GRAND BAOXIN AUTO GROUP LIMITED 廣匯寶信汽車集團有限公司 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。 業務營運 本集團為中國主要的豪華品牌汽車經銷商集團，主要從事汽車銷售及售後服務業 務。本集團業務主要集中於華東區域，並以華東區域作為軸心，向華南、華中、 華北、東北及西北等中國其他區域拓展。 1 （於開曼群島註冊成立的有限公司） （股份代號：1293） 復牌進度季度更新 本公告乃廣匯寶信汽車集團有限公司（「本公司」，連同其附屬公司統稱「本集團」） 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(2)(a)條及香港 法例第571章證券及期貨條例第XIVA部項下的內幕消息條文（定義見上市規則）而 作出。 茲提述本公司日期為二零二五年三月二十八日、二零二五年三月三十一日、二零 二五年四月二十九日、二零二五年六月十八日、二零二五年六月三十日、二零二 五年七月十四日及二零二五年八月十九日的公告，內容有關（ ...

智通财经APP讯，百得利控股(06909)发布公告，于2025年9月26日，百得利天津(本公司的间接全资附属 公司)与天津国贸就该等物业的租赁订立物业租赁协议。 该等物业包括：位于天津自贸试验区(空港经济区)汽车园中路59号、建筑面积为9336.1平方米的物业;及 位于天津自贸试验区(空港经济区)环河北路66号、建筑面积为1164.0平方米的部分物业。 为满足本集团的持续经营需求，本集团订立物业租赁协议。通过订立物业租赁协议，本集团可继续租赁 该等物业并留在现有位置开展汽车经销业务，而无需重新物色新的经营地点及合适的出租人或改变相关 物流安排。 ...

百得利控股(06909)发布公告，于2025年9月26日，百得利天津(本公司的间接全资附属公司)与天津国贸 就该等物业的租赁订立物业租赁协议。 该等物业包括：位于天津自贸试验区(空港经济区)汽车园中路59号、建筑面积为9336.1平方米的物业;及 位于天津自贸试验区(空港经济区)环河北路66号、建筑面积为1164.0平方米的部分物业。 为满足本集团的持续经营需求，本集团订立物业租赁协议。通过订立物业租赁协议，本集团可继续租赁 该等物业并留在现有位置开展汽车经销业务，而无需重新物色新的经营地点及合适的出租人或改变相关 物流安排。 ...

Core Viewpoint - The domestic automotive dealership industry is facing significant challenges due to long rebate redemption periods, price inversions, and inventory accumulation, compounded by new issues arising from inconsistent local subsidies [1][4]. Group 1: Sales Rhythm Disruption - The phenomenon of "same city, different subsidies" is widespread, disrupting normal market order and forcing dealers in non-subsidized areas to incur losses to remain competitive [5][6]. - A survey of 40 major automotive brands indicates that this issue is affecting market stability, with larger dealers able to exploit subsidy differences, leading to unfair competition [5][6]. - Many dealers express a preference for no subsidies over the current system, which they believe creates more market instability [5][6]. Group 2: Impact of Subsidy Variability - The inconsistency in subsidy amounts and timing across different regions leads to consumer hesitation and market disruption [3][4]. - The automotive consumption subsidy system is jointly funded by national and local governments, with local authorities having some discretion in subsidy distribution, which contributes to the variability [10][11]. - The current subsidy structure includes specific amounts for scrapping old vehicles and purchasing new ones, but local variations in implementation are common [11][12]. Group 3: Suspension of Subsidies - The sudden suspension of subsidies has a more significant impact on the market than the "same city, different subsidies" issue, causing unrest among consumers and dealers [14][15]. - Since mid-May, several regions have paused their subsidy applications, leading to increased consumer uncertainty [14]. - The government has allocated 300 billion yuan for consumption upgrades, with plans to resume subsidies in areas that have temporarily halted them [14][15].

21世纪经济报道记者余纪昕 随着2025年中报季结束，9月一批未能对上半年财报"按时交卷"的发债企业浮出水面。 根据《上市公司信息披露管理办法》规定，半年报应当在每个会计年度的上半年结束之日起两个月内编制完成并披露，即每年 的7月1日至8月31日。 记者梳理公告发现，在48家未能按期披露半年报的发债主体中，多达15家发债人提到审计程序相关问题，这一"审计环节梗 阻"因素本次占到31.25%的比例。 具体理由包括：往年报告未完成审计披露、管理团队无法获取准确财务信息、审计范围扩大、未能聘请年报审计机构、发现半 年度财务数据问题需重新核定、需更多时间整理资料、财务岗位人员缺失，以及原审计机构解约后难以匹配新机构等理由。 经营不确定性因素亦是导致未能按时披露报告的主要原因之一。在48家发债主体中，有13家公告提及自身或关联方正进行债务 重组、合并重整、破产清算或重整计划执行等工作。 例如，中国民生投资股份有限公司（相关债券"18中民G2"）于8月29日公告称，因公司正全力进行债务重组等相关工作，预计 2025年半年度报告将晚于8月31日披露。就在上月，中国民生投资还公告称，因未能按期披露2023年年度报告，且至今仍 ...

该行表示，和谐汽车具备深厚的经销门店建设能力与运营经验，与比亚迪全球新能源龙头品牌形象形成 互补，实现在亚太、欧洲、大洋洲地区渠道的快速拓展，2023年公司建立首批香港地区门店后，快速在 其他地区复刻渠道建设能力，2025年7月12日，公司在墨尔本开设和谐比亚迪中国香港及海外第100家门 店，2年时间成功建成100家和谐比亚迪门店。2025年9月1日，公司公告比亚迪间接全资附属公司以4000 万美元认购公司中国香港及海外业务经营实体iCar集团10%股份，公司与比亚迪合作关系由业务延伸至 股权，进一步加深绑定。2025年上半年公司渠道能力显现成效，助力比亚迪在中国香港、新加坡、印 尼、马来西亚、菲律宾、澳大利亚等亚太地区登顶新能源销量榜首，并在欧洲地区配合比亚迪的品牌赞 助打响市场声誉，助力比亚迪在欧洲市场关税壁垒与品牌偏见中实现突围，英国、法国地区新能源市占 率快速提升。 展望未来，比亚迪刀片电池、CTB等技术硬实力得到全球市场认可，并通过本地化产能建设、本地化用 工、定制化车型等提升全球市场认可度，出口方兴未艾，预计2025年比亚迪出口销售可达100万辆，公 司有望通过在亚太、欧洲、大洋洲等地的渠道贡献7 ...

Group 1 - The core viewpoint of the report is that Harmony Auto (03836) is expected to achieve significant revenue and profit growth from 2025 to 2027, with projected revenues of 28.103 billion yuan, 38.488 billion yuan, and 44.961 billion yuan, and net profits of 0.61 billion yuan, 2.43 billion yuan, and 4.16 billion yuan respectively [1] - The company is a leading pure luxury and ultra-luxury automotive dealership group in China, with 14 luxury and ultra-luxury brands under its umbrella, including Rolls-Royce, Bentley, Ferrari, Maserati, and Lamborghini [2] - Harmony Auto ranks 26th in the top 100 automotive dealers in China for 2024, with total revenue of 17.067 billion yuan and total vehicle sales of 48,000 units [2] Group 2 - The company has established a strong partnership with BYD, enhancing its market presence in Asia and Europe, and has begun to transition towards new energy vehicles [3] - Harmony Auto has demonstrated its capability in dealership construction and operations, rapidly expanding its channels in the Asia-Pacific, Europe, and Oceania regions [3] - The company opened its 100th store in Melbourne within two years, showcasing its effective channel-building ability [3] Group 3 - BYD's technological advancements, such as blade batteries and CTB, have gained global market recognition, with expectations of exporting 1 million vehicles by 2025 [4] - Harmony Auto is projected to contribute 7-8% of sales volume through its channels in the Asia-Pacific, Europe, and Oceania regions [4]

Core Insights - The Chinese automotive industry is accelerating its overseas expansion, with companies like BYD and Harmony Auto leading the charge in establishing international dealership networks [2][3] - Harmony Auto has recently sold 45% of its overseas electric vehicle business, iCar Group, to reduce financial risks while maintaining control over the business [6][7][8] - Despite a decline in overall revenue, Harmony Auto's overseas sales have surged, indicating a strong growth potential in international markets [5][8] Group 1: Overseas Expansion - In the first half of 2023, Chinese automotive brands have significantly increased their overseas presence, with Harmony Auto opening 100 BYD stores globally [2] - Harmony Auto has established a sales network across multiple countries in the Asia-Pacific region and Europe, with 83 operational stores in 18 countries [3] - The company has achieved notable sales figures, with 6,274 vehicles sold in 2024 from overseas markets, representing 18.9% of its total sales, a staggering increase of 146 times compared to 2023 [3] Group 2: Financial Performance - In 2024, Harmony Auto reported a total revenue decline of 5.8%, the smallest drop among eight Hong Kong automotive dealer groups [5] - The company's gross profit was 700 million yuan, with a gross margin of 4.5%, while net profit fell to a loss of 285 million yuan, a 20.8% decrease year-on-year [5] - The overseas business, while growing, has not yet generated significant profits, contributing to substantial losses for the iCar Group [8] Group 3: Strategic Asset Management - The sale of 45% of iCar Group's equity is seen as a strategic move to alleviate financial pressure and optimize the asset-liability structure of Harmony Auto [6][9] - The transaction allows Harmony Auto to maintain control over its overseas operations while reducing the burden of capital investment [8][9] - Analysts suggest that the rapid expansion of Harmony Auto's overseas network has led to increased operational costs, necessitating this asset sale to ensure sustainability [9][10]

Core Insights - The report from the China Automobile Dealers Association indicates significant changes in rebate policies and inventory levels among major automotive brands following a call for manufacturers to optimize rebate policies and shorten payout periods [2][5]. Rebate Payout Periods - Among the 40 major automotive brands surveyed, 25 brands have a fixed rebate payout period of no more than 30 days, while 15 brands have a period of no more than 60 days [2]. - For non-fixed rebates, 18 brands have a payout period of no more than 30 days, and 16 brands have a period of no more than 60 days [2]. - The report highlights a reduction in the number of brands with payout periods exceeding 90 days, with no brands reporting periods over 180 days [3]. Rebate Payout Methods - 12 brands provide rebates in cash or vehicle accounts that can be withdrawn without fees, while 28 brands offer a mix of vehicle accounts and cash, with varying conditions for withdrawal [3][4]. - Some brands impose fees or require manufacturer approval for withdrawals, which can complicate liquidity for dealers [4]. Inventory Levels - Over 53% of dealers report inventory levels exceeding 1.5, with 29.36% indicating levels above 2.0 [5]. - Certain brands, such as Xiaopeng, Xiaomi, and Deep Blue, report low inventory levels due to their sales models, while brands like Changan and Hongqi have higher inventory levels [5][6]. Price Discrepancies - 8 brands report no price discrepancies, while 32 brands experience an average price discrepancy of approximately 16.18% [6]. - Previously, around 80% of models from 42 brands faced price discrepancies exceeding 20% [6]. Overall Industry Impact - The report suggests that while there have been improvements in rebate policies and inventory management, challenges remain, particularly with complex rebate policies and long payout periods that continue to affect dealer operations and the overall health of the automotive industry [6].

Core Viewpoint - Zhongsheng Holdings (00881) reported a net profit attributable to shareholders of 1.011 billion RMB for the first half of the year, which is approximately 50% lower than market consensus expectations, primarily due to pressure on profitability from new and used cars [1] Group 1: Financial Performance - The decline in new car gross margin is significantly influenced by the timing of manufacturer subsidies [1] - The management believes that the new car market is about to see a turnaround, driven by ongoing channel consolidation and market share concentration towards leading players [1] - The company has maintained an "overweight" rating but has lowered its target price from 24 HKD to 22.3 HKD, which corresponds to a 12.8 times price-to-earnings ratio for the fiscal year 2025, aligning with historical averages [1] Group 2: Market Outlook - The brokerage firm shares the management's view that new car gross margins have likely bottomed out, citing reasons such as manufacturer subsidies being confirmed mainly in the second half of the year [1] - The implementation of anti-involution policies in the industry is expected to stabilize end-user prices in the second half of the year [1] - The company’s main brand, Mercedes-Benz, is set to launch over 30 new models in the next two years, indicating a strong product cycle and enhanced pricing resilience, which could lead to profit recovery [1] Group 3: Profit Forecast Adjustments - The brokerage has revised its profit forecasts for Zhongsheng Holdings for 2025 to 2027 down by 8%, 5%, and 4% respectively, reflecting the short-term impact of declining profit margins in new and used cars [1]