AutoBeta(AutoBeta.net)03/21 Report--

Zhongsheng Group Holdings Co., Ltd., the second largest car dealer group in China, recently issued an annual performance announcement in 2019, which increased a number of indicators, and the total number of its dealerships also increased to 360 during the year. Zhongsheng mainly sells luxury brands such as Mercedes-Benz, BMW, Audi, Lexus and Volvo, as well as mid-range brands such as Toyota, Nissan and Honda, all of which make money in 2019.

The company's total revenue in 2019 was 124.0425 billion yuan, up 15.1% from the same period last year, while the profit attributable to the owner of the parent company was 4.502 billion yuan, up 23.8% from the same period last year, according to the Zhongsheng Holdings performance announcement.

In 2019, Zhongsheng Holdings increased to 360 dealerships, with total sales of 455700 units, an increase of 10.6 per cent year-on-year. Among them, luxury brands sold 228000 units, accounting for 50 per cent of the group's total sales.

Total revenue from new car sales was about 106.199 billion yuan, an increase of 13.9 percent over the same period last year. Among them, Mercedes-Benz is the group's auto brand with the highest revenue from new car sales, accounting for about 29.3% of the total new car sales.

The revenue of after-sales service and boutique business was 17.843 billion yuan, an increase of 22.9% over the same period last year, accounting for 14.4% of the group's total revenue.

Other income and net income were 3.109 billion yuan, an increase of 21.4% over the same period last year. Other income and income mainly include service income from automobile insurance and auto financial services, profits from second-hand car trading business, rental income and interest income, etc.

As of December 31, 2019, the total number of Zhongsheng Group dealerships increased to 360, an increase of 42 over 2018, including 33 luxury brand stores and 9 mid-range brand dealerships.

Zhongsheng Group represents a portfolio of luxury brands such as Mercedes-Benz, Lexus, Audi, BMW, Volvo and Jaguar Land Rover, as well as mid-range brands such as Toyota, Nissan and Honda.

Over the past year, passenger car sales in China have fallen by 9.6%, while sales of luxury brands have bucked the trend, and higher-margin luxury brands have become a major source of profit growth for dealer groups. Zhongsheng Group mainly operates and sells luxury brands, as well as first-tier mid-range brands such as Toyota, Nissan and Honda, which have made money in the past year.

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