GTHT has issued a research report stating that, considering YIXIN's (02858) rapid earnings growth, it assigns a 2025 P/E multiple of 20x (converted at 1 HKD = 0.92 RMB), corresponding to a target price of HK$3.91, and reiterates a "Buy" rating. The company's used-car and SaaS businesses are experiencing strong growth. GTHT maintains its revenue forecasts for 2025-2027 at RMB 11.599 billion, RMB 12.940 billion, and RMB 14.439 billion, reflecting year-on-year growth of 17%, 12%, and 12%, respectively. Net profit is projected at RMB 1.186 billion, RMB 1.459 billion, and RMB 1.816 billion, with year-on-year growth of 46%, 23%, and 24%. Future catalysts include rapid expansion in the auto finance market and declining funding costs.

Key highlights from GTHT’s analysis include: 1) **Robust Growth in Used-Car Financing**: In Q3 2025, auto financing transactions reached 235,000, up 22.6% year-on-year, accelerating from H1 2025 (364,000 transactions, +10.7% YoY). Total financing amounted to RMB 21.2 billion, with used-car loans growing faster at 51.3% YoY to RMB 12.1 billion. The proportion of used-car financing rose to 56.9% (vs. 56% in H1 2025). 2) **SaaS Business Acceleration**: SaaS-driven financing in Q3 2025 surged 102% YoY to RMB 11.4 billion, outpacing H1 growth (RMB 15.3 billion, +58.2% YoY). Its contribution to total financing increased to 53.7%, supported by strong risk management capabilities, with two new financial institution partners added in Q3.

GTHT expects sequential improvement in performance, citing Q3 operational data, with H2 2025 likely outperforming H1. The company’s asset-light transformation and sustained earnings growth suggest promising future dividends.

On AI adoption, YIXIN steadily advanced its AI product "X Call" in Q3 2025. By year-end, the company aims to complete pre-financing automation deployment (including "X Call" and other AI tools). These innovations are expected to significantly enhance efficiency in online marketing, document processing, and customer management during loan applications, while improving conversion rates and customer experience through highly automated interactions via instant messaging and smart voice solutions.