易鑫集团2025中期报告

246315455103 20255 1320255 1220255 12 22 1C19 1826 PO Box 309, Ugland HouseGrand Cayman, KY1-1104Cayman Islands 18317M 709 365•1 Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket SquareGrand Cayman, KY1-1102Cayman Islands www.yixincars.com 2858 20252025GDP5.3% 202520258.2% (NEV)202533.3%2025310.4% 202536.410.7%3274.0%18256% (SaaS)202515358.2%202563060 5522.0%5.4933.9% 2025GAP3144.5% 20256301,121901.86% 20256(ABS)2.26%(PPN)(SCP)20256 2025(MoE)AgenticXinMM-AM1XinMM-AM1 2025819 2025(GDP)5.3%2024 20255.0%20242.8% 2025(CAAM)(CADA)8.2% 20251413.0% 202580.5% (NEV)2025533.3%50% 2025310.4%2025530% 2025 2025 20251202520253 20255202562025 202536 202520242025 20252025 (1) 36.432.911%3274% 14.217.519%14517517% 22.215.445%61% SAAS 2025 19124.5%15358.2%(NEV)53.8%202546.7% 2025630606 •527.0%•+14859.5% (1)20256301 20246301220256301598%(ARPCC)1.2387% 2025 20252DeepSeek 20251.2M1 20256307 XinMM-AM1APIXinMM-AM1AI3.0 易鑫集團 9.086.83 6.485.07 20256302024630 20252024630 44.6822%54.5220252024630 35.1024%43.46SaaS79%79% 18.6424%14.21SaaS SaaS15318.73124%58%SaaS8.6%12.3% 8.1229%10.529.376.8936%1.14GAP 9.5716%11.06 9.4614%10.80(1)9.6%9.5% (1) 25.6623.3910%17.8020.515.064.69(1)4.6%3.8% 1.14.8% : (1) 0.95.8%0.8 (1) 5.318%4.870.100.083.7520%4.52 1.4315%1.65 1.9936%2.720.410.1223%2.301.87 1.0860%1.728005001.0261%1.65 6.5859%10.43 0.530.86 5.7739%8.00 0.180.15 2.421.31 4.1034%5.49 2024 202563028620241231281 202563020241231 2025630774202412317392025630262024123123 180 2025630180901801.35%1.86%202412311.39%1.86%90180 3030(MOB) 202563030 202563030 20171116 40 (i)(ii)(iii)(iv) ••• ••• •15•GPS• •10••• 360360360 202563056.812024123142.13 202563047.962024123133.44 15.366.34 2025630284202412312692025630(i)86(ii)198202563030% 25 202563072632 (1)320254.503.3%(2)ABS2.26%2.74%(3)4.203.0% 202563035.242024123146.4424%202563024220241231230202563020720241231183 2025630163202412311652024 (1)(2)(3) 202412311.2520256301.17 202563055%20241231 202412311.6420256301.75 1925 2018613YushengYusheng2.6020.4020.00156.931,3000.0001YushengPre-APre-APre-AYusheng40.63%YushengYushengA-1A-2Yusheng2038612YushengPre-A (i)0.211.65(ii)Yusheng2018613Yusheng2018613 2019112020120.433.350.120.95YushengYusheng 0.120.94Yusheng YushengYusheng 2025630Yusheng358,752,0002,568,162,00020241231358,752,0002,578,853,0005.1%202412315.3% 2025630 20256304,539202412314,278202479202421 6.145.07 1925 202563020241231 2025630XV(a)XV78(b)352(c) (1)2024218,363,92167,575,947(2)Hammer Capital Management LimitedHammer CapitalHammer Capital(3)1HCM IV Limited573,885,842HCM IV Limited(4)202410,000,000(5)L(6)20256306,775,428,701 (ii) (1)YicheHolding(i)1,680,000(ii)2,950,000(2)(i)57,655(ii)99,377(3)L(4)2025630YicheHolding75,158,4539,165,513,622 2025630(a)XV78(b)352(c) 2025630XV23336 (1)TencentMobility Limited489,922,607THLH Limited931,604,9402,093,833,61221,106,272Tencent Mobility LimitedTHL H Limited202531573,885,842HCM IV Limited20256308.47% (2)Hammer Capital Holdco 1 Limited422,125,440Hammer Capital Offerco 1 Limited94,267,904Hammer Capital Holdco 1 LimitedHammer Capital Offerco 1 Limited 2025630XV23336 2017526201791 202421 1. 2017526201791202156202479 2025630341,217,576 1. 21 1. 2024202479 202461120253132024 2. 201791 202563087,976,956 2. 21 20253132024 2024 202420242024(i)(ii)(iii) 2024 2024(i)2024(ii)(a)(b)(c) 2024202410 2024(i)202410%652,406,551 202420241220241% 10 12 (i)(ii) 2024 2024 2024 12024592024(a)2024117,000,000(b)202410,000,000(c)2024123,000,000202420246272024792024 220241217.03D(1)1%20242024627 320251217.03D(1)1%17.04(2)2025120.1%20252025513 42025202459202420251217.03D(1)1%20252025513 52025325 2024 2174,000,0002026202720282029203032520255135132024513 202421 2024202461120253132024 2024 20241120242024627202420242024 20242025112025630402,406,55130,686,683 20245.52% 202511652,406,551202420256306 3 1 , 2 1 6 , 5 5 12 0 2 42 0 2 581 9631,216,55120249.32% 50%200112112016262016202232920225120162022202448(IDC)(CDN)(ISP) 2022 1.201411 2. 3. 4.www.yixincars.com 5. 2016 202176(i)(ii)(iii) 20232172023331202333120232242023331 2021122820222151002024924202511 C.2.1 C.2.1 8.10 •••• C1D2 2025630 13.51B(1)2024 13.51B(1) 202571 5510220256303434 2410 34 2025819 1 201411192219613P.O.Box 309,Ugland House,Grand Cayman, KY1-1104, Cayman Islands 20171116 (i)SaaS(ii) 1231 2 20256303420241231 3 20241231 (a) 202511 •21 202511 3 (b) 2025630 9720261197202611111791072026111820271119202711 20271118 18 4 20241231 5 5.1 20241231 20241231 (a) (PD)(EAD)(LGD)20241231 9 ••30•90•12 5 5.1 202563020241231 2 0 2 563 0M 2GDP20241231M2GDP 5 5.1 (a) 9PPI 5 5.1 (a) 2025630774.3720241231739.22202563026.1632024123123.257 2025630M2GDP20241231M2GDP 5 5.1 (a) YuyaoYangming EquityInvestment Fund Co., Ltd.YangmingYangming20256306.05202412316.0520256300.136202412310.136 5 5.2 2025630