继新车年销量创新高之后，二手车市场交易量也站上新台阶。中国汽车流通协会日前发布数据显 示，2025年，我国二手车市场交易规模以2010.8万辆的成绩首次突破2000万辆大关，同比增长2.52%， 累计交易金额12897.9亿元，引发关注。 2000万辆的达成，并非一蹴而就，而是经历了一个市场和政策共同蓄势发力的过程。近年来，我国 汽车保有量稳步提升，庞大的存量基数为二手车市场发展积累了充足车源。同时，汽车以旧换新政策， 不仅对置换新车给予补贴，为二手车市场提供了稳定车源，还同步优化了二手车流通环节的相关配套措 施，有效打通二手车市场发展堵点，成为推动二手车交易量创新高的催化剂。 车况信息不透明，消费者对二手车市场缺乏信任感，就容易形成"卖家嫌价低，买家怕踩坑"的僵 局，导致潜在需求无法转化为实际交易。去年，温州公安部门成功打掉一个流窜多地的"泡水车"诈骗团 伙。该诈骗团伙将"泡水车"翻新，并伪造检验报告，然后以低价"精品二手车"转让，多个买家上当受 骗。没有信任感，如同未上油的齿轮，初期或许能勉强运转，但系统很难高效率运行，市场亦是如此。 另一方面，渠道不给力，国内4S店尚未成为二手车销售主流。目前，国内二手 ...

Group 1: Investment Recommendations - Bank of America has identified several stocks well-positioned for the upcoming earnings season, including Amazon.com Inc., Brookdale Senior Living Inc., Corning Inc., Vertiv Holdings Co., and Carvana Co. [1] - Amazon is highlighted as a compelling investment due to its potential for valuation improvement, particularly if AWS revenue growth accelerates and AI capabilities are strengthened [2][3] - Brookdale Senior Living has been upgraded to a buy rating, benefiting from an aging population, with shares rising nearly 13% this year [4] - Carvana is recognized for its growth potential, driven by innovation and new initiatives, with its stock up 6% this year [5] - Corning has been rated a buy, supported by a favorable balance of glass supply and demand, and expected growth from carrier spending and Gen AI in the Optical market [6] - Vertiv is expected to benefit from margin recovery and improved free cash flow, with increased demand for its thermal management products due to AI adoption in data centers [7] Group 2: Market Trends and Earnings Outlook - The tech industry is anticipated to have a strong Q4 earnings season, with predictions of impressive earnings from tech giants like Amazon, Microsoft, and Alphabet, driven by demand for AI enterprise services [8] - The upgrade of Brookdale Senior Living reflects strong growth potential in the senior housing sector, despite challenges in the healthcare landscape [9] - Corning's strong Q3 results, with core sales up 14% year over year and enterprise sales in Optical Communications surging 58%, highlight ongoing shifts in digital infrastructure and materials science sectors [10]

Core Insights - The second-hand car market in China is projected to exceed 20 million transactions for the first time in 2025, reaching a historical high driven by policy support, increased penetration of electric vehicles, and accelerated digitalization [1] - According to the China Automobile Dealers Association, the cumulative transaction volume for second-hand cars in 2025 is expected to be 20.108 million units, an increase of 493,800 units year-on-year, representing a growth rate of 2.52% [1] - The cumulative transaction value is anticipated to reach 1,289.79 billion yuan, indicating a simultaneous rise in market size and transaction value [1] - Since 2016, the second-hand car transaction scale has transitioned from the ten million level to the 20 million level over a decade, demonstrating strong developmental resilience [1]

Core Insights - The report provides insights into the second-hand car market, addressing common concerns of car owners regarding selling prices and timing [1][13] - It emphasizes the importance of using reliable data sources for assessing car value, highlighting the limitations of average depreciation rates [2][3] Market Dynamics - The valuation of second-hand cars is influenced by various factors including vehicle condition, accident history, and market demand, which can lead to discrepancies between expected and actual selling prices [2][7] - The report indicates that the depreciation of second-hand cars is not linear, with significant value loss occurring in the first few years, particularly for fuel vehicles and electric vehicles [8][10] Selling Strategies - To maximize selling price, car owners should consider timing their sale during peak demand periods and focus on popular models and good vehicle conditions [7][10] - The report suggests that selling fuel vehicles within three years and electric vehicles within two years can help retain more value [10] Cross-Regional Selling - The trend of cross-regional sales is increasing, with online platforms facilitating broader market access, allowing sellers to reach buyers in areas with higher demand [11][12] - The report notes that the cross-province transaction rate on the platform is significantly higher than the industry average, indicating a shift in how second-hand cars are traded [11] Platform Advantages - The platform offers advantages for individual sellers by eliminating intermediaries, providing transparent vehicle assessments, and generating accurate market pricing based on extensive transaction data [12] - The report positions the platform as a key player in enhancing consumer confidence in the second-hand car market, aiming to help sellers achieve better prices with less depreciation [13]

PRESS RELEASE Arcueil, December 29, 2025 Declaration of transactions on own shares conducted from December 22 to December 26, 2025 Within the framework of the authorizations granted by the General Assembly on February 4, 2025, to operate on its shares and in accordance with the regulations related to share buybacks, Aramis Group hereby declares the following purchases of own shares (FR0014003U94) made from December 22 to December 26, 2025 (excluding the liquidity contract): Name of the issuerIssuer identif ...

Core Viewpoint - Carvana Co. (NYSE:CVNA) is identified as a strong investment opportunity for the next five years, with multiple analysts raising their price targets due to significant sales growth and positive market sentiment [1][2][3]. Group 1: Analyst Ratings and Price Targets - Citi raised Carvana's price target to $550 from $445 while maintaining a Buy rating, citing a 37% growth in November sales compared to 32% in October [1]. - Jefferies also increased its price target for Carvana to $550 from $475, maintaining a Buy rating, amidst a cautious outlook for internet stocks due to potential profit margin compression from heavy investments in new technologies [2]. - Morgan Stanley initiated coverage with an Overweight rating and a price target of $450, adopting a more defensive tone regarding the automotive sector, particularly concerning pure-play EV manufacturers [3]. Group 2: Sales Performance - Carvana's sales tracker indicated a notable increase in sales growth, reaching 37% in November, which reflects a positive trend in demand for the company's services [1]. Group 3: Market Context and Concerns - The automotive and shared mobility sector is experiencing a cautious outlook, particularly regarding the ongoing "EV winter" expected to last through 2026, which may impact valuations for companies not demonstrating long-term defensibility [3].

Core Insights - Aramis Group published its 2025 Universal Registration Document, filed with the French Financial Markets Authority on December 18, 2025 [2][3] Company Overview - Aramis Group is the European leader in B2C online used car sales, operating in six countries and focusing on sustainable mobility within the circular economy [3] - The company has annual revenues exceeding €2.3 billion and sells over 119,000 vehicles B2C, attracting nearly 70 million visitors to its digital platforms each year [3] - Founded in 2001, Aramis Group employs more than 2,400 people and operates nine industrial-scale refurbishing centers across Europe [3] - The company is listed on Euronext Paris Compartment B under the ticker ARAMI [3] Document Contents - The 2025 Universal Registration Document includes the Annual Financial Report, the Report of the Board of Directors on Corporate Governance, the Sustainability Report, statutory auditors' reports, and information on their fees, as well as the certification report on sustainability information and a description of the share buy-back program [5]

Financial Data and Key Metrics Changes - Retail transaction volume reached 14,020 units, representing a 134% year-over-year increase and a 35% quarter-over-quarter increase, marking the sixth consecutive quarter of growth above 130% [4][13] - Retail revenue for the quarter totaled RMB 820 million, up 84% year-over-year and 35% quarter-over-quarter [14] - Gross margin improved to 7.5%, the highest level in the past three years, up 0.5 percentage points year-over-year and 2.3 percentage points quarter-over-quarter [16] - Adjusted EBITDA loss narrowed significantly to RMB 5.3 million, a 43% reduction year-over-year and a 68% reduction quarter-over-quarter [17] Business Line Data and Key Metrics Changes - Wholesale transaction volume was 1,884 units, representing an 81% year-over-year increase and a 54% quarter-over-quarter increase [15] - Total revenue combining retail and wholesale reached RMB 879 million, representing a 77% increase year-over-year and a 34% increase quarter-over-quarter [15] Market Data and Key Metrics Changes - The Wuhan superstore, which opened in February, is expected to reach nearly 1,800 retail units in December, with local market share approaching 10% [5] - The Zhengzhou superstore, opened in late September, is expected to achieve approximately 900 retail units in December, with market share nearing 5% [5] Company Strategy and Development Direction - The company is expanding its superstore network, having opened three new superstores in 2025, and plans to open four to six additional superstores in 2026 [7] - The company aims to scale its business model nationwide through improved pricing accuracy, customer satisfaction, and operational efficiency [8][9] - The long-term target gross margin is around 10%, with existing superstores already approaching this target [25] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in sustained and rapid growth, expecting retail transaction volume to exceed 18,500 units in Q4 2025, representing over 110% year-over-year growth [10][18] - The company believes that stable market conditions will support continued growth, with expectations for total revenue to exceed RMB 1.15 billion in Q4 2025 [18] Other Important Information - The company has established strategic partnerships with local governments in Tianjin, Guangzhou, and Yinchuan to jointly invest in new used car superstores [7] Q&A Session Summary Question: Sustainability of the current gross margin level - Management indicated that the gross margin of 7.5% is supported by stabilized new car pricing and improved profitability at the Wuhan superstore, with expectations for further margin expansion due to reduced competition and improved pricing capabilities [21][22][23][25] Question: Performance of the Zhengzhou superstore compared to Wuhan - Management noted that the Zhengzhou superstore has achieved higher sales and profitability in a shorter time frame due to lessons learned from the Wuhan superstore and improved pricing capabilities [28][30][31] Question: Comparison with Carvana's model - Management highlighted differences in sales channels, with Uxin operating through both offline superstores and an online marketplace, while also noting similarities in inventory management and focus on customer satisfaction [32][33][34][36]

Shares of Carvana (NYSE:CVNA) trade near $460 today, and amazing rally from just $309 a share on November 21st. ...

Core Insights - Aramis Group achieved profitable growth in fiscal year 2025, consolidating its leadership in Europe with market share gains across most geographies, particularly in France, which saw double-digit growth and an EBITDA margin close to 5% [3][5][7] - The company reported significant improvements in adjusted EBITDA, net income, and cash generation, alongside a substantial reduction in net debt, positioning itself for sustainable growth [3][7][30][34] Financial Performance - Total revenues for FY 2025 reached €2,379.6 million, reflecting a 6.3% increase from FY 2024 [14][29] - Adjusted EBITDA rose to €67.8 million, a 34.3% increase compared to the previous year [30][62] - Net income quadrupled to €19.9 million from €5.0 million in FY 2024 [34][56] - Gross profit per unit sold (GPU) increased to €2,359, up 3.2% from €2,285 in FY 2024 [30][61] Market and Operational Highlights - B2C vehicle sales volumes grew by 6.1% to 119,109 units, with refurbished cars and pre-registered cars contributing to this growth [13][16] - The company maintained high customer satisfaction, achieving a Net Promoter Score (NPS) of 73, one of the best in the industry [7] - Significant operational improvements were noted, including a reduction in operating working capital to 21 days, down from 26 days in the previous year [36][39] Geographic Performance - France generated €1,038.1 million in revenue, an 11.0% increase, driven by both refurbished and pre-registered vehicle sales [15][22] - Belgium and the United Kingdom also showed strong revenue growth of 11.4% and 8.1%, respectively, while Austria experienced a decline of 14.9% due to management transitions [15][25][26] - Italy's revenue increased by 3.3%, with a notable turnaround in Q4 2025 leading to positive adjusted EBITDA [8][27] Strategic Initiatives - The company is focused on operational convergence and enhancing its technology and data platforms, including the rollout of an internal marketplace and new AI-driven applications [10][11] - Aramis Group aims to sell at least 115,000 B2C vehicles and achieve at least €55 million in adjusted EBITDA for FY 2026, with medium-term growth ambitions reaffirmed [48][45] Governance Changes - Following the departure of key management, the company is undergoing operational transitions to refocus on profitability and cash generation [9][49] - Silvia Vernetti has been appointed as a new director, representing Stellantis, enhancing the strategic partnership between the two entities [50][51]