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16 Financial Analysis | Cost Management and Debt Analysis Selling Expense Ratio 5.2% -0.3% 20191H 4.9% 20201H HARMONY AUTO 和諧汽車 Management Expense Ratio 1.3% Flat 1.3% Asset-Liability Ratio 39.9% -3.4% 36.5% 20191H 20201H As of June 30, 2020, the group's asset-liability ratio (total liabilities/total assets) was 36.5%, decrease 3.4% year on year Asset-liability ratio is far lower than that of peers. In the future, the company will use syndicated loans, bonds and other means to increase leverage ratio for expanding business scale and mergers and acquisitions, thus improving ROE level. 20191H 20201H

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