Slides
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2026 Interim Report Fuse Forge Forward
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Table of Contents 01 02 03 04 05 Results Overview Financial Review Business Review Outlook Appendix
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Results Overview 01
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3 77-189-239 179-219-209 Highlight 239-247-255 213-213-213 254-203-180 0-77-160 140-193-252 224-199-195 200-208-230 3 Results Overview 3 1H2025 1H2026 Change New car sales volume (units) 228,649 188,463 (17.6)% Pre-owned car sales volume (units) 111,244 71,302 (35.9)% After-sales services visits (’000 units) 4,003 3,626 (9.4)% Number of dealership stores 439 461 22 thereof: Traditional brands stores 402 359 (43) New energy vehicle brands stores 37 102 65 Number of collision centers 46 48 2 Total Revenue 77,322 63,022 (18.5)% thereof: New car sales 57,931 46,195 (20.3)% After-sales services 11,445 11,539 0.8% Total Gross Profit 4,209 5,053 20.0% thereof: New car sales (2,388) (631) 73.6% New car margin (4.1)% (1.4)% 270bps After-sales services 5,441 5,586 2.7% After-sales services margin 47.5% 48.4% 90bps Commission Income 1,845 392 (78.7)% Profit Attributable to Owners of the Parent 1,011 111 (89.1)% (RMB mn)
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02 Financial Review
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5 77-189-239 179-219-209 Highlight 239-247-255 213-213-213 254-203-180 0-77-160 140-193-252 224-199-195 200-208-230 Revenue Breakdown Total Revenue Accessories, Maintenance Packages and After-sales Services Revenue 22.9 11.4 11.5 3.2 1.9 1.0 26.1 13.4 12.5 2025 1H2025 1H2026 125.9 57.9 46.2 26.1 13.4 12.5 12.4 6.0 4.3 164.4 77.3 63.0 2025 1H2025 1H2026 New car Accessories, packages and after-sales services Pre-owned car After-sales services Accessories and packages 111.2 53.7 40.7 14.7 4.2 5.5 125.9 57.9 46.2 2025 1H2025 1H2026 12.4 6.0 4.3 2025 1H2025 1H2026 Traditional brands NEV brands Change: (18.5)% Change: (20.3)% Change: (6.4)% Change: (28.4)% New Car Revenue Pre-owned Car Revenue (RMB bn) (RMB bn) (RMB bn) (RMB bn)
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6 77-189-239 179-219-209 Highlight 239-247-255 213-213-213 254-203-180 0-77-160 140-193-252 224-199-195 200-208-230 Operational Expenses 7,827 3,434 3,481 2025 1H2025 1H2026 1,528 681 639 2025 1H2025 1H2026 0.9% 103% 122% 109% 2025 1H2025 1H2026 2,309 1,099 1,067 2025 1H2025 1H2026 As % of revenue Selling and Distribution Expenses Administrative Expenses Finance Costs Absorption Ratio1 5.5%4.4%As % of revenue 1.7%1.4% 1.0%0.9% (%) 4.8% 1.4% (RMB mn) (RMB mn) (RMB mn) As % of revenue 1 Absorption Ratio = Accessories, Packages and After-sales Services Gross Profit / (Selling and Distribution Expenses + Administrative Expenses + Finance Costs)
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7 77-189-239 179-219-209 Highlight 239-247-255 213-213-213 254-203-180 0-77-160 140-193-252 224-199-195 200-208-230 Aggregate Profit Breakdown New Car Gross Profit Accessories, Packages and After-sales Services Gross Profit Pre-owned Car Gross Profit Commission Income (3,709) (2,388) (631) 2025 1H2025 1H2026 2,574 1,845 392 2025 1H2025 1H2026 11,050 5,441 5,586 962 900 46 12,012 6,341 5,632 2025 1H2025 1H2026 After-sales services Accessories and packages 47.5% 46.6% 48.4% 4.8% 30.1% 48.2% 535 257 51 2025 1H2025 1H2026 (1.4)%(2.9)%Margin 47.4%46.0% 1.2%4.3% 0.8%1.9%As % of vehicles sales (4.1)% 4.3% 45.0% 2.9% (RMB mn) (RMB mn) (RMB mn)(RMB mn) Margin Margin
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8 77-189-239 179-219-209 Highlight 239-247-255 213-213-213 254-203-180 0-77-160 140-193-252 224-199-195 200-208-230 Aggregate Profit (Gross Profit + Commission Income) Reconciliation As disclosed in financial reports Reconciled to reflect business segments Accessories and packages gross profit Commission income Pre-owned car aggregate profit After-sales services aggregate profit New car cross sales profit H New car gross profit Pre- owned car gross profit A D + G B + E + H C + F + I After- sales services gross profit I New car related Pre- owned car related After- sales related A B C D E F G 11.0 5.5 5.5 5.6 0.6 0.3 0.3 0.1 3.6 2.7 0.9 0.5 (3.7) (2.4) (1.3) (0.6) 11.4 6.1 5.3 5.5 2025 1H2025 2H2025 1H2026 Pre-owned car aggregate profit New car cross sales profit New car gross profit After-sales services aggregate profit 2 New car gross profit (RMB bn) New car related Pre- owned car related After- sales related 1 Include automobile insurance, automobile finance and automobile registration services, etc.; 2 Accessories and packages gross profit and commission income earned at the new automobile point of sales 12.0 6.4 5.6 5.6 2.6 1.8 0.8 0.4 0.5 0.3 0.2 0.1 (3.7) (2.4) (1.3) (0.6) 11.4 6.1 5.3 5.5 2025 1H2025 2H2025 1H2026 Commission income¹ Pre-owned car gross profit New car gross profit Accessories, packages and after-sales services gross profit
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9 77-189-239 179-219-209 Highlight 239-247-255 213-213-213 254-203-180 0-77-160 140-193-252 224-199-195 200-208-230 Interest-bearing Debt and Liquidity 10.6 4.1 9.9 5.7 0.1 2.4 4.1 1.0 24.6 13.2 Within 1 year 1-2 years 2-3 years Bills payable OEM finance Bank loans Syndicated term loans Senior unsecured notes Panda bond ⚫ With a 19.7% repurchase completed in July 2026, the USD bond balance was reduced to $482 million ⚫ Diverse and accessible funding sources through proactive and effective liabilities management to continuously improve debt structure and liquidity Debt Breakdown by Type Debt Breakdown by Maturity Inventory Financing & CashOperating Cash Flow & Cash Reserve 3.6% Avg. cost of Interest- bearing debt 3.9% 29.5 27.3 9.1 10.3 13.3 10.6 2025 1H2026 Total interest-bearing debt Net interest-bearing debt 15.918.0 5.9 0.6 20.4 17.0 1H2026 Operating cash flow (net) Ending balance of total cash 1H2025 2025 42.7 39.6 29.2 24.6 2025 1H2026 Vehicle inventory and total cash Vehicle inventory financing3 4 Onshore interest-bearing debt 1 2 ⚫ Strong liquidity and solvency. Highly liquid vehicle inventory and sufficient cash balance cover all short-term and long-term borrowings and debts (RMB bn) (RMB bn) (RMB bn)(RMB bn) Maturity Date 1 Total interesting-bearing debt is Bank loans and other borrowing (Bank loans, OEM financing, Syndicated term loans, Senior unsecured notes, Panda bond) ; 2 Net interest-bearing debt= Total interest-bearing debt – Ending balance of total cash。 Ending balance of total cash including Cash and cash equivalents，Cash in transit，Time deposits and pledged bank deposits; 3 Vehicle inventory=Motor vehicles inventory (including VAT)+Prepayments to OEMs; 4 Vehicle inventory financing=Bills payable + OEM financing + Bank loans due within one year Bills payable
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10 77-189-239 179-219-209 Highlight 239-247-255 213-213-213 254-203-180 0-77-160 140-193-252 224-199-195 200-208-230 Other Financial Metrics 2.7 4.6 3.5 2025 1H2025 1H2026 0.1% 1.7% 0.2%0.3% 3.9% 0.4% 2025 1H2025 1H2026 ROA ROE Adj. Profitability Adj. ROA and ROE3 Net Debt4 / Adj. EBITDA Adj. Interest Coverage5 (%) 1 3.5 2.6 4.5 2025 1H2025 1H2026 (RMB mn) (x) (x) 1 Adjusted net profit is the net profit after restoring the goodwill and intangible assets impairment, offsetting the reversal of corresponding deferred income tax liabilities; 2 Adjusted EBITDA is the EBITDA adding back goodwill and intangible assets impairment； 3 Both ROA and ROE are calculated by adj. net profit. Half year data is based on simple annualized financialst; 4 Net debt=Bank loans and other borrowings (excluding OEM finance) + lease liabilities- (Cash and cash equivalents + Cash in transit + Time deposits; 4 Interest coverage=Adj. EBITDA/ Finance cost 134 924 (790) 86 4,075 3,166 909 2,262 2025 1H2025 2H2025 1H2026 Adj. Net profit Adj. EBITDA2
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Business Review 03
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12 77-189-239 179-219-209 Highlight 239-247-255 213-213-213 254-203-180 0-77-160 140-193-252 224-199-195 200-208-230 Market Analysis During 2023-2024, passenger vehicle sales increased significantly, supported by various auto consumption stimulus policies and NEV consumption tax waiver 25.7% 33.7% 46.0% 53.2% 51.9% 4.1% 6.1% 8.9% 12.0% 13.2% 2022 2023 2024 2025 1H2026 New car penetration Car parc penetration 20.5 21.7 23.4 23.3 2022 2023 2024 2025 8.7 1H2026 (mn units) China NEV Penetration Rate China PV Retail Sales Volume (Insurance Registration) Sluggish consumer demand in 2025; in 1H2026, vehicle sales recorded a significant decline due to the phase-out of stimulus policies Auto consumption demand has been unevenly distributed across recent years due to policy intervention. Sales volume of passenger vehicles in China is expected to normalize in the near term Supported by preferential NEV and automobile consumption policies, NEV sales penetration has exceeded 50%, and reached to 62.5% in July 2026 NEV penetration in car parc has also increased over the years, and is expected to continue growing However, ICE vehicles still account for a considerable proportion of the car parc, and are expected to maintain a relatively high proportion for an extended period (2.9)%YoY Change 5.8% 7.8% (0.5)% (18.6)% Source: Thinker Car, Ministry of Public Security
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13 77-189-239 179-219-209 Highlight 239-247-255 213-213-213 254-203-180 0-77-160 140-193-252 224-199-195 200-208-230 Network Structure Optimization Changes in 1H2026 10 2 62 2 18 48 - - Traditional luxury brands Traditional mid-to-high- end brands NEV brands Collision centers Newly-added Stores Exited Stores 10% NEV brands sales volume % 22% NEV brands stores %
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14 77-189-239 179-219-209 Highlight 239-247-255 213-213-213 254-203-180 0-77-160 140-193-252 224-199-195 200-208-230 1 Other traditional brands are：Honda: 15→0; Volkswagen: 1→1 (Dec 2025 vs. Jun 2026) Store Network by Brand 461 Dealership Stores and 48 Collision Centers as of June 2026 Traditional Brands-359 dealership stores NEV Brands-102 dealership stores 1 Collision Centers Number as of June 2026Number as of December 2025 101105 92113 5959 3838 2727 2323 1116 414 32 3838 200 170 90 80 70 22 10 4846
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15 77-189-239 179-219-209 Highlight 239-247-255 213-213-213 254-203-180 0-77-160 140-193-252 224-199-195 200-208-230 Vehicle Sales Breakdown New Car Sales Volume Pre-owned Car Sales Volume New Car Sales Volume Share by Brand New Car Sales Share by Brand 221,213 111,244 71,302 2025 1H2025 1H2026 456,660 217,470 169,002 40,656 11,179 19,461 497,316 228,649 188,463 2025 1H2025 1H2026 Traditional Brand NEV Brands Change: (17.6)% Change: (35.9)% Brands 2025 1H2025 1H2026 Toyota 31.9% 31.7% 31.3% Mercedes-Benz 23.0% 25.5% 23.7% Lexus 12.1% 12.9% 12.0% AITO 8.2% 4.9% 8.7% Audi 6.8% 6.2% 7.7% BMW 6.4% 6.8% 7.0% Others 11.6% 12.0% 9.6% Brands 2025 1H2025 1H2026 Mercedes-Benz 31.5% 35.1% 32.7% Toyota 18.9% 18.8% 17.9% Lexus 13.5% 13.9% 14.0% AITO 11.7% 7.3% 11.0% BMW 6.9% 7.4% 7.5% Audi 6.3% 5.9% 7.3% Others 11.2% 11.6% 9.6% (units)(units)
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16 77-189-239 179-219-209 Highlight 239-247-255 213-213-213 254-203-180 0-77-160 140-193-252 224-199-195 200-208-230 New Car Business Traditional brands reduced sales volumes to stem losses, while the gap between actual selling prices and new car procurement prices narrowed, supporting a recovery in gross profit Commission income declined significantly in 2H2025 due to regulations on interest rates charged for auto financing and commission rates to dealers (RMB mn) 1H2025 1H2026 Change New car gross profit (2,388) (631) 1,757 Of which: Gross profit of NEV brands 138 239 101 New car cross sales profit 2,665 468 (2,197) New car gross profit margin (GP2%) (4.1)% (1.4)% 270bps New car aggregate profit margin (GP3%) 0.5% (0.4)% (90)bps NEV brands generated positive gross profit, with increasing proportion in sales volume, and contributed 70bps uplift in the overall new car gross margin Overall new car gross profit has stopped declining As a result, the penetration ratio and commission yields of financing products reduced and have since normalized at current level New Car Gross Profit Has Yet to Fully Turn Around, But Is Gradually Bottoming Out Structural Adjustment in New Car Aggregate Profit Supports the Industry’s Healthy Long-term Development
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17 77-189-239 179-219-209 Highlight 239-247-255 213-213-213 254-203-180 0-77-160 140-193-252 224-199-195 200-208-230 (0.6)% (1.1)% 2.2% 0.6% (2.1)% (1.0)% (0.4)% 0.6% New Car Business – Key Profitability Factors New Car Aggregate Profit Margin (GP3) Bridge 2025 (traditional brands) 1H2026 (traditional brands) Historical data imply OEM subsidies are notably higher in 2H than in 1H Regulatory policies have slashed the commission ratio for automobile financing since 2H2025, resulting in the decrease of commission income for 1H2026 YoY. At the same time, the automobile sales environment has undergone changes under such impact, leading to year-on-year declines in gross profit and commission income generated from all sorts of cross-selling products and services related to automobile sales 1 GP3 is new car gross profit plus new car cross sales profit, which is new car aggregate profit 1H2026 (all brands) OEM subsidy GP31 GP3 GP3 MSRP Change Price Cut Cross Sales NEV Brands Contribution 2.8% 2.4% 0.6% 3.9% 4.5% 2024 2025 2026 OEM Subsidy – Marginal Impact 1H 2H
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18 77-189-239 179-219-209 Highlight 239-247-255 213-213-213 254-203-180 0-77-160 140-193-252 224-199-195 200-208-230 Sales Volume and Profitability Under Pressure 1 Amounts exclude VAT Pre-owned Car Business (RMB mn) 1H2025 1H2026 Change Gross profit of pre- owned car business 257 51 (206) ASP of pre-owned cars1 (RMB’000) 54 60 11.1% Aggregate profit per pre-owned car (RMB’000) 2.4 0.7 (70.8)% Pressures on pre-owned car market have yet to be eased, with high uncertainty in profitability Against the backdrop of pressures on both sales volume and profitability, Zhongsheng has scaled down pre-owned car business as appropriate
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19 77-189-239 179-219-209 Highlight 239-247-255 213-213-213 254-203-180 0-77-160 140-193-252 224-199-195 200-208-230 1 Active customers refers to total after-sales customers serviced and new sales customers by vehicle in the past 12 months After-Sale Services: Maintenance, Warranty and Collision Repair Structural Optimization in After-sales Service Business Generating Steady Gross Profit Growth (RMB mn) 1H2025 1H2026 Change Number of active customers1 (’000) 4,542 4,601 1.3% After-sales visits (’000) 4,003 3,626 (9.4)% Number of insurance policies brokered (’000) 1,204 872 (27.6)% After-sales service revenue 11,445 11,539 0.8% After-sales gross profit 5,441 5,586 2.7% After-sales gross margin 47.5% 48.4% 90bps Growth of after-sales service has fluctuated due to large-scale dealership network adjustment in 1H2026, but growth remained strong on a same-store basis Warranty visits (with low yield and low margin) further decreased by 27%, a continuous drive of structural optimization in after-sales visits After-sales services gross margin increased steadily. Zhongsheng will continue to optimize the business mix, reduce costs and enhance efficiency to further improve gross margin Rather than pursuing growth in the number of insurance policies, Zhongsheng focuses on quality policies that generate sustainable after-sales service visits and revenue
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20 77-189-239 179-219-209 Highlight 239-247-255 213-213-213 254-203-180 0-77-160 140-193-252 224-199-195 200-208-230 Customer Operation Zhongsheng Go Online Membership Platform Centralized CRM Center New Media Operation System 4.12mn Zhongsheng Go Subscribers 12.12mn WeCom Customers 4,000+ New media accounts 170mn Avg. Monthly Impressions 287k Avg. Monthly Orders 10 CRM Centers
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Outlook 04
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22 77-189-239 179-219-209 Highlight 239-247-255 213-213-213 254-203-180 0-77-160 140-193-252 224-199-195 200-208-230 New Car Gross Margin of Traditional Brands at Zhongsheng New Car Business: Profitability of Traditional Brands Is Likely to Continue Recovering, Alongside Increasing Incremental Contribution from NEV Brands ▪ The proportion of ICE vehicles may further decline (traditional OEM gradually roll out new BEV models) ▪ While the NEV penetration may continue rising in the long term, the pace may gradually slow down due to the phase-out of various stimulus policies and NEV policies, and potential infrastructure levy imposed on NEVs ▪ The profitability of ICE may further recover, as its respective market size stabilizes 0.0% 8.2% 10.3% 35.0% 50.0% 2024 2025 1H2026 Month of 2026.12 Month of 2027.6 Month of 2027.12 The industry sales mix is expected to maintain a three-way balance among ICE vehicles, BEV and PHEV/EREV in the long term Continuous Expansion of NEV Brands Stores, with NEV Sales Volume Contribution Expected to Further Increase An additional 33 NEV brand stores came into during July and Aug 2026 Number of NEV brand stores expected to reach 300 by end-2026 ◼ Notably, asset acquisition has been completed for 45 operations, pending final store authorization transfer Further ramp-up in line with market penetration 0.8% (2.6)% (3.8)% (2.1)% 2023 2024 2025 1H2026
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23 77-189-239 179-219-209 Highlight 239-247-255 213-213-213 254-203-180 0-77-160 140-193-252 224-199-195 200-208-230 23 Actively promote transparent process to deliver more practical and cost-effective after-sales services for customers Seize local after-sales market share by entering stores with massive existing customer bases Pursue balanced and coordinated growth in insurance policy quality, premium scale and collision repair visits Actively solicit non-Zhongsheng sold vehicles Continue to reduce cost and improve quality of the collision / maintenance business After-sales Service Business: Continue to Optimize Structure and Enhance Earnings Quality
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24 77-189-239 179-219-209 Highlight 239-247-255 213-213-213 254-203-180 0-77-160 140-193-252 224-199-195 200-208-230 Remain Customer-centric and Improve High-Quality Full-lifecycle Vehicle Services Vehicle purchase Demand related to vehicle service Maintenance Related products Other services ● New Car Sales ● Pre-owned Car Retail Sales ● Financial Services ● New Car Insurance ● Vehicle Registration ● Repair and Maintenance ● Manufacturer's Warranty ● Collision Repair ● Maintenance Packages ● Automobile Accessories ● Cleaning and Detailing ● Mobility Scooter ● Courtesy Car ● Roadside Assistance ● Used Car Sales/Trade-in Dealership Stores Collision Centers Pre-owned Car Retail Centers Cleaning and Detailing Stores Vertical Media Hainan Mobility Chexiangpai Cross-industry Alliance New Media …… Demand Analysis Solution Channels Stages of Car Ownership Vehicle Use Preference Consumer Habits Interest User Profile CRMCenters WeComStore Crew Zhongsheng Go Zhongsheng Centralized Customer Relationship Management Zhongsheng Car Buyers Non-Zhongsheng Car Buyers Potential Car Buyers 35 Customer-centric orientation with centralized customer management Analyze customer demand to tailor vehicle service solutions Provide diversified and Zhongsheng-brand full-life- cycle vehicle services Reach customers via multiple channels
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25 77-189-239 179-219-209 Highlight 239-247-255 213-213-213 254-203-180 0-77-160 140-193-252 224-199-195 200-208-230 Strengthen Presence and Continue Consolidating Resources in Core Cities # of Dealership Stores 0 10 20 50 Collision CentersCore Cities 12 15 End-2022 Mid-2026 Average # of stores in 32 core cities Concentrate new stores in core cities, and continue to increase the number of stores, business scale, customer density and Zhongsheng’s brand impact,circumvent overt price competition, boost operational efficiency Continue to consolidate customer service centers, centralized HR, administration and finance service centers and collision centers in core cities to reduce cost, improve efficiency and optimize resources 110k 140k End-2022 Mid-2026 Average # of active customers in 32 core cities
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26 77-189-239 179-219-209 Highlight 239-247-255 213-213-213 254-203-180 0-77-160 140-193-252 224-199-195 200-208-230 Prudent Control on Capex, Improve Property Utilization Efficiency Since 2023, Zhongsheng has continued its strategic transformation and brand store portfolio optimization at the trough of the industry cycle. The number of stores and independent collision centers has kept rising, while Zhongsheng maintained minimum investment and stived for optimal asset utilization. Annual/Interim 2022 2023 2024 2025 1H20262 Capex1 1,949 1,427 1,357 1,497 456 Ending # of dealership stores 417 420 423 453 461 Ending # of collision centers 6 20 34 46 48 Average # of stores 418 432 449 478 504 1 Capex = current addition of non-auto fixed assets + current addition of land use right + current business combinations; 2 Simple annualized per-store capex in 2026 Breakdown of 163 New Dealer Stores Added from 2024 to June 2026 Most of Zhongsheng’s new stores utilize existing properties via renovation and structure reconfiguration with enhancement of asset utilization rate under the principle of prudent capex. Looking ahead, Zhongsheng plans to maintain this principle in network expansion. Method of New Addition Source of Properties Traditional Brands NEV Brands Thereof: NEV Brands H1 2026 Total Renovation and structure reconfiguration Existing properties 11 77 39 88 Newly built properties New properties 21 11 10 32 Assets or equity acquisition New properties 30 13 13 43 Total 62 101 62 163 Per-store Capex1 (RMB mn) 4.7 3.3 3.0 3.1 1.8
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Appendix 05
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28 77-189-239 179-219-209 Highlight 239-247-255 213-213-213 254-203-180 0-77-160 140-193-252 224-199-195 200-208-230 Financial Highlights (RMB mn) 2025 1H2025 1H2026 Cash and cash equivalent 15,421 12,859 13,578 Time deposits - 4,055 - Pledged bank deposits 4,937 2,999 3,381 Cash in transit 80 124 61 Cash, cash equivalent and cash in transit 20,438 20,037 17,020 Cash flow from operating activities 9,405 5,948 618 (-) Capex1 2,305 1,281 812 (-) Lease payments 1,170 694 540 Free cash flow 5,930 3,973 (734) Profit/(Loss) before tax (2,058) 1,221 164 (+) Finance costs 1,528 681 639 (-) Interest income 485 302 72 (+) Depreciation & amortization 2,799 1,566 1,531 EBITDA 1,784 3,166 2,262 (+) Long-term assets impairment 2,291 - - Adj. EBITDA 4,075 3,166 2,262 Net profit/(Loss) (1,900) 924 86 Net profit/(Loss) attributable to owners of the parent (1,673) 1,011 111 Basic earnings per share attributable to ordinary equity holders of the parent (RMB) (0.71) 0.427 0.047 1 Includes expenditures on property, plant and equipment, land use right, intangible assets and fleets (test-drive cars and courtesy cars, etc.) owned as long-term assets, net of related sales proceeds
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29 77-189-239 179-219-209 Highlight 239-247-255 213-213-213 254-203-180 0-77-160 140-193-252 224-199-195 200-208-230 Data as of June 2026 Store Network by Core City DealershipStores 10 20 50 Collision centers Eastern Northern Western Southern X 461 Dealership Stores 48 Collision Centers 32 Core Cities 4.60mn Active Customers Regional Presence Changchun Stores 9 Customers 92k Shandong (Jinan) Stores 13 Customers 82k Yantai & Weihai Stores 13 Customers 93k QingdaoDalian Stores 23 Customers 280k Liaoning (Shenyang) Stores 23 Customers 219k Beijing Tianjin Hebei (Shijiazhuang) 2 2 1 Sichuan (Chengdu) ChongqingYunnan (Kunming) Shanxi (Xi’An) Hubei (Wuhan) 223 2 Jiangxi (Nanchang) Foshan Shenzhen Dongguan Hainan (Haikou) Hunan (Changsha) Fujian (Fuzhou) Quanzhou Guangdong (Guangzhou) Huizhou 2 2 1 4 1 24 2 1 1 Stores 8 Customers 102k Stores 18 Customers 106k Stores 8 Customers 57k Stores 25 Customers 285k Stores 25 Customers 224k Stores 10 Customers 87k Stores 10 Customers 101k Stores 17 Customers 96k Stores 20 Customers 315k Stores 25 Customers 262k Stores 14 Customers 130k Stores 8 Customers 121k Stores 9 Customers 154k Stores 5 Customers 39k Stores 5 Customers 62k Stores 9 Customers 77k Stores 10 Customers 114k Stores 9 Customers 118k Stores 16 Customers 102k Eastern Other Northern Other Southern Other Western Other 1 Shanghai Ningbo Wuxi Suzhou Zhejiang (Hangzhou) Wenzhou Jiangsu (Nanjing) Henan (Zhengzhou) 1 11 13 1 1 Stores 29 Customers 292k Stores 15 Customers 186k Stores 15 Customers 163k Stores 13 Customers 131k Stores 7 Customers 101k Stores 16 Customers 127k Stores 4 Customers 42k Stores 8 Customers 81k Stores 9 Customers 76k Stores 1 Customers 10k Stores 6 Customers 25k Stores 6 Customers 49k 11 1 1