Zhongsheng Group Holdings Ltd. · HKEX:881
Zhongsheng — H1 2026 Earnings Presentation
30 slides from Zhongsheng's earnings presentation, 2026
Slide 1: Fuse Forge Forward 2026 Interim Report
Fuse Forge Forward 2026 Interim Report
Slide 2: Table of Contents
Table of Contents 01 Results Overview 02 Financial Review 03 Business Review 04 Outlook 05 Appendix
Slide 3: Results Overview
le i] Fe “aH eal 3) « | 1 ye LIFETIME PARTNER # © th # ’ fo ——— = 2 SSeS EF BR@ ss | AI1TtomR 01 Results Overview
Slide 4: Results Overview
Results Overview (RMB mn) 1H2025 1H2026 Change New car sales volume (units) 228,649 188,463 (17.6)% Pre-owned car sales volume (units) 111,244 71,302 (35.9)% After-sales services visits (’000 units) 4,003 3,626 (9.4)% Number of dealership stores 439 461 22 thereof: Traditional brands stores 402 359
Slide 5: Financial Review
as Pear 1 02 Financial Review
Slide 6: Revenue Breakdown
Revenue Breakdown Total Revenue Accessories, Maintenance Packages and After-sales Services Revenue (RMB bn) (RMB bn) 164.4 Change: (18.5)% 26.1 Change: (6.4)% 12.4 3.2 26.1 77.3 13.4 12.5 6.0 63.0 1.9 1.0 125.9 13.4 4.3 22.9 12.5 57.9 11.4 11.5 46.2 2025 1H2025 1H2026 2025 1H2025 1H2026 New car Acce
Slide 7: Operational Expenses
Operational Expenses Selling and Distribution Expenses Administrative Expenses (RMB mn) (RMB mn) As % of 4.4% 5.5% As % of 1.4% 1.7% 4.8% 1.4% revenue revenue 7,827 2,309 3,434 3,481 1,099 1,067 2025 1H2025 1H2026 2025 1H2025 1H2026 Finance Costs Absorption Ratio1 (RMB mn) (%) As % of revenue 0.9% 0
Slide 8: Aggregate Profit Breakdown
Aggregate Profit Breakdown New Car Gross Profit Accessories, Packages and After-sales Services Gross Profit (RMB mn) (RMB mn) Margin (2.9)% (1.4)% Margin 46.0% 47.4% 45.0% (4.1)% 12,012 962 30.1% 6,341 5,632 (2,388) (631) (3,709) 11,050 900 46.6% 46 4.8% 48.2% 5,441 47.5% 5,586 48.4% 2025 1H2025 1H2
Slide 9: Aggregate Profit (Gross Profit + Commission Income) Reconciliation
Aggregate Profit (Gross Profit + Commission Income) Reconciliation (RMB bn) As disclosed in financial reports 11.4 0.5 2.6 6.1 After- Accessories and 0.3 5.3 5.5 Pre- Commission income 1.8 0.2 New car sales packages gross profit 12.0 0.8 0.4 0.1 owned car gross services Pre- Pre- 6.4 gross After- Af
Slide 10: Interest-bearing Debt and Liquidity
Interest-bearing Debt and Liquidity Debt Breakdown by Type Debt Breakdown by Maturity (RMB bn) (RMB bn) Avg. cost of ⚫ With a 19.7% repurchase Interest- 3.6% 3.9% bearing debt 24.6 completed in July 2026, the USD bond balance 29.5 27.3 9.9 13.2 was reduced to $482 million 4.1 1.0 13.3 4.1 ⚫ Diverse
Slide 11: Other Financial Metrics
Other Financial Metrics Adj. Profitability Adj. ROA and ROE3 (RMB mn) (%) 4,075 3.9% 3,166 2,262 924 909 1.7% 134 86 0.3% 0.2% 0.4% (790) 0.1% 2025 1H2025 2H2025 1H2026 2025 1H2025 1H2026 1 2 Adj. Net profit Adj. EBITDA ROA ROE Net Debt4 / Adj. EBITDA Adj. Interest Coverage5 (x) (x) 4.5 4.6 3.5 3.5
Slide 12: Business Review
sagHsa ZHONGSHENG GROUP LIFETIME PARTNER ft & ¢k 4 03 ~~ ———— Business Review
Slide 13: Market Analysis
Market Analysis China PV Retail Sales Volume (Insurance Registration) During 2023-2024, passenger vehicle sales increased significantly, (mn units) supported by various auto consumption stimulus policies and NEV consumption tax waiver YoY Change (2.9)% 5.8% 7.8% (0.5)% (18.6)% Sluggish consumer dema
Slide 14: Network Structure Optimization
Network Structure Optimization Changes in 1H2026 62 48 18 10 2 2 - - Traditional luxury Traditional mid-to-high- NEV brands Collision centers brands end brands Newly-added Stores Exited Stores 22% 10% NEV brands stores % NEV brands sales volume % 13
Slide 15: Store Network by Brand
Store Network by Brand 461 Dealership Stores and 48 Collision Centers as of June 2026 Traditional Brands-359 dealership stores1 Collision NEV Brands-102 dealership stores Centers 105 101 113 92 59 59 38 38 0 20 0 17 38 38 27 27 23 23 0 9 0 8 0 7 46 48 16 11 14 4 2 3 2 2 0 1 Number as of December 202
Slide 16: Vehicle Sales Breakdown
Vehicle Sales Breakdown New Car Sales Volume Pre-owned Car Sales Volume (units) (units) 497,316 40,656 Change: (17.6)% Change: (35.9)% 221,213 228,649 456,660 11,179 188,463 111,244 19,461 71,302 217,470 169,002 2025 1H2025 1H2026 2025 1H2025 1H2026 Traditional Brand NEV Brands New Car Sales Volume
Slide 17: New Car Business
New Car Business New Car Gross Profit Has Yet to Fully Turn Around, (RMB mn) 1H2025 1H2026 Change But Is Gradually Bottoming Out Traditional brands reduced sales volumes to stem losses, while the gap between actual selling prices and new car procurement prices narrowed, New car gross profit (2,388)
Slide 18: New Car Business – Key Profitability Factors
New Car Business – Key Profitability Factors New Car Aggregate Profit Margin (GP3) Bridge OEM Subsidy – Marginal Impact OEM subsidy Cross Sales MSRP Change 0.6% 3.9% 4.5% GP31 GP3 NEV Brands GP3 (2.1)% Contribution (0.4)% (0.6)% Price Cut 2.2% (1.0)% 0.6% 2.8% 2.4% (1.1)% 0.6% 2024 2025 2026 2025 1H
Slide 19: Pre-owned Car Business
Pre-owned Car Business Sales Volume and Profitability Under Pressure (RMB mn) 1H2025 1H2026 Change Pressures on pre-owned car market have yet to be eased, with Gross profit of pre- 257 51 (206) high uncertainty in profitability owned car business Against the backdrop of pressures on both sales volum
Slide 20: After-Sale Services: Maintenance, Warranty and Collision Repair
After-Sale Services: Maintenance, Warranty and Collision Repair Structural Optimization in After-sales Service (RMB mn) 1H2025 1H2026 Change Business Generating Steady Gross Profit Growth Growth of after-sales service has fluctuated due to large-scale Number of active 4,542 4,601 1.3% dealership net
Slide 21: Customer Operation
Customer Operation Zhongsheng Go Centralized CRM Center New Media Operation System Online Membership Platform 4.12mn 287k 12.12mn 10 4,000+ 170mn Zhongsheng Go Avg. Monthly Avg. Monthly Orders WeCom Customers CRM Centers New media accounts Subscribers Impressions 20
Slide 22: Outlook
aSakmisls ™ Ona en (oe, Outlook
Slide 23: New Car Business: Profitability of Traditional Brands Is Likely to Continue Recovering
New Car Business: Profitability of Traditional Brands Is Likely to Continue Recovering, Alongside Increasing Incremental Contribution from NEV Brands New Car Gross Margin of Traditional Brands Continuous Expansion of NEV Brands Stores, with NEV at Zhongsheng Sales Volume Contribution Expected to Fur
Slide 24: After-sales Service Business: Continue to Optimize Structure and Enhance Earnings Quality
After-sales Service Business: Continue to Optimize Structure and Enhance Earnings Quality Actively promote transparent process to deliver more practical and cost-effective after-sales services for customers Seize local after-sales market share by entering stores with massive existing customer bases
Slide 25: Remain Customer-centric and Improve High-Quality Full-lifecycle Vehicle Services
Remain Customer-centric and Improve High-Quality Full-lifecycle Vehicle Services Reach customers via …… multiple channels Dealership Collision Pre-owned Car Cleaning and New Vertical Hainan Chexiangpai Cross-industry Stores Centers Retail Centers Detailing Stores Media Media Mobility Alliance Non-Zh
Slide 26: Strengthen Presence and Continue Consolidating Resources in Core Cities
Strengthen Presence and Continue Consolidating Resources in Core Cities Concentrate new stores in core cities, and continue to increase the number of stores, business scale, customer density and Zhongsheng’s brand impact, circumvent overt price competition, boost operational efficiency Average # of
Slide 27: Prudent Control on Capex, Improve Property Utilization Efficiency
Prudent Control on Capex, Improve Property Utilization Efficiency Per-store Capex1 Breakdown of 163 New Dealer Stores Added from 2024 to June 2026 (RMB mn) 4.7 Method of New Source of Traditional Thereof: NEV 3.3 NEV Brands Total 3.0 3.1 Addition Properties Brands Brands H1 2026 1.8 Renovation Exist
Slide 28: Appendix
05 Appendix
Slide 29: Financial Highlights
Financial Highlights (RMB mn) 2025 1H2025 1H2026 Cash and cash equivalent 15,421 12,859 13,578 Time deposits - 4,055 - Pledged bank deposits 4,937 2,999 3,381 Cash in transit 80 124 61 Cash, cash equivalent and cash in transit 20,438 20,037 17,020 Cash flow from operating activities 9,405 5,948 618
Slide 30: Store Network by Core City
Store Network by Core City 32 Core Cities Dalian 2 Liaoning 1 Yantai & 1 Qingdao 1 Hebei Jiangsu 3 Zhejiang 1 (Shenyang) Weihai (Shijiazhuang) (Nanjing) (Hangzhou) 461 Dealership Stores Stores 23 Customers 280k Stores Customers 219k 23 Stores 13 Stores 16 Customers 102k Stores 8 Stores 29 Stores 15
Zhongsheng Group Holdings — H1 2026 Earnings Presentation on 6ix