China Meidong Auto Holdings Ltd. · HKEX:1268
China Meidong Auto — H1 2026 Earnings Presentation
24 slides from China Meidong Auto's earnings presentation, August 2026
Slide 1: 2026 Interim Results Presentation
(Stock Code: 1268.HK) 2026 Interim Results Presentation August 2026
Slide 2: 2026 Interim Results Overview
简单 · 直接 · 数据化 SIMPLE DIRECT DATA DRIVEN 2026 Interim Results Overview
Slide 3: Summary And Outlook
简单 · 直接 · 数据化 Summary And Outlook SIMPLE DIRECT DATA DRIVEN The dealership industry is still in downturn with substantial uncertainties Store optimisation: closure and consolidation to minimize losses Operational enhancement: enhance efficiency and reduce expenses EV experiment started Operating cas
Slide 4: 1H2026 – Revenue & GP Downward, Cash Flow Healthy
简单 · 直接 · 数据化 1H2026 – Revenue & GP Downward, Cash Flow Healthy SIMPLE DIRECT DATA DRIVEN 1H2025 1H2026 RMB mn After-sales and Mortgage After-sales and Mortgage Total Revenue New Car Sales Total Gross Profit New Car Sales Facilitation Services Facilitation Services 1,336 10,135 476 7,930 7,378 395 5
Slide 5: 1H2026 – Gross Margin Edging Up
简单 · 直接 · 数据化 1H2026 – Gross Margin Edging Up SIMPLE DIRECT DATA DRIVEN 1H2025 1H2026 Total Gross Profit and Gross Margin New Car Sales Gross Margin RMB mn 800 0.1 5.3% 4.7% 700 0.1 600 New Car Sales Luxury Brands Mid-to-high End Brands 476 0.0 500 395 -3.5% -3.5% 400 0.0 -3.9% 300 0.0 200 0.0 -8.8%
Slide 6: Management Focus – Liquid Balance Sheet
简单 · 直接 · 数据化 Management Focus – Liquid Balance Sheet SIMPLE DIRECT DATA DRIVEN Gearing Ratio1 Cash + Fixed Deposits2 Net Operating Cash Flow RMB mn RMB mn 10.5% 976 757 399 278 Net Cash 2025 1H2026 2025 1H2026 1H2025 1H2026 Inventory Days Goodwill Intangible Assets 18 1,130 26 13 238 230 0 0 1H2025
Slide 7: Management Trends – Balance Turnover and Margins
简单 · 直接 · 数据化 Management Trends – Balance Turnover and Margins SIMPLE DIRECT DATA DRIVEN New Car Sales Volume 1.32 1.17 1.11 1.00 0.95 0.87 0.89 0.82 0.78 0.66 3 3 4 Oct Nov Dec Jan Feb Mar Apr May Jun Jul 2025 6 2026 13 14 Gross Loss (Excluding 15 Manufacturer Rebates) 1.64 22 1.35 1.15 25 25 1.00
Slide 8: Management Focus – After-sales Absorption Ratio
简单 · 直接 · 数据化 Management Focus – After-sales Absorption Ratio SIMPLE DIRECT DATA DRIVEN 1H2025 1H2026 RMB mn After-sales and Mortgage Facilitation Services Revenue After-sales and Mortgage Facilitation Services Gross Profit 2,205 1,539 1,336 601 Absorption Ratio (including finance cost and non-opera
Slide 9: Management Focus – Cost Control
简单 · 直接 · 数据化 Management Focus – Cost Control SIMPLE DIRECT DATA DRIVEN Adjusted Expenses1 1H2025 1H2026 RMB mn 3.3% 2.6% 3.0% 2.3% 0.6% 0.7% 554 521 260 247 233 219 61 55 Distribution Costs Administrative Expenses Finance Costs Total Expenses 1 Excluding non-operating items 9
Slide 10: Store Optimisation
简单 · 直接 · 数据化 Store Optimisation SIMPLE DIRECT DATA DRIVEN Number of Operating Stores Absorption Ratio (Index) 1.13 74 72 60 1.05 1.00 1 2025 Jun 2026 Dec 2026 Est. 2025 Jun 2026 Dec 2026 Est. 1 Estimated based on the number of stores in H1 2026 minus expected store closures 10
Slide 11: EV Experiment Started
简单 · 直接 · 数据化 EV Experiment Started SIMPLE DIRECT DATA DRIVEN AITO Stores Location Opening Date New Car GP 1 Tongling, Anhui Aug 2026 No Discounts 2 Dongguan, Guangdong Sep 2026 / 3 Huanggang, Hubei Oct 2026 / 11
Slide 12: Foot Traffic – Challenges Substantial
简单 · 直接 · 数据化 Foot Traffic – Challenges Substantial SIMPLE DIRECT DATA DRIVEN Foot Traffic (Index) 1H2025 1H2026 1.00 1.00 1.00 1.00 0.93 0.83 0.73 0.74 Porsche BMW Lexus Toyota 12
Slide 13: Financial Review and Analysis
简单 · 直接 · 数据化 SIMPLE DIRECT DATA DRIVEN Financial Review and Analysis
Slide 14: 2026 Interim Results – Profit and Loss
简单 · 直接 · 数据化 2026 Interim Results – Profit and Loss SIMPLE DIRECT DATA DRIVEN RMB ’000 1H2025 1H2026 Change Revenue 10,134,666 7,377,980 -27.2% Gross profit 475,744 394,644 -17.0% Other revenue and other net (loss)/income 41,024 (126,583) - Loss for the period (818,150) (286,328) - Loss attributabl
Slide 15: Volume by Brands
简单 · 直接 · 数据化 Volume by Brands SIMPLE DIRECT DATA DRIVEN As a % of total volume in 1H2026 As a % of total volume in 1H2025 Porsche BMW 36.4% 34.6% Lexus 13.3% Toyota 10.3% 1H2026 1H2025 Total number of Total number of cars sold cars sold 22,614 28,214 19.6% 20.2% 33.7% 31.9% Units 1H2025 1H2026 Chan
Slide 16: Revenue by Brands
简单 · 直接 · 数据化 Revenue by Brands SIMPLE DIRECT DATA DRIVEN As a % of total revenue in 1H2026 As a % of total revenue in 1H2025 RMB mn Porsche BMW Lexus Toyota After-sales and mortgage facilitation services Others 29.1% 25.5% 16.0% 14.7% 1H2026 1H2025 Total Revenue 29.9% 1H2026 38.3% 26.5% Total Reven
Slide 17: Other Revenue and Other Net Income
简单 · 直接 · 数据化 Other Revenue and Other Net Income SIMPLE DIRECT DATA DRIVEN RMB (’000) 1H2025 1H2026 Insurance commission 26,823 16,255 Bank interest income 7,173 2,697 Management service income 1,317 1,131 Net loss on disposal of property, plant and equipment (4,866) (93,225) Net foreign exchange ga
Slide 18: Net Profit and Net Margin
简单 · 直接 · 数据化 Net Profit and Net Margin SIMPLE DIRECT DATA DRIVEN Adjusted Net Profit1 Reconciliation RMB mn 1H2025 1H2026 Loss for the period (818) (286) Impairment losses on goodwill and intangible assets 868 - Amortized cost for dealership rights 24 - Amortized interest on convertible bonds 3 - L
Slide 19: Balance Sheet Key Data
简单 · 直接 · 数据化 Balance Sheet Key Data SIMPLE DIRECT DATA DRIVEN RMB (’000) As of 31 Dec 2025 As of 30 Jun 2026 Total Assets 7,513,911 6,533,256 Cash and cash equivalents 732,615 962,595 Fixed deposits with more than three months to maturity when placed 24,000 13,000 Pledged bank deposits 1,113,302 63
Slide 20: Cash Flow Statement Key Data
简单 · 直接 · 数据化 Cash Flow Statement Key Data SIMPLE DIRECT DATA DRIVEN RMB (’000) 1H2025 1H2026 Cash generated from operations 349,616 448,378 Net cash inflow generated from operating activities 278,247 399,387 Net cash used in investing activities (12,954) (5,716) Net cash used in financing activitie
Slide 21: Outlook
简单 · 直接 · 数据化 SIMPLE DIRECT DATA DRIVEN Outlook
Slide 22: 2026 Management Objectives
简单 · 直接 · 数据化 2026 Management Objectives SIMPLE DIRECT DATA DRIVEN Maintain liquid balance sheet Grow absorption ratio, improve cost control, balance turnover and margins Consolidate and improve stores Survive the perfect storm 22
Slide 23: Disclaimer
简单 · 直接 · 数据化 Disclaimer SIMPLE DIRECT DATA DRIVEN This presentation has been prepared by, and is subject to the copyright of, China MeiDong Auto Holdings Limited (“MeiDong Auto” or the “Company”) . No part of this presentation may be reproduced, transmitted, stored in a retrieval system or translat
Slide 24: Investor Enquiries Thank You
简单 · 直接 · 数据化 SIMPLE DIRECT DATA DRIVEN Investor Enquiries Email: ir@meidongauto.com lixiuzhen@meidongauto.com ir@dlkadvisory.com Thank You
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