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China Yongda Automobiles Services / Equity Bottom-Up

China Yongda Automobiles Services (3669 HK)

<ul>
 <li>China Yongda is facing severe profitability and growth challenges, evidenced by a significant net loss in its most recent fiscal year and a consistent multi-year decline across all key financial metrics. The company's stock valuation appears low, but this reflects the substantial operational and market headwinds.</li>
 <li>The company's strategic focus is on the luxury automobile segment and an expansion into the rapidly growing New Energy Vehicle (NEV) market. This dual focus presents opportunities for capturing higher-margin sales and aligning with dominant industry trends, but also requires significant investment and successful execution amid intense competition.</li>
 <li>Extreme price competition in the Chinese auto market, coupled with a broader economic slowdown, is severely compressing margins. The company's ability to navigate this environment and manage its transition from traditional internal combustion engine (ICE) vehicles to NEVs will be critical for its survival and future performance.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  China Yongda is facing severe profitability and growth challenges, evidenced by a significant net loss in its most recent fiscal year and a consistent multi-year decline across all key financial metrics. The company's stock valuation appears low, but this reflects the substantial operational and market headwinds.
  The company's strategic focus is on the luxury automobile segment and an expansion into the rapidly growing New Energy Vehicle (NEV) market. This dual focus presents opportunities for capturing higher-margin sales and aligning with dominant industry trends, but also requires significant investment and successful execution amid intense competition.
  Extreme price competition in the Chinese auto market, coupled with a broader economic slowdown, is severely compressing margins. The company's ability to navigate this environment and manage its transition from traditional internal combustion engine (ICE) vehicles to NEVs will be critical for its survival and future performance.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: China Yongda Automobiles Services (3669 HK) - Aug 2026

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Maintain BUY. We believe further deterioration in new-car GPM is limited as luxury OEMs lower MSRPs and explore agency models.</li><li>While the auto dealer industry remains in a “survival of the fittest” phase, we expect established leaders like Yongda to become long-term survivors.</li><li>Since most brands will continue to rely on dealers, we view Yongda’s expertise in NEV dealership as a key competitive advantage.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. We believe further deterioration in new-car GPM is limited as luxury OEMs lower MSRPs and explore agency models.While the auto dealer industry remains in a “survival of the fittest” phase, we expect established leaders like Yongda to become long-term survivors.Since most brands will continue to rely on dealers, we view Yongda’s expertise in NEV dealership as a key competitive advantage.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yongda Automobiles (3669 HK) - Recover Gradually

Thematic (Sector/Industry)

<ul><li>We summarize the Feb 2026 price discounts at dealers for major automakers in this report.</li><li>Note that Feb discounts for each automaker are calculated based on the weighted average of Jan 2026 retail sales volume for each model, as Feb 2026 retail sales volume data have not been released yet.</li><li>On the surface, China’s industrywide average discounts remained flat in Feb 2026 vs. Jan 2026 and Dec 2025 based on our calculations, as narrower discounts for German brands offset wider discounts for other brands. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We summarize the Feb 2026 price discounts at dealers for major automakers in this report.Note that Feb discounts for each automaker are calculated based on the weighted average of Jan 2026 retail sales volume for each model, as Feb 2026 retail sales volume data have not been released yet.On the surface, China’s industrywide average discounts remained flat in Feb 2026 vs. Jan 2026 and Dec 2025 based on our calculations, as narrower discounts for German brands offset wider discounts for other brands. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - 1Q26 carmakers’ margins under pressure amid rising discounts

<ul><li>We maintain our China PV sales volume growth forecasts for 2026 on both retail and wholesale basis after weaker-than-expected Nov and Dec sales.</li><li>We revise down our 2026 NEV sales volume slightly, as the new trade-in subsidies have stringent requirements.</li><li>We are of the view that weaker-than-expected 4Q25 sales volume may result in earnings miss for some automakers. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our China PV sales volume growth forecasts for 2026 on both retail and wholesale basis after weaker-than-expected Nov and Dec sales.We revise down our 2026 NEV sales volume slightly, as the new trade-in subsidies have stringent requirements.We are of the view that weaker-than-expected 4Q25 sales volume may result in earnings miss for some automakers. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - Weak 4Q25 sales may lead to earning miss

<ul><li>Both passenger vehicle (PV) retail sales and wholesale volumes in China are likely to hit new highs in 2025E.</li><li>That, along with trade-in subsidy and purchase-tax saving phase-out, could make 2026 interesting and complex.</li><li>Resilient industry growth despite subsidy cuts. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Both passenger vehicle (PV) retail sales and wholesale volumes in China are likely to hit new highs in 2025E.That, along with trade-in subsidy and purchase-tax saving phase-out, could make 2026 interesting and complex.Resilient industry growth despite subsidy cuts. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - 2026 Outlook: Second half of the NEV match

China

China Yongda Automobiles Services is a large-scale conglomerate focused on dealership services for international luxury automobile brands and new energy vehicle brands. The company provides new vehicle sales, after-sales services, automobile finance and insurance, pre-owned vehicle replacement and sales, and auto spare parts and maintenance. It was established in 1992 and is headquartered in Shanghai, China.

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China Yongda Automobiles Services (3669 HK)

Primer: China Yongda Automobiles Services (3669 HK) - Aug 2026

China Yongda is facing severe profitability and growth challenges, evidenced by a significant net loss in its most recent fiscal year and a...

αSK Primers

Yongda Automobiles (3669 HK) - Recover Gradually

Maintain BUY. We believe further deterioration in new-car GPM is limited as luxury OEMs lower MSRPs and explore agency models.

CMB International

Auto - 1Q26 carmakers’ margins under pressure amid rising discounts

Note that Feb discounts for each automaker are calculated based on the weighted average of Jan 2026 retail sales volume for each model, as Feb 2026...

CMB International

Auto - Weak 4Q25 sales may lead to earning miss

We maintain our China PV sales volume growth forecasts for 2026 on both retail and wholesale basis after weaker-than-expected Nov and Dec sales.

CMB International

Auto - 2026 Outlook: Second half of the NEV match

Resilient industry growth despite subsidy cuts. We project China’s PV retail sales volume to be largely flat YoY and wholesale volume to rise 2.9%...

CMB International

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