China Meidong Auto Holdings Ltd. · HKEX:1268

China Meidong Auto — FY2025 Earnings Presentation

27 slides from China Meidong Auto's earnings presentation, April 2026

  1. Slide 1: 2025 Annual Results Presentation

    (Stock Code: 1268.HK) 2025 Annual Results Presentation April 2026

  2. Slide 2: 2025 Annual Results Overview

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

  3. Slide 3: Summary and Outlook

    简单 · 直接 · 数据化 Summary and Outlook SIMPLE DIRECT DATA DRIVEN Our industry is going through rapid structural changes. Operational and management challenges will grow tremendously though dealers are still fundamentally important. Key operational parameters – liquid balance sheet, cash flow, balance bet

  4. Slide 4: 2025 – Revenue and Profit

    简单 · 直接 · 数据化 2025 – Revenue and Profit SIMPLE DIRECT DATA DRIVEN 2024 2025 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 2,660 22,154 17,726 20,023 16,097 2,088 1,561 1,149 4,428 3,92

  5. Slide 5: 2025 – Gross Margin

    简单 · 直接 · 数据化 2025 – Gross Margin SIMPLE DIRECT DATA DRIVEN 2024 2025 Total Gross Profit and Gross Margin New Car Sales Gross Margin RMB mn New Car Sales Luxury Brands Mid-to-High-End Brands 7.0% 2,000 0.1 1,800 5.7% 0.1 -5.7% 1,600 1,561 0.0 -5.8% -5.8% 1,400 -5.9% 0.0 1,149 -6.2% 1,200 0.0 -6.3% 1

  6. Slide 6: 2025 – 2H Trended More Stable

    简单 · 直接 · 数据化 2025 – 2H Trended More Stable SIMPLE DIRECT DATA DRIVEN Adjusted Net Profit 1 RMB mn 250 218 200 148 150 106 100 50 -48 0 1H2024 2H2024 1H2025 2H2025 -50 -100 1 Excluding the impact of non-operating items and impairment losses on goodwill and intangible assets 6

  7. Slide 7: 2025 – Impacts of Two Key Changes: Luxury Tax and High Rebate Financing

    简单 · 直接 · 数据化 2025 – Impacts of Two Key Changes: Luxury Tax and High Rebate Financing SIMPLE DIRECT DATA DRIVEN Ultra-luxury Car Tax – Changes in Mortgage Services - Sales Volume of Above-threshold Cars (Index) Mortgage GP per Unit (Index) 3.50 3.20 3.09 3.00 2.97 2.95 2.92 2.70 1.80 1.60 1.61 2.50

  8. Slide 8: Management Focus – Liquid Balance Sheet

    简单 · 直接 · 数据化 Management Focus – Liquid Balance Sheet SIMPLE DIRECT DATA DRIVEN 2024 2025 Gearing Ratio (including Convertible Bonds)1 Net Operating Cash Flow Cash3 RMB mn RMB mn 1,849 10.5% 865 808 757 3.5% 482 0.0% 2 Cash + Redemption of covertible fixed deposits 4 bonds Inventory Days Goodwill In

  9. Slide 9: Management Focus – Balancing Turnover and Margins

    简单 · 直接 · 数据化 Management Focus – Balancing Turnover and Margins SIMPLE DIRECT DATA DRIVEN New Car Sales Volume 1.32 1.17 1.11 1.00 0.94 0.66 3 3 Oct Nov 4 Dec Jan Feb Mar Est. 2025 6 2026 13 Gross Loss (Excluding Manufacturer Rebates) 14 15 1.64 1.35 22 1.15 1.00 25 25 25 0.71 0.43 28 Oct Nov Dec Ja

  10. Slide 10: Management Focus – Balancing Turnover and Margins

    简单 · 直接 · 数据化 Management Focus – Balancing Turnover and Margins SIMPLE DIRECT DATA DRIVEN Gross Loss (Excluding Manufacturer Rebates) • City A Jul Aug Sep Oct Nov Dec Jan Feb Mar 2025 2026 • City B Jul Aug Sep Oct Nov Dec Jan Feb Mar 2025 2026 • City C Jul Aug Sep Oct Nov Dec Jan Feb Mar 2025 2026 1

  11. Slide 11: Management Focus – After-sales Absorption Ratio

    简单 · 直接 · 数据化 Management Focus – After-sales Absorption Ratio SIMPLE DIRECT DATA DRIVEN 2024 2025 RMB mn After-sales and Mortgage Facilitation Services Revenue After-sales and Mortgage Facilitation Services Gross Profit 4,428 3,926 2,660 2,088 Absorption Ratio (including finance cost and non-operati

  12. Slide 12: Management Focus – After-sales Absorption Ratio

    简单 · 直接 · 数据化 Management Focus – After-sales Absorption Ratio SIMPLE DIRECT DATA DRIVEN Absorption Ratio • Store A • Store B • Store C 2.19 2.23 1.85 1.67 1.67 1.65 1.47 1.54 1.31 1.00 1.00 1.00 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 • Store D • Store E • Store F 1.97 1.90 1.73

  13. Slide 13: Management Focus – Cost Control

    简单 · 直接 · 数据化 Management Focus – Cost Control SIMPLE DIRECT DATA DRIVEN 2024 2025 RMB mn Adjusted Expenses1 5.6% 5.6% 2.6% 2.6% 2.3% 2.4% 0.7% 0.6% 1,236 1,129 585 525 502 489 148 116 Distribution Costs Administrative Expenses Finance Costs Total Expenses 1 Excluding non-operating items 13

  14. Slide 14: Some Key Factors

    简单 · 直接 · 数据化 Some Key Factors SIMPLE DIRECT DATA DRIVEN Closing, consolidation & conversion of unprofitable stores Manufacturers cut MSRP to align with market – Reduction in loss per unit sales Manufacturers/dealers gain greater realism on volume targets – Quarterly reviews for adjustment In certai

  15. Slide 15: Dividend Payout

    简单 · 直接 · 数据化 Dividend Payout SIMPLE DIRECT DATA DRIVEN ✓ 2025 final dividend of RMB0.0337 per share Dividend Payout since IPO Dividend per share (RMB) Payout Ratio 90.0% 1.0000 64.0% 80.0% 0.9000 50.7% 55.0% 0.8284 50.0% 49.0% 45.8% 0.8000 40.0% 40.0% 27.1% 30.0% 0.7000 0.6000 0.5000 -20.0% 0.4000

  16. Slide 16: Financial Review and Analysis

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

  17. Slide 17: 2025 Annual Results: Profit and Loss

    简单 · 直接 · 数据化 2025 Annual Results: Profit and Loss SIMPLE DIRECT DATA DRIVEN RMB (’000) 2024 2025 Change Revenue 22,153,952 20,022,928 -9.6% Gross profit 1,561,031 1,148,780 -26.4% Other revenue and other net income 183,982 42,431 -76.9% Loss for the year (2,258,832) (754,005) Narrowing Loss Loss at

  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 2025 As a % of total volume in 2024 Porsche BMW 34.9% 35.6% Lexus 15.3% 13.1% Toyota 2025 2024 Total number of Total number of cars sold cars sold 57,554 units 56,930 units 19.7% 32.3% 30.8% 18.3% Units 2024 2025 Chan

  19. Slide 19: Revenue by Brands

    简单 · 直接 · 数据化 Revenue by Brands SIMPLE DIRECT DATA DRIVEN As a % of total revenue in 2025 As a % of total revenue in 2024 RMB mn Porsche BMW Lexus Toyota After-sales and Mortgage Others Facilitation Services 26.6% 26.0% 2025 15.5% 30.8% 2024 26.1% Total Revenue 29.9% 2025 37.5% Total Revenue 12.8% 3

  20. Slide 20: 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) 2024 2025 Insurance commission 72,282 66,095 Bank interest income 103,965 9,441 Management service income 3,604 3,587 Net loss on disposal of property, plant and equipment (10,213) (20,538) Net foreign exchange los

  21. Slide 21: 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 2024 2025 Loss for the Year (2,259) (754) Impairment losses on goodwill and intangible assets 2,911 868 Amortized cost for dealership rights 153 24 Loss on redemption of convertible bonds - 9

  22. Slide 22: 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 31 Dec 2025 Total Assets 11,481,315 7,513,911 Cash and cash equivalents 2,644,539 732,615 Fixed deposits with more than three months to maturity when placed 12,000 24,000 Pledged bank deposits 2,108,108

  23. Slide 23: Cash Flow Statement Key Data

    简单 · 直接 · 数据化 Cash Flow Statement Key Data SIMPLE DIRECT DATA DRIVEN RMB (’000) 2024 2025 Cash generated from operations 1,097,124 563,220 Net cash generated from operating activities 864,655 482,276 Net cash generated from investing activities 730,474 (238,574) Net cash used in financing activities

  24. Slide 24: Management Objectives

    简单 · 直接 · 数据化 SIMPLE DIRECT DATA DRIVEN Management Objectives

  25. Slide 25: 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 network Survive the perfect storm 25

  26. Slide 26: 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

  27. Slide 27: 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

China Meidong Auto Holdings — FY2025 Earnings Presentation on 6ix