FF305 公司名稱： 中國永達汽車服務控股有限公司(於開曼群島註冊成立的有限公司) 呈交日期： 2026年1月16日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 03669 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | | | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 ...

Core Viewpoint - The adjustment of the vehicle trade-in policy to a "proportional subsidy" will significantly benefit mid-to-high-end vehicles, with an estimated profit increase of 15.9 billion yuan for the passenger car industry in 2026 [1][2]. Group 1: Policy Changes and Impact - The new policy, effective from December 30, 2025, provides a subsidy of 12% for new energy vehicles and 10% for fuel vehicles, with maximum subsidies of 20,000 yuan and 15,000 yuan respectively for scrapping [1]. - The trade-in subsidy for purchasing new energy and fuel vehicles will be 8% and 6% respectively, with maximum subsidies of 15,000 yuan and 13,000 yuan [1]. - The adjustment in Chongqing shows that the sales proportion of vehicles priced above 200,000 yuan increased to 39.1% in November 2025, up by 6.3 percentage points from July 2025 [1]. Group 2: Profit Projections - The estimated profit increase of 15.9 billion yuan for the passenger car industry in 2026 is based on the assumption that domestic terminal sales will remain flat year-on-year [1]. - The theoretical profit space for different price segments is projected to grow as follows: 0 billion yuan for under 100,000 yuan, 0.3 billion yuan for 100,000-150,000 yuan, 0.7 billion yuan for 150,000-200,000 yuan, and 2.5 billion yuan for above 200,000 yuan [1]. - The total amount of trade-in subsidies is expected to decline by approximately 30 billion yuan in 2026, but the subsidies for vehicles priced above 150,000 yuan will increase by about 14 billion yuan [2]. Group 3: Investment Recommendations - Recommended stocks in the passenger vehicle chain include Geely Automobile, BYD, Chery Automobile, and others for right-side opportunities, while Great Wall Motors and Changan Automobile are suggested for left-side opportunities [3]. - Companies showing potential turning points include SAIC Motor [3]. - In the upstream and downstream chains, recommended stocks include Minth Group, Yinlun Machinery, and others for right-side opportunities, while Yongda Automobile and New Coordinates are suggested for left-side opportunities [3].

Core Viewpoint - The adjustment of the vehicle trade-in policy to a "proportional subsidy" will significantly benefit mid-to-high-end vehicles, with an expected profit increase of 15.9 billion yuan for the passenger car industry in 2026 [1][2][3]. Group 1: Policy Changes and Impacts - The new policy, effective from December 30, 2025, includes a scrapping subsidy of 12% for new energy vehicles and 10% for fuel vehicles, with maximum subsidies of 20,000 yuan and 15,000 yuan respectively [1]. - The trade-in subsidy will provide 8% for new energy vehicles and 6% for fuel vehicles, with maximum subsidies of 15,000 yuan and 13,000 yuan respectively [1]. Group 2: Profit Projections - Based on data from Chongqing, the proportional subsidy is expected to increase the profit of the passenger car industry by 15.9 billion yuan in 2026, with profit growth in different price segments projected as follows: 0 yuan for under 100,000 yuan, 300 million yuan for 100,000-150,000 yuan, 2.9 billion yuan for 150,000-200,000 yuan, and 12.8 billion yuan for above 200,000 yuan [2][3]. - The total amount of trade-in subsidies is projected to decline by approximately 30 billion yuan in 2026, but the subsidy amount for vehicles priced above 150,000 yuan is expected to increase by about 14 billion yuan [3]. Group 3: Investment Recommendations - The report suggests focusing on various companies within the passenger vehicle supply chain, including Geely, BYD, Chery, and others as potential investment opportunities [4]. - Companies positioned for growth include SAIC Motor, while others like Great Wall Motors and Changan Automobile are identified as left-side targets [4].

Core Viewpoint - Yongda Automobile (03669) announced a share buyback plan, indicating a strategic move to enhance shareholder value through repurchasing shares at a price range of HKD 1.66 to 1.69 per share [1] Group 1 - The company plans to repurchase 550,000 shares [1] - The total expenditure for the buyback is HKD 923,000 [1] - The buyback is scheduled to take place on January 8, 2026 [1]

Core Viewpoint - Yongda Automobile (03669) announced a share buyback plan, indicating confidence in its stock value and potential for future growth [1] Group 1: Share Buyback Details - The company will repurchase 550,000 shares at a total cost of HKD 923,000 [1] - The buyback price per share ranges from HKD 1.66 to HKD 1.69 [1]

Group 1 - The company, Yongda Automobile (03669.HK), announced a share buyback on January 8, 2023, spending HKD 923,000 to repurchase 550,000 shares [1]

表格類別： 股票 狀態： 新提交 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) FF305 公司名稱： 中國永達汽車服務控股有限公司(於開曼群島註冊成立的有限公司) 呈交日期： 2026年1月8日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 03669 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（ ...

Group 1 - The core viewpoint indicates that Hong Kong automotive dealership stocks have collectively declined, with notable drops in companies such as Zhongsheng Holdings down 4.3% and Baoteli Holdings down over 3% [1][2] - Despite predictions of a strong start in January, the operational conditions for automotive dealers remain challenging due to reduced customer traffic and a cautious market leading to demand contraction [1] - A survey by the China Automobile Dealers Association reveals that nearly half of the dealers expect to achieve a completion rate of 90% or above for their annual targets in 2025, with 15.3% exceeding their targets [1] Group 2 - The automotive market in China is facing pressures from shrinking subsidies and tax incentives, alongside a weak performance in the fourth quarter, leading to forecasts of a 7% decline in sales for 2026, marking the first anticipated annual drop since 2020 [1] - The stock performance of key automotive dealers includes Zhongsheng Holdings at 11.720 with a decline of 4.33%, Baoteli Holdings at 0.470 down 3.09%, Meidong Automotive at 1.200 down 2.44%, and Yongda Automotive at 1.650 down 2.37% [2]

FF301 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12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: 中國永達汽車服務控股有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2026年1月7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) | 03669 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,500,000,000 | HKD | | 0.01 HKD | | 25,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 2,500,000,000 | HKD | | 0.01 HKD | | 25,000,000 | ...

Core Viewpoint - Morgan Stanley reports that BMW China has reduced suggested retail prices by 10% to 20% for certain imported models, including the 7 Series, 6 Series, M Series, and i-series electric vehicles, effective from January 1 this year [1] Group 1: Price Adjustment Impact - The price reduction is not aimed at initiating price competition, as BMW dealers have been offering discounts significantly below the suggested retail prices for some time [1] - Despite the suggested retail price decrease, actual transaction prices are expected to remain largely unchanged [1] Group 2: Dealer Implications - Dealers such as Yongda Automobile (03669), Zhongsheng Holdings (00881), and Meidong Automobile (01268) are anticipated to benefit slightly from the price adjustments [1] - The lower suggested retail prices will allow dealers to enjoy reduced procurement costs, potentially enhancing their new car sales gross margins [1] - However, future rebates received by dealers may decrease, as the rebate amounts are determined by the manufacturer [1]