中国永达汽车服务控股有限公司 股票代码 Stock Code: 03669.HK 2025 Performance Review China Yongda Automobiles Services Holdings Limited 2025年业绩演示材料 CONTENTS 1 2 3 Performance Overview Business Updates Financial Analysis Future Outlook 4 Performance Overview — P A R T O N E — YONGDA GROUP Performance Overview In 2025, China's automobile market was in a period of macroeconomic pressure and profound industrial restructuring, characterized by stable overall volume, declining prices, and divergent profitability. NEV business achiev ...

Embrace Changes for Growth Unite Strength for the Future Annual Results 2025 Table of Contents 01 Results Overview 02 Financial Review 03 Business Review 04 Outlook 05 Appendix Results Overview 01 Results Overview | (RMB mn) | 2024 | 2025 | Change | | --- | --- | --- | --- | | New car sales volume (units) | 485,307 | 497,316 | 2.5% | | Pre-owned car sales volume (units) | 226,231 | 221,213 | (2.2)% | | After-sales services visits ('000 units) | 8,048 | 8,067 | 0.2% | | Number of dealership stores | 423 | 45 ...

Core Insights - The company reported significant improvements in cash flow, with free cash flow rising to $455 million in Q3 2025, reflecting operational efficiency [3] - Retail automotive business showed strong performance, with same-store sales increasing by 5% and high-end brands contributing 70% to retail revenue [4] - Commercial truck business faced challenges, negatively impacting profits by approximately $23 million due to a sluggish North American freight market [4] Financial Performance - Revenue for Q3 2025 reached $7.7 billion, a year-on-year increase of 1.38%, while net profit attributable to shareholders declined by 5.79% to $213 million, primarily due to pressures from the commercial truck segment and challenges in the UK market [2] - Free cash flow surged to $455 million, up from $40 million in the previous quarter, with operating cash flow at $534 million [3] - The company's leverage ratio decreased to 1.0x, with a reduction in debt and a decline in the debt-to-asset ratio from 67.62% to 66.56% [3] Operational Highlights - The retail automotive segment performed robustly, with service and parts revenue reaching a quarterly high of $818 million and gross margin improving by 110 basis points [4] - High-end brands such as Audi and Porsche significantly supported the profitability structure of the retail business [4] Capital Movements - The company has repurchased 1.0866 million shares, representing 1.6% of the outstanding shares, to boost market confidence [5] - A dividend of $1.38 per share was announced, yielding approximately 2.97% based on the closing price of $174.69 on February 12, 2026 [5] Stock Performance - The stock price reached a new high of $173.22 on February 11, 2026, with a single-day increase of 5.36%, and has risen 10.36% year-to-date as of February 12, 2026 [6]

Core Viewpoint - The company reported a slight increase in revenue for Q3 2025, but net profit declined year-on-year, although free cash flow showed significant improvement and an active share buyback was implemented [1]. Financial Performance - Revenue for Q3 2025 reached $7.7 billion, a year-on-year increase of 1.38%, while net profit attributable to shareholders was $213 million, down 5.79% year-on-year. The gross margin was 15.67%, a decrease of 0.7 percentage points quarter-on-quarter, primarily due to weak commercial truck business and challenges in the UK market [2]. - Free cash flow for the quarter was $455 million, a significant increase from $40 million in the second quarter, with operating cash flow at $534 million, reflecting improved operational efficiency [2]. Business Developments - Same-store sales in the retail automotive business grew by 5%, with service and parts revenue reaching a quarterly high of $818 million, and gross margin increased by 110 basis points, becoming a major growth driver. High-end brands (such as Audi and Porsche) accounted for 70% of sales, supporting the profit structure [3]. - The commercial truck business faced pressure from a sluggish North American freight market, impacting revenue and profit, which negatively affected quarterly profits by approximately $23 million [3]. Financial Movements - As of October 24, 2025, the company repurchased 1.0866 million shares (1.6% of outstanding shares). The leverage ratio decreased to 1.0 times, with $550 million in convertible bonds repaid, and the debt-to-asset ratio fell to 66.56% [4]. Recent Company Status - The UK market faced business disruptions due to a cybersecurity incident involving OEM partners, compounded by rising tax rates affecting profits. Demand for high-end brands showed differentiation, with sales of partners like Porsche declining in China, which may indirectly impact the sales of the company's high-end models [5]. Stock Performance - As of February 11, 2026, the stock price was $173.71, reaching a 60-day high, with a price-to-earnings ratio (TTM) of 12.23 and a dividend yield of 2.98%. The recent increase in stock price may be attributed to improved cash flow and the buyback plan [6].

Core Viewpoint - The company plans to conduct an asset swap with its controlling shareholder, Jiushi Group, and its affiliates, which constitutes a related party transaction and a significant asset restructuring, without changing the controlling shareholder and actual controller [1] Group 1: Asset Swap Details - The company intends to acquire cultural, entertainment, and tourism assets, such as equity in event operation companies [1] - The company plans to divest passenger vehicle sales assets, including equity in automobile repair companies, with cash adjustments for the difference [1] - A framework agreement for the asset swap has been signed, but the transaction price has not yet been determined, and due diligence by intermediary organizations is currently underway [1] Group 2: Transaction Status - As of the announcement date, the transaction process is ongoing, but the final implementation remains uncertain [1]

Core Viewpoint - A new company, Jiamusi Anrui Automobile Sales Service Co., Ltd., has been established with a registered capital of 5 million RMB, fully owned by Jiamusi Ancheng Automobile Sales Service Co., Ltd. [1] Company Overview - The legal representative of Jiamusi Anrui Automobile Sales Service Co., Ltd. is Yan Yu [1] - The company is registered with a capital of 5 million RMB [1] - The business scope includes automobile sales, new energy vehicle sales, wholesale and retail of auto parts, vehicle maintenance, car wash services, and more [1] Shareholding Structure - Jiamusi Ancheng Automobile Sales Service Co., Ltd. holds 100% of the shares in Jiamusi Anrui Automobile Sales Service Co., Ltd. [1] Business Operations - The company operates in various sectors including vehicle sales, auto parts, vehicle repair and maintenance, car rental services, second-hand car brokerage, and advertising services [1] - The company is classified under the national standard industry of resident services, repair, and other services [1] Registration Details - The company is located in Jiamusi City, Heilongjiang Province, with a business duration until February 10, 2026, and no fixed term thereafter [1] - The registration authority is the Jiamusi City Sub-district Market Supervision Administration [1]

Core Insights - AITO Wenjie has officially initiated its global expansion strategy by signing a strategic cooperation agreement with Abu Dhabi Motors in Chongqing, China [1][3] - The partnership aims to leverage ADM's 40 years of industry experience and high-end customer resources to penetrate the Middle Eastern luxury smart car market [1][3] Group 1 - ADM will be responsible for sales, delivery, and after-sales service of AITO Wenjie in the UAE, including the planning and construction of brand experience and service centers [3] - The collaboration will focus on user services and market information sharing, enhancing both parties' capabilities in the region [3] - AITO Wenjie has completed local adaptation and certification of its models, with the flagship model M9 already undergoing user test drives in the UAE [3] Group 2 - The vehicles are currently assembled at the Dubai port and will be available for immediate delivery upon launch [3] - This partnership is seen as a significant milestone in AITO Wenjie's global strategy, aligning its technological strengths and premium positioning with the demands of the Middle Eastern market [3]

Core Viewpoint - The company has confirmed that some of its subsidiaries have obtained qualifications for maintenance and repair of new energy vehicles, and that related services such as vehicle modification and camping support are part of its regular business operations [1]. Group 1 - The company operates multi-brand automotive sales, covering both traditional fuel vehicles and new energy vehicles [1]. - Some subsidiaries have already acquired qualifications for new energy vehicle maintenance and repair [1]. - Vehicle modification, camping-related services, and new energy vehicle maintenance are considered regular business activities [1].

Group 1 - The core viewpoint of the article is the strategic partnership among CheChe Technology Group, Volkswagen (Anhui) Digital Sales Service Co., Ltd., and FaBa Tianxing Property Insurance Co., Ltd. to develop a comprehensive digital insurance service system for electric vehicles [2][3] - The collaboration focuses on three main areas: innovative product development, deepening intelligent pricing, and building a full lifecycle service ecosystem [2][3] - The innovative product development will include an integrated service package of "car insurance + value-added services," providing a seamless experience for car owners through CheChe Technology's SaaS platform [2] Group 2 - The intelligent pricing strategy will utilize an industry-leading driving behavior pricing system, integrating authorized driving data and vehicle dynamic information to create an AI-driven risk profile, offering differentiated pricing based on driving behavior [2] - The partnership aims to extend insurance services from traditional car insurance to smart insurance, renewal management, and travel protection, deeply embedding these services into Volkswagen's sales and after-sales processes [3]

Core Viewpoint - The company expects a significant net loss for the fiscal year 2025, contrasting with the previous year's profit, primarily due to intensified competition and pricing pressures in the automotive market [1] Financial Performance - The projected net profit attributable to shareholders for 2025 is estimated to be between -185 million to -110 million yuan, compared to a profit of 38.6 million yuan in the same period last year [1] - The expected non-recurring net profit is forecasted to be between -195 million to -120 million yuan, while the previous year's figure was -132 million yuan [1] - The company reported a non-operating income of approximately 9 million yuan for the current period, which is a decrease compared to the same period last year [1]