陈唱国际(00693) - 2025 - 中期财报

Management Review Performance Overview The Group achieved significant financial improvement in H1 2025, with increased profit after tax, EBITDA, and operating margin, driven by stringent cost control and operational efficiency Key Financial Indicators for H1 2025 | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 6,510,000 | 6,590,000 | -1% | | Profit After Tax | 107,700 | 28,000 | +285% | | EBITDA | 673,600 | 583,500 | +15% | | Operating Profit | 329,800 | 242,700 | +36% | | Operating Profit Margin | 5.1% | 3.7% | +1.4pp | | Administrative Expenses (excl. ZERO/ETHOZ) | Decreased 11% | - | - | | Distribution Costs (excl. ZERO/ETHOZ) | Decreased 29% | - | - | | Net Gearing Ratio (as of Jun 30, 2025) | 49.3% | - | - | | Return on Capital Employed (ROCE) | 1.9% | 1.5% | +0.4pp | | Net Asset Per Share (as of Jun 30, 2025) | HKD 6.37 | HKD 6.04 (Dec 31, 2024) | +5.5% | | Interim Dividend (per share) | HK cents 2 | HK cents 2 | 0% | - The Group achieved an 11% reduction in administrative expenses and a 29% decrease in distribution costs (excluding ZERO Group and ETHOZ Group) through stringent cost control and operational efficiency optimization[7] - The automotive division anticipates robust development in H2 2025, with strong orders for new Subaru hybrid models and Nissan's expansion into commercial and passenger vehicle segments, extending growth into early 2026[8] Significant Investments As of June 30, 2025, the Group's FVOCI investments totaled HKD 1.61 billion, primarily in Tokyo-listed equities, recording an unrealized loss of HKD 37 million Overview of Significant Investments | Indicator | Jun 30, 2025 (HKD) | Prior Year (HKD) | | :--- | :--- | :--- | | Total Fair Value Investments | 1,610,000,000 | - | | Unrealized Loss/Gain | (37,000,000) | 262,000,000 (Gain) | - Most investments are in equity securities listed on the Tokyo Stock Exchange, representing long-term strategic holdings[12] - Unrealized fair value losses are not reclassified to the consolidated income statement[12] Regional Business Overview This section reviews the Group's automotive distribution and other business performance in key Asian markets, outlining H2 strategies and new product launches Singapore Market Singapore's TIV grew 28%; Nissan sales declined due to reduced incentives but improved in Q2, while Subaru achieved significant 181% growth and will pursue electrification Singapore Market Performance (H1 2025) | Indicator | Change (YoY) | | :--- | :--- | | Total Industry Volume (TIV) | +28% | | Passenger Car TIV | +29% | | Commercial Vehicle TIV | +22% | | Nissan Passenger Car Sales | -26% | | Nissan Commercial Vehicle Sales | -8% | | Subaru Business Growth | +181% | - Nissan passenger vehicle sales declined primarily due to reduced incentives for A2 category passenger vehicles under the Vehicle Emissions Scheme (VES) effective January 1, 2025, though Q2 sales increased by 50% compared to Q1[14] - Nissan commercial vehicle sales slowed due to the cancellation of B-class light commercial vehicle incentives under the Commercial Vehicle Emissions Scheme (CVES) and the termination of the Early Turnover Scheme (ETS) from April 1, 2025[14] - Subaru's business achieved significant results through process optimization and cost-saving measures, with the new Forester E-Boxer hybrid model expected to launch in H2 2025[18] ETHOZ Group ETHOZ Group's H1 2025 revenue declined 2.4% due to reduced leasing/sales, but net profit grew 10% due to interest income; its potential listing is deferred ETHOZ Group Performance in H1 2025 | Indicator | H1 2025 (HKD thousands) | Prior Year (HKD thousands) | Change (YoY) | | :--- | :--- | :--- | :--- | | Total Revenue | 445,400 | 456,400 | -2.4% | | Net Profit | Increased 10% | - | +10% | | Potential Standalone Listing Plan | Deferred | - | - | - The revenue decline was primarily due to reduced vehicle leasing income and vehicle sales, partially offset by an increase in interest income[19] - The Group remains confident in ETHOZ Group's strong fundamentals and long-term growth potential, and will re-evaluate strategic options when market conditions are more favorable[40] China Market Hong Kong Subaru sales fell 13% but gained market share; Mainland China sales dropped 43% amid competition, with H2 optimism for the new Forester E-Boxer Subaru Business Performance in China Market (H1 2025) | Region | Subaru Sales Change (YoY) | Total Industry Volume (TIV) Change (YoY) | | :--- | :--- | :--- | | Hong Kong | -13% | -23% | | Mainland China | -43% | - | - Hong Kong Subaru business successfully increased market share and remains optimistic about the launch of the new Forester E-Boxer hybrid model[20] - The China market continues to face intense inter-brand competition, and the Group will enhance operational performance through innovative dealership models[20] Taiwan and Philippines Markets Taiwan Subaru sales fell 36% due to trade uncertainties and aging models; Philippines sales dropped 64% due to NEV incentives, with both expecting H2 improvement from the new Forester E-Boxer Subaru Business Performance in Taiwan and Philippines (H1 2025) | Region | Subaru Sales Change (YoY) | | :--- | :--- | | Taiwan | -36% | | Philippines | -64% | - Taiwan market sales decline was primarily attributed to uncertain US trade tariff situations, decreased economic confidence, and an aging model lineup[21] - The Philippines market was impacted by NEV tax incentives attracting new brands, and the Group will collaborate with the government to promote NEV market development[21] - The Group is committed to continuously improving and expanding its dealership network, opening a Subaru Pampanga dealership in Angeles City, Luzon, in June 2025[21] Malaysia, Thailand, Vietnam, and Cambodia Markets The Group is transitioning to CBU models in Malaysia, Thailand, Vietnam, and Cambodia; sales varied, with Thailand up 100% and others declining or flat, all anticipating the new Forester - The Group is driving the transition from CKD to CBU models in markets such as Malaysia, Thailand, Vietnam, and Cambodia[22] Subaru Business Performance in Southeast Asian Markets (H1 2025) | Region | Subaru Sales Change (YoY) | Total Industry Volume (TIV) Change (YoY) | | :--- | :--- | :--- | | Malaysia | -37% | Expected to normalize, weak market | | Thailand | +100% | Recovery affected by high household debt | | Vietnam | -40% | - | | Cambodia | 0% | -20% | - With strong government support for NEV tax incentives in Thailand, the Group's Subaru business recorded a 100% year-on-year sales growth[22] - Despite zero sales growth, Subaru in Cambodia successfully increased its market share, reflecting enhanced brand appeal[23] Japan Market ZERO Group's H1 2025 revenue grew 8% to HKD 4.2 billion, with net profit after tax up 36%, driven by business expansion, compensation, and used car exports ZERO Group Performance in H1 2025 | Indicator | H1 2025 (HKD) | Change (YoY) | | :--- | :--- | :--- | | Revenue | 4,200,000,000 | +8% | | Net Profit After Tax | Increased 36% | +36% | - Revenue growth was primarily driven by the expansion of domestic automotive-related businesses and human resources services[25] - Profit growth mainly stemmed from a one-off compensation received for the Kawasaki Integrated Logistics Center fire and improved profitability in used car export business[25] - ZERO Group will maintain profitability by restructuring operational frameworks, promoting gross profit-focused sales activities, and streamlining processes[25] [Hire Purchase and Financing Business](index=8&type=