Core Insights - In 2024, domestic car dealers generally achieved or approached their annual sales targets, with a trend of narrowing losses, leading to an overall satisfaction score of 75.6, an increase of 3.3 points from 2023 [2][12] - The survey conducted by the China Automobile Dealers Association indicates a discrepancy between the perceived survival status of car dealers and the actual data, highlighting the challenges faced in a competitive market [2][3] Sales Performance - The retail volume of passenger cars in China reached 22.892 million units in 2024, a year-on-year increase of 5.5% [2] - 48.2% of dealers exceeded their annual targets, a significant increase from less than 30% in 2023, while 30% achieved 80%-100% of their targets [3] - The proportion of dealers reporting losses decreased from 43.5% in 2023 to 41.7% in 2024, with a notable reduction from 50.8% in the first half of 2024 [6] Operational Adjustments - The average number of employees per 4S store decreased from 64 in 2023 to 58 in 2024, with a notable increase in the proportion of after-sales personnel [3] - Dealers are adapting to market challenges by transforming their operations, reducing costs, and extending after-sales services [3] Financial Performance - The profitability ratio of dealers in 2024 was 39.3%, with 19% breaking even and 41.7% reporting losses [6] - The profit share from financial and insurance services increased significantly from 24.7% in 2023 to 38% in 2024, while new car sales profits faced downward pressure due to price wars [7][8] Market Dynamics - Approximately 85% of dealers reported experiencing price inversion, with 60.4% indicating a price inversion of over 15% [17] - The independent brand dealers in the new energy vehicle sector showed a better profitability ratio, with 50% reporting profits compared to the overall dealer landscape [12] Manufacturer Support - Manufacturers are providing support to dealers through subsidies, relaxed sales targets, and reduced assessments to alleviate operational pressures [9][12] - The satisfaction of dealers with new and used car business remains low due to high targets and insufficient support from manufacturers [16] Future Outlook - Over half of the dealers remain optimistic about the growth of the passenger car retail market in 2025, while 26.4% expect stability and less than 25% foresee a decline [16]

Core Viewpoint - Zhongsheng Holdings (00881) reported a total revenue of 168.12 billion yuan for the year ending December 31, 2024, representing a year-on-year decrease of 6.2% [1] - The company faced challenges in new car sales, leading to a decline in profitability, while used car sales and after-sales services showed growth [1][2] Financial Performance - Total revenue decreased to 168.12 billion yuan, down 6.2% year-on-year [1] - Profit attributable to equity holders was 3.21 billion yuan, a decrease of 36% year-on-year [1] - Basic earnings per share were 1.35 yuan, with a proposed final dividend of 0.678 Hong Kong dollars per share [1] Sales Breakdown - New car sales revenue was 125.33 billion yuan, a decline of 14.89 billion yuan or 10.6% year-on-year, attributed to a drop in new car sales volume and average selling prices [1] - Used car sales revenue reached 15.42 billion yuan, an increase of 1.43 billion yuan or 10.2% year-on-year, driven by higher sales volume despite a decrease in average selling prices [1] - After-sales service revenue was 22.00 billion yuan, an increase of 1.93 billion yuan or 9.6% year-on-year, mainly due to an increase in service visits [1] Market Dynamics - In 2024, new car sales volume was 485,000 units, slightly down from 502,000 units the previous year, reflecting market volatility [2] - The industry faced challenges with negative gross margins in new car sales due to pricing pressures and delayed manufacturer subsidies [2] - Zhongsheng is focusing on maintaining local business concentration and market share to navigate cash flow issues and optimize brand and regional structures for future growth opportunities [2]

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，概不對因本公告全部或任何 部份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。 Zhongsheng Group Holdings Limited 中升集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：881） 自願公告 擬就拓展經銷網絡與一汽奧迪銷售有限責任公司建立戰略合作夥伴關係 本公告乃由中升集團控股有限公司（「本公司」，連同其附屬公司統稱為「本集團」）之 董事會（「董事會」）自願刊發，以向其股東及潛在投資者提供有關本集團最新業務發 展的更新資料。 擬與一汽奧迪建立戰略合作夥伴關係 根據諒解備忘錄，本集團與一汽奧迪擬於二零二五年內新建10家以上經銷網點，以 强化一汽奧迪在中國的經銷網絡。本集團與一汽奧迪亦將於新能源發展、新業務場 景落地等領域緊密合作，旨在為彼等客戶提供更優質、更多樣的體驗。 – 1 – 一般事項 諒解備忘錄僅為本公司與一汽奧迪間訂立的諒解備忘錄。諒解備忘錄項下擬進行的 交易的實施須待最終訂立最終協議後，方可作實，且未必會如本公告所述落實或甚 至 ...

设计 / 师 超 2月6日，农历正月初九。 东风乘用车销售有限公司（简称销售公司）一场新春团拜活动，昭示这家2024年不断调整、变动的东风多元销售团队开始稳定。 撰文 / 牛跟尚 这家销售公司也可以叫东风乘用车公司，2024年销量21.3万辆，同比增长82%。 不同两年前，它包括东风风神、东风纳米、东风奕派三大营销事业部。2024年，东风风神近11万辆是燃油车、节能车及电动车，东风纳米约5万辆、东 风奕派近6万辆均为新能源汽车。 东风公司2月7日全面开工的前一天，从2024年5月成为东风乘用车公司领导的陈昊，与销售公司党委书记、总经理张俊，带领销售公司班子成员沈相 全、陈浩村、刘洋、余飞、邓留超、余岳峰，先后到东风奕派、东风卓联、东风纳米、东风风神慰问。 这是这家销售公司领导班子最新、最全的一次亮相。 此前的2025年1月14日，张俊兼任销售公司新任党委书记、总经理，他同时是东风总部两大职能部门——经营管理部总经理、营销管理部总经理。他 1971年出生，曾任东风裕隆汽车销售有限公司副总经理、东风汽车股份有限公司商品企划部部长、东风汽车公司经营管理部运营管理处处长和东风小康 汽车有限公司党委书记、副总经理、纪委 ...

名创优品出资 62.39 亿元，成永辉超市最大股东。 据永辉超市公告，公司股东牛奶公司（怡和旗下）、京东世贸和宿迁涵邦将转让所持股份给俊才国 际，交易对价为 62.39 亿元。交易完成后，俊才国际将持股 29.4%，为公司第一大股东。俊才国际 的实控方为名创优品。京东系持股比例则会在交易完成后变为 2.94%。根据公告，名创优品作为港 股上市公司，需就本次交易取得香港联交所的无异议确认。国家市场监督管理总局也需对本次交易 的经营者集中申报，作出不实施进一步审查、不予禁止或附加限制性条件批准的决定。 交易还有一些前置条款，比如目前永辉超市董事 Scott Anthony Price、孙燕军和监事李燊韡的辞职 信。 随着名创优品入股永辉超市和京东的退出，始于十年前的电商 "新零售" 实验也告一段落。 那时候京东、阿里在各自领域打败了一批线下巨头，成为中国最大零售巨头。2015 年阿里入股苏 宁、京东入股永辉，补各自短板 —— 3C 和食杂零售。在那几年的投资收购竞争中，阿里和京东都 分别自建渠道，在农村卖货。 再后来阿里又投资银泰、三江，启动盒马、收购大润发。京东则是更多在超市领域腾挪，成立七鲜 超市、和沃尔玛合 ...