消息面上，易鑫集团上月发布公告，宣布与精真估续订二手车服务战略合作协议，为期三年。西部证券 指出，腾讯为公司控股股东，精真估为腾讯的附属公司，公司与腾讯系合作持续深化。续订协议下，精 真估将继续为公司提供二手车估值及相关服务，公司将支付相应的服务费。现有协议的现有年度上限为 5000万元，续订后新年度上限提升至6000万元，上限提升体现出公司对二手车业务需求增长的信心。 值得注意的是，港交所推出港交所科技100指数，公司获纳入该指数。该行指出，港交所已授权易方达 基金在内地推出追踪港交所科技100指数的ETF，公司流动性有望进一步提升。此外，Q3运营数据增速 优于市场，全年业绩有望维持高增。 （原标题：港股异动 | 易鑫集团(02858)尾盘涨超7% 近期与精真估续签三年合作 与腾讯系绑定持续深 化） 智通财经APP获悉，易鑫集团(02858)尾盘涨超7%，截至发稿，涨6.36%，报2.51港元，成交额6564.91万 港元。 ...

消息面上，易鑫集团上月发布公告，宣布与精真估续订二手车服务战略合作协议，为期三年。西部证券 （002673）指出，腾讯为公司控股股东，精真估为腾讯的附属公司，公司与腾讯系合作持续深化。续订 协议下，精真估将继续为公司提供二手车估值及相关服务，公司将支付相应的服务费。现有协议的现有 年度上限为5000万元，续订后新年度上限提升至6000万元，上限提升体现出公司对二手车业务需求增长 的信心。 值得注意的是，港交所推出港交所科技100指数，公司获纳入该指数。该行指出，港交所已授权易方达 基金在内地推出追踪港交所科技100指数的ETF，公司流动性有望进一步提升。此外，Q3运营数据增速 优于市场，全年业绩有望维持高增。 易鑫集团(02858)尾盘涨超7%，截至发稿，涨6.36%，报2.51港元，成交额6564.91万港元。 ...

Core Insights - Yixin Group reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 5.452 billion yuan, up 22.03% year-on-year, and net profit at 549 million yuan, up 33.93% year-on-year [1][2] Group 1: Financial Performance - The total asset scale of the company as of the end of H1 2025 was 50.34 billion yuan, reflecting a growth of 3.60% compared to the end of the previous year [1] - The company's gross profit for H1 2025 was 2.886 billion yuan, representing a year-on-year increase of 35.57%, with a gross margin of 52.94%, up 5.29 percentage points [2] Group 2: Business Segments - The number of automotive financing transactions increased to 364,000, a year-on-year growth of 10.64%, with new car transactions at 142,000 (down 18.86% year-on-year) and used car transactions at 222,000 (up 45% year-on-year) [1] - The revenue from the transaction platform business was 4.346 billion yuan, up 23.79% year-on-year, accounting for 79% of total revenue, while SaaS business revenue surged by 124.47% to 1.873 billion yuan, making it the largest source of income [2] Group 3: Asset Quality and Risk Management - The net receivables from financing leases reached 29.599 billion yuan, a 1.89% increase from the previous year, with a net interest margin rising by 0.9 percentage points to 5.8% [3] - The overdue rates for 180 days and 90 days were 1.35% and 1.86%, respectively, showing improvement from the previous year, indicating enhanced asset quality and reduced financial risk [3]

Summary of Yixin Group Conference Call Company Overview - **Company**: Yixin Group - **Industry**: Automotive Finance - **Date of Call**: July 9, 2025 Key Points Strategic Focus - Yixin Group has shifted its strategic focus towards the used car business, with the total transaction volume in China's used car market projected to reach 19.61 million units in 2024, a year-on-year increase of 6%, outperforming the new car market [2][5] - The penetration rate of financial services in the used car market is significantly lower than that of new cars, indicating substantial growth potential [2][5] Financial Performance - The company reported a year-on-year increase of 46% in net profit attributable to shareholders [2][5] - By Q1 2025, the financing scale of used cars accounted for 60% of the company's total financing [2][5] - Revenue from the transaction platform is expected to reach 80% by the end of 2024, with loan facilitation services contributing over 40% and SaaS service revenue reaching 1.8 billion yuan, accounting for 18% [2][9] Shareholder Returns - The dividend yield has been consistently increasing, projected to reach 14.6% by the end of 2024, with a final dividend and special dividend of 0.12 yuan per share [2][11] Business Model and Growth - Yixin Group operates as a leading third-party financial platform, providing financial credit services for both new and used car consumers [3][5] - The company has established a service network covering over 340 cities and partnered with more than 38,000 car dealers, enhancing its customer acquisition in lower-tier markets [3][16] - The used car transaction volume reached 350,000 transactions in 2024, accounting for 48% of total transactions, with a transaction value of 30.4 billion yuan, representing an 18% year-on-year growth [3][17] Technology and Risk Management - The company has implemented AI technology to enhance customer acquisition efficiency and risk management, achieving a 65% automatic approval rate in the pre-approval stage [3][21] - The overdue rate for loans over 180 days decreased from 1.49% in 2022 to 1.39% in 2024 [3][21] Funding and Cost Structure - Yixin Group has established partnerships with over 100 banks and financial institutions, with bank loans now accounting for 68% of its financing channels [3][23] - The average funding cost decreased from 4.9% in 2023 to 4.5% in 2024, with expectations for further declines [3][23] Future Projections - Revenue is projected to grow by 22% to reach 12.048 billion yuan in 2025, with net profit expected to increase by 44% to 1.165 billion yuan [3][24] - The company aims for a compound annual growth rate of 23% in net profit from 2024 to 2029 as part of its management incentive plan [2][7] Market Context - The automotive finance market is expected to grow from approximately 1.8 trillion yuan in 2018 to over 3.5 trillion yuan by 2025 [12][13] - The used car market has seen a compound annual growth rate of 12% from 2012 to 2024, with significant policy support for trade-in programs and used car transactions [15] Valuation and Recommendations - Yixin Group is recommended based on its competitive advantages in channel and financial technology, with a current PE ratio lower than comparable companies in the sector [3][25]