本次境外附属公司的设立，符合本公司国际化发展战略要求，有利于推进落实本公司进军国际商用车市 场业务的发展规划，并对构建"销售+金融"相互支持的双赢格局，加大公司海外业务投资布局、一体化 转型升级、形成国际化竞争优势，拓展海外业务具有重要意义。 香港附属公司由本公司100%持股，注册资本为人民币1亿元(或等值外币)，本公司计划分批实缴出资， 具体的投资将依据业务开展状况、风险管控情况以及相关法律法规和管理规定予以执行。香港附属公司 将依托智能网联(车联网)技术基础，全方位赋能"车辆租赁、贸易及相关配套服务"的国际化拓展。同 时，香港附属公司拟作为本集团国际化业务布局的核心节点，对本集团国际化业务进行整体佈局和统一 管理。 印尼附属公司拟由本公司及香港附属公司分别持股51%及49%，注册资本为人民币500万元(或等值外 币)，将负责在印度尼西亚进行具体业务开展，深耕当地商用车市场。 德银天下(02418)发布公告，于2025年12月30日，董事会已批准在中国香港及印度尼西亚分别成立一间 全资附属公司的议案。 ...

本次境外附属公司的设立，符合本公司国际化发展战略要求，有利于推进落实本公司进军国际商用车市 场业务的发展规划，并对构建"销售+金融"相互支持的双赢格局，加大公司海外业务投资布局、一体化 转型升级、形成国际化竞争优势，拓展海外业务具有重要意义。 香港附属公司由本公司100%持股，注册资本为人民币1亿元(或等值外币)，本公司计划分批实缴出资， 具体的投资将依据业务开展状况、风险管控情况以及相关法律法规和管理规定予以执行。香港附属公司 将依托智能网联(车联网)技术基础，全方位赋能"车辆租赁、贸易及相关配套服务"的国际化拓展。同 时，香港附属公司拟作为本集团国际化业务布局的核心节点，对本集团国际化业务进行整体佈局和统一 管理。 印尼附属公司拟由本公司及香港附属公司分别持股51%及49%，注册资本为人民币500万元(或等值外 币)，将负责在印度尼西亚进行具体业务开展，深耕当地商用车市场。 智通财经APP讯，德银天下(02418)发布公告，于2025年12月30日，董事会已批准在中国香港及印度尼西 亚分别成立一间全资附属公司的议案。 ...

印尼附属公司拟由公司及香港附属公司分别持股51%及49%，注册资本为人民币5百万元(或等值外币)， 将负责在印度尼西亚进行具体业务开展，深耕当地商用车市场。 格隆汇12月30日丨德银天下(02418.HK)宣布，于2025年12月30日，董事会已批准在香港及印度尼西亚 (「印尼」)分别成立一间全资附属公司(以下分别称为「香港附属公司」及「印尼附属公司」，统称为 「境外附属公司」)的议案。 香港附属公司由公司100%持股，注册资本为人民币1亿元(或等值外币)，公司计划分批实缴出资，具体 的投资将依据业务开展状况、风险管控情况以及相关法律法规和管理规定予以执行。香港附属公司将依 托智能网联(车联网)技术基础，全方位赋能「车辆租赁、贸易及相关配套服务」的国际化拓展。同时， 香港附属公司拟作为集团国际化业务布局的核心节点，对集团国际化业务进行整体布局和统一管理。 本次境外附属公司的设立，符合公司国际化发展战略要求，有利于推进落实公司进军国际商用车市场业 务的发展规划，并对构建「销售+金融」相互支持的双赢格局，加大公司海外业务投资布局、一体化转 型升级、形成国际化竞争优势，拓展海外业务具有重要意义。 ...

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聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 印尼附屬公司擬由本公司及香港附屬公司分別持股51%及49%，註冊資本 為 人 民 幣 5 百 萬 元（ 或 等 值 外 幣 ）， 將 負 責 在 印 度 尼 西 亞 進 行 具 體 業 務 開 展，深耕當地商用車市場。 本次境外附屬公司的設立，符合本公司國際化發展戰略要求，有利於推進 落實本公司進軍國際商用車市場業務的發展規劃，並對構建「銷售+金融」 相互支持的雙贏格局，加大公司海外業務投資布局、一體化轉型升級、形 成國際化競爭優勢，拓展海外業務具有重要意義。 – 1 – 股東及潛在投資者應注意，本公告乃自願刊發，旨在讓公眾瞭解本公司之 最新業務發展。本公司將於適當時候或於必要時遵照香港聯合交易所有限 公司證券上市規則刊發進一步公告。股東及潛在投資者買賣本公司股份時 務請審慎行事。 （ 一家於中華人民共和國註冊成立的股份有限公司） （股份代號：2418） 自願公告 擬設立境外附屬公司 本公告乃由德銀天下股份有 ...

在实体产业服务中，博弈融资租赁深度挖掘 "融资与运营" 的协同价值。聚焦新能源、智能制造、高端设备等核心领 域，公司不局限于 "提供资金" 的单一服务，而是以 "创新租赁模式 + 科技化风控体系" 为核心，构建 "融资 + 运营" 生 态闭环。新能源工厂升级设备，不仅能通过 "以租代买" 减轻资金占用，还能借助配套管理系统实现设备状态实时监 控，降低运营损耗；智能制造企业引入新设备，可依托公司的全国化服务网络，享受从设备选型到后期维护的全流程 支持。这种 "融资与运营深度绑定" 的模式，打破传统金融 "重资金、轻服务" 的局限，让租赁服务从 "资金供给方" 升 级为 "产业赋能者"，深度挖掘实体产业的运营价值。 博弈融资租赁 在汽车金融牌照稀缺与实体产业融资需求迫切的双重背景下，博弈融资租赁有限公司以 "价值挖掘者" 的姿态，深耕车 辆、设备租赁领域，通过合规筑基、科技赋能、资源整合，不仅解决行业痛点，更深度激活产融价值，让租赁服务成 为个人创业、企业发展、产业链升级的新引擎。自 2018 年成立以来，公司始终以 "以资赋能，租赁创富新生" 为理 念，在产融融合的道路上稳步前行。 在汽车金融领域，博弈融资租赁 ...

Core Viewpoint - Xiangdao Mobility has officially submitted its listing application to the Hong Kong Stock Exchange, indicating its intent to expand its operations in the ride-hailing and autonomous vehicle sectors [1]. Group 1: Company Overview - Xiangdao Mobility was established in April 2018 and primarily operates ride-hailing services, vehicle leasing, vehicle sales, and Robotaxi services [1]. - The company completed its Series C financing round in May 2025, raising a total of 1.3 billion yuan [1]. Group 2: Financial Performance - The revenue figures for Xiangdao Mobility from 2022 to the first half of 2025 are as follows: 4.729 billion yuan in 2022, 5.718 billion yuan in 2023, 6.395 billion yuan in 2024, and 3.013 billion yuan in the first half of 2025, showing a year-on-year growth trend [1]. - The company reported losses of 778 million yuan in 2022, 604 million yuan in 2023, 407 million yuan in 2024, and 115 million yuan in the first half of 2025, indicating that it has been operating at a loss for several consecutive years [1]. Group 3: Market Position - According to data from Frost & Sullivan, Xiangdao Mobility ranked fifth among domestic ride-hailing platforms in terms of Gross Transaction Value (GTV) in 2024, with the top five platforms collectively holding over 85% of the market share [1].

Core Viewpoint - The recent revision of the "Regulatory Evaluation Method for Consumer Rights Protection in Financial Institutions" by the National Financial Supervision Administration includes financial leasing companies, focusing on specific business areas to protect consumer rights in the industry [1][2]. Group 1: Policy Focus - The revised regulation specifically targets financial leasing companies that provide financial products and services to consumers, excluding those with minimal personal business [2]. - The policy aims to enhance consumer rights protection primarily in retail and inclusive finance sectors, particularly for individual customers and small and micro enterprises [2][3]. Group 2: Implementation Requirements - Financial leasing companies are required to establish a consumer rights protection management system that aligns with their business scale and customer structure [3]. - The adjustment emphasizes the need for consumer rights protection to be integrated throughout the entire business process, moving beyond mere compliance [4]. Group 3: Industry Response - Companies like Minsheng Financial Leasing have begun to develop comprehensive consumer rights protection management systems, including consumer rights review and information disclosure mechanisms [4][5]. - The establishment of dedicated consumer rights protection roles and customer service hotlines indicates proactive steps taken by companies to comply with the new regulations [5]. Group 4: Future Outlook - Experts suggest that the gradual implementation of the regulatory evaluation system may lead to a competitive landscape where compliant companies benefit while non-compliant ones are eliminated, ultimately enhancing service to the real economy [6].

Investment Rating - The report maintains a "Strong Buy" rating for the company [4][8]. Core Views - The company has shown stable growth in key operating indicators, with a revenue of 14.66 billion yuan in H1 2025, up 7.7% year-on-year, and a net profit of 2.4 billion yuan, up 27.6% year-on-year [7][8]. - The company is focusing on business transformation, increasing investments in new energy, emerging industries, and vehicle leasing, which have led to significant revenue growth in these sectors [2][3]. - Despite a decline in financing leasing income by 6.2% year-on-year, the company has seen substantial growth in other income sources, particularly from asset disposal and foreign exchange gains [3][8]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 14.66 billion yuan, with a net profit of 2.4 billion yuan, resulting in an annualized ROE of 11.7% [7]. - The total asset size reached 41.8 billion yuan, reflecting a 2.9% increase from the beginning of the year [7]. - The company maintained a low non-performing asset ratio of 0.63% and a high provision coverage ratio of 540.05% for financing leasing-related non-performing assets [7]. Revenue Breakdown - Financing leasing income accounted for 34.4% of total revenue, down 5.0 percentage points year-on-year, while operating leasing income accounted for 47.8%, down 4.5 percentage points [7]. - The company reported a significant increase in revenue from green energy and high-end equipment leasing, with respective revenues of 1.858 billion yuan and 1.052 billion yuan, growing 23.9% and 14.1% year-on-year [2]. Future Projections - The company is expected to continue its growth trajectory, with projected net profits of 4.9 billion yuan, 5.2 billion yuan, and 5.8 billion yuan for the years 2025, 2026, and 2027, representing year-on-year growth rates of 9.9%, 5.4%, and 11.9% respectively [10][11].

Core Viewpoint - The financing leasing industry is focusing on inclusive finance, particularly through equipment leasing for small and micro enterprises, which is seen as a vital service for enhancing people's livelihoods and supporting consumption upgrades [1][4]. Group 1: Equipment Leasing Market - The vehicle leasing segment is a significant part of the inclusive leasing business, with Guoyin Jinzu reporting over 110,000 vehicles leased as of mid-2025 [1]. - Jiangsu Jinzu has partnered with nearly 100 manufacturers, selling over 40,000 agricultural machines and serving more than 30,000 farmers, with a total investment of 15.1 billion yuan by the end of 2024 [1]. - Minsheng Jinzu's retail and inclusive financing leasing balance has increased for three consecutive years, rising from 43% to 57% by the end of 2024 [1]. Group 2: Challenges and Strategies - The financing leasing companies face challenges in stabilizing operations during macroeconomic fluctuations and balancing operational costs with inclusive coverage [2]. - There is a need for financial leasing companies to capture the real needs of small and micro enterprises and expand beyond traditional funding roles to become core participants in the sales and service processes [2][3]. - The industry is encouraged to innovate in product offerings and risk management to ensure sustainable and controllable inclusive leasing services, especially during economic adjustments [2]. Group 3: Policy and Development - The People's Bank of China and the National Financial Regulatory Administration have emphasized the importance of addressing major issues and risks in inclusive finance through a recent implementation plan [4]. - Inclusive leasing is characterized as a financial service that meets the light asset, short cycle, and flexible needs of small and micro enterprises, acting as a bridge between equipment resources and the real economy [4][5]. - To effectively support small and micro enterprises, leasing companies should focus on demand, establish dynamic risk management mechanisms, and collaborate with equipment manufacturers and local governments to create a comprehensive service platform [5]. Group 4: Social Responsibility - The financing leasing industry is actively engaging in social responsibility, with 149 public welfare activities organized and a total of 3.9562 million yuan in assistance and 7.0765 million yuan in donations reported in 2024 [5].

Core Viewpoint - The company demonstrated strong revenue growth and improved cash generation capabilities in the first half of 2025, with a significant reduction in losses compared to the previous year [1][2]. Group 1: Financial Performance - The company's operating revenue reached 9.456 billion yuan, representing a 53.5% increase year-on-year [1]. - The gross profit margin improved to 8.4%, up by 1.4 percentage points [1]. - The net loss for the period was 470 million yuan, a reduction of 310 million yuan year-on-year, while the adjusted net loss was 330 million yuan, down by 170 million yuan [1]. - Cash generated from operating activities increased significantly by 164.6% to 325 million yuan, indicating enhanced self-financing capabilities [1]. Group 2: Revenue Breakdown - Revenue from mobility services was 8.6 billion yuan, up 49.8%, while vehicle sales revenue surged by 137.3% to 740 million yuan [2]. - Vehicle leasing revenue increased by 25.7% to 10 million yuan, while other business revenue fell by 62.2% due to a one-time contribution last year [2]. - The Gross Transaction Value (GTV) for mobility services reached 10.95 billion yuan, reflecting a 53.6% increase, driven by the sale of customized vehicles and expansion into 27 new cities [2]. Group 3: Operational Metrics - The platform's average daily order volume was 2.108 million, up 50.6%, with an Average Order Value (AOV) of 28.9 yuan, an increase of 3.2% [3]. - The estimated platform Take Rate was 78.5%, down by 2.0%, likely due to increased user subsidies in new cities [3]. - Driver costs and subsidies accounted for approximately 63.4%, up by 0.4 percentage points, while vehicle depreciation and maintenance costs decreased to 6.2%, down by 3.7 percentage points [3]. Group 4: Strategic Developments - The company successfully listed on the Hong Kong Stock Exchange in June 2025, raising 1.7 billion HKD to support cash flow and attract key industry investors [3]. - The launch of the autonomous driving platform in February 2025 has led to 15,000 kilometers of testing by June 2025, with plans to introduce a dedicated L4 Robotaxi model by the end of 2026 [3].