Core Viewpoint - Harmony Auto (03836.HK) announced a donation of HKD 5 million to support residents affected by a major fire in Hong Kong on November 26, 2025, emphasizing its commitment to corporate social responsibility [1] Group 1: Company Response - The company expressed deep condolences to the families of those who lost their lives in the fire and extended sincere care to all affected families and injured individuals [1] - Employees from various BYD and Tengshi stores under the company quickly responded to the disaster by providing support, including deploying 20 BYD electric vehicles for free charging and shuttle services, as well as distributing food, bottled water, and power banks to assist frontline rescue efforts [1] Group 2: Financial Impact - The donation of HKD 5 million will be sourced from the company's internal resources and is expected not to have a significant impact on the company's financial status and operating performance [1]

China Harmony Auto Holding Limited 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 捐贈500萬港元以支援香港大埔火災救援 本公告乃由中國和諧汽車控股有限公司（「本公司」，連同其附屬公司統稱為「本 集團」）董事（「董事」）會（「董事會」）自願作出。 2025年11月26日，香港新界大埔宏福苑發生重大火災，造成嚴重損失，令人哀 痛。董事會謹此宣佈捐款500萬港元，專項用於受災居民的醫療救助、臨時安 置及災後重建。此外，本集團旗下位於香港的多家比亞迪及騰勢店舖的員工迅 速響應，於火災現場週邊為受災市民及救援人員提供多項支援，包括調配20部 比亞迪電動車提供免費充電及擺渡接載服務，並派發食物、瓶裝水及行動電源 等應急物資，全力協助前線救援及市民所需。 – 1 – 本公司謹此向火災中不幸離世人士的家屬致以深切慰問，並向所有受災家庭、 受傷人士以及日夜奮戰的救援人員，表達誠摯關懷與崇高敬意。是次捐款資金 來自本集團內部資源，預期 ...

Core Viewpoint - The automotive dealership sector is experiencing a rebound, with notable stock price increases for several companies, driven by government initiatives to boost automotive consumption and improve market conditions [1] Group 1: Stock Performance - Yongda Automobile (03669) increased by 11.11%, trading at HKD 1.8 [1] - Harmony Auto (03836) rose by 7.95%, trading at HKD 0.95 [1] - Zhongsheng Holdings (00881) saw a 2.5% increase, trading at HKD 11.9 [1] - Meidong Auto (01268) gained 1.27%, trading at HKD 1.6 [1] Group 2: Government Initiatives - The Ministry of Commerce's official Yang Si emphasized that commodity consumption is crucial for promoting consumption and improving livelihoods [1] - Future plans include advancing automotive circulation consumption reforms, expanding the second-hand car market, and developing automotive aftermarket sectors such as modifications, rentals, events, and RV camping [1] Group 3: Industry Conditions - According to Longzhong Information, the inventory warning index for Chinese automotive dealers in October 2025 is at 52.6%, which is a year-on-year increase of 2.1 percentage points and a month-on-month decrease of 1.9 percentage points [1] - The index remains above the neutral line (50%), indicating an improvement in industry sentiment, although inventory pressure has not been fully alleviated [1]

Core Viewpoint - The automotive dealership sector is experiencing a rebound, with notable stock price increases for several companies following government initiatives to boost automotive consumption [1] Group 1: Company Performance - Yongda Automobile (03669) shares rose by 11.11% to HKD 1.8 [1] - Harmony Auto (03836) shares increased by 7.95% to HKD 0.95 [1] - Zhongsheng Holdings (00881) shares went up by 2.5% to HKD 11.9 [1] - Meidong Auto (01268) shares climbed by 1.27% to HKD 1.6 [1] Group 2: Government Initiatives - The Ministry of Commerce's official Yang Si stated that consumer goods consumption is crucial for enhancing livelihoods, and the ministry will promote reforms in automotive circulation [1] - Plans include expanding the second-hand car market and developing the automotive aftermarket, including modifications, rentals, events, and RV camping [1] Group 3: Industry Insights - According to Longzhong Information, the inventory warning index for Chinese automotive dealers in October 2025 is at 52.6%, which is a year-on-year increase of 2.1 percentage points and a month-on-month decrease of 1.9 percentage points [1] - The index remains above the neutral line (50%), indicating an improvement in industry sentiment, although inventory pressure has not been fully alleviated [1]

Core Viewpoint - The strategic investment by a domestic new energy vehicle company in iCar Group Limited, a subsidiary of Harmony Auto, marks a significant collaboration aimed at expanding overseas market presence and enhancing operational efficiency in the automotive distribution sector [2][3][4]. Group 1: Investment and Strategic Collaboration - Harmony Auto announced that a domestic new energy vehicle company has invested $40 million (approximately 284 million RMB) for a 10% stake in iCar Group, reducing Harmony Auto's direct shareholding from 55% to 49.5% [2]. - The investment is seen as a recognition of Harmony Auto's strong brand management capabilities and valuable overseas channels, aimed at accelerating the overseas expansion of the new energy vehicle brand [3][4]. - The collaboration is expected to deepen the partnership and optimize Harmony Auto's capital structure, enhancing overall competitiveness and creating sustainable long-term value for shareholders [3][4]. Group 2: Market Performance and Growth - As of June 30, 2025, Harmony Auto's revenue reached 9.637 billion RMB, a 29.1% increase compared to the same period in 2024, with overseas markets contributing significantly to this growth [6][9]. - The sales volume from Hong Kong and overseas markets accounted for over 50% of total sales, highlighting the effectiveness of Harmony Auto's international strategy [6][9]. - The company reported a significant increase in sales in key overseas markets, with Indonesia, Cambodia, and the Philippines showing growth rates of 226%, 444%, and 89% respectively [7]. Group 3: Operational Strategy and Efficiency - Harmony Auto employs a "low-cost, high-efficiency" operational model overseas, with lower investment per store compared to traditional 4S stores in China [7]. - The company has established over 157 authorized dealer outlets globally, with a focus on rapid deployment strategies to capture core markets [6][9]. - The strategic investment allows the new energy vehicle company to leverage Harmony Auto's extensive overseas distribution network, enhancing market penetration and operational control [4][10]. Group 4: Industry Context and Future Outlook - The collaboration reflects a broader trend in the automotive industry where domestic companies are increasingly looking to expand their international presence through strategic partnerships [15][19]. - The investment model seen in this case is not uncommon, as it mirrors past strategies employed by companies like Toyota in their overseas expansions [10][19]. - Industry experts suggest that the success of such partnerships will depend on the ability of dealers to adapt to local markets and leverage their existing resources effectively [18][19].

Credit Loss and Financial Performance - The expected credit loss for the independent after-sales company is approximately RMB 139.6 million, primarily due to the company's failure to pay interest on time [4]. - The net liabilities attributable to the independent after-sales company increased to approximately RMB 855 million as of December 31, 2024, with an operating loss of about RMB 36 million and financial costs of approximately RMB 32 million recorded for the year [4]. - The expected credit loss provision as of December 31, 2024, is RMB 712.4 million, after accounting for previous provisions [6]. - The total risk value faced by the company in the event of default by the independent after-sales company is the sum of the total advances and receivable interest [8]. - The default probability is set at 100%, consistent with the previous two years, while the default loss rate increased from 68.9% to 82.4% due to prolonged overdue periods [8]. - The expected credit loss provision is calculated using the formula: expected credit loss = default risk x default probability x default loss rate [8]. Repayment Efforts - The company received repayments totaling RMB 40 million from the independent after-sales company on October 9 and 10, 2025, and remains committed to recovering the outstanding balance [7]. - The company is in ongoing discussions with the independent after-sales company to explore feasible repayment solutions [4]. Operational Efficiency - The independent after-sales company is actively working to optimize operational efficiency, including restructuring staff and reducing operating costs [4]. - The total number of stock options available for grant under the stock option plan is 122,570,067 shares, representing 8.05% of the issued shares as of the report date [3].

Core Points - The 27th High-Tech Fair will be held from November 14 to 16 in Shenzhen, showcasing the latest achievements and trends in high-tech from both domestic and international sources, aiming to facilitate global high-tech transactions and the application of new technologies [1][4] - The exhibition will cover a total area of 400,000 square meters with 22 specialized exhibition areas and is expected to attract over 450,000 professional visitors [4][5] - A notable highlight will be the global launch of China's space tourism project by the China Aerospace Science and Technology Corporation [5] Group 1: Exhibition Details - The fair will feature 22 specialized exhibition areas, including major equipment, artificial intelligence, semiconductors, consumer electronics, and low-altitude economy [4][5] - Over 200 professional activities will be held concurrently, including forums, product launches, and procurement matchmaking events [7][10] - The fair aims to achieve a high level of marketization, with over 90% of exhibits being physical products and more than 20% of exhibits being launched for the first time [10][11] Group 2: Focus Areas - The fair will focus on four dimensions: national key equipment, specialized topics, industrial chain integration, and regional and national participation [5][6] - Key exhibitors will include over 40 central and state-owned enterprises, showcasing significant technologies and products [5] - The event will also feature international participation from over 30 countries and regions, including Russia, Germany, and Singapore [5][12] Group 3: Transaction Promotion - The fair will implement a "136" plan, targeting 10% international buyers, 30% provincial buyers, and 60% out-of-province buyers [6] - An international investment negotiation area and an international buyer matching area will be established to facilitate transactions [6][7] - The expected transaction volume is anticipated to reach new heights, with participation from renowned investment institutions and companies [7][10] Group 4: Support for High-Tech Development - The fair aims to support the transformation of high-tech achievements into new productive forces, with a focus on high-quality projects [11][15] - Various procurement matchmaking areas will be set up to enhance international cooperation and facilitate supply-demand transactions [12][15] - The event will also promote regional cooperation, featuring a special area for economic and technological innovation achievements [12][15]

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10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: 中國和諧汽車控股有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 03836 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,523,264,677 | | 0 | | 1,523,264,677 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 1,523,264,677 | | 0 | | 1,523,264,677 | 第 2 頁 共 10 頁 v 1.1.1 | ...

Core Viewpoint - The upcoming 8th Hongqiao International Economic Forum will focus on "Promoting Global Energy Transition through High-Quality Development of New Energy Storage" and will feature a significant keynote speech by Wang Shaowu, Vice General Manager of China Southern Power Grid [2][6]. Forum Information - The forum is organized by the National Energy Administration and the Ministry of Commerce, and is hosted by various institutions including the Chinese Academy of Sciences [6]. - The event will take place on November 5, 2025, from 14:30 to 17:30 at the National Exhibition and Convention Center (Shanghai) [7]. - The forum aims to create a high-end storage "ecosystem" by inviting global experts from government, industry, academia, and finance to discuss breakthroughs in storage technology, business model exploration, policy incentives, and international cooperation [7]. Guest Profile - Wang Shaowu, a member of the Party Leadership Group and Vice General Manager of China Southern Power Grid, has extensive experience in high voltage insulation technology and advanced transmission technologies, contributing significantly to China's leadership in ultra-high voltage engineering [5].

Core Insights - BYD has strategically invested in Harmony Auto's overseas electric vehicle platform, iCar Group, acquiring a 10% stake for $40 million, which strengthens their partnership and aims to enhance market competitiveness in overseas markets [1][2][11] - Harmony Auto has been expanding its presence in the electric vehicle sector since 2015 and is now focusing on international markets, particularly in Asia and Europe, to create a second growth curve [2][8] - The investment from BYD reflects a deeper capital connection and aims to leverage BYD's technology and brand influence to solidify Harmony Auto's position in the overseas electric vehicle market [2][12] Investment and Financial Strategy - Prior to BYD's investment, Harmony Auto had already sold 45% of its stake in iCar Group to Epower Global Limited for 330 million yuan, which helped alleviate financial risks by offsetting debts [3][5] - Harmony Auto's stock price surged after announcing the strategic investment, indicating positive market sentiment towards the transaction [3] - The overseas operations of iCar Group have been rapidly expanding, with 40 4S centers and 36 showrooms established across various regions, contributing significantly to Harmony Auto's revenue growth [3][8] Performance Metrics - In the first half of 2025, Harmony Auto reported a 29.1% increase in revenue, with new car sales growing by 36.7%, and a significant improvement in gross profit and net profit margins [6][7] - The overseas market has become a primary revenue source for Harmony Auto, with sales from international markets accounting for 51.3% of total sales [6][8] - Despite the growth, iCar Group has not yet turned a profit, with reported revenues of 0.16 billion yuan and 19.35 billion yuan for 2023 and 2024, respectively, alongside net losses [9][10] Market Dynamics - The partnership between BYD and Harmony Auto is seen as a strategic move to navigate the challenges of the competitive automotive market, particularly in the context of price wars and declining margins in key markets [5][15] - The shift towards an agency model in the automotive industry is noted, where manufacturers retain more control over sales channels, potentially impacting the profitability of traditional dealership models [15] - Analysts predict that BYD's export sales could reach 1 million units by 2025, with iCar Group expected to contribute 7-8% of that volume, indicating a positive outlook for future growth [9][10]