Group 1: Business Performance - In Q3 2025, the total financing amount of Yixin Group continued to grow, achieving a total of 235,000 vehicle transactions, representing a year-on-year increase of 22.6%, significantly outperforming the industry average of 11.0% for new and used car sales in China [1][10] - The total financing amount reached 21.2 billion yuan in Q3 2025, reflecting a year-on-year growth of 14.6% [1][10] - The second-hand car financing strategy is progressing steadily, with second-hand car financing accounting for 57% of total financing in Q3 2025, and the financing volume for second-hand cars reaching 12.1 billion yuan, up 51.3% year-on-year [1][10] Group 2: Business Structure - The financing volume for second-hand electric vehicles was 1.5 billion yuan, accounting for 22.5% of the company's new energy vehicle financing, with a year-on-year increase of 9.4 percentage points [1][10] - The financial technology business continued to grow rapidly, with financing facilitated through the fintech platform reaching 11.4 billion yuan in Q3 2025, a year-on-year increase of 102.0%, accounting for 53.7% of total financing [1][10] - The company expanded its cooperation network in the fintech model, partnering with two new financial institutions and establishing relationships with two well-known electric vehicle brands in Q3 2025 [1][10] Group 3: AI Strategy - The company is steadily advancing its AI strategy, with the deployment of the X Call product expected to be completed by the end of 2025, aimed at improving efficiency in the credit application process [2][11] - The X Call product is designed to enhance online marketing, document processing, and customer management efficiency, while also enabling real-time communication and automated interactions through AI [2][11] Group 4: Investment Analysis - As a leading third-party automotive finance company, Yixin Group's second-hand car strategy has shown significant results, supporting the company's performance, with expectations for continued high growth in the second half of the year [2][11] - The company maintains a strong dividend policy, providing returns to shareholders, and is rated as "strongly recommended" [2][11] - Forecasted net profits for 2025-2027 are 1.2 billion, 1.46 billion, and 1.76 billion yuan, representing year-on-year growth rates of 48%, 22%, and 21% respectively [2][11]

Core Viewpoint - Cathay Securities maintains a "Buy" rating for Yixin Group (02858) with a target price of HKD 3.91, based on a 20x P/E for 2025, driven by strong performance in the used car and SaaS businesses [1] Group 1: Business Performance - The company is expected to achieve revenue of CNY 115.99 billion, CNY 129.40 billion, and CNY 144.39 billion for 2025-2027, representing year-on-year growth of 17%, 12%, and 12% respectively [1] - Net profit is projected to be CNY 11.86 billion, CNY 14.59 billion, and CNY 18.16 billion for the same period, with growth rates of 46%, 23%, and 24% respectively [1] Group 2: Financing and SaaS Growth - In Q3 2025, the company facilitated 235,000 auto financing transactions, a year-on-year increase of 22.6%, with a total financing amount of CNY 21.2 billion [2] - The used car credit segment saw a significant year-on-year growth of 51.3%, reaching CNY 12.1 billion, with its share increasing to 56.9% [2] - The SaaS business contributed CNY 11.4 billion in financing in Q3 2025, marking a 102% year-on-year increase, and its contribution to total financing rose to 53.7% [2] Group 3: Future Outlook and AI Integration - The company is expected to see continued improvement in performance in the second half of the year, with a focus on light asset transformation and potential dividends [3] - The rollout of AI products, including "X Call," is progressing, aiming to enhance efficiency in credit application processes and customer interactions by the end of 2025 [3]

Group 1 - The core viewpoint of the report is that due to the company's rapid performance growth, it is given a target price of HKD 3.91 based on a 20x P/E ratio for 2025, with a rating of "Buy" [1] - The company is expected to achieve revenue of CNY 115.99 billion, CNY 129.40 billion, and CNY 144.39 billion for 2025-2027, representing year-on-year growth of 17%, 12%, and 12% respectively [1] - Net profit is projected to be CNY 11.86 billion, CNY 14.59 billion, and CNY 18.16 billion for the same period, with year-on-year growth of 46%, 23%, and 24% respectively [1] Group 2 - In Q3 2025, the automotive financing transactions reached 235,000, a year-on-year increase of 22.6%, with financing amounts totaling CNY 21.2 billion [2] - The second-hand car credit growth was even faster, increasing by 51.3% to CNY 12.1 billion, with its share rising to 56.9% [2] - The company's SaaS business facilitated financing of CNY 11.4 billion in Q3 2025, a year-on-year growth of 102%, contributing 53.7% to the total financing [2] Group 3 - The company's performance is expected to continue improving in the second half of the year, with expectations for better results compared to the first half [3] - The company is advancing its AI product "X Call," with plans to complete the preliminary agency layout for financing by the end of 2025 [3] - The implementation of AI products is anticipated to significantly enhance efficiency in credit application processes, optimizing customer conversion rates and experiences [3]

Investment Rating - The report assigns a rating of "Buy" for the company, with a target price of HKD 3.91, corresponding to a 20x P/E for 2025 [7][11]. Core Insights - The company is expected to maintain high growth in performance due to an increase in the proportion of used car financing, a successful transition to a light asset model driving SaaS business growth, and the application of AI in the automotive industry [3][11]. - The company’s used car financing transactions reached 235,000 in Q3 2025, a year-on-year increase of 22.6%, with financing amounts totaling CNY 21.2 billion, and used car credit growth of 51.3% to CNY 12.1 billion, increasing its share to 56.9% [11]. - The SaaS business facilitated financing of CNY 11.4 billion in Q3 2025, a 102% year-on-year increase, contributing 53.7% to total financing [11]. - The company is expected to see continued improvement in performance in the second half of 2025, with AI products like "X Call" enhancing efficiency in credit applications and customer management [11]. Financial Summary - Total revenue projections for 2025-2027 are CNY 115.99 billion, CNY 129.40 billion, and CNY 144.39 billion, representing year-on-year growth of 17%, 12%, and 12% respectively [11]. - Net profit estimates for the same period are CNY 11.86 billion, CNY 14.59 billion, and CNY 18.16 billion, with growth rates of 46%, 23%, and 24% respectively [11]. - The company’s P/E ratios are projected to be 6.55 for 2024, increasing to 15.36 in 2025, and then decreasing to 10.03 by 2027 [11].

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]

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 ...