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1、2015年中期业绩发布2015年8月免责声明ThesematerialshavebeenpreparedbyBaoxinAutoGroupLimited(“Baoxin”togetherwithitssubsidiaries,the“Group”)independentlyandhavenotbeenindependentlyverified.Norepresentationorwarranty,expressedorimplied,ismadeandnorelianceshouldbeplacedontheaccuracy,fairnessorcompletenessoftheinform
2、ation,statements,opinionsorestimatespresentedorcontainedinthesematerials.TheCompanyoranyofitsaffiliates,advisersorrepresentativesacceptsnoliabilitywhatsoeverforanylosshowsoeverarisingfromanyinformation,statements,opinionsorestimatespresentedorcontainedinthesematerials.Theinformation,statements,opini
3、onsorestimatespresentedorcontainedinthesematerialsissubjecttochangewithoutnoticeanditsaccuracyisnotguaranteed.Thesematerialsarehighlyconfidential,arebeinggivensolelyforyourinformationandforyouruseandmaynotbecopied,reproducedorredistributedtoanyotherpersoninanymanner.Neitherthesematerialsnoranycopyh
4、ereofmaybe,directlyorindirectly,takenordistributedintotheUnitedStatesortoanyU.S.personasdefinedinRegulationSundertheU.S.SecuritiesActof1933,asamended.YouagreetokeepthecontentsofthispresentationandthesematerialsconfidentialandsuchpresentationandmaterialsformapartoftheConfidentialInformationasdefinedi
5、ntheconfidentialityagreementpreviouslyexecutedbyyou.业绩亮点2015年上半年业绩亮点售后服务稳定增长严格控制成本售后服务收入同比增长4.6%,达到17.59亿元,销售及经销成本同比下降1.3%至4.35亿占销售总收入12.5%豪华超豪华车售后服务同比增长7.4%,达到行政开支同比下降14.9%至2.67亿16.93亿元,占售后服务收入达到96.2%售后服务毛利占集团毛利总额63.3%,同比上融资成本同比下降5.6%至2.7亿升12.7个百分点毛利率达到46.8%,延续稳定趋势佣金收入进一步提升改善资金效率来自金融、保险及二手车
6、等延伸服务佣金收入截至2015年6月30日,库存周转率为40.3天,增长3.2%达到1.76亿元远低于行业平均水平保险佣金收入同比增长4.8%,续保保费同比增取得2.42亿美元银团低息三年期贷款,调整债长20%务结构金融业务渗透率大幅提升7个百分点,佣金收入长期负债/总负债比率提高至39.6%同比增长6.9%行业概览中国新车市场增速放缓中国新车销量及增速中国汽车保有量及增速(万辆)(%)(万辆)(%)32.453.025.32.54.313.86.92.217.019.916.912.47.1154001650013700109332,3492,40093561,3641,8061,
7、8511,9312,198780251002009201020112012201320142015e2009201020112012201320142015e中国新车总销量同比增长中国汽车保有量同比增长资料来源中汽协资料来源中汽协2015年上半年,宏观经济增速放缓,GDP进一步放缓至7%汽车产销量增长率仅录得同比2.6%和1.4%,五月及六月甚至出现负增长受价格反垄断调查及外部市场低迷影响,