 | | | 75,000,000,000 | USD | 0.00000066667 | USD | 50,000.25 | | 增加 / 減少 (-) | | | | 0 | | U ...

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 就 因 本 公 告 全 部 或 任 何 部 分 內 容 所 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 長久股份有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：6959） 關連交易 及 (1)有 關 物業租賃及綜合服務協議的 持續關連交易 (2)未能遵守上市規則 物業租賃及綜合服務協議 董 事 會 宣 佈，長 久 實 業（作 為 出 租 人）與 上 海 鉑 中、長 久 金 孚 及 長 久 互 聯（作 為 承 租 人）訂 立 日 期 為2025年1月1日 的 物 業 租 賃 及 綜 合 服 務 協 議，據 此，長 久 實 業同意(i)將 該 物 業 出 租 予 上 海 鉑 中、長 久 金 孚 及 長 久 互 聯 作 辦 公 室 用 途，並 向 承 租 人 提 供 綜 合 服 務，包 括 物 業 管 理、安 保 及 清 潔、IT及 班 車 服 務，由 物 ...

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依賴該等內容而引致的任何損失承擔任何責 任。 Changjiu Holdings Limited 長久股份有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：6959） 重 續 持續關連交易 獨立董事委員會及獨立股東的 獨立財務顧問 茲提述本公司日期為2023年12月29日 的 招 股 章 程，內 容 有 關（其 中 包 括）現 有 汽 車 經 銷 商 運 營 管 理 服 務 框 架 協 議 項 下 的 本 集 團 持 續 關 連 交 易。由 於 現 有 汽 車 經銷商運營管理服務框架協議的當前年期將於2025年12月31日 屆 滿，於2025年 10月17日（交 易 時 段 後），本 公 司 已 與 長 久 實 業 訂 立2025年汽車經銷商運營管理 服 務 框 架 協 議，以 重 續 持 續 關 連 交 易，年 期 為 截 至2028年12月31日止三個財 ...

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9月30日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 长久股份有限公司 | | | | | | 呈交日期: | 2025年10月8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) | 06959 | 說明 | | | | | | | 法定/註冊股份數目 | | 面值 | 法定/註冊股本 | | | 法定/註冊股份數目 | | 面值 | 法定/註冊股本 | | | --- | --- | --- | --- | --- | --- | | 上月底結存 | 75,000,000,000 | USD | 0.00000066667 | USD | 50,000.25 | | 增加 / 減少 (-) | | 0 ...

Financial Performance - For the six months ended June 30, 2025, the Group reported revenue of RMB 696,727,000, a significant increase of 106.7% compared to RMB 337,214,000 for the same period in 2024[16]. - Gross profit for the same period was RMB 152,281,000, slightly up from RMB 147,650,000 in 2024, indicating a stable gross margin[16]. - Profit before taxation increased to RMB 83,961,000, compared to RMB 73,307,000 in the previous year, reflecting a growth of 14.5%[16]. - The Group's profit for the period attributable to equity shareholders was RMB 67,085,000, compared to RMB 57,802,000 in the previous year, reflecting a growth of 15.5%[16]. - The Group's net profit increased by RMB9.3 million or 16.1% from RMB57.8 million for the six months ended June 30, 2024, to RMB67.1 million for the Reporting Period, while the net profit margin decreased from 17.1% to 9.6%[113][117]. - Adjusted net profit for the Reporting Period was RMB67.3 million, representing a decrease of 12.9% from RMB77.3 million for the six months ended June 30, 2024[116][119]. Revenue Breakdown - Revenue from new automobile circulation services was RMB378.3 million, accounting for 54.3% of the Group's total revenue during the reporting period[56]. - Revenue from pledged vehicle monitoring services was RMB290.9 million, representing 41.7% of total revenue, with a decrease attributed to a reduction in service agreements[65]. - Revenue from automobile dealership operation management services was RMB27.5 million, making up 4.0% of the Group's total revenue[67]. - The Group's revenue from related-party users in new automobile circulation services was RMB34.9 million, accounting for 9.2% of the segment's revenue[63]. Assets and Liabilities - The Group's total assets as of June 30, 2025, reached RMB 846,029,000, up from RMB 627,886,000 at the end of 2024, marking a growth of 35%[18]. - Total liabilities increased significantly to RMB 406,772,000 from RMB 132,323,000, indicating a rise of 207%[18]. - Trade receivables as of June 30, 2025, amounted to RMB 269.4 million, an increase of RMB 70.8 million or 35.6% compared to RMB 198.6 million as of December 31, 2024[130]. - Inventory as of June 30, 2025, was RMB 239.6 million, an increase from nil as of December 31, 2024, primarily due to the purchase of Corolla 1.2T vehicles[131]. - The Group's prepaid expenses and other current assets increased to RMB180.5 million as of June 30, 2025, representing a 9.6 times increase from RMB17.1 million as of December 31, 2024, mainly due to higher prepayments for automobile purchases[151]. Operational Highlights - As of June 30, 2025, the Group provided pledged vehicle monitoring services to approximately 16,910 automobile dealerships, contributing 41.7% of total revenue[21]. - The Group managed a total of 68 automobile dealerships, generating 4.0% of its revenue from automobile dealership operation management services[22]. - The upgraded "9CheGO" platform facilitated the sale of 5,747 vehicles, contributing to 54.3% of the Group's revenue from new automobile circulation services[31]. - The Group operates in over 500 cities across 31 provinces in China, leveraging its extensive network to maintain a dominant market position[20]. - The company plans to complete visits to 500 counties and districts by the end of September 2025 to expand the onboarding of new automobile dealerships on the 9CheGO platform[142]. Strategic Initiatives - The Group has established strategic partnerships with multiple automobile manufacturers, laying a solid foundation for future large-scale expansion[29]. - The Group is enhancing its risk prevention and control framework in pledged vehicle monitoring services to ensure sustainable business growth[45]. - The Group aims to optimize dealership networks and inventory management through data-driven insights and digital tools in its automobile dealership operation management services[46]. - The Group is focused on integrating resources across automobile dealerships, suppliers, and consumers to enhance the "9CheGO" platform's capabilities[47]. - The Group plans to complete the development of its data platform, adopting a subscription-based model to provide data labels, automated report generation, and intelligent modeling services[49]. Expenses and Costs - The cost of sales increased by RMB 354.8 million or 187.1% to RMB 544.4 million for the reporting period, compared to RMB 189.6 million for the six months ended June 30, 2024[80]. - Research and development expenses increased by 26.4% to RMB 11.0 million, primarily due to higher staff costs and an increase in the number of staff[98]. - General and administrative expenses decreased by RMB 10.0 million or 15.3% to RMB 55.3 million, mainly due to a reduction in listing expenses and share-based compensation[99]. - Sales and marketing expenses increased by RMB 1.0 million or 25.6% to RMB 4.9 million, attributed to higher staff costs and an increase in employees related to new automobile circulation services[97]. Financing and Capital Management - The Group's cash and cash equivalents were RMB131.0 million as of June 30, 2025[153]. - The gearing ratio as of June 30, 2025, was 50.5%, indicating a significant increase from nil as of December 31, 2024[154]. - The net cash used in operating activities for the Reporting Period was RMB364.7 million, primarily due to increases in inventories and prepaid expenses[169]. - The net cash generated from financing activities was RMB91.9 million, mainly from bank loans and other borrowings, partially offset by dividends paid[169]. - The Group plans to utilize approximately HK$254.1 million from the global offering, with 32.0 million already utilized and 158.5 million remaining unutilized as of June 30, 2025[185]. Corporate Governance - The Group has confirmed compliance with the Corporate Governance Code during the reporting period, ensuring high standards of corporate governance[187]. - The Group has adopted the Model Code for Securities Transactions, ensuring that all directors and senior management comply with securities transaction regulations[188]. - The Company was not involved in any material legal proceedings or arbitrations during the reporting period, indicating a stable legal standing[198].