Core Viewpoint - The company has adjusted its net profit forecasts for 2025 and 2026 due to pressure on new car profitability, leading to a reduction of 35.1% and 38.1% respectively, with projected profits of 2.464 billion and 3.08 billion RMB [1] Group 1: Financial Performance - In the first half of 2025, the company's revenue was 77.322 billion RMB, a decrease of 6.2% year-on-year, with new car sales down by 1.7% to 229,000 units and revenue from new cars down by 4.7% to 57.931 billion RMB [2] - The company's gross profit margin for the first half of 2025 was 5.4%, a decline of 0.5 percentage points, primarily due to intensified market competition and increased losses in new car sales [3] - Operating cash flow for the first half of 2025 reached 5.948 billion RMB, a significant increase of 103.3% year-on-year, indicating improved operational efficiency [3] Group 2: Business Segments - The after-sales service revenue increased by 4.4% to 11.445 billion RMB, benefiting from an increase in service visits and higher average revenue per vehicle [2] - The company experienced a 9.6% increase in used car sales, totaling 111,000 units, although revenue from used cars fell by 27.0% to 6.02 billion RMB due to government policies affecting older vehicles [2] Group 3: Strategic Outlook - The customer base for luxury vehicles continues to expand, with active customers reaching 4.54 million, a year-on-year increase of 15.2% [4] - The company is expected to benefit from a stabilization in vehicle pricing and the launch of new models from German luxury brands, which may lead to a recovery in business [4]

Group 1 - Zhongsheng Holdings (00881) shares rose over 5%, currently up 4.57% at HKD 16.7, with a trading volume of HKD 314.83 million [1] - For the six months ending June 30, 2025, Zhongsheng Holdings reported total revenue of RMB 77.322 billion, a year-on-year decrease of 6.2% [1] - The net profit attributable to shareholders was RMB 1.011 billion, down 36% year-on-year, with basic earnings per share of RMB 0.427 [1] Group 2 - In the first half of 2025, the company sold 228,600 new vehicles, a year-on-year decrease of 1.7%, impacted by intensified competition in the new car market [2] - The gross profit from new car sales was negative RMB 2.388 billion, with a gross margin of -4.1%, resulting in an average loss of approximately RMB 10,443 per vehicle [2] - AITO brand's new car sales reached 11,000 units in the first half of 2025, contributing to a 0.6 percentage point increase in the group's new car gross margin [2]

Group 1 - Zhongsheng Holdings (00881) saw its stock rise over 5%, currently trading at HKD 16.7 with a transaction volume of HKD 314.48 million [1] - For the six months ending June 30, 2025, Zhongsheng Holdings reported total revenue of RMB 77.322 billion, a year-on-year decrease of 6.2% [1] - The company's net profit attributable to shareholders was RMB 1.011 billion, down 36% year-on-year, with basic earnings per share at RMB 0.427 [1] Group 2 - In the first half of 2025, Zhongsheng Holdings achieved after-sales service revenue of RMB 11.45 billion, an increase of 4.4% year-on-year, with after-sales service gross profit reaching RMB 5.44 billion, up 8.1% [1] - The strong financial performance was supported by 4.54 million active customers, leading to 4 million after-sales service visits, representing year-on-year growth of 15.2% and 1.7% respectively [1] Group 3 - Kaiyuan Securities reported that in the first half of 2025, the company sold 228,600 new vehicles, a decrease of 1.7% year-on-year, impacted by intensified competition in the new car market [2] - The gross profit from new car sales was negative RMB 2.388 billion, with a gross margin of -4.1%, resulting in an average loss of approximately RMB 10,443 per vehicle [2] - The AITO brand sold 11,000 new vehicles in the first half of 2025, improving the group's new car gross margin by 0.6 percentage points [2]

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8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: 中升集團控股有限公司 呈交日期: 2025年9月1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) | 00881 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 1,000,000,000,000 | HKD | | 0.0001 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | 1,000,000,000,000 | HKD | | 0.0001 | HKD | | 100,000,000 | 本月底法定/註冊股本 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][11] Core Views - The company is experiencing pressure on new car profits, but stable contributions from after-sales services are expected to support profitability [4][5][6] - The company has undergone significant network optimization, closing 37 authorized dealerships while opening 57 new ones and 20 service centers to enhance operational efficiency [4][5] - The forecast for net profit has been revised downwards for 2025-2027 due to ongoing challenges in the luxury car sales market, with expected net profits of 27.17 billion, 36.49 billion, and 49.83 billion respectively [4][7] Financial Performance Summary - For H1 2025, the company reported revenue of 77.3 billion, a year-on-year decrease of 6.2%, and a net profit of 10.11 billion, down 36.0% year-on-year [4][5] - The company sold 228,600 new cars in H1 2025, a decrease of 1.7% year-on-year, with a negative gross margin of 4.1% on new car sales [5][6] - After-sales service revenue increased by 4.4% year-on-year to 11.45 billion, with a gross profit of 5.44 billion, reflecting a stable growth trend [6][7] Valuation Metrics - The projected earnings per share (EPS) for 2025-2027 are 1.14, 1.53, and 2.09 respectively, with corresponding price-to-earnings (P/E) ratios of 12.9, 9.6, and 7.0 [4][7] - The company's revenue is expected to stabilize and grow, with projections of 165.3 billion in 2025, 171.7 billion in 2026, and 200 billion in 2027 [7]

Core Viewpoint - Zhongsheng Holdings (00881) reported a 36% year-on-year decline in net profit for the first half of the year, amounting to 1 billion RMB, which is 29% and 48% lower than the expectations of the bank and the market respectively [1] Financial Performance - The decline in net profit is primarily attributed to the impact of after-sales service revenue, after-sales business gross margin, and the average selling price of used cars [1] Future Outlook - The bank anticipates significant profit pressure for the group in the future due to the loss of market share in the fuel vehicle segment and intensified price competition [1] - Net profit forecasts for 2025 to 2027 have been revised downwards by 31%, 28%, and 24% respectively [1] Target Price Adjustment - The target price has been reduced from 10.5 HKD to 7 HKD, maintaining a "Sell" rating [1]

Core Viewpoint - Zhongsheng Holdings (00881) reported a 36% year-on-year decline in net profit for the first half of the year, amounting to 1 billion RMB, which is significantly lower than both the bank's and market's expectations by 29% and 48% respectively [1] Financial Performance - The decline in net profit was primarily influenced by factors such as after-sales service revenue, after-sales business gross margin, and the average selling price of used cars [1] Future Outlook - The bank anticipates that the group will face significant profit pressure due to the loss of market share in the fuel vehicle segment and intensified price competition [1] - Consequently, net profit forecasts for 2025 to 2027 have been revised downwards by 31%, 28%, and 24% respectively [1] Target Price Adjustment - The target price for Zhongsheng Holdings has been reduced from 10.5 HKD to 7 HKD, maintaining a "Sell" rating [1]

Strategic Vision & Customer Base - Zhongsheng aims to be the most trusted auto services brand for premium consumers in China[4] - The company has 4.54 million active customers[4] - Zhongsheng has 3.80 million Zhongsheng GO subscribers[4] - The average number of active customers per store is 137,000[4] Market Dynamics & Positioning - Repeat buyers account for approximately 80% of the Chinese auto market in 2024[8] - Zhongsheng's customer service covers 14.6% of the luxury brands in 32 core cities[10] - Zhongsheng operates 439 stores in total[19] - Zhongsheng operates 46 collision centers[19] Financial Performance (1H2025) - After-sales services revenue grew by 4.4% to RMB 5.441 billion[50] - Active customers serviced increased by 1.7% to 4.003 million[50] - Serviced units increased by 9.9% to 4.542 million[50] - Insurance policies brokered increased by 8.1% to 1.204 million[50] - Total revenue decreased by 6.2% to RMB 77.3 billion[88] - New car revenue decreased by 4.7% to RMB 57.9 billion[92] - Used car revenue decreased by 27.0% to RMB 6.0 billion[94] - Accessories, packages and after-sales services revenue increased by 0.1% to RMB 13.4 billion[90] - New car sales volume decreased by 1.7% to 228,649 units[98] - Used car sales volume increased by 9.6% to 111,244 units[98] - Net profit attributable to owners of the parent was RMB 1.011 billion[114]

Core Viewpoint - Zhongsheng Holdings (00881) experienced a significant decline of over 8% following the release of its interim results, with a current drop of 5.03%, trading at HKD 14.34 and a transaction volume of HKD 285 million [1] Financial Performance - The total revenue for the first half of the year was RMB 77.322 billion, representing a year-on-year decrease of 6.2% [1] - The profit attributable to the parent company was RMB 1.011 billion, down 36% compared to the previous year [1] Sales Performance - The group sold approximately 229,000 new vehicles during the period, a decrease of about 4,000 units or 1.7% year-on-year [1] - The AITO brand contributed for the first time, adding 11,000 new vehicles, which partially offset declines in other brands [1] - The proportion of luxury brand sales increased to 62.3% [1] Network Optimization - Since November 2024, the group has completed its largest network optimization, involving the restructuring of existing stores into multi-business properties and converting dealerships into service centers [1] - Over 20% of the stores participated in this adjustment, resulting in the addition of 57 new dealerships and 20 service centers, while 37 dealerships were closed [1] - Among the new dealerships, 48 were for luxury brands, including 36 for AITO, 1 for HIMA, 1 for Mercedes-Benz, 3 for Lexus, 1 for Audi, and 6 for Volvo [1]

Core Viewpoint - Zhongsheng Holdings (00881) reported a significant decline in its stock price following the release of its interim results, indicating challenges in revenue and profit generation [1] Financial Performance - The total revenue for the first half of the year was 77.322 billion RMB, representing a year-on-year decrease of 6.2% [1] - The profit attributable to the parent company was 1.011 billion RMB, down 36% compared to the previous year [1] Sales Performance - The group sold approximately 229,000 new vehicles during the period, a decrease of about 4,000 units or 1.7% year-on-year [1] - The AITO brand contributed 11,000 new vehicle sales, partially offsetting declines in other brands, with luxury brand sales now accounting for 62.3% of total sales [1] Network Optimization - Since November 2024, the group has completed its largest network optimization, involving the restructuring of existing stores and the conversion of dealerships into service centers [1] - Over 20% of the stores participated in this adjustment, resulting in the addition of 57 new dealerships and 20 service centers, while 37 dealerships were closed [1] - Among the new dealerships, 48 were for luxury brands, including 36 for AITO, and others for HIMA, Mercedes-Benz, Lexus, Audi, and Volvo [1]