正通汽车(01728) - 2025 - 中期财报

Management Discussion and Analysis This section provides an overview of the Group's market performance, business operations, financial results, and future strategies for the reporting period Market Review In H1 2025, China's auto market grew with policy support, driven by NEVs exceeding 50% penetration, while luxury car sales slightly declined and used car market improved in quality - In H1 2025, multiple government departments, including the National Development and Reform Commission and the Ministry of Finance, introduced policies that further strengthened support for the automotive industry compared to 2024, which is expected to drive new and used car sales[5] 2025 H1 China Passenger Vehicle Market Data | Metric | Data | | :--- | :--- | | Overall Retail Sales | 10.901 million units | | Y-o-Y Growth | 10.8% | | Luxury Car Sales Y-o-Y Decline | 5%–7% (approx. 1.6 million units) | | New Energy Vehicle Sales | 5.468 million units | | New Energy Vehicle Sales Y-o-Y Growth | 33.3% | | New Energy Vehicle Market Penetration | 50.2% | | Used Car Market Cumulative Transaction Volume | 9.5701 million units | | Used Car Market Transaction Volume Y-o-Y Growth | 2.0% | | National Vehicle Ownership (as of end of June) | 360 million units | | New Energy Vehicle Ownership Proportion | 10.3% | Business Review The Group focused on mid-to-high-end auto operations, optimizing management, accelerating NEV transformation, closing inefficient stores, and enhancing digital management, with a HKD 1 billion share issuance to Xinda Auto (Hong Kong) Co., Ltd., making Xiamen ITG Holding Group Co., Ltd. the controlling shareholder and relocating the management headquarters to Xiamen - The Group continued to focus on mid-to-high-end brand automobile operations, enhancing core competitiveness and operational quality through optimizing management structure, promoting new energy transformation, closing inefficient stores, strengthening centralized procurement, and digital management[7] - In June 2025, the Group completed a share issuance to Xinda Auto (Hong Kong) Co., Ltd., raising approximately HKD 1 billion, with Xiamen ITG Holding Group Co., Ltd. becoming the controlling shareholder, providing capital support and resource guarantees for the Group's future development[7] - The Group's management headquarters officially relocated to Xiamen to better utilize local resources, deepen localized operations, and lay the foundation for strategic synergy within the shareholder system[7] 2025 H1 Group Operating Overview | Metric | Data | | :--- | :--- | | Awards and Honors | 53 units (51 from manufacturers, 2 from government/media/industry associations) | | Ranking among Top 100 Chinese Auto Dealer Groups | 21st | | Ranking among Top 100 Chinese Auto Dealer Groups — New Energy Sub-list | 66th | | Revenue | approx. RMB 8,891.0 million | | Gross Profit | approx. RMB 297.5 million | Automobile Dealership The Group restructured its automobile dealership business, promoting regional coordination and vertical brand management, accelerating NEV transformation, and strengthening centralized and digital management to improve operational efficiency, with NEV sales accounting for approximately 8.6% of new car sales - The Group restructured its automobile dealership brand business architecture, emphasizing both regional coordination and vertical brand management, vigorously promoting the transformation of stores towards new energy brands[8] - New energy new car sales accounted for approximately 8.6% of the Group's total sales[8] - Leveraging digital technology, the Group strengthened dynamic inventory monitoring and early warning systems, continuously reducing operational risks and steadily improving operational efficiency and quality[8] New Car Sales Business Facing declining fuel vehicle market share, the Group optimized operating strategies (structural optimization, efficiency improvement) and marketing methods (online lead generation, offline conversion, private domain retention) to navigate market challenges, achieving resilient new car sales amidst adversity - Operating strategies focused on "structural optimization and efficiency improvement," dynamically allocating inventory, increasing the投放 of high-margin pure electric and plug-in hybrid models in first-tier cities, and prioritizing cost-effective fuel vehicles and entry-level new energy products in lower-tier markets[9] - A regional inventory allocation platform was established, relying on a digital system to monitor store supply and demand in real-time and create a rapid cross-store transfer mechanism, leading to an improvement in inventory turnover efficiency year-on-year[9] - The price management system was upgraded, building a dynamic pricing model that covers competitor prices, inventory depth, and customer profiles, to match customized solutions for different customer segments[9] - Marketing strategies adhered to a "three-in-one" approach of "online lead generation, offline conversion, and private domain retention," enhancing sales through new media operations, cross-industry traffic import, offline integrated marketing activities, and enterprise WeChat communities[10] 2025 H1 New Car Sales Data | Metric | 2025 H1 | Y-o-Y Change | | :--- | :--- | :--- | | Total New Car Sales | 26,840 units | up approx. 0.8% | | Mid-to-High-End Car Sales | 23,747 units | up approx. 4.7% | After-Sales Service Business The Group upheld a customer-centric philosophy, optimizing service experience, offering differentiated products and precise services, and expanding service scope through segmented customer operations, data-driven customer re-engagement, and accelerated digital service channel development to enhance efficiency and transparency - The after-sales business system was continuously improved, refining customer segmentation and operations, launching exclusive service packages for high-value customers, which steadily increased after-sales return visits[11] - Digital service channel construction was accelerated, integrating online and offline scenarios, allowing customers to book appointments with one click and view maintenance progress in real-time, thereby improving service efficiency and transparency[11] 2025 H1 After-Sales Service Data | Metric | Data | | :--- | :--- | | Cumulative Auto After-Sales Service Units | 504,250 units | | After-Sales Service Revenue | approx. RMB 1,486.9 million | Automobile Derivative Business The Group deepened its used car business layout, advancing center transformation, optimizing auction platform partnerships, piloting its own platform, and enhancing business capabilities through internal competitions; auto finance revenue significantly increased year-on-year, and insurance agency business expanded its integrated advantages through product optimization and renewal center pilots Used Car Business The Group deepened its used car business layout by upgrading existing centers, preparing new stores, and optimizing auction platform partnerships to enhance turnover and profitability - The Group deepened its used car business layout, advancing the transformation and upgrading of four used car centers in Beijing, Shenzhen, Wuhan, and Guangzhou, and preparing new center stores, with coverage now reaching nearly 60% of stores[12] - The auction platform cooperation system was optimized, introducing leading industry and high-quality auction platform enterprises, while also piloting its own auction platform to accelerate used car turnover efficiency and optimize per-vehicle gross profit levels[12] 2025 H1 Used Car Sales | Metric | Y-o-Y Growth | | :--- | :--- | | Used Car Sales | approx. 7.2% | Auto Finance Business The Group expanded collaborations with financial institutions, exploring win-win solutions for retail auto mortgage loans, leading to a significant increase in mortgage loan support service revenue - The Group continued to engage in deep and extensive cooperation with various auto finance companies and banks, expanding collaboration areas and actively exploring win-win solutions for retail auto mortgage loans[13] 2025 H1 Auto Finance Business Revenue | Metric | Amount (RMB million) | Y-o-Y Growth | | :--- | :--- | :--- | | Mortgage Loan Support Service Revenue | 693.0 | approx. 112.8% | - The significant increase in revenue was primarily due to its income being reported as revenue from April 1, 2024, whereas mortgage loan support service income generated between January 1, 2024, and March 31, 2024, was included under "Service income" in "Other income"[13] [Insurance Agency Business](index=6&type=section&id=%E4%BF%9D%E9%99%A9%E4%BB%A3%E7%90%86%E4%B8%9A%E5%8A