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]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company achieved a revenue of 54.52 billion yuan in the first half of 2025, representing a year-on-year growth of 22.03%, and a net profit of 5.49 billion yuan, up 33.93% year-on-year [1][4]. - The company's total assets reached 503.40 billion yuan as of the end of the first half of 2025, reflecting a growth of 3.60% compared to the end of the previous year [1]. Revenue and Business Segments - The number of automotive financing transactions increased to 364,000, a year-on-year increase of 10.64%. The breakdown shows 142,000 transactions for new cars (down 18.86% year-on-year) and 222,000 for used cars (up 45% year-on-year) [2]. - The total financing amount for automotive transactions was 327.03 billion yuan, a year-on-year increase of 3.96%. The financing for new cars was 144.82 billion yuan (down 17.37% year-on-year), while used car financing reached 182.21 billion yuan, up 30.80% year-on-year, increasing its share to 55.72% [2]. - The SaaS business revenue grew significantly, contributing 18.73 billion yuan, a year-on-year increase of 124.47%, making it the largest revenue source for the company [3][19]. Profitability and Margins - The gross profit for the first half of 2025 was 28.86 billion yuan, up 35.57% year-on-year, with a gross margin of 52.94%, an increase of 5.29 percentage points [3][26]. - The gross margins for the transaction platform and self-financing businesses were 52.21% and 55.79%, respectively, both showing year-on-year improvements [3][26]. Financial Health - The net receivables from financing leases reached 295.99 billion yuan, a 1.89% increase from the end of the previous year, with a net interest margin of 5.8%, up 0.9 percentage points year-on-year [4][30]. - The company reported improvements in asset quality, with overdue rates of 1.35% for 180 days and 1.86% for 90 days, both lower than the previous year [4][33]. Future Projections - Revenue projections for 2025-2027 are 122.09 billion yuan, 147.02 billion yuan, and 171.59 billion yuan, with net profits expected to be 10.81 billion yuan, 12.13 billion yuan, and 14.15 billion yuan, reflecting year-on-year growth rates of 33.42%, 12.23%, and 16.69% respectively [4][5].

撰 文 / 路 行 设 计 / s h e l l y 极越崩盘之后的一段时间里，夏一平留在公众视野中的最后一个印象，是小红书上的一次偶 遇。 照片里，这位曾经的汽车品牌CEO出现在洗浴中心，不甚清晰的画质中可以看到他的头发花白，桌 上摆着一瓶可乐。偶遇者说，他开的是一辆极越07。 2024年12月11日，极越就地解散的传闻被证实，也正是在那天，夏一平得到了从未企及的流量，尽 管，是以一种不太体面的方式。至今，他的身上仍旧背负着两极分化的评价，支持者肯定他的责任 感，说正是因为他把事情闹大，才让员工的权益得到了保障；质疑的人则说，极越行至穷途，他有 不可推卸的责任。 企查查的公开信息显示，浙江极越汽车科技有限公司目前已变更名称为浙江枫盛汽车科技有限公司 ——2024年10月，其才从"枫盛"更名为"极越"，这家公司具备国家发改委批准审核资质及国家工信 部生产资质。在更名的同时，该公司新增股东台州吉利汽车工业有限公司，持股比例为0.01%，此 次更名背后的意义耐人寻味，同时也让极越汽车再次引发关注。 | 法定代表人 | 浙江极越汽车科技有限公司 | | --- | --- | | 曹振宇 | (2024-10-2 ...