China Meidong Auto Holdings Ltd. · HKEX:1268

China Meidong Auto — H1 2025 Earnings Presentation

26 slides from China Meidong Auto's earnings presentation, Aug 27, 2025

  1. Slide 1: 2025 Interim Results Presentation

    (Stock Code: 1268.HK) 2025 Interim Results Presentation August 2025

  2. Slide 2: Agenda

    简单 · 直接 · 数据化 Agenda SIMPLE DIRECT DATA DRIVEN 1. 2025 Interim Results Overview 2. Financial Review and Analysis 3. Outlook

  3. Slide 3: 2025 Interim Results Overview

    简单 · 直接 · 数据化 SIMPLE DIRECT DATA DRIVEN 2025 Interim Results Overview

  4. Slide 4: 1H2025 Summary

    简单 · 直接 · 数据化 1H2025 Summary SIMPLE DIRECT DATA DRIVEN Loss due to new car GP and non-operating items Healthy operating cash flow, after-sales GP, cost control & absorption ratio EV strategies: acting cautiously Liquidity in Balance Sheet, challenges and opportunities 4

  5. Slide 5: Revenue and Profit

    简单 · 直接 · 数据化 Revenue and Profit SIMPLE DIRECT DATA DRIVEN 1H2024 1H2025 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 10,656 10,135 8,569 806 1,336 7,930 1,247 476 2,086 2,205 -440 -8

  6. Slide 6: Gross Margin

    简单 · 直接 · 数据化 Gross Margin SIMPLE DIRECT DATA DRIVEN 1H2024 1H2025 Total Gross Profit and Gross Margin New Car Sales Gross Margin RMB mn New Car Sales Luxury Brands Mid-to-High-End Brands 1,300 0.1 7.6% -4.6% 0.1 1,100 -5.1% -5.2% 0.1 4.7% 900 -8.8% 0.0 -10.8% -11.2% 0.0 700 0.0 500 After-sales and

  7. Slide 7: Liquid Balance Sheet

    简单 · 直接 · 数据化 Liquid Balance Sheet SIMPLE DIRECT DATA DRIVEN Gearing Ratio (including Convertible Bonds)1 Cash (After Payback Convertible Bonds)2 Net Operating Cash Flow RMB mn RMB mn 2,657 3.5% 2.4% 584 892 278 FY2024 1H2025 1H2024 1H2025 Inventory Days Accounts Receivable Days Accounts Payable Day

  8. Slide 8: Stable After-sales and Absorption Ratio

    简单 · 直接 · 数据化 Stable After-sales and Absorption Ratio SIMPLE DIRECT DATA DRIVEN 1H2024 1H2025 RMB mn After-sales and Mortgage Facilitation Services Revenue After-sales and Mortgage Facilitation Services Gross Profit 2,205 2,086 1,336 1,247 Absorption Ratio (including finance cost and non-operating i

  9. Slide 9: Cost Control

    简单 · 直接 · 数据化 Cost Control SIMPLE DIRECT DATA DRIVEN Adjusted Expenses1 1H2024 1H2025 RMB mn 5.8% 5.5% 2.8% 2.6% 2.3% 2.3% 0.8% 0.6% 619 554 295 260 243 233 80 61 Distribution Costs Administrative Expenses Finance Costs Total Expenses Example: Total Expenses of Certain Brand 2 Example: Absorption Ra

  10. Slide 10: Surviving the Perfect Storm

    Surviving the Perfect Storm 简单 · 直接 · 数据化 SIMPLE DIRECT DATA DRIVEN ---- A Meidong Store(A) in a city with 14 same-brand stores Rising Local Market Share* MD’s Sales Volume (Indexed) MD’s Sales Volume as a % of the Brand in the City 25% 21% 1.43 1.60 1.39 20% 20% 1.40 17% 1.20 1.15 1.00 15% 14% 1.00

  11. Slide 11: Surviving the Perfect Storm: Single City Multiple Stores

    Surviving the Perfect Storm 简单 · 直接 · 数据化 SIMPLE DIRECT DATA DRIVEN ---- Single City Multiple Stores New Car Sales Volume Total Revenue Absorption Ratio Profit before Tax • Store A 1.47 1.54 1.57 1.40 1.24 1.24 1.15 1.18 1.26 1.00 1.02 1.00 1.03 1.00 1.00 0.84 2022 2023 2024 2025* 2022 2023 2024 202

  12. Slide 12: Surviving the Perfect Storm: Single City Single Store

    Surviving the Perfect Storm 简单 · 直接 · 数据化 SIMPLE DIRECT DATA DRIVEN ---- Single City Single Store New Car Sales Volume Market Share Absorption Ratio Profit before Tax • Store D 2.15 1.92 1.60 1.71 1.53 1.35 1.30 1.27 1.00 1.09 1.00 1.00 1.00 0.95 0.87 2022 2023 2024 2025* 2023 2024 1H2025 2022 2023

  13. Slide 13: Short-term Macroeconomic Challenges Remain Severe

    简单 · 直接 · 数据化 Short-term Macroeconomic Challenges Remain Severe SIMPLE DIRECT DATA DRIVEN Foot Traffic (Index) New Car Order (Index) 1.40 1.40 1.24 1.27 1.25 1.18 1.17 1.10 1.20 1.20 1.04 1.03 0.98 1.00 1.00 1.00 1.00 0.84 0.77 0.79 0.80 0.80 0.60 0.60 0.40 0.40 0.20 0.20 - - Jan Feb Mar Apr May Jun

  14. Slide 14: Impact of Luxury Tax and Changes in Mortgage Services

    简单 · 直接 · 数据化 Impact of Luxury Tax and Changes in Mortgage Services SIMPLE DIRECT DATA DRIVEN Ultra-luxury Car Tax - Sales Volume of Changes in Mortgage Services - GP1 (Loss - Index) Above-threshold Cars (Index) Mortgage GP per Unit (Index) 2.50 2.50 2.06 2.08 2.02 1.98 2.00 1.92 1.91 2.00 1.91 1.84

  15. Slide 15: Financial Review and Analysis

    简单 · 直接 · 数据化 SIMPLE DIRECT DATA DRIVEN Financial Review and Analysis

  16. Slide 16: 2025 Interim Results Profit and Loss Overview

    简单 · 直接 · 数据化 2025 Interim Results Profit and Loss Overview SIMPLE DIRECT DATA DRIVEN RMB (’000) 1H2024 1H2025 Change Revenue 10,655,863 10,134,666 -4.9% Gross profit 806,421 475,744 -41.0% Other revenue and other net income 105,799 41,024 -61.2% Loss for the period (22,931) (818,150) - Loss attribu

  17. Slide 17: Revenue by Brands

    简单 · 直接 · 数据化 Revenue by Brands SIMPLE DIRECT DATA DRIVEN As a % of total revenue in 1H2025 As a % of total revenue in 1H2024 RMB mn Porsche BMW Lexus Toyota After-sales and Mortgage Others Facilitation Services 25.5% 28.0% 14.7% 1H2024 1H2025 30.8% 37.8% 26.5% Total Revenue 29.9% 1H2025 Total Reven

  18. Slide 18: Volume by Brands

    简单 · 直接 · 数据化 Volume by Brands SIMPLE DIRECT DATA DRIVEN As a % of total volume in 1H2025 As a % of total volume in 1H2024 Porsche BMW Lexus 34.6% 38.8% Toyota 15.7% 13.3% Others 1H2025 1H2024 Total number of Total number of cars sold cars sold 28,214 units 26,176 units 20.2% 27.2% 31.9% 18.3% Units

  19. Slide 19: 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) 1H2024 1H2025 Insurance commission 43,954 26,823 Bank interest income 55,745 7,173 Management service income 2,316 1,317 Net loss on disposal of property, plant and equipment (5,863) (4,866) Net foreign exchange lo

  20. Slide 20: 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 1H2024 1H2025 Loss for the period (23) (818) Amortized cost for the relevant land use and dealership rights 77 24 Amortized interest on convertible bonds 51 3 Impairment losses on goodwill an

  21. Slide 21: 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 2024 As of 30 Jun 2025 Total Assets 11,481,315 7,040,179 Cash and cash equivalents 2,644,539 868,781 Fixed deposits with more than three months to maturity when placed 12,000 23,000 Pledged bank deposits 2,108,108

  22. Slide 22: Cash Flow Statement Key Data

    简单 · 直接 · 数据化 Cash Flow Statement Key Data SIMPLE DIRECT DATA DRIVEN RMB (’000) 1H2024 1H2025 Cash generated from operations 739,032 349,616 Net cash generated from operating activities 584,024 278,247 Net cash (used in)/generated from investing activities 428,029 (12,954) Net cash (used in)/generat

  23. Slide 23: Outlook

    简单 · 直接 · 数据化 SIMPLE DIRECT DATA DRIVEN Outlook

  24. Slide 24: Outlook

    简单 · 直接 · 数据化 Outlook SIMPLE DIRECT DATA DRIVEN Maintain healthy balance sheet Grow after-sales & absorption ratio Be conservative and minimize expenses Survive the perfect storm 24

  25. Slide 25: 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

  26. Slide 26: 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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