喜相逢集团(02473) - 2025 - 中期财报

Company Information Board of Directors and Committees The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, with audit, remuneration, and nomination committees ensuring robust corporate governance; nomination committee members changed during the reporting period - Board members include Mr. Huang Wei (Chairman and CEO), Mr. Ye Fuwei, Ms. Zhang Jinghua as executive directors, Mr. Liu Wei as non-executive director, and Mr. Wu Fei, Mr. Feng Zhiwei, Mr. Chen Shuo as independent non-executive directors[5] - The Audit Committee is chaired by Mr. Feng Zhiwei, the Remuneration Committee by Mr. Wu Fei, and the Nomination Committee by Mr. Huang Wei[5] - Ms. Zhang Jinghua and Mr. Feng Zhiwei were appointed as Nomination Committee members on June 25, 2025[5] Company Basic Information The company is registered in the Cayman Islands, headquartered in Fuzhou, Fujian Province, China, with a principal place of business in Hong Kong; its stock code is 2473, and its auditor is PwC - The company's registered office is in the Cayman Islands, and its headquarters are located in Fuxing Economic Development Zone, No. 318 Fuguang Road, Jin'an District, Fuzhou, Fujian Province, China[5] - The principal place of business in Hong Kong is Room 1709, West Tower, Shun Tak Centre, 168-200 Connaught Road Central, Sheung Wan, Central and Western District, Hong Kong[6] - The company's stock code is 2473, and its auditor is PwC[7] Management Discussion and Analysis Introduction The Group is a prominent automobile retailer primarily offering automobile finance lease services through self-operated sales outlets in China, covering retail and financing, operating leases, other related services, and direct retail - The Group's main businesses include automobile retail and financing (selling non-luxury automobiles through direct finance leases), automobile-related business (primarily providing automobile operating lease and other automobile-related services), and direct automobile retail business (one-off sale of automobiles)[9] Macroeconomic Environment Analysis In H1 2025, global economic growth slowed, but China's economy showed strong resilience with GDP growing 5.3%, continuous industrial structure optimization, and robust industrial production - The World Bank lowered its 2025 global GDP growth forecast to 2.3%, the lowest level since the 2008 financial crisis[10] - In H1 2025, China's GDP reached RMB 66.05 trillion, a 5.3% year-on-year increase[10] - The value added of the tertiary industry grew 5.5%, contributing 59.1% to economic growth; the value added of industrial enterprises above designated size increased 6.4% year-on-year[10] Industry Analysis In H1 2025, China's automotive market maintained high growth driven by rising new energy vehicle penetration and technological innovation, with strong passenger car production and sales, surging exports, especially for new energy passenger vehicles, and accelerated compliance in the ride-hailing sector - In H1 2025, China's passenger car production and sales reached 13.522 million units and 13.531 million units respectively, representing year-on-year increases of 13.8% and 13%[11] - China's passenger car exports reached 2.581 million units, a 10.3% year-on-year increase; new energy passenger car exports surged 71.3% to 1.011 million units[12] - Over 20 provinces nationwide intensively introduced new compliance policies for ride-hailing, promoting industry standardization and transparency[12] Policy Support During the reporting period, the Chinese government introduced multiple policies to stimulate the automotive consumer market, including simplifying export licenses, enhancing 'trade-in' subsidies, targeted reserve requirement ratio cuts for auto finance, and relaxing loan ratios for new energy and fuel vehicles, providing strong support for industry development - In January 2025, online application for automobile export licenses was fully launched, improving export efficiency[13] - In January 2025, the National Development and Reform Commission and the Ministry of Finance issued the "Notice on Intensifying and Expanding the Implementation of Large-scale Equipment Renewal and Consumer Goods Trade-in Policies in 2025" to stimulate car purchase demand[13] - In May 2025, the People's Bank of China implemented a targeted reserve requirement ratio cut of 5 percentage points, releasing approximately RMB 1.2 trillion in long-term funds to activate the automobile finance lease market[13] - In June 2025, the central bank and six other departments jointly issued the "Guiding Opinions on Financial Support for Boosting and Expanding Consumption," removing the 85% cap on new energy vehicle loans and simultaneously relaxing loan ratios for fuel vehicles[14] Business Review In H1 2025, the Group achieved stable development by strengthening digitalization, deepening channel penetration, and actively expanding overseas markets, with operating revenue growing 16.8% to RMB 769.2 million, gross profit increasing 10.3% to RMB 230.9 million, and profit rising 15.9% to RMB 22.6 million [Key Financial Indicators for H1 2025] | Metric | 2025年上半年 (RMB million) | 2024年上半年 (RMB million) | YoY Growth Rate | | :--- | :--- | :--- | :--- | | Operating Revenue | 769.2 | 658.7 | 16.8% | | Gross Profit | 230.9 | 209.3 | 10.3% | | Profit | 22.6 | 19.5 | 15.9% | Deepening Cultivation: Enhancing Channel Penetration and Service Upgrades to Build a Comprehensive Marketing Service System The Group continued to expand its sales network, increasing self-operated outlets from 89 to 110, particularly for ride-hailing services, while deepening strategic cooperation with Tuhu Auto, expanding service points to over 7,000; automobile retail and financing revenue grew 7.2%, automobile-related business revenue increased 16.6%, and ride-hailing operating lease revenue rose 19.4% - The self-operated sales network size expanded from 89 outlets as of December 31, 2024, to 110 outlets as of June 30, 2025[16] - 19 new outlets were strategically deployed in East China and South China to adapt to the ride-hailing compliance upgrade regulatory environment[16] - Cooperative service outlets with Tuhu Auto exceeded 7,000, providing a one-stop automobile maintenance experience[16] Key Business Revenue Growth | Business Type | 2025年上半年 Revenue (RMB million) | YoY Growth Rate