（来源：金融贰叁事） 事件：易鑫集团披露2025年三季度业务更新情况。 业务总量看：三季度易鑫集团总融资额延续增长势头。三季度易鑫集团业务保持快速增长势头，3Q公司合计实现汽车交易量23.5万笔/yoy+22.6%，业务表 现显著强于行业（3Q25我国新车及二手车总销量yoy+11.0%），公司3Q25融资总额达212亿元/yoy+14.6%。 业务结构看：二手车战略稳步推进、3Q二手车融资额占比达57%，金科业务规模延续高增态势。25年以来公司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稳步推进，3Q25公司二手车融资交易量达121亿元/yoy+51.3%，占比达56.9%；其中二手电动汽车融资交易量为15亿元，占公司新能 源车融资额22.5%/yoy+9.4pct。公司金融科技业务延续高增态势，3Q25公司通过金融科技平台促成融资额达114亿元/yoy+102.0%，占比达 53.7%/yoy+23.4pct；此外公司扩大金科模式合作网络，三季度公司与2家新金融机构合作上线，与2家知名电动汽车品牌建立伙伴关系。 公司人工智能策略按计划推进，X Call部署有望在年底前全面完成。2025年第三季 ...

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]

智通财经APP获悉，国泰海通发布研报称，考虑公司较快的业绩增速，给予易鑫集团(02858)2025年 20xP/E(按照1港元=0.92元人民币换算)，对应目标价3.91港元，对应2025年20xP/E，给予"增持"评级。 公司二手车及SaaS业务高增，该行维持2025-2027年营收为115.99/129.40/144.39亿元，同比增长 17%/12%/12%，净利润为11.86/14.59/18.16亿元，同比增长46%/23%/24%的预测，未来的催化剂包括汽 车金融市场快速增长和资金成本继续下行。 国泰海通主要观点如下： 二手车融资保持高增，SaaS业务继续加速 参考三季度运营数据，该行预计公司下半年业绩有望继续改善，预计下半年业绩将好于上半年;公司业 绩持续增长且轻资产转型，未来分红值得期待。AI方面，2025年第三季度稳步推进AI产品"X Call"。预 计到2025年底前，将完成融资前期代理化布局(包括"X Call"及其他AI产品)。这些AI产品落地后，将大 幅提升信贷申请环节中线上营销、文件处理、客户管理的效率，同时通过即时通讯、智能语音的高度自 动化互动，优化客户转化效率与体验。 2)2 ...

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 ...