Core Viewpoint - The recent cessation of "high interest and high rebate" practices by several banks marks a necessary step towards the normalization of the automotive finance market, as it reflects the need for sustainable profitability for banks and a rational pricing system for consumers [1][2][3]. Group 1: Automotive Finance Market - The "high interest and high rebate" model is part of the automotive industry's chaos, where dealers struggle to profit from car sales and resort to high rebates from loans and insurance, leading to hidden financing costs for consumers [2]. - The automotive finance penetration rate previously surged to around 70% due to high interest incentives, but is expected to gradually decline to approximately 50% as policies tighten and market self-regulation increases [4]. - The essence of automotive finance should be to serve the real economy, focusing on reasonable interest rates and flexible products to lower consumer purchase barriers and enhance their willingness to buy [5]. Group 2: Industry Trends and Changes - The authorized dealership model remains the mainstream in the automotive sales industry, despite the rapid rise of direct sales models from new car manufacturers [6][7]. - The gradual reduction of subsidies for new energy vehicles (NEVs) is seen as an inevitable trend, with expectations that NEV penetration will steadily increase to 54% to 55% this year [8]. - Traditional dealers are entering a phase of structural adjustment, facing challenges such as network contraction and cash flow pressure, leading to a potential elimination of some manufacturers and dealers in the coming years [9].

Core Insights - E-Chain Group (02858.HK) reported a significant increase in automotive financing transactions, achieving 235,000 transactions in Q3 2025, representing a year-on-year growth of 22.6% with a financing amount of 21.2 billion yuan [2] Group 1: Automotive Financing Performance - The financing amount for used cars grew approximately 51.3% year-on-year to about 12.1 billion yuan, accounting for around 56.9% of the total automotive financing [2] - The financing amount for used new energy vehicles reached 1.5 billion yuan, making up 22.5% of the total new energy vehicle financing, showing a significant increase year-on-year [2] Group 2: Value-Added Services and Financial Technology - The battery GAP product in the automotive aftermarket continued its rapid growth, with a transaction volume of 22,400, reflecting a year-on-year increase of approximately 48.8% [2] - The financial technology (SaaS) business, a strategic core for E-Chain, reported a financing amount of about 11.4 billion yuan in Q3 2025, marking a year-on-year growth of approximately 102%, contributing to 53.7% of the total financing [2]

Core Viewpoint - Yixin Group (02858) experienced a significant stock price increase, rising over 4% during trading and currently reported at 2.49 HKD with a trading volume of 6.1787 million HKD [1] Group Performance - In the third quarter, Yixin Group achieved rapid growth with approximately 235,000 automobile transactions, representing a year-on-year increase of 22.6%, outpacing the overall industry growth [1] - The financing amount for used cars reached 12.1 billion RMB, marking a 51.3% increase and accounting for 56.9% of the total automobile financing [1] - The total financing transaction amount reached 21.2 billion RMB, highlighting the strong performance of both the used car and fintech business segments as key drivers of the company's upward performance [1]

Core Viewpoint - E-Hi Group (02858) experienced a significant stock price increase, rising over 4% in a bearish market, with a current price of 2.5 HKD and a trading volume of 5.0422 million HKD [1] Financial Performance - In the third quarter, E-Hi Group achieved rapid growth, with the number of automobile transactions increasing to approximately 235,000, representing a year-on-year growth of 22.6%, outpacing the overall industry level [1] - The financing amount for used cars reached 12.1 billion RMB, marking a 51.3% increase and accounting for 56.9% of the total automobile financing [1] - The total financing transaction amount reached 21.2 billion RMB during the period [1] Business Segments - The two main business segments, used cars and fintech, performed exceptionally well, serving as dual engines driving the company's upward performance [1]

Core Insights - Yixin Group (02858.HK) reported a robust growth in its core business for Q3 2025, achieving a total of 235,000 auto financing transactions, a year-on-year increase of 22.6%, with financing volume reaching approximately 21.2 billion RMB [1][6] Group 1: Used Car Business Performance - The used car financing business has become a key growth driver, with financing amount increasing by approximately 51.3% to around 12.1 billion RMB, accounting for about 56.9% of total auto financing [2][7] - The company successfully capitalized on the growth opportunities in the used new energy vehicle market, with financing for used new energy vehicles reaching 1.5 billion RMB, representing 22.5% of the total new energy vehicle financing, a significant increase from the previous year [2][7] Group 2: Financial Technology Growth - The financial technology (SaaS) segment achieved a financing volume of approximately 11.4 billion RMB, a substantial year-on-year growth of about 102%, contributing 53.7% to the total financing [4][9] - Yixin expanded its cooperative ecosystem by adding two new financial institution partners, enhancing its service capabilities and industry influence [4][9] Group 3: Operational Strategies and AI Integration - The company has implemented a refined risk pricing system to enhance cost control and profitability in the used car segment, ensuring sustainable business growth [3][8] - Yixin is advancing its AI strategy with the introduction of a new product, "X Call," aimed at improving efficiency in the financing application process, expected to be fully deployed by the end of the year [5][10]

Core Viewpoint - E-Chain Group (02858) reported strong growth in its core business for Q3 2025, with a significant increase in auto financing transaction volume and value, driven by the robust performance of its used car and fintech segments [1][2]. Group 1: Business Performance - In Q3 2025, E-Chain achieved an auto financing transaction volume of 235,000, representing a year-on-year growth of 22.6%, surpassing the overall industry growth rate [2]. - The total financing amount reached approximately 21.2 billion RMB, with used car financing becoming a key growth driver, increasing by about 51.3% to around 12.1 billion RMB, accounting for approximately 56.9% of total auto financing [2][3]. - The company successfully capitalized on the growth opportunities in the used new energy vehicle market, with used new energy vehicle financing amounting to 1.5 billion RMB, representing 22.5% of the total new energy vehicle financing [2]. Group 2: Operational Strategies - E-Chain's refined operational strategy in the used car sector has led to effective cost control through an iterative risk pricing system, ensuring healthy business growth and reasonable returns [3]. - The company has also focused on value-added services in the automotive aftermarket, with battery GAP products seeing a transaction volume of 22,400, reflecting a year-on-year growth of approximately 48.8% [3]. Group 3: Fintech Growth - E-Chain's fintech (SaaS) business experienced substantial growth in Q3 2025, facilitating financing of approximately 11.4 billion RMB, a year-on-year increase of about 102%, contributing 53.7% to the total financing amount [4]. - The expansion of the cooperation ecosystem has strengthened the fintech business, with two new financial institution partnerships established during the quarter, enhancing the platform's service boundaries and industry influence [4]. Group 4: AI Strategy - The company is advancing its artificial intelligence strategy, deploying a new product "X Call" designed to enhance efficiency in the pre-financing stage, improving online marketing, document processing, and customer management [5]. - The integration of AI technology with core business operations is expected to strengthen E-Chain's competitive advantage in the automotive finance sector, enabling sustainable business growth [5].

Core Insights - Yixin Group (02858) reported a significant year-on-year increase of approximately 22.6% in total vehicle transactions for Q3 2025, surpassing the market growth rate of around 11.0% for new and used passenger vehicles in China [1] - The total financing amount for Q3 2025 reached approximately RMB 21.2 billion, with used vehicle financing increasing by about 51.3% to approximately RMB 12.1 billion, indicating successful strategies in risk pricing and profitable used vehicle products [1] - The financial technology (SaaS) business also showed robust growth, facilitating financing of approximately RMB 11.4 billion in Q3 2025, a year-on-year increase of about 102.0% [2] Group Performance - The total number of vehicle transactions (including new and used cars) increased to approximately 235,000 in Q3 2025, reflecting a strong performance compared to the previous year [1] - The proportion of used vehicle financing in total automotive financing reached approximately 56.9% in Q3 2025, highlighting the growing importance of this segment [1] - The financing amount for used electric vehicles in Q3 2025 was approximately RMB 1.5 billion, accounting for about 22.5% of the total financing for new energy vehicles [1] Financial Technology Growth - The contribution of the financial technology (SaaS) business to total financing increased to approximately 53.7% in Q3 2025, indicating its growing significance within the company [2] - The company established partnerships with two well-known electric vehicle brands in the Chinese market during Q3 2025, aiming to enhance service offerings to a broader range of automotive manufacturers [2] Artificial Intelligence Strategy - The deployment of the "X Call" product, designed for the early stages of financing, is progressing as planned, expected to enhance efficiency in credit application processes [3] - The anticipated completion of the deployment of "X Call" and other AI products by the end of 2025 is expected to improve online marketing, document processing, and customer management [3]

2025年第三季度，集团实现快速增长。集团的汽车交易数目(涵盖新车及二手车)增加至约235千笔，较 2024年第三季度同比增长约22.6%，超越市场增速。2025年第三季度融资总额达到约人民币212亿元。 2025年第三季度集团二手汽车融资额亦同比增加约51.3%至约人民币121亿元。这增长证明我们通过提 供更精确的风险定价及引入盈利二手车产品的积极策略持续取得成功。因此，2025年第三季度我们二手 车融资业务占汽车融资总额的比例达到约56.9%。2025年第三季度集团二手电动汽车融资额达到约人民 币15亿元，占2025年第三季度新能源车融资总额的约22.5%，而2024年第三季度集团二手电动汽车融资 额占2024年第三季度新能源车融资总额的约13.1%。 集团的金融科技(SaaS)业务保持快速增长，于2025年第三季度促成的融资额约人民币114亿元，较2024 年第三季度同比增长约102.0%。2025年第三季度，金融科技(SaaS)业务对融资总额的贡献增加至约 53.7%。此外，集团与两家新金融机构的合作已于2025年第三季度上线，进一步增加金融科技平台的网 络影响。 格隆汇12月2日丨易鑫集团(0285 ...

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。 YIXIN GROUP LIMITED 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條以 及證券及期貨條例（香港法例第571章）第XIVA部項下《內幕消息條文》（定義見上 市規則）而刊發。 Yixin Group Limited易鑫集团有限公司（「本公司」，連同其附屬公司及併表聯屬實 體，統稱為「本集團」）董事（「董事」）會（「董事會」）謹此宣佈本集團於截至2025年 9月30日止第三季度（「2025年第三季度」）的若干業務更新及相關未經審核運營資 料（「業務更新」）。 根據中國汽車工業協會及中國汽車流通協會的最新可用數據，2025年第三季度中 國的新乘用車及二手乘用車總銷售量同比增長約11.0%。此外，同期中國新電動 汽車銷售亦展現出持續增長，同比增長約11.8%。 2025年第三季度，本集團實現快速增長。本集團的汽車交易數目（涵蓋新車及二 手車）增加至約235千筆，較2 ...

Core Insights - Yixin (02858) has officially open-sourced its self-developed Agentic large model, YiXin-Agentic-Qwen3-14B, becoming the first company in the automotive finance industry to do so [1][2] - Yixin was recognized as the "Annual AI Application Scenario Breakthrough Enterprise" at the 36Kr "WISE 2025 Business King" conference, highlighting its leadership in AI innovation and application within the automotive finance sector [1] - The open-sourcing of the Agentic large model signifies Yixin's commitment to driving industry intelligence upgrades and accelerating the co-construction of the AI ecosystem [1][3] Model Features - YiXin-Agentic-Qwen3-14B is deeply optimized based on the Qwen3-14B model, showcasing superior reasoning, complex task handling, and multi-party collaboration capabilities, serving as an efficient intelligent engine for automotive finance and various professional scenarios [2] - The model ranks first in multiple performance tests among similarly parametered models, with reasoning costs reduced by one-third compared to the industry average [2] - It includes 100,000 proprietary training data points primarily sourced from Yixin's real business scenarios, ensuring high representativeness and proprietary value [2] - The model is equipped with a dedicated knowledge system and toolset for the financial sector, covering functions such as voice interaction, vehicle assessment, risk prevention, fraud detection, and compliance checks, forming a comprehensive intelligent support system [2] Open Source Strategy - Yixin proposes an open-source co-construction model addressing the challenges of industry intelligence transformation, which includes "open base - community co-construction - capability iteration - enterprise deployment - ecological prosperity" [3] - The open-sourced YiXin-Agentic-Qwen3-14B will complement Yixin's previously released industry-first open-source inference model, YiXin-Distill-Qwen-72B, creating a dual-technology matrix of "vertical base + Agentic brain" [3] - This initiative fills the gap in the automotive finance sector for professional open-source AI toolchains, enabling enterprises to implement AI applications within as little as one day, significantly lowering R&D costs and transformation barriers [3] Future Outlook - As an AI-driven fintech platform, Yixin aims to become the first company in China's automotive finance sector to file for generative AI large model registration by 2024, and to achieve large-scale AI application across all business scenarios [6] - By 2025, Yixin plans to lead the industry into a new phase of open collaboration by open-sourcing the first high-performance inference model and the Agentic large model [6] - The company will continue to deepen the integration of AI in the automotive finance sector, empowering domestic and overseas partners, and injecting new vitality and ideas into the industry's intelligent development [6]