Core Viewpoint - Morgan Stanley reports that the National Development and Reform Commission announced the continuation of new car subsidy policies for next year, with subsidies of 20,000 RMB for new energy vehicles and 15,000 RMB for internal combustion engine vehicles, aligning with the bank's expectations [1] Group 1: Subsidy Policy Details - The new policy considers vehicle prices, indicating that subsidies for cars priced below 150,000 RMB will decrease year-on-year, while vehicles priced between 150,000 and 200,000 RMB will benefit the most from the incentives [1] - High-end vehicles will not be affected by the adjustments in the subsidy policy [1] Group 2: Company Preferences - The bank prefers companies that provide high-end vehicles, such as Li Auto (02015), NIO (09866), and companies collaborating with Huawei, which will also benefit high-end brand agents like Zhongsheng Holdings (00881) [1] Group 3: Market Outlook - Mass-market brands are expected to face greater headwinds due to reduced subsidies and a 5% increase in the purchase tax for new energy vehicles [1] - Suppliers such as Xingyu Automotive (601799.SH), Desay SV (002920.SZ), and Huayang Group (002906.SZ) are believed to benefit from exposure in the local market [1]

Core Viewpoint - The National Development and Reform Commission announced the continuation of new car subsidy policies for the next year, with subsidies of 20,000 RMB for new energy vehicles and 15,000 RMB for internal combustion engine vehicles, aligning with Morgan Stanley's expectations [1] Group 1: Policy Impact - The new policy considers vehicle prices, indicating that subsidies for cars priced below 150,000 RMB will decrease year-on-year, while vehicles priced between 150,000 and 200,000 RMB will benefit the most from the incentives [1] - High-end vehicles will not be affected by the adjustments in the subsidy policy [1] Group 2: Company Preferences - Morgan Stanley prefers companies that offer high-end vehicles, such as Li Auto (02015), NIO (09866), and companies collaborating with Huawei, which will also benefit high-end brand agents like Zhongsheng Holdings (00881) [1] Group 3: Market Challenges - Mass market brands are expected to face greater headwinds due to reduced subsidies and a 5% increase in the purchase tax for new energy vehicles [1] Group 4: Supplier Benefits - Suppliers such as Xingyu Automotive (601799.SH), Desay SV (002920.SZ), and Huayang Group (002906.SZ) are believed to benefit from their exposure in the local market [1]

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。 – 1 – 該公告所載的所有資料維持不變。本公告為該公告的補充，並應與該公告一併閱 讀。 承董事會命 Zhongsheng Group Holdings Limited 中升集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：881） 補充公告 獨立非執行董事變更 茲提述本公司日期為二零二五年十二月十九日的公告（「該公告」），內容有關獨立非 執行董事變更及董事會委員會組成之變動。除非另有界定，本公告所用詞彙與該公 告所界定者具有相同涵義。 誠如該公告所披露，應先生已辭任本公司獨立非執行董事及審核委員會主席，自二 零二五年十二月十九日起生效。本公司謹此澄清，應先生辭任之理由為彼已於董事 會任職超過九年。根據香港聯合交易所有限公司證券上市規則第3.13A條，發行人 的董事會不得包括在董事九年任期結束後的發行人年度股東大會結束時，已擔任該 職位九年或以上的獨立非執行董事。此外，應先生表示彼希望投放 ...

Core Viewpoint - Zhongsheng Holdings (00881) announced the resignation of Mr. Wei as an independent non-executive director and chairman of the audit committee, effective December 19, 2025. Mr. Bai Fengjiu has been appointed as the new independent non-executive director and chairman of the audit committee, also effective from December 19, 2025 [1]. Group 1 - Mr. Wei has resigned from his position as an independent non-executive director and chairman of the audit committee [1]. - Mr. Bai Fengjiu has been appointed to replace Mr. Wei, effective December 19, 2025 [1].

於二零二五年十二月十九日修訂 中升集團控股有限公司 提名委員會職權範圍 – 1 – 定義 1. 就本職權範圍（「職權範圍」）而言： 提名委員會 指董事會根據本職權範圍第2條通過之決議而設立之提名委員會。 高級管理層 指主席、行政總裁、常務總裁、財務總監、副總裁、聯席公司秘書 及董事會不時決定出任本公司高級管理層之本集團任何其他行政人員。 股東 指本公司之股東。 聯交所 指香港聯合交易所有限公司。 董事會 指本公司之董事會。 本公司 指中升集團控股有限公司 公司秘書 指本公司任一聯席公司秘書。 董事 指董事會成員。 本集團 指於有關期間，本公司及其附屬公司和聯營公司；或若文義另有所指， 於本公司成為其現時附屬公司和聯營公司之控股公司前之期間，本公司之現時 附屬公司和聯營公司；或其現時附屬公司和聯營公司或其前身（視乎具體情況） 所營運之業務。 上市規則 指《香港聯合交易所有限公司證券上市規則》（經不時修訂）。 成立 2. 提名委員會於二零零八年五月八日根據董事會所通過的決議案成立。 成員 3. 董事會將在本公司之董事中委任提名委員會之成員，而其成員數目將不少於三 名，當中獨立非執行董事將佔大多數。提名委員會須由董 ...

Group 1 - The core announcement is that Mr. Wei has resigned as an independent non-executive director and chairman of the audit committee of the company [1] - Mr. Bai Fengjiu has been appointed as the independent non-executive director and chairman of the audit committee, effective from December 19, 2025 [1]

Zhongsheng Group Holdings Limited 中升集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：881） 董事名單及彼等角色及職能 中升集團控股有限公司董事會（「董事會」）成員如下。 執行董事 黃毅 李國強 張志誠 唐憲峰 于寧 周新 非執行董事 陳豪賢 孫燕軍 獨立非執行董事 錢少華 李顏偉 鄭寶川 白鳳九 – 1 – 附註： C： 相關董事委員會主席 M： 相關董事委員會成員 香港，二零二五年十二月十九日 – 2 – 董事會已成立六個委員會。下表提供各董事會成員所屬委員會的成員資料。 董事╱ 董事會委員會 審核委員會 薪酬委員會 提名委員會 合規委員會 風險委員會 環境、社會及 管治委員會 黃毅 MMM 李國強 M M 張志誠 C M 唐憲峰 C C 于寧 周新 陳豪賢 孫燕軍 錢少華 MCM 李顏偉 鄭寶川 MM C 白鳳九 C ...

Group 1 - The board of directors of Zhongsheng Holdings (00881.HK) announced the resignation of Wei Wei as an independent non-executive director and chairman of the audit committee [1] - Bai Fengjiu has been appointed as the independent non-executive director and chairman of the audit committee, effective from December 19, 2025 [1]

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。 Zhongsheng Group Holdings Limited 中升集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：881） 獨立非執行董事變更 及 董事會委員會組成之變動 董事會宣佈：(i)應偉先生已辭任本公司獨立非執行董事及審核委員會主席；及(ii) 白鳳九先生已獲委任為本公司獨立非執行董事及審核委員會主席，均自二零二五 年十二月十九日起生效。 獨立非執行董事辭任 中升集團控股有限公司（「本公司」，連同其附屬公司，「本集團」）董事會（「董事會」） 宣佈，已服務董事會逾九年的應偉先生（「應先生」）已辭任本公司獨立非執行董事及 審核委員會主席，自二零二五年十二月十九日起生效。 應先生已確認，彼與董事會並無任何分歧，亦無任何有關彼辭任之事宜須敦請本公 司股東垂注。 董事會謹此對應先生在任期間對本公司作出的寶貴貢獻深表謝意。 – 1 – 委任獨立非執行董事 董事會欣然宣佈，白鳳九先生（「 ...

Group 1 - Zhongsheng Holdings (00881) saw a nearly 4% increase in stock price, trading at HKD 11.51 with a transaction volume of HKD 36.1 million [1] - On December 12, the State Administration for Market Regulation released the "Guidelines for Compliance with Pricing Behavior in the Automotive Industry (Draft for Comments)," which regulates pricing behavior in the automotive sector [1] - The guidelines detail compliance requirements for pricing behavior from vehicle production to parts manufacturing, including pricing strategies and sales practices [1] Group 2 - Shenwan Hongyuan noted that the automotive industry is making substantial progress in addressing internal competition, with the market regulation authority demonstrating strong control and determination [1] - Industrial research from Industrial Securities highlighted Zhongsheng Holdings as a leading luxury car dealer in China, focusing on building a high-end automotive service brand to support steady growth in after-sales business [1] - Zhongsheng has actively optimized its network and brand layout, which is expected to enhance the scale and profitability of its new car business [1] - Since November 2024, Zhongsheng has completed its largest network optimization, adding a total of 57 dealerships and 20 service centers, with 48 of the new dealerships being luxury brands [1]