The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.9
Stock Code: 688208 Stock Name: Autel
Autel Intelligent Technology Corp. Ltd.The 2025 Annual Report
1 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Important Notes
1. The Board of Directors (or the “Board”) as well as the directors and senior
executives of Autel Intelligent Technology Corp. Ltd. (hereinafter referred to as the
“Company”) hereby guarantee that the contents of this Report are true accurate and
complete and free of any misrepresentations misleading statements or material
omissions and collectively and individually accept legal responsibility for such
contents.
2. Indicate whether the Company was unprofitable at the time of listing and has
remained so ever since.□ Yes √ No
3. Major risk warning
The Company has elaborated in this Report on various risks that it may face during itsoperations and the countermeasures. For further information please refer to “Part IIIManagement Discussion and Analysis/IV Risk Factors” herein.
4. All the directors of the Company attended the board meeting for the review of this
Report.
5. Pan-China Certified Public Accountants LLP has issued an independent auditor’s
report with unmodified unqualified opinion for the Company.
6. Li Hongjing the Company’s legal representative and person in charge of
accounting and Pan Haotian head of the Company’s financial department
(equivalent to financial manager) hereby guarantee that the financial statements
carried in this Report are true accurate and complete.
7. Final dividend and/or bonus issue plan approved by the Board of Directors
According to the auditor’s report issued by Pan-China Certified Public Accountants
LLP the net profit attributable to our shareholders in the consolidated financial statements
for 2025 was RMB935875122.31 and as of December 31 2025 the distributable profit of
2 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
the parent company was RMB538502334.59. As resolved by the Board of Directors the
2025 final dividend plan is a cash dividend of RMB5 (tax inclusive) per 10 shares based on
the total share capital minus the shares in the Company’s account of repurchased shares at
the record date for the dividend payout with the total cash dividend amount to be
distributed being RMB333265934.50 (tax inclusive) accounting for 35.61% of the net
profit attributable to our shareholders in the consolidated financial statements for 2025.Where any change occurs to the total share capital of the Company due to any convertible
bond-to-stock conversion/repurchase of shares and other matters during the period from the
date of the Board’s resolution of the dividend plan to the record date for the dividend
payout the cash dividend per share shall remain the same while the total payout amount
shall be adjusted accordingly. And there is no bonus issue from either profit or capital
reserves.Indicate whether the parent company has unrecovered losses.□ Applicable √ Not applicable
8. Indicate whether there were any special arrangements for corporate governance
and other significant matters.□ Applicable √ Not applicable
9. Risk warning regarding forward-looking statements
√ Applicable □ Not applicable
Any plans development strategies and other forward-looking statements mentioned in
this Report shall not be considered as promises to investors. Investors are reminded to
exercise caution when making investment decisions.
10. Indicate whether the controlling shareholder or any other related party occupied
the Company’s capital for non-operating purposes.Yes.
11. Indicate whether the Company provided any guarantee for any external party in
violation of the prescribed decision-making procedure.No.
3 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
12. Indicate whether over half of the directors refused to guarantee the truthfulness
accuracy and completeness of this Report.No.
13. Other information
□ Applicable √ Not applicable
[The English version of this Report is translated from the Chinese version. Should there be
any discrepancies or misunderstandings between the two versions the Chinese version
shall prevail.]
4 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Table of Contents
Part I Definitions....................................6
Part II Corporate Information and Key Financial In... 8
Part III Management Discussion and Analysis......... 15
Part IV Environmental Social and Governance Inform...95
Part V Significant Events.......................... 138
Part VI Share Changes and Shareholder Information...178
Part VII Bonds..................................... 188
Part VIII Financial Statements......................193
The financial statements signed and stamped by the legal
representative and person in charge of accounting and the financial
manager
Documents available The Independent Auditor’s Report stamped by the accounting firm
for reference as well as signed and stamped by the relevant certified publicaccountants
The originals of all the Company’s documents and announcements
disclosed on the website designated by the CSRC during the
Reporting Period
5 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Part I Definitions
I Definitions
The expressions in the left column in the table below refer to the contents in the right
column unless otherwise specified.Definitions of frequently used terms
“Autel” “we” or the
“Company” refers to Autel Intelligent Technology Corp. Ltd.Ordinary stock that is approved for listing on domestic stock
A-stock refers to exchanges with par value denominated in RMB and is subscribed
for and traded in RMB
Daohe Tongda refers to Shenzhen Daohe Tongda Investment Enterprise (LimitedPartnership)
Ningbo Huishun refers to Ningbo Huishun Investment Partnership (L.P.) (formerly known as“DongTaiHeShunJia Business Management Limited (L.P.)”)
SkyFend Technology refers to Shenzhen SkyFend Technology Co. Ltd.Qingdao Jinshi refers to Qingdao Jinshi Haorui Investment Co. Ltd.Fortune Chuangheng refers to Shenzhen Fortune Chuangheng Equity Investment Enterprise L.P.Fortune Chuangtai refers to Shenzhen Fortune Chuangtai Equity Investment Enterprise L.P.Fortune Chuangrui refers to Shenzhen Fortune Chuangrui Equity Investment Enterprise L.P.Fortune Chuangfeng refers to Shenzhen Fortune Chuangfeng Equity Investment Enterprise (L.P.)
Fortune Caxin refers to Shenzhen Fortune Caxin Venture Capital Management Co. Ltd.Haining Jiahui refers to Zhejiang Haining Jiahui Investment Partnership (LimitedPartnership)
Nanshan Hongtai refers to Shenzhen Nanshan Hongtai Equity Investment Fund LimitedPartnership
Pingyang Titanium refers to Pingyang Titanium Investment Management Center (LimitedPartnership)
Shenzhen Jiangu refers to Shenzhen Jiangu Equity Investment Fund Enterprise (L.P.)
Lava Strategy refers to Pingtan Lava New Strategy Equity Investment Partnership (L.P.)
Meishan Jundu refers to Ningbo Meishan Bonded Port Area Jundu Derui Equity InvestmentManagement Center (L.P.)
Five Star Titanium refers to Changzhou Five Star Titanium Green Equity Investment FundPartnership (Limited Partnership)
Guangzhou Zhizao refers to Guangzhou Zhizao VC Partnership (L. P.)
Yangzhou Shangqi refers to Yangzhou Shangqi Phase III Automobile Industry M&A EquityInvestment Fund Center (L.P.)
Wenzhou Titanium refers to Wenzhou Titanium Star One Investment Management CenterStar (Limited Partnership)
Lava No.2 refers to Pingtan Lava New Strategy No.2 Equity Investment Partnership(L.P.)
Lava Wave refers to Pingtan Lava New Wave Equity Investment Partnership (L.P.)
Lava Age refers to Shenzhen Lava New Age Equity Investment Partnership (L.P.)
CSRC refers to The China Securities Regulatory Commission
SSE refers to The Shanghai Stock ExchangeThe “Articles ofAssociation” refers to The Company’s existing Articles of Association
RMB Expressed in the Chinese currency of Renminbi
RMB’0000 refers to Expressed in tens of thousands of Renminbi
RMB’00000000 Expressed in hundreds of millions of Renminbi(unless otherwise specified)
TPMS refers to Tire Pressure Monitoring System
6 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
ADAS refers to Advanced Driving Assistant System
Reporting Period refers to January 1 2025 - December 31 2025
7 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Part II Corporate Information and Key Financial Information
I General Corporate Information
Company name in Chinese 深圳市道通科技股份有限公司
Short name in Chinese 道通科技
Company name in English Autel Intelligent Technology Corp. Ltd.Short name in English Autel
Legal representative Li Hongjing
Floor 2 Caihong Keji Building 36 Hi-tech North Six
Registered address Road Songpingshan Community Xili Sub-district
Nanshan District Shenzhen City China
On April 6 2023 the Company’s registered address waschanged from “Floors 7 8 and 10 of Building B1Zhiyuan 1001 Xueyuan Avenue Xili Sub-districtPast changes of registered address Nanshan District Shenzhen City China” to “Floor 2Caihong Keji Building 36 Hi-tech North Six Road
Songpingshan Community Xili Sub-district NanshanDistrict Shenzhen City China”.Caihong Keji Building 36 Hi-tech North Six Road
Office address Songpingshan Community Xili Sub-district Nanshan
District Shenzhen City China
Zip code 518055
Company website http://www.auteltech.cn/
Email address ir@autel.com
II Contact Information
Board Secretary Securities Representative
Name Li Lv Chen Cai
Floor 2 Caihong Keji Building 36 Floor 2 Caihong Keji Building 36
Hi-tech North Six Road Hi-tech North Six Road
Address Songpingshan Community Xili Songpingshan Community Xili
Sub-district Nanshan District Sub-district Nanshan District
Shenzhen City China Shenzhen City China
Tel. 0755-8159-3644 0755-8159-3644
Fax 0755-8614-7758 0755-8614-7758
E-mail address ir@autel.com ir@autel.com
III Media for Information Disclosure and Place where this Report Is Lodged
Media and websites where this Report is China Securities Journal (www.cs.com.cn) Shanghai
disclosed Securities News (www.cnstock.com) Securities Times(www.stcn.com) and Securities Daily (www.zqrb.cn)
Stock exchange website where this Report is
disclosed http://www.sse.com.cn
Place where this Report is lodged The Board Office of the Company
8 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
IV Stock/Depository Receipt Profile
i. Stock profile
√ Applicable □ Not applicable
Stock profile
Class of Stock exchange and Formerly used stock
stock listing board Stock name Stock code name
A-stock STAR Market of theShanghai Stock Exchange Autel 688208 N/A
ii. Depository receipt profile
□ Applicable √ Not applicable
V Other Information
Name Pan-China Certified Public Accountants LLP
Block B China Resources Building 1366
Domestic accounting firm Office address Qianjiang Road Jianggan District Hangzhou
appointed by the Company City Zhejiang Province China
Accountants
writing signatures Geng Zhen and Ye Nan
VI Key Financial Information for the Last Three Years
i. Key accounting information
Unit: RMB
Key accounting
information 2025
2024 2025-on-2024
change (%) 2023
Restated Before
Operating revenue 4832751860.91 3932256447.46 3932256447.46 22.90 3251152240.25
Gross profit 1079121405.82 637163986.15 637163986.15 69.36 166947216.93
Net profit
attributable to the
listed company’s 935875122.31 640925193.32 640925193.32 46.02 179233332.27
shareholders
Net profit
attributable to the
listed company’s
shareholders 868885632.48 540774400.55 540774400.55 60.67 366828763.59
before exceptional
gains and losses
Net cash generated
from/used in 595597662.21 747517485.85 747517485.85 -20.32 434056417.87
operating activities
December 31 2024 Change of
December 31 December 31
2025 2025 on
December 31
Restated Before December 31 2023
2024(%)
Equity attributable
to the listed
company’s 3870168751.39 3557794019.86 3557794019.86 8.78 3215507730.34
shareholders
9 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Total assets 7259186823.69 6307590501.10 6307590501.10 15.09 5576848578.52
ii. Key financial indicators
Key financial indicator 2025 2024 2025-on-2024 change 2023
Restated Before (%)
Basic earnings per share (RMB/share) 1.42 0.97 1.45 46.39 0.40
Diluted earnings per share (RMB/share) 1.25 0.95 1.42 31.58 0.40
Basic earnings per share before exceptional gains and
losses (RMB/share) 1.32 0.81 1.22 62.69 0.82
Weighted average return on equity (%) 25.96 19.47 19.47 6.49 5.72
Weighted average return on equity before exceptional
gains and losses (%) 24.10 16.42 16.42 7.68 11.72
R&D investments as % of operating revenue 18.08 17.29 17.29 Up by 0.79percentage point 18.34
Note: Autel carried out its 2024 final dividend payout in May 2025. We made a bonus issue
of 4.9 additional shares for every 10 shares held by shareholders from capital reserves
totaling 218304502 shares. As such the relevant financial indicators in the table above
have been retrospectively adjusted in accordance with our 2024 final dividend payout plan.Notes to the key accounting and financial information for the last three years:
□ Applicable √ Not applicable
VII Accounting Data Differences under China’s Accounting Standards for Business
Enterprises (CAS) and International Financial Reporting Standards (IFRS) and
Foreign Accounting Standards
i. Differences in net profit and equity attributable to the listed company’s
shareholders under CAS and IFRS
□ Applicable √ Not applicable
ii. Differences in net profit and equity attributable to the listed company’s
shareholders under CAS and overseas accounting standards
□ Applicable √ Not applicable
iii. Reasons for accounting data differences above
□ Applicable √ Not applicable
VIII Key Financial Information for 2025 by Quarter
Unit: RMB
10 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Q1 Q2 Q3 Q4
(January-March) (April-June) (July-September) (October-December)
Operating revenue 1093779525.58 1251660083.30 1150985938.17 1336326313.86
Net profit attributable
to the listed
company’s 199492887.25 280973266.90 252944042.74 202464925.42
shareholders
Net profit attributable
to the listed
company’s
shareholders before 196718014.58 277942301.44 243129437.04 151095879.42
exceptional gains and
losses
Net cash generated
from/used in 279379460.48 18679851.00 -95948753.00 393487103.73
operating activities
Indicate whether any of the quarterly financial data in the table above differs from what
have been disclosed in the Company’s past periodic reports.□ Applicable √ Not applicable
IX Exceptional Gains and Losses
√ Applicable □ Not applicable
Unit: RMB
Note (if
Exceptional gain or loss 2025 applica 2024 2023
ble)
Gain or loss on disposal of
non-current assets (inclusive of 29563192.86 95308517.51 -24063.28
impairment allowance write-offs)
Government grants recognized in
profit or loss (exclusive of those that
are closely related to the Company's
normal business operations and given
in accordance with defined criteria 17231131.99 7234424.64 25150300.11
and in compliance with government
policies and have a continuing
impact on the Company's profit or
loss)
Gain or loss on fair-value changes in
financial assets and liabilities held by
a non-financial enterprise as well as
on disposal of financial assets and
liabilities (exclusive of the effective 9869323.92 -6819610.47 -20881573.69
portion of hedges that is related to the
Company's normal business
operations)
Capital occupation charges on a
non-financial enterprise that are
recognized in profit or loss
11 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Gain or loss on assets entrusted to
other entities for investment or 26849.32 3439324.76
management
Gain or loss on loan entrustments
Asset losses due to acts of God such
as natural disasters
Reversed portions of impairment
allowances for receivables which are 2323447.42 5000000.00
tested individually for impairment
Gain equal to the amount by which
investment costs for the Company to
obtain subsidiaries associates and
joint ventures are lower than the
Company’s enjoyable fair value of
identifiable net assets of investees
when making investments
Current profit or loss on subsidiaries
obtained in business combinations
involving entities under common
control from the period-begin to
combination dates net
Gain or loss on non-monetary asset
swaps
Gain or loss on debt restructuring
One-off costs incurred by the
Company as a result of discontinued
operations such as expenses for
employee arrangements
One-time effect on profit or loss due
to adjustments in tax accounting and
other laws and regulations
One-time share-based payments
recognized due to cancellation and
modification of equity incentive
plans
Gain or loss on changes in the fair
value of employee benefits payable
after the vesting date for cash-settled
share-based payments
Gain or loss on fair-value changes in
investment properties of which
subsequent measurement is carried
out using the fair value method
Income from transactions with
distinctly unfair prices
Gain or loss on contingencies that are
unrelated to the Company's normal
business operations
Income from charges on entrusted
management
Non-operating income and expense
other than the above 22341268.84 1457177.97 -252933168.03
Other gains and losses that meet the
definition of exceptional gain/loss -79696.73
Less: Income tax effects 10331612.98 -726634.92 -53841885.12
Non-controlling interests effects 1604118.07 106648.54 1188136.31
12 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
(net of tax)
Total 66989489.83 100150792.77 -187595431.32
Items unlisted in the Explanatory Announcement No. 1 on Information Disclosure for
Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items are
identified as exceptional and the items are of a significant amount and exceptional
gain/loss items listed in the Explanatory Announcement No. 1 on Information Disclosure
for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items are
identified as recurrent.√ Applicable □ Not applicable
Unit: RMB
Item Amount involved Cause
Value added tax rebate for Recognized as exceptional gain for being related
software products 63030064.83 to the continuing operations of subsidiaries AutelHesheng and Autel Hexin
X Companies with equity incentive plans or employee stock ownership plans may
choose to disclose net profit net of the impact of share-based payments.√ Applicable □ Not applicable
Unit: RMB
2024 2025-o
Key accounting n-2024
information 2025 2023Restated Before change
(%)
Net profit net of
the impact of
share-based 991959854.16 574105089.65 574105089.65 72.78 143824883.50
payments
Net profit
attributable to
owners of the
parent company
net of exceptional 970363990.91 554541861.41 554541861.41 74.98 370931366.02
gains and losses
and share-based
payments
XI Non-CAS Financial Indicators
□ Applicable √ Not applicable
XII Items Measured at Fair Value
√ Applicable □ Not applicable
Unit: RMB
13 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Item Opening balance Closing balance Change in the Effect on currentperiod profit
Equity investments 7021284.08 4913258.26 -2108025.82 -2108025.82
Total 7021284.08 4913258.26 -2108025.82 -2108025.82
XIII Information Suspensions and Exemptions due to State Secrets Trade Secrets
etc.√ Applicable □ Not applicable
As the cooperation information between the Company and certain customers and
suppliers involves trade secrets in accordance with the relevant provisions of the Stock
Listing Rules of the STAR Market of the Shanghai Stock Exchange and the
Self-Regulatory Guideline No. 1 for Listed Companies of the STAR Market of the
Shanghai Stock Exchange - Standardized Operations the Company has completed the
approval procedures for relevant information disclosure exemptions according to the
Information Disclosure Management Rules.
14 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Part III Management Discussion and Analysis
I Principal Operations Business Models and Industry Overview of the Company
during the Reporting Period
i. Principal operations products and services
We are a leading solution provider of smart vehicle diagnostics and smart charging.We pursue technological innovation at the forefront and are actively exploring embodied
swarm intelligence. We are committed to delivering AI-driven solutions that seamlessly
integrate hardware and software to address evolving customer needs contributing to the
advancement of an intelligent future centered on people.Our key products during the Reporting Period are outlined below along with the
corresponding illustrations:
Primary Secondary
category category Product description Illustration
Vehicle diagnostic tablets and others:
The products leverage computer technology
to conduct fully automated diagnostics on
in-vehicle electronic control systems and
enable users to identify fault types causes
and locations for vehicle repair. Supporting
a wide range of mainstream brands and
models the system features broad vehicle
coverage high accuracy and ease of use
and provides customers with advanced
diagnostic services making it an ideal
Smart Vehicle
solution for medium and large independent
diagnostic repair shops. By leveraging generative AIrepair tablets and to deeply empower vehicle diagnostics anddevices others repair we have launched intelligentfunctions such as AI Voice Agent and AI
Inspection Agent for high-end flagship
models.NEV Diagnostic System: The system
supports high-voltage system diagnostics
and enables rapid battery pack data
retrieval and detailed battery information
analysis. Integrated with high-voltage
lithium battery maintenance toolchain
solutions the system provides advanced
diagnostics for both in-vehicle and
off-vehicle battery maintenance scenarios.
15 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Tire Pressure Monitoring System
(TPMS) Sensor: It is a universal sensor
tire pressure sensor that can be wirelessly
programmed with a dedicated tool
ensuring compatibility with various vehicle
brands.TPMS Diagnostic and Matching Tool: It
is a compact portable tablet/handheld
TPMS device specifically designed for tire
products pressure system testing and tire pressure
sensor activation programming and
learning. It supports a range of functions
including reading/writing IDs reading and
clearing codes turning off fault indicators
and reading and displaying detailed sensor
parameters. Additionally it can record and
replay sensor data as well as identify
sensor positions and IDs.The product integrates calibration functions
for Advanced Driver Assistance Systems
(ADAS) including adaptive cruise control
lane departure warning night vision and
blind spot detection. By combining
ADAS calibration tools diagnostic software and
calibration calibration methods it combines
products four-wheel alignment with ADAS.Additionally this product enhances the
accuracy and ease of use of ADAS
calibration by using the AI ? ? Voice
Agent of the diagnostic product and voice
control function thus greatly improving the
calibration efficiency of ADAS.AC chargers: The product includes AC
chargers compliant with European and
American standards with power ratings
from 7kW to 44kW which are designed
primarily for home settings shopping
malls and office buildings. The
self-developed AI Voice Agent enables
personalized and smart charging.DC chargers: The product includes
integrated and split-type DC chargers as
well as ultra-fast chargers and Megawatt
Charging Smart Charging System (MCS) devices all
network charging compliant with European and Americannetwork standards with power ratings ranging from
40kW to 1440kW. It is designed primarily
for highway service areas petrol stations
and fleets. The self-developed AI Voice
Agent enables personalized and smart
charging. The commercial ultra-fast
charger featuring a single-gun maximum
power of 480kW enables a 10-minute
charge for an approximate range of 600
kilometers. Additionally it supports MCS
charging with a maximum current of
1500A and charging power of up to
16 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
1.2MW.
This solution typically integrates (1)
photovoltaic panels that capture solar
energy and convert it into electricity (2)
energy storage systems that store the
generated electricity (3) EV chargers that
deliver electricity for vehicle charging (4)
proprietary energy edge controllers that
process real-time data and dynamically
adjust energy allocations and (5) a
proprietary EMS cloud platform that
One-stop coordinates photovoltaic generation energy
energy storage and charging demand by managing
management energy flows in real time storing surplus
solution solar power when available and dischargingit during peak demand periods. And we
source photovoltaic panels and energy
storage systems from qualified suppliers.We offer one-stop energy management
solution upon customer needs to help
alleviate the impact of upstream grid
capacity limitations ensuring stable
charging power and improving station
utilization. This significantly reduces
overall energy costs for charging station
operators.Software upgrade: This service delivers
vehicle model updates and functionality
expansions services for diagnostic and
testing application software. Autel Cloud
Space is launched to connect the device and
cloud ends providing technicians with
smarter and more comprehensive services
in areas such as device management report
management data analysis and remote
Cloud-based diagnostics.AI and diagnostic Autel Cloud: It is a SaaS platform that
software software provides repair report storage data
services management and is designed to build adatabase that encompass full lifecycle
information of a vehicle thereby
supporting effective device management
and long-term data consolidation. Through
its open API integration capabilities Autel
Cloud can seamlessly interconnect with
external systems enabling secure data
sharing eliminating information silos and
supporting a more connected and
collaborative vehicle diagnostic experience.
17 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Operational Cloud: The system offers a
comprehensive suite of functions including
charger management station operations
business analysis multitenant management
and smart charging significantly enhancing
management efficiency for operators.Powered by a vertical AI model specific to
our industries of focus the CSMS AI Agent
provides charging station operators with
more efficient management tools.O&M Cloud: This system uses AI for
predictive maintenance and proactive
troubleshooting to reduce the failure rate. It
also has basic remote diagnostic
capabilities and some remote repair
capabilities which can effectively reduce
manual maintenance costs.Payment Cloud: It is an end-to-end
Charging payment solution for charging scenarios
cloud which connects to mainstream global
platform payment gateways. Its modular architecture
flexibly adapts to multiple business models
covers multiple terminal scenarios and
enables a closed financial loop for
customers.Energy Management System (EMS)
Cloud: The system offers a range of
functions including multi-station energy
monitoring station energy analysis energy
optimization and AI-driven scheduling
algorithms integrated equipment
management device fault alarms and
intelligent early warning. It facilitates
smooth grid power expansion reduces
energy costs and improves charging
utilization efficiency. Meanwhile it
provides users with comprehensive and
accurate energy data support and
decision-making recommendations.New important non-principal operations:
□ Applicable √ Not applicable
ii. Principal business models
1. Smart repair devices
(1) Procurement model
Autel follows a “production-based procurement” model to formulate procurement
plans and determine procurement quantities based on sales forecasts transportation
methods market supply inventory and production factors. The procurement process
primarily includes formulating procurement plans issuing purchase orders and managing
18 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
delivery and payment. The main procurement items include raw materials and outsourced
processing services. Raw materials primarily consist of Integrated Circuit (IC) chips
Liquid Crystal Displays (LCDs) resistors capacitors Printed Circuit Boards (PCBs)
diodes transistors and other electronic components which are typically procured as
high-quality industrial-grade products. Other materials include structural components
packaging materials and production consumables. Outsourced processing services mainly
cover Surface Mount Technology (SMT) processing at the Shenzhen Manufacturing Center
handled by contract manufacturers. Due to the limited availability of outsourced processing
services in the local market the overseas Vietnam Manufacturing Center established its
own SMT production line in 2020.
(2) Production model
The core technology of Autel’s products lies in vehicle diagnostic and testing
application software which is embedded into hardware terminals to enable related
diagnostic and testing functions. We primarily focus on product assembly functional
testing and quality inspection.Production follows a “sales-driven production” model where a rolling production plan
is formulated weekly based on forecasted sales volumes for the coming months. Production
scheduling is dynamically adjusted based on capacity and raw material availability. The
Marketing Center is responsible for organizing sales forecast reviews and issuing product
demand plans to the Planning Department under Supply Chain Center which oversees
overall production planning material outsourcing and expediting. The Production
Department is responsible for detailed production scheduling production progress control
quality verification of materials semi-finished products and finished products as well as
technical issue resolution and support during production.
(3) Sales model
Autel categorizes its sales models into distribution sales and direct sales based on the
intended use of its products and services. Given downstream market demand and product
characteristics diagnostic tablets and others TPMS products and ADAS products
primarily follow a distribution sales model supplemented by direct sales. Distribution
customers include large retail chains automotive parts distributors and e-commerce
platforms. Under the distribution sales model customers purchase products from Autel and
resell them to sub-distributors or end-users. Direct sales customers mainly include large
19 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
automotive maintenance chain stores insurance companies retailers and end-users who
purchase software upgrades via smart terminals.
2. Charging network
(1) Procurement model
We forecast customer orders based on market trends and determine the total and actual
material demand through Material Requirements Planning (MRP) calculations ensuring
sufficient safety stock before issuing purchase orders to suppliers. By leveraging
centralized procurement and overseas supply chain advantages Autel optimizes cost
efficiency.
(2) Production model
The production of chargers follows a “sales-driven production” model where
production plans and appropriate stock levels are determined based on sales forecasts and
existing order data. Additionally Autel considers local tariffs relevant incentives and laws
and regulations to select the most cost-effective production location.
(3) Sales model
Autel categorizes sales models into distribution sales and direct sales depending on
the intended use of its products and services. Given downstream market demand and
product characteristics charger products primarily follow a distribution sales model
supplemented by direct sales. Distribution customers include large retail chains automotive
parts distributors charger distributors and e-commerce platforms. Under the distribution
sales model customers purchase products from Autel and resell them to sub-distributors or
end-users. Direct sales customers primarily include new energy charger operators charger
installers energy companies fleets residential property managers insurance companies
retailers and large automotive maintenance chain stores.
3. AI and software
For diagnostic software cloud services Autel adopts a subsequent software upgrade
charging model in markets such as North America and Europe. Under this model once the
free software upgrade period included with smart device products expires users should
purchase software upgrades via online renewal or prepaid upgrade cards to access
subsequent cloud-based software services such as vehicle model updates and feature
expansions. For online upgrades end-users pay upgrade fees via credit cards or third-party
payment platforms such as PayPal and upgrade their products via Autel’s cloud platforms.For upgrades via prepaid upgrade cards end-users purchase prepaid upgrade cards from
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distributors and use the unique serial number on the card to upgrade their products via
Autel’s cloud platforms.Our charging cloud platform services in North America Europe and other markets
adopt models such as software subscriptions transaction commissions and AI services.Based on customer and specific project needs we charge software license fees according to
the number of authorizations. Among these the charging operation cloud platform is
charged based on the number of cable ports on the charger; the charging payment cloud
platform adopts a subscription model charged based on the number of payment terminals;
the energy management cloud platform adopts a subscription model charged based on the
number of charging stations and the scale of each station. Meanwhile we are actively
exploring new profit models including those based on Agent usage volume and customer
value sharing to further enhance the marginal returns of our products.iii. Industry overview
1. Development stages basic characteristics and main technological barriers of the
industries
Upon years of development we have focused on the “AI” strategy and established
three major business divisions: smart repair devices charging network and embodied
intelligence robots which belong to the smart vehicle diagnostics industry the smart
charging industry and the embodied swarm intelligence industry respectively.
(1) Global smart vehicle diagnostics industry
* Development stage and basic characteristics of the industry
The global smart vehicle diagnostics industry is in a growth stage of rapid
transformation from the traditional diagnostic model to smart diagnostic solutions with a
significant trend towards smart and efficient upgrading.According to the industry report issued by Frost & Sullivan the market size of the
global smart vehicle diagnostics industry increased steadily from USD2808.8 million in
2020 to USD3831.5 million in 2024 representing a CAGR of 8.1%. Benefiting from the
growing trends of electric and smart vehicles as well as the deep application of AI
technology in diagnostics the industry is expected to maintain a high growth rate of 13.1%
from 2024 to 2030. The global market size is expected to exceed USD8003.5 million by
2030 indicating continued growth potential in the industry.
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In 2024 North America Europe China and other regions accounted for 36.5%
39.3% 12.1% and 12.2% respectively. By 2030 North America is expected to remain the
largest market with a projected share of 37.9%.Market Size of Global Smart Vehicle Diagnostics Industry
(Breakdown by Regions 2020-2030E)
Sources: International Organization of Motor Vehicle Manufacturers International Council on Clean Transportation
American Automobile Manufacturers Association Frost & Sullivan
* Key technological barriers
In the global smart vehicle diagnostics industry entry barriers stem primarily from
deep data accumulation long-term credibility building and high technical complexity. New
entrants face significant experience and data barriers as catching up with the massive stock
of vehicle communication protocols and adaptation data is extremely challenging.Meanwhile building robust channels and a trusted brand presence demands years of
sustained investment to earn the confidence of workshops and technicians who rely on
safety-critical diagnostic tools. Additionally R&D capabilities represent another
formidable hurdle requiring continuous intensive investment to master advanced
communication connectivity and AI-related technologies while ensuring compatibility
with rapidly evolving smart-vehicle system architectures.
(2) Global smart charging industry
* Development stage and basic characteristics of the industry
According to the industry report issued by Frost & Sullivan the global ownership of
EV chargers increased from approximately 4.6 million units in 2020 to approximately 25.3
million units in 2024 representing a CAGR of approximately 53.4%. The figure is
expected to reach approximately 125.5 million units by 2030 with a CAGR of
approximately 30.6% from 2024 to 2030. The average EV-to-public charger ratio in North
America and Europe were around 18:1 and 12:1 in 2024 respectively. As the market share
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of EVs continues rising ultra-fast charging and high-voltage platforms accelerate rollout
and public and private charging networks expand global charging infrastructure
development is entering a new phase characterized by high density refinement and
intelligence.The market size of the global smart charging industry increased from approximately
USD2.4 billion in 2020 to approximately USD10.4 billion in 2024 representing a CAGR
of approximately 44.0%. With continued EV penetration denser charging-network
deployment and deeper integration of AI in energy management the market size is
expected to reach approximately USD50.4 billion by 2030 with a CAGR of approximately
30.2% during 2024 to 2030. The software segment is expected to expand significantly from
approximately 4.4% of the market in 2024 to approximately 25.4% in 2030 becoming the
core driver of value-chain upgrading. In North America the rapid expansion of public
charging networks is expected to propel the regional market to approximately USD10.5
billion by 2030 representing a CAGR of approximately 30.7% from 2024 to 2030.Market Size of Global Smart Charging Industry (2020-2030E)
Sources: International Energy Agency European Automobile Manufacturers’ Association International Council on Clean
Transportation Frost & Sullivan
* Key technological barriers
The global smart charging industry faces four major entry barriers: technological
barriers market-access barriers product and operational service barriers and supply chain
barriers.* Technological barriers arise from the need to combine high-efficiency charging
modules with advanced data and algorithm capabilities to ensure reliable
performance across diverse grid environments.* Market-access barriers result from stringent global requirements on safety
standards and operational compliance which requires demanding certification
processes and local regulatory understanding.
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* Product and operational service barriers stem from the provision of flexible load
management and continuous performance upgrades through intelligent operations.* Supply chain barriers originate from reliance on high-precision power-electronics
components making a stable and globalized supply chain system critical for
production and scalability.Together these barriers raise the threshold for new entrants seeking to establish a
competitive foothold in the global smart charging market.
(3) Global embodied swarm intelligence industry
* Development stage and basic characteristics of the industry
Driven by rapid iterations in AI vertical models and multi-agent collaborative control
technologies the global embodied swarm intelligence market has grown rapidly. According
to the industry report issued by Frost & Sullivan the market size increased from USD12.5
billion in 2020 to USD34.3 billion in 2024 representing a CAGR of 28.7%. Looking ahead
as application scenarios continue to expand the global embodied swarm intelligence
market is expected to reach USD200.2 billion by 2030 with a CAGR of 34.2% from 2024
to 2030. Furthermore as large-scale adoption of embodied swarm intelligence drives down
hardware costs and AI breakthroughs enhance system intelligence the industry’s value
focus will gradually shift toward software. The software share is expected to increase from
14.1% in 2024 to 30.0% in 2030.
China leveraging its comprehensive industrial ecosystem and rapid advancement in
intelligent transformation is steadily driving the development of the swarm intelligence
market. From 2020 to 2024 China’s embodied swarm intelligence market grew from
USD5.5 billion to USD16.8 billion representing a CAGR of 32.1%. With accelerated
industrial upgrading and the implementation of AI and embodied intelligence technologies
the market is projected to further expand to USD101.1 billion by 2030 with software
accounting for 18.9% of the market.Market Size of Global and China’s Embodied Swarm Intelligence Industries
(2020-2030E)
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Sources: International Federation of Robotics Frost & Sullivan
* Key technological barriers
Key technological barriers in the global embodied swarm intelligence industry
include:
* Multi-agent collaborative control technology: It is necessary to achieve efficient
collaboration real-time data sharing and command coordination among intelligent
agents of different types and functions and to establish a stable collaborative
operation mechanism;
* AI model integration capabilities: It is necessary to deeply integrate multimodal
foundation models vertical AI models and embodied intelligence models
enabling the system to self-learn and autonomously schedule tasks based on
scenario data with active perception and autonomous decision-making
capabilities;
* Hardware-software adaptation technologies: It is necessary to deeply coordinate
critical hardware technologies such as intelligent sensing path planning obstacle
avoidance and long endurance with software systems and real-time scenario data
to ensure stable equipment operation in complex environments;
* Complex environment adaptation technology: It requires intelligent agents to
achieve high-precision long-duration autonomous operation under harsh
conditions such as complex terrain and extreme weather posing extremely high
requirements for the equipment’s environmental adaptability and reliability.
2. Analysis of the Company’s position in the industries and changes
We have achieved leading positions across multiple industries underpinned by our
strong performance and technological capabilities. According to the industry report issued
by Frost & Sullivan:
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In the global smart vehicle diagnostics industry we were the largest smart vehicle
diagnostic solution provider in the world in terms of revenue in 2022 2023 and 2024
with our market share increasing from 9.1% in 2022 to 11.1% in 2024.In the global smart charging industry we were the largest Chinese smart charging
solution provider in terms of overseas revenue in 2024 and we were the fourth largest
and the largest Chinese smart charging solution provider in North America in terms of
revenue in 2024.In addition we are among the first to develop vertical AI models and apply such
models to enable intelligent features in smart vehicle diagnostics and smart charging
solutions.
3. Developments of new technologies industries business forms and business models
during the Reporting Period and future development trends
(1) Global smart vehicle diagnostics industry
* Growth in the global vehicle ownership combining with accelerating
electrification
The smart vehicle diagnostics industry is experiencing global opportunities as both the
volume and average age of vehicles continue to rise. According to the industry report
issued by Frost & Sullivan the global vehicle ownership is expected to increase from 2.0
billion units in 2024 to 2.3 billion units in 2030 representing a CAGR of 2.2%. Global
sales volume of new energy vehicles are projected to grow from approximately 19.0
million units in 2024 to approximately 44.1 million units in 2030 representing a CAGR of
approximately 15.0%. With the accelerated popularization of new energy vehicles the
diagnostics market for new energy vehicles is ushering in a significant structural
development. In terms of vehicle age the average age of passenger cars and light
commercial vehicles in the United States increased from approximately 10 years in 2010 to
approximately 13 years in 2024 and continues to grow. In mature markets such as North
America and Europe the high vehicle ownership combined with a rising average vehicle
age is driving steady growth in repair and maintenance demand. Meanwhile China the
world’s largest vehicle market not only has a large vehicle base but is also experiencing
strong growth driven by surging new energy vehicle sales. As China’s vehicle age structure
enters the concentrated maintenance cycle aftersales demand is being released rapidly.* Regulatory momentum is driving the standardization of TPMS
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As global vehicle safety and intelligent vehicle standards continue improving many
countries have introduced regulations mandating TPMS to reduce accident risks and
enhance driving safety. For example in addition to passenger vehicles the European Union
has expanded TPMS mandates to trucks trailers buses and coaches. The regulation
applies to new vehicle types from July 2022 and all newly registered vehicles from July
2024. In China the 2017 TPMS performance and testing standard requires all newly
approved passenger vehicles to install TPMS from 2019 with full implementation
beginning in 2020. Since TPMS sensors typically have a lifespan of 6 to 8 years the large
volume of in-use vehicles is creating sizable replacement demand. Combined with
regulatory requirements and expanding aftermarket penetration the TPMS market has
substantial growth potential and is expected to further broaden its applications in intelligent
connectivity and predictive maintenance. According to the industry report issued by Frost
& Sullivan the global TPMS solutions market is expected to exceed USD1400.0 million
by 2030.* Increasing demand for ADAS calibration
The rapid global adoption of intelligent driving technologies is accelerating demand
for ADAS calibration. According to the industry report issued by Frost & Sullivan the
penetration rate of L2–L5 vehicles is expected to increase to approximately 74.9% in 2030.With rising front-loaded ADAS penetration growing consumer awareness of active safety
features and insurance companies promoting ADAS-based repair standards to reduce claim
costs demand for efficient and professional ADAS calibration services is expanding
rapidly. ADAS calibration is expected to evolve into a large-scale and standardized
essential repair process. The global ADAS calibration solutions market is expected to
exceed USD1800.0 million by 2030.* Generative AI is enabling multimodal intelligent interaction in vehicle
diagnostics
With the integration of generative AI and vertical AI model vehicle diagnostics is
shifting from passive fault detection to proactive multimodal smart diagnostics and
interactive decision-making. AI Agents enable real-time monitoring of key vehicle
components automated identification of potential risks and predictive maintenance based
on historical and real-time data. This establishes a full-cycle closed-loop process from issue
detection to solution execution. Multisystem and multimodal diagnostic tools will further
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enhance accuracy and efficiency supporting intelligent vehicle health management and
high-quality maintenance.
(2) Global smart charging industry
* Rapid adoption of new energy vehicles drives industry expansion
The global penetration rate of new energy vehicles continues to rise serving as the
primary driver for the expansion of the smart charging industry. According to the industry
report issued by Frost & Sullivan global new energy vehicle sales increased from
approximately 3.2 million units in 2020 to approximately 19.0 million units in 2024
representing a CAGR of approximately 56.1%. By 2030 global new energy vehicle sales
are expected to exceed 44 million units which will rapidly boost demand for charging
infrastructure. The number of global EV chargers is expected to reach approximately 125.5
million units by 2030 providing a scalable market foundation for smart charging. At the
same time the increase in charging power demand the implementation of 800V
high-voltage platforms and megawatt-level ultra-fast charging technologies bring more
complex energy scheduling and safety management challenges. This further generates
systemic demand for intelligent scheduling energy optimization and safety control.* Policy support accelerates market expansion
Government policies are accelerating the development of smart charging networks.For example in July 2025 China’s National Development and Reform Commission andthree other departments jointly issued the “Notice on Promoting the Scientific Planning andConstruction of High-Power Charging Facilities including megawatt-level ultra-fast
charging facilities in the key areas of next generation infrastructure. The notice set targets
to achieve more than 100000 high-power charging facilities nationwide by the end of 2027
with equipment availability of no less than 98%.The United States revised the National Electric Vehicle Infrastructure (NEVI)
Program Guidance in August 2025 reinstating the USD5 billion funding under the
Infrastructure Investment and Jobs Act to support the development of a nationwide
interconnected charging network. The revision also streamlines the approval process for
states to access NEVI funds providing greater flexibility in determining charging-station
locations and construction timelines. In June 2025 the European Union adopted the
delegated act (EU) 2025/656 under the Alternative Fuels Infrastructure Regulation (AFIR)
which harmonizes charging standards and requires that starting in 2025 at least one 150
kW fast-charging station be installed every 60 kilometers along the Trans-European
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Transport Network (TEN-T) as well as one 350 kW charging station for heavy-duty
vehicles every 100 kilometers with full network coverage to be achieved by 2030. The
intensive introduction of these policies not only drives the global smart charging network
toward standardization and high-power development but also provides institutional support
for the industry. This accelerates the shift from infrastructure construction to intelligent
operation and management.* PV-storage-charging integration optimizes smart charging
With the rapid growth of new energy vehicle charging demand many charging
stations are facing constraints such as limited grid capacity high grid-upgrade costs rising
energy-operation expenses weak service capability and low charger utilization. Leading
smart charging solution providers have introduced integrated PV-storage-charging energymanagement solutions that integrate “PV storage charging edge computing and cloudplatforms” into a unified framework. Powered by generation and load forecasting and
enhanced with algorithms for energy optimization smart charging smart dispatching and
battery diagnostics the solution ensures reliable power supply enables dynamic capacity
expansion reduces energy-related costs and performs peak shaving and valley filling. This
enables customers to maximize charger utilization at optimal cost improve overall
operating profitability and significantly shorten the investment payback period.* AI-driven intelligent scheduling and diverse service models
Leading smart charging solution providers leverage accumulated experiences and
vertical AI models to build an integrated intelligent decision-making system via AI Agents
and intelligent management platforms. AI Agents utilize multidimensional AI modeling
based on electricity prices load curves traffic flow and station operation data to predict
charging demand changes and energy supply capabilities in real time. They dynamically
optimize scheduling strategies enabling key functions such as power generation forecasting
capacity expansion and peak shaving.In addition intelligent management platforms are becoming the core vehicle for
service innovation. Through modular design and standardized interfaces the platforms can
extend to charging management payment settlement dynamic electricity pricing fleet
management and other diversified services. They can also deeply integrate with electricity
markets energy trading platforms and distributed energy management systems to support
flexible pricing settlement and virtual power plant (VPP) scheduling. In the future smart
charging systems equipped with AI scheduling and cloud-edge collaboration capabilities
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will become critical intelligent hubs connecting power grids energy dispatch networks and
payment networks.
(3) Global embodied swarm intelligence industry
* The proportion of software value continues to increase
As large-scale industry adoption drives down hardware costs and AI breakthroughs
enhance system intelligence the industry’s value focus will gradually shift toward software.After several years of accumulation the industry will transition to a value creation model
centered on “Intelligence + Services”. With the maturation of vertical AI models edge
computing multi-agent collaboration algorithms and digital twin technologies the
intelligence of solutions continues to improve. Software services centered on an AI brain
deliver higher added value stronger replicability and sustained profitability supporting
new business models such as subscription-based and pay-per-use models and driving
enterprises to transform from “selling products” to “selling services”. Meanwhile as
hardware costs continue to decline and standardization increases hardware is gradually
becoming a general-purpose foundational component while AI brain capabilities will
become the key to differentiated competition.* More and more application scenarios
With the deep integration of aerial and ground intelligent equipment and AI
technologies the industry bottlenecks of standalone aerial operations and insufficient
air-ground coordination have been effectively overcome. The application scenarios of these
solutions will gradually expand from current fields such as energy transportation and
industrial parks to more industrial scenarios with continuously deepening application in
high-risk highly complex and labor-intensive fields becoming a key force driving
efficient safe and smart operations across industries.II Discussion and Analysis on Operations
In 2025 amid profound changes in the international trade landscape and a complex
and volatile policy environment we leveraged our forward-looking global expansion and
strategic resolve to consolidate our industry leadership in market fluctuations and
proactively increase our global market share. With “AI intelligentization” as our core
growth driver we have established a comprehensive business matrix spanning smart
vehicle diagnostics smart charging and embodied swarm intelligence building acollaborative closed-loop ecosystem of “hardware devices + agent applications +
30 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.scenario-based solutions”. Driven by the dual drivers of cutting-edge technological
breakthroughs and business model innovation we achieved a new high in financial
performance.During the Reporting Period we achieved operating revenue of RMB4833 million
representing a year-on-year growth of 22.90% a net profit attributable to our shareholders
of RMB936 million marking a 46.02% year-on-year increase and a net profit attributable
to our shareholders before exceptional gains and losses of RMB869 million up 60.67%
year on year.We continue to implement the business model of “using smart devices/chargingnetworks/embodied intelligence to access customers and achieving continuous chargesthrough AI agents”. During the Reporting Period AI and software achieved operating
revenue of RMB552 million representing a year-on-year increase of 22.85% with a gross
profit margin exceeding 99%. As the strategy of “Embrace AI” continues to permeate
deeply throughout the entire business chain high-gross-margin high-customer-royalty
software and agent services will continue to unlock growth potential providing us with
sustainable high-quality growth momentum.i. Smart vehicle diagnostics: AI-empowered product ecosystem leading the global
market
Benefiting from multiple driving factors including the electrification and intelligent
transformation of automobiles as well as aftermarket replacement demand the global
smart vehicle diagnostics industry shows a trend of relatively rapid growth. According to
Frost & Sullivan the market size of the global smart vehicle diagnostics industry is
expected to grow to approximately USD8 billion by 2030 with a projected compound
annual growth rate (CAGR) of 13.1% from 2024 to 2030.Leveraging more than 20 years of technological accumulation and global expansion
we have established a leading position worldwide. According to Frost & Sullivan based on
revenues in 2022 2023 and 2024 we are the world’s No. 1 solution provider of smart
vehicle diagnostics. Our market share increased from 9.1% in 2022 to 11.1% in 2024 and
is expected to further rise to 12% in 2025 continuously consolidating our industry
leadership.In 2025 our smart repair devices achieved operating revenue of approximately
RMB2980 million reflecting a year-on-year increase of 15.83%. Among them vehicle
diagnostic tablets and others achieved revenue of RMB1392 million representing a
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year-on-year increase of 9.83%; TPMS products achieved revenue of RMB1007 million
marking a 42.73% year-on-year increase; and ADAS calibration products achieved revenue
of RMB381 million.Revenue from diagnostics-related AI and software services amounted to RMB530
million representing a year-on-year increase of 18.87% with a gross profit margin
remaining at above 99%. It has become an important driver of business growth confirming
the sustainability and high profitability of the “hardware + software + services” business
model.
1. Core technological breakthroughs leading industry development
During the Reporting Period we launched our self-developed vertical AI model for
smart vehicle diagnostics. Based on our independently built edge cloud collaborative
architecture we provide real-time fault identification and decision support significantly
improving the accuracy of issue detection and the overall efficiency of vehicle diagnostics.We also developed technologies on battery diagnostics for electric vehicles. Based
on large-scale operational data across different brands and use scenarios we established
comprehensive battery health indicators. Through machine learning and deep learning
technologies we developed intelligent models capable of accurately detecting issues such
as cell aging enabling precise fault identification improving diagnostic accuracy and
efficiency and effectively addressing challenges in fault localization incomplete diagnostic
indicators and low testing efficiency in the inspection and maintenance of the power
batteries for electric vehicles. In August 2025 we officially obtained the state of health
(SOH) battery testing certification issued by the European Circular Automotive
Remarketing Association (CARA). By the end of the Reporting Period among all certified
enterprises Autel was the only Chinese enterprise to obtain this certification and was also
the only enterprise around the world capable of providing an integrated service solution
encompassing battery testing diagnostics and repair.We continue to build a “hardware testing equipment + software algorithm system”
edge-cloud collaborative ecosystem covering scenarios such as diagnostics used vehicle
inspection and echelon utilization. Balancing stability and compatibility we use
standardized and efficient testing to break the reliance on experience providing the
industry with reliable solutions and promoting the standardized development of the
industry.
2. Launch of a matrix of new products empowering all scenarios
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In 2025 we focused on launching a new generation of comprehensive diagnostic
product Ultra S2 the ADAS calibration product IA1000 and a commercial vehicle TPMS
solution building a complete product system covering passenger and commercial vehicles
diagnostics and calibration and hardware and services fully meeting the industry’s
intelligent upgrade needs.* Diagnostic tablets and others: We launched the new-generation comprehensive
diagnostic product Ultra S2 which uses agents such as AI Voice Agent and AI
Inspection Agent to achieve high accuracy and significantly improved efficiency
fully revolutionizing the user experience.* ADAS calibration products: We launched the new-generation ADAS calibration
product IA1000 a new system integrating digitalization automation and
intelligentization. It can invoke the Ultra S2 multimodal voice vertical AI model
through natural language to enable automatic positioning of the calibration frame
significantly improving the accuracy and usability of ADAS calibration and
substantially enhancing calibration efficiency.* TPMS products: We continued to consolidate the core competitiveness of
passenger vehicle TPMS products with continuous software upgrades and
iterations achieving industry-leading first launches for new vehicle models;
meanwhile we further improved the solution ecosystem and launched the
commercial vehicle TPMS solution. With core advantages such as high reliability
simplicity and ease of use and vehicle model coverage of more than 95% we have
secured a strategic position in the highly promising commercial vehicle TPMS
aftermarket.
3. Deepened software services building ecosystem barriers
During the Reporting Period we continued to advance diagnostic AI and software
service upgrades. At present our high-end diagnostic models with AI features are equipped
with functions such as Remote Expert and AI Technical Assistant significantly
improving the repair accuracy and efficiency of service technicians and further increasing
the software renewal rate.In addition as a SaaS-based diagnostic data management platform we continue to
refine Autel Cloud committed to building an automotive maintenance data ecosystem
covering information across the lifecycle enabling efficient device management and data
accumulation. Through open API integration capabilities Autel Cloud can achieve
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seamless data sharing with external systems breaking down information barriers and
promoting the development of a collaborative and interconnected automotive repair
ecosystem. Meanwhile we attach great importance to data security and privacy protection
and adopt strict access controls to ensure the confidentiality and integrity of all user data
during storage and transmission.Going forward we will continue to increase the penetration of agents in smart devices
and in combination with AI capabilities further develop related functions to explore more
business models for software fees and agent fees.ii. Smart charging: AI-empowered end-to-end innovation good news across the
globe
The global smart charging industry is riding the wave of rising new energy vehicle
penetration achieving dual improvements in both scale and quality with the market space
continuing to expand. According to Frost & Sullivan the market size of the global smart
charging industry increased from approximately USD2.4 billion in 2020 to approximately
USD10.4 billion in 2024 with a CAGR of approximately 44.0%. It is expected to further
rise to around USD50.4 billion by 2030 with a CAGR of nearly 30.2% from 2024 to 2030.According to Frost & Sullivan by overseas revenue in 2024 we are the largest
Chinese solution provider of overseas smart charging; rank fourth in the North American
smart charging solutions industry and are the largest Chinese enterprise by market size in
this market. In 2025 our leading advantage continued to expand. Leveraging our deep
technological accumulation full-scenario solution coverage and AI deep empowerment
our market share increased steadily and our comprehensive capabilities advanced into the
first tier around the world.
1. Hardware + Software + Agents: End-to-end innovation consolidating the core
foundation
We have always adhered to technological innovation as the driving force. Relying on
two solid cornerstones namely power electronics and AI intelligentization we have
built core capabilities covering self-developed charging modules smart charging vertical
AI models smart charging intelligent energy scheduling for PV-storage-charging
vehicle-charger-cloud compatibility uninterrupted communication smart O&M smart
operations and smart payment.
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During the Reporting Period we launched our self-developed 60 kW/120 kW
liquid-cooled power module forming an end-to-end integrated solution ranging from
power modules to the smart charging network.We launched the MaxiCharger DS600L fully liquid-cooled ultra-fast charger
which adopts high-efficiency silicon carbide (SiC) liquid-cooled modules with a stable
overall efficiency of over 97%. Combined with a modular design and end-to-end supply
chain integration we optimize total lifecycle costs and support a high-power output of 600
kW per cabinet and can achieve a maximum total output of 3 MW through cabinet
paralleling. It can be flexibly adapted to multi-scenario applications ranging from passengervehicles to heavy-duty trucks. The system integrates the collaborative capabilities of “PVstorage charging edge computing and cloud platforms”. It can dynamically allocate power
resources effectively reducing grid pressure and provide efficient and stable energy
replenishment solutions for high-frequency operation scenarios such as ports mines and
trunk logistics helping customers break through the energy replenishment bottleneck for
the large-scale application of electric heavy-duty trucks.Liquid-cooled Charging Module Fully Liquid-cooled Ultra-fast Chargers
Our smart charging centered on AI agents continues to deepen the smart charging
vertical AI model establishing an intelligent capability system that connects terminals
with platforms and links users with operations increasing the number of agents for
charging products and evolving toward “AI intelligent Employees” with higher autonomy.
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AI Intelligent Employee Matrix for Autel CSMS Platform
By fully integrating AI-native capabilities into the charging operations platform we
have built the industry’s first batch of AI digital employee systems to be implemented in
practice. On the new-generation CSMS platform we officially launched the AI Intelligent
Employee Matrix specifically comprising AI intelligent agents that are online around the
clock including the Product Q&A Assistant Intelligent Site Construction Assistant Data
Analyst Pricing Analyst and Market Analyst. Through deep integration of
industry-specific knowledge bases with data capabilities AI functions are truly embedded
into the entire operation and decision-making process covering key business types such as
Q&A reporting pricing analysis and strategy development. This enables AI to serve as a
partner in customers’ operations and decision-making significantly enhancing efficiency
and revenue optimization capabilities and driving the operational system to leap from
traditional management to a conversational smart operation network.While actively advancing AI-driven business innovation and development we attach
great importance to data security and compliance management and integrate the
application concept of responsible AI throughout the entire lifecycle of product R&D and
services. During the Reporting Period we successively passed a number of internationally
recognized certifications continuously strengthening our compliance foundation:
* We successfully obtained the ISO/IEC 42001 Artificial Intelligence Management
System certification (the world’s first international standard focused on AI
management systems) establishing a systematic framework for AI system
development and application to ensure the trustworthiness safety compliance and
sustainable development of AI systems;
* We comprehensively ensured the data security and compliance of cloud services
through OCPP2.0.1 certification for all functions ISO/IEC 27018 cloud service
privacy certification and CSA-STAR cloud security certification.
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Such certifications not only demonstrated our leading capabilities in data security and
AI compliance but also strengthened the safety barrier for the sustained and healthy
development of our business providing global customers with trusted and reliable
intelligent solutions.
2. Customer ecosystem expansion: Benchmark projects across the global
landscape
In 2025 leveraging our systematic advantages in products technology brand market
services and global supply chain our smart charging engaged in in-depth cooperation with
high-quality customers worldwide covering multiple sectors including global energy
giants leading convenience store and gas station operators large parking lot operators
state-owned power companies and major retail chain giants. Our comprehensive
competitiveness rose into the top tier of the global industry forming a favorable
development landscape featuring global multi-location expansion and coordinated growth.Based on various customers’ electrification plans through 2030 future orders are expected
to underpin the medium- to long-term high-speed growth of our smart charging business.
(1) North American market
As North America is a core strategic market for us we continue to consolidate and
expand our business layout achieving significant growth in both the number of strategic
customers and order volume.In power scenarios we established partnerships with multiple state-owned and
regional power utilities in the United States with cooperation regions covering areas with
the most concentrated energy demand such as Nevada California and Texas. Leveraging
our integrated capabilities of “smart charging + energy storage + energy optimization” the
project jointly implemented with Company N in Nevada provided assurance for the
stability of electricity supply for data centers and industrial users under extreme weather
conditions. Leveraging the “energy storage + ultra-fast charging + EMS” system with
modular replication and expansion capabilities we laid the foundation for subsequent
cooperation to move from single-site pilots to large-scale rollout. By the end of 2025 we
commenced construction of six benchmark projects in North America for energy storage +
ultra-fast charging. At present one site has been completed. In the future we plan to
standardize the solution and promote it extensively across the United States and plan to
carry out energy storage projects of over 5 MWh for large charging stations in 2026.
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In the parking lot scenario we successfully won the bid for the commercial AC
charger project of LAZ Parking the largest commercial parking lot operator in North
America becoming its exclusive supplier. In the first phase 50000 intelligent charging
networks will be deployed with a contract value of RMB238 million. LAZ Parking
operates more than 4000 commercial parking lots and 1700000 parking spaces across 43
states and 536 cities in the United States and Canada. The delivery of the first phase has
now been successfully completed and this project will serve as a benchmark case for the
scaled deployment of a charging network for commercial parking lots in North America.In retail and logistics scenarios we added 12 new global retail chain giant customers
and signed a multi-year DC fast-charging equipment procurement agreement with
Company A the world’s largest convenience store. Our DH480 high-power DC charger
will be deployed at scale across its core store network in North America; at the same time
we serve leading logistics fleets such as Company A and Company W providing
high-power charging solutions for their bases and warehousing hubs.Autel Integrated Charging and Battery Energy Storage Autel Charging and Battery Energy Storage System Solution
Project for Electric Vehicles in North Carolina the United Deployed in Southern California
States
(2) European market
In December 2025 the European Union released the European Grids Package
proposing to invest EUR1.2 trillion in grid upgrades by 2040 of which approximately
EUR584 billion will be allocated within this decade to key areas including power
distribution network retrofits high-power charging and energy storage. The next few years
will be a critical window of opportunity for the synchronized upgrade of European power
grids and charging infrastructure creating conditions for high-power fast charging
vehicle-to-grid interaction and the coordination of distributed energy. As the EU power
grid upgrade cycle begins Autel is becoming an important participant in the reconstruction
of Europe’s new energy infrastructure.
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We successfully secured business with a number of global and regional key
customers and won bids from other top-tier industry customers including well-known
energy companies heavy-duty truck fleets supermarket chains gas stations and
charging infrastructure operators. Our business covers mature markets including the
Netherlands the United Kingdom France Germany and Northern Europe and we
accelerated expansion into growth markets such as Southern Europe and Eastern Europe.Autel reached a strategic partnership with Mer a leading European electric vehicle
charging infrastructure enterprise. Mer will integrate the Company’s all MaxiCharger
AC products and deploy them across its continuously expanding charging network in core
markets including Northern Europe the UK Germany and Austria.Autel joined hands with global energy giant Shell to further deploy the charging
network system. The first batch of AC Ultra urban commercial chargers officially went live
in our project in the Netherlands marking the further penetration of Autel’s digital power
products into the core scenarios of public charging in Europe.Autel officially delivered our first heavy-duty electric vehicle charging station in
Sweden to Circle K a globally leading convenience store and gas station operator.Autel’s megawatt-level charging system (MCS) was successfully deployed and put
into operation in Iceland serving the local major charging network operator ON
Power and has become Iceland’s first megawatt-level public fast-charging demonstration
station. This project verified the stability and high-power output capabilities of Autel’s
equipment in low-temperature environments providing a reference for the construction of
charging infrastructure for electric heavy-duty trucks in the Nordic region.Autel reached a partnership with the leading charging operator in Bulgaria and
successfully built a new-generation high-power charging hub on a Bulgarian highway
which was officially put into operation. The project adopted Autel’s MaxiCharger
high-power charging solution with a total system power of 1.44 MW becoming one of the
first megawatt-level charging projects in Eastern Europe to be put into commercial
operation. The system achieves a charging efficiency of 24 kWh per minute enabling the
fastest charging of an electric heavy-duty truck in as little as 13 minutes delivering an
energy replenishment experience of “five minutes of charging for a 100-kilometer range”.This hub will significantly enhance charging efficiency for electric heavy-duty trucks and
long-haul commercial vehicles along Bulgaria’s main highways supporting the
development of electric transportation infrastructure in Eastern Europe.
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Bulgaria MCS Project Integrated Storage-Charging Project in the Netherlands
(3) Other markets
We accelerated efforts to deepen our presence in emerging markets such as
Asia-Pacific the Middle East and Africa implementing customized solutions tailored to
regional characteristics and working with key customers to jointly establish industry
benchmarks.Autel partnered with Australia’s largest retail giant a large logistics company in
Australia and successfully deployed the MaxiCharger DS480 high-power DC charging
system at the Moorebank Distribution Center in Sydney creating an electric heavy-duty
truck charging network with a total power capacity of 960 kW while reserving upgrade
capability for MCS. As one of Australia’s highest-power commercial heavy-duty truck
charging stations to date this project provides fast and stable charging support for one of
the country’s largest electric heavy-duty truck fleets. In addition we made breakthrough
progress in mature markets such as Malaysia Japan and Singapore and actively
expanded into high-potential markets such as Thailand and Vietnam thereby
establishing a business footprint across the Asia-Pacific region.Autel signed a strategic cooperation memorandum with the UAE national charging
operator deeply participating in the upgrade of local charging infrastructure. Focusing on
cutting-edge directions such as V2G (vehicle-to-grid interaction) and battery energy storage
systems the parties carried out joint R&D and provided DC fast charging systems that can
operate stably in extremely high-temperature environments above 55°C supporting the
implementation of the UAE’s green mobility strategy. In addition Autel partnered with
South African partner STS Tech Group to jointly develop an electric bus charging
network for the Arrowgate depot in Cape Town. This is the largest project of its kind in
South Africa. It uses a solar-grid hybrid power supply system and is equipped with
MaxiCharger DC fast chargers and a self-developed AI charging cloud platform. Once fully
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commissioned it will support the operation of 120 electric buses setting a benchmark for
the electrification of public transportation in Africa.Our new energy footprint has been blossoming in multiple locations worldwide and
our new energy business landscape has been rapidly expanding globally. This not only
demonstrates our outstanding capabilities in technological innovation market expansion
and customer service but also makes an important contribution to advancing the global
energy transition and promoting green and low-carbon development.Commercial Heavy-duty Truck Charging Station in Electric Bus Charging Network in Cape Town South
Sydney Australia Africa
3. Deepening localized development in overseas markets with an increasingly
strong brand presence
Since our forward-looking expansion into the smart charging business in 2021 we
have vigorously advanced localization efforts in overseas markets focusing on nurturing
and building local overseas marketing teams further consolidating and expanding our
global marketing system. By the end of the Reporting Period we established more than 30
overseas regional headquarters sales platforms and subsidiaries worldwide. Meanwhile
we continue to expand and deepen partnerships with business partners and strengthen
cooperation with local governments industry organizations communities and large
enterprises to enhance our market influence and competitive advantages.During the Reporting Period we participated in or hosted more than 70 exhibitions or
product/solution launch events worldwide established connections with more than 70
leading vertical media outlets and received multiple regional market awards
comprehensively strengthening our image as a solution expert in the industry. These
initiatives significantly strengthened our brand presence while also demonstrating to
customers our determination to continuously strive for progress.
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iii. Embodied swarm intelligence: AI-driven scenario deepening solidifying the
foundation across all domains
The global embodied swarm intelligence market is in a period of rapid growth with
market potential continuing to expand. From the perspective of industry demand traditional
manual operations and standalone intelligent devices can no longer meet the needs for
high-frequency sensing precise decision-making and efficient management in complex
scenarios across sectors such as energy transportation and industry. Demand is becoming
increasingly urgent for unmanned autonomous and swarm-based intelligent solutions and
embodied swarm intelligence have become a core direction for intelligent transformation
across industries. According to a report by Frost & Sullivan along with industry
development the proportion of software value continues to increase and is expected to rise
from 14.1% in 2024 to 30.0% in 2030 highlighting the increasingly prominent core role of
technology and services.With keen insights into technology development trends we established Shenzhen
Daohe Tongtai Robot Co. Ltd. in November 2024 specifically responsible for advancing
the application of embodied intelligence capabilities in core scenarios such as smart
transportation industrial parks and charging. Leveraging forward-looking technology
R&D a comprehensive product portfolio and synergized global resources during the
Reporting Period we have established a complete closed loop of
“technology-products-market”. Our core competitiveness continues to stand out laying a
solid foundation for the scaled expansion of our business.
1. Core technology support with solutions catering to diverse scenarios
In the embodied swarm intelligence field we have established comprehensive
capabilities of “core technologies + integrated solutions”. Our core technologies cover
three major areas of technologies of embodied robots (reliable robot bodies embodied
intelligent agents spatial intelligence and motion control) vertical models for the swarm
intelligent inspection (multimodal models VLA models and industry models) andmulti-agent coordination technology based on a “ central commander with executionteams” architecture providing solid support for solution implementation.Our embodied swarm intelligence solutions cater to multiple scenarios such as energy
management transportation hubs and industrial parks with a core architecture of the
“Embodied Intelligent Agents + AI Application Platforms”: the embodied intelligent
agents as physical carriers feature autonomous navigation and multi-scenario adaptability;
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the AI application platforms (Hub AIP Data Platforms) provide functions such as
intelligent agent management low-code development and lifecycle data management
forming a closed loop of “hardware execution + platform enablement”.In October 2025 Daohe Tongtai officially launched its first intelligent inspection
operation robot Avant Robotics Gen1. Based on an embodied industry-specific vertical
AI model the robot performed outstandingly in three key metrics with path planning
success rate >99% dynamic obstacle avoidance success rate >95% and precise operation
success rate >80% achieving closed-loop operations from perception to execution.Daohe Tongtai also launched Avant Hub the intelligent autonomous inspection
platform which supports end-to-end unmanned operations and collaboration among
heterogeneous intelligent agents. It also introduced seven major vertical agents and 12
general-purpose agents covering scenarios such as expressways industrial parks and oil
and gas pipeline networks thereby building a comprehensive application ecosystem.
2. Market breakthroughs delivering results: Aligning with core partners and
verifying outcomes through implementation
Our embodied swarm intelligence business achieved multiple market breakthroughs
with core products and solutions winning broad recognition across the industry.At the ecosystem collaboration level we carried out comprehensive and in-depth
cooperation with technology giants to jointly develop solutions for integrated air-ground
robot swarms becoming their “capability-based” partner for taking embodied intelligence
overseas and laying the foundation for large-scale applications in smart charging
transportation and other fields.In terms of branding and contracting on October 30 2025 Daohe Tongtai asubsidiary of Autel hosted the first “Integrated Air-Ground Swarm Intelligence and AIEcosystem Alliance Conference” comprehensively showcasing the “Intelligent InspectionAI Strategy Panorama” and highlighting our technology-leading position in the field of
embodied intelligence. The signing results at the conference were fruitful. Daohe Tongtai
entered into strategic cooperation agreements with multiple partners fully validating the
market recognition of our technology roadmap and closed-loop service capabilities and
injecting strong momentum into the scaled expansion of our business.Meanwhile we actively participated in industry ecosystem development. As a
member of the first batch of industry partners we launched the new global track of
“Physical AI” providing industrial-grade scenario verification conditions for the
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engineering transformation of scientific research achievements and continuously
enhancing our voice and influence in the industry. In addition we actively participated in
international exhibitions appearing at key platforms such as the Consumer Electronics
Show (CES 2026) the 2025 World Artificial Intelligence Conference (WAIC 2025) the
China Hi-Tech Fair (CHTF) and the Global AI Terminal Expo showcasing our core
technologies and product achievements in a concentrated manner and continuously
enhancing our industry influence and market recognition around the world.Daohe Tongtai’s Embodied Intelligent Agents Made a Integrated Air-Ground Swarm Intelligence and AI
Debut at the CHTF Ecosystem Alliance Conference in October 2025
(3) Global supply chain deployment continuously enhancing risk resilience
We have remained committed to our globalization strategy. Against the complex
backdrop of intensifying global geopolitical risks and escalating international trade
frictions we plan our global supply chain in a forward-looking manner. We have developed
a network of product bases and optimized our warehousing and logistics systems to build a
robust and efficient global supply system with our risk resilience and market
responsiveness continuously strengthened.After years of dedicated efforts three core production bases have been established
in Shenzhen China; Haiphong Vietnam; and North Carolina the United States. In
2025 Q4 the Mexico production base was officially put into operation forming a global
production network spanning Asia and the Americas and providing a solid safeguard
against potential risks such as changes in trade policies. Among them:
* The Haiphong Vietnam facility has by leveraging mature operations management
an efficient localized production model and the integration of supply chain fully
capitalized on labor resources and cost advantages becoming an important pillar
supporting our globalization strategy;
* Since the North Carolina USA facility commenced operations at the end of 2023
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it has actively responded to local policy requirements such as the National Electric
Vehicle Infrastructure (NEVI) Formula Program and the Build America Buy
America Act (BABA) extending our supply chain to the market front line and
rapidly meeting the needs of North American customers;
* The newly commissioned Mexico facility further improved the closed-loop
integration of production supply and sales for the North American market.Through a globally coordinated production capacity portfolio we significantly
enhanced our flexibility in responding to changes in international trade policies.In terms of warehouse layout we continued to improve the localized warehousing
systems in Europe North America and the Asia-Pacific region achieving comprehensive
coverage of major markets and comprehensively enhancing regional supply capacity and
response speed.This series of strategic deployments across the global supply chain not only enabled us
to flexibly respond to changes in the international trade environment and significantly
enhance our risk resilience but also through the continuous optimization of localized
production and warehousing logistics shortened delivery lead times and reduced operating
costs further strengthening our market competitiveness and laying a solid foundation for
the sustained high-quality development of our business.The Shenzhen China Production Base The Haiphong Vietnam Production Base
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The North Carolina USA Production Base The Monterrey Mexico Production Base
iv. Practicing “AI-driven Growth” to reshape organizational effectiveness and
the governance foundation
During the Reporting Period we elevated AI from a tool to a core factor of
production advancing organizational capabilities from “digital support” to
“intelligentization-driven”.We remain committed to practicing “AI-driven High-quality Growth”. Across core
value chains such as R&D supply chain and operations management we successfully
deployed more than 80 AI agents building a smart operations matrix featuring
“human-machine collaboration”. This transformation enhanced overall R&D efficiency and
significantly shortened the time-to-market for products; meanwhile it strongly supported
the rapid business expansion and achieved structural growth in per-capita efficiency.Meanwhile we are committed to achieving an intelligent leap in capabilities across all
employees upgrading our talent foundation and driving AI cognitive restructuring and
capability transformation within our core teams. During the Reporting Period we continued
to carry out AI cognitive restructuring for key R&D personnel. Through skill
enablement and intensive practical drills we drove the software R&D team’s
transformation toward hybrid roles as “AI product managers + full-stack engineers”
fundamentally improving our organization’s technical capacity in the era of
intelligentization and the speed of innovative response.In addition we carried out profound reforms of the core leadership system and
implemented an incentive and restraint mechanism anchored in “long-term value”. On
the incentive front we introduced a milestone assessment mechanism for strategies deeply
linking the core team’s “actual shares + options” to the achievement of our long-term
strategic goals thereby building a community of shared interests and shared destiny. On the
constraint front we implemented regular partner leadership inventory and assessment and
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established a three-dimensional threshold of “Leadership + Values + Performance”. By
refining a tiered and graded dynamically adjusted partner “entry and exit mechanism” we
maintained the combat effectiveness of the core team and injected strong endogenous
momentum into our enduring success.“AI Lectures” Training Site AI Empowerment Courses for All Employees
Analysis and prospect of non-CAS financial indicator changes:
□ Applicable √ Not applicable
III Analysis on Core Competitiveness during the Reporting Period
i. Analysis on core competitiveness
√ Applicable □ Not applicable
1. Technological innovation
Autel has long placed great emphasis on R&D innovation considering it the core
driver of market competitiveness. With AI technology as our core driving engine we focus
on the deep integration of technological innovation and scenario-based applications
continuously improving our core technology architecture and system. With
industry-specific vertical AI models as the intelligent foundation and platform capabilities
as the scale engine we have built a robust technological barrier that is both solid and
capable of sustainable evolution. In 2025 Autel’s R&D investment amounted to RMB874
million accounting for 18.08% of operating revenue.* Smart vehicle diagnostics:
We have built multiple system capabilities for smart vehicle diagnostics including
MaxiFlash MaxiOS MaxiSim and MaxiSys and have strategically deployed vertical AI
models for smart vehicle diagnostics and new energy battery testing technologies.
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Our self-developed vertical AI model for smart vehicle diagnostics is based on an
edge cloud collaborative architecture. Leveraging extensive diagnostic data and case
libraries this model provides real-time fault diagnosis and decision support. The model
supports capabilities such as natural language fuzzy queries multimodal interaction and
intelligent annotation optimization with continuous iteration of model performance
significant improvement of diagnostic accuracy.* Smart charging:
Centered on power electronics and AI as our core foundations we have built core
capabilities covering self-developed charging modules smart energy vertical AI models
smart charging intelligent energy dispatching for PV-storage-charging
vehicle-charger-cloud compatibility uninterrupted communication smart O&M smart
operations and smart payment.Our self-developed vertical AI model for smart charging features multimodal
processing capabilities enabling intelligent data management across the entire charging
station operations process and core functions such as 24/7 automated customer Q&A. As
our user base expands and data volumes continue to grow user feedback and data
accumulation further enhance the model’s stability and scenario adaptability.* Embodied swarm intelligence:
We have deep technological accumulation in the field of the robot body and AI
brain for embodied intelligent robots and have established core capabilities covering the
R&D of vertical AI models AI application platforms and robots.Our vertical models for swarm intelligent inspection build core capabilities around
the technological system of multimodal vertical AI models industry vertical AI models
and embodied VLA vertical AI models. Trained on diverse data types and employing
multiple model-training methods these models enable multi-modal perception autonomous
decision-making and reliable task execution while continuously improving model
generalization and task success rates. In addition we have developed an integrated suite of
AI application platforms that support the management of embodied intelligent agents as
well as the full-lifecycle management of AI agent development model training and
inference and data processing thereby improving solution delivery efficiency and
scalability.
2. Products and solutions
48 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.We adhere to the business philosophy of “Value-Driven Innovation with UnwaveringCommitment” the manufacturing philosophy of “Surpassing the Imagination” and the core
values of “Exceeding Customer Expectations Empowered by Relentless Drive”. With AI
as its core driver Autel steadfastly executes its strategic blueprint for “Intelligentization”
continuously deepening the integration of AI with business plans.* In smart vehicle diagnostics Autel leverages its strong R&D capabilities to
develop solutions that are highly compatible widely applicable easy and
intelligent and highly integrated with rapid iteration cycles. With hundreds of
thousands of highly engaged industry end-users in the global automotive
aftermarket we fully apply generative AI to empower smart devices
comprehensively enhance vehicle diagnostic efficiency and user experience and
continuously consolidating our leadership in the smart vehicle diagnostics
industry.● In terms of smart charging Autel provides end-to-end smart charging networks
and integrated PV-storage-charging energy management solutions. Ourproduct solutions include various charger matrices such as “ultra-fast DC chargersand integrated AC residential & commercial chargers”; and charging cloud
platforms such as intelligent operations intelligent operation and maintenance
and charging payment. Powered by PV power generation and charging load
forecasting and enhanced with algorithms for energy optimization smart chargingand AI-based dispatching the solution integrates “PV storage charging edgecomputing and cloud platforms”. It maximizes charger utilization at optimal
cost improves operating profitability of charging and shortens the investment
payback period.● As for embodied swarm intelligence by leveraging generative AI Autel delivers
smarter and more efficient inspection solutions for the energy transportation
industrial park and other sectors. We have built a fully integrated technology
chain covering industry-specific vertical AI models intelligent brains smart
robotic actuators and scenario data. These solutions are highly efficient
intelligent and continuously evolving and empower the transformation of various
industries to a new operation model that is intelligent autonomous and air-ground
integrated.
3. Globalization and differentiation
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Autel remains committed to globalization and upholds the core philosophy of
“Globalized Innovation Markets and Production” establishing a full value-chain
system covering R&D sales and manufacturing thereby laying a solid foundation for
global business expansion.* A comprehensive globalized innovation R&D system. We integrate core
technology development with local market insight and have established multiple
R&D centers worldwide to fully activate the technical strengths of various regions
in areas such as power electronics AI intelligentization industrial design and
software development. Through a cross-regional collaboration mechanism we
ensure breakthroughs in cutting-edge technologies while rapidly adapting to
localized needs in different markets promoting an efficient connection between
technological innovation and commercialization.* An extensive globalized sales and service network. Leveraging directly
affiliated sales subsidiaries and localized service teams established worldwide we
have built a marketing and service network covering more than 120 countries
and regions including North America Europe Asia-Pacific the Middle East and
South America. This enables us to rapidly identify market trends and customer
pain points in each region and achieve agile full-cycle responsiveness from
requirements alignment and product development to after-sales service
delivering a consistent and high-quality service experience to customers
worldwide.* A robust supply chain system for globalized production:We operate production
bases in China Vietnam the United States and Mexico supported by localized
production and operation teams and supply chains. This is of great strategic
significance for continuously optimizing resource allocation mitigating
uncertainties in the international trade environment and enhancing product
competitiveness. These efforts improve supply chain responsiveness and overall
operational efficiency allowing Autel to maintain its leading position and achieve
sustainable growth on a global scale.
4. High-quality customer base and collaborative relationships
Our customers include internationally renowned energy enterprises leading
automakers large chain retailers and core distributors. We have built a multi-tier customer
ecosystem that combines direct sales and distribution. Also we have built a collaborative
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and mutually empowering relationship with our customers. Their insights and
forward-thinking continually fuel our product innovation and technological advancement
driving business breakthroughs. Through our integrated product development process we
maintain close collaboration with customers fostering a continuous cycle where innovation
is driven by customer needs and in turn benefits them.Through long-term trust value co-creation and two-way empowerment we have built
a multi-tier customer system and continued to strengthen our brand presence laying a solid
foundation for the steady growth of our globalization.
5. Talented team
Autel places great importance on strengthening its talent team striving to become anexcellent organization driven by “Ultimate Efficiency and Relentless Pursuit ofExcellence”. By leveraging AI Autel drives intelligent transformation across its
organization and comprehensively optimizes its whole business chain including R&D
marketing sales customer service supply chain IT and functions.Our founder has guided Autel’s development with a forward-looking strategic vision
and outstanding strategic execution and has brought together a group of seasoned
experts in vehicle diagnostics new energy vehicles and artificial intelligence forming a
core management team that combines strategic foresight with efficient execution. Guided
by innovation and results our management team continuously enhances organizational
responsiveness and innovation capabilities to ensure the efficient implementation of
strategic plans.Meanwhile we have made innovation a cornerstone of our development fostering a
corporate culture that encourages creativity and forward-thinking. We aim to attract
top industry talent through diverse incentive mechanisms and build an organizational
ecosystem of sharing co-creation and win-win outcomes. By the end of the Reporting
Period we had more than 960 R&D professionals injecting an inexhaustible driving force
into Autel’s sustained leapfrog development.ii. Events during the Reporting Period that severely impacted Autel’s core
competitiveness impact analysis and countermeasures
□ Applicable √ Not applicable
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iii. Core technologies and R&D progress
1. Core technologies and their advancement as well as changes during the Reporting
Period
(1) Core technologies of smart vehicle diagnostics
We have built proprietary diagnostic systems and battery diagnostic technologies
supported by our diagnostic vertical AI model which together form the technology
foundation of our smart vehicle diagnostics.* Diagnostic systems
We have developed a suite of interconnected systems. Each system serves a specific
function within a unified framework creating a closed-loop system that spans hardware
connection system control and intelligent analysis thereby enabling efficient accurate
and adaptive vehicle diagnostics.a. MaxiFlash our vehicle diagnostic communication system
MaxiFlash is our vehicle diagnostic communication system serving as the entry point
that connects diagnostic devices with a vehicle’s onboard ECUs through standard interfaces
such as the OBD port. It features a proprietary highly integrated communication system
that ensures stable and reliable connections with vehicles. The system supports a number of
different car communication protocols as well as three main international standards in
relation to diagnostic devices and automatically detects the type of connection needed.With multi-channel communication and an optimized protocol stack it greatly improves
communication speed and efficiency allowing stable connections with more than 20 ECUs
at once. This provides the foundation for all subsequent diagnostic operations.b. MaxiOS our vehicle diagnostic operating system
MaxiOS is our vehicle diagnostic operating system that manages how diagnostic tasks
are processed and executed. Built on a customized Android system MaxiOS includes a
unified SDK which provides a standardized set of tools that make development easier
improve the user experience and ensure compatibility across different vehicle systems and
models. The system incorporates dynamic resource management allocating system
resources such as processing power and bandwidth based on the real-time demands of
diagnostic tasks preventing system overload and maintaining smooth operation.Additionally MaxiOS accelerates key diagnostic processes by optimizing the speed of data
processing and result analysis enabling faster more accurate diagnostics and improving
overall efficiency. With built-in security features including threat detection MaxiOS offers
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strong protection for both devices and data making it safe and reliable for vehicle
diagnostics.c. MaxiSim our simulation and analysis system
MaxiSim is our simulation and analysis system that uses big data and
machine-learning technologies to automatically interpret vehicle communication protocols
and verify algorithms. MaxiSim can accurately create virtual vehicle environments and
simulate ECU and communication-bus behaviors greatly reducing the need for real
vehicles in testing and significantly improving operational efficiency.d. MaxiSys our diagnostic expert system
MaxiSys is our diagnostic expert system that analyzes data collected through
MaxiFlash and processed by MaxiOS. It enables fast and accurate diagnostics across
multiple vehicle brands and models. MaxiSys can automatically identify the vehicle
communication protocol and control units significantly increasing scanning speed. Its
cross-platform and modular design separates functions allowing the system to be quickly
adapted to different product platforms while maintaining a consistent user experience.Connected with MaxiSim and Autel Cloud MaxiSys serves as the analytical core that turns
raw diagnostic data into actionable results.* Battery diagnostic technology
We develop battery diagnostic technology to address key challenges in the inspection
and repair of EV power batteries including the difficulty of locating faults incomplete
diagnostic indicators and low testing efficiency. By standardizing and streamlining the
diagnostic process it reduces reliance on technician experience and enhances overall
efficiency.Drawing on a large and diverse database of real cases we have established a
comprehensive set of battery health indicators based on large-scale operational data across
different brands and usage scenarios. Combining in-depth research into battery behavior
with machine-learning and deep-learning techniques we have developed intelligent models
that can accurately detect issues such as cell aging enabling precise fault identification and
improving diagnostic accuracy and efficiency.* Vertical AI model for smart vehicle diagnostics
Built on an edge–cloud collaborative architecture we have built a vertical AI model
that provides real-time fault identification and decision support significantly improving the
accuracy of issue detection and the overall efficiency of vehicle diagnostics.
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The model is trained on extensive data collected from a broad range of vehicle types
from traditional fuel-powered vehicles to EVs. This database enables the model to identify
faults with accuracy even when users describe issues in general or non-technical terms.The model supports multimodal interaction allowing it to process text voice images and
sensor data streams at the same time. This provides a holistic understanding of vehicle
conditions and enables integrated multi-dimensional diagnostics.To support continuous improvement the model learns from real-time data and
diagnostic feedback generated during actual vehicle inspections. Using an intelligent data
labeling system that combines automated learning techniques with expert review
diagnostic cases can be efficiently organized and transformed into structured knowledge
enhancing the model’s performance and diagnostic accuracy over time.
(2) Core technologies of smart charging
Our smart charging solution is built on two core technical foundations namely power
electronics technology and AI charging technologies.* Power electronics technology—charging modules
We have launched our homegrown 60kW/120kW liquid-cooled power modules
providing an end-to-end integrated solution from power modules to the charging network.Our charging modules have the following features:
a. High efficiency
* Achieve energy conversion efficiency up to 97% significantly reducing
operational losses and electricity costs.* Integrated DC photovoltaic-storage-charging architecture reduces energy
conversion stages.b. High reliability
* Liquid cooling and water and dust resistance protection extend module life to
over 15 years.* Real-time monitoring remote diagnostics lifetime prediction and remote
upgrades enable predictive maintenance.c. High grid compatibility
* Harmonic distortion (iTHD) under 3% optimizes grid quality.* Support vPFC VDE4100- and VDE4110-certified and can absorb grid
harmonics and purify the grid as needed.* AI charging technologies
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We have developed a suite of AI charging technologies that form the technical
foundation of our smart charging including:
a. Smart charging
We have developed smart charging technology built on a multi-agent collaborative
architecture to automate and optimize the end-to-end charging workflow. A vehicle
identification agent recognizes the vehicle model when it connects. A power-demand
forecasting agent anticipates the required charging power. A power scheduling agent
computes an optimal one-time allocation across multiple chargers to improve
group-charging efficiency and reduce electricity costs. During charging a battery
assessment agent performs battery condition checks. Together these capabilities improve
charging efficiency safety and charging-station operating returns.Enabled by a multi-agent architecture our smart charging technology features a
“one-time optimal” approach a significant shift from the traditional “multiple adjustments”
approach. Our smart charging technology is further enhanced by a data closed loop built
on our accumulated charging data and vehicle-model database which enables the
continuous optimization of our AI model.b. Smart O&M
The core technical architecture of the smart O&M platform is built on three pillars:
AI-driven lifecycle digital twin and unified protocol governance (OCPP+ACMP
standards). This architecture integrates real-time equipment data with AI analytics
capabilities to establish a virtual digital twin for chargers enabling intelligence and
automation across the full process from equipment monitoring and fault prediction to
remote repair and driving the O&M model from passive response to proactive prevention.The platform accurately identifies faults through component-level smart diagnostics
and 3D visualization technology and provides maintenance guidance; with the end-to-end
secure firmware management system we have achieved risk-free firmware upgrades and
rollbacks; conversational smart O&M agents support natural language interaction and can
autonomously perform O&M tasks; standardized Open APIs output core capability
modules securely empowering ecosystem partners and facilitating coordinated and
efficient charging services.c. Vertical AI model for smart charging
We have developed a vertical AI model for smart charging. This model is deeply
integrated with our business logic and product functionalities and together with
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AI-enhanced sample generation methods and model fine-tuning techniques is able to
deliver decision support and operational guidance that closely align with the practical needs
of charging stations.AI agents powered by this model support multi-turn voice interactions with users.They can accurately interpret user intent make reliable judgments and execute operational
instructions. By incorporating feedback from actual operational activities the model
establishes a closed-loop learning system that enables continuous optimization. As our
charging equipment and cloud platforms are deployed across a broader range of use cases
the model continues to improve dialog accuracy task-execution capabilities and overall
system reliability thereby supporting the ongoing enhancement of user experience.
(3) Core technologies of embodied swarm intelligence
* Technologies on the R&D of embodied robots
Our embodied robots are featured with the following technologies:
a. Reliable robot body
We design the robot body to ensure reliability body balance and stability during
movement and executing tasks. Key modules such as sensors joints and actuators are
modular and easily replaceable or upgradeable thereby increasing operational uptime
simplifying maintenance and supporting scalability for future upgrades.b. Embodied intelligence brain
Our embodied intelligence brain is the core decision-making system for robots. They
combine multimodal perception language understanding and task planning to enable the
robot to autonomously understand its environment and generate actionable instructions.The agent uses a multi-strategy model to improve task execution efficiency and success
rates ensuring stable and predictable performance in dynamic environments.c. Spatial intelligence
Our spatial intelligence technology allows robots to understand their surroundings by
integrating locations and semantic information. The system enables robots to process and
make sense of complex environments more effectively. Using multimodal models we
enhance the robot’s ability to understand tasks and adapt to new environments improving
both task execution and decision-making outcomes across a wide range of use cases.d. Motion control
We have developed a motion control system that combines force control for robots’
safe interaction with people and objects. The system ensures stable and precise control of
56 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
robots during dynamic tasks optimizing movement and manipulation. It also enables robots
to move and operate in coordination allowing them to perform tasks effectively while
moving enhancing overall task stability and efficiency.* Vertical AI models for the swarm intelligence inspection series
We have developed three vertical AI models for swarm intelligence each designed for
post-training and enhanced performance of embodied intelligent agents in complex and
dynamic environments.a. Multi-Modal model
We have developed a multi-modal model focused on environment perception and
robotic task planning. For environment perception the model is designed to enable robots
to understand the environment by modeling diverse scenarios including extreme conditions.This strengthens a robot’s spatial understanding reasoning and decision-making
improving its effectiveness in real-world tasks.For task planning the model helps robots learn quickly from small datasets by
generalizing across tasks inferring underlying environmental factors and improving
decision-making through reinforcement learning. As a result robots can autonomously
generate plans with actions based on the environment and instructions improving task
performance while reducing the need for large amounts of data.b. Vision-Language-Action (VLA) model
We have independently developed a VLA model for real-world robot applications.The model combines visual inputs language instructions and motion control in one system
so it can be used across different robot types understand where things are and how they
change over time and output specific action steps. By training on data from different robots
and operating situations the model can maintain consistent sensing and understanding and
achieve a high task completion rate in complex environments enabling the deployment of
multiple robot tasks. Key features of this model include:
* Using a common way to describe robot actions plus a lightweight adaptation
method so different robot types can follow the same commands and fit different
operating environments;
* Breaking tasks into multiple steps and reasons step by step to support task
execution;
* A self-supervised training loop that improves the model through inference rollouts
while preserving generalization across different robot embodiments.
57 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
c. Industry model
We have developed a dedicated industry model that addresses the limitations of
general-purpose models by incorporating domain-specific knowledge including equipment
characteristics operational procedures and safety standards. We combine industry data
with model fine-tuning and a retrieval-augmented generation approach that dynamically
retrieves relevant reference information during response generation improving scenario
understanding Q&A accuracy and response consistency. Traceability and stability
mechanisms help keep the model aligned with practical industry requirements. With these
capabilities the model supports key workflows including technical Q&A and safety risk
analysis.* Technologies on swarm intelligence——multi-agent coordination and
scheduling technology
We have independently developed multi-agent coordination technology based on a
“central commander with execution teams” architecture. Under this framework a single
digital commander agent orchestrates two specialized teams: a. digital agents which handle
tasks such as goal comprehension task orchestration and data analytics; and b. embodied
intelligent agents which execute on-site physical operations. This interaction forms a
closed-loop system of centralized decision-making on-site execution and real-time
feedback thereby enhancing overall operational efficiency and reliability.Our multi-agent coordination technology excels in two areas: decision-making and
task orchestration as well as execution capabilities and the tool ecosystem. This robust
technological framework enables the standardized deployment scalable rollout and
continuous advancement of our embodied intelligence swarm solution.National Science and Technology Awards
?Applicable √ Not applicable
Recognition as a National Specialized Refined Distinctive and Innovative “Little Giant”
Enterprise and Manufacturing “Single Champion”
√ Applicable ? Not applicable
Entity Title granted Year Product name
Autel Intelligent Technology National Specialized Refined
Corp. Ltd. Distinctive and Innovative 2025 /“Little Giant” Enterprise
58 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
2. R&D achievements during the Reporting Period
(1) Smart vehicle diagnostics
* Vehicle diagnostic tablets and others:
* High-end smart devices: Three flagship products Ultra S2 MS909S2 and
MS919S2 were launched globally. Systematic improvements were made to
hardware performance enabling faster processing and a smoother user experience.Deeply empowering operations with generative AI we implemented the AI Voice
Agent and AI Inspection Agent functions; the newly introduced major core
features such as Topology 3.0 Data Flow 3.0 and graphical diagnostics were
added. Meanwhile we continued to strengthen the development of the cloud-based
diagnostic ecosystem and launched Autel Cloud Services breaking down edge
cloud barriers. From device management report management data analysis to
remote diagnostics we provided technicians with more convenient intelligent and
comprehensive services.* NEV diagnostics: We launched AI-based rapid inspection for high-voltage
batteries enabling intelligent reading of information on NEV batteries and further
improving the efficiency of troubleshooting NEV issues. The coverage of NEV
diagnostics continued to be upgraded and underbody driving capabilities for
high-voltage components continued to be strengthened (including mainstream
components such as high-voltage batteries compressors OBCs DCDCs 48V
batteries 48V motors PTCs etc.) maintaining industry-leading competitiveness.NEV battery SOH testing obtained European CARA certification further
consolidating the industry-leading position of NEV diagnostics in Europe.* TPMS products:
* Passenger vehicle TPMS: The software continued to be upgraded and iterated
achieving industry-leading first releases for new vehicle models. The passenger
vehicle TPMS solution reached over 99% of vehicles and its competitiveness
consistently remained at an industry-leading level.* Commercial vehicle TPMS: As mandatory regulations on commercial vehicle
TPMS were successively implemented in China and Europe we launched the
first-generation universal commercial vehicle tire pressure sensor CVS-A01 and
the compatible tool ITS600 CV providing a complete commercial vehicle tire
pressure solution. The product is simple and easy to use and achieves a vehicle
59 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
coverage rate of over 95% with industry-leading competitiveness.* ADAS products:
* ADAS calibration products: Vehicle coverage for ADAS calibration software
and four-wheel alignment software continued to be updated with global vehicle
coverage exceeding 95%; the new-generation ADAS calibration product IA1000
has been officially launched globally which features automatic positioning for the
entire vehicle and digitalized calibration patterns. Combined with an AI
multimodal voice vertical AI model it truly achieves digitalized automated and
intelligent calibration significantly improving calibration efficiency and ease of
use.* Four-wheel alignment system: The all-new IWA500 wheel alignment system is
coming to market soon. Featuring industry-leading product accuracy and a guided
software workflow it supports SAS calibration to deliver a one-stop end-to-end
wheel alignment solution.* Diagnostics-related software services:
* Remote Expert: Focusing on comprehensive upgrades to the underlying
communication and technical compatibility of diagnostic equipment we provide
more stable and efficient technical support for remote repair. Protocol and vehicle
coverage continued to expand cumulatively supporting more than 400 passenger
vehicle and NEV brands in China and overseas.* Renewal and upgrade: Comprehensive diagnostic software upgrades were
completed for more than 300 new vehicle models along with software updates for
over 600 NEV models. For complex fault scenarios we introduced special
diagnostic functions including quick search and direct access to advanced
vehicle-wide functions misfire detection intelligent function assistance and
graphical analysis of fuel systems significantly improving customer efficiency in
fault identification and resolution.
(2) Smart charging
* Charging networks:
a. Liquid-cooled charging module: Both the US-standard version and the
EU-standard version completed mass production and were launched on the market. Its core
competitiveness (high efficiency low grid harmonics long service life and high
intelligence) reached an industry-leading level. It is mainly designed for
60 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
PV-storage-charging and high-power charging scenarios featuring fast charging
PV-storage integration and long service life and can adapt to various harsh environments
such as high-salt-spray coastal areas and high-dust mining areas.b. We launched a brand-new MaxiCharger DC product series including DH480
(US- and EU-standard) DS480 (EU-standard) DH240 and DS600L liquid-cooled
ultra-fast charging with main features of relevant products as follows:
* Ultimate user experience: Up to one kilometer of driving range per second a
charging success rate above 99% and convenient payment enabled by aggregated
payment methods.* Ultimate reliability: It supports uptime of over 98% and an online rate exceeding
99.9% enabling remote maintenance through fully online O&M; fully
liquid-cooled ultra-fast charging products with high protection 15-year long
service life reducing the total cost of ownership (TCO) for long-term investment.* Excellent returns: Charging efficiency is improved by 10% with end-to-end (E2E)
efficiency up to 96% DC-coupled supporting integration with photovoltaic and
battery energy storage systems.* Fully modular design easy to maintain. On-site upgrades can be achieved by
replacing charging modules enabling continuous iterative upgrades and power
capacity expansion.* Platform-based design with power ranges covering 80-1440 kW meeting the
charging needs of different customer scenarios such as on-the-go destination
fleet and MCS.* Scalable power supporting MCS charging solutions. The maximum current of a
single connector can reach 1500 A and the maximum power supports up to 1.44
MW. It can be paired with air-cooled or liquid-cooled terminals and is suitable for
electric truck charging with a charging power demand above 1 MW.c. We launched a new integrated residential/commercial AC charger the
second-generation MaxiCharger Single Charger with the main features of this product
as follows:
* Five-minute quick installation 10-minute guided batch commissioning of charging
stations.* Equipped with intelligent features such as smart dynamic load balancing for
managing large-scale charging stations and AI-driven optimization.
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* Featuring three-layer safety protection and a high network online rate and
delivering a highly reliable ultimate charging experience for users.* Charging cloud platforms
a. Operation cloud platform
* AI agent: We fully integrated AI-native capabilities into the charging operation
platform to build an “AI Intelligent Employees Matrix” achieving end-to-end
intelligent assistance across Q&A data analysis pricing strategies and market
insights. This enables AI to become a partner in operations and decisions
significantly improving efficiency and revenue optimization capabilities and
driving the operation system to leap from traditional management to a
conversational smart operations hub.* Edge cloud: We innovatively achieved “edge cloud integration” in the charging
cloud and launched an edge cloud solution to ensure that in offline/weak network
environments charging power is not overloaded charging strategies are consistent
and charging orders are not lost thereby ensuring the normal operation of charging
stations.* Open compatibility: Autel Charge Cloud has obtained OCPP2.0.1 certification for
all functions and is the first software service provider in Greater China to receive
this certification. It has successively passed multiple internationally recognized
cloud service security certifications including ISO/IEC 27018 CSA-STAR and
ISO/IEC 42001 ensuring that the development and use of our AI systems are
responsible ethical and secure.b. O&M cloud platform
* Remote smart O&M: Through real-time device monitoring and full-chain data
tracking combined with multi-dimensional device logs we have built a
comprehensive device O&M management system to accurately analyze key data
across each process improve O&M efficiency and reduce failure rates.* Component-level diagnostics: By using multi-view analysis to interpret the
operating status of core components of equipment we have built a digital
equipment access system through temperature data appearance feedback and
other aspects precisely pinpointing faults to the component level and significantly
improving troubleshooting efficiency.* Customized service system: Based on the work order system we intelligently
62 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
allocate human resources for services monitor service progress and efficiency in
real time optimize service quality ensure full-chain service traceability and
trackability and ensure fault response meets SLA requirements.c. Payment cloud: Based on public charging scenarios we have built a
well-established integrated online-to-offline payment solution. CPO collections are
simplified with one-click account opening reducing overall costs by more than 30%; we
continued to accelerate our deployment around optimizing payment efficiency in energy
service scenarios and enhancing the value of industrial assets.d. Energy management cloud: Starting with charging and centered on intelligentenergy management we integrate “PV storage charging edge computing and cloudplatforms”. Based on power generation and load forecasting and in combination with
algorithms such as energy optimization smart charging smart dispatching and battery
diagnostics the energy management cloud provides functions including power supply
assurance on the charging side dynamic capacity expansion reduction of demand charges
and peak shaving and valley filling. It helps customers achieve the highest charging
utilization at the optimal cost increase charging operation revenue and significantly
shorten the investment payback period.* One-stop PV-storage-charging energy management solution
* Hardware solutions: We completed systematic integration testing and validation of
hardware platforms such as energy storage batteries compliant with European and
US standards power conversion systems (PCSs) photovoltaic inverters and
AC/DC chargers meeting hardware technical requirements for millisecond-level
rapid response and smooth capacity scaling.* Software solutions: We released the energy management cloud MaxiPower X and
the station-level energy management system MaxiPower S and overseas
demonstration sites officially commenced operations.* MaxiEdge Controller: Featuring multi-port multi-protocol and multi-brand
compatibility it can meet second-level or millisecond-level data acquisition and
processing and millisecond-level dispatching response requirements. It enables
energy optimization and strategic dispatching algorithms to deliver multi-strategy
control mode logic including AI scheduling mode cloud edge collaboration mode
and local policy mode. It supports independent deployment and operation at the
station level and adopts a dual-redundant high-reliability design with reliability up
63 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
to 99.99% ensuring the normal operation of energy dispatching.
(3) Embodied swarm intelligence
During the Reporting Period our embodied swarm intelligence solutions were
applicable to a wide range of application scenarios including the energy sector (e.g.oilfields) transportation hubs (e.g. highways) and industrial parks. Through real-time
information collection and analysis this solution supported early fault detection and timely
response thereby improving management efficiency and operational responsiveness.We integrate embodied intelligent agents through our proprietary AI application
platforms including the Hub Platform the AIP Platform and the Data Platform to support
the connection and coordination of embodied robots in various forms including humanoid
robots.* Embodied Intelligent Agents
Embodied intelligent agents serve as the physical carriers of our embodied swarm
intelligence solution and are designed to support a broad range of potential applications.During the Reporting Period we launched proprietary embodied robots with advanced
perception planning and motion-control capabilities allowing them to operate
autonomously with minimal human involvement. Leveraging autonomous navigation
capabilities our embodied robots can interpret their surroundings plan movement paths
and execute tasks. Their multi-directional mobility and adaptive control systems enable
them to operate both indoors and outdoors navigate uneven or constrained spaces and
respond to environmental changes.* AI application platforms
During the Reporting Period we developed three AI application platforms to enable
the efficient management and operation of embodied intelligent agents:
a. Hub Platform
The Hub Platform is an open platform designed to facilitate the connection and
management of embodied intelligent agents across multiple brands. Through this platform
users can manage embodied intelligent agents to automate workflows including task
execution monitoring response archiving and data management. The platform supports
the closed-loop execution of embodied intelligent agents from issue identification and
assessment to resolution in real-world scenarios thereby accelerating the transition to
unmanned and intelligent operations across industries.
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By leveraging multi-agent workflows built on the AIP platform users can drive
coordinated agent operations through natural language commands. Upon receiving an
instruction a task orchestration agent acting as the commander plans and assigns tasks to
the embodied agent swarm. A route planning agent then generates optimal execution routes.During task execution a multi-modal analysis agent identifies issues and triggers real-time
alerts. Upon completion a report generation agent automatically creates industry-compliant
operational reports. This enables a single-command end-to-end autonomous execution
model for embodied intelligent agent operations.b. AIP Platform
The AIP Platform integrates an AI agent development module with an AI model
training and inference module providing full lifecycle management for both AI agent
development and AI model training and inference. Specifically
* The AI agent development module allows users to create AI agents without coding
through AI-powered natural-language interactions or a visual drag-and-drop
interface. It provides pre-built templates and supporting tools that allow users to
efficiently incorporate commonly used functions significantly reducing agent
development time. Users can create multi-agent workflows to automate and
optimize their routine tasks enhancing overall efficiency.* AI model training and inference module supports the training deployment and
management of AI models. Its visual configuration can generate training and
deployment tasks with minimal manual tuning. It also supports dataset
management and intelligent labeling together with real-time monitoring of AI
model training progress deployment status and inference performance.AIP works with Hub Platform to enable smooth workflow and coordinated execution
across client scenarios improving overall operational efficiency.c. Data Platform
The Data Platform provides data lifecycle management for AI model training. It
automates key steps—including data collection cleaning organization labeling and
evaluation—to reduce manual work. It also manages data storage and processing and is
designed to work with mainstream AI models for training and inference including that on
AIP Platform which shows seamless data flow across end-to-end workflows and
continuous model improvement.
65 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Intellectual property achievements during the Reporting Period:
New additions in the year Cumulative total
Applications filed Granted (units) Applications filed(units) (units) Granted (units)
Invention patents 78 83 922 435
Utility model
patents 32 32 315 304
Design patents 34 55 1048 1065
Software
copyrights 37 37 207 174
Others (copyrights
of works) 4 4 4 4
Total 185 211 2496 1982
3. R&D investments
Unit: RMB
2025 2024 Change (%)
Expensed R&D investments 774630849.60 635783425.06 21.84
Capitalized R&D investments 98989377.13 44243730.79 123.74
Total R&D investments 873620226.73 680027155.85 28.47
Total R&D investments as %
of operating revenue 18.08 17.29
Up by 0.79
percentage point
Capitalized R&D investments
as % of total R&D 11.33 6.51 Up by 4.82
investments percentage points
Reasons for significant changes in total R&D investment compared to the previous
year
?Applicable √ Not applicable
Reasons for significant changes in the proportion of capitalized R&D investment and
its justification
?Applicable √ Not applicable
66 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
4. Ongoing R&D projects
√Applicable ? Not applicable
Unit: RMB’0000
No. Projec
Estimated Current
total period Cumulative Progress or milestone Target objectives Technical level Specific applicationt name investment investment investment achievements prospects
1. Autel completed upgrades for 1. NEV diagnostics: It covered 1. NEV diagnostics:
mainstream NEV brands in more than 95% of NEV models Vehicle
China Europe and the United worldwide through multi-protocol coverage >95%;
States covering 95% of NEV diagnostics. Diagnostic functions functional accuracy
diagnostics in terms of included complete-vehicle fault reaches the OE
high-voltage battery testing and scanning basic functions and level.SOH assessment. special functions with accuracy 2. High-voltage 1. NEV diagnostics fault
2. Autel added 48 V motor reaching the OE level addressing battery testing for location and parts
testing 48 V battery testing and issues such as poor compatibility NEVs: Battery recommendations for
PTC testing in the scope of and weak functionality of brand repair shops.underbody testing. diagnostic software for NEVs. coverage >95%; 2. Power battery fault
3. Model coverage for ADAS 2. High-voltage battery testing for SOH assessment location battery
calibration and four-wheel NEVs: Through AI technology to accuracy reaches condition testing
NEV alignment functions exceeded learn battery characterization data above 95%; battery full-pack charging and
smart 95% supporting full functions of various chemical properties and testing completes discharging module
1 diagno 18955.81 8637.11 14322.68 including ACC LDW BSD analyze battery dynamic data it within 10 minutes balancing cell balancingstic NVS AVM RCW and HUD. covers high-voltage battery testing improving post-maintenance battery
solutio 4. Autel achieved multiple for 95% of NEVs worldwide efficiency by more pack testing and testing
n positioning methods including providing information including than 30%. after battery installation.dual-laser positioning and 3D high-voltage battery SOH SOC 3. Underbody 3. Battery second-life
vision positioning completing current voltage temperature and component testing utilization.one calibration within five cell voltage. It addressed issues for NEVs: 4. Replacement of glass
minutes. such as high entry barriers for High-voltage and tires for NEVs as
5. It provided an integrated high-voltage battery testing and component testing well as post-accident
solution combining calibration inaccurate results. coverage exceeds ADAS calibration and
tools diagnostic software and 3. Underbody component testing for 95% of mainstream four-wheel alignment.calibration methods with guided NEVs: (1) It covered high-voltage brands.workflows provided. battery underbody testing for 95% 4. ADAS
of NEVs. (2) High-voltage calibration and
component testing for NEVs four-wheel
covered testing of mainstream alignment for
high-voltage components such as NEVs: Product
67 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
high-voltage batteries compressors accuracy reaches
DCDC OBC 48 V batteries 48 V 0.02 degrees;
motors and PTC. product frame rate
4. ADAS calibration and reaches above 6
four-wheel alignment for NEVs: (1) frames/second.It enabled ADAS calibration for
more than 95% of vehicle models
worldwide. (2) Technicians can
complete the placement of the main
calibration frame within one minute
and complete ADAS calibration
within five minutes through 3D
visual positioning significantly
improving ADAS calibration
efficiency. (3) It provided a
complete ADAS calibration and
four-wheel alignment solution
through an integrated ADAS
calibration and four-wheel
alignment solution improving
customers’ repair efficiency.
1. MaxiCharger DH480 480kW 1. Customers were provided with 1. Full-power-range DC
an integrated charger is now new-generation ultra-fast charging 1. Fast charging ultra-fast charging meets
available and can be supplied in products covering a full power (400 km range in the technical
Secon bulk. range from 60 kW to 1.44 MW. ten minutes). requirements for
d-gene 2. MaxiCharger DS480 480kW a 2. Autel supported multiple matrix 2. Full-matrix charging products over
ration split charger (European standard) strategies achieving 100% power switching is the next five years. It is
ultra-f is now available and can be availability across the entire matrix available with 100% compatible with CCS
ast supplied in bulk. and improving grid utilization by power utilization. MCS NACS
integr 3. Regarding our MCS 10%. 3. AI-powered CHAdeMO and GBT
2 ated 19846.25 5394.14 19006.25 (megawatt-class) charging series 3. It enabled AI-powered intelligent smart charging is standards supporting
chargi we have completed protocol charging as well as digital and supported various charging
ng interoperability testing with intelligent operation and increasing grid scenarios including
produ multiple mainstream maintenance significantly utilization by 10%. passenger vehicles
ct manufacturers; and we have also enhancing the customer experience. 4. Megawatt-class public transport and
projec conducted product verification 4. The MCS standard is supported charging commercial electric
t and manufacturing with a maximum single-plug power technology. trucks.implementation at Beta sites. of 1.2 MW. 5. Parallel PV and 2. Users’ pain points of
4. Intelligent recognition and 5. Future business evolution is energy storage slow charging are
charging curve prediction have supported by integrating PV power technology. addressed by further
been completed for 25 generation energy storage systems improving charging
68 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
mainstream vehicle models. and charging infrastructure. efficiency.
5. The design of the liquid-cooled 3. Uptime has been
cable system has been completed. raised to 99% ensuring
It has a maximum current of safety during charging
650A is easy to maintain and and meeting high
meets performance requirements. reliability requirements
for product operation and
maintenance.
4. The issue of low grid
utilization has been
addressed by increasing
grid efficiency by 10%.
5. Geen energy is
available to address
power supply shortages
in specific scenarios.
1. Ultimate reliability: 1. It is applied to
Industry-leading low failure rate circuit topology
1. High power enables
technology faster charging scenarios.with high reliability. 2. Low noise and
2. Low noise: Liquid cooling designed for silicon grid-friendly design
We have completed small-batch ensures low noise (< 50 dB per
carbide devices.Liquid module) contributing to an 2. It is also applied
ensure an
-coole production and market launch of“environmentallyliquid-cooled charging modules ultra-fast charging experience withto power control friendly” charging
d (US standard) and our core minimal noise.technology tailored
3 chargi 15200.00 6889.61 10395.24 3. High efficiency: Autel has for power
solution.ng competitiveness (high efficiency established a high-efficiency brand electronics control.
3. For customers with
modul low grid harmonics long lifespan with modules achieving 97.5% 3. Module
high energy efficiency
e and high intelligence) has reached
requirements customers
an industry-leading level. maximum efficiency reducing
diagnostics and with long lifespan
customers’ operational electricity maintenance are
costs. enabled through
requirements and
4. Intelligent features: black box fault detection fault
customers using the
OTA lifespan prediction tree analysis black
product in harsh
environments (such as
diagnostics and maintenance box recording andOTA upgrades. coastal areas and mines).Total / 54002.06 20920.86 43724.17 / / / /
Description:
None
69 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
5. R&D personnel
Unit: RMB’0000
General information
20252024
Number of R&D personnel 966 995
R&D personnel as % of total employees 34.79 36.26
Total remuneration of R&D personnel 51718.35 42933.54
Average remuneration of R&D personnel 53.55 43.15
Note: The number of R&D personnel accounted for 57.33% of Autel’s total staff (excluding production personnel) as of
the end of the Reporting Period.Educational background of R&D personnel
Educational background Number of employees
Doctoral degree 16
Master’s degree 132
Bachelor’s degree 766
Junior colleges 50
Senior high school and below 2
Age structure of R&D personnel
Age Number of employees
Below 30 (exclusive) 301
30-40 (inclusive of 30 and exclusive of 40) 545
40-50 (inclusive of 40 and exclusive of 50) 116
50-60(inclusive of 50 and exclusive of 60) 4
60 and beyond 0
Reasons for any significant change to the composition of R&D personnel and the impact on
the Company:
□ Applicable √ Not applicable
6. Other information
□Applicable √ Not applicable
IV Risk factors
i. Risk of not yet achieving profitability
□ Applicable √ Not applicable
ii. Risk of significant performance decline or losses
□ Applicable √ Not applicable
70 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
iii. Core competitiveness risks
√ Applicable □ Not applicable
1. Risk of revolutionary technological iteration
Our products primarily serve the automotive industry which is undergoing rapid
transformation due to the accelerated integration of emerging technologies such as 5G the
Internet of Things (IoT) cloud computing AI and new energy. As the industry shifts
toward greater intelligence connectivity and new energy these advancements present both
opportunities and challenges for the automotive advanced diagnostic and testing industry.Future disruptive products and innovations in the automotive industry may lead to
significant changes and revolutionary iterations of Autel’s existing products. Although
Autel prioritizes R&D and technology as core drivers and continues to invest heavily in
these areas failure to successfully anticipate industry trends and effectively complete
technological upgrades could result in the loss of its technological advantage ultimately
negatively impacting production and operations.
2. Risk of technical talent turnover or shortage
The fields of automotive advanced diagnostic and testing new energy and power
equipment and AI-powered robotics are technology-intensive industries characterized by
high sectoral attributes and strong entry barriers. Advancements and innovation in these
fields depend on experienced and stable R&D teams. However compared to the rapidly
evolving market high-end R&D talent remains relatively scarce and competition for
skilled professionals within the industry is intense. The loss of technical personnel occurs
from time to time. If Autel experiences a significant outflow of core technical personnel
without suitable replacements or if talent development efforts fail to keep pace with
business expansion needs Autel’s competitiveness may be weakened or restricted which
could adversely affect production and operations.
3. Risk of core technology leakage
Although Autel has implemented protective and confidentiality measures for its core
technologies to safeguard against technology leakage. Meanwhile confidentiality and
non-compete agreements have been signed with the senior management and core technical
personnel. Nevertheless the competition for talent in the industry is intense. The risk of
core technology leakage remains due to the possibilities that employees familiar with
relevant technologies may leave Autel potentially leading to technology leakage and that
71 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
patent protection measures are insufficient. If such a situation occurs it could weaken
Autel’s technological edge and negatively impact production and operations.
4. Risk of intellectual property disputes
As part of its globalization strategy Autel’s overseas operations are subject to
complex legal environments. As Autel expands into new business sectors it may be
difficult to completely avoid intellectual property (IP) disputes initiated by competitors or
other entities for various reasons. Since IP investigations applications authorizations
negotiations and legal rulings are complex processes failure to properly manage IP issues
and disputes could lead to unfavorable legal outcomes. In the event of an adverse IP lawsuit
ruling Autel may face compensation claims high legal fees patent licensing costs or even
injunctions that prevent the production and sale of certain products.iv. Operating risk
√ Applicable □ Not applicable
1. Risks associated with overseas operations
Autel has long relied primarily on overseas markets for product sales with a certain
degree of dependence on the North American market. Currently Autel’s overseas sales
cover more than 120 countries and regions with overseas branches established in key
markets such as North America and Europe as well as production bases in Vietnam and the
US. If bilateral relations between China and relevant countries or regions undergo
significant changes or if adverse developments occur in market conditions industry trends
or foreign trade policies of the above countries or regions Autel’s routine operations and
profitability in the relevant countries and regions could be significantly affected.
2. Risks in raw material supply
The main raw materials required for Autel’s production include IC chips resistors and
capacitors PCBs diodes transistors and LCDs. In general these raw materials are sourced
from industries with a large number of suppliers and sufficient supply capacity. However
key components such as IC chips and LCDs undergo frequent technological upgrades in the
consumer electronics sector. As products evolve older component models may face
reduced production or discontinuation potentially leading to supply shortages. Since these
key raw materials directly impact product design Autel must make necessary modifications
to its product designs accordingly. If Autel fails to adjust in a timely manner or secure
72 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
alternative sources it may experience temporary shortages adversely affecting production
and operations.Additionally some IC and electronic components used in Autel’s products are
imported. In the event of heightened US-China trade friction or extreme international trade
disruptions certain materials – particularly critical chips – could face extended
procurement cycles significant price fluctuations or import restrictions. If Autel is unable
to effectively adjust production and sales plans modify product designs identify alternative
suppliers or shift procurement and production overseas its production and operations
could be negatively impacted.
3. Risks from business and asset expansion of Autel
During the Reporting Period Autel’s business and asset scale experienced rapid
growth. If the management quality and capabilities do not align with the demands of rapid
expansion and business development and if Autel’s organizational structure and
management systems fail to adjust and improve in time achieving business objectives may
become challenging.v. Financial risks
√ Applicable □ Not applicable
1. Risk of exchange rate fluctuations
As Autel primarily exports its products overseas revenue constitutes a significant
portion of its total income. The main settlement currencies for overseas sales are the USD
and the EUR. Fluctuations in the exchange rates of the RMB against the USD and the EUR
could impact Autel’s business performance to some extent.
2. Risk of high inventories
At the end of the Reporting Period Autel’s net inventories amounted to RMB1668
million accounting for 33.66% of current assets. If raw material prices fluctuate
significantly or if market prices for Autel’s products decline sharply in the future there is a
risk of inventory valuation losses.
3. Risk of changes in export tax rebate policies
As Autel primarily relies on export sales its export products are subject to the
“exemption deduction and rebate” tax policy. If future policy adjustments lead to a
reduction in export tax rebate rates for key products Autel’s business performance may be
73 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
adversely affected. As a result Autel faces risks associated with fluctuations in export tax
rebate rates.
4. Risk of declining gross profit margin
During the Reporting Period Autel maintained a relatively high overall gross profit
margin. However the overall gross profit margin is influenced by multiple factors
including product mix pricing raw material costs and freight expenses. Changes in
product mix may lead to a decline in our overall gross profit margin during the Reporting
Period. Additionally product pricing is affected by market competition sales strategies of
Autel and exchange rate fluctuations while production costs are influenced by raw
material prices labor costs business scale and production efficiency. If significant adverse
changes occur to the relevant factors that affect Autel’s product prices and costs leading to
a sharp drop in product prices or a rapid increase in costs Autel’s gross profit margin may
decline.vi. Industry risks
√ Applicable □ Not applicable
1. Risk of policy changes and resulting fluctuations in downstream market
demand
Government policies in various countries regarding new energy and the automotive
advanced diagnostic and testing industry have a significant impact on the sales of Autel’s
products. If major countries or regions introduce unfavorable policy changes in these
industries demand from downstream customers for Autel’s products may fluctuate
potentially affecting Autel’s business performance.
2. Market competition risk
As an export-oriented business primarily serving overseas markets such as North
America and Europe Autel faces competition from well-established industry players with
significant asset scales and strong brand recognition. If Autel fails to accurately anticipate
industry trends and maintain long-term technological leadership and core competitiveness
its market position market share and business performance may be adversely affected.Additionally as the global new energy power equipment and automotive advanced
diagnostic and testing industries continue to expand more competitors are expected to enter
the market further intensifying competition. If Autel is unable to fully leverage and sustain
its existing competitive advantages – particularly its technological superiority – then
74 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
increasing competition may decline its market share lower product and service pricing and
lower gross profit margin and profitability.vii. Macroeconomic environment risks
√ Applicable □ Not applicable
In recent years the international political and economic landscape has become
increasingly volatile with escalating trade friction and growing uncertainties in global
geopolitical security and economic development. If international trade policies tariffs
additional taxes export restrictions or other trade barriers worsen Autel’s operations may
be negatively impacted.Autel has long been closely monitoring global policy trends. Since 2018 it has
proactively established overseas manufacturing facilities. To date Autel has built four
major production bases in Shenzhen (China) Hai Phong (Vietnam) North Carolina (USA)
and Monterrey (Mexico) forming a global production and supply chain network. Moving
forward Autel will continue to closely monitor global policy developments and adopt a
risk-averse approach. It will constantly assess and enhance self-sufficiency in key markets
ensuring multiple supply chain redundancies. On the sales front Autel will adopt more
flexible sales strategies increase its focus on enterprise customers and allocate additional
resources to European Asia-Pacific and Chinese markets. Autel aims to mitigate risks
associated with any single market and ensure the stability and sustainability of its
production and operations.viii. Risks related to depositary receipts
□ Applicable √ Not applicable
ix. Other major risks
□ Applicable √ Not applicable
V Key Operating Results during the Reporting Period
During the Reporting Period we achieved operating revenue of RMB4833 million
representing a year-on-year growth of 22.90% a net profit attributable to our shareholders
of RMB936 million marking a 46.02% year-on-year increase and a net profit attributable
75 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
to our shareholders before exceptional gains and losses of RMB869 million up 60.67%
year on year.i. Analysis of Principal Operations
1. Changes in consolidated income statement and cash flow statement items
Unit: RMB
Item 2025 2024 Change (%)
Operating revenue 4832751860.91 3932256447.46 22.90
Cost of sales 2123193935.28 1757168323.58 20.83
Selling expense 574522935.79 559013309.44 2.77
Administrative expense 395727313.28 323794075.80 22.22
Finance costs -16452351.42 21877567.43 -175.20
R&D expense 774630849.60 635783425.06 21.84
Net cash generated from/used in
operating activities 595597662.21 747517485.85 -20.32
Net cash generated from/used in
investing activities -75981944.05 -205668017.11 63.06
Net cash generated from/used in
financing activities -670752126.91 -328610891.25 -104.12
The 22.90% year-on-year increase in operating revenue was primarily driven by the
continued consolidation of our systematic advantages in products technology brand
market service and global supply chain as well as the substantial increase in revenue of
smart vehicle diagnostics and smart charging.The 20.83% year-on-year increase in cost of sales was primarily driven by the increase
in sales revenue leading to a simultaneous increase in costs.The 2.77% year-on-year increase in selling expense was primarily driven by the
increased travel needs related to business expansion and implementation along with
business growth resulting in increased transportation and travel expenses.The 22.22% year-on-year increase in administrative expense was primarily driven by
the implementation of equity incentives for management personnel under our good
development momentum in the period.The significant year-on-year decrease in finance costs was primarily driven by the
increase in exchange gains in the period compared with the prior period.The 21.84% year-on-year increase in R&D expense was primarily driven by the
continued increase in investment in AI technology and its integration with repair and
charging businesses which led to an increase in the remunerations of R&D personnel and
professional service charges as well as the implementation of equity incentives in the
period.
76 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
The 20.32% year-on-year decrease in net cash generated from operating activities was
primarily driven by business growth with a significant increase in cash payments for goods
and services.The 63.06% year-on-year increase in net cash generated from investing activities was
primarily driven by the receipt of employee investment funds in the vesting of the first
tranche under the 2024 Restricted Share Incentive Plan in the period and the receipt of
payments in the period for the transfer of our equity interests in SkyFend Technology.The 104.12% year-on-year decrease in net cash generated from financing activities
was primarily driven by the dividend payout and the repurchase of shares in the period.Particulars about any significant change to the Company’s business nature profit
composition or sources in the period:
□ Applicable √ Not applicable
2. Revenue and cost analysis
√ Applicable □ Not applicable
During the Reporting Period we achieved operating revenue of RMB4832.7519
million representing a year-on-year growth of 22.90%.
(1) Principal operations by operating division product category operating segment
and sales model
Unit: RMB
Principal operations by operating division
Operating Operating Gross profit YoY change YoY change YoY change
division revenue Cost of sales margin (%) in operating in cost of in gross profitrevenue (%) sales (%) margin (%)
Smart repair Up by 1.25
devices 2979536924.61 1336046558.58 55.16 15.83 12.69 percentagepoints
Charging Up by 3.94
network 1241916656.39 731730181.44 41.08 43.83 34.81 percentagepoints
Down by
AI and
software 551715048.86 4186685.19 99.24 22.85 24.49
0.01
percentage
point
Principal operations by product category
Product Operating Gross profit YoY change YoY change YoY change
category revenue Cost of sales margin (%) in operating in cost of in gross profitrevenue (%) sales (%) margin (%)
Vehicle Down by
diagnostic
tablets and 1392008487.27 641466878.43 53.92 9.83 11.04
0.50
percentage
others point
77 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
TPMS Up by 2.98
products 1007321147.14 419906618.51 58.31 42.73 33.19 percentage points
ADAS Up by 1.28
products 381231831.28 147334784.74 61.35 -2.36 -5.50 percentagepoints
Other Up by 1.46
products 198975458.92 127338276.90 36.00 -4.72 -6.85 percentagepoints
Smart Up by 3.94
charging 1241916656.39 731730181.44 41.08 43.83 34.81 percentage
networks points
Down by
AI and 551715048.86 4186685.19 99.24 22.85 24.49 0.01software percentage
point
Principal operations by operating segment
Operating Operating Cost of sales Gross profit
YoY change YoY change YoY change
segment revenue margin (%) in operating in cost of in gross profitrevenue (%) sales (%) margin (%)
Up by 2.43
China 116463494.71 72876698.66 37.43 22.35 17.80 percentage
points
North Up by 0.20
America 2531956170.06 944199843.00 62.71 28.39 27.71 percentagepoint
Up by 1.54
Europe 908559317.68 411061311.23 54.76 16.23 12.42 percentage
points
Other Up by 1.58
regions 1216189647.41 643825572.32 47.06 17.40 13.99 percentagepointsNote: In 2025 the diagnostics-related software upgrade services and charging cloud platforms were presented as “AI andsoftware”.Notes to the principal operations by operating division product category and operating
segment:
During the Reporting Period with “AI intelligentization” as our core growth driver
we have established a comprehensive business matrix spanning smart vehicle diagnostics
smart charging and embodied swarm intelligence building a collaborative closed-loop
ecosystem of “hardware devices + agent applications + scenario-based solutions”. In terms
of ? ? smart repair devices we maintained our leadership and achieved steady growth
with TPMS products experiencing rapid growth. As for ? ? charging networks we have
made rapid breakthroughs and our competitiveness has jumped to the top of the global
rankings.
(2) Output and unit sales analysis
√ Applicable □ Not applicable
Primary YoY YoY YoY
products Unit Output Unit sales Inventory change in change in change in
78 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
output (%) unit sales inventory
(%)(%)
Vehicle
diagnostic
tablets and PC 710950 675288 175878 18.31 7.05 25.43
others
TPMS
products PC 13392942 12032599 4232942 44.78 43.44 47.36
ADAS
products PC 4167 5475 2642 -33.24 9.57 -33.11
Chargers PC 111266 113758 53693 25.84 24.79 -4.44
Description of outputs and unit sales:
None.
(3) Execution of significant purchase or sales contracts
□ Applicable √ Not applicable
(4) Cost analysis
Unit: RMB
By operating division
Opera As % of As % of
ting Cost 2025 total costs total Change indivisi category in 2025 2024 costs in amount (%) Note
on (%) 2024 (%)
Direct
Smart materials 1196603390.12 57.75 1043665821.02 60.26 14.65
repair Outsourcing 53363776.44 2.58 57659200.17 3.33 -7.45
device Direct labor 29398289.72 1.42 26300411.93 1.52 11.78
s Manufacturi
ng expenses 56681102.30 2.74 57933374.72 3.35 -2.16
Direct
Charg materials 656200101.07 31.67 489943746.65 28.29 33.93
ing Outsourcing 10825232.44 0.52 4437385.36 0.26 143.96
netwo Direct labor 10744151.24 0.52 10929850.39 0.63 -1.70
rk Manufacturi
ng expenses 53960696.69 2.60 37472862.76 2.16 44.00
AI Direct
and materials 1426820.90 0.07 3363077.20 0.19 -57.57
softwa
re Direct labor 2759864.29 0.13 - - 100.00
By product category
Produ As % of As % of
ct Cost total costs total Change in
catego category 2025 in 2025 2024 costs in amount (%) Note
ry (%) 2025 (%)
Vehicl Direct
e materials 582603725.68 28.13 520144943.96 30.04 12.01
diagn Outsourcing 35249833.57 1.70 28974284.31 1.67 21.66
ostic Direct labor 7422474.19 0.36 8145812.60 0.47 -8.88
tablets
and Manufacturing expenses 16190844.99 0.78 20404343.34 1.18 -20.65others
TPMS Direct 360391730.24 17.40 269412743.34 15.56 33.77
79 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
produ materials
cts Outsourcing 10248236.42 0.49 7656724.67 0.44 33.85
Direct labor 17880120.96 0.86 13263300.92 0.77 34.81
Manufacturi
ng expenses 31386530.89 1.51 24944553.06 1.44 25.83
Direct
ADA materials 142393925.40 6.88 148685945.02 8.59 -4.23
S Outsourcing 1389161.97 0.07 1621777.64 0.09 -14.34
produ Direct labor 1126445.35 0.05 1558987.01 0.09 -27.75
cts Manufacturi
ng expenses 2425252.02 0.12 4041591.03 0.23 -39.99
Smart Direct 656200101.07 31.67 489943746.65 28.29 33.93
chargi materials
ng Outsourcing 10825232.44 0.52 4437385.36 0.26 143.96
netwo Direct labor 10744151.24 0.52 10929850.39 0.63 -1.70
rks Manufacturing expenses 53960696.69 2.60 37472862.76 2.16 44.00
Direct
materials 111214008.79 5.37 105422188.69 6.09 5.49Other
produ Outsourcing 6476544.48 0.31 19406413.56 1.12 -66.63
cts Direct labor 2969249.22 0.14 3332311.40 0.19 -10.90
Manufacturi
ng expenses 6678474.41 0.32 8542887.28 0.49 -21.82
AI Direct 1426820.90 0.07 3363077.20 0.19 -57.57
and materials
softwa
re Direct labor
2759864.290.13--100.00
Other information of cost analysis:
None.
(5) Changes to the consolidation scope due to changed ownership in principal
subsidiaries during the Reporting Period
□ Applicable √ Not applicable
(6) Significant changes to the business scope or product or service range during the
Reporting Period
□ Applicable √ Not applicable
(7) Major customers and suppliers
A. Major customers
√ Applicable □ Not applicable
Sales to the top five customers stood at RMB1250.1717 million accounting for 25.87% of
the total annual sales. Sales to the related-parties among the top five customers stood at nil
accounting for 0% of the total annual sales.
80 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Top five customers:
√ Applicable □ Not applicable
Unit: RMB’0000
No. Customer Sales As % of total annual
Whether a related
sales party to the listedcompany
1 Customer A 34519.03 7.14 No
2 Customer B 29685.60 6.14 No
3 Customer C 28498.93 5.90 No
4 Customer D 17592.52 3.64 No
5 Customer E 14721.08 3.05 No
Total / 125017.17 25.87 /
Indicate whether sales to a single customer accounted for over 50% of the total sales
there was any new customer in the top five customers or the Company heavily relied
on a few numbers of customers during the Reporting Period.□ Applicable √ Not applicable
The top five customers of the trading business of which the revenue accounted for more
than 10% of the Company’s total operating revenue during the Reporting Period:
□ Applicable √ Not applicable
B. Major suppliers
√ Applicable □ Not applicable
Purchases from the top five suppliers stood at RMB462.0124 million accounting for
17.95% of the total annual purchases. Purchases from the related-parties among the top five
suppliers stood at nil accounting for 0% of the total annual purchases.Top five suppliers:
√ Applicable □ Not applicable
Unit: RMB’0000
Whether a related
No. Supplier Purchases As % of total annualpurchases party to the listedcompany
1 Supplier A 16563.91 6.44 No
2 Supplier B 9519.66 3.70 No
3 Supplier C 7291.63 2.83 No
4 Supplier D 6725.41 2.61 No
5 Supplier E 6100.63 2.37 No
Total / 46201.24 17.95 /
81 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Indicate whether purchases from a single supplier accounted for over 50% of the total
purchases there was any new supplier in the top five suppliers or the Company
heavily relied on a few numbers of suppliers during the Reporting Period.□ Applicable √ Not applicable
The top five suppliers of the trading business of which the revenue accounted for more
than 10% of the Company’s total operating revenue during the Reporting Period:
□ Applicable √ Not applicable
C. Trading revenue during the Reporting Period
□ Applicable √ Not applicable
3. Expense
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024 Change (%)
Selling expense 574522935.79 559013309.44 2.77
Administrative
expense 395727313.28 323794075.80 22.22
R&D expense 774630849.60 635783425.06 21.84
Finance costs -16452351.42 21877567.43 -175.20
4. Cash flows
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024 Change (%)
Net cash generated
from/used in operating 595597662.21 747517485.85 -20.32
activities
Net cash generated
from/used in investing -75981944.05 -205668017.11 63.06
activities
Net cash generated
from/used in financing -670752126.91 -328610891.25 -104.12
activities
ii. Significant changes in profit incurred by non-core business
□ Applicable √ Not applicable
82 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
iii. Analysis of assets and liabilities
√ Applicable □ Not applicable
1. Assets and liabilities
Unit: RMB
As % of
closing As % of
Item Closing balance total Opening balance opening Change
assets total (%)
Note
(%) assets (%)
Notes receivable 3318915.70 0.05 4926365.63 0.08 -32.63 Note 1
Accounts
receivable 1137762744.54 15.67 866754517.65 13.74 31.27 Note 2
Other receivables 42151663.64 0.58 62031971.26 0.98 -32.05 Note 3
Inventories 1668239318.16 22.98 1151135380.05 18.25 44.92 Note 4
Other current
assets 329415575.78 4.54 237444024.96 3.76 38.73 Note 5
Long-term equity
investments 500000.00 0.01 46871205.76 0.74 -98.93 Note 6
Other non-current
financial assets 4913258.26 0.07 7021284.08 0.11 -30.02 Note 7
Right-of-use
assets 247893834.94 3.41 48029568.67 0.76 416.13 Note 8
Intangible assets 177418531.97 2.44 128941981.61 2.04 37.60 Note 9
Development
costs 77709022.37 1.07 55731847.87 0.88 39.43 Note 10
Other non-current
assets 237046241.75 3.27 141139074.33 2.24 67.95 Note 11
Current portion
of non-current 62724546.93 0.86 27422917.04 0.43 96.65 Note 8
liabilities
Other current
liabilities 39993886.11 0.55 27374527.08 0.43 46.10 Note 12
Lease liabilities 201823998.81 2.78 25115372.96 0.40 703.59 Note 8
Provisions 7166640.02 0.10 26827549.50 0.43 -73.29 Note 13
Deferred income 5544996.90 0.08 2835419.92 0.04 95.56 Note 14
Other non-current
liabilities 447656889.89 6.17 241979614.63 3.84 85.00 Note 15
Share capital 670183441.00 9.23 451878028.00 7.16 48.31 Note 16
Other
comprehensive -111463016.54 -1.54 -28223467.84 -0.45 294.93 Note 17
income
Other information:
Note 1: Notes receivable decreased compared with the end of the prior year primarily
driven by a decrease in receipts through notes in the year.Note 2: Accounts receivable increased compared with the end of the prior year
primarily driven by the significant increase in sales revenue leading to a simultaneous
increase in accounts receivable in the year.Note 3: Other receivables decreased compared with the end of the prior year primarily
driven by the recovery of part of the payments for the transfer of our equity interests in
SkyFend Technology in the year.
83 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Note 4: Inventories increased compared with the end of the prior year primarily
driven by the increased procurement driven by revenue growth; and the increased strategic
stockpiling inventory to deal with the complex and changeable international situation.Note 5: Other current assets increased compared with the end of the prior year
primarily driven by the increase in overpaid input tax as a result of business growth and the
increased procurement for strategic stockpiling.Note 6: Long-term equity investments decreased compared with the end of the prior
year primarily driven by the disposal of the remaining 46% stake in SkyFend Technology
in the year.Note 7: Other non-current financial assets decreased compared with the end of the
prior year primarily driven by the decrease in the fair value of equity investments held in
the year.Note 8: Right-of-use assets current portion of non-current liabilities and lease
liabilities increased compared with the end of the prior year primarily driven by the new
office space leased in the period.Note 9: Intangible assets increased compared with the end of the prior year primarily
driven by the fact that capitalized development costs in the year met the recognition criteria
for intangible assets and were recognized as intangible assets.Note 10: Development costs increased compared with the end of the prior year
primarily driven by the fact that some R&D projects met the capitalization criteria and
began to be capitalized in the year.Note 11: Other non-current assets increased compared with the end of the prior year
primarily driven by the fact that the payments for our stake in SkyFend Technology
transferred in the year were due in more than one year.Note 12: Other current liabilities increased compared with the end of the prior year
primarily driven by the increased aftersales product warranty obligations as a result of
revenue growth.Note 13: Provisions decreased compared with the end of the prior year primarily
driven by the conclusion of the Orange patent dispute case (the court ruled that we had not
committed any infringement) which resulted in a reversal of the previously made provision
in the year.Note 14: Deferred income increased compared with the end of the prior year
primarily driven by the receipt of government grants related to assets in the year.
84 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Note 15: Other non-current liabilities increased compared with the end of the prior
year primarily driven by the increased advance payments (contract liabilities) for software
services with a contract term of more than one year.Note 16: Share capital increased compared with the end of the prior year primarily
driven by the bonus issue from capital reserves along with the 2024 final dividend payout
and the conversion from convertible corporate bonds to shares.Note 17: Other comprehensive income significantly decreased compared with the
prior year primarily driven by the increase in losses arising from the translation of foreign
currency-denominated financial statements as a result of currency fluctuations.The reasons why the Company has not yet made a profit and its impact on the Company:
□ Applicable √ Not applicable
2. Overseas assets
√ Applicable □ Not applicable
(1) Value of assets
Of which: overseas assets stood at RMB2905.3073 million accounting for 40.02% of the
total assets.
(2) Explanation for the high proportion of overseas assets
√ Applicable □ Not applicable
Our overseas assets primarily consist of the assets of subsidiaries established in the
United States Germany Vietnam and other countries which are responsible for
production and local sales operations. The products manufactured and sold include smart
vehicle diagnostic and smart charging solutions.
3. Major restricted assets as at the period-end
√ Applicable □ Not applicable
As at the end of the period there were ETC security deposits of RMB7500.00 and
frozen funds of RMB3892370.84 in bank deposits. Other monetary assets included
customs deposits of RMB42164174.75 bill deposits of RMB63510655.69 guarantee
deposits of RMB1296785.68 and an Apple Store account balance of RMB272175.10.The use of the above monetary assets was restricted.
85 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
4. Other information
□ Applicable √ Not applicable
iv. Industry environment analysis
□ Applicable √ Not applicable
86 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
v. Investments made
Equity investments in other entities
√ Applicable □ Not applicable
Unit: RMB
Investment amount during the Reporting Investment amount in the same period
Period (RMB) of last year (RMB) Change (%)
4913258.267021284.08-30.02%
1. Significant equity investments
□ Applicable √ Not applicable
2. Significant non-equity investments
□ Applicable √ Not applicable
3. Financial assets measured at fair value
√ Applicable □ Not applicable
Unit: RMB
Gain/loss on Cumulative fair Impairment
Type of asset Opening changes in fair value changes allowance
Amount Amount
balance value in the recorded in established in purchased in sold/redeemed Other changes Closing balance
period equity the period the period in the period
Other 7021284.08 -2108025.82 4913258.26
Total 7021284.08 -2108025.82 4913258.26
87 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Securities investments:
□ Applicable √ Not applicable
Derivatives investments:
□ Applicable √ Not applicable
4. Investments in private equity funds
□ Applicable √ Not applicable
Other information:
None.
5. Progress on any major asset restructuring during the Reporting Period
□ Applicable √ Not applicable
Independent directors’ opinion:
vi. Sale of significant assets and equity investments
√ Applicable □ Not applicable
88 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
We transferred our 34.50% 11% and 0.50% equity stakes in the investee company SkyFend Technology totaling 46% to seven newly
established employee stock ownership platforms of SkyFend Technology Shenzhen Daohe Tongliao Information Consulting Enterprise
(Limited Partnership) and Mr. Zhao Guanjie. This transaction has been completed and we no longer hold any equity in SkyFend Technology.The said transaction was reviewed and approved at the Fourth Special Meeting of Independent Directors of the Fourth Board of Directors the
26th Meeting of the Fourth Board of Directors the 15th Meeting of the Fourth Supervisory Committee and the Second Extraordinary General
Meeting of Shareholders in 2025.For further information please refer to the Announcement on the Transfer of All Equity Interests in a Joint-stock Company &
Related-party Transactions (Announcement No.: 2025-076) and the Announcement on Progress of the Transfer of All Equity Interests in a
Joint-stock Company & Related-party Transactions (Announcement No.: 2025-089) which we have disclosed on the website of the Shanghai
Stock Exchange (www.sse.com.cn).vii. Principal subsidiaries
√ Applicable □ Not applicable
Unit: RMB’0000
Company name Company type Principaloperations Registered capital Total assets Equity Operating revenue Net profit
Sale of smart
Autel New York Subsidiary vehicle diagnosticand smart charging USD50000 203009.74 9057.73 194004.15 5664.38
solutions
Subsidiaries acquired and disposed of during the Reporting Period:
√ Applicable □ Not applicable
Company name Way of acquisition or disposal Impact on overall production operations andperformance
89 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Nanjing Tongtai Incorporated No major impact
Hangzhou Tongtai Incorporated No major impact
Evota Netherlands Incorporated No major impact
Baoan Tongtai Incorporated No major impact
Mexican Factory Incorporated No major impact
Frontier Robotics Hong Kong Incorporated No major impact
Other information:
□ Applicable √ Not applicable
viii. Structured entities controlled by the Company
□ Applicable √ Not applicable
90 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
VI Discussion and Analysis on the Company’s Future Development
i. Industry landscape and trends
√ Applicable □ Not applicable
Please refer to “iii. Industry overview” under “I Principal Operations BusinessModels Industry Overview and R&D Progress of the Company during the ReportingPeriod” of “Part III Management Discussion and Analysis”.ii. Development strategies of the Company
√ Applicable □ Not applicable
Autel is a global leader in smart vehicle diagnostics and smart charging and a pioneer
in embodied swarm intelligence. We are committed to providing global customers with
AI-driven solutions that seamlessly integrate hardware and software and to continuously
creating value for the intelligent future of human society.The Company will continue to take AI intelligentization as the core with “verticalmodels” and “smart diagnostic devices charging networks and embodied intelligentrobots” as the two wings forming a comprehensive product matrix spanning smart vehicle
diagnostics smart charging and embodied swarm intelligence. We will build acollaborative ecosystem of “hardware devices + agent applications + scenario-basedsolutions” reshaping our business landscape through cutting-edge technology and business
model innovation to achieve steady AI-driven growth.iii. Business plans
√ Applicable □ Not applicable
1. Develop AI-driven products for high-value applications
We will continue to focus on addressing key industry pain points identifying
scenarios for high-value AI applications and developing innovative AI-driven solutions.By driving technological innovation we aim to accelerate industry upgrades and drive
further growth.
(1) Smart vehicle diagnostics
* We will continue to develop a new generation of AI-enabled smart vehicle
diagnostic solutions. For EVs we plan to integrate the capabilities of AI diagnostic
agents and AI battery testing agents to deliver upgraded EV diagnostic solutions
91 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
covering both the vehicle and battery systems.* In the meantime we will further enhance Autel Cloud. Through its open platform
architecture we aim to transform Autel Cloud from a standalone diagnostic tool
into a shared industry platform that supports the formation of standardized data
integration and strengthens our technological advantage.
(2) Smart charging
* We will continue to enhance our one-stop PV-storage-charging energy
management solution to address industry challenges such as insufficient power
supply high grid expansion costs and rising energy operation expenses.Leveraging the industry-specific vertical AI model capabilities we will develop
the “PV-Storage-Charging Agents” series to establish differentiated competitive
advantages through self-organizing self-learning self-evolving charging stations
with station-specific optimization strategies. This enables intelligent management
of charging stations across their full lifecycle from planning and construction to
maintenance optimization and expansion thereby significantly improving
charging capacity utilization and reducing overall electricity costs and energy
failure risks.* We also plan to extend AI into energy trading by developing energy trading agents
strengthening vehicle-to-grid coordination and participating in virtual power plant
markets further increasing returns to charging station operators.* We will further expand the application scenarios of our smart charging solution.Leveraging technologies accumulated from megawatt-level high-power charging
products we will actively explore opportunities in global AI data center power
supply systems. At the same time we will further explore opportunities of robotic
charging for autonomous vehicles.
(3) Embodied swarm intelligence
* We plan to upgrade the ecosystem capability of Hub Platform to enable seamless
access to and centralized management of embodied robots from different brands
and forms supporting autonomous swarm operations. At the same time we
continue to strengthen the AIP Platform empowering customers to build AI agent
matrices tailored to vertical industry scenarios. This enables the replacement of
traditional manual operations with agent workflows achieving end-to-end
unmanned operations.
92 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
* We will also create a multi-form robot matrix with self-developed robots serving
as the core physical carrier of the overall solution.* Additionally we will explore a recurring fee model based on token usage. As AIP
capabilities continue to upgrade there will be more token applications for
customers thereby driving the recurring fees and profitability of related agent
applications.
2. Embrace AI and continue to increase investment in cutting-edge technologies
We will continue to fully embrace AI and increase our investment in technologies.Through the development of vertical AI models reinforcement of AI agents and the
creation of unified intelligent platform we aim to accelerate AI’s application across
industry scenarios.
(1) We plan to improve our vertical AI models for smart vehicle diagnostics smart
charging and embodied swarm intelligence. Specifically we will conduct research to
optimize model algorithms and data iteration mechanisms improving multimodal
perception reasoning and decision-making in smart hardware.
(2) We plan to strengthen the capabilities of our intelligent agents thereby enhancing
competitiveness across our offerings.* For AI agents we will improve capabilities in dynamic planning context
management and multi-agent collaboration enabling hardware devices to
autonomously complete diverse tasks.* For embodied intelligent agents we will deepen our expertise in intelligent
decision-making spatial intelligence adaptive motion control swarm
collaboration and reliable hardware thereby developing leading embodied
intelligent agents for specific industry applications.
(3) We plan to improve the underlying technologies of AIP Platform and Data
Platform accelerating the implementation of AI applications in our business.* The AIP Platform will include an agent evaluation system to optimize prompts
knowledge cleansing model fine-tuning and cost adjustments enabling agents’
continuous learning and self-evolution.* We will also improve the model training and inference capabilities of the AIP
Platform to include real-time monitoring and anomaly detection driving
improvements in model accuracy inference speed and cost efficiency.* Additionally our Data Platform will integrate data engineering and knowledge
93 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
engineering into an automated pipeline enhancing data production efficiency and
quality while optimizing the data flywheel for accelerated operation.
3. Build a strong AI + multi-skilled talent pool with a people-centered approach
We have always viewed talent as the driving force behind our business growth. By
recruiting talent as needed fostering skill development and retaining a diverse workforce
we are building a talent pool in AI and its applications to support our long-term growth.We will adopt a focused talent recruitment strategy to build cross-disciplinary teams
with strong innovation capabilities. We plan to attract professionals who combine strong AI
capabilities with industry experience and recruit talents in key areas such as AI models
agent development embodied swarm intelligence and power electronics. By building a
cross-disciplinary collaborative innovation team structure we drive efficient coordination
between R&D and business operations achieving a deep integration of technological
breakthroughs and commercial implementation.We will also establish a comprehensive talent development system focusing on
industry-oriented AI talent. Through structured training in AI fundamentals automated
programming agent development and application AI tools and platform engineering we
aim to deepen employees’ understanding of AI as well as to enhance their capabilities to
use tools and innovate across various scenarios thereby building a culture where AI is
understood and used by everyone.In addition we will build a diverse incentive system to support long-term talent
development. We plan to adopt more targeted and tiered incentives including partnership
mechanisms long-term incentive plans and project-based rewards and optimize the
combination of long-term and short-to-medium-term incentives to encourage innovation in
our core team reinforce organizational cohesion and stability and unlock innovative
potential of our talent to the maximum.
4. Elevate operational efficiency through AI-driven organizational
transformation
We plan to accelerate the digitalization of our workflow across R&D manufacturing
sales and service aiming to enhance overall operational efficiency. To support global
operations we will build a modular digital architecture promote process standardization
and deploy digital tools consistently across regions improving responsiveness and
eliminating geographic and functional silos.
94 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
We plan to develop shared capability platforms by converting proven practices into
reusable standardized capabilities. In the meantime we will build unified knowledge bases
and analytics cloud platforms to integrate end-to-end data and industry insights enabling
more accurate and timely decision-making.We will actively drive organizational intelligence transformation to unlock new
sources of innovative growth. For this purpose we will fully explore the potential of AI
agent applications create an agent workforce matrix and transform the organization from a
traditional hierarchical structure to a flatter and more efficient model. This shift will help
employees evolve from executors to problem solvers decision makers and system
designers establishing a new organizational operating model that supports continuous
innovation and long-term growth.iv. Other information
□ Applicable √ Not applicable
95 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Part IV Environmental Social and Governance Information
I Overview of Corporate Governance
√ Applicable □ Not applicable
During the Reporting Period the Company strictly complied with the Company Law
the Securities Law the Stock Listing Rules of the STAR Market of the Shanghai Stock
Exchange and other applicable laws and regulations as well as the Company’s Articles of
Association rules of procedures and other rules. The Company has established and
improved its corporate governance structure and has ensured compliance in its operations
in accordance with the regulatory documents on listed company governance issued by the
CSRC. The Company has fulfilled its information disclosure obligations in a fair timely
accurate truthful and complete manner. Its directors have been diligent and responsible
and its senior executives have faithfully performed their duties safeguarding the best
interests of the Company and all shareholders. Moving forward the Company will continue
to follow the requirements of the regulatory authorities continuously improve the corporate
governance structure and continuously improve the level of compliance so as to achieve
sustainable stable and healthy development.Indicate whether there was any material incompliance with the applicable laws and
regulations as well as the CSRC’s requirements in corporate governance. If yes please
explain.□ Applicable √ Not applicable
II Specific Measures Taken by the Company’s Controlling Shareholder and Actual
Controller to Ensure the Independence of the Company’s Assets Personnel Finances
Organization and Business as well as Solutions Work Progress and Subsequent
Work Plans for Any Impact on the Company’s Independence
√ Applicable □ Not applicable
Mr. Li Hongjing the controlling shareholder and actual controller of the Company
also serves as the Chairman of the Board and General Manager. This is primarily due to the
founder Mr. Li’s deep involvement in and control over the Company’s business and
strategy which helps ensure the forward-looking nature of the Company’s strategic
development direction and improve decision-making efficiency. The Company has
96 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
specified in its internal systems such as the Articles of Association that the actual
controller and controlling shareholder guarantees the integrity of the Company’s assets the
independence of its personnel finances organization and business and shall not affect the
Company’s independence in any way; it has also reasonably defined the powers and
responsibilities of the Board of Directors and the General Manager through systems such as
the Rules of Procedure for the Board of Directors and the Working Rules for the General
Manager.Indicate whether the controlling shareholder the actual controller or any entity under their
control is engaged in the same or similar business with the Company. Please explain the
impact of horizontal competition or any significant change to horizontal competition on the
Company solutions taken progress and subsequent plans.□ Applicable √ Not applicable
Indicate whether the controlling shareholder the actual controller or any entity under their
control is engaged in horizontal competition that has a significant adverse impact on the
Company.□ Applicable √ Not applicable
III Implementation and Changes of Differential Voting Rights Arrangements during
the Reporting Period
□ Applicable √ Not applicable
IV Governance of a Red Chip Structured Company
□ Applicable √ Not applicable
97 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
V Directors and Senior Executives
i. Shareholding changes and remunerations of incumbent directors senior executives and key technical personnel and those who
resigned before the end of their tenures during the Reporting Period
√ Applicable □ Not applicable
Unit: share
Total
pre-tax
Change in remuneration received Paid by any
Start of End of Opening Closing
shareholding from the of the
Name Office title Gender Age tenure tenure shareholding shareholdin
in the Reason for Company Company’s
(share) g (share) Reporting changePeriod in the related
(share) Reporting partiesPeriod
(RMB’
0000)
Bonus
issue from
Chairman capital
Li of the reserves
Hongjing Board and Male 58 2014.5.30 2026.6.15 168491606 252169993 83678387 and 142.37 NoGeneral implementa
Manager tion of
equity
incentives
Deng
Renxiang Director Male 46 2023.6.15 2026.6.15 - - - / / No
Deputy
Deng General
Renxiang Manager Male 46 2023.6.16 2025.11.12 - - - / /
(former)
98 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Director Implement
Nong and Deputy Female 45 2018.10.2Yingbin General 3 2025.11.12 0 372500 372500
ation of
equity 119.04 No
Manager incentives
Yin Hui EmployeeDirector Male 37
2025.11.1
22026.6.15---//
Yin Hui Director(former) Male 37 2023.6.15 2026.6.15 - - - / / No
Liu Ying Independent Director Female 62 2023.6.15 2026.6.15 0 0 - / 7.20 No
Zhao Independen
Yajuan t Director Female 48 2025.4.18 2026.6.15 0 0 - / 5.04 No
Qu Feng Independen Male 45 2025.11.2t Director 8 2026.6.15 0 0 - / 0.63 No
Implement
Li Lv BoardSecretary Male 36
2025.10.2
42026.6.1502607526075
ation of
equity 35.79 No
incentives
Bonus
issue from
capital
Deng Key reserves
Renxiang technical Male 46 2007.11.5 2026.6.15 1513163 2332838 819675 and 135.16 Nopersonnel implementa
tion of
equity
incentives
Bonus
issue from
capital
Luo Key
Yongliang technical Male 36 2012.7.1 2026.6.15 100589 179778 79189
reserves 66.33 No
personnel andimplementa
tion of
equity
99 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
incentives
Bonus
issue from
capital
Key reserves
Yin Hui technical Male 37 2014.4.8 2026.6.15 105750 220148 114398 and 148.03 No
personnel implementa
tion of
equity
incentives
Zhan Key
Jinyong technical Male 40 2014.4.2 2026.6.15 0 0 - / 60.62 Nopersonnel
Chen Independen
Quanshi t Director Male 80 2019.4.19 2025.4.18 0 0 - / 2.16 No(former)
Liang Independen
Danni t Director Female 49 2020.5.28 2025.11.28 0 0 - / 6.60 No(former)
Chairman
of the Bonus
Qu Supervisor
Songsong y Male 42 2023.6.15 2025.11.28 6625 9871 3246
issue from
capital 67.45 No
Committee reserves
(former)
Bonus
Zhou Supervisor
Qiufang (former) Female 44 2017.5.31 2025.11.28 129250 192583 63333
issue from
capital 35.92 No
reserves
Ren Supervisor
Junzhao (former) Male 49 2017.5.31 2025.11.28 0 0 - / 2.75 No
Implement
Zhao Board
Guanjie Secretary Male 33 2025.5.30 2025.10.24 0 41720 41720
ation of
(former) equity
42.78 No
incentives
100 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Implement
Li Board
Xiongwei Secretary Male 46 2024.3.29 2025.5.30 0 234675 234675
ation of
(former) equity
67.09 No
incentives
Total / / / / / 170346983 255780181 85433198 / 944.96 /
Name Main work experience
Male Chinese nationality no foreign residency. Born in 1968 he graduated from Carnegie Mellon University holding a Master’s degree in
Business Administration. From July 1990 to August 1997 he served as a Sales Representative at Sinochem Hainan Co. Ltd. From July 2001 to
December 2003 he worked as a Strategic Analyst at PNC Financial Services Group in the United States. From January to June 2004 he served as
Li Hongjing Overseas Marketing Director at Shenzhen Launch Tech Co. Ltd. From June to August 2004 he worked as Assistant to the President at Hytera
Communications Corporation Limited. In September 2004 he founded Autel Limited and held positions there (which later transitioned into Autel
Technology). He previously served as Executive Director and General Manager of Shenzhen Autel Technology Co. Ltd. and later as Chairman
and General Manager. Since May 2014 he has been serving as Chairman of the Board and General Manager of Autel.Male Chinese nationality no foreign residency. Born in 1980 he graduated from Hunan University of Science and Technology with a degree in
Deng Computer Multimedia Applications. From November 2004 to November 2007 he worked as a Software Engineer at Shenzhen Cheboshi Electronic
Renxiang Technology Co. Ltd. Since November 2007 he has been working at Autel previously serving as a Software Engineer Software Manager and
Director of Application Software Development. He currently serves as Director of Autel.Female Chinese nationality no foreign permanent residency. Born in July 1980 she graduated from Cheung Kong Graduate School of Business
Nong with an MBA in Finance. From December 2009 to April 2012 she served as HR Director and Deputy General Manager of the Training Business
Yingbin Division at Caixin Media Co. Ltd. From May 2012 to June 2018 she held the positions of Vice President Director and General Manager of theInvestment and Industrial Park Division at Guangxi Yuchai Logistics Co. Ltd. Since June 2018 she has been working at Autel and currently serves
as Director and Deputy General Manager.Male Chinese nationality no foreign residency. Born in 1988 he graduated from Sichuan University with a Bachelor’s degree in Computer
Science and Technology. From January 2011 to January 2012 he worked as a C++ Programmer at Wind Information Co. Ltd. From January 2012
Yin Hui to April 2014 he served as a C++ Engineer at Shenzhen Heigu Communications Co. Ltd. Since April 2014 he has been working at Autel
previously serving as Software Engineer Supervisor of Software Division III Deputy Manager of Software Division III and Deputy Director of
Software R&D. He currently serves as the Employee Director of Autel.Female Chinese nationality no foreign permanent residency. Born in 1963 she graduated from Nankai University with a Master’s degree in
Liu Ying Economics. Currently she serves as an Associate Professor and Master’s Supervisor at the School of Accounting Capital University of Economics
and Business.Female Chinese nationality no foreign permanent residency. Born in November 1977 she graduated from Xiamen University with a doctoral
Zhao Yajuan degree. Since July 2005 she has served as an associate professor and master’s supervisor at the School of Law South China University of
Technology.
101 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Male Hong Kong citizen. Born in 1980 he graduated from Peking University with a Master of Business Administration degree. From October
2010 to May 2015 he served as a project manager at Shinewing Certified Public Accountants. From September 2015 to July 2017 August 2017 to
Qu Feng June 2019 September 2020 to August 2021 September 2021 to June 2022 and November 2022 to March 2025 he served as the Chief FinancialOfficer at ShenZhen Huayilong Electric Co. Ltd. Shenzhen Xintuo Asset Management Co. Ltd. Shenzhen Dogcare Innovation and Technology
Co. Ltd. Hynetek Semiconductor Co. Ltd. and China Intertrans Co. Limited. Currently he serves as an Independent Non-Executive Director of
Shenzhen City Shang Ding Xin Technology Co. Ltd.Male Chinese nationality no foreign residency. Born in 1989 he graduated from Central South University. He previously served as Assistant
General Manager of the Board Office of Hainan Airport Infrastructure Co. Ltd. Securities Operation Supervisor of the Securities Business
Li Lv Department of HNA Industrial Holdings (Group) Co. Ltd. Senior Supervisor and Business Manager of the Investment Banking ManagementDepartment of HNA Group Co. Ltd. and Director of the Board Office and Securities Representative of HY Energy Group Co. Ltd. He joined
Autel in September 2020 previously serving as Securities Representative and Director of Investor Relations and is currently Autel’s Board
Secretary.Male Chinese nationality no foreign residency. Born in 1989 he graduated from Hunan University with a Bachelor’s degree in Electronic Science
Luo and Technology. Since 2012 he has been working at Autel previously serving as Software Engineer in the System Platform Department and
Yongliang Project Manager of Software Division III. Currently he serves as Software Supervisor of the TPMS Division and is one of the key leaders of the
TPMS product line.Male Chinese nationality no foreign residency. Born in 1985 he graduated from Huazhong University of Science and Technology with a Master’s
Zhan Jinyong degree in Image Recognition and Artificial Intelligence. From March 2011 to June 2013 he worked as a Monitoring Software DevelopmentEngineer at Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Since April 2014 he has been working at Autel as a C++ Software Development
Engineer and is one of the core members of the software team.Other information:
□ Applicable √ Not applicable
102 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
ii. Offices held by incumbent directors and senior executives and those who resigned
before the end of their tenures during the Reporting Period
1. Offices held concurrently in shareholding entities
□ Applicable √ Not applicable
2. Offices held concurrently in other entities
√ Applicable □ Not applicable
Name Other entity Office held inother entity Start of tenure End of tenure
Shenzhen DaoHeTongYing Executive Director
Investment Co. Ltd. and General April 2021 /Manager
Beijing Jingtaihe Culture Executive Director
Co. Ltd. and Manager August 2021 /
Shenzhen Daohe Zhihe
Information Consulting
Enterprise (Limited Managing Partner
November
2025/
Partnership)
Li Hongjing Shenzhen Daohe Zhixin
Information Consulting
Enterprise (Limited Managing Partner
December
2025/
Partnership)
Shenzhen DaoHeZhiBo
Information Consulting Managing Partner September /
Enterprise (L.P.) 2020
Shenzhen DaoHeZhiBen
Information Consulting Managing Partner September March 2025
Enterprise (L.P.) 2020
Ningbo Huishun Investment
Partnership (L.P.) Managing Partner
November
2018/
Nong Yingbin Shenzhen HuiTongJiaCheng
Business Management Co. Director andManager October 2024 /Ltd.Shaanxi Huaqin Technology Independent December
Industry Co. Ltd. Director 2020 /Liu Ying Guangdong Songfa Independent November
Ceramics Co. Ltd. Director 2021 August 2025
South China University of Associate
Technology professor July 2005 /
Guangzhou Huayin Independent December
Zhao Yajuan Healthcare Group Co. Ltd. Director 2020 /
Guangzhou Resource
Environmental Protection Independent October 2021 /
Technology Co. Ltd. Director
Qu Feng Shenzhen City Shang Ding
Independent
Xin Technology Co. Ltd. Non-Executive June 2025 /Director
Chen Quanshi Ongoal Technology Co. Independent December
(having Ltd. Director 2020
/
resigned) Youpin Automotive Service IndependentGroup Co. Ltd. Director January 2023 /
103 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Associate
Professor and
Sun Yat-sen University Doctoral July 2006 /
Supervisor of Law
School
Liang Danni China International
(having Economic and Trade Arbitrator March 2014 /
resigned) Arbitration CommissionGuangdong Advertising Independent
Group Co. Ltd. Director January 2020 /
AMER Technology Co. Independent
Ltd. Director May 2020 /
Guangzhou Goaland Energy Independent
Conservation Tech Co. Ltd. Director March 2024 /
Li Xiongwei Shenzhen Longxu Executive Director
(having Management Consulting and General August 2023 /
resigned) Co. Ltd Manager
Note None
iii. Remunerations of directors senior executives and key technical personnel
√ Applicable □ Not applicable
Unit: RMB’0000
The remuneration of the Company’s directors and senior executives
is assessed by the Remuneration and Appraisal Committee of the
Board of Directors in accordance with the relevant provisions of the
Company’s Articles of Association the Rules of Procedure of the
Decision-making procedures Remuneration and Appraisal Committee of the Board of Directors
for the remuneration of etc. The remuneration of senior executives is approved by the Board
directors and senior executives of Directors in accordance with the relevant provisions of the
Company’s Articles of Association etc. And the remuneration of
the Company’s directors is approved by the Company’s general
meeting of shareholders in accordance with the relevant provisions
of the Company’s Articles of Association etc.Whether a director recused
himself/herself from the
Board’s discussion of his/her Yes
remuneration matters
Details of recommendations
issued by the Remuneration On March 16 2026 the Proposal on Directors’ Remuneration for
and Appraisal Committee or 2025 and Remuneration Plan for 2026 and the Proposal on Senior
independent directors at any Executives’ Remuneration for 2025 and Remuneration Plan for
special meeting on matters 2026 were reviewed and approved at the Ninth Meeting of the
relating to the remunerations Remuneration and Appraisal Committee of the Fourth Board of
of directors and senior Directors.executives
1. Directors' Remuneration for 2025: (1) Non-independent directors
receive a pre-tax director’s allowance of RMB2500 per month.Basis for determining the Those holding other positions within the Company or its
remuneration of directors and subsidiaries receive remuneration based on their specific
senior executives management roles in accordance with the Company's orsubsidiaries' remuneration and performance evaluation management
system. The Company may adjust the basic salary of senior
management personnel considering factors such as position
104 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
responsibilities capabilities and market salary levels. Performance
bonuses are determined and awarded based on the Company's
operating results and individual performance evaluations.
(2) Independent directors receive remuneration in the form of an
allowance set at RMB72000 per year (pre-tax) which is paid on a
monthly basis.
2. Senior Executives’ Remuneration for 2025: Senior management
personnel receive remuneration based on their specific positions
within the Company and are assessed in accordance with the
Company’s remuneration and performance evaluation management
system. The Company may adjust the basic salary of senior
management personnel considering factors such as position
responsibilities capabilities and market salary levels. Performance
bonuses are determined and awarded based on the Company's
operating results and individual performance evaluations.Actual payment of During the Reporting Period the actual remuneration paid to the
remuneration for directors and Company’s directors and senior executives was consistent with the
senior executives information disclosed by the Company.Total actual remuneration
received by all directors and
senior executives at the end of 593.25
the Reporting Period
Total actual remuneration
received by key technical
personnel at the end of the 410.14
Reporting Period
The appraisal basis and In 2025 the allowances received by independent directors were not
execution of the actual subject to appraisal; and non-independent directors and senior
remuneration received by all executives received corresponding remunerations in accordance
directors and senior executives with the Company’s performance appraisal rules. Performance
at the end of the Reporting appraisal was effectively implemented and completed in accordance
Period with the Company’s relevant rules.Deferred payment
arrangements for the actual
remuneration received by all
directors and senior executives N/A
at the end of the Reporting
Period
Payment stop and recovery of
the actual remuneration
received by all directors and N/A
senior executives at the end of
the Reporting Period
iv. Changes of directors senior executives and key technical personnel
√ Applicable □ Not applicable
Name Office title Type of change Reason for change
Chen Quanshi Independent Director Resignation Job transfer
Liang Danni Independent Director Resignation Job transfer
Zhao Yajuan Independent Director Election /
Qu Feng Independent Director Election /
Deng Renxiang Deputy GeneralManager Resignation Job transfer
Yin Hui Director Resignation Job transfer
105 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Yin Hui Employee Director Election /
Li Xiongwei Board Secretary Resignation Personal reasons
Zhao Guanjie Board Secretary Appointment Job transfer
Zhao Guanjie Board Secretary Resignation Job transfer
Li Lv Board Secretary Appointment Job transfer
v. Punishments imposed by securities regulators in the last three years
√ Applicable □ Not applicable
On December 5 2025 the Company and the relevant responsible persons received the
Decision on Ordering Autel Intelligent Technology Corp. Ltd. to Make Corrections and
Issuing Warning Letters to Li Hongjing Nong Yingbin and Fang Wenbin (Administrative
Supervision Measure Decision of the Shenzhen Securities Regulatory Bureau of the China
Securities Regulatory Commission [2025] No. 234) issued by the Shenzhen Securities
Regulatory Bureau of the China Securities Regulatory Commission (hereinafter referred to
as the “Shenzhen Securities Regulatory Bureau”). On the same date the Company received
the Decision on Criticizing Autel Intelligent Technology Corp. Ltd. and Relevant
Responsible Persons by Circulating a Notice (Disciplinary Action Decision of the Shanghai
Stock Exchange [2025] No. 225) issued by the Shanghai Stock Exchange (hereinafter
collectively referred to as the “Decisions”).After receiving the above-mentioned Decisions the Company attached great
importance to the matter convened relevant departments and personnel to analyze and
discuss the matters set forth in the Decisions and actively implemented rectification. In
respect of the issues involved in the Decisions the Company earnestly carried out
self-inspection and sorting-out in strict accordance with the requirements of relevant laws
regulations regulatory documents and the Articles of Association and in light of the actual
situation of the Company conducted in-depth analysis of the causes of the issues put
forward rectification measures and formulated and submitted a rectification report to the
regulatory authorities.The Company will continue to strengthen the study of relevant laws and regulations by
all directors senior management personnel and relevant responsible persons of the
Company improve their performance capabilities to perform their duties faithfully
diligently and prudently continuously enhance the standardized operation of the Company
improve the information disclosure management system promote the standardized healthy
and sustainable development of the Company and effectively safeguard the interests of the
Company and all shareholders.
106 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
vi. Other information
□ Applicable √ Not applicable
VI Performance of Duty by Directors
i. Attendance of directors at board meetings and general meetings of shareholders
during the Reporting Period
Attendance
at general
Attendance at board meetings meetings of
shareholder
s
Indepe Total Board Total
Name of ndent number of meeting Board The director number of
director directo board Board s meeting failed to general
r or not meetings meetings attended s attend two meetings ofthe by way attende Absen consecutive shareholder
director attende of d ce board s the
was d onsite telecom through meetings director wassupposed municati a proxy (yes/no) supposed to
to attend on attend
Li
Hongjin No 12 12 - - - No 4
g
Deng
Renxian No 12 12 3 - - No 4
g
Nong
Yingbin No 12 12 - - - No 4
Yin Hui No 12 12 3 - - No 4
Liu
Ying Yes 12 12 11 - - No 4
Zhao
Yajuan Yes 10 10 10 - - No 3
Qu Feng Yes 1 1 1 - - No 0
Chen
Quanshi
(having Yes 2 2 2 - - No 1
resigned
)
Liang
Danni
(having Yes 11 11 11 - - No 4
resigned
)
Explain why any director failed to attend two consecutive board meetings.□ Applicable √ Not applicable
107 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Total number of board meetings convened in the
Reporting Period 12
Of which: on-site meetings -
Meetings convened by way of telecommunication -
Meetings where on-site attendance and attendance
by telecommunication were both allowed 12
ii. Objections raised by directors on matters of the Company
□ Applicable √ Not applicable
iii. Other information
□ Applicable √ Not applicable
VII Special Committees under the Board of Directors
√ Applicable □ Not applicable
i. Members of the special committees
Special committee Members
The Audit Committee Liu Ying Qu Feng Zhao Yajuan Liang Danni (having resigned) andYin Hui (having resigned)
The Nomination Committee Qu Feng Zhao Yajuan Nong Yingbin Liang Danni (havingresigned) and Chen Quanshi (having resigned)
The Remuneration and
Appraisal Committee Zhao Yajuan Liu Ying Yin Hui and Chen Quanshi (having resigned)
The Strategy and ESG
Committee Li Hongjing Nong Yingbin and Deng Renxiang
ii. The Audit Committee held six meetings during the Reporting Period.Date Contents Important comments and
Performance
suggestions of otherduties
1. Proposal on the 2024 Financial Final
Accounts Report
2. Proposal on the 2024 Final Dividend The Audit Committee
Plan and Bonus Issue from Capital carried out its work in a
Reserves diligent and responsible
3. Proposal on the 2024 Annual Report and manner in strict accordance
its Summary with the Company Law the
March 26 4. Proposal on Using Temporarily Idle regulatory rules of the
2025 Raised Funds for Cash Management CSRC the Company’s None
5. Proposal on the 2024 Performance Articles of Association and
Report of the Audit Committee of the the Working Rules for the
Board of Directors Audit Committee. And upon
6. Proposal on the Report on the Audit sufficient communication
Committee of the Board of Directors’ and discussion all proposals
Performance of Supervisory were passed unanimously.Responsibilities on the Accounting Firm in
108 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
2024
7. Proposal on the Assessment Report on
the Performance of the Accounting Firm
8. Proposal on the 2024 Internal Control
Assessment Report
9. Proposal on Re-appointing the
Accounting Firm
The Audit Committee
carried out its work in a
diligent and responsible
manner in strict accordance
with the Company Law the
April 24 1. Proposal on the 2025 First Quarterly regulatory rules of the
2025 Report CSRC the Company’s NoneArticles of Association and
the Working Rules for the
Audit Committee. And upon
sufficient communication
and discussion all proposals
were passed unanimously.The Audit Committee
carried out its work in a
diligent and responsible
manner in strict accordance
1. Proposal on the 2025 Interim Report and with the Company Law the
August its Summary regulatory rules of the
12 2025 2. Proposal on the 2025 Interim Dividend CSRC the Company’s None
Plan Articles of Association andthe Working Rules for the
Audit Committee. And upon
sufficient communication
and discussion all proposals
were passed unanimously.The Audit Committee
carried out its work in a
diligent and responsible
manner in strict accordance
with the Company Law the
October 1. Proposal on the 2025 Third Quarterly regulatory rules of the
21 2025 Report CSRC the Company’s NoneArticles of Association and
the Working Rules for the
Audit Committee. And upon
sufficient communication
and discussion all proposals
were passed unanimously.The Audit Committee
carried out its work in a
diligent and responsible
1. Proposal on the Profit Distribution Plan manner in strict accordance
November Prior to the Company’s H-Stock Offering with the Company Law the
11 2025 2. Proposal on the Appointment of an regulatory rules of the NoneAuditing Firm for the Company’s H-Stock CSRC the Company’s
Offering and Listing Articles of Association and
the Working Rules for the
Audit Committee. And upon
sufficient communication
109 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
and discussion all proposals
were passed unanimously.The Audit Committee
carried out its work in a
diligent and responsible
manner in strict accordance
3. Proposal on the Completion of the with the Company Law the
December Investment Projects Funded by Raised regulatory rules of the
30 2025 Funds and the Permanent Supplementation CSRC the Company’s Noneof Working Capital with the Remaining Articles of Association and
Raised Funds the Working Rules for the
Audit Committee. And upon
sufficient communication
and discussion all proposals
were passed unanimously.iii. The Nomination Committee held four meetings during the Reporting Period.Performance
Date Contents Important comments andsuggestions of otherduties
The Nomination Committee
carried out its work in a
diligent and responsible
manner in strict accordance
1. Proposal on the Expiration of with the Company Law theregulatory rules of the
March 27 Independent Directors’ Term and the
2025 Election of Additional Independent
CSRC the Company’s
Directors and Adjustment of Members of Articles of Association and
None
the Board’s Special Committees the Working Rules for theNomination Committee. And
upon sufficient
communication and
discussion all proposals
were passed unanimously.The Nomination Committee
carried out its work in a
diligent and responsible
manner in strict accordance
with the Company Law the
regulatory rules of the
May 30 1. Proposal on the Appointment of Board CSRC the Company’s
2025 Secretary Articles of Association and None
the Working Rules for the
Nomination Committee. And
upon sufficient
communication and
discussion all proposals
were passed unanimously.The Nomination Committee
carried out its work in a
October 1. Proposal on the Appointment of Board diligent and responsible
24 2025 Secretary manner in strict accordance Nonewith the Company Law the
regulatory rules of the
CSRC the Company’s
110 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Articles of Association and
the Working Rules for the
Nomination Committee. And
upon sufficient
communication and
discussion all proposals
were passed unanimously.The Nomination Committee
carried out its work in a
1. Proposal on the Appointment of diligent and responsible
Company Secretary and Authorized manner in strict accordance
Representatives with the Company Law the
2. Proposal on the Election of Independent regulatory rules of the
November Directors CSRC the Company’s
11 2025 3. Proposal on the Determination of the Articles of Association and None
Roles of Directors the Working Rules for the
4. Proposal on the Adjustment and Election Nomination Committee. And
of Members of the Board’s Special upon sufficient
Committees communication and
discussion all proposals
were passed unanimously.iv. The Remuneration and Appraisal Committee held three meetings during the
Reporting Period.Date Contents Important comments and
Performance
suggestions of otherduties
The Nomination
Committee carried out its
work in a diligent and
responsible manner in strict
1. Proposal on Directors’ Remuneration for accordance with the
2024 and Remuneration Plan for 2025 Company Law the
2. Proposal on Senior Executives’ regulatory rules of the
March 27 Remuneration for 2024 and Remuneration CSRC the Company’s
2025 Plan for 2025 Articles of Association and None
3. Proposal on Cancelling Certain Restricted the Working Rules for the
Shares Granted but Not Yet Vested under the Remuneration and
2021 Restricted Share Incentive Plan Appraisal Committee. And
upon sufficient
communication and
discussion all proposals
were passed unanimously.The Nomination
1. Proposal on Adjusting the Grant Price and Committee carried out its
the Granted Number of Shares of the 2024 work in a diligent and
Restricted Share Incentive Plan responsible manner in strict
October 2. Proposal on Cancelling Certain Restricted
accordance with the
23 2025 Shares Granted but Not Yet Vested under the
Company Law the None
2024 Restricted Share Incentive Plan regulatory rules of the
3. Proposal on the Satisfaction of Vesting CSRC the Company’s
Conditions for the First Vesting Period of the Articles of Association and
2024 Restricted Share Incentive Plan the Working Rules for theRemuneration and
Appraisal Committee. And
111 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
upon sufficient
communication and
discussion all proposals
were passed unanimously.The Nomination
Committee carried out its
work in a diligent and
responsible manner in strict
accordance with the
Company Law the
November 1. Proposal on Purchasing Liability
regulatory rules of the
11 2025 Insurance for Directors Senior Executives
CSRC the Company’s
and the Prospectus Articles of Association and
None
the Working Rules for the
Remuneration and
Appraisal Committee. And
upon sufficient
communication and
discussion all proposals
were passed unanimously.v. The Strategy and ESG Committee held three meetings during the Reporting
Period.Important comments and PerformanceDate Contents suggestions of otherduties
The Nomination
Committee carried out its
work in a diligent and
responsible manner in strict
accordance with the
1. Proposal on the Company’s 2025 Action Company Law thePlan for “Improving Quality Increasing regulatory rules of theMarch 28 Efficiency and Emphasizing Shareholder CSRC the Company’s
2025 Return” Articles of Association and None
2. Proposal on the 2024 Sustainability the Working Rules for the
Report Strategy and ESG
Committee. And upon
sufficient communication
and discussion all
proposals were passed
unanimously.The Nomination
Committee carried out its
work in a diligent and
responsible manner in strict
1. Proposal on the Interim Assessment accordance with the
August Report on the 2025 Action Plan for Company Law the
14 2025 “Improving Quality Increasing Efficiency regulatory rules of the Noneand Emphasizing Shareholder Return” CSRC the Company’sArticles of Association and
the Working Rules for the
Strategy and ESG
Committee. And upon
sufficient communication
112 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
and discussion all
proposals were passed
unanimously.The Nomination
1. Proposal on the Offering of H Shares and Committee carried out its
Listing on the Hong Kong Stock Exchange work in a diligent and
2. Proposal on the Plan for the Offering of H responsible manner in strict
Shares and Listing on the Hong Kong Stock accordance with the
Exchange Company Law the
3. Proposal on the Company’s Conversion regulatory rules of the
November into an Overseas-Listed Joint-Stock CSRC the Company’s
11 2025 Company Articles of Association and None
4. Proposal on the Validity Period of the the Working Rules for the
Resolution on the Company’s Offering and Strategy and ESG
Listing of H Shares Committee. And upon
5. Proposal on the Plan for the Use of sufficient communication
Proceeds from the Company’s Offering of H and discussion all
Shares proposals were passed
unanimously.Note: The Proposal on Adjusting and Electing Members of the Board’s Special Committees
was reviewed and approved at the 28th Meeting of the Fourth Board of Directors on
November 12 2025 and the “Strategy Committee” was renamed the “Strategy and ESGCommittee”.vi. Objections
□ Applicable √ Not applicable
VIII Risks Detected by the Audit Committee
□ Applicable √ Not applicable
The Audit Committee raised no objections during the Reporting Period.IX Employees of the Parent Company and Its Principal Subsidiaries at the Period-end
i. Employees
Number of in-service employees of the parent
company 705
Number of in-service employees of principal
subsidiaries 2072
Total number of in-service employees 2777
Number of retirees to whom the parent company
or its principal subsidiaries need to pay retirement 3
pensions
Functions
Function Employees
Production 1092
Sales 433
113 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Technical 966
Financial 35
Administrative 251
Total 2777
Educational background
Educational background Employees
Doctoral degree 20
Master’s degree 305
Bachelor’s degree 1267
Junior college and below 1185
Total 2777
ii. Remuneration policy
√ Applicable □ Not applicable
In alignment with Autel’s business development a short- medium- and long-term
incentive mechanism has been established to ensure external competitiveness internal
motivation and relative fairness. This system is designed to attract and retain outstandingtalent. The core of our remuneration policy is “focusing on key talent and determiningrewards based on value contribution”. We have established a short- medium- and
long-term combined mechanism that is competitive externally and provides fair internal
incentives to drive strategic implementation and talent retention. Especially in the field of
AI we have formulated the Top AI Talent Introduction and Management Mechanism and
the Partner Incentive Mechanism aiming to accurately attract effectively incentivize and
scientifically manage top AI talent through a systematic global talent recruitment strategy
thereby building core technological barriers and strengthening our strategic advantages in
the era of AI.iii. Training plans
√ Applicable □ Not applicable
During the Reporting Period we relied on our AI strategic transformation to build a
training and development system and an AI digital platform and created a talent
empowerment system driven by “AI + business” in a tiered and hierarchical manner
including but not limited to senior management R&D staff workers and new recruits.iv. Labor outsourcing
√ Applicable □ Not applicable
Total hours of labor outsourcing 190741.00
114 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Total payment for labor outsourcing (RMB’0000) 4890.45
X Final Dividend and/or Bonus Issue Plan
i. Formulation execution and adjustments of the cash dividend policy
√ Applicable □ Not applicable
The Company has implemented its cash dividend policy in strict accordance with the
Regulatory Guideline No. 3 for Listed Companies - Cash Dividends of Listed Companies
issued by the China Securities Regulatory Commission the Self-Regulatory Guideline No.
1 for Listed Companies of the Shanghai Stock Exchange - Standardized Operations the
Stock Listing Rules of the STAR Market of the Shanghai Stock Exchange and the
Company’s Articles of Association.The Proposal on the 2025 Final Dividend Plan was reviewed and approved at the 31st
Meeting of the Fourth Board of Directors on March 20 2026. As resolved by the Board of
Directors the 2025 final dividend plan includes a cash dividend based on the total share
capital minus the shares in the Company’s account of repurchased shares at the record date
for the dividend payout with details as follows:
1. The Company intends to pay a cash dividend of RMB5 (tax inclusive) per 10 shares
to shareholders. As of March 10 2026 based on the total share capital of 670183486
shares minus the 3651617 shares in the Company’s account of repurchased shares the
total cash dividend amount to be distributed is RMB333265934.50 (tax inclusive)
accounting for 35.61% of the net profit attributable to the listed company’s shareholders in
the consolidated financial statements of 2025.The total cash dividend amount for the full year (including the interim cash dividend
payout) is RMB716198627.48 and the amount of cash used as consideration to
repurchase shares on the open market is RMB100166174.24 in the year. The two amounts
combined is RMB816364801.72 accounting for 87.23% of the net profit attributable to
the listed company’s shareholders in the year. In particular the amount of cash used as
consideration for the repurchase and retirement of shares (hereinafter referred to as the
“Repurchase and Retirement of Shares”) on the open market is nil. This together with the
total cash dividend amount for the full year total RMB716198627.48 accounting for
76.53% of the net profit attributable to the listed company’s shareholders in the year.
2. As of the date of disclosure of this Report the Company held 3651617 shares in its
account of repurchased shares which are excluded from the final dividend plan.
115 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
3. Where any change occurs to the total share capital of the Company due to any
convertible bond-to-stock conversion/repurchase of shares and other matters during the
period from the date of disclosure of this Report to the record date for the dividend payout
the cash dividend per share shall remain the same while the total payout amount shall be
adjusted accordingly. If any change occurs to the total share capital after the said period
the specific adjustments will be announced separately.ii. Special statement on the cash dividend policy
√ Applicable □ Not applicable
In compliance with the Company’s Articles of Association or the relevant
resolutions of general meeting of shareholders √ Yes □ No
Specific and clear dividend standards and ratios √ Yes □ No
Complete decision-making procedure and mechanism √ Yes □ No
Independent directors have faithfully performed their duties and played their due
role √ Yes □ No
Non-controlling shareholders are able to fully express their opinion and demand
and their legal rights and interests are fully protected √ Yes □ No
iii. Where the Company fails to put forward a cash dividend proposal despite the facts
that the Company has made profits in the Reporting Period and the profits of the
parent company distributable to shareholders are positive it shall give a detailed
explanation of why as well as of the purpose and use plan for the retained earnings.□ Applicable √ Not applicable
iv. Final dividend plan for the Reporting Period
√ Applicable □ Not applicable
Unit: RMB
Bonus issue from profit (share/10 shares) 0
Cash dividend/10 shares (tax inclusive) 5
Bonus issue from capital reserves (share/10
shares) 0
Cash dividends (tax inclusive) 333265934.50
Consolidated net profit attributable to the ordinary
shareholders of the listed company in the year 935875122.31
Cash dividends as % of consolidated net profit
attributable to the ordinary shareholders of the 35.61
listed company
Cash dividends in form of share repurchase in cash 100166174.24
Total dividend amount (tax inclusive) 433432108.74
116 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Total dividend amount as % of consolidated net
profit attributable to the ordinary shareholders of 46.31
the listed company
v. Cash dividends for the last three accounting years
√ Applicable □ Not applicable
Unit: RMB
Net profit attributable to the listed company’s
shareholders in the consolidated financial statements of 935875122.31
the last accounting year
Closing retained earnings in the parent company’s
financial statements of the last accounting year 538502334.59
Total cash dividend amount (tax inclusive) for the last
three accounting years (1) 1291674886.68
Total amount used to repurchase shares for retirement in
the last three accounting years (2) 0
Total cash dividend amount and amount used to
repurchase shares for retirement for the last three 1291674886.68
accounting years (3)=(1)+(2)
Average net profit in the last three accounting years (4) 585344549.30
Cash dividend payout ratio for the last three accounting
years (%) (5)=(3)/(4) 220.67
Total R&D investment amount in the last three
accounting years 2149774982.33
Total R&D investment amount as % of total operating
revenue in the last three accounting years 17.89
XI Status and Impact of Share Incentive Plans Employee Stock Ownership Plans or
Other Incentive Measures for Employees
i. General information of equity incentives
√ Applicable □ Not applicable
1. Equity incentive plans during the Reporting Period
Unit: RMB
Equity Type of Number of Underlying Number of Awardees
Grant price
incentive incentive underlying shares as % of
of
plan shares total shares awardees
as % of total
employees underlyingshares
Autel
2021
Restricted Class II
Share restricted 6200000 1.38 216 9.33 52
Incentive stock
Plan
Autel
2024 Class II
Restricted restricted 9769600 2.16 231 9.73 13.29
Share stock
117 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Incentive
Plan
Note: The table above shows the content of the incentive plan at the time of its draft
announcement.
2. Progress of equity incentive implementation during the Reporting Period
√ Applicable □ Not applicable
Unit: share
Openi New Closin
Equit ng grant Available for g
y equity durin Vested/exercised Grant/ex
incent incent g the
vesting/exercise/
unlocking during /unlocked during ercise
equity Vested/exercised
ive ives Repor the Reporting the Reporting price
incent /unlocked at the
ting Period (RMB) ives period-endplan grante Period grante
d Period d
Autel
2021
Restri
cted 5945 5945
Share 000 0 0 0 52 000 0
Incent
ive
Plan
Autel
2024
Restri
cted 9769 4787
Share 600 103 6302998 6302998 8
7081
7466302998
Incent
ive
Plan
Notes: 1. As the dividend payout has been completed the number of shares granted and the
grant price of the 2024 Restricted Share Incentive Plan were adjusted accordingly.
2. “Grant/exercise price (RMB)” refers to the actual exercise/vesting price for the
awardees.
3. “Closing equity incentives granted” has excluded restricted shares that were
forfeited during the Reporting Period due to reasons such as the awardees leaving the
Company or failing to meet the given performance appraisal standards as approved by the
Company’s Board of Directors and Remuneration and Appraisal Committee.
3. Fulfillment of appraisal indicators for equity incentives and confirmed share-based
payments during the Reporting Period
√ Applicable □ Not applicable
118 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Unit: RMB
Fulfillment of company Confirmed share-based
Equity incentive plan appraisal indicators during the payments during the Reporting
Reporting Period Period
2021 Restricted Share Incentive
Plan Not fulfilled 0
2024 Restricted Share Incentive
Plan Fulfilled 109277114.61
2024 Employee Stock
Ownership Plan N/A 5869840.76
Total / 115146955.37
ii. Relevant incentive matters disclosed in current announcement with no subsequent
progress or change
√ Applicable □ Not applicable
Overview Index to the disclosed information
On March 28 2025 the Proposal on Cancelling Certain
Restricted Shares Granted but Not Yet Vested under the 2021
Restricted Share Incentive Plan was reviewed and approved at For further information please refer to
the 18th Meeting of the Fourth Board of Directors and the 12th Announcement No. 2025-019
Meeting of the Fourth Supervisory Committee.On October 24 2025 the Proposal on Adjusting the Grant
Price and the Granted Number of Shares of the 2024
Restricted Share Incentive Plan the Proposal on Cancelling
Certain Restricted Shares Granted but Not Yet Vested under
the 2024 Restricted Share Incentive Plan and the Proposal on For further information please refer to
the Satisfaction of Vesting Conditions for the First Vesting Announcements No. 2025-083
Period of the 2024 Restricted Share Incentive Plan were 2025-084 2025-085 and 2025-097
reviewed and approved at the 27th Meeting of the Fourth
Board of Directors and the 16th Meeting of the Fourth
Supervisory Committee.Other information:
√ Applicable □ Not applicable
In the Autel 2021 Restricted Share Incentive Plan the Company’s financial
performance indicators would be appraised annually in the three accounting years from
2022 to 2024. According to the relevant data in the Company’s 2024 Annual Report if the
performance indicators are unmet in the third vesting period of the incentive plan all the
restricted shares to be vested in the awardees in the year of appraisal should be fully or
partially cancelled and invalidated. As such the implementation of the 2021 Restricted
Share Incentive Plan has been completed.Employee stock ownership plans:
√ Applicable □ Not applicable
119 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
The Proposal on the 2024 Employee Stock Ownership Plan (Draft) and its Summary
and other related proposals were reviewed and approved at the 14th Meeting of the Fourth
Board of Directors and the Eighth Meeting of the Fourth Supervisory Committee dated
September 28 2024 and the Third Extraordinary General Meeting of Shareholders in 2024
dated October 15 2024. For further information please refer to the announcements which
we have disclosed on the website of the Shanghai Stock Exchange (www.sse.com.cn) on
September 30 2024 and October 16 2024 respectively.According to the Company’s 2024 Employee Stock Ownership Plan the source of
shares for this employee stock ownership plan is the shares repurchased by the Company
which is placed in a special account. On January 3 2025 the Company received a
Securities Transfer Confirmation issued by China Securities Depository and Clearing
Corporation Limited confirming that 4622100 shares of the Company’s stock held in the
account of repurchased shares of Autel Intelligent Technology Corp. Ltd. were transferrednon-tradingly to the special securities account of “Autel Intelligent Technology Corp. Ltd.- 2024 Employee Stock Ownership Plan” on January 2 2025 at a transfer price of
RMB26.58 per share. For further information please refer to the Announcement on the
Completion of Non-Trading Transfer of the 2024 Employee Stock Ownership Plan
(Announcement No.: 2025-002) which we have disclosed on the website of the Shanghai
Stock Exchange (www.sse.com.cn) on January 4 2025.As a result of the Company’s 2024 final dividend payout as of the end of theReporting Period there were 6886929 shares in the special securities account of “AutelIntelligent Technology Corp. Ltd. - 2024 Employee Stock Ownership Plan” accounting
for 1.03% of the Company’s total share capital.According to the Company’s 2024 Employee Stock Ownership Plan the lock-up
period for the shares granted under this employee stock ownership plan is 12 months
calculated from the date the Company announces the final transfer of the shares to the
employee stock ownership plan. Therefore the lock-up period for the 2024 Employee
Stock Ownership Plan has expired on January 3 2026. For further information please refer
to the Announcement on the Expiration of the Lock-up Period of the 2024 Employee Stock
Ownership Plan (Announcement No.: 2026-004) which we have disclosed on the website
of the Shanghai Stock Exchange (www.sse.com.cn) on January 6 2026.Other incentive measures:
120 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
□ Applicable √ Not applicable
iii. Equity incentives granted to directors senior executives and key technical
personnel during the Reporting Period
1. Stock options
□ Applicable √ Not applicable
2. Class I restricted stock
□ Applicable √ Not applicable
3. Class II restricted stock
√ Applicable □ Not applicable
Unit: share
Opening New grant Available
Office restricted during the Grant for vesting
Vested Closing Closing
Name title shares Reporting price during the
during the restricted market
(RMB) Reporting Reporting shares pricegranted Period Period Period granted (RMB)
Chairman
of the
Li Board
Hongjing and 1500000 735000 8 1117500 1117500 1117500 36.80
General
Manager
Director
Nong and
Yingbin Deputy 500000 245000 8 372500 372500 372500 36.80General
Manager
Director
Deputy
Deng General
Renxiang Manager 150000 73500 8 78225 78225 111750 36.80and key
technical
personnel
Director
Yin Hui and keytechnical 120000 58800 8 62580 62580 89400 36.80
personnel
Li Lv BoardSecretary 50000 24500 8 26075 26075 37250 36.80
Luo Key
Yongliang technical 60000 29400 8 44700 44700 44700 36.80personnel
Zhan Key
Jinyong technical 40000 19600 8 20860 20860 29800 36.80personnel
Total / 2420000 1185800 / 1722440 1722440 1802900 /
121 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
iv. Establishment and formulation of appraisal and incentive mechanisms for senior
executives during the Reporting Period
√ Applicable □ Not applicable
We continuously improve our performance appraisal mechanism which is guided by
strategic goals and values. We regularly conduct reviews of leadership teams and partners
and link the results to bonus allocation long-term incentives for partners appointments and
promotions and adjustments to positions and responsibilities forming a closed loop of
“review-decision-tracking”. In the meantime we strengthen debriefing and process
correction to promote continuous improvement and perfection.XII Development and implementation of internal control systems during the
Reporting Period
√ Applicable □ Not applicable
During the Reporting Period Autel continuously optimized its internal control system
in accordance with the Basic Standards for Enterprise Internal Control and its supporting
guidelines expanding the coverage and enforcement of internal control measures. A
comprehensive internal control framework was established to align with Autel's operational
management and support the achievement of its strategic objectives. Meanwhile the Audit
Department strengthened supervision and evaluation efforts to ensure Autel continuously
improves its overall compliance and standardized operations.Explanation of material weaknesses in internal control during the Reporting Period:
□ Applicable √ Not applicable
XIII Management and control over subsidiaries during the Reporting Period
√ Applicable □ Not applicable
During the Reporting Period Autel strictly adhered to the Articles of Association the
Rules Governing the Listing of Stocks on the STAR Market of the Shanghai Stock
Exchange and other relevant regulations in managing its subsidiaries. This included
oversight of business operations investment decisions personnel and compensation
assessments financial policies information disclosure and audit supervision. Autel
participated in key operational decision-making meetings of its subsidiaries to ensure
timely understanding and decision-making. Additionally the Audit Department conducted
122 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
regular or ad hoc audits of subsidiaries' financial and business activities reinforcing the
establishment and effective implementation of their internal control systems.Risk warning regarding abnormalities in management and control over subsidiaries:
□ Applicable √ Not applicable
XIV Independent Auditor’s Report on Internal Control
√ Applicable □ Not applicable
Please refer to the Autel 2025 Internal Control Assessment Report that has been
disclosed by the Company on the website of the Shanghai Stock Exchange
(www.sse.com.cn) on March 21 2026.Whether the Independent Auditor’s Report on Internal Control is disclosed: Yes
Type of the independent auditor’s opinion: Unmodified unqualified opinion
XV Remediation of problems identified by self-inspection in the special action on the
governance of the Company
None.XVI Board Statement on ESG Matters
Autel upholds the business philosophy of Value-Driven Innovation with Unwavering
Commitment" and maintains open communication and cooperative relationships with
stakeholders. By identifying material environmental social and governance (ESG) topics
based on stakeholder concerns related to its core business Autel clearly defines internal
responsibilities implements key management initiatives and strives to achieve high-quality
development through its positive impact on the environment and society.The Board of Directors is the highest governing and decision-making body for ESG
matters and assumes full responsibility for Autel’s ESG strategy and reporting. To
effectively fulfill its ESG management and oversight responsibilities Autel’s Strategy and
ESG Committee is specifically tasked with implementing the Board’s ESG resolutions
assessing ESG risks executing and advancing ESG initiatives and regularly reporting
progress to the Board.
123 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
XVII Overall ESG achievements
√ Applicable □ Not applicable
i. Industry-specific ESG practices in the current year
□ Applicable √ Not applicable
ii. ESG rating performance for the current year
√ Applicable □ Not applicable
ESG rating system ESG rating agency Autel’s rating for the currentyear
Wind Wind Information Technology Co.Ltd. A
Sino-Securities Index Sino-Securities Index InformationService (Shanghai) Co. Ltd. A
SynTao Green Finance SynTao Green Finance Co. Ltd. B+
EcoVadis EcoVadis Bronze
iii. Tracking of ESG-themed index funds for the current year
□ Applicable √ Not applicable
XVIII Environmental information of the listed company and its major subsidiaries
included in the list of enterprises that are required by law to disclose environmental
information
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
XIX Social Responsibility Initiatives
i. Contribution of core business to society and industry key metrics
For details please refer to Part III Management Discussion and Analysis / II
Discussion and Analysis on Operations in this report.ii. Promotion of technological innovation
Autel has long placed great emphasis on R&D innovation considering it the core
driver of market competitiveness. With AI technology as our core driving engine we focus
on the deep integration of technological innovation and scenario-based applications
124 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
continuously improving our core technology architecture and system. With
industry-specific vertical AI models as the intelligent foundation and platform capabilities
as the scale engine we have built a robust technological barrier that is both solid and
capable of sustainable evolution.iii. Compliance with technology ethics
We attach great importance to the establishment and upgrading of a technology ethics
compliance management system. In the face of technological innovation in key application
scenarios such as vehicle diagnostics smart charging robotics and AI we fully recognize
the critical importance of technology ethics to industry development consumer rights and
interests and social trust. We adhere to compliance as a prerequisite and ethics as a guiding
principle deeply integrating the core philosophy of “Respect Consumers Prioritize Safety”
throughout the entire process of algorithm R&D product design and scenario-based
applications.iv. Data security and privacy protection
1. Data security system
Autel has established a comprehensive and systematic data security management
system to safeguard the confidentiality integrity and availability of information assets. At
the system level we have established multi-dimensional management systems covering the
information security management system (ISMS) the privacy information management
system (PIMS) the information technology service management system (ITSMS) and ISO
27018. Supporting policies such as the Integrated Management Manual and the Information
Security Strategy have been formulated to implement standardized controls across the
lifecycle of data collection transmission storage use sharing and destruction. At the
organizational level division of responsibilities is clearly defined. Our information security
team falls under the Process and IT Department and is responsible for security governance
risk assessment system development security monitoring emergency response and
employee training. The Legal Department is responsible for legal compliance in personal
information protection and the assessment of privacy policies; we also appointed a
management representative and established a data protection officer to comprehensively
oversee the compliance of data processing activities ensuring clear responsibilities sound
mechanisms and efficient system operations.
125 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
2. Customer privacy protection policy system
We attach great importance to protecting customer privacy and have established a
comprehensive privacy protection management system covering the lifecycle management
of personal information including collection use storage sharing and deletion. We
conduct our business in strict compliance with laws and regulations such as the Data
Security Law of the People’s Republic of China the Cybersecurity Law of the People’s
Republic of China the Personal Information Protection Law of the People’s Republic of
China and the EU General Data Protection Regulation. We have issued policy documents
such as the Data Lifecycle Management Measures and the Personal Privacy Management
Standards and in accordance with business development have continuously carried out
policy updates internal inspections and access rights reviews strengthening the
management of customer privacy protection throughout the entire process.The Company publicly explains to customers through a privacy statement the scope
of personal information collected purposes of use retention period and customer rights
ensuring customers’ right to know and right to choose. We strictly implement security
measures such as graded management of personal information the principle of least
privilege encryption of sensitive data data masking and access audits. We also regularly
organize privacy protection training and reviews of customer information processing
procedures continuously enhancing our privacy protection capabilities.
3. Data security and privacy protection measures
Autel regards data security and customer privacy as core priorities for compliant
operations. We have established a multi-dimensional protection system including a
dual-track security protection mechanism covering both technology and management a
multi-format and comprehensive employee compliance training system an end-to-end
closed-loop emergency response plan and a differentiated and graded data backup strategy
thereby building a robust barrier for data security and privacy protection in all aspects.
4. Data security and privacy protection metrics and targets
During the Reporting Period we obtained multiple internationally recognized
certifications including the ISO/IEC 27001 Information Security Management System
ISO/IEC 27701 Privacy Information Management System and ISO/IEC 27018 Protection
of Personally Identifiable Information (PII) in Public Clouds Acting as PII Processors. We
also obtained certifications such as CSA ATSRT TISAX Level 2 and the CyberVadis
maturity assessment fully demonstrating our internationally compliant level of data
126 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
security management.Autel has always regarded data security and privacy protection as core issues deeplyintegrating them into the Company’s overall development plan. With “Quality FirstEnhancing Brand Value; Secure Defense Protecting Customer Privacy” as our management
approach we continuously enhance our data security capabilities. In the next one to three
years the Company will continue to advance its development efforts focusing on key
priorities such as system optimization technology upgrades and capability development.v. Types and contributions of public welfare and charity activities
Category Amount Description
External donations
The Company donated HKD1million to the “Support Fund forWang Fuk Court in Tai Po” of the
Government of Hong Kong SAR
Of which: Funds (RMB’0000) 91.53 which was earmarked to support
medical treatment transitional
resettlement and home
reconstruction efforts in
disaster-affected areas.Goods equivalent (RMB’0000) 19.01 “Lighting Africa” Global ElectricMobility Demonstration Project
Public welfare projects
Of which: Funds (RMB’0000)
Beneficiaries (persons)
Rural revitalization
Of which: Funds (RMB’0000) 5 “Autel & Yuanshan Rural ScienceClass” Project
Goods equivalent (RMB’0000)
Employment support (persons)
1. Public welfare and charity activities
√ Applicable □ Not Applicable
(1) Post-disaster Donation Project for the Tai Po Fire in Hong KongIn December 2025 we donated HKD1 million to the “Support Fund for Wang FukCourt in Tai Po” of the Government of Hong Kong SAR which was earmarked to support
medical treatment transitional resettlement and home reconstruction efforts in
disaster-affected areas.
(2) “Lighting Africa” Global Electric Mobility Demonstration Project
We joined hands with the United Nations Development Programme (UNDP) to launch
the “Lighting Africa” Project supporting the future of green mobility in Africa. Autel plans
to donate AC chargers (residential chargers) meeting Chinese national standards to one to
127 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
three African countries for free public use further promoting green and sustainable
development. In December 2025 Autel completed the ocean freight shipment of donated
equipment which is expected to arrive in Tanzania in late January with 50 AC chargers to
be deployed.
(3) “The Great Nanshan Teenagers” Autel Visit ProjectIn August 2025 the third season of the urban research activity “The Great NanshanTeenagers” organized by the Education Bureau of Nanshan District Shenzhen and
Southern Metropolis Daily was held at Autel. Outstanding students from primary and
secondary schools across Nanshan District visited the exhibition hall and laboratory areas
experiencing Autel’s cutting-edge technologies including AI + vehicle diagnostics AI +
smart charging and AI robots and gaining a close-up view of the innovative applications of
artificial intelligence across various scenarios.
2. Consolidation and expansion of poverty alleviation and rural revitalization efforts
√ Applicable □ Not Applicable
Poverty alleviation and rural
revitalization program Quantity/content Description
Total input (RMB’0000) 5
Of which: Funds (RMB’0000) 5
Supplies (RMB’0000)
Number of people benefiting 182
Way of support (supporting
industrial development creating Poverty alleviation by
job opportunities supporting supporting education
education etc.)
Detailed information:
√ Applicable □ Not Applicable
In the Spring Semester of 2025 Autel partnered with the Beijing Qingxi Yuanshan
Foundation to carry out the “Autel & Yuanshan Rural Science Class” Project. We provided
a full academic year of science courses and public welfare promotion activities for
fifth-grade students at the budding stage of scientific interest who are studying at Cijian
Primary School Nanlicun Town Central Primary School Shisi Town Central Primary
School and Chengguan Town No.1 Primary School in Xin’an County Henan Province.This project covered a total of four schools. In total 182 students in four classes received
high-quality engaging dual-teacher science courses during this semester.
128 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
vi. Protection of shareholders’ and creditors’ rights
1. Improving corporate governance structure and strengthening shareholder
protection
Autel strictly adheres to the Company Law of the People's Republic of China the
Securities Law of the People's Republic of China the Code of Corporate Governance for
Listed Companies and the Rules Governing the Listing of Stocks on the STAR Market of
the Shanghai Stock Exchange as well as relevant regulatory documents and the Articles of
Association of Shenzhen Autel Technology Co. Ltd.. Autel has established a corporate
governance framework comprising the General Meeting of Shareholders the Board of
Directors and the executive management team forming a governance mechanism with
clear roles and responsibilities standardized operations and effective checks and balances.During the Reporting Period Autel completed the abolition of the Supervisory Committee
and a comprehensive revision and improvement of its internal governance system revising
a total of 21 governance rules and establishing seven new ones. These efforts have further
enhanced corporate governance standards and effectively safeguarded the rights and
interests of all investors particularly minority shareholders.
2. Establishing and improving internal control systems to mitigate operational
risks
Autel has developed and continuously improved its internal control measures in
accordance with the Company Law of the People's Republic of China the Securities Law of
the People's Republic of China the Basic Standards for Enterprise Internal Control and its
supporting guidelines the Guidelines for Internal Control of Listed Companies and other
regulatory requirements. These measures aim to manage and mitigate risks associated with
business operations. During the Reporting Period in response to changes in internal and
external business environments and corporate expansion Autel effectively implemented its
internal control system strengthened risk management awareness at all levels and ensured
reasonable risk control. These measures have helped maintain regulatory compliance
safeguard corporate assets ensure the accuracy and completeness of financial reporting and
information disclosure enhance operational efficiency and support Autel’s strategic
development goals.
3. Fulfilling information disclosure obligations ensuring equal treatment of all
investors and safeguarding shareholders' right to know
Autel strictly complies with the Rules Governing the Listing of Stocks on the STAR
129 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Market of the Shanghai Stock Exchange among other regulations and regulatory guidelines.Autel diligently fulfills its information disclosure obligations ensuring that disclosed
information is truthful accurate complete timely and fair. Furthermore Autel is
committed to professionalizing and institutionalizing information disclosure practices. It
strictly enforces the registration system for insiders and external information users
standardizes internal reporting transmission and confidentiality procedures and ensures
the security of confidential corporate information. These measures fully respect and protect
the legitimate rights and interests of all shareholders particularly minority shareholders.
4. Fulfilling cash dividend commitments to protect shareholder returns
Autel is committed to providing stable cash dividends to shareholders prioritizing the
protection and realization of shareholder value as a core principle of its business operations.Autel has established a stable profit distribution policy which is explicitly outlined in the
Articles of Association of Shenzhen Autel Technology Co. Ltd. effectively safeguarding
shareholders' interests.During the Reporting Period Autel successfully implemented its 2024 final and 2025
interim profit distribution plans distributing a total of RMB606 million in cash dividends
to shareholders. Additionally Autel repurchased 3595333 shares through a centralized
bidding transaction representing 0.54% of its total share capital as of December 31 2025
with a total repurchase payment of RMB100 million.vii. Protection of employee rights and interests
1. Employee Employment
In accordance with the principles of fairness openness and impartiality we have
established standardized and transparent employment and recruitment processes based on
relevant systems such as the Employment Control Procedure and have implemented
institutionalized management over the recruitment selection and hiring stages. During the
recruitment process we focus on candidates’ capabilities experience and overall
qualifications and carry out talent introduction in accordance with established procedures
to support staffing needs.In safeguarding employees’ human rights we have formulated and implemented
institutional documents such as the Labor Human Rights Policy the Prohibition of Forced
Labor Management Procedure the Prohibition of Slavery and Human Trafficking
Management Procedure the Procedure for Prohibiting Child Labor and Addressing the
130 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Misuse of Child Labor and the Anti-Discrimination Management Procedure to specify
relevant management requirements and measures prevent potential non-compliant
employment risks during the hiring process and promote lawful and compliant
employment management.
2. Employee rewards and engagement
We regard employee rewards and engagement as an important component of human
capital management. By establishing a standardized and transparent compensation
management mechanism enhancing employee benefits and care arrangements and
continuously improving channels for employee communication and engagement we
safeguard employees’ reasonable returns and opportunities to express their views promote
positive interactions between employees and the Company and support stable operations
and sustainable development of the organization.
3. Democratic management and communication
The Company has always regarded employee communication and engagement as an
important cornerstone of corporate sustainable development and is committed to building
an all-round multi-tier communication system to promote in-depth understanding and close
collaboration between employees and the enterprise.
4. Employee training and development
We place strong emphasis on employee capability development regard human
resources as an important foundation for corporate development and have established and
implemented a relatively comprehensive employee education and training management
system offering employees continuous and targeted training support to promote capability
enhancement and career development.We have established a relatively sound employee evaluation and promotion
management mechanism and have formulated and implemented our Management Strategy
for the Position and Rank System establishing a “dual-track” career development route
covering management and technical professional positions and providing employees in
different job categories with clear development paths.
5. Employee health and safety
We strictly comply with relevant laws regulations and policy requirements including
the Production Safety Law of the People’s Republic of China the Law of the People’s
Republic of China on the Prevention and Control of Occupational Diseases the Law of the
People’s Republic of China on Environmental Protection and Fire Protection Law of the
131 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
People’s Republic of China and in combination with new regulations issued by regulatory
authorities this year continuously improve the safety management policy system and
related management mechanisms to support the standardized operation of our safety
management.Employee Stock Ownership
Number of employees holding shares 378
Proportion of employees holding shares in total
workforce (%) 13.61
Total employee-held shares (10000 shares) 26195.40
Proportion of employee-held shares in total share
capital (%) 39.09
Notes: 1. The proportion of employees holding shares in the total workforce is based on the
number of employee shareholders as a percentage of the total number of employees at the
end of the Reporting Period.
2. The above employee stock ownership data include direct shareholding by directors
senior executives and key technical personnel who are Company employees as well as
shares vested under previous restricted stock incentive plans. It does not include shares
purchased by other employees on the secondary market.viii. Protection of supplier customer and consumer rights
1. Responsible supply chain
Autel is committed to building a sustainable supply chain that not only ensures
procurement needs and timely fulfillment of agreements but also actively promotes
suppliers' sustainability performance. Autel implements full-process management across
supplier admission procurement evaluation and capability development incorporating
ESG risk considerations into supplier assessments.
2. Enhancing customer serviceAutel adheres to the concept of “Providing Customers with Genuine and LastingValue” and is committed to delivering a professional timely and customer-centric service
experience while continuously improving customer satisfaction. To provide high-standard
service Autel has established a cross-functional localized customer service team with
dedicated coordination channels to offer prompt support and create a seamless customer
experience. Additionally Autel implements stringent measures to protect customer
information fostering long-term partnerships built on trust and reliability.
132 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
3. Respect Consumers Prioritize Safety
We attach great importance to the establishment and upgrading of a technology ethics
compliance management system. In the face of technological innovation in key application
scenarios such as vehicle diagnostics smart charging robotics and AI we fully recognize
the critical importance of technology ethics to industry development consumer rights and
interests and social trust. We adhere to compliance as a prerequisite and ethics as a guiding
principle deeply integrating the core philosophy of “Respect Consumers Prioritize Safety”
throughout the entire process of algorithm R&D product design and scenario-based
applications.ix. Product safety assurance
Autel strictly complies with the Product Quality Law of the People's Republic of
China the Standardization Law of the People's Republic of China and relevant domestic
and international product quality and safety regulations. It has formulated and implemented
a series of policies including the Quality Manual the Inspection Control Procedures the
Production Process Control Procedures and the Non-Conforming Product Control
Procedures. These policies cover quality safety quality objectives quality audits and
continuous improvement.We strictly comply with the requirements of the Quality Objective Management
Procedure and in light of the actual operational characteristics of each business process
scientifically set refined quality objectives that are quantifiable and assessable for the
relevant functional departments organizational levels and core production and service
processes covered by the quality management system. The objectives set both align with
the practical needs of product R&D manufacturing inspection and testing processes and
target customers’ core demands for product quality. Through regularly tracking progress
toward achieving objectives we promote the continuous optimization of quality
management efforts and effectively ensure the efficient operation of the quality
management system.During the Reporting Period we obtained certifications related to quality environment
professional health and safety and information security including ISO 9001 IATF 16949
ISO 14001 ISO 45001 ISO27001 and ISO27701. No product quality or safety violations
occurred during the period.In addition leveraging our strong technical capabilities and safety management
133 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
expertise Autel successfully obtained two international certifications for cloud service
security ISO/IEC 27018 and CSA-STAR becoming the first enterprise in the global
charging cloud industry to pass the CSA-STAR security certification. Meanwhile Autel’s
electric vehicle charger management system and intelligent inspection solutions passed the
certification of the international standard ISO/IEC 42001 Artificial Intelligence
Management System (AIMS).x. Intellectual property protection
We have established and implemented policies related to intellectual property
management and formulated documents such as the Intellectual Property Protection
Management Procedure the Policy of Autel on R&D Project Intellectual Property
Workflows and the Patent Reward Management Measures clarifying intellectual property
management requirements and workflows. In accordance with these policies we guide and
encourage employees to carry out various types of intellectual property applications and
management. For patents that have been accepted or granted the corresponding patent
incentive bonuses are applied for and disbursed pursuant to the Patent Reward Management
Measures.Meanwhile we regularly compare and verify product-related information against our
internal intellectual property database to systematically identify potential patent trademark
and copyright infringement risks. Based on the identification results we promptly take
corresponding management and prevention measures to promote the standardized operation
of intellectual property compliance management.In addition we continue to strengthen the organizational safeguards for compliance
management expand the professional capabilities of the legal department and enhance the
monitoring and management of intellectual property infringement risks. All products are
required to complete internal intellectual property review procedures before being launched
on the market and undergo compliance review by the legal team thereby preventing
infringement risks at the source.xi. Other aspects of corporate social responsibility
√ Applicable □ Not Applicable
As a corporate citizen Autel places great importance on fulfilling its social
responsibilities and aligns corporate development with societal progress ensuring a balance
134 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
between corporate and social benefits as well as short-term and long-term interests. Autel
operates with integrity complies with tax regulations and values its relationships with
society and local communities. Guided by a commitment to serving and giving back to
society Autel actively contributes to social harmony and development.Poverty alleviation is an integral part of corporate social responsibility. Autel
diligently implements national poverty alleviation policies and maintains a strong sense of
social mission and responsibility. Autel actively gives back to society through charitable
donations employee participation in community volunteer activities and other public
welfare initiatives fulfilling its corporate social responsibilities through concrete actions.XX Other Corporate Governance Matters
i. Party building
√ Applicable □ Not Applicable
Autel has established a Party branch with 48 official Party members as of the end of
the Reporting Period. Since its inception the Party branch has operated under the
leadership of higher-level Party committees guided by Xi Jinping Thought on Socialism
with Chinese Characteristics for a New Era. Autel remains committed to implementing the
Party’s leadership role and integrating Party-building efforts into corporate governance by
earnestly adhering to directives and policies issued by higher-level Party organizations.ii. Investor relations and protection
Category Frequency Details
Held three earnings presentations at
Earnings presentations 3 the Shanghai Stock Exchange
Roadshow Center
Investor relations activities via new Engaged with investors via Autel's
media Ongoing website WeChat official accountand other platforms
Investor relations section on official
website √ Yes □ No
Implementation of Investor Relations and Protection Measures
√ Applicable □ Not Applicable
Autel places great importance on investor relations management and actively
strengthens communication with investors to safeguard their rights particularly those of
minority shareholders. In compliance with the Company Law of the People's Republic of
China the Securities Law of the People's Republic of China the Rules Governing the
135 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Listing of Stocks on the STAR Market of the Shanghai Stock Exchange and other relevant
laws regulations and the Articles of Association Autel has formulated and implemented an
Investor Relations Management Rules tailored to its specific operational needs.In 2025 Autel hosted three earnings presentations at the Shanghai Stock Exchange
Roadshow Center conducted seven in-depth investor meetings via teleconference and
welcomed seven investor site visits. Additionally 15 Investor Relations Activity Record
Sheets were released. Autel also responded to 85 investor inquiries via the SSE
e-Interaction platform. Through these multi-channel engagement efforts Autel effectively
communicated its investment value further strengthening investor confidence and
recognition. Additionally Autel remains committed to enhancing its brand presence in
capital markets. During the Reporting Period Autel received several prestigious capital
market awards including “2025 Most Innovative STAR Market Listed Company” by CLS
“19th China Top 100 Growing Listed Companies” by Securities Times. These accolades
reflect the market’s high recognition of Autel’s technological innovation investment value
and social responsibility.Other Forms of Investor Communication
□ Applicable √ Not Applicable
iii. Transparency of information disclosure
√ Applicable □ Not Applicable
In 2025 Autel implemented multidimensional measures to enhance transparency in
information disclosure facilitating efficient communication with investors and the market.In terms of disclosure content Autel provided in-depth analyses of industry trends in
periodic reports and relevant interim announcements offering detailed insights into
business strategies operational data and short-term and long-term strategic goals. These
efforts enable investors to gain a comprehensive understanding of Autel’s development
trajectory. Regarding presentation formats in addition to traditional announcements Autel
introduced visually summarized reports such as “One-Page Summaries” of periodic reports
which intuitively showcase operational data and development milestones. In terms of
communication mechanisms Autel held multiple earnings presentations allowing direct
engagement between management and investors ensuring efficient bidirectional
information flow.
136 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
iv. Participation of institutional investors in corporate governance
□ Applicable √ Not Applicable
v. Anti-bribery and anti-corruption mechanisms
√ Applicable □ Not Applicable
We maintain a strong focus on the prevention and control of commercial bribery and
corruption risks continuously improve our internal control and risk management systems
systematically identify assess and control relevant risks and ensure compliant and stable
operations. We strictly adhere to the Basic Standards for Enterprise Internal Control and
relevant internal control guidelines continuously optimize and improve our internal control
system establish and operate a corruption risk assessment mechanism continuously
strengthen internal control evaluation and internal audit and enhance the effectiveness and
execution of our internal control system.We continuously improve our anti-corruption and anti-bribery management system
promoting the institutionalized and normalized operation of clean governance. We have
obtained ISO 37001 Anti-bribery Management System certification and strictly manage
system operations in accordance with international standards. Internal audits and
management reviews are organized annually. In light of the responsibilities of each
business department and changes in business procedures we dynamically identify and
update the risks of accepting and offering bribes and promptly adjust corresponding
control measures. At the same time we undergo annual system audits by third-party
certification agencies to continuously verify the effectiveness of system operations and
promote continuous improvement of the management mechanism.In terms of system development we clarify requirements for employees on clean
practice and compliant operations through policy documents such as the Employee
Handbook of the Company and the Code of Conduct for Employees ensuring that there are
rules to follow for codes of conduct. We provide integrity and compliance training to all
newly hired employees achieving full coverage of onboarding integrity training for
employees.In terms of promotion and training in line with the requirements of our anti-corruption
policies and typical cases we use Feishu and W3 systems to push integrity-related
promotion content on a monthly basis continuously strengthening employees’
137 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
understanding and awareness of anti-corruption and anti-bribery requirements. In addition
we regularly organize integrity-themed training each year and require employees to sign
Anti-Bribery Commitments further strengthening integrity and compliance awareness and
fostering a clean and upright corporate culture.vi. Other corporate governance matters
□ Applicable √ Not Applicable
XXI Other information
□ Applicable √ Not Applicable
138 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Part V Significant Events
I Fulfilment of Commitments
(I) Commitments Made by the Actual Controller Shareholders Related Parties Acquirers and the Company During or Continuing
into the Reporting Period
√ Applicable □ Not Applicable
Has it If nottimely If not
Commitment Commitme Commitmen Commit Is there aCommitment details ment performan Commitment
been fulfilled timely
background nt type t party timely and fulfilleddate ce period period strictly explain the
fulfilled specific
explain the
reasons next steps
(1) Within 36 months from the date of the Company's
stock listing I will not transfer or entrust others to
manage the shares I directly or indirectly hold that
were issued before the initial public offering (IPO)
nor will I propose that the Company repurchase these
shares.
(2) The shares I hold in the Company cannot be
transferred within six months after I cease to serve as
a director or senior executive of the Company. Within 36
(3) During my tenure as a director or senior months from
Commitment executive the shares I transfer each year shall not
the date of the
related to initial Share Li Hongjing exceed 25% of my total holdings. If I leave office
Company's
2020 Yes stock listing; Yes N/A N/A
public offering lock-up before the expiration of my term I shall comply withthis commitment within my originally designated within 2 years
term and for six months thereafter. after the
(4) For two years after the lock-up period expires I lock-up period
will not sell my shares at a price lower than the IPO expires.issue price. If within six months after the Company’s
listing the stock closes below the IPO price for 20
consecutive trading days or if the closing price is
below the IPO price at the end of the six-month
period the lock-up period will be automatically
extended by six months. (If stock dividends
capitalization of capital reserves dividends or other
139 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
rights adjustments occur during this period the
selling price shall be adjusted accordingly.)
(5) If I plan to reduce my holdings after the lock-up
period I will strictly comply with the regulations of
the China Securities Regulatory Commission (CSRC)
and the stock exchange prudently formulate a stock
reduction plan based on the need to stabilize stock
prices operate the business and conduct capital
operations. Reduction methods include but are not
limited to centralized bidding block trades and
negotiated transfers with reduction prices determined
based on market conditions or bulk trading
agreements. If I reduce holdings via centralized
bidding I will submit a report and pre-disclose my
plan 15 trading days before the first sale.
(6) I will comply with all applicable laws
regulations and the STAR Market listing rules
regarding share transfers by controlling shareholders
actual controllers directors and senior executives.
(1) The shares I hold in the Company cannot be
transferred within six months after I cease to serve as
a director or senior executive of the Company. Within 1 year
(2) During my tenure as a director or senior from the date
executive the shares I transfer each year shall not of the
exceed 25% of my total holdings. If I leave office Company's
before the expiration of my term I shall comply with stock listing;
this commitment within my originally designated within 4 years
term and for six months thereafter. after the
(3) If I plan to reduce my holdings after the lock-up lock-up period
Share Li Hong period I will strictly comply with the regulations of
expires; within
lock-up the China Securities Regulatory Commission (CSRC) 2020 Yes 6 months after Yes N/A N/A
and the stock exchange prudently formulate a stock the individual
reduction plan based on the need to stabilize stock ceases to serve
prices operate the business and conduct capital as a director or
operations. Reduction methods include but are not senior
limited to centralized bidding block trades and executive of
negotiated transfers with reduction prices determined the Company;
based on market conditions or bulk trading within 6
agreements. If I reduce holdings via centralized months after
bidding I will submit a report and pre-disclose my resignation.plan 15 trading days before the first sale.
140 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
(4) I will comply with all applicable laws
regulations and the STAR Market listing rules
regarding share transfers by directors and senior
executives.As a core technical personnel of the Company I
further commit as follows:
(1) I will not transfer pre-IPO shares within 12
months from the date of the Company's stock listing
and within six months after resignation.
(2) Within four years after the expiration of the initial
share lock-up period I will not transfer more than
25% of my total pre-IPO shareholdings per year with
any unused transfer quota being cumulative.
(3) I will comply with all applicable laws
regulations and the STAR Market listing rules
regarding share transfers by core technical personnel.
(1) The shares held by this entity that were issued
Company before the Company's initial public offering (IPO)
Shareholder shall not be transferred within one year from the date
Daohe of the Company's stock listing.Tongda (2) If this entity plans to reduce its holdings after the
Fortune lock-up period expires it will strictly comply with the
Chuangfeng relevant laws regulations and requirements of the
Fortune China Securities Regulatory Commission (CSRC)
Chuangtai and the stock exchange regarding share reduction.Fortune Considering the need to stabilize stock prices support
Chuangheng business operations and facilitate capital
Within 1 year
Share from the date
lock-up Fortune
transactions the entity will prudently formulate a
share reduction plan. Reduction methods include but 2020 Yes of the Yes N/A N/ACaxin
Fortune are not limited to centralized bidding on the stock
Company's
Chuangrui exchange block trades and negotiated transfers with
stock listing.Five Star reduction prices determined based on prevailing
Titanium market conditions or block trade agreements. If the
Wenzhou entity plans to reduce holdings through centralized
Titanium bidding on the stock exchange it shall report to the
Star exchange and pre-disclose the reduction plan at least
Pingyang 15 trading days before the first sale.Titanium (3) The entity will comply with all applicable lawsregulations and the STAR Market listing rules
regarding the transfer of shareholder equity.Share Company (1) The shares held by this entity that were issued 2020 Yes Within 1 year Yes N/A N/A
141 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
lock-up Shareholder before the Company's initial public offering (IPO) from the date
Nanshan shall not be transferred within one year from the date of the
Hongtai of the Company's stock listing. Company's
Shenzhen (2) This entity will comply with all applicable laws stock listing.Jiangu regulations and the STAR Market listing rules
Lava regarding the transfer of shareholder equity.Strategy
Haining
Jiahui
Meishan
Jundu
Qingdao
Jinshi
Guangzhou
Zhizao
Yangzhou
Shangqi
Lava No.2
Lava Wave
Lava Age
1) Within 36 months from the date of the Company's
stock listing this entity shall not transfer or entrust
Company others to manage the shares it directly or indirectly Within 36
Share Shareholder holds that were issued before the initial public months from
lock-up Ningbo offering (IPO) nor shall it propose that the Company 2020 Yes the date of the Yes N/A N/A
Huishun repurchase these shares. Company's(2) This entity will comply with all applicable laws stock listing.regulations and the STAR Market listing rules
regarding the transfer of shareholder equity.Other than (1) The shares I hold in the Company that were Within 1 year
Li Hongjing issued before the initial public offering (IPO) shall from the date
and Li not be transferred within one year from the date of of the
Hong the Company's stock listing. Company's
Directors (2) If I reduce my holdings within two years after the stock listing;
Share and Senior lock-up period expires the selling price shall not be within 2 years
lock-up Managemen lower than the IPO issue price. If within six months 2020 Yes after the Yes N/A N/A
t: Gao after the Company's listing the stock closes below lock-up period
Yihui Li the IPO price for 20 consecutive trading days or if expires; within
Huajun the closing price is below the IPO price at the end of 6 months after
Nong the six-month period the lock-up period will be the individual
Yingbin automatically extended by six months. (If stock ceases to serve
142 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Wang dividends capitalization of capital reserves as a director or
Yongzhi dividends or other rights adjustments occur during senior
Wang Yong this period the selling price shall be adjusted executive of
accordingly.) the Company.
(3) The shares I hold in the Company cannot be
transferred within six months after I cease to serve as
a director or senior executive of the Company.
(4) During my tenure as a director supervisor or
senior executive the shares I transfer each year shall
not exceed 25% of my total holdings. If I leave office
before the expiration of my term I shall comply with
this commitment within my originally designated
term and for six months thereafter.
(5) If I plan to reduce my holdings after the lock-up
period I will strictly comply with the regulations of
the China Securities Regulatory Commission (CSRC)
and the stock exchange prudently formulate a stock
reduction plan based on the need to stabilize stock
prices operate the business and conduct capital
operations. Reduction methods include but are not
limited to centralized bidding block trades and
negotiated transfers with reduction prices determined
based on market conditions or bulk trading
agreements. If I reduce holdings via centralized
bidding I will submit a report and pre-disclose my
plan 15 trading days before the first sale.
(6) I will comply with all applicable laws
regulations and the STAR Market listing rules
regarding share transfers by directors and/or senior
executives.
(1) The shares I hold in the Company that were Within 1 year
Supervisors issued before the initial public offering (IPO) shall from the date
Holding not be transferred within one year from the date of of the
Company the Company's stock listing. Company's
Share Shares: (2) The shares I hold in the Company cannot be stock listing;
lock-up Zhang Wei transferred within six months after I cease to serve as 2020 Yes within 6 Yes N/A N/AZhou a supervisor of the Company. months after
Qiufang (3) During my tenure as a supervisor the shares I the individual
Ren transfer each year shall not exceed 25% of my total ceases to serve
Junzhao holdings. If I leave office before the expiration of my as a supervisor
term I shall comply with this commitment within my of the
143 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
originally designated term and for six months Company.thereafter.
(4) If I plan to reduce my holdings after the lock-up
period I will strictly comply with the regulations of
the China Securities Regulatory Commission (CSRC)
and the stock exchange prudently formulate a stock
reduction plan based on the need to stabilize stock
prices operate the business and conduct capital
operations. Reduction methods include but are not
limited to centralized bidding block trades and
negotiated transfers with reduction prices determined
based on market conditions or bulk trading
agreements. If I reduce holdings via centralized
bidding I will submit a report and pre-disclose my
plan 15 trading days before the first sale.
(5) I will comply with all applicable laws
regulations and the STAR Market listing rules
regarding share transfers by supervisors.Core
technical Within 12
personnel (1) I shall not transfer the pre-IPO shares I hold in the months from
holding Company within 12 months from the date of the the date of the
company Company's stock listing or within six months after Company's
shares resignation. stock listing
(directly or (2) Within four years after the expiration of the initial and 6 months
Others indirectly): share lock-up period I shall not transfer more than 2020 Yes after
Deng 25% of my total pre-IPO shareholdings per year with resignation;
Yes N/A N/A
Renxiang any unused transfer quota being cumulative. within 4 years
Yin Hui (3) I shall comply with all applicable laws after the
Zhan regulations and the STAR Market listing rules expiration of
Jinyong regarding the transfer of shares by core technical the initial
Luo personnel. share lock-up
Yongliang period.The (1) Commitment by the Company on the Repurchase
Company of Shares in the Event of Fraudulent Issuance:
its The Company guarantees that there is no fraudulent
Others controlling issuance in its initial public offering (IPO) and listing Long-term
shareholder on the STAR Market. If the Company does not meet
2020 No valid Yes N/A N/A
and actual the listing requirements and has fraudulently obtained
controller registration approval for issuance and listing theCompany will initiate a share repurchase procedure
144 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
within five working days upon confirmation by the
China Securities Regulatory Commission (CSRC) or
other competent authorities repurchasing all newly
issued shares from the IPO.
(2) Commitment by the Controlling Shareholder and
Actual Controller on the Repurchase of Shares in the
Event of Fraudulent Issuance:
The Company's controlling shareholder and actual
controller guarantee that there is no fraudulent
issuance in the Company's IPO and listing on the
STAR Market. If the Company does not meet the
listing requirements and has fraudulently obtained
registration approval for issuance and listing the
controlling shareholder and actual controller will
initiate a share repurchase procedure within five
working days upon confirmation by the CSRC or
other competent authorities repurchasing all newly
issued shares from the IPO.The
Company
its
controlling
shareholder
and actual
controller Li
Hongjing
and Other The Company/I commit to complying with and
Directors implementing the profit distribution policies outlined
Dividends and Senior in the then-effective Articles of Association and the Long-termManagemen Shareholder Dividend Return Plan for the Three 2020 No valid Yes N/A N/A
t: Li Hong Years Following the Company’s Initial Public
Gao Yihui Offering (A-Shares) and Listing on the STAR Market.Chen
Quanshi
Liao Yixin
Zhou
Runshu
Nong
Yingbin
Wang Yong
Others The Following the completion of this offering the 2020 No Long-term Yes N/A N/A
145 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Company Company anticipates that immediate returns may be Valid
diluted in the year when the funds are received. In
accordance with the Opinions of the General Office
of the State Council on Further Strengthening the
Protection of Small and Medium Investors' Legal
Rights and Interests in the Capital Market (Guo Ban
Fa [2013] No. 110) and the Guiding Opinions on
Matters Related to the Dilution of Immediate Returns
from Initial Public Offerings Refinancing and Major
Asset Restructuring (CSRC Announcement [2015]
No. 31) the Company intends to mitigate the dilution
effect and enhance returns by accelerating the
implementation of investment projects funded by the
IPO proceeds strengthening the development of
various business segments and reinforcing risk
management to enhance its core competitiveness. The
key measures formulated by the Company include:
(1) Expanding international and domestic markets to
consolidate the Company's global development
strategy. The Company's vehicle diagnostic product
line has gained recognition in overseas markets
establishing a strong brand presence. Leveraging its
existing customer base and brand advantages the
Company plans to further penetrate emerging
international and domestic markets to secure a larger
market share. Its tire pressure monitoring system
(TPMS) product line has already been launched and
the Company will continue to refine and guide
customer demand intensifying promotional efforts to
accelerate market adoption.
(2) Accelerating the recruitment of core technical
talent and improving the R&D innovation system.The industry in which the Company operates
demands highly skilled R&D personnel. While the
Company has built an efficient and capable technical
team through its operations the continuous expansion
of its business and R&D scale necessitates a greater
influx of high-level technical talent. To address this
the Company will enhance the recruitment of
domestic and international professionals establish a
talent management and incentive mechanism suited
146 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
to its operational needs maintain a high level of
R&D investment improve research institutions and
refine the R&D innovation framework to enhance
product profitability.
(3) Ensuring that IPO-funded projects align with the
Company's long-term strategic development and
enhance its sustainable profitability. The use of IPO
proceeds is closely aligned with the Company's future
strategy and core business ensuring its long-term
growth. The Company will strictly manage and
utilize these funds in compliance with relevant laws
regulations and the Administrative Measures for the
Use of Raised Funds maximizing their effective
deployment.
(4) Improving corporate governance and regulatory
compliance. The Company will continue to enhance
its corporate governance structure and information
disclosure mechanisms providing institutional
safeguards to regulate the use of raised funds.Additionally it will maintain a stable dividend
policy ensuring the consistency and stability of profit
distribution while strengthening the investor return
mechanism.
(5) Continuously refining investor protection
mechanisms. The Company will adjust and improve
its investor protection policies in accordance with
specific rules and regulations issued by the China
Securities Regulatory Commission (CSRC) and the
stock exchange. It will also draw upon best practices
among listed companies to supplement revise and
implement these measures to protect investor rights
effectively.To ensure the effective implementation of the
measures for compensating diluted immediate
Controlling returns I Li Hongjing the controlling shareholder
shareholder and actual controller of the Company hereby
Others and actual commit: I will not overstep my authority to interfere 2020 No Long-term Yes N/A N/A
controller: with the Company's operational and management valid
Li Hongjing activities nor will I infringe upon the Company's
interests. From the date of this commitment until the
completion of the issuance if the China Securities
147 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Regulatory Commission (CSRC) introduces new
regulatory requirements regarding the compensation
measures and related commitments for diluted
returns and the existing commitments fail to meet
such requirements I pledge to issue a supplemental
commitment in accordance with the latest CSRC
regulations.I further commit to fully implementing the
Company's formulated measures for compensating
diluted returns and any related commitments. If I
violate these commitments and cause losses to the
Company or investors I am willing to assume legal
responsibility and provide compensation to the
Company or investors as required by law.Other We hereby commit not to transfer benefits to other
Directors entities or individuals without compensation or on
and Senior unfair terms nor to engage in any activities that may
Managemen harm the interests of the Company by other means.t of the We commit to regulating personal expenditures
Company: related to our official duties and not to use Company
Li Hong assets for investments or consumption activities
Others Gao Yihui unrelated to our responsibilities. We also commit to Long-termChen linking the remuneration system formulated by the 2020 No valid Yes N/A N/A
Quanshi Board of Directors or the Policy and Assessment
Liang Committee to the implementation of the Company's
Danni Zhou return compensation measures. Furthermore we
Runshu commit to ensuring that the vesting conditions of the
Nong Company's proposed equity incentive plan are tied to
Yingbin the execution of the Company's return compensation
Wang Yong measures.The (1) The Company makes the following commitments
Company regarding measures to be taken in the event of failure
its to fulfill its commitments: If the Company fails to
controlling fulfill its commitments it will publicly explain the
shareholder specific reasons for non-fulfillment and apologize to
Others actual shareholders and public investors via the general 2020 No Long-term Yes N/A N/A
controller meeting of shareholders and the disclosure media valid
and other designated by the China Securities Regulatory
Directors Commission (CSRC). Directors supervisors and
Supervisors senior management personnel who are personally
and Senior responsible for the unfulfilled commitments will have
148 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Managemen their salaries or allowances reduced or suspended.t: Li Hong The resignation applications of such directors
Li Huajun supervisors and senior management personnel will
Gao Yihui not be approved though position adjustments may be
Chen made. If investors suffer losses due to the Company's
Quanshi failure to fulfill its commitments the Company will
Liao Yixin assume compensation liability in accordance with the
Zhou law.Runshu (2) The Company's controlling shareholder and actual
Zhang Wei controller Li Hongjing makes the following
Zhou commitments regarding measures to be taken in the
Qiufang event of failure to fulfill commitments: If I fail to
Ren fulfill the commitments disclosed in the prospectus I
Junzhao commit to publicly explaining the specific reasons for
Nong non-fulfillment and apologizing to the Company’s
Yingbin shareholders and public investors via the general
Wang meeting of shareholders and the disclosure media
Yongzhi designated by the CSRC. If my failure to fulfill the
Wang Yong commitments results in losses to the Company or
other investors I commit to assuming compensation
liability in accordance with the law. If I fail to fulfill
such compensation obligations the pre-IPO shares I
hold shall not be transferred until the compensation
obligation is fully satisfied. Additionally the
Company has the right to withhold my allocated cash
dividends to fulfill the compensation responsibility.
(3) The Company's other directors supervisors and
senior management personnel Li Hong Li Huajun
Gao Yihui Chen Quanshi Liao Yixin Zhou Runshu
Zhang Wei Zhou Qiufang Ren Junzhao Nong
Yingbin Wang Yongzhi Wang Yong commit that if
I fail to fulfill the public commitments disclosed in
the prospectus I will publicly explain the specific
reasons for non-fulfillment and apologize to the
Company’s shareholders and public investors via the
general meeting of shareholders and the disclosure
media designated by the CSRC. I will stop receiving
remuneration within 10 trading days from the
occurrence of such non-fulfillment and the shares of
the Company that I directly or indirectly hold (if any)
shall not be transferred until I have fully fulfilled the
149 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
relevant commitments. If my failure to fulfill the
commitments results in losses to the Company or
investors I commit to assuming compensation
liability in accordance with the law.
(1) I will not overstep my authority to interfere with
the Company's operational and management
activities nor will I infringe upon the Company's
interests.
(2) From the date of this commitment until the
completion of the issuance of the convertible
corporate bonds if the China Securities Regulatory
The Commission (CSRC) or other securities regulatory
Company's authorities introduce new regulatory requirements
controlling regarding the measures for compensating diluted
Others shareholder returns and related commitments and if the relevant Long-term
and actual content of this commitment does not meet such
2021 No valid Yes N/A N/A
controller: requirements I pledge to issue a supplemental
Li Hongjing commitment in accordance with the latest regulationsof the CSRC or other securities regulatory authorities.
(3) I commit to fully implementing the Company's
formulated measures for compensating diluted returns
Commitments and any related commitments. If I violate these
related to commitments and cause losses to the Company or
refinancing investors I am willing to assume legal responsibility
and provide compensation to the Company or
investors as required by law.Directors To ensure the effective implementation of the
and Senior Company's measures for compensating diluted
Executives: returns all directors and senior management hereby
Li make the following commitments:
Hongjing (1) We will not transfer benefits to other entities or
Li Hong individuals without compensation or on unfair terms
Nong nor will we engage in any activities that may harm
Others Yingbin the interests of the Company by other means. 2021 No Long-term Yes N/A N/A
Gao Yihui (2) We will regulate our personal expenditures related valid
Chen to our official duties.Quanshi (3) We will not use Company assets for investments
Liang or consumption activities unrelated to our
Danni Zhou responsibilities.Runshu (4) The remuneration system formulated by the Board
Fang of Directors or the Remuneration and Appraisal
150 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Wenbin Committee shall be linked to the implementation of
the Company's return compensation measures.
(5) If the Company introduces an equity incentive
plan in the future the vesting conditions of such a
plan shall be linked to the implementation of the
Company's return compensation measures.
(6) We commit to actively adopting all necessary and
reasonable measures in accordance with future
regulations issued by securities regulatory authorities
and stock exchanges to ensure the effective
implementation of the Company's return
compensation measures.
(7) We commit to fully implementing the Company's
formulated measures for compensating diluted returns
and any related commitments. If we violate these
commitments and cause losses to the Company or
investors we are willing to assume legal
responsibility and provide compensation to the
Company or investors as required by law.
(1) Currently there are no circumstances where the
Company and I as well as other enterprises under my
control are engaged in the same or similar principal
businesses; there is no horizontal competition
between the Company and me as well as other
enterprises under my control that has a material
adverse effect on the Company. (2) After the
The implementation of the investment projects funded by
Company's the proceeds raised from the Company’s initial public
controlling offering the Company and I as well as other
Others shareholder enterprises under my control will not engage in Long-term
and actual horizontal competition and no adverse impact will be
2021 No valid Yes N/A N/A
controller: imposed on the independence of the Company. (3) In
Li Hongjing the future I and other enterprises under my controlwill avoid horizontal competition with the Company.Should any business opportunity within the scope of
the Company’s principal business arise in the future I
will give priority to offering such an opportunity to
the Company. (4) If I fail to perform the foregoing
commitments I shall compensate the Company for
any losses suffered thereby. (5) The foregoing
commitments shall take effect as of the date of
151 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
execution and be legally binding on me and shall
expire on the date when I cease to be the controlling
shareholder (and/or actual controller) of the
Company.
152 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
ii. Where there had been an earnings forecast for an asset or project and the
Reporting Period was still within the forecast period explain why the forecast has or
has not been reached for the Reporting Period.□ Forecast reached □ Forecast unreached √ Not applicable
iii. Performance commitments
□ Applicable √ Not applicable
Changes to performance commitments:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
153 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
II Occupation of the Company’s Funds by the Controlling Shareholder or Other Related Parties for Non-Operating Purposes during
the Reporting Period
√ Applicable □ Not applicable
Unit: RMB
Name of Relations New amountsharehold Amount repaid Balance as of the
er or hip with
Time of occupied Expected Expected Expected
the occupatio Cause
Opening during the Closing date of this
balance during the Reporting balance Report’s repayment repayment repaymentrelated Company n Reportingparty Period Period disclosure
method amount time
Shenzhen
Daohe
Tongliao
Informati Transfer
on Other of our
Consultin related [Note] stake in 1578.50 - 1578.50 - - / / /
g party SkyFend
Enterprise Technolo
(Limited gy
Partnershi
p)
Shenzhen
Daohe
Tongwan
g Transfer
Informati Other of ouron stake in
Consultin related [Note] 462.00 - 462.00 - - / / /
g party
SkyFend
Technolo
Enterprise gy
(Limited
Partnershi
p)
Shenzhen Transfer
Daohe Other of our
Tongxing related [Note] stake in 354.00 - 354.00 - - / / /
Informati party SkyFend
on Technolo
154 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Consultin gy
g
Enterprise
(Limited
Partnershi
p)
Transfer
Other of ourNong related [Note] stake inYingbin party SkyFend
47.50-47.50--///
Technolo
gy
Total / / / 2442.00 - 2442.00 - - / / /
Closing amount as % of the latest audited equity -
Decision-making procedures for occupation of the Company’s funds
by the controlling shareholder or other related parties for /
non-operating purposes
Reasons persons held accountable and measures to be taken by the
Board of Directors for the new amount occupied by the controlling
shareholder or other related parties for non-operating purposes during /
the Reporting Period
Reasons persons held accountable and measures to be taken by the
Board of Directors for the failure to repay as planned funds occupied /
for non-operating purposes
Certified public accountant’s special audit opinion (if any) on the Please refer to the Special Audit Report on Occupation of Funds for Non-operating Purposes and Other Related-party
occupation of funds Transactions for details.Reasons why the information disclosed in this Report regarding the
occupation of the Company’s funds by the controlling shareholder or /
other related parties differs from the special audit opinion (if any)
[Note]: In March 2024 the Company signed an equity transfer agreement with Daohe Tongliao Daohe Tongwang Daohe Tongxing and Nong
Yingbin to transfer its 40% stake in SkyFend Technology with a payment period of three months after the signing of the agreement. At the end
of June 2024 the Company signed a Supplementary Agreement with the aforementioned transferees and SkyFend Technology extending the
payment period from three months to 24 months. The aforesaid matter was reviewed and approved at the 26th Meeting of the Fourth Board of
Directors and the Second Extraordinary General Meeting of Shareholders in 2025. As of the end of August 2025 the Company had received the
155 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
full amount of the equity transfer payments within the prescribed time limit of the Supplementary Agreement. All of the aforementioned funds
occupied have been fully repaid.III Irregularities in the Provision of Guarantees
□ Applicable √ Not applicable
156 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.IV Explanation Given by the Board of Directors Regarding “Independent Auditor’sReport with Modified Opinion”
□ Applicable √ Not applicable
V Reasons for Accounting Policy or Estimate Changes or Correction of Material
Accounting Errors and the Impact
i. Reasons for accounting policy or estimate changes and the impact
√ Applicable □ Not applicable
The Company has implemented since January 1 2026 the Interpretation No. 19 of
the Accounting Standards for Business Enterprises issued by the Ministry of Finance. This
change in accounting policy has no impact on the Company’s financial statements.
1. Significant changes in accounting policies
□ Applicable √ Not applicable
2. Significant changes in accounting estimates
□ Applicable √ Not applicable
ii. Reasons for correction of material accounting errors and the impact
□ Applicable √ Not applicable
iii. Communications with the former accounting firm
□ Applicable √ Not applicable
iv. Approval process and other information
□ Applicable √ Not applicable
VI Appointment and Dismissal of Accounting Firm
Unit: RMB
In service
Name of the domestic accounting firm Pan-China Certified Public Accounts LLP
The Company’s payment to the domestic
accounting firm 1000000
157 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
How many years the domestic accounting firm
has provided audit service for the Company 6
Name of certified public accountants of the
domestic accounting firm Geng Zhen and Ye Nan
How many years the certified public accountants
of the domestic accounting firm have provided 1 3
audit service for the Company
Name Payment
Accounting firm for the audit of Pan-China Certified Public
internal control Accounts LLP 280000
Financial advisor N/A /
Sponsor N/A /
Appointment and dismissal of accounting firm:
√ Applicable □ Not applicable
The Proposal on Re-appointing the Accounting Firm was reviewed and approved at
the Ninth Meeting of the Audit Committee of the Fourth Board of Directors the 18th
Meeting of the Fourth Board of Directors and the 2024 Annual General Meeting of
Shareholders. As such it was approved to appoint Pan-China Certified Public Accounts
LLP as the financial and internal control auditor for 2025.Change of the accounting firm during the audit:
□ Applicable √ Not applicable
Indicate whether the audit fee decreased over 20% (inclusive) compared with last year.□ Applicable √ Not applicable
VII Delisting Risk
i. Reasons for the delisting risk warning
□ Applicable √ Not applicable
ii. The Company’s response
□ Applicable √ Not applicable
iii. Risk of termination of listing and the reasons
□ Applicable √ Not applicable
158 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
VIII Insolvency and Reorganization
□ Applicable √ Not applicable
IX Significant Legal Matters
□ The Company has material litigation and arbitration this year
√ The Company has no material litigation and arbitration this year
X Punishments on the Company as well as Its Directors Senior executives
Controlling Shareholder and Actual Controller for Violation of Laws or Regulations
as well as the Relevant Rectifications
√ Applicable □ Not applicable
On December 5 2025 the Company and the relevant responsible persons received the
Decision on Ordering Autel Intelligent Technology Corp. Ltd. to Make Corrections and
Issuing Warning Letters to Li Hongjing Nong Yingbin and Fang Wenbin (Administrative
Supervision Measure Decision of the Shenzhen Securities Regulatory Bureau of the China
Securities Regulatory Commission [2025] No. 234) issued by the Shenzhen Securities
Regulatory Bureau of the China Securities Regulatory Commission (hereinafter referred to
as the “Shenzhen Securities Regulatory Bureau”). On the same date the Company received
the Decision on Criticizing Autel Intelligent Technology Corp. Ltd. and Relevant
Responsible Persons by Circulating a Notice (Disciplinary Action Decision of the Shanghai
Stock Exchange [2025] No. 225) issued by the Shanghai Stock Exchange (hereinafter
collectively referred to as the “Decisions”).After receiving the above-mentioned Decisions the Company attached great
importance to the matter convened relevant departments and personnel to analyze and
discuss the matters set forth in the Decisions and actively implemented rectification. In
respect of the issues involved in the Decisions the Company earnestly carried out
self-inspection and sorting-out in strict accordance with the requirements of relevant laws
regulations regulatory documents and the Articles of Association and in light of the actual
situation of the Company conducted in-depth analysis of the causes of the issues put
forward rectification measures and formulated and submitted a rectification report to the
regulatory authorities.The Company will continue to strengthen the study of relevant laws and regulations by
all directors senior management personnel and relevant responsible persons of the
159 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Company improve their performance capabilities to perform their duties faithfully
diligently and prudently continuously enhance the standardized operation of the Company
improve the information disclosure management system promote the standardized healthy
and sustainable development of the Company and effectively safeguard the interests of the
Company and all shareholders.XI Credit Standings of the Company as well as Its Controlling Shareholder and
Actual Controller during the Reporting Period
□ Applicable √ Not applicable
XII Major Related-Party Transactions
i. Continuing related-party transactions
1. Already disclosed in current announcement without new progress or changes
√ Applicable □ Not applicable
2. Disclosed in current announcement but with new progress or changes
□ Applicable √ Not applicable
3. Undisclosed in current announcement
□ Applicable √ Not applicable
ii. Related-party transactions regarding purchase or sale of assets or equity
investments
1. Already disclosed in current announcement without new progress or changes
√ Applicable □ Not applicable
Transaction overview Index to the disclosed information
Autel transferred 9% 1% and 1% (11% in total)
of its equity interests in its investee company
SkyFend Technology to Shenzhen Daohe Tongliao For further information please refer to the
Information Consulting Enterprise (Limited Announcement on Progress of the Signing of a
Partnership) Ms. Nong Yingbin and Mr. Shu Supplemental Agreement to the Equity Transfer
Xilin respectively. The said transaction was Agreement and Related-Party Transaction
reviewed and approved at the Third Special (Announcement No.: 2025-075) which we have
Meeting of Independent Directors of the Fourth disclosed on the website of the Shanghai Stock
Board of Directors the 18th Meeting of the Fourth Exchange (www.sse.com.cn).Board of Directors and the 12th Meeting of the
Fourth Supervisory Committee.
160 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
During the process taking into account the
external environment and the actual circumstances
of the transaction Autel re-planned its equity
interests in SkyFend Technology. After friendly
consultation careful study and full deliberation
among all parties involved and from the
perspective of safeguarding the interests of the
Company and its shareholders Autel terminated
the aforementioned transaction.We transferred our 34.50% 11% and 0.50%
equity stakes in the investee company SkyFend
Technology totaling 46% to seven newly
established employee stock ownership platforms For further information please refer to the
of SkyFend Technology Shenzhen Daohe Announcement on the Transfer of All Equity
Tongliao Information Consulting Enterprise Interests in a Joint-stock Company &
(Limited Partnership) and Mr. Zhao Guanjie. This Related-party Transactions (Announcement No.:
transaction has been completed and we no longer 2025-076) and the Announcement on Progress of
hold any equity in SkyFend Technology. The said the Transfer of All Equity Interests in a Joint-stock
transaction was reviewed and approved at the Company & Related-party Transactions
Fourth Special Meeting of Independent Directors (Announcement No.: 2025-089) which we have
of the Fourth Board of Directors the 26th Meeting disclosed on the website of the Shanghai Stock
of the Fourth Board of Directors the 15th Meeting Exchange (www.sse.com.cn).of the Fourth Supervisory Committee and the
Second Extraordinary General Meeting of
Shareholders in 2025.
2. Disclosed in current announcement but with new progress or changes
□ Applicable √ Not applicable
3. Undisclosed in current announcement
□ Applicable √ Not applicable
4. Where a performance commitment is involved in such a related-party transaction
the performance results for the Reporting Period shall be disclosed.□ Applicable √ Not applicable
iii. Major related-party transactions regarding joint investments in third parties
1. Already disclosed in current announcement without new progress or changes
□ Applicable √ Not applicable
2. Disclosed in current announcement but with new progress or changes
□ Applicable √ Not applicable
161 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
3. Undisclosed in current announcement
□ Applicable √ Not applicable
iv. Amounts due to and from related parties
1. Already disclosed in current announcement without new progress or changes
√ Applicable □ Not applicable
Overview Index to the disclosed information
The Proposal on the Adjustment to the Plan for the
Transfer of Equity in Subsidiary and Related-Party
Transaction was reviewed and approved at the
23rd meeting of the Third Board of Directors the
22nd Meeting of the Third Supervisory
Committee and the Second Extraordinary General
Meeting of Shareholders in 2022 on September 20
2022 and September 30 2022 respectively. Autel For further information please refer to the
transferred a total of 49% equity interests in its Announcement on Progress of the Signing of a
wholly-owned subsidiary SkyFend Technology to Supplemental Agreement to the Equity Transfer
Mr. Li Hongjing Ms. Nong Yingbin Daohe Agreement and Related-Party Transaction
Tongliao Daohe Tongwang and Daohe Tongxing. (Announcement No.: 2025-075) which we have
disclosed on the website of the Shanghai Stock
Upon consultation with all the parties involved Exchange (www.sse.com.cn).Autel signed a Supplementary Agreement with the
aforementioned transferees and SkyFend
Technology at the end of June 2024 extending the
payment period from three months to 24 months.As of the end of August 2025 Autel had received
the full amount of the equity transfer payment.We transferred our 34.50% 11% and 0.50%
equity stakes in the investee company SkyFend
Technology totaling 46% to seven newly
established employee stock ownership platforms
of SkyFend Technology Shenzhen Daohe
Tongliao Information Consulting Enterprise For further information please refer to the
(Limited Partnership) and Mr. Zhao Guanjie. Announcement on the Transfer of All Equity
Interests in a Joint-stock Company &
According to the Share Transfer Agreement signed Related-party Transactions (Announcement No.:
by the parties to the transaction each transaction 2025-076) which we have disclosed on the
counterparty shall pay 30% of their share transfer website of the Shanghai Stock Exchange
payments to the account designated by Party A (www.sse.com.cn).within three months from the date of confirmation
that the preconditions have been met or waived.The remaining 70% of their transfer payments
shall be paid by each party within 24 months from
the commencement date.
2. Disclosed in current announcement but with new progress or changes
√ Applicable □ Not applicable
162 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Regarding the transfer of our 46% stake in SkyFend Technology as per the agreement
we had received RMB44.0125 million of equity transfer payments as of the end of the
Reporting Period accounting for 40.54% of the total equity transfer payments.
3. Undisclosed in current announcement
□ Applicable √ Not applicable
v. Financial transactions between the Company and related finance companies or
between finance companies under the Company’s control and related parties
□ Applicable √ Not applicable
vi. Other information
□ Applicable √ Not applicable
XIII Major Contracts and the Execution
i. Entrustment Contracting and Leases
1. Entrustment
□ Applicable √ Not applicable
2. Contracting
□ Applicable √ Not applicable
3. Leases
□ Applicable √ Not applicable
163 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
ii. Guarantees
√ Applicable □ Not applicable
Unit: RMB
Guarantees provided by the Company for external parties (exclusive of those for subsidiaries)
Relations
hip Guarante Relationshi
between e Guarante p between
the Guarante Amount of occurrenc Type of Collateral Having Overdue Overdue Counter e for a theGuarantor guarantor ed party guarantee e date Start date End date guarantee (if any) expired or not amount guarantee related guaranteed
and the (agreeme or not party or party and
listed nt signing not the listed
company date) company
SkyFend
Technolo
gy and
other
SkyFend Decembe Decembe Novembe sharehold
Autel The 6440000 Joint-liabili ersCompany Technology 0
r 26 r 26 r 26 ty None Yes No 0 holding Yes Other2024 2024 2025 its equity
provided
a counter
guarantee
for Autel.Total amount of such guarantees incurred during the Reporting Period
(exclusive of those for subsidiaries) 64400000
Total balance of such guarantees at the period-end (A) (exclusive of
those for subsidiaries) 0
Guarantees provided by the Company and its subsidiaries for subsidiaries
164 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Relationsh Relationsh
ip between ip between Guarantee
the
Guarantor guarantor Guarantee
the occurrence Having
d party guaranteed
Amount of date Start date End date Type ofguarantee expired or
Overdue Overdue Counter
and the party and (agreement guarantee not or not amount guarantee
listed the listed signing date)
company company
Autel The Autel
Wholly-o July 3 Joint-liabil
Company Heda wned 6000000 July 3 2024 2024 July 2028 No No 0 Nosubsidiary ity
Autel Majority-o
Autel The Digital wned 2000000 October 29 October October Joint-liabilCompany No No 0 NoPower subsidiary 0 2024 29 2024 2028 ity
Wholly-o
Autel TheCompany Autel UK wned 17866.18
December December - Joint-liabil No No 0 No
subsidiary 17 2024 17 2024 ity
Wholly-o
Autel The Daohe 1000000 May 16 May 16 Joint-liabilCompany Tongtai wned 0 2025 2025 May 2028 ity No No 0 Nosubsidiary
Wholly-o
Autel The Daohe wned 800000 October 15 October October Joint-liabilCompany Tongtai subsidiary 2025 16 2025 2027 ity
No No 0 No
Total amount of such guarantees for subsidiaries incurred during the
Reporting Period 10800000
Total balance of such guarantees for subsidiaries at the period-end
(B) 36817866.18
Total guarantees (inclusive of those for subsidiaries)
Total guarantee amount (A+B) 36817866.18
Total guarantee amount as % of the Company’s equity 0.95
Of which:
Guarantee amount provided for shareholders actual controller and
their related parties (C) -
Debt guarantee amount provided directly or indirectly for entities with
an over 70% debt/asset ratio (D) 36817866.18
165 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Amount by which the total guarantee amount exceeds 50% of the
Company’s equity (E) -
The total amount of the above three kinds of guarantees (C+D+E) 36817866.18
Joint responsibilities possibly borne for undue guarantees N/A
The bank loan of the guaranteed party SkyFend Technology was fully repaid on November 26
Notes 2025 and the guarantee provided by Autel for the principal and interest of the comprehensivecredit line applied for by SkyFend Technology in proportion to its shareholding was fulfilled on
the same day.iii. Cash entrusted to other entities for management
1. Cash entrusted for financial management
(1) Total cash entrusted for financial management
√ Applicable □ Not applicable
Unit: RMB
Type Risk characteristic Undue amount Unrecovered overdue amount
Bank’s financial management
product Low risk - -
Other information
□ Applicable √ Not applicable
(2) Single financial management entrustment
√ Applicable □ Not applicable
Unit: RMB
Trustee Type of financial Risk Amount of financial Start date End date Use of Restricted Actual income Undue Unrecovered
166 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
management characteristic management funds or not or loss amount overdue
amount
Bank of Bank’s financial
Ningbo management Low risk 798848100.00 2025.1-2025.8 2025.2-2025.8 Bank No 1901539.41 - -product
China Bank’s financial
Merchants management Low risk 36000000.00 2025/3/13 2025/4/11 Bank No 54917.26 - -
Bank product
China Bank’s financial
CITIC Bank management Low risk 1155000000.00 2025.4-2025.8 2025.5-2025.8 Bank No 1660153.43 - -product
Other information
□ Applicable √ Not applicable
(3) Impairment allowances for financial management entrustment
□ Applicable √ Not applicable
2. Entrustment loans
(1) Total entrustment loans
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
167 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
(2) Single entrustment loans
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(3) Impairment allowances for entrustment loans
□ Applicable √ Not applicable
3. Other information
□ Applicable √ Not applicable
iv. Other significant contracts
□ Applicable √ Not applicable
XIV Progress on the Use of Raised Funds
√ Applicable □ Not applicable
168 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
i. Overall use of raised funds
√ Applicable □ Not applicable
Unit: RMB’0000
Total Cumulative
committed Cumulative Of which: Cumulative
investment Cumulative investment
investment
Raised amount of Total
amount of
raised amount of progress
progress Investment
with Investment amount in Total
Source of funds Total raised Netproceeds raised funds
amount of over-subscr with raised amount of
raised funds availability funds in the over-subscr
funds ibed funds funds as of over-subscr amount in the periodinvested as ibed funds the period as % of net re-purpose
date (1) prospectus ibed funds(3)=(1)-(2) of the
invested as the
of the period-end as of the (8) proceeds
d raised
or offering period-end period-end (%) (6) period-end (9)=(8)/(1)
funds
statement 4 ＝（ ）
(2)(5)(4)/(1)
(%)(7)＝
(5)/(3)
IPO of February
shares 10 2020 121800.00 109924.94 65000.62 44924.32 114967.86 46883.09 104.59 104.36 772.61 0.7 55609.64
Convertible July 14
bonds 2022 128000.00 126187.37 126187.37 0 116944.57 0 92.68 / 18562.89 14.71 -
Total / 249800.00 236112.31 191187.99 44924.32 231912.43 46883.09 / / 19335.50 / 55609.64
Other information:
□ Applicable √ Not applicable
ii. Details of raised funds invested projects
√ Applicable □ Not applicable
1. Use of raised funds
√ Applicable □ Not applicable
169 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Unit: RMB’0000
Whether
a Cumu
committ Total lative
ed planned amouInvest nt of Cumulative
Date Wheth
when er Specific Significinvestm investm investment Projec
Source Projec Projec ent Re-pur ent ment raised progress as the t invest reasons for Earni
Cumulati ant
amoun funds project ment investment ng in ve change Remainiof raised t t project posed amount t in invest of the conclufunds name nature in the or not of period-end is ready ded or progres progress not the
earnings in ng
prospect raised the ed as (%) (3) for its not s meets meeting the period
or R&D project amount
period of the ＝ intended the plan results feasibilius or funds
offering (1) period
(2)/(1) use plan ty
stateme -end
nt (2)
Autel
Xi'an
North
west
Head
quarte Yes
IPO of rs and cancel
shares R&D R&D Yes led/ter
55609.
Cente minate 64
r d
Const
ructio
n
Projec
t
Building
Autel on
Xi'an traditional
R&D diagnostic
Cente Yes systemsIPO of r 2406 Autel has
shares Const R&D No new 111.96 2023 Yes Yes N/A N/A No N/A
ructio project
7.81 conducted
smart
n repair IT
Projec R&D to
t strengthe
n smart
170 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
diagnostic
s.Relying
on the
rapid
developm
ent of the
new
energy
vehicle
market
and
Autel combinin
New g the EV
Energ repair
y toolchain
Produ Yes Autel hasIPO of ct R&D No new 2138shares 9.32 100.21 2023 Yes Yes N/A N/A
created a
complete No N/ADevel project
opme ecosyste
nt m for new
Projec energy
t providingproducts
and
services
related to
new
energy
charging
and
dischargi
ng
systems.Smart The
Vehic products
IPO of leDiagn R&D Yes No 9390.9 9776. March
are
shares 8 47 104.10 2022 Yes Yes N/A N/A primarily No N/Aosis based on
Cloud an
Servic efficient
171 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
e cloud
Platfo service
rm platform
Const architectu
ructio re. We
n have
Projec developed
t a digital
and smart
database
for repair
informati
on and
cases a
cloud
expert
service
system a
report
managem
ent
system
and AI
Inspectio
n Agent
to
enhance
the
overall
efficiency
of
customers
’ repair
and
maintena
nce.New Autel has
IPO of Energ Yesy R&D No new 772.6 1285 100.64 January
strengthe
shares 1 1.17 2025 Yes Yes N/A N/A ned its No 3.35Charg project technolog
ing ical
172 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Infras accumulat
tructu ion in the
re field of
R&D high-pow
Projec er fast
t charging
enriched
its
product
portfolio
and
improved
its
charging
infrastruct
ure
solutions.Perma Reple
nent nishm
replen ent of
IPO of ishme
worki
shares nt of
ng
capital Yes No
44924.4688
32 3.09 104.36 N/A Yes Yes N/A N/A N/A No N/Aworki
ng and
capita loan
l repayment
Autel Autel has
R&D upgraded
Cente its
r diagnostic
Const tablets
Convert ructio and others 10149.ible n and R&D Yes No 90000. 1856 8063New 00 2.89 5.61 89.60
Decemb
er 2025 Yes Yes N/A N/A
and 47
bonds launched
No (estimat
Gener new ed)
ation energy
Smart tools to
Repai seize
r and market
New opportuni
173 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Energ ties.y
Comp
rehen
sive
Soluti
on
R&D
Projec
t
Reple
Reple nishm
nishm ent of
Convert ent of worki
ible worki ng 36187. 3630
bonds ng capital
Yes No 37 8.96 100.34 N/A N/A N/A N/A N/A N/A No N/A
capita and
l loanrepay
ment
Total / / / / 236112 1933 2319.31 5.50 12.43 / / / / / / /
2. Use of over-subscribed funds
√ Applicable □ Not applicable
Unit: RMB’0000
Total amount of Cumulative amount of Cumulative investment
Purpose Nature oversubscribed funds to be over-subscribed funds invested as progress as of the
invested (1) of the period-end (2) period-end (%)
Remark
(3)＝(2)/(1)
The portion
Permanent Replenishment of exceeding the total
replenishment of working capital and 44924.32 46883.09 104.36 amount of
working capital loan repayment committed
investment of
174 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
raised funds is
interest income
Total / 44924.32 46883.09 / /
iii. Changes in or termination of raised funds invested projects during the Reporting Period
□ Applicable √ Not applicable
175 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
iv. Other use of the raised funds during the Reporting Period
1. Early investment and replacement regarding the investment projects with the raised
funds
√ Applicable □ Not applicable
On August 15 2025 the Proposal on Using Own Funds to Pay for Funds Needed by
Raised Funds Invested Projects and Swapping Them with an Equivalent Amount of Raised
Funds was reviewed and approved at the 24th Meeting of the Fourth Board of Directors and
the 14th Meeting of the Fourth Supervisory Committee. As such Autel was agreed to use
its own funds to pay for the funds needed by the raised funds invested projects during the
implementation period and to transfer an equivalent amount of funds from the special
account for raised funds to the Company’s basic or general deposit account. The
equivalently swapped funds were considered as funds already used for the raised funds
invested projects. The sponsor CITIC Securities Co. Ltd. issued a clear verification
opinion on this matter. For further information please refer to the Announcement on Using
Own Funds to Pay for Funds Needed by Raised Funds Invested Projects and Swapping
Them with an Equivalent Amount of Raised Funds (Announcement No.: 2025-062) which
we have disclosed on the website of the Shanghai Stock Exchange (www.sse.com.cn) on
August 16 2025.
2. Temporary supplementation of working capital with the idle raised funds
□ Applicable √ Not applicable
3. Use of idle raised funds for cash management and investment in relevant products
□ Applicable √ Not applicable
4. Other information
√ Applicable □ Not applicable
The Proposal on the Completion of a Raised Funds Invested Project and the
Permanent Supplementation of Working Capital with the Remaining Raised Funds was
reviewed and approved at the 14th Meeting of the Audit Committee of the Fourth Board of
176 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Directors on December 30 2025 and the 29th Meeting of the Fourth Board of Directors on
December 31 2025 respectively. As such Autel was agreed to permanently supplement its
working capital with RMB101.4947 million (actual amount subject to the balance of the
special account on the date of fund transfer) of the remaining raised funds upon thecompletion of the “Autel R&D Center Construction and New Generation IntelligentMaintenance and New Energy Comprehensive Solution R&D Project” among the projects
invested with funds raised from the offering of convertible corporate bonds to unspecified
investors in 2022 for the Company’s daily production and operation. The sponsor CITIC
Securities Co. Ltd. issued a clear verification opinion on this matter. For further
information please refer to the Announcement on the Completion of a Raised Funds
Invested Project and the Permanent Supplementation of Working Capital with the
Remaining Raised Funds (Announcement No.: 2026-002) which we have disclosed on the
website of the Shanghai Stock Exchange (www.sse.com.cn) on January 1 2026.v. The conclusive opinions of intermediary institutions regarding the special
verification and attestation of the deposit and use of raised funds
√ Applicable □ Not applicable
1. The sponsor’s conclusive opinion on the special verification report on the
Company’s deposit and use of raised funds in the year
Upon verification the sponsor is of the opinion that: Autel’s deposit and use of raised
funds in 2025 comply with the relevant provisions of the Administrative Measures for
Securities Issuance and Listing Sponsorship Business and the Self-Regulatory Guideline
No. 1 for Listed Companies of the STAR Market of the Shanghai Stock Exchange -
Standardized Operations etc. The funds were deposited in a special account and used for
the prescribed purposes; there was no disguised change in the use of funds or damage to
shareholder interests; and there was no irregularities in the use of raised funds.
2. Certified public accountants’ conclusive opinion on the attestation report on the
Company’s deposit and use of raised funds in the year
The certified public accountants are of the opinion that the Special Annual Report on
the Deposit Management and Use of Raised Funds prepared by Autel’s management for
2025 complies with the provisions of the Rules for the Supervision of Raised Funds of
Listed Companies (CSRC Announcement [2025] No. 10) and the Self-Regulatory
Guideline No. 1 for Listed Companies of the STAR Market of the Shanghai Stock
177 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Exchange - Standardized Operations (Revised in May 2025) (SSE Announcement [2025]
No. 69) and truthfully reflects Autel’s actual deposit management and use of raised funds
in 2025.Anomalies found during the verification:
□ Applicable √ Not applicable
vi. Subsequent rectification of unauthorized changes to the use of raised funds and
illegal misappropriation of raised funds
□ Applicable √ Not applicable
XV Other Significant Events for Investors’ Judgment of Value and Investment
Decision-making
□ Applicable √ Not applicable
178 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Part VI Share Changes and Shareholder Information
I Share Changes
i. Share changes
1. Share changes
Unit: share
Before Increase/decrease in the period (+/-) After
As % Bonus
of New issue Bonus issue As % ofNumber total issue from from capital Other Subtotal Number total
shares profit reserves shares
I Restricted shares
II Unrestricted
shares 451878028 100 911 218304502 218305413 670183441 100
1.
RMB-denominated 451878028 100 911 218304502 218305413 670183441 100
ordinary shares
2. Domestically
listed foreign
shares
3. Overseas listed
foreign shares
4. Others
III Total shares 451878028 100 911 218304502 218305413 670183441 100
2. Notes to share changes
√ Applicable □ Not applicable
(1) The “Autel Convertible Corporate Bond” issued by the Company to unspecified
investors began to be converted into shares on January 16 2023. From January 1 2025 to
May 6 2025 the number of shares converted from “Autel Convertible Corporate Bond”
was 646 (excluding the number of shares converted from capital reserves in the bonus issue
along with the 2024 final dividend payout); and from May 14 2025 to December 31 2025
the number of shares converted from “Autel Convertible Corporate Bond” was 265.
(2) On May 14 2025 Autel carried out its 2024 final dividend payout. Based on the
total share capital minus the shares in our account of repurchased shares at the record date
(May 13 2025) we paid a cash dividend of RMB5 (tax inclusive) per 10 shares to
shareholders and made a bonus issue of 4.9 additional shares for every 10 shares held by
shareholders from capital reserves totaling 218304502 shares.
179 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
3. Impact of share changes on financial indicators such as earnings per share and net
asset value per share for the most recent year and the most recent period (if any)
√ Applicable □ Not applicable
For further information please refer to “VI ii. Key financial indicators” under “Part IICorporate Information and Key Financial Information” in this Report.
4. Other information necessary to be disclosed or required to be disclosed
□ Applicable √ Not applicable
ii. Changes in restricted shares
□ Applicable √ Not applicable
II Issuance and Listing of Securities
i. Securities issued during the Reporting Period
√ Applicable □ Not applicable
Unit: Share Currency: RMB
Number of
Class of stock and Issue price Number of shares Final
its derivative Issue date (or interest shares Listing allowed trading
securities rate) issued date for public date
trading
Common stock
Convertible corporate bonds separate convertible bonds corporate bonds
Convertible July 14 RMB100/b 12800000 July 28 12800000 July 7
corporate bonds 2022 ond bonds 2022 bonds 2028
Bonds (including enterprise bonds corporate bonds and debt financing instruments of a non-financial
enterprise)
Depositary receipts
Other derivative securities
Notes to securities issued during the Reporting Period (for bonds with different interest
rates over the lifetime please specify separately):
□ Applicable √ Not applicable
180 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
ii. Changes in Total Shares and Shareholder Structure as well as in Asset and
Liability Structures
√ Applicable □ Not applicable
(1) The “Autel Convertible Corporate Bond” issued by the Company to unspecified
investors began to be converted into shares on January 16 2023. From January 1 2025 to
May 6 2025 the number of shares converted from “Autel Convertible Corporate Bond”
was 646 (excluding the number of shares converted from capital reserves in the bonus issue
along with the 2024 final dividend payout); and from May 14 2025 to December 31 2025
the number of shares converted from “Autel Convertible Corporate Bond” was 265.
(2) On May 14 2025 Autel carried out its 2024 final dividend payout. Based on the
total share capital minus the shares in our account of repurchased shares at the record date
(May 13 2025) we paid a cash dividend of RMB5 (tax inclusive) per 10 shares to
shareholders and made a bonus issue of 4.9 additional shares for every 10 shares held by
shareholders from capital reserves totaling 218304502 shares.III Shareholders and Actual Controller
i. Total number of shareholders
Number of ordinary shareholders at the period-end 21518
Number of ordinary shareholders at the month-end
prior to the disclosure of this Report 25674
Number of preference shareholders with resumed
voting rights at the period-end -
Number of preference shareholders with resumed
voting rights at the month-end prior to the -
disclosure of this Report
Number of shareholders with special voting rights
at the period-end -
Number of shareholders with special voting rights
at the month-end prior to the disclosure of this -
Report
Number of depositary receipt holders:
□ Applicable √ Not applicable
ii. Top 10 shareholders and public shareholders (or unrestricted shareholders) at the
period-end
Unit: share
181 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Top 10 shareholders (exclusive of shares lent in refinancing)
Shareholding Shareh Shares in pledge marked
increase/decre Closing olding Restricted or frozen Nature of
Full name of shareholder ase in the shareholdin percent shares shareholde
Reporting g age held r
Period (%) Status Shares
Li Hongjing 83678387 252169993 37.63 - N/A - Domesticindividual
Hong Kong Securities Overseas
Clearing Company 22831901 38510020 5.75 - N/A - corporatio
Limited n
Li Hong 2406412 16645140 2.48 - N/A - Domesticindividual
Zhi Yanqin 10502718 10502718 1.57 - N/A - Domesticindividual
Dazi Lava Investment
Management Co. Ltd Domestic－
Pingtan Lava New non-state-o
Strategy Equity 2440970 8214858 1.23 - N/A - wned
Investment Partnership corporation
(L.P.)
Xuan Yuan Investment
Limited－Xuan Yuan Ke
Xin Private Equity Fund 2584345 7857899 1.17 - N/A - Other
No. 46
Autel Intelligent
Technology Corp. Ltd.－
2024 Employee Stock 6886929 6886929 1.03 - N/A - Other
Ownership Plan
SDIC Securities Co. Ltd.－Bosera Shanghai Stock
STAR Market AI 4870518 4870518 0.73 - N/A - Other
Exchange-traded
Open-ended Index Fund
Wu Hongbin 1247715 4811657 0.72 - N/A - Domesticindividual
China Merchants Bank
Co. Ltd.－Southern
China Securities 1000 2055390 4298690 0.64 - N/A - Other
Exchange-traded
Open-ended Index Fund
Top 10 unrestricted shareholders (exclusive of shares lent in refinancing)
Class and number of
Name of shareholder Unrestricted public shares held shares
Class Number
RMB-de
nominat
Li Hongjing 252169993 ed 252169993
ordinary
stock
RMB-de
nominat
Hong Kong Securities Clearing Company Limited 38510020 ed 38510020
ordinary
stock
RMB-de
nominat
Li Hong 16645140 ed 16645140
ordinary
stock
Zhi Yanqin 10502718 RMB-denominat 10502718
182 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
ed
ordinary
stock
RMB-de
Dazi Lava Investment Management Co. Ltd－Pingtan nominat
Lava New Strategy Equity Investment Partnership (L.P.) 8214858 ed 8214858ordinary
stock
RMB-de
Xuan Yuan Investment Limited－Xuan Yuan Ke Xin nominat
Private Equity Fund No. 46 7857899 ed 7857899ordinary
stock
RMB-de
Autel Intelligent Technology Corp. Ltd.－2024 Employee nominat
Stock Ownership Plan 6886929 ed 6886929ordinary
stock
RMB-de
SDIC Securities Co. Ltd.－Bosera Shanghai Stock STAR nominat
Market AI Exchange-traded Open-ended Index Fund 4870518 ed 4870518ordinary
stock
RMB-de
nominat
Wu Hongbin 4811657 ed 4811657
ordinary
stock
RMB-de
China Merchants Bank Co. Ltd.－Southern China nominat
Securities 1000 Exchange-traded Open-ended Index Fund 4298690 ed 4298690ordinary
stock
Account of repurchased shares among the top 10
shareholders N/A
Shareholders above entrusting/entrusted with or waiving
voting rights N/A
Among the abovementioned shareholders Li Hong and Xuan
Related or acting-in-concert parties among shareholders Yuan Investment Limited－Xuan Yuan Ke Xin Private Equity
above Fund No. 46 are acting in concert. Apart from this the Companyis not aware of any other related parties or acting-in-concert
parties among the unrestricted shareholders above.Preference shareholders with resumed voting rights and
their shareholdings N/A
5% or greater shareholders top 10 shareholders and top 10 unrestricted shareholders
involved in refinancing shares lending:
□ Applicable √ Not applicable
Changes in top 10 shareholders and top 10 unrestricted shareholders compared with the
prior period due to refinancing shares lending/returning:
□ Applicable √ Not applicable
Shareholdings of the top 10 restricted shareholders and the restrictions:
□ Applicable √ Not applicable
183 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Top 10 domestic depositary receipt holders as of the period-end:
□ Applicable √ Not applicable
5% or greater depositary receipt holders top 10 depositary receipt holders and top 10
unrestricted depositary receipt holders involved in refinancing shares lending:
□ Applicable √ Not applicable
Changes in top 10 depositary receipt holders and top 10 unrestricted depositary receipt
holders compared with the prior period due to refinancing shares lending/returning:
□ Applicable √ Not applicable
Shareholdings of the top 10 restricted depositary receipt holders and the restrictions:
□ Applicable √ Not applicable
iii. Top 10 shareholders with voting rights as of the period-end
□ Applicable √ Not applicable
iv. Indicate whether any strategic investor or general corporation has become a top-10
shareholder in a rights issue of shares or depository receipts.□ Applicable √ Not applicable
v. Strategic rights issue in the IPO
1. Senior executives and key employees in the strategic rights issue in the IPO through
special asset management plans
□ Applicable √ Not applicable
2. Subsidiaries of the sponsor in the strategic rights issue in the IPO
□ Applicable √ Not applicable
184 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
IV Controlling Shareholder and Actual Controller
i. Controlling shareholder
1. Corporation
□ Applicable √ Not applicable
2. Individual
√ Applicable □ Not applicable
Name Li Hongjing
Nationality China
Residency in other countries or
regions (yes/no) No
Main occupations and positions Chairman of the Board and General Manager
3. Special statement regarding the fact that the Company does not have a controlling
shareholder
□ Applicable √ Not applicable
4. Change of the controlling shareholder in the Reporting Period
□ Applicable √ Not applicable
5. Illustration of the controlling shareholder’s ownership in the Company
√ Applicable □ Not applicable
Li Hongjing
Note
Haining Jiahui
Autel
Note: As of December 31 2025 Haining Jiahui held 430746 shares in the Company
accounting for 0.06% of the Company’s total share capital and all of these shares belonged
to Li Hongjing.
185 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
ii. Actual controller
1. Corporation
□ Applicable √ Not applicable
2. Individual
√ Applicable □ Not applicable
Name Li Hongjing
Nationality China
Residency in other countries or
regions (yes/no) No
Main occupations and positions Chairman of the Board and General Manager
Controlling interests in other
domestically and overseas listed None
companies in the past 10 years
3. Special statement regarding the fact that the Company does not have an actual
controller.□ Applicable √ Not applicable
4. Change of the actual controller in the Reporting Period
□ Applicable √ Not applicable
5. Illustration of the actual controller’s ownership in the Company
√ Applicable □ Not applicable
Li Hongjing
Note
Haining Jiahui
Autel
Note: As of December 31 2025 Haining Jiahui held 430746 shares in the Company
accounting for 0.06% of the Company’s total share capital and all of these shares belonged
to Li Hongjing.
186 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
6. Indicate whether the actual controller controls the Company via trust or other ways
of asset management.□ Applicable √ Not applicable
iii. Other information about the controlling shareholder and the actual controller
□ Applicable √ Not applicable
V Indicate whether the cumulative number of shares put in pledge by the Company’s
controlling shareholder or the largest shareholder and its acting-in-concert parties
accounts for over 80% of their shareholdings in the Company.□ Applicable √ Not applicable
VI Other 10% or Greater Corporate Shareholders
□ Applicable √ Not applicable
VII Restrictions on Shareholding or Depository Receipt Holding Reduction
□ Applicable √ Not applicable
VIII Share Repurchases during the Reporting Period
√ Applicable □ Not applicable
Unit: RMB
Name of the share repurchase plan Plan for Share Repurchase on the Open Market
Date of the disclosure of the share
repurchase plan April 9 2025
Number of shares to be repurchased
and that as % of the total share 1566661-3133323 shares accounting for 0.35%-0.69% of the
capital then share capital
Amount to be used for the share
repurchase RMB100 million-RMB200 million
Planned repurchase period From April 9 2025 to July 8 2025
Purpose of the repurchased shares To safeguard Autel’s value and protect shareholders’ interests
Number of shares that have been
repurchased 3595333
Number of shares that have been
repurchased as % of the total
underlying shares of the equity /
incentive plan (if any)
187 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Progress on reduction of repurchased As of December 31 2025 the Company has not reduced its
shares on the open market repurchased shares.IX Preference Shares
□ Applicable √ Not applicable
188 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Part VII Bonds
I Corporate Bonds (Inclusive of Enterprise Bonds) and Debt Financing Instruments
of Non-financial Enterprise
□ Applicable √ Not applicable
II Convertible Corporate Bonds
√ Applicable □ Not applicable
i. Issuance of convertible corporate bonds
√ Applicable □ Not applicable
Upon approval by the “CSRC Permit [2022] No. 852” the Company issued
12800000 convertible corporate bonds to unspecified objects on July 14 2022 with a par
value of RMB100 per bond and a total offering amount of RMB1280 million. The said
convertible corporate bonds were preferentially placed to the shareholders registered with
the Shanghai branch of China Securities Depository and Clearing Corporation Limited after
the close of the record date (July 7 2022 T-1 day). The remaining portion (including the
portion waived by the aforesaid shareholders) was issued by way of online pricing through
the Shanghai Stock Exchange’s trading system. The lead underwriter would carry out
standby underwriting if the subscription was less than RMB1280 million.With the approval of the Shanghai Stock Exchange’s “Self-regulatory Decision [2022]No. 201” the Company’s RMB1280 million convertible corporate bonds were listed for
trading on the Shanghai Stock Exchange from July 28 2022. The bond is referred to as
“Autel Convertible Corporate Bond” and the bond code is “118013”.ii. Holders and guarantors of convertible corporate bonds at the period-end
√ Applicable □ Not applicable
Name of convertible corporate
bonds Autel Convertible Corporate Bond
Number of holders of
convertible corporate bonds at 2977
the period-end
Guarantors of convertible
corporate bonds None
Top 10 holders of convertible corporate bonds:
Name of holder Bond-holding at the period-end(RMB) Bond-holding percentage (%)
China Merchants Bank
Company Limited－Bosera 89720000 7.01
189 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
China Securities Convertible
Bond and Exchangeable Bond
Exchange-traded Open-ended
Index Fund
Bank of China Limited－China
Southern Changyuan 48764000 3.81
Convertible Bond Fund
Bank of China－E Fund 42732000 3.34
Sustaining Growth Fund
Industrial and Commercial Bank
of China Limited－China
Southern Excellent Return Bond 38829000 3.03
Fund
China Merchants Bank
Company Limited－Fortune 33000000 2.58
SGAM Convertible Bond Fund
Agricultural Bank of China
Limited－Penghua Convertible 32430000 2.53
Bond Fund
CITIC Securities Co. Ltd.－
Fortis Haitong Shanghai Stock
Investment-grade Convertible
and Exchangeable Bond 32029000 2.50
Exchange-traded Open-ended
Index Fund
Industrial and Commercial Bank
of China Limited－GF
Convertible Bond Promoter’s 30646000 2.39
Fund
China Everbright Bank
Company Limited－Bosera
Convertible Bond Strengthen 30042000 2.35
Bond Fund
Basic Pension Insurance Fund
Portfolio 115 20163000 1.58
iii. Changes in convertible corporate bonds during the Reporting Period
√ Applicable □ Not applicable
Unit: RMB
Name of Change
convertible
corporate Before Converted to Redeemed Resold After
bond shares
Autel
Convertible
Corporate 1279710000 28000 - - 1279682000
Bond
Total shares converted from convertible corporate bonds during the Reporting Period:
√ Applicable □ Not applicable
190 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Name of convertible corporate bond Autel Convertible Corporate Bond
Amount of converted shares during the period
(RMB) 28000
Number of converted shares during the period
(share) 983
Cumulative number of converted shares (share) 13674
Cumulative number of converted shares as % of
the Company’s total issued shares before the 0.0020
conversion
Amount of unconverted shares (RMB) 1279682000
Unconverted shares as % of the total convertible
corporate bonds issued 99.9752
Note: As the 2024 final dividend and bonus issue plan was carried out on May 14
2025 the above-mentioned cumulative number of converted shares and the Company’s
total issued shares before the conversion have been adjusted accordingly.iv. Adjustments to bond-to-stock conversion price
√ Applicable □ Not applicable
Unit: RMB
Name of convertible
corporate bond Autel Convertible Corporate Bond
Date of Adjusted Date of
adjustment price disclosure Media for disclosure Note
The website of the
Shanghai Stock The Company completed the
Exchange share registration procedures for
August 16 August 15 (www.sse.com.cn) the second vesting period of the
2023 34.71 2023 China Securities first grant and the first vestingJournal Shanghai period of the reserved restricted
Securities News shares of the 2020 Restricted
Securities Times and Share Incentive Plan.Securities Daily
The website of the
Shanghai Stock
Exchange
May 20 34.32 May 13
(www.sse.com.cn)
2024 2024 China Securities
The Company carried out the
Journal Shanghai 2023 final dividend payout.Securities News
Securities Times and
Securities Daily
The website of the
Shanghai Stock
Exchange
September September (www.sse.com.cn)
9 2024 33.93 3 2024 China Securities
The Company carried out the
Journal Shanghai 2024 interim dividend payout.Securities News
Securities Times and
Securities Daily
May 14 The website of the
202522.55
May 7
2025 Shanghai Stock
The Company carried out the
Exchange 2024 final dividend payout.
191 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
(www.sse.com.cn)
China Securities
Journal Shanghai
Securities News
Securities Times and
Securities Daily
The website of the
Shanghai Stock
Exchange
September September (www.sse.com.cn)
23 2025 21.98 17 2025 China Securities
The Company carried out the
Journal Shanghai 2025 interim dividend payout.Securities News
Securities Times and
Securities Daily
Latest conversion price as
of the period-end 21.98
v. The Company’s liabilities credit status changes and cash arrangements for debt
repayment in future years
√ Applicable □ Not applicable
1. Liabilities
As of the end of the Reporting Period Autel’s total assets were RMB7259186823.69
total liabilities were RMB3569028492.88 and the debt/asset ratio was 49.17%.
2. Credit status changes
According to the 2025 Tracking Rating Report on the Bonds of Autel Intelligent
Technology Corp. Ltd. (Zhongpeng Credit Rating [2025] Tracking No. [147] 01) issued by
CSCI Pengyuan Credit Rating Co. Ltd. on June 23 2025 the Company’s corporate credit
rating was AA and the credit rating of “Autel Convertible Corporate Bond” was
maintained at AA with a stable rating outlook.
3. Cash arrangements for debt repayment in future years
In the future the funds for the Company to pay the principal and interest of the
convertible corporate bonds will mainly come from the cash flow generated from its
production and operating activities. The Company’s operations are stable its debt
repayment ability is good and there is no default risk.vi. Other information
√ Applicable □ Not applicable
From June 9 2025 to July 1 2025 Autel’s closing stock price met the condition of not
being lower than 130% (inclusive i.e. RMB29.32 per share) of the current conversion
192 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
price of “Autel Convertible Corporate Bond” (RMB22.55 per share) for 15 out of 30
consecutive trading days thus triggering the conditional redemption clause of the bond.The Proposal on Not Redeeming “Autel Convertible Corporate Bond” Early was
reviewed and approved at the 23rd Meeting of the Fourth Board of Directors on July 1
2025. The Board decided not to exercise the right to redeem “Autel Convertible CorporateBond” early this time. Within the next six months (i.e. from July 2 2025 to January 1
2026) if the redemption clause of the bond is triggered again Autel will not exercise the
right to redeem early. After that the redemption period will be recalculated with January 2
2026 (or the next trading day if it is not a trading day). If the redemption clause is triggered
again the Board will convene another meeting to decide whether to exercise the right to
redeem the bond early.
193 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Part VIII Financial Statements
I Independent Auditor’s Report
√ Applicable □ Not applicable
I Opinion
We have audited the financial statements of Autel Intelligent Technology Corp. Ltd.(“Autel” or the “Company”) which comprise the consolidated and parent company balance
sheets as at December 31 2025 the consolidated and parent company statements of income
cash flows and changes in owners’ equity for the year then ended as well as the notes to
the financial statements.In our opinion the financial statements referred to above present fairly in all material
respects the consolidated and parent company financial position of the Company at
December 31 2025 and the consolidated and parent company operating results and cash
flows for the year then ended in conformity with the Chinese Accounting Standards
(CAS).
II Basis for Opinion
We conducted our audits in accordance with the Audit Standards for Chinese
Registered Accountants. Our responsibilities under those standards are further described in
the Auditor’s Responsibilities for Audit of Financial Statements section of our report. We
are independent of the Company in accordance with Chinese Certified Public Accountant
Independence Standard No. 1 – Independence Requirements for Financial Statement Audits
and Reviews and the China Code of Ethics for Certified Public Accountants and we have
fulfilled our other ethical responsibilities in accordance with the said Code of Ethics. In our
audit we have adhered to the independence requirements for auditing entities of public
interest. We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our opinion.III Key Audit Matters
Key audit matters are matters that based on our professional judgment are deemed
most important to the audit of the financial statements of the current period. These matters
were addressed in the context of our audit of the financial statements as a whole and in
forming our opinion thereon and we do not provide a separate opinion on these matters.
194 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
i. Revenue recognition
1. Description of the matter
For the relevant information disclosure please refer to Notes V (33) and VII (61) of
the financial statements.The revenue of Autel primarily comes from the sales of vehicle diagnostic tablets and
others TPMS products ADAS products automotive electronic components and new
energy chargers as well as software cloud services related to these products. Autel reported
operating revenue of RMB4832.7519 million in 2025 with revenue from principal
operations amounting to RMB4773.1686 million accounting for 98.77% of the total
operating revenue.As operating revenue is one of the key performance indicators for Autel there is an
inherent risk that Autel’s management (hereinafter referred to as the “management”) may
engage in improper revenue recognition to meet specific goals or expectations. Therefore
we have identified revenue recognition as a key audit matter.
2. Audit response
(1) The key internal controls related to revenue recognition were understood and the
design of these controls was evaluated to determine whether they have been implemented.Additionally the operating effectiveness of the relevant internal controls was tested.
(2) Sales contracts were checked to learn about the main clauses or conditions and
evaluate the appropriateness of the revenue recognition method.
(3) Analytical procedures on revenue and gross profit margin were implemented by
month product and customer to identify any significant or unusual fluctuations and
investigate the causes of these fluctuations.
(4) For domestic sales revenue items were selected to check the supporting documents
related to revenue recognition including distributor contracts orders delivery notes and
transportation documents. For export revenue electronic port information and book record
reconciliation were obtained. Meanwhile items were selected to check the supporting
documents such as sales orders export customs declarations bills of lading and sales
invoices. For revenue from foreign subsidiaries items were selected to check the
supporting documents related to revenue recognition including sales contracts orders
invoices transportation documents and logistics receipt records. For software cloud service
revenue items were selected to check the supporting documents related to revenue
195 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
recognition including software upgrade transactions and collection records as well as
backend activation details.
(5) In combination of confirmation requests for accounts receivable items were
selected to confirm the sales amount for the current period with major customers.
(6) Cutoff tests were checked to ensure revenue was recognized in the appropriate
period.
(7) Post-balance sheet sales return records were obtained to check whether there were
any cases where the revenue recognition conditions were not met as of the balance sheet
date.
(8) It was checked whether the information related to operating revenue has been
appropriately disclosed in the financial statements.ii. Net realizable value of inventories
1. Description of the matter
For the relevant information disclosure please refer to Notes V (16) and VII (10) of
the financial statements.As of December 31 2025 Autel reported inventories with a gross amount of
RMB1829.0540 million after accounting for impairment provisions of RMB160.8147
million resulting in a carrying amount of RMB1668.2393 million.Inventories were measured subject to cost and net realizable value whichever is lower.The management determined the net realizable value by estimating the selling price less the
estimated costs upon completion estimated selling expenses and related taxes. As the
inventory amount was significant and determining the net realizable value of inventories
involved significant management judgment we have identified the net realizable value of
inventories as a key audit matter.
2. Audit response
The audit procedures that were related to the net realizable value of inventories and
implemented included:
(1) The key internal controls related to the net realizable value of inventories were
understood to evaluate the design of these controls and determine whether they had been
implemented. Additionally the operating effectiveness of the relevant internal controls was
tested.
196 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
(2) Items were selected to evaluate the reasonableness of estimated selling prices and
it was reviewed whether the estimated selling prices were consistent with historical data
subsequent events and market information.
(3) The reasonableness of the management’s estimates of costs of inventories upon
completion selling expenses and related taxes was evaluated.
(4) The accuracy of the management’s calculations of the net realizable value of
inventories was tested.
(5) In combination of inventory monitoring and check it was checked whether there
were such circumstances as inventory aging model obsolescence reduced production or
changes in technological or market demand at the end of the period so as to evaluate the
reasonableness of the management’s estimates regarding the net realizable value of
inventories.
(6) It was checked whether the information related to the net realizable value of
inventories had been appropriately disclosed in the financial statements.IV Other Information
The Company’s management is responsible for the other information. The other
information comprises all of the information included in the Company’s Annual Report
other than the financial statements and our auditor’s report thereon.Our opinion on the financial statements does not cover the other information and we
do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements our responsibility is to read
the other information and in doing so consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated.If based on the work we have performed we conclude that there is a material
misstatement of this other information we are required to report that fact. We have nothing
to report in this regard.V Responsibilities of Management and Those Charged with Governance for
Financial Statements
The Company’s management is responsible for the preparation of the financial
statements that give a fair view in accordance with CAS and for designing implementing
197 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
and maintaining such internal control as the management determines is necessary to enable
the preparation of financial statements that are free from material misstatement whether
due to fraud or error.In preparing the financial statements the management is responsible for assessing the
Company’s ability to continue as a going concern disclosing as applicable matters related
to going concern (if applicable) and using the going concern basis of accounting unless the
management either intends to liquidate the Company or to cease operations or have no
realistic alternative but to do so.Those charged with governance are responsible for overseeing the Company’s
financial reporting process.VI Auditor’s Responsibilities for Audit of Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement whether due to fraud or error
and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high
level of assurance but is not a guarantee that an audit conducted in accordance with CAS
will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if individually or in the aggregate they could
reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.As part of an audit in accordance with CAS we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
i. Identify and assess the risks of material misstatement of the financial statements
whether due to fraud or error design and perform audit procedures responsive to those risks
and obtain audit evidence that is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error as fraud may involve collusion forgery intentional
omissions misrepresentations or the override of internal control.ii. Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances.iii. Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the management.
198 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
iv. Conclude on the appropriateness of the management’s use of the going concern
basis of accounting and based on the audit evidence obtained whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the
Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists we are required by CAS to draw users’ attention in our auditor’s report
to the related disclosures in the financial statements or if such disclosures are inadequate
to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor’s report. However future events or conditions may cause the Company
to cease to continue as a going concern.v. Evaluate the overall presentation structure and content of the financial statements
and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.vi. Obtain sufficient appropriate audit evidence regarding the financial information of
the entities or business activities within the Company to express an opinion on the financial
statements. We are responsible for the direction supervision and performance of the
Company audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding among other matters
the planned scope and timing of the audit and significant audit findings including any
noteworthy deficiencies in internal control that we identify during our audit.We also provide those charged with governance with a statement that we have
complied with relevant ethical requirements regarding independence and communicate
with them all relationships and other matters that may reasonably be thought to bear on our
independence and where applicable related safeguards.From the matters communicated with those charged with governance we determine
those matters that were of most significance in the audit of the financial statements of the
current period and are therefore the key audit matters. We describe these matters in our
auditor’s report unless law or regulation precludes public disclosure about the matter or
when in extremely rare circumstances we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
199 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Pan-China Certified Public Accountants LLP Chinese certified public accountant:
(Engagement Partner)
Hangzhou·China Chinese certified public accountant:
March 20 2026
II Financial Statements
Consolidated Balance Sheet
December 31 2025
Prepared by Autel Intelligent Technology Corp. Ltd.Unit: RMB
Item Note December 31 2025 December 31 2024
Current assets:
Monetary assets VII（1） 1681841828.84 1828676048.69
Settlement reserve
Loans to other banks and
financial institutions
Held-for-trading financial
assets
Derivative financial assets
Notes receivable VII（4） 3318915.70 4926365.63
Accounts receivable VII（5） 1137762744.54 866754517.65
Receivables financing
Prepayments VII（8） 92716280.44 93796808.00
Premiums receivable
Reinsurance receivables
Receivable reinsurance
contract reserve
Other receivables VII（9） 42151663.64 62031971.26
Of which: Interest receivable
Dividends
receivable
Financial assets purchased
under resale agreements
Inventories VII（10） 1668239318.16 1151135380.05
Of which: Data resources
Contract assets
Assets held for sale
Current portion of
non-current assets
Other current assets VII（13） 329415575.78 237444024.96
Total current assets 4955446327.10 4244765116.24
Non-current assets:
Loans and advances to
customers
Debt investments
200 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Other debt investments
Long-term receivables
Long-term equity
investments VII（17） 500000.00 46871205.76
Other equity investments
Other non-current financial
assets VII（19） 4913258.26 7021284.08
Investment properties
Fixed assets VII（21） 1219215619.82 1249662845.70
Construction in progress VII（22） 62463.31
Productive living assets
Oil and gas assets
Right-of-use assets VII（25） 247893834.94 48029568.67
Intangible assets VII（26） 177418531.97 128941981.61
Of which: Data resources
Development costs VIII 77709022.37 55731847.87
Of which: Data resources
Goodwill
Long-term prepaid expense VII（28） 81507729.89 63392893.22
Deferred income tax assets VII（29） 257536257.59 321972220.31
Other non-current assets VII（30） 237046241.75 141139074.33
Total non-current assets 2303740496.59 2062825384.86
Total assets 7259186823.69 6307590501.10
Current liabilities:
Short-term borrowings
Borrowings from the central
bank
Loans from other banks and
financial institutions
Held-for-trading financial
liabilities
Derivative financial liabilities
Notes payable VII（35） 186356161.77 149368685.23
Accounts payable VII（36） 372148169.95 316951128.22
Advances from customers VII（37） 670859.20 951557.22
Contract liabilities VII（38） 476716688.65 381714694.17
Financial assets sold under
repurchase agreements
Customer deposits and
deposits from other banks and
financial institutions
Payables for acting trading of
securities
Payables for underwriting of
securities
Employee benefits payable VII（39） 293264460.90 232238663.94
Taxes and levies payable VII（40） 60753748.48 74439587.23
Other payables VII（41） 133915646.43 126102610.81
Of which: Interest payable
Dividends payable
Fees and commissions
payable
201 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Reinsurance payables
Liabilities directly associated
with assets held for sale
Current portion of
non-current liabilities VII（43） 62724546.93 27422917.04
Other current liabilities VII（44） 39993886.11 27374527.08
Total current liabilities 1626544168.42 1336564370.94
Non-current liabilities:
Insurance contract reserve
Long-term borrowings
Bonds payable VII（46） 1204602738.43 1175814692.17
Of which: Preference shares
Perpetual bonds
Lease liabilities VII（47） 201823998.81 25115372.96
Long-term payables
Long-term employee benefits
payable
Provisions VII（50） 7166640.02 26827549.50
Deferred income VII（51） 5544996.90 2835419.92
Deferred income tax
liabilities VII（29） 75689060.41 75689060.41
Other non-current liabilities VII（52） 447656889.89 241979614.63
Total non-current
liabilities 1942484324.46 1548261709.59
Total liabilities 3569028492.88 2884826080.53
Owners’ equity (or shareholders’ equity):
Paid-in capital (or share
capital) VII（53） 670183441.00 451878028.00
Other equity instruments VII（54） 192375953.90 192380163.16
Of which: Preference shares
Perpetual bonds
Capital reserves VII（55） 1214502295.49 1421124989.13
Less: Treasury shares VII（56） 89180183.35 142933220.27
Other comprehensive income VII（57） -111463016.66 -28223467.84
Specific reserve
Surplus reserves VII（59） 239566904.96 186916422.41
General reserve
Retained earnings VII（60） 1754183356.05 1476651105.27
Total equity attributable to
owners of the parent company 3870168751.39 3557794019.86
Non-controlling interests -180010420.58 -135029599.29
Total owners’ equity (or
shareholders’ equity) 3690158330.81 3422764420.57
Total liabilities and
owners’ equity (or 7259186823.69 6307590501.10
shareholders’ equity)
Legal representative: Li Hongjing Person in charge of accounting: Li Hongjing
Head of the financial department: Pan Haotian
202 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Balance Sheet of the Parent Company
December 31 2025
Prepared by Autel Intelligent Technology Corp. Ltd.Unit: RMB
Item Note December 31 2025 December 31 2024
Current assets:
Monetary assets 820027428.96 1112631694.31
Held-for-trading financial
assets
Derivative financial assets
Notes receivable 3318915.70 4926365.63
Accounts receivable XIX（1） 1004320392.77 1008251386.40
Receivables financing
Prepayments 1112781616.26 311853424.79
Other receivables XIX（2） 1259091825.55 1155928917.31
Of which: Interest receivable
Dividends
receivable
Inventories 167601184.50 122170387.56
Of which: Data resources
Contract assets
Assets held for sale
Current portion of
non-current assets
Other current assets 72380265.64 34256325.31
Total current assets 4439521629.38 3750018501.31
Non-current assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity
investments XIX（3） 1456733828.99 1390081403.67
Other equity investments
Other non-current financial
assets 4913258.26 7021284.08
Investment properties
Fixed assets 190826951.92 193777588.89
Construction in progress
Productive living assets
Oil and gas assets
Right-of-use assets 184356819.32 47473783.60
Intangible assets 124455993.09 105313713.66
Of which: Data resources
Development costs 12214302.24 23991430.53
Of which: Data resources
Goodwill
Long-term prepaid expense 7225134.46 6016649.24
Deferred income tax assets 49495180.37 133436737.48
Other non-current assets 202467040.24 128304686.03
Total non-current assets 2232688508.89 2035417277.18
Total assets 6672210138.27 5785435778.49
203 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Current liabilities:
Short-term borrowings
Held-for-trading financial
liabilities
Derivative financial liabilities
Notes payable 186356161.77 149368685.23
Accounts payable 1784227731.50 1336952851.79
Advances from customers
Contract liabilities 136504111.74 106410984.43
Employee benefits payable 103471810.20 82166983.29
Taxes and levies payable 325598.85 372897.27
Other payables 243472067.37 45751385.54
Of which: Interest payable
Dividends payable
Liabilities directly associated
with assets held for sale
Current portion of
non-current liabilities 59359684.18 26749882.02
Other current liabilities 25709319.18 18567217.71
Total current liabilities 2539426484.79 1766340887.28
Non-current liabilities:
Long-term borrowings
Bonds payable 1204602738.43 1175814692.17
Of which: Preference shares
Perpetual bonds
Lease liabilities 177343270.49 77289566.23
Long-term payables
Long-term employee benefits
payable
Provisions 24789450.64
Deferred income 931410.06 806414.74
Deferred income tax
liabilities
Other non-current liabilities 74826999.78 51559516.33
Total non-current
liabilities 1457704418.76 1330259640.11
Total liabilities 3997130903.55 3096600527.39
Owners’ equity (or shareholders’ equity):
Paid-in capital (or share
capital) 670183441.00 451878028.00
Other equity instruments 192375953.90 192380163.16
Of which: Preference shares
Perpetual bonds
Capital reserves 1123630783.62 1330253477.22
Less: Treasury shares 89180183.35 142933220.27
Other comprehensive income
Specific reserve
Surplus reserves 239566904.96 186916422.41
Retained earnings 538502334.59 670340380.58
Total owners’ equity (or
shareholders’ equity) 2675079234.72 2688835251.10
Total liabilities and
owners’ equity (or 6672210138.27 5785435778.49
shareholders’ equity)
204 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Legal representative: Li Hongjing Person in charge of accounting: Li Hongjing
Head of the financial department: Pan Haotian
205 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Consolidated Income Statement
January-December 2025
Unit: RMB
Item Note 2025 2024
I Total revenues VII（61） 4832751860.91 3932256447.46
Of which: Operating revenue VII（61） 4832751860.91 3932256447.46
Interest income
Insurance premium income
Fee and commission income
II Total costs and expenses 3876886163.03 3319421806.74
Of which: Cost of sales VII（61） 2123193935.28 1757168323.58
Interest costs
Fee and commission costs
Surrenders
Net insurance claims paid
Net amount provided as
reserve for insurance obligations
Expenditure on policy
dividends
Reinsurance premium expense
Taxes and levies VII（62） 25263480.50 21785105.43
Selling expense VII（63） 574522935.79 559013309.44
Administrative expense VII（64） 395727313.28 323794075.80
R&D expense VII（65） 774630849.60 635783425.06
Finance costs VII（66） -16452351.42 21877567.43
Of which: Interest expense 74627945.20 69503846.88
Interest income 28306891.29 26120309.87
Add: Other income VII（67） 80779340.37 71588844.04
Return on investment (“－” for
loss) VII（68） 73586447.25 88937690.69
Of which: Share of profit or
loss of joint ventures and associates 31820272.88 -11088794.24
Income from the
derecognition of financial assets at
amortized cost
Exchange gain (“－” for loss)
Net gain on exposure hedges
(“－” for loss)
Gain on changes in fair value
(“ ” for loss) VII（70） -2108025.82 -8076897.07－
Credit impairment loss (“－”
for loss) VII（71） -33294741.84 -23484512.82
Asset impairment loss (“－”
for loss) VII（72） -17743252.36 -93162576.87
Asset disposal income (“－”
for loss) VII（73） -428551.31 -277119.50
III Operating profit (“－” for loss) 1056656914.17 648360069.19
Add: Non-operating income VII（74） 25034491.39 3171306.86
Less: Non-operating expense VII（75） 2569999.74 14367389.90
IV Gross profit (“－” for gross loss) 1079121405.82 637163986.15
206 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Less: Income tax expense VII（76） 188639910.09 76826357.36
V Net profit (“－” for net loss) 890481495.73 560337628.79
i. By operating continuity
1. Net profit from continuing
operations (“－” for net loss) 890481495.73 560337628.79
2. Net profit from discontinued
operations (“－” for net loss)
ii. By ownership
1. Net profit attributable to
owners of the parent company (“－” 935875122.31 640925193.32
for net loss)
2. Net profit attributable to
non-controlling interests (“－” for net -45393626.58 -80587564.53
loss)
VI Other comprehensive income net
of tax VII（77） -82826743.53 -27481346.43
i. Other comprehensive income net
of tax attributable to owners of the -83239548.82 -27272544.01
parent company
1. Other comprehensive income
that will not be reclassified to profit or
loss
(1) Changes caused by
remeasurements on defined benefit
schemes
(2) Other comprehensive income
that will not be reclassified to profit or
loss under the equity method
(3) Changes in the fair value of
other equity investments
(4) Changes in the fair value arising
from changes in own credit risk
2. Other comprehensive income
that will be reclassified to profit or -83239548.82 -27272544.01
loss
(1) Other comprehensive income
that will be reclassified to profit or
loss under the equity method
(2) Changes in the fair value of
other debt investments
(3) Other comprehensive income
arising from the reclassification of
financial assets
(4) Credit impairment allowances
for other debt investments
(5) Reserve for cash flow hedges
(6) Differences arising from the
translation of foreign
currency-denominated financial -83239548.82 -27272544.01
statements
(7) Other
ii. Other comprehensive income net
of tax attributable to non-controlling 412805.29 -208802.42
interests
VII Total comprehensive income 807654752.20 532856282.36
207 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
i. Total comprehensive income
attributable to owners of the parent 852635573.49 613652649.31
company
ii. Total comprehensive income
attributable to non-controlling interests -44980821.29 -80796366.95
VIII Earnings per share:
i. Basic earnings per share
(RMB/share) 1.42 0.97
ii. Diluted earnings per share
(RMB/share) 1.25 0.95
Where business combinations involving entities under common control occurred in the
period the net profit achieved by the acquirees before the combinations was nil with the
amount for last year being nil.Legal representative: Li Hongjing Person in charge of accounting: Li Hongjing
Head of the financial department: Pan Haotian
208 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Income Statement of the Parent Company
January-December 2025
Unit: RMB
Item Note 2025 2024
I Operating revenue XIX（4） 2397612605.55 2215884866.92
Less: Cost of sales XIX（4） 1383396583.61 1614189598.57
Taxes and levies 2185776.29 1678895.85
Selling expense 94368446.41 89384895.46
Administrative expense 251158382.48 212195799.31
R&D expense 193563211.49 118837553.35
Finance costs 3359026.81 -3713416.76
Of which: Interest expense 50408674.44 47256939.13
Interest income 39460116.93 37187966.59
Add: Other income 8166972.82 2606487.42
Return on investment (“－” XIX（5） 119783570.69 1226014.15
for loss)
Of which: Share of profit or
loss of joint ventures and associates
Income from the
derecognition of financial assets at
amortized cost
Net gain on exposure hedges
(“－” for loss)
Gain on changes in fair value
(“ ” for loss) -2108025.82 -8076897.07－
Credit impairment loss (“－”
for loss) -1228698.23 4552568.91
Asset impairment loss (“－”
for loss) -540564.62 22941962.83
Asset disposal income (“－”
for loss) 76051.17 -416147.58
II Operating profit (“－” for loss) 593730484.47 206145529.80
Add: Non-operating income 24802062.56 2139861.95
Less: Non-operating expense 1794651.90 492624.00
III Gross profit (“－” for gross loss) 616737895.13 207792767.75
Less: Income tax expense 90233069.59 16742335.92
IV Net profit (“－” for net loss) 526504825.54 191050431.83
i. Net profit from continuing
operations (“－” for net loss) 526504825.54 191050431.83
ii. Net profit from discontinued
operations (“－” for net loss)
V Other comprehensive income net of
tax
i. Other comprehensive income that
will not be reclassified to profit or loss
1. Changes caused by
remeasurements on defined benefit
schemes
2. Other comprehensive income
that will not be reclassified to profit or
loss under the equity method
209 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
3. Changes in the fair value of
other equity investments
4. Changes in the fair value
arising from changes in own credit risk
ii. Other comprehensive income that
will be reclassified to profit or loss
1. Other comprehensive income
that will be reclassified to profit or
loss under the equity method
2. Changes in the fair value of
other debt investments
3. Other comprehensive income
arising from the reclassification of
financial assets
4. Credit impairment allowances
for other debt investments
5. Reserve for cash flow hedges
6. Differences arising from the
translation of foreign
currency-denominated financial
statements
7. Other
VI Total comprehensive income 526504825.54 191050431.83
VII Earnings per share:
i. Basic earnings per share
(RMB/share)
ii. Diluted earnings per share
(RMB/share)
Legal representative: Li Hongjing Person in charge of accounting: Li Hongjing
Head of the financial department: Pan Haotian
210 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Consolidated Cash Flow Statement
January-December 2025
Unit: RMB
Item Note 2025 2024
I Cash flows from operating activities:
Proceeds from sale of goods
and rendering of services 5016813150.88 4157931817.50
Net increase in customer
deposits and deposits from other
banks and financial institutions
Net increase in borrowings
from the central bank
Net increase in loans from other
financial institutions
Premiums received on original
insurance contracts
Net proceeds from reinsurance
Net increase in deposits and
investments of policy holders
Interest fees and commissions
received
Net increase in loans from other
banks and financial institutions
Net increase in proceeds from
repurchase transactions
Net proceeds from acting
trading of securities
Tax and levy rebates 270222852.59 309566073.95
Cash generated from other
operating activities VII（78） 113034098.26 81863350.63
Subtotal of cash generated
from operating activities 5400070101.73 4549361242.08
Payments for goods and
services 2475751604.99 1747618779.56
Net increase in loans and
advances to customers
Net increase in deposits in the
central bank and other banks and
financial institutions
Payments for claims on original
insurance contracts
Net increase in loans to other
banks and financial institutions
Interest fees and commissions
paid
Policy dividends paid
Cash paid to and for employees 1021416386.83 843480565.97
Taxes and levies paid 375203273.05 278165548.53
Cash used in other operating
activities VII（78） 932101174.65 932578862.17
Subtotal of cash used in
operating activities 4804472439.52 3801843756.23
Net cash generated
from/used in operating activities 595597662.21 747517485.85
211 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
II Cash flows from investing activities:
Proceeds from the disposal of
investments VII（78） 1841267300.00 48624416.78
Return on investment 11977349.74 1284135.92
Net proceeds from the disposal
of fixed assets intangible assets 54265.38 2349712.86
and other long-term assets
Net proceeds from the disposal
of subsidiaries and other business
units
Cash generated from other
investing activities
Subtotal of cash generated
from investing activities 1853298915.12 52258265.56
Payments for the acquisition
and construction of fixed assets
intangible assets and other 132026059.17 150498028.15
long-term assets
Payments for the acquisition of
investments VII（78） 1797254800.00 40000000.00
Net increase in pledge loans
Net payments for the
acquisition of subsidiaries and
other business units
Cash used in other investing 67428254.52
activities
Subtotal of cash used in
investing activities 1929280859.17 257926282.67
Net cash generated
from/used in investing activities -75981944.05 -205668017.11
III Cash flows from financing activities:
Capital contributions received 50424564.08
Of which: Capital contributions
received by subsidiaries from
non-controlling interests
Borrowings received 200000000.00
Cash generated from other
financing activities VII（78） 24420000.00
Subtotal of cash generated
from financing activities 74844564.08 200000000.00
Repayment of borrowings
Interest and dividends paid 613979065.80 359604891.19
Of which: Dividends paid by
subsidiaries to non-controlling
interests
Cash used in other financing
activities VII（78） 131617625.19 169006000.06
Subtotal of cash used in
financing activities 745596690.99 528610891.25
Net cash generated
from/used in financing activities -670752126.91 -328610891.25
IV Effect of foreign exchange
rate changes on cash and cash 11876040.67 22310737.96
equivalents
V Net increase in cash and cash
equivalents VII（79） -139260368.08 235549315.45
212 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Add: Cash and cash
equivalents beginning of the VII（79） 1709958534.86 1474409219.41
period
VI Cash and cash equivalents
end of the period VII（79） 1570698166.78 1709958534.86
Legal representative: Li Hongjing Person in charge of accounting: Li Hongjing
Head of the financial department: Pan Haotian
213 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Cash Flow Statement of the Parent Company
January-December 2025
Unit: RMB
Item Note 2025 2024
I Cash flows from operating activities:
Proceeds from sale of goods
and rendering of services 2489094784.84 2002183422.47
Tax and levy rebates 105183158.29 152008351.65
Cash generated from other
operating activities 224319124.95 52993419.23
Subtotal of cash generated
from operating activities 2818597068.08 2207185193.35
Payments for goods and
services 1851043070.66 933440234.77
Cash paid to and for employees 282932668.26 237724104.01
Taxes and levies paid 35641730.54 3966294.18
Cash used in other operating
activities 182354991.77 248882174.77
Subtotal of cash used in
operating activities 2351972461.23 1424012807.73
Net cash generated from/used in
operating activities 466624606.85 783172385.62
II Cash flows from investing activities:
Proceeds from the disposal of
investments 1632690150.00 28511431.29
Return on investment 10363267.42 1383696.75
Net proceeds from the disposal
of fixed assets intangible assets 5570.00 1990020.00
and other long-term assets
Net proceeds from the disposal
of subsidiaries and other business 41905000.00
units
Cash generated from other
investing activities 151000000.00
Subtotal of cash generated
from investing activities 1643058987.42 224790148.04
Payments for the acquisition
and construction of fixed assets
intangible assets and other 40856476.31 200259129.78
long-term assets
Payments for the acquisition of
investments 1569637300.00 73023235.94
Net payments for the
acquisition of subsidiaries and
other business units
Cash used in other investing
activities
Subtotal of cash used in
investing activities 1610493776.31 273282365.72
Net cash generated
from/used in investing activities 32565211.11 -48492217.68
III Cash flows from financing activities:
Capital contributions received 50424564.08
Borrowings received
214 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Cash generated from other
financing activities
Subtotal of cash generated
from financing activities 50424564.08
Repayment of borrowings
Interest and dividends paid 613979065.80 358897719.62
Cash used in other financing
activities 211332117.07 169092288.11
Subtotal of cash used in
financing activities 825311182.87 527990007.73
Net cash generated
from/used in financing activities -774886618.79 -527990007.73
IV Effect of foreign exchange
rate changes on cash and cash 4691111.80 16275464.62
equivalents
V Net increase in cash and cash
equivalents -271005689.03 222965624.83
Add: Cash and cash
equivalents beginning of the 1027244787.20 804279162.37
period
VI Cash and cash equivalents
end of the period 756239098.17 1027244787.20
Legal representative: Li Hongjing Person in charge of accounting: Li Hongjing
Head of the financial department: Pan Haotian
215 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Consolidated Statements of Changes in Owners’ Equity
January-December 2025
Unit: RMB
2025
Equity attributable to owners of the parent company
Item Non-contro TotalPaid-in Other equity instruments Other Speci Gene
Less: lling owners’
capital Prefere Perpet Capital comprehe fic Surplus ral Retained OthTreasury Subtotal interests equity
(or share nce ual Other reserves nsive reser reserves reser earnings ershares
capital) shares bonds income ve ve
I Balance as
at the end of 45187802 19238016 14211249 14293322 -28223467. 18691642 14766511 35577940 -135029599. 342276448.00 3.16 89.13 0.27 84 2.41 05.27 19.86 29 20.57
the prior year
Add:
Adjustments
for changes
in
accounting
policies
Adjust
ments for
correction of
previous
errors
Other
II Balance as
at the 45187802 19238016 14211249 14293322 -28223467. 18691642 14766511 35577940 -135029599. 34227644
beginning of 8.00 3.16 89.13 0.27 84 2.41 05.27 19.86 29 20.57
the year
III
Increase/decr
ease in the 21830541 -4209.26 -20662269 -5375303 -83239548. 52650482 277532250 312374731 -44980821.2 2673939103.00 3.64 6.92 82 .55 .78 .53 9 .24
period (“-”
for decrease)
i. Total
comprehensi -83239548. 935875122 852635573 -44980821.2 80765475282 .31 .49 9 .20
ve income
ii. Capital 911.00 -4209.26 11681808. -5375303 65431547. 65431547.
216 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
increase and 36 6.92 02 02
reduction by
owners
1. Ordinary
share
increase by
owners
2. Capital
increase by
holders of 911.00 -4209.26 29500.07 26201.81 26201.81
other equity
instruments
3.
Share-based
payments 115146955 115146955 115146955
recognized .37 .37 .37
in owners’
equity
4. Other -10349464 -5375303 -49741610. -49741610.7.08 6.92 16 16
iii. Profit 52650482 -65834287 -60569238 -60569238
distribution .55 1.53 8.98 8.98
1.
Appropriated 52650482 -52650482.to surplus .55 55
reserves
2.
Appropriated
to general
reserve
3.
Distributed -60569238 -60569238 -60569238
to owners (or 8.98 8.98 8.98
shareholders)
4. Other
iv. Transfers
within 21830450 -21830450
owners’ 2.00 2.00
equity
1. Increase in
capital (or 21830450 -218304502.00 2.00
share capital)
217 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
from capital
reserves
2. Increase in
capital (or
share capital)
from surplus
reserves
3. Surplus
reserves used
to offset loss
4. Changes
in defined
benefit
schemes
transferred to
retained
earnings
5. Other
comprehensi
ve income
transferred to
retained
earnings
6. Other
v. Specific
reserve
1. Increase in
the period
2. Used in
the period
vi. Other
IV Balance
as at the end 67018344 19237595 12145022 89180183 -11146301 23956690 17541833 38701687 -180010420. 369015831.00 3.90 95.49 .35 6.66 4.96 56.05 51.39 58 30.81
of the period
2024
Item Equity attributable to owners of the parent company Non-contro Totallling owners’
Paid-in Other equity instruments Capital Less: Other Speci Surplus Gene Retained Oth Subtotal interests equity
218 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
capital Prefere Perpet reserves Treasury comprehe fic reserves ral earnings er
(or share nce ual Other shares nsive reser reser
capital) shares bonds income ve ve
I Balance as
at the end of 45187708 19238497 12971182 10028054 17346509 12018938 32155077 -58045183.0 315746256.00 3.75 39.93 3.07 -950923.83 4.17 03.39 30.34 9 47.25
the prior year
Add:
Adjustments
for changes
in
accounting
policies
Adjust
ments for
correction of
previous
errors
Other -5653714 5653714.9.94 4
II Balance as
at the 45187708 19238497 12971182 10028054
beginning of 6.00 3.75 39.93 3.07 -950923.83
167811371207547532155077-58045183.031574625
9.2318.3330.34947.25
the year
III
Increase/decr
ease in the 942.00 -4810.59 124006749 42652677 -27272544. 19105043 269103586 342286289 -76984416.2 265301873.20 .20 01 .18 .94 .52 0 .32
period (“-”
for decrease)
i. Total
comprehensi -27272544. 640925193 613652649 -80796366.9 53285628201 .32 .31 5 .36
ve income
ii. Capital
increase and 942.00 -4810.59 34663599. 42652677 -7992945.9 -7992945.9reduction by 89 .20 0 0
owners
1. Ordinary
share 18967646. 42652677 -23685031. -23685031.increase by 17 .20 03 03
owners
2. Capital
increase by 942.00 -4810.59 35017.69 31149.10 31149.10
219 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
holders of
other equity
instruments
3.
Share-based
payments 15660936. 15660936. 15660936.recognized 03 03 03
in owners’
equity
4. Other
iii. Profit 19105043 -37182160 -35271656 -35271656
distribution .18 6.38 3.20 3.20
1.
Appropriated 19105043 -19105043.to surplus .18 18
reserves
2.
Appropriated
to general
reserve
3.
Distributed -35271656 -35271656 -35271656
to owners (or 3.20 3.20 3.20
shareholders)
4. Other
iv. Transfers
within
owners’
equity
1. Increase in
capital (or
share capital)
from capital
reserves
2. Increase in
capital (or
share capital)
from surplus
reserves
3. Surplus
reserves used
to offset loss
220 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
4. Changes
in defined
benefit
schemes
transferred to
retained
earnings
5. Other
comprehensi
ve income
transferred to
retained
earnings
6. Other
v. Specific
reserve
1. Increase in
the period
2. Used in
the period
vi. Other 89343149. 89343149. 3811950.75 93155100.31 31 06
IV Balance
as at the end 45187802 19238016 14211249 14293322 -28223467. 18691642 14766511 35577940 -135029599. 342276448.00 3.16 89.13 0.27 84 2.41 05.27 19.86 29 20.57
of the period
Legal representative: Li Hongjing Person in charge of accounting: Li Hongjing Head of the financial department: Pan Haotian
Statements of Changes in Owners’ Equity of the Parent Company
January-December 2025
Unit: RMB
2025
Paid-in Other equity instruments
Item capital (or Capital Less: Other
share Preference Perpetual reserves Treasury comprehensive
Specific Surplus Retained Total owners’
Other
capital) shares bonds shares income
reserve reserves earnings equity
I Balance as at the
end of the prior 451878028.00 192380163.16 1330253477.22 142933220.27 186916422.41 670340380.58 2688835251.10
year
Add: Adjustments
221 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
for changes in
accounting
policies
Adjustments
for correction of
previous errors
Other
adjustments
II Balance as at
the beginning of 451878028.00 192380163.16 1330253477.22 142933220.27 186916422.41 670340380.58 2688835251.10
the year
III Increase/
decrease in the
period (“-” for 218305413.00 -4209.26 -206622693.60 -53753036.92 52650482.55 -131838045.99 -13756016.38
decrease)
(I) Total
comprehensive 526504825.54 526504825.54
income
(II) Capital
increased and 911.00 -4209.26 11681808.40 -53753036.92 65431547.06
reduced by owners
1. Ordinary share
increase by
owners
2. Capital increase
by holders of
other equity 911.00 -4209.26 29500.07 26201.81
instruments
3. Share-based
payments
recognized in 11652308.33 11652308.33
owners’ equity
4. Other -53753036.92 53753036.92
iii Profit
distribution 52650482.55 -658342871.53 -605692388.98
1. Appropriated to
surplus reserves 52650482.55 -52650482.55
2. Distributed to
owners (or -605692388.98 -605692388.98
shareholders)
3. Other
222 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
iv. Transfers
within owners’ 218304502.00 -218304502.00
equity
1. Increase in
capital (or share
capital) from 218304502.00 -218304502.00
capital reserves
2. Increase in
capital (or share
capital) from
surplus reserves
3. Surplus
reserves used to
offset loss
4. Changes in
defined benefit
schemes
transferred to
retained earnings
5. Other
comprehensive
income transferred
to retained
earnings
6. Other
v. Specific reserve
vi. Other
IV Balance as at
the end of the 670183441.00 192375953.90 1123630783.62 89180183.35 239566904.96 538502334.59 2675079234.72
period
2024
Paid-in Other equity instruments Other
Item capital (or Capital Less: comprehen Specific Surplus Retained Total
share Preference Perpetual Other reserves
Treasury
shares sive reserve reserves earnings
owners’
capital) shares bonds income equity
I Balance as at the end of the 451877086. 192384973.7 129558987 100280543. 173465094. 901994989. 291503147
prior year 00 5 7.33 07 17 56 7.74
Add: Adjustments for
changes in accounting
223 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
policies
Adjustments for
correction of previous errors
Other adjustments -5653714.9 -50883434. -56537149.4 43 37
II Balance as at the beginning 451877086. 192384973.7 129558987 100280543. 167811379. 851111555. 285849432
of the year 00 5 7.33 07 23 13 8.37
III Increase/ decrease in the 942.00 -4810.59 34663599.8 42652677.2 19105043.1 -18077117 -169659077period (“-” for decrease) 9 0 8 4.55 .27
(I) Total comprehensive 191050431. 191050431.income 83 83
(II) Capital increased and 942.00 -4810.59 34663599.8 42652677.2 -7992945.9reduced by owners 9 0 0
1. Ordinary share increase by 42652677.2 -42652677.
owners 0 20
2. Capital increase by holders
of other equity instruments 942.00 -4810.59 35017.69 31149.10
3. Share-based payments 34628582.2 34628582.2
recognized in owners’ equity 0 0
4. Other
iii Profit distribution 19105043.1 -37182160 -3527165638 6.38 .20
1. Appropriated to surplus 19105043.1 -19105043.
reserves 8 18
2. Distributed to owners (or -35271656 -352716563
shareholders) 3.20 .20
3. Other
iv. Transfers within owners’
equity
1. Increase in capital (or share
capital) from capital reserves
2. Increase in capital (or share
capital) from surplus reserves
3. Surplus reserves used to
offset loss
4. Changes in defined benefit
schemes transferred to
retained earnings
5. Other comprehensive
income transferred to retained
earnings
224 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
6. Other
v. Specific reserve
vi. Other
IV Balance as at the end of 451878028. 192380163.1 133025347 142933220. 186916422. 670340380. 268883525
the period 00 6 7.22 27 41 58 1.10
Legal representative: Li Hongjing Person in charge of accounting: Li Hongjing Head of the financial department: Pan Haotian
225 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
III Company Overview
1. Company Profile
√ Applicable □ Not Applicable
Autel Intelligent Technology Corp. Ltd. (hereinafter referred to as Autel) was
originally established as Autel Technology Co. Ltd. on September 28 2004 with its
headquarters located in Shenzhen Guangdong Province. On June 13 2014 with the
approval of the Shenzhen Municipal Market Supervision Administration Autel Technology
Co. Ltd. transitioned to a joint-stock company with the base date set as October 31 2013
and the company name changed to Autel Intelligent Technology Corp. Ltd. (Autel). Autel
currently holds a business license with the unified social credit code 91440300767550462C
a registered capital of RMB670183441.00 and a total of 670183441 shares (each share
having a par value of RMB1). Among these 670183441 A-shares are tradable without
restrictions. Autel's stock has been listed and traded on the Shanghai Stock Exchange since
February 13 2020.Autel’s business scope mainly includes the research development production sales
and services of vehicle smart diagnostic and testing systems automotive electronic
components and smart charging networks. The main products include vehicle diagnostic
tablets and others TPMS products ADAS products embodied swarm intelligence smart
charging networks and related software cloud services.The financial statements have been authorized for issue at Autel’s 31st meeting of the
4th Board of Directors on March 20 2026.
In the notes to this financial report unless otherwise specified the following
abbreviations are used for the company names:
Full name Short name
Autel (USA) INC. Autel California
Autel US Inc. Autel New York
Autel Europe GmbH Autel Germany
Autel Hong Kong Holding Limited Autel Hong Kong
C?ng ty TNHH Autel Vi?t Nam Autel Vietnam
Autel Imea DMCC Autel Dubai
Autel JP Inc. Autel Japan
Auteltech Latin America SA DE CV Autel Mexico
Autel Europe S.R.L. Autel Italy
AUTEL EUROPE UK LTD Autel UK
AUTEL BRASIL TECNOLOGIA LTDA Autel Brazil
Autel Netherlands B.V. Autel Netherlands
AUTEL NEW ENERGY US INC Autel New EnergyUS
226 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Full name Short name
ECOM AMERICA INC Autel EcomAmerica
ECEVSE US Inc ECEVSE US
AUTEL DIGITAL POWER (SINGAPORE) PTE. LTD. Digital Power(Singapore)
C?NG TY TNHH C?NG NGH? N?NG L??NG M?I AUTEL Autel New Energy
VI?TNAM Vietnam
Autel Europe France Autel France
Autel Australia Pty Ltd Autel Australia
Autel Iberia S.L. Autel Spain
Autel Nordic AB Autel Sweden
Autel Hunan Co. Ltd. Autel Hunan
Shenzhen Autel Digital Power Co. Ltd. Autel Digital Power
Shenzhen Autel Hesheng Software Development Co. Ltd. Autel Hesheng
Autel Xi’an Technology Co. Ltd. Autel Xi’an
Shenzhen SkyFend Technology Co. Ltd. SkyFendTechnology
Shenzhen Rainbow Technology Development Co. Ltd. RainbowTechnology
Rainbow
Shenzhen Autel Rainbow Information Consulting Co. Ltd. Information
Consulting
Hainan Autel Technology Co. Ltd. Autel Hainan
Autel Heda Supply Chain Consulting Management Co. Ltd. Autel Heda
Shenzhen Yingtong Property Management Development Co. Ltd. Yingtong PropertyManagement
Autel Hexin Software Development Co. Ltd. Autel Hexin
Hainan Chizhuo Automotive Service Co. Ltd. Hainan Chizhuo
AVANT INTELLIGENCE LTD Avant IntelligenceUK
Evota Netherlands B.V. Evota Netherlands
DRIVEPULSE TECH MONTERREY S.DER.L.DECV Mexican Factory
Shenzhen Daohe Tongtai Robot Co. Ltd. Daohe Tongtai
Nanjing Daohe Tongtai Robot Co. Ltd. Nanjing Tongtai
Hangzhou Daohe Tongtai Robot Co. Ltd. Hangzhou Tongtai
Shenzhen Baoan Daohe Tongtai Robot Co. Ltd. Baoan Tongtai
Frontier Robotics Hong Kong Co. Limited Frontier RoboticsHong Kong
Zhejiang Vision Integrated Air-Ground Intelligent Technology Co.Ltd. Zhejiang Vision
Shenzhen Daohe Tongliao Information Consulting Enterprise
(Limited Partnership) Daohe Tongliao
IV Basis for the Preparation of Financial Statements
1. Basis of preparation
Autel’s financial statements are prepared on the basis of a going concern.
227 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
2. Going concern
√ Applicable □ Not Applicable
There are no matters or situations that would raise significant doubts about Autel’s
ability to continue as a going concern within the 12 months from the end of the Reporting
Period.V Significant Accounting Policies and Estimates
Specific accounting policies and estimates are as follows:
√ Applicable □ Not Applicable
Important Note: Based on the actual characteristics of production and operations
Autel has developed specific accounting policies and estimates for financial instruments
impairment depreciation of fixed assets depreciation of right-of-use assets amortization of
intangible assets capitalization of development expenses revenue recognition and other
transactions or matters.
1. Compliance with Accounting Standards for Enterprises
The financial statements prepared by Autel comply with the requirements of the
Accounting Standards for Enterprises truthfully and completely reflecting Autel’s financial
position operating results changes in shareholders' equity cash flows and other related
information.
2. Accounting period
Autel’s accounting year starts from January 1 and ends on December 31.
3. Operating cycle
√ Applicable □ Not Applicable
Autel’s business operations have a short operating cycle with 12 months as the
standard for classifying the liquidity of assets and liabilities.
228 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
4. Functional currency
Autel and its domestic subsidiaries use Renminbi (RMB) as their functional currency.Overseas subsidiaries such as Autel New York and Autel Germany use the currency of the
main economic environment in which they operate as their functional currency.
5. Determination method and basis for materiality standards
√ Applicable □ Not Applicable
Autel follows the principle of materiality in preparing and disclosing financial
statements. The matters disclosed in the notes to this financial report which involve
judgment of materiality standards are determined based on the following methods and
criteria:
Disclosure matters involving
judgment of materiality Method and basis for determining materiality standards
standards
Significant individual
provision for bad debt on Individual amount exceeding 0.3% of total assets
receivables
Significant prepayments with
an age exceeding one year Individual amount exceeding 0.3% of total assets
Significant payables with an
age exceeding one year Individual amount exceeding 0.3% of total assets
Significant other payables
with an age exceeding one Individual amount exceeding 0.3% of total assets
year
Significant cash flows from
investing activities Exceeding 10% of total assets
Significant subsidiaries
non-wholly owned Revenue exceeding 10% of total group revenue and total
subsidiaries assets exceeding 10% of total group assets
Individual long-term equity investment book value
Significant equity method exceeding 15% of the group's net assets / individual
investees equity method investment income exceeding 15% of the
group's total profit
6. Accounting treatment for business combinations under common control and not
under common control
√ Applicable □ Not Applicable
1. Accounting treatment for business combinations under common control
In business combinations the assets and liabilities acquired by Autel are measured at
the book value of the combined party as reflected in the ultimate controlling party's
229 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
consolidated financial statements as of the combination date. Autel adjusts capital reserve
based on the difference between the book value of the combined party's equity in the
ultimate controlling party's consolidated financial statements and the book value of the
consideration paid for the merger or the total nominal value of the issued shares. If the
capital reserve is insufficient the difference is adjusted against retained earnings.
2. Accounting treatment for business combinations not under common control
If the purchase cost in a business combination exceeds the fair value of the identifiable
net assets acquired from the purchased party goodwill is recognized. If the purchase cost is
less than the fair value of the identifiable net assets acquired the fair values of the
identifiable assets liabilities and contingent liabilities acquired from the purchased party
along with the measurement of the purchase cost are reviewed. After review if the
purchase cost is still less than the fair value of the identifiable net assets acquired the
difference is recognized in the current profit or loss.
7. Judgment of control and method for preparing consolidated financial statements
√ Applicable □ Not Applicable
1. Judgment of control
Control is recognized when the investor has power over the investee enjoys variable
returns through involvement in the investee’s activities and has the ability to affect the
amount of those returns through its power.
2. Method for preparing consolidated financial statements
The parent company consolidates all of its controlled subsidiaries in the scope of the
consolidated financial statements. The consolidated financial statements are prepared by the
parent company based on the financial statements of the parent and its subsidiaries in
accordance with the relevant guidelines of the Accounting Standards for Enterprises No. 33
- Consolidated Financial Statements.
8. Classification of joint arrangements and accounting for joint operations
□ Applicable √ Not Applicable
9. Determination standards for cash and cash equivalents
Cash listed in the cash flow statement refers to cash on hand and deposits that can be
used for payment at any time. Cash equivalents refer to short-term highly liquid
230 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
investments held by the company that are easily convertible into known amounts of cash
with an insignificant risk of changes in value.
10. Foreign currency transactions and translation of foreign currency financial
statements
√ Applicable □ Not Applicable
1. Foreign currency transaction translation
Foreign currency transactions are translated into RMB at the exchange rate
approximating the spot rate on the transaction date when initially recognized. At the
balance sheet date foreign monetary items are translated at the exchange rate on that date.Exchange differences arising from changes in the exchange rate except for those related to
foreign currency borrowings for the construction of assets qualifying for capitalization are
recognized in the current profit or loss. Foreign non-monetary items measured at historical
cost are translated using the exchange rate on the transaction date without changing their
RMB amount. Foreign non-monetary items measured at fair value are translated using the
spot rate on the date of determining fair value with any differences recognized in the
current profit or loss or other comprehensive income.
2. Translation of foreign currency financial statements
Assets and liabilities in the balance sheet are translated using the spot rate on the
balance sheet date. For equity items other than “undistributed profits” they are translated
using the spot rate on the transaction date. Income and expense items in the income
statement are translated using the exchange rate approximating the spot rate on the
transaction date. The exchange differences arising from the above translation are
recognized in other comprehensive income.
11. Financial instruments
√ Applicable □ Not Applicable
1. Classification of financial assets and financial liabilities
Financial assets are classified into the following three categories upon initial
recognition: (1) Financial assets measured at amortized cost; (2) financial assets measured
at fair value with changes recognized in other comprehensive income; (3) financial assets
measured at fair value with changes recognized in profit or loss.
231 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Financial liabilities are classified into the following four categories upon initial
recognition: (1) Financial liabilities measured at fair value with changes recognized in
profit or loss; (2) financial liabilities arising from the transfer of financial assets that do not
meet the derecognition criteria or continue to be involved in transferred financial assets; (3)
financial guarantee contracts not included in the categories above and loan commitments
where the loan is made at a rate lower than the market interest rate; (4) financial liabilities
measured at amortized cost.
2. Recognition measurement and derecognition of financial assets and financial
liabilities
(1) Recognition and initial measurement of financial assets and financial liabilities
Autel recognizes a financial asset or financial liability when it becomes a party to the
financial instrument contract. Upon initial recognition financial assets or financial
liabilities are measured at fair value. For financial assets and financial liabilities measured
at fair value with changes recognized in profit or loss transaction costs are directly
recognized in profit or loss. For other categories of financial assets or financial liabilities
transaction costs are included in the initial recognition amount. However for receivables
initially recognized without significant financing components or where Autel does not
consider the financing components of contracts not exceeding one year the initial
measurement is made according to the transaction price as defined in the Accounting
Standards for Enterprises No. 14 - Revenue.
(2) Subsequent measurement of financial assets
1) Financial assets measured at amortized cost
These assets are measured at amortized cost using the effective interest method. Gains
or losses arising from financial assets measured at amortized cost and not part of any
hedging relationship are recognized in profit or loss when derecognized reclassified
amortized using the effective interest method or when impairment is recognized.
2) Debt instrument investments measured at fair value with changes recognized in
other comprehensive income
These are measured at fair value. Interest impairment losses gains and exchange rate
differences calculated using the effective interest method are recognized in profit or loss.Other gains or losses are recognized in other comprehensive income. Upon derecognition
the cumulative gains or losses previously recognized in other comprehensive income are
reclassified to profit or loss.
232 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
3) Equity investments measured at fair value with changes recognized in other
comprehensive income
These are measured at fair value. Dividends received (excluding portions that are part
of the recovery of investment costs) are recognized in profit or loss. Other gains or losses
are recognized in other comprehensive income. Upon derecognition the cumulative gains
or losses previously recognized in other comprehensive income are reclassified to retained
earnings.
4) Financial assets measured at fair value with changes recognized in profit or loss
These are measured at fair value and the resulting gains or losses (including interest
and dividend income) are recognized in profit or loss unless the financial asset is part of a
hedging relationship.
(3) Subsequent measurement of financial liabilities
1) Financial liabilities measured at fair value with changes recognized in profit or loss
These liabilities include trading financial liabilities (including derivative instruments
that are financial liabilities) and those designated as measured at fair value with changes
recognized in profit or loss. For these financial liabilities subsequent measurement is at fair
value. Changes in fair value arising from Autel’s own credit risk are recognized in other
comprehensive income unless such treatment creates or exacerbates an accounting
mismatch in profit or loss. Other gains or losses (including interest expenses except for
those arising from changes in fair value due to Autel’s own credit risk) are recognized in
profit or loss unless the financial liability is part of a hedging relationship. Upon
derecognition cumulative gains or losses previously recognized in other comprehensive
income are reclassified to retained earnings.
2) Financial liabilities arising from transfer of financial assets that do not meet
derecognition conditions or continuing involvement in transferred financial assets
These are measured in accordance with the relevant provisions of Accounting
Standards for Enterprises No. 23 - Transfer of Financial Assets.
3) Financial guarantee contracts not covered by categories (1) or (2) and loan
commitments at below market interest rates
After initial recognition these are subsequently measured at the higher of: * The loss
allowance determined in accordance with the impairment provisions for financial
instruments; * the balance remaining after deducting the cumulative amortization
233 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
determined in accordance with the provisions of Accounting Standards for Enterprises No.
14 - Revenue from the initial recognition amount.
4) Financial liabilities measured at amortized cost
These are measured at amortized cost using the effective interest method. Gains or
losses arising from financial liabilities measured at amortized cost and not part of any
hedging relationship are recognized in profit or loss when derecognized or amortized using
the effective interest method.
(4) Derecognition of financial assets and financial liabilities
1) A financial asset is derecognized when one of the following conditions is met:
* The contractual rights to receive cash flows from the financial asset have expired;
* The financial asset has been transferred and the transfer meets the derecognition
criteria for financial assets as specified in Accounting Standards for Enterprises No. 23 -
Transfer of Financial Assets.
2) When the current obligations of a financial liability (or a portion thereof) are
extinguished the corresponding financial liability (or portion of the financial liability) is
derecognized.
3. Recognition and measurement of transferred financial assets
If Autel has transferred almost all the risks and rewards of ownership of a financial
asset the financial asset is derecognized and any rights and obligations retained or
generated from the transfer are recognized separately as assets or liabilities. If Autel retains
almost all the risks and rewards of ownership of the financial asset the transferred financial
asset continues to be recognized. If Autel neither transfers nor retains almost all the risks
and rewards of ownership of a financial asset the following treatments apply: (1) If control
over the financial asset is not retained the financial asset is derecognized and any rights
and obligations retained or generated from the transfer are recognized separately as assets
or liabilities; (2) If control over the financial asset is retained the financial asset is
recognized based on the extent of continued involvement with the transferred financial
asset and corresponding liabilities are recognized.When the overall transfer of a financial asset meets the derecognition criteria the
difference between the following two amounts is recognized in the current profit or loss: (1)
The book value of the transferred financial asset at the derecognition date; (2) the
consideration received for transferring the financial asset plus the amount corresponding to
the derecognized portion of the cumulative fair value changes directly recognized in other
234 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
comprehensive income (for debt instrument investments measured at fair value with
changes recognized in other comprehensive income). If only a portion of the financial asset
is transferred and the transferred portion meets the derecognition criteria the total book
value of the financial asset before transfer is allocated between the derecognized portion
and the portion that continues to be recognized based on their respective fair values on the
transfer date. The difference between the following two amounts is recognized in the
current profit or loss: (1) The book value of the derecognized portion; (2) the consideration
for the derecognized portion plus the amount corresponding to the derecognized portion of
the cumulative fair value changes directly recognized in other comprehensive income (for
debt instrument investments measured at fair value with changes recognized in other
comprehensive income).
4. Fair value determination of financial assets and financial liabilities
Autel determines the fair value of relevant financial assets and financial liabilities
using valuation techniques that are applicable in the current circumstances and supported
by sufficient available data and other information. Autel classifies the input values used in
these valuation techniques into the following levels in sequence:
(1) Level 1 inputs are quoted prices for identical assets or liabilities in active markets
that are accessible at the measurement date;
(2) Level 2 inputs are observable inputs either directly or indirectly for the relevant
asset or liability including quoted prices for similar assets or liabilities in active markets
quoted prices for identical or similar assets or liabilities in inactive markets other
observable inputs such as interest rates and yield curves observable within normal
quotation intervals and market-verified inputs.;
(3) Level 3 inputs are unobservable inputs for the relevant asset or liability including
interest rates stock volatilities future cash flows of abandonment obligations assumed in
business combinations and financial forecasts made using Autel's own data that cannot be
directly observed or verified by observable market data.
5. Impairment of financial instruments
Autel recognizes impairment and loss provisions based on expected credit losses for
financial assets measured at amortized cost debt instrument investments measured at fair
value with changes recognized in other comprehensive income contract assets lease
receivables loan commitments other than those classified as financial liabilities measured
at fair value with changes recognized in profit or loss and financial guarantee contracts that
235 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
are not classified as financial liabilities measured at fair value with changes recognized in
profit or loss or financial liabilities arising from the transfer of financial assets that do not
meet the derecognition criteria.Expected credit loss refers to the weighted average of the credit losses of a financial
instrument weighted by the risk of default. Credit loss refers to the present value of the
difference between all contractual cash flows receivable and the expected cash flows
discounted at the original effective interest rate i.e. the present value of the total cash
shortfall. For financial assets that Autel has purchased or originated with incurred credit
impairment the present value is discounted using the credit-adjusted effective interest rate
of the financial asset.For purchased or originated financial assets with incurred credit impairment Autel
recognizes only the cumulative changes in expected credit losses for the entire life of the
asset since its initial recognition.For lease receivables and receivables arising from transactions regulated by
“Accounting Standards for Enterprises No. 14 - Revenue” and contract assets Autel applies
a simplified measurement method measuring loss provisions equivalent to the expected
credit losses over the entire life of the asset.For financial assets other than those measured by the methods above Autel evaluates
at each balance sheet date whether the credit risk has increased significantly since initial
recognition. If the credit risk has increased significantly Autel measures the loss provision
based on the expected credit losses over the entire life of the asset; if the credit risk has not
increased significantly Autel measures the loss provision based on the expected credit
losses over the next 12 months.Autel uses reasonable and supportable information available including
forward-looking information to compare the risk of default at the balance sheet date with
the risk of default at initial recognition to determine whether the credit risk of a financial
instrument has increased significantly since initial recognition.At the balance sheet date if Autel determines that a financial instrument has low credit
risk it assumes that the credit risk has not increased significantly since initial recognition.Autel assesses expected credit risk and measures expected credit losses either on an
individual financial instrument or on a financial instrument portfolio basis. When assessing
on a portfolio basis we group financial instruments based on shared risk characteristics.
236 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Autel re-measures expected credit losses at each balance sheet date and any increase
or reversal of loss provisions is recognized as impairment loss or gain in the current profit
or loss. For financial assets measured at amortized cost the loss provision reduces the
carrying value of the financial asset in the balance sheet. For debt instrument investments
measured at fair value with changes recognized in other comprehensive income Autel
recognizes the loss provision in other comprehensive income without adjusting the
carrying value of the financial asset.
6. Offsetting of financial assets and financial liabilities
Financial assets and financial liabilities are presented separately in the balance sheet
and are not offset. However if the following conditions are met Autel presents the net
amount of financial assets and financial liabilities in the balance sheet: (1) Autel has a legal
right to offset the recognized amounts and this legal right is currently enforceable; (2)
Autel intends to settle on a net basis or simultaneously realize the financial asset and settle
the financial liability.For financial assets transferred that do not meet the derecognition criteria Autel does
not offset the transferred financial assets and related liabilities.
12. Notes receivable
√ Applicable □ Not Applicable
Categories for provisioning bad debt based on credit risk characteristics and
determination basis
√ Applicable □ Not Applicable
See "11. Financial Instruments" above for details.Age calculation method for credit risk characteristics group based on age
□ Applicable √ Not Applicable
Provisioning for bad debt on an individual basis and criteria for individual
provisioning
□ Applicable √ Not Applicable
13. Accounts receivable
√ Applicable □ Not Applicable
237 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Categories for provisioning bad debt based on credit risk characteristics and
determination basis
√ Applicable □ Not Applicable
Basis for
Type of group determining the Method for measuring expected
group credit losses
Other receivables — related Related parties
party group within the within the
consolidated scope consolidated scope
Other receivables —
specially identified group
(VAT export tax refund Based on historical credit loss
VAT refund on software experience combined with
products deposits and current conditions and forecasts
guarantees petty cash social of future economic conditions
security and housing expected credit losses are
provident fund paid on behalf Nature of the calculated through the exposure
of employees employee amount to default risk and the expected
loans equity transfer credit loss rate for the next 12
payments receivable) months or the entire life of the
asset.Long-term
receivables—specially
identified group
Based on historical credit loss
experience combined with
current conditions and forecasts
Other receivables — ageing Ageing of future economic conditions agroup table correlating ageing of other
receivables with expected credit
loss rates is prepared to
calculate expected credit losses.Notes receivable — bank Based on historical credit loss
accepted bills experience combined withType of bill
Notes receivable — current conditions and forecasts
commercial accepted bills of future economic conditions
expected credit losses are
Accounts receivable — Related parties calculated through the exposure
related party group within the within the to default risk and the expected
consolidated scope consolidated scope credit loss rate for the entire life
of the asset.Based on historical credit loss
Accounts receivable —
ageing group Ageing
experience combined with
current conditions and forecasts
of future economic conditions a
238 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
table correlating ageing of
accounts receivable with
expected credit loss rates is
prepared to calculate expected
credit losses.Age calculation method for credit risk characteristics group based on ageing
√ Applicable □ Not Applicable
Ageing and Expected Credit Loss Rate Table for Ageing Group
Accounts receivable Other receivables Long-term receivables
Ageing expected credit loss expected credit loss expected credit loss rate
rate (%) rate (%) (%)
1 year or less
(inclusive) 5.00 5.00 5.00
1-2 years 50.00 50.00 50.00
Over 2 years 100.00 100.00 100.00
The ageing of accounts receivable long-term receivables and other receivables is
calculated from the date of initial recognition.Provision for bad debt on an individual basis — criteria for individual provisioning
√ Applicable □ Not Applicable
For receivables and contract assets with credit risks significantly different from the
portfolio credit risk Autel provides for expected credit losses on an individual basis.
14. Receivables financing
□ Applicable √ Not Applicable
15. Other receivables
√ Applicable □ Not Applicable
Categories for provisioning bad debt based on credit risk characteristics and
determination basis
□ Applicable √ Not Applicable
Age calculation method for credit risk characteristics group based on ageing
√ Applicable □ Not ApplicableSee “13. Accounts Receivable" above for details.
239 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Provisioning for bad debt on an individual basis and criteria for individual
provisioning
√ Applicable □ Not ApplicableSee “13. Accounts Receivable" above for details.
16. Inventories
√ Applicable □ Not Applicable
Inventory categories pricing methods for issued goods inventory system
amortization methods for low-value consumables and packaging materials
√ Applicable □ Not Applicable
1. Classification of inventories
Inventories include finished goods or merchandise held for sale in the ordinary course
of business work-in-progress and materials and supplies consumed during production or
the provision of services.
2. Valuation method for issued inventories
Issued inventories are valued using the weighted average method.
3. Inventory system
The inventory system used is a perpetual inventory system.
4. Amortization method for low-value consumables and packaging materials
The method of amortization used is the write-off method.Recognition standards and provisioning method for inventory impairment
√ Applicable □ Not Applicable
At the balance sheet date inventories are measured at the lower of cost or net
realizable value. A provision for inventory impairment is recognized for the difference
between the cost and the net realizable value of inventories. For inventories directly held
for sale the net realizable value is determined based on the estimated selling price less
estimated selling costs and related taxes in the normal course of production and business.For inventories that require processing the net realizable value is determined based on the
estimated selling price of the finished goods produced less estimated costs to complete
estimated selling expenses and related taxes. At the balance sheet date for inventories
where some portions have contractual prices and other portions do not the net realizable
240 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
value is determined separately for each portion and compared with their respective costs
and the corresponding impairment provision is recognized or reversed accordingly.Categories for provisioning inventory impairment based on portfolio and
determination basis
□ Applicable √ Not Applicable
Ageing-based calculation method and determination basis for net realizable value for
inventory combinations by age
□ Applicable √ Not Applicable
17. Non-current assets held for sale or disposal groups
□ Applicable √ Not Applicable
Recognition standards and accounting treatment for non-current assets held for sale
or disposal groups
□ Applicable √ Not Applicable
Recognition standards and reporting method for discontinued operations
□ Applicable √ Not Applicable
18. Long-term equity investments
√ Applicable □ Not Applicable
1. Judgment of joint control and significant influence
Joint control is recognized when there is shared control over an arrangement and the
relevant activities of the arrangement can only be decided with the unanimous consent of
the participating parties holding control. Significant influence is recognized when the
investor has the power to participate in decisions on the financial and operating policies of
the investee but does not control or jointly control those policies with other parties.
2. Determination of investment cost
(1) For business combinations under common control the acquirer’s initial investment
cost is based on the book value of the investee’s equity in the consolidated financial
statements of the ultimate controlling party as of the merger date. The difference between
241 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
the initial investment cost and the merger consideration paid or the total nominal value of
shares issued is adjusted against capital reserve. If the capital reserve is insufficient the
adjustment is made against retained earnings.If Autel acquires long-term equity investments in steps through multiple transactions
under common control the determination of whether it constitutes a "package deal" is
made. If it is a "package deal" each transaction is accounted for as a single transaction of
acquiring control. If it is not a "package deal" the initial investment cost is determined
based on the investee’s share of net assets in the consolidated financial statements of the
ultimate controlling party at the merger date. The difference between the initial investment
cost and the book value of previously held equity investments and the additional
consideration paid on the merger date is adjusted against capital reserve. If the capital
reserve is insufficient the adjustment is made against retained earnings.
(2) For business combinations not under common control the initial investment cost is
based on the fair value of the merger consideration paid on the purchase date.If long-term equity investments are acquired through multiple transactions under
non-common control the accounting treatment is determined separately for individual
financial statements and consolidated financial statements:
1) In the individual financial statements the initial investment cost is the sum of the
original carrying amount of the equity investment and the additional investment cost.
2) In the consolidated financial statements the determination of whether it constitutes
a "package deal" is made. If it is a "package deal" each transaction is accounted for as a
single transaction of acquiring control. If it is not a "package deal" the previously held
equity investments are re-measured at fair value on the purchase date and the difference
between the fair value and carrying value is recognized as investment income for the
current period. Other comprehensive income related to the equity investments such as
under the equity method is reclassified to current-period income.
(3) For acquisitions other than business combinations: Cash payments: the initial
investment cost is based on the actual amount paid for the acquisition. Equity securities
issued: the initial investment cost is based on the fair value of the equity securities issued.Debt restructuring: the initial investment cost is determined in accordance with Accounting
Standards for Enterprises No. 12 - Debt Restructuring. Non-monetary asset exchange: the
initial investment cost is determined in accordance with Accounting Standards for
Enterprises No. 7 - Non-Monetary Asset Exchange.
242 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
3. Subsequent measurement and profit/loss recognition
Long-term equity investments where Autel has control over the investee are accounted
for using the cost method. Investments in associates and joint ventures are accounted for
using the equity method.
4. Accounting treatment for stepwise disposal of subsidiary investment until loss of
control
(1) Judgment of "package deal"
When Autel disposes of its subsidiary investment in multiple transactions until it loses
control the judgment of whether it constitutes a "package deal" is made by considering the
terms of each transaction the consideration received the parties involved the method of
disposal and the timing of disposal. If the terms conditions and economic impact of the
transactions meet one or more of the following conditions they generally indicate that the
multiple transactions constitute a "package deal":
1) These transactions are entered into simultaneously or with consideration of their
mutual effects;
2) These transactions as a whole must result in a complete commercial outcome;
3) The occurrence of one transaction depends on the occurrence of at least one other
transaction;
4) A transaction alone is uneconomical but when considered together with other
transactions it is economic.
(2) Accounting treatment for non-"package deal"
1) Individual financial statements
For the disposed equity the difference between the carrying value and the
consideration received is recognized in the current period’s profit or loss. For the remaining
equity if Autel still has significant influence or jointly controls the investee it transitions to
the equity method. If Autel can no longer exercise control joint control or significant
influence the investment is accounted for in accordance with Accounting Standards for
Enterprises No. 22 - Recognition and Measurement of Financial Instruments.
2) Consolidated financial statements
Before losing control the difference between the disposal consideration and the share
of net assets corresponding to the disposed long-term equity investment is adjusted against
capital reserve (capital surplus). If capital reserve is insufficient the adjustment is made
against retained earnings.
243 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Upon losing control the remaining equity is re-measured at its fair value on the date
of losing control. The disposal consideration combined with the fair value of the remaining
equity minus the share of net assets Autel is entitled to from the original subsidiary since
the purchase date or merger date is recognized as investment income in the current period
and goodwill is adjusted. Any other comprehensive income related to the original
subsidiary equity investment is reclassified to current-period investment income.
(3) Accounting treatment for "package deal"
1) Individual financial statements
Each transaction is accounted for as a single transaction of disposing of the subsidiary
and losing control. However the difference between the disposal consideration and the
carrying value of the long-term equity investment for each disposal step is recognized as
other comprehensive income in individual financial statements and reclassified to profit or
loss at the point of losing control.
2) Consolidated financial statements
Each transaction is accounted for as a single transaction of disposing of the subsidiary
and losing control. However the difference between the disposal consideration and the
share of net assets corresponding to the disposed investment is recognized as other
comprehensive income in the consolidated financial statements and reclassified to profit or
loss upon losing control.
19. Investment properties
Not applicable.
20. Fixed assets
(1). Recognition criteria
√ Applicable □ Not Applicable
Fixed assets refer to tangible assets held for the purpose of producing goods providing
services leasing or managing operations with a useful life exceeding one accounting
period. Fixed assets are recognized when it is probable that economic benefits will flow to
the entity and the cost can be measured reliably.
(2). Depreciation method
√ Applicable □ Not Applicable
244 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Category Depreciation Depreciation Salvage value Annualmethod period (years) rate depreciation rate
Buildings and Straight-line
structures Method 20-40 5 2.38-4.75
Electronic Straight-line
equipment Method 5-10 5 9.50-19.00
Transportation Straight-line
equipment Method 5 5 19.00
Other Straight-line
equipment Method 3-5 5 19.00-31.67
21. Construction in progress
√ Applicable □ Not Applicable
1. Construction in progress is recognized when it is probable that economic benefits
will flow to the entity and the cost can be reliably measured. Construction in progress is
measured at the actual costs incurred before the asset is ready for its intended use.
2. When construction in progress is ready for its intended use it is transferred to fixed
assets at the actual cost incurred. If construction in progress reaches its intended use but the
completion settlement has not been processed it is first transferred to fixed assets at an
estimated value. After the completion settlement is done the transfer value is adjusted to
the actual cost but the depreciation previously recognized is not adjusted.Category Criteria and timing for transferring construction inprogress to fixed assets
Machinery and equipment After installation and commissioning meets designrequirements or contract specifications
The main construction work and supporting projects are
Buildings and structures substantially completed meet the intended design
requirements and have passed inspection
22. Borrowing costs
□ Applicable √ Not Applicable
23. Living assets
□ Applicable √ Not Applicable
24. Oil and gas assets
□ Applicable √ Not Applicable
245 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
25. Intangible assets
(1). Useful life and basis for Determination Estimated Situation Amortization
Method or Review Process
√ Applicable □ Not Applicable
1. Intangible assets include land use rights patents and non-patented technologies
which are initially measured at cost.
2. For intangible assets with a finite useful life amortization is systematically
recognized over their useful life based on the expected method of realizing economic
benefits related to the asset. If the expected method cannot be reliably determined the
straight-line method is used. The specific useful lives are as follows:
Item Useful life and basis for determination Amortizationmethod
Land use rights 50 years based on land use right term Straight-linemethod
Patents 10 years based on expected benefit period Straight-linemethod
Registered marks 10 years based on expected benefit period Straight-linemethod
Proprietary
technology 5 years based on expected benefit period
Straight-line
method
Software 5-10 years based on expected benefit period Straight-linemethod
(2). Scope of R&D expenses and related accounting treatment
√ Applicable □ Not Applicable
(1) Employee compensation and benefits
Employee compensation and benefits include the salaries basic pension insurance
basic medical insurance unemployment insurance work injury insurance maternity
insurance housing provident fund and severance benefits for Autel’s R&D personnel.If R&D personnel work on multiple research projects the employee compensation and
benefits are allocated proportionally among the different research projects based on the
work hour records provided by the management department for each project.For personnel directly involved in R&D activities or external R&D personnel also
involved in non-R&D activities Autel allocates the actual employee compensation and
benefits between R&D expenses and operating expenses based on work hour records
reasonable allocation methods and other factors such as actual work hours.
(2) Material consumption
246 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Material consumption refers to the related expenses actually incurred by us to
implement R&D activities. These include: 1) Materials fuel and power costs directly
consumed; 2) molds process equipment development and manufacturing costs used in
intermediate trials and product prototypes the cost of non-fixed asset samples prototypes
and general testing means and inspection fees for trial products; 3) costs for the operation
maintenance adjustment inspection testing and repair of instruments and equipment used
in R&D activities.
(3) Depreciation and amortization
Depreciation refers to the depreciation of instruments equipment and buildings used
in R&D activities.For instruments equipment and buildings used in both R&D and non-R&D activities
Autel keeps necessary records of their usage and allocates the actual depreciation costs
between R&D expenses and operating expenses based on actual work hours and usage area.Amortization of long-term prepaid expenses refers to the amortization of long-term
prepaid expenses incurred during the renovation refurbishment and repair of R&D
facilities which are gathered based on actual expenditures and amortized over a specified
period.Amortization of intangible assets refers to the amortization of intangible assets used in
R&D activities such as software intellectual property rights and non-patented
technologies (proprietary technologies licenses designs and calculation methods).
(4) Rent and management fees
Rent and management fees primarily account for property management and utility
costs related to R&D activities.
(5)Transportation and travel expenses
Transportation and travel expenses primarily include travel expenses local
transportation costs and car expenses for R&D personnel.
(6) Entrusted R&D costs
Entrusted R&D costs refer to the expenses incurred by Autel for commissioning other
domestic or foreign institutions or individuals to conduct R&D activities (the results of
which belong to Autel and are closely related to Autel’s main business operations).
(7) Other expenses
Other expenses refer to any additional costs directly related to R&D activities
including technical book and material costs translation fees expert consulting fees
247 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
high-tech R&D insurance fees search demonstration evaluation certification and
acceptance fees for R&D outcomes intellectual property application registration and
agency fees meeting fees travel expenses and communication fees.
4. Internal R&D project costs during the research phase. Internal R&D project costs
during the research phase are recognized as an expense in the current period. Expenditures
for internal R&D projects during the development phase are recognized as intangible assets
if they meet the following conditions: (1) The intangible asset is technically feasible for use
or sale; (2) there is an intention to complete the intangible asset and use or sell it; (3) the
economic benefits from the intangible asset including evidence of market for the product
produced using the intangible asset or for the intangible asset itself if it is intended for
internal use; (4) sufficient technical financial and other resources are available to complete
the development of the intangible asset and there is the ability to use or sell it; (5)
expenditures related to the development phase of the intangible asset can be reliably
measured.
5. Company standards for classifying Internal R&D project expenditures into research
and development phases：
Expenditures for planned investigations evaluations and selections for the research of
products are classified as research phase expenses. Expenditures for design and testing
related to the final application of the product before mass production are classified as
development phase expenses.
26. Impairment of long-term assets
√ Applicable □ Not Applicable
For long-term assets such as long-term equity investments fixed assets construction
in progress right-of-use assets and intangible assets with a finite useful life the
recoverable amount is estimated when there are signs of impairment on the balance sheet
date. For goodwill arising from business combinations and intangible assets with indefinite
useful lives impairment testing is conducted annually regardless of whether there are
impairment indicators. Goodwill is tested for impairment in conjunction with the relevant
asset group or groups.If the recoverable amount of the above long-term assets is less than their carrying
amount an impairment provision is recognized for the difference and charged to the current
profit or loss.
248 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
27. Long-term prepaid expense
√ Applicable □ Not Applicable
Long-term prepaid expenses account for expenditures already incurred that will be
amortized over a period of more than one year. These are recorded at actual costs and
amortized evenly over the benefit period or the specified period. If any long-term prepaid
expense no longer benefits future periods the unamortized balance of the expense is
charged to the current period’s profit or loss.
28. Contract assets and liabilities
√ Applicable □ Not Applicable
Autel recognizes contract assets or liabilities in the balance sheet based on the
relationship between the performance obligations and customer payments. Contract assets
and contract liabilities under the same contract are offset and presented at their net amount.Autel recognizes unconditional rights to receive consideration from customers as
receivables and recognizes the right to receive consideration for goods transferred to
customers (dependent on factors other than the passage of time) as contract assets.Contract liabilities are recognized for obligations to transfer goods to customers in
exchange for consideration that has been received or is receivable.
29. Employee benefits
(1). Accounting treatment for short-term compensation
√ Applicable □ Not Applicable
Short-term compensation is recognized as a liability in the period in which the services
are provided by employees and charged to the current profit or loss or related asset cost.
(2). Accounting treatment for post-employment benefits
√ Applicable □ Not Applicable
Post-employment benefits are divided into defined contribution plans and defined
benefit plans.
(1) For defined contribution plans the amount to be contributed is recognized as a
liability in the period the employee provides services and charged to the current profit or
loss or related asset cost.
249 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
(2) For defined benefit plans the accounting treatment generally includes the
following steps：
1) Using the expected accumulated benefits method estimates are made for
demographic variables and financial variables with actuarial assumptions that are unbiased
and internally consistent. The obligations under the defined benefit plans are measured and
the periods in which the related obligations fall are determined. The obligations are then
discounted to determine the present value of the obligations and the current service cost.
2) If the defined benefit plan has assets the deficit or surplus is recognized as a net
liability or net asset determined by subtracting the fair value of the plan assets from the
present value of the plan obligations. If there is a surplus in the defined benefit plan the net
asset is measured as the lower of the surplus or the upper limit of the assets in the plan.
3) At the end of the period the cost of employee benefits arising from the defined
benefit plan is recognized as service cost net interest on the net liability or net asset and
re-measurement changes of the net liability or net asset. The service cost and the net
interest on the net liability or net asset are charged to current profit or loss or related asset
cost and the re-measurement changes are charged to other comprehensive income which
cannot be reclassified to profit or loss in subsequent periods but the amounts recognized in
other comprehensive income may be transferred within equity.
(3). Accounting treatment for termination benefits
√ Applicable □ Not Applicable
Termination benefits provided to employees are recognized as an employee
compensation liability and charged to current profit or loss when the earlier of the
following occurs: (1) Autel can no longer withdraw the termination benefits due to the
termination or downsizing plan; (2) Autel recognizes the costs or expenses related to a
restructuring that involves the payment of termination benefits.
(4). Accounting treatment for other long-term employee benefits
√ Applicable □ Not Applicable
For other long-term benefits provided to employees those that meet the conditions for
a defined contribution plan are accounted for in accordance with the related regulations.For other long-term benefits not meeting these conditions the accounting treatment follows
the guidelines for defined benefit plans. The total net amount of the employee benefits cost
250 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
net interest on the net liability or net asset and re-measurement changes of the net liability
or net asset are recognized as service costs with the changes accounted for in the current
profit or loss or related asset cost.
30. Provisions
√ Applicable □ Not Applicable
1. A provision for obligations arising from contingent events such as guarantees
litigation matters product warranties loss contracts and returns is recognized when the
obligation becomes a present obligation of Autel and the settlement of the obligation is
likely to result in an outflow of economic benefits from Autel and the amount of the
obligation can be reliably measured.
2. Autel initially measures provisions based on the best estimate of the expenditures
required to settle the present obligation and reviews the carrying value of the provision on
the balance sheet date.
31. Share-based payments
√ Applicable □ Not Applicable
1. Types of share-based payments
Share-based payments include equity-settled share-based payments and cash-settled
share-based payments.
2. Accounting treatment for the implementation modification and termination of
Share-based payment plans
(1) Equity-settled share-based payments
For equity-settled share-based payments that are exercisable immediately after the
grant date in exchange for employee services the fair value of the equity instruments is
recognized as related costs or expenses on the grant date with the corresponding
adjustment to capital reserve. For equity-settled share-based payments where employees
must complete a waiting period or meet specific performance conditions before becoming
exercisable the service received during the waiting period is recognized as costs or
expenses based on the best estimate of the number of exercisable equity instruments using
the fair value of the equity instruments on the grant date. The corresponding adjustment is
made to capital reserve.
251 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Equity-settled share-based payments in exchange for services from other parties if the
fair value of the other party’s services can be reliably measured are measured at the fair
value of the services on the date received; if the fair value of the services cannot be reliably
measured but the fair value of the equity instruments can be reliably measured they are
measured at the fair value of the equity instruments on the date the services are received
and the corresponding costs or expenses are recognized with the corresponding increase in
equity.
(2) Cash-settled share-based payments
For cash-settled share-based payments exercisable immediately after the grant date in
exchange for employee services the fair value of the liability assumed by Autel is
recognized as related costs or expenses on the grant date with the corresponding increase
in liabilities. For cash-settled share-based payments that require employees to complete a
waiting period or meet specific performance conditions before becoming exercisable the
service received during the waiting period is recognized as costs or expenses based on the
best estimate of exercisability using the fair value of the liability assumed by Autel.
(3) Modification and termination of share-based payment plans
If the modification increases the fair value of the granted equity instruments Autel
recognizes an increase in the service received based on the increase in the fair value of the
equity instruments. If the modification increases the number of equity instruments granted
we recognize an increase in the service received based on the increase in the fair value of
the additional equity instruments. If Autel modifies the exercisability conditions in a way
that is beneficial to the employees the modified exercisability conditions will be
considered when processing the exercisability conditions.If the modification decreases the fair value of the granted equity instruments we
continue to recognize the service received based on the fair value of the equity instruments
on the grant date without considering the decrease in the fair value. If the modification
decreases the number of equity instruments granted the decrease is treated as a cancellation
of the granted equity instruments. If the modification to the exercisability conditions is
unfavorable to the employees the modified exercisability conditions are not considered
when processing the exercisability conditions.If Autel cancels the granted equity instruments during the waiting period or settles the
granted equity instruments (except when the instruments are canceled due to unmet
exercisability conditions) the cancellation or settlement is treated as accelerated
252 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
exercisability and the amount that would have been recognized during the remaining
waiting period is immediately recognized.
32. Preferred shares perpetual bonds and other financial instruments
□ Applicable √ Not Applicable
33. Revenue
√ Applicable □ Not Applicable
1. Revenue recognition principle
At the contract inception date Autel assesses the contract identifies the individual
performance obligations included in the contract and determines whether each
performance obligation is satisfied over a period of time or at a point in time.Revenue is recognized over time if any of the following conditions are met; otherwise
it is recognized at a point in time: (1) The customer simultaneously receives and consumes
the benefits provided by our performance as we perform; (2) the customer controls the
work-in-progress goods during our performance; (3) the goods produced by Autel during
performance have no alternative use and Autel has the right to receive payment for the
portion of the performance completed to date during the contract period.For performance obligations satisfied over time Autel recognizes revenue based on
the progress toward completion during the period. If the progress of completion cannot be
reliably determined revenue is recognized based on the costs incurred to the extent that
they are expected to be recoverable until the progress can be reliably determined. For
performance obligations satisfied at a point in time revenue is recognized when the
customer obtains control of the relevant goods or services. In determining whether the
customer has obtained control of the goods Autel considers the following indicators: (1)
Autel has a present right to collect payment for the goods i.e. the customer has an
obligation to pay for the goods; (2) The legal ownership of the goods has been transferred
to the customer i.e. the customer has legal ownership of the goods; (3) the physical goods
have been transferred to the customer i.e. the customer has possession of the goods; (4)
the significant risks and rewards of ownership of the goods have been transferred to the
customer i.e. the customer has obtained the main risks and rewards of ownership; (5) the
customer has accepted the goods; (6) other indicators that the customer has obtained control
of the goods.
253 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
2. Revenue measurement principle
(1) Autel measures revenue based on the transaction price allocated to each
performance obligation. The transaction price is the amount of consideration that Autel
expects to receive for transferring goods or services to the customer excluding amounts
collected on behalf of third parties and amounts expected to be refunded to the customer.
(2) When the contract includes variable consideration estimates the best possible
amount of variable consideration based on either the expected value or the most likely
amount but the transaction price including variable consideration should not exceed the
amount of revenue that is highly likely not to be reversed once the related uncertainty is
resolved.
(3) When the contract contains a significant financing component we determine the
transaction price based on the amount payable by the customer as if payment for the goods
or services were made in cash at the time the customer obtains control. The difference
between the transaction price and the contract consideration is amortized using the effective
interest method over the contract term. If we expect the customer to obtain control of the
goods or services and the payment interval is no longer than one year the significant
financing component is not considered.
(4) When the contract includes two or more performance obligations the Company
allocates the transaction price to each performance obligation based on the relative
standalone selling prices of the goods or services promised in the contract.
3. Specific revenue recognition methods
Autel's sales of goods mainly include sales of automotive integrated diagnostic
products TPMS and ADAS products automotive electronic components and new energy
products. Additionally the Company provides software cloud services for these products.The specific revenue recognition methods for each type of business are as follows:
(1) Sale of goods
Autel's product sales are performance obligations satisfied at a point in time. Revenue
is recognized when the product is delivered to the purchaser or their designated agent the
customer confirms receipt of the product or completes the customs clearance and obtains
the bill of lading payment is received or the right to collect payment is established and it
is highly probable that the related economic benefits will flow to Autel.
(2)Software cloud services
254 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
The software cloud services provided by Autel are performance obligations satisfied
over time. Revenue is recognized based on the proportion of services provided relative to
the total service period agreed upon in the contract.
34. Contract acquisition costs and contract performance costs
√ Applicable □ Not Applicable
Autel recognizes the incremental costs incurred to obtain a contract as an asset
provided that the costs are expected to be recoverable. If the amortization period of contract
acquisition costs does not exceed one year these costs are directly recognized in the current
profit or loss when incurred.Autel recognizes as an asset the costs incurred to fulfill a contract provided these
costs do not fall under the scope of inventory fixed assets or intangible assets and the
following conditions are met:
1. The costs are directly related to a current or expected contract including direct labor
direct materials manufacturing costs (or similar expenses) costs explicitly borne by the
customer and other costs incurred solely due to the contract;
2. The costs increase the resources the Company will use to fulfill its performance
obligations in the future;
3. The costs are expected to be recoverable.
Autel amortizes assets related to contract costs based on the same basis as the
recognition of revenue for the related goods or services and the amortization is recognized
in the current profit or loss.If the carrying value of an asset related to contract costs exceeds the expected
remaining consideration that could be obtained from transferring the related goods or
services minus the estimated costs to be incurred Autel recognizes an impairment
provision for the excess which is recorded as an impairment loss. If the factors causing
impairment change in future periods resulting in an expected higher remaining
consideration for the transferred goods or services the previously recognized impairment
provision is reversed and included in the current profit or loss but the carrying value of the
asset after reversal shall not exceed what the carrying value would have been without the
impairment provision.
255 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
35. Government grants
√ Applicable □ Not Applicable
1. Government grants are recognized when both of the following conditions are met:
(1) The company can meet the conditions attached to the government grant; (2) The
company is able to receive the government grant. For government grants in the form of
monetary assets the grant is measured at the amount received or receivable. For
government grants in the form of non-monetary assets they are measured at fair value; if
the fair value cannot be reliably obtained they are measured at nominal value.
2. Judgment basis and accounting treatment of government grants related to assets
Government grants that are designated for the acquisition or formation of long-term
assets as per government regulations are classified as government grants related to assets.If government documents are not specific the basic conditions for obtaining the grant are
used to determine whether it is related to an asset. If the grant is related to an asset it is
deducted from the carrying value of the related asset or recognized as deferred income.Deferred income is amortized over the useful life of the related asset using a reasonable
and systematic method. Government grants measured at nominal value are directly
recognized in the current profit or loss. If the related asset is sold transferred scrapped or
impaired before the end of its useful life the unamortized balance of deferred income is
transferred to the profit or loss for the period of asset disposal.
3. Judgment basis and accounting treatment of government grants related to income
Government grants other than those related to assets are classified as government
grants related to income. For government grants that include both asset-related and
income-related portions if it is difficult to distinguish between them the entire grant is
classified as income-related. Government grants related to income intended to compensate
for future costs or losses are recognized as deferred income and the relevant amounts are
recognized as income during the period when the costs or losses are recognized. If the
grants are for costs or losses already incurred they are recognized directly in the current
profit or loss or deducted from the related costs.
4. Government grants related to Autel's daily operating activities are recognized as
other income or deducted from related costs and expenses based on the substance of the
economic transaction. Government grants unrelated to Autel's daily operations are
recognized as non-operating income.
5. Accounting treatment for subsidized loans
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(1) If the government allocates interest subsidies to the lending bank which then
provides the loan to Autel at a policy-based preferential interest rate the actual loan amount
received is recognized as the value of the loan with relevant borrowing costs calculated
based on the principal and the policy-based preferential interest rate.
(2) If the government directly allocates the interest subsidy to Autel the corresponding
subsidy amount is deducted from the relevant borrowing costs.
36. Leases
√ Applicable □ Not Applicable
Judgment basis and accounting treatment for short-Term leases and low-value asset
leases as lessee
√ Applicable □ Not Applicable
At the lease commencement date Autel recognizes leases as short-term leases if the
lease term is 12 months or less and does not include a purchase option. Leases of low-value
asset items (such as new assets with relatively low value) are recognized as low-value asset
leases. If Autel subleases or expects to sublease leased assets the original lease is not
recognized as a low-value asset lease.For all short-term leases and low-value asset leases Autel recognizes lease payments
as part of related asset costs or current period profit or loss on a straight-line basis over the
lease term.Except for the above-mentioned simplified short-term leases and low-value asset
leases Autel recognizes a right-of-use asset and lease liability at the lease commencement
date.
(1) Right-of-use assets
Right-of-use assets are initially measured at cost which includes: 1) The initial
measurement amount of the lease liability; 2) lease payments made at or before the
commencement date less any lease incentives received; 3) initial direct costs incurred by
the lessee; 4) estimated costs to dismantle and remove leased assets restore the leased
premises or return leased assets to the condition required by the lease terms.Autel depreciates right-of-use assets on a straight-line basis. If it is reasonably certain
that ownership of the leased asset will be obtained at the end of the lease term Autel
depreciates the asset over its remaining useful life. If it is not reasonably certain that
257 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
ownership will be obtained Autel depreciates the asset over the shorter of the lease term or
the asset’s remaining useful life.
(2) Lease liabilities
At the lease commencement date Autel recognizes the present value of the unpaid
lease payments as a lease liability. The lease payments’ present value is calculated using
the interest rate implicit in the lease. If the interest rate implicit in the lease cannot be
determined the Company uses its incremental borrowing rate as the discount rate. The
difference between the lease payments and their present value is recorded as unrecognized
finance charges. Autel recognizes interest expense on the lease liability for each period
based on the discount rate used to determine the lease payments and this is charged to the
current profit or loss. Variable lease payments not included in the measurement of lease
liabilities are recognized in the profit or loss when incurred.After the lease commencement date if there are changes in fixed payment amounts
expected amounts payable due to residual value guarantees changes in indices or rates used
to determine lease payments or changes in the assessment or exercise of purchase options
renewal options or termination options Autel will re-measure the lease liability at the
present value of the revised lease payments and adjust the carrying value of the right-of-use
asset accordingly. If the carrying value of the right-of-use asset is reduced to zero but the
lease liability still requires further adjustment the remaining amount will be recognized in
the current profit or loss.Classification and accounting treatment of leases as lessor
√ Applicable □ Not Applicable
At the commencement date of a lease Autel classifies a lease as a finance lease where
almost all the risks and rewards associated with ownership of the leased asset have been
transferred and all others as operating leases.Operating leases
For operating leases Autel recognizes rental income from lease payments on a
straight-line basis over the lease term. Initial direct costs incurred are capitalized and
amortized on the same basis as the rental income is recognized charged to the current
profit or loss. Variable lease payments not included in the lease receipts are recognized in
the profit or loss when incurred.
258 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
37. Deferred income tax assets/liabilities
√ Applicable □ Not Applicable
1. Deferred income tax assets or liabilities are recognized based on the differences
between the carrying amount of assets and liabilities and their tax bases (for items not
recognized as assets and liabilities if the tax basis can be determined according to tax laws
the difference between the tax basis and the carrying amount is considered). Deferred
income tax assets or liabilities are calculated using the applicable tax rate for the period
during which the asset is expected to be recovered or the liability is expected to be settled.
2. Deferred income tax assets are recognized to the extent that it is probable that
taxable income will be available in the future to offset the deductible temporary differences.If there is sufficient evidence on the balance sheet date that taxable income will likely be
available in future periods to offset deductible temporary differences deferred income tax
assets that were not previously recognized in prior periods are recognized.
3. At the balance sheet date the carrying value of deferred income tax assets is
reviewed. If it is likely that sufficient taxable income will not be available to utilize the
deferred income tax assets the carrying value of the deferred income tax assets is reduced.Any reduction is reversed if it becomes likely that sufficient taxable income will be
available to use the deferred income tax assets.
4. Current income tax and deferred income taxes are recognized as income tax expense
or income in the current period excluding taxes arising from the following: (1) business
combinations; (2) transactions or events directly recognized in equity.
5. Autel offsets deferred income tax assets and deferred income tax liabilities and
presents them at their net amount if both of the following conditions are met: (1) Autel has
a legal right to offset current income tax assets and current income tax liabilities; (2) the
deferred income tax assets and liabilities relate to income taxes levied by the same taxation
authority on the same taxpayer or if they relate to different taxpayers Autel intends to
offset the current income tax assets and liabilities in the future during each period in which
significant deferred income tax assets and liabilities will be reversed.
38. Other significant accounting policies and estimates
√ Applicable □ Not Applicable
1. Accounting treatment for repurchased company shares
259 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
When Autel repurchases its own shares for reasons such as reducing registered capital
or rewarding employees the repurchased shares are treated as treasury stock at the actual
amount paid and a memorandum entry is made. If the repurchased shares are canceled the
difference between the total par value of the canceled shares (calculated as the par value per
share multiplied by the number of shares canceled) and the actual amount paid for the
repurchase is deducted from capital reserve. If capital reserve is insufficient to cover the
difference retained earnings are reduced. If the repurchased shares are given to employees
as part of an equity-settled share-based payment plan the treasury stock cost and
accumulated capital reserve (other capital reserve) for the waiting period are written off
when the employees exercise the option to purchase Autel's shares and any difference is
adjusted against capital reserve (share premium).
2. Income tax and deferred income tax assets
Autel pays corporate income tax in multiple regions. In the course of normal business
activities the final tax treatment of certain transactions and items is uncertain. Significant
judgments are required when estimating income tax expenses in different regions. If the
final tax treatment differs from the Company’s estimates the difference will affect the
amount of income tax expense and deferred income tax assets recognized in the period in
which the final determination is made.
39. Changes in significant accounting policies and accounting estimates
During the Reporting Period there were no significant changes in our accounting
policies or accounting estimates.
40. First-time adoption of new accounting standards or interpretations in 2025
involving adjustments to the financial statements at the beginning of the year
□ Applicable √ Not Applicable
41. Other information
□ Applicable √ Not Applicable
VI Taxes
1. Main taxes and tax rates
Main taxes and tax rates situation
260 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
√ Applicable □ Not Applicable
Tax types Tax base Tax rates
The output VAT is The tax is calculated at rates
calculated based on the of 5% 6% 9% 10% 13%
sales of goods and taxable 16% 19% 20% 21% 22%
service income as defined and 25%. The Company
Value Added Tax (VAT) by tax law with the implements the "exemption
deductible input VAT for offset refund" tax policy for
the current period exported goods with the
subtracted. The difference refund rate according to
is the VAT payable. relevant policies.For property tax if it is levied
based on the property’s value
the tax is calculated at 1.2%
of the remaining value after a
Property Tax one-time deduction of 20% or 1.2%、12%
30% of the original property
value. For rental property tax
the tax is calculated at 12% of
the rental income.Urban Maintenance and The actual paid turnover tax
Construction Tax amount. 7%
Education Surcharge The actual paid turnover tax
amount. 3%
Local Education The actual paid turnover tax
Surcharge amount. 2%
Corporate Income Tax The taxable income for
corporate income tax. 0% 10% 15% 25% etc.Disclosure of different corporate income tax rates for taxable entities
√ Applicable □ Not Applicable
Taxable entity Corporate income tax rate (%)
Autel and Autel Digital Power Income tax was calculated at a rate of 15%
Autel Hesheng Income tax was calculated at a rate of 10%
Autel Hexin Autel New Energy
Vietnam Autel Hong Kong and Exempt from income tax under preferential tax policies
Frontier Robotics Hong Kong
Yingtong Property Management
Hainan Chizhuo Daohe Tongtai Taxable income was 25% of their income and corporate income
Nanjing Tongtai Hangzhou Tongtai tax was calculated at a rate of 20%
and Baoan Tongtai
Autel Hunan Autel Xi’an Rainbow
Technology Rainbow Information
Consulting Autel Hainan and Autel Income tax was calculated at a rate of 25%
Heda
Autel California Autel New York Federal corporate income tax was calculated at a rate of 21%
Autel New Energy US ECEVSE US and they were also required to file corporate income tax returns
and Autel EcomAmerica at the applicable tax rates in states where actual businessoperations were conducted
Autel Germany Federal corporate income tax was calculated at a rate of 15%
261 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
along with a 5.5% solidarity surcharge (tax base is the amount
of federal corporate income tax) and a business tax (3.5%
standard rate adjusted according to the local collection
multiplier)
Autel Japan Income tax was calculated at a rate of 23.2%
Autel Italy Income tax was calculated at a rate of 24%
Autel Mexico and Mexican Factory Income tax was calculated at a rate of 30%
Autel Brazil Income tax was calculated at a rate of 34%
Profits exceeding GBP250000 were taxed at a rate of 25%
Autel UK Autel Smart UK (effective from April 1 2023); profits not exceeding GBP50000were taxed at a small profits rate of 19% (effective from April 1
2023)
Autel Netherlands and Evota A taxable amount up to EUR200000 was taxed at a rate of
Netherlands 19%; and the portion exceeding the taxable amount was taxed ata rate of 25.8%
Autel France Income tax was calculated at a rate of 25%
Autel Australia Income tax was calculated at a rate of 30%
Autel Sweden Income tax was calculated at a rate of 20.6%
Autel Spain Income tax was calculated at a rate of 25%
Autel Vietnam Income tax was calculated at a rate of 20%
Exempt from corporate income tax if the taxable amount does
Autel Dubai not exceed AED375000; and the portion exceeding the taxable
amount was subject to income tax at a rate of 9%
Digital Power (Singapore) Income tax was calculated at the local statutory rate of 17%
2. Tax incentives
√ Applicable □ Not Applicable
1. Value Added Tax (VAT)
(1) Software company tax incentives
According to the Notice on VAT Policies for Software Products (Caishui [2011] No.
100) and the Notice on Adjusting VAT Rates (Caishui [2018] No. 32) subsidiaries Autel
Hesheng and Autel Hexin which sell self-developed software products are subject to VAT
at the prescribed rate. For the portion of VAT exceeding 3% the immediate refund policy
is applied.
(2) According to the Notice on the Comprehensive Launch of VAT Reform Pilot for
Business Tax (Caishui [2016] No. 36) the subsidiaries Autel Hunan and Autel Xi'an
Technology Development Services are eligible for VAT exemption.
2. Corporate income tax
(1) Tax incentives for Innovation Company
According to the relevant regulations for the recognition of an Innovation Company
Autel was recognized as an Innovation Company in 2023 and enjoys a corporate income
tax incentive policy with a 15% tax rate from 2023 to 2025.
262 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
The subsidiary Autel Digital Power was recognized as an Innovation Company in
2025 and enjoys a corporate income tax incentive policy with a 15% tax rate from 2025 to
2027.
(2) Software company tax incentives
According to the Announcement on Corporate Income Tax Policies for Promoting
High-Quality Development of the Integrated Circuit and Software Industries (Ministry of
Finance State Taxation Administration National Development and Reform Commission
Ministry of Industry and Information Technology Announcement No. 45 of 2020) key
software enterprises encouraged by the state are exempt from corporate income tax for the
first five years from the year of profit generation and the tax rate is reduced to 10% in
subsequent years. The subsidiary Autel Hesheng passed the national recognition as a key
software enterprise in 2025 and was taxed at a 10% rate in 2025.Software enterprises encouraged by China are exempt starting from the first profitable
year from corporate income tax for the first two years and subject to a 50% reduction in
the statutory tax rate of 25% for the third to fifth years. Subsidiary Daotong Hexin has been
recognized as a software enterprise encouraged by China and started to make a profit in
2025 therefore it was exempt from tax in 2025.
(3) Small and micro enterprise tax incentives
According to the Announcement on Further Supporting the Development of Small and
Micro Enterprises and Individual Industrial and Commercial Households (Ministry of
Finance State Taxation Administration Announcement No. 12 of 2023) the subsidiaries
Yingtong Property Management Hainan Chizhuo Daohe Tongtai Nanjing Tongtai
Hangzhou Tongtai and Baoan Tongtai met the criteria for small and micro enterprises in
2025 with taxable income below RMB1 million. Their income was reduced by 25% for
taxable income and corporate income tax was paid at a 20% tax rate.
(4) Tax incentives for subsidiary Autel New Energy Vietnam. It is eligible for a
four-year exemption and nine-year half-rate policy (corporate income tax exemption for
four years since becoming profitable and half tax rate for the subsequent nine years). And
since Autel New Energy Vietnam started generating profits in 2022 no corporate income
tax was payable in 2025.
(5) The business of Autel Hong Kong and Frontier Robotics Hong Kong is considered
offshore so they are not required to pay corporate income tax.
263 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
(6) The subsidiary Autel Dubai is exempt from corporate income tax if its taxable
amount does not exceed AED375000; the portion exceeding the taxable amount is subject
to income tax at a rate of 9%.
3. Other information
□ Applicable √ Not Applicable
VII Notes to the Consolidated Financial Statements
1. Monetary assets
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Cash on hand 2410361.34 1937347.68
Bank deposits 1545920636.36 1672018175.31
Other monetary assets 133510831.14 154720525.70
Total 1681841828.84 1828676048.69
Of which: Total
amount deposited 459437445.57 363503724.29
overseas
Other information:
As at the end of the period there were ETC security deposits of RMB7500.00 and
frozen funds of RMB3892370.84 in bank deposits. Other monetary assets included
customs deposits of RMB42164174.75 bill deposits of RMB63510655.69 guarantee
deposits of RMB1296785.68 and an Apple Store account balance of RMB272175.10.The use of the above monetary assets was restricted.
2. Held-for-trading financial assets
□ Applicable √ Not applicable
3. Derivative financial assets
□ Applicable √ Not applicable
4. Notes receivable
(1) Notes receivable listed by category
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Bank acceptance bills 3318915.70 4926365.63
Total 3318915.70 4926365.63
264 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
(2) Notes receivable in pledge as at the end of the period
□ Applicable √ Not applicable
(3) Notes receivable endorsed by the Company or discounted and not due on the
balance sheet date as at the end of the period
□ Applicable √ Not applicable
(4) Breakdown by method of establishing bad debt provisions
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Gross amount Bad debt provision Gross amount Bad debt provision
Type Provision Carrying Carrying
Amount Percentage Amount percentage amount Amount Percentage
Provision
(%) (%) Amount percentage
amount
(%)(%)
Bad debt
provision
established
on a 3318915.70 100.00 3318915.70 4926365.63 100.00 4926365.63
grouping
basis
Of which:
Bank
acceptance 3318915.70 100.00 3318915.70 4926365.63 100.00 4926365.63
bills
Total 3318915.70 100.00 3318915.70 4926365.63 100.00 4926365.63
Bad debt provision established on an individual basis:
□ Applicable √ Not applicable
Bad debt provision established on a grouping basis:
√ Applicable □ Not applicable
Item: Bank acceptance bills
Unit: RMB
Closing balance
Item Gross amount Bad debt provision Provision percentage(%)
Bank acceptance bills 3318915.70
Total 3318915.70
Notes to bad debt provision established on a grouping basis:
□ Applicable √ Not applicable
Bad debt provision established using the general model of expected credit loss:
□ Applicable √ Not applicable
Basis of classification of stages and percentage of bad debt provision:
None.Significant change in the gross amount of a note receivable with change in loss provision
265 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
during the period:
□ Applicable √ Not applicable
(5) Bad debt provision
□ Applicable √ Not applicable
Bad debt provision with a significant recovered or reversed amount during the period:
□ Applicable √ Not applicable
Other information:
None.
(6) Written-off notes receivable for the period
□ Applicable √ Not applicable
Write-off of significant notes receivable:
□ Applicable √ Not applicable
Notes to the write-off:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
5. Accounts receivable
(1) Breakdown by aging
√ Applicable □ Not applicable
Unit: RMB
Aging Closing gross amount Opening gross amount
Within 1 year (including 1 year) 1176827279.91 894532883.21
1 to 2 years 44288896.55 38216674.76
Over 2 years 47831941.46 33013302.48
Total 1268948117.92 965762860.45
266 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
(2) Breakdown by method of establishing bad debt provisions
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Gross amount Bad debt provision Gross amount Bad debt provision
Type Provision Carrying Provision Carrying
Amount Percentage(%) Amount percentage
amount Amount Percentage(%) Amount percentage
amount
(%)(%)
Bad debt provision
established on an 17327195.03 1.37 17327195.03 100.00 10766445.05 1.11 10766445.05 100.00
individual basis
Of which:
Bad debt
provision established
on an individual 17327195.03 1.37 17327195.03 100.00 10766445.05 1.11 10766445.05 100.00
basis
Bad debt provision
established on a 1251620922.89 98.63 113858178.35 9.10 1137762744.54 954996415.40 98.89 88241897.75 9.24 866754517.65
grouping basis
Of which:
Bad debt
provision established 1251620922.89 98.63 113858178.35 9.10 1137762744.54 954996415.40 98.89 88241897.75 9.24 866754517.65
on a grouping basis
Total 1268948117.92 / 131185373.38 / 1137762744.54 965762860.45 / 99008342.80 / 866754517.65
Bad debt provision established on an individual basis:
√ Applicable □ Not applicable
There were no significant accounts receivable for which bad debt provisions were established on an individual basis for the period.Notes to bad debt provisions established on an individual basis:
□ Applicable √ Not applicable
267 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Bad debt provision established on a grouping basis:
√ Applicable □ Not applicable
Item: Aging group
Unit: RMB
Closing balance
Group Gross amount Bad debt provision Provision percentage(%)
Within 1 year 1175349235.94 58767461.79 5.00
1 to 2 years 42361940.92 21180970.53 50.00
Over 2 years 33909746.03 33909746.03 100.00
Total 1251620922.89 113858178.35 9.10
Notes to bad debt provision established on a grouping basis:：
□ Applicable √ Not applicable
Bad debt provision established using the general model of expected credit loss:
□ Applicable √ Not applicable
Basis of classification of stages and percentage of bad debt provision:
None.Significant change in the gross amount of an account receivable with change in loss
provision during the period:
□ Applicable √ Not applicable
(3) Bad debt provision
√ Applicable □ Not applicable
Unit: RMB
Type Opening
Changes for the period Closing
balance Established Recovered or Charged off Otherreversed or written off changes balance
Bad debt
provision
established on 10766445.05 7294740.98 852704.43 118713.43 17327195.03
an individual
basis
Bad debt
provision
established on 88241897.75 24753114.33 863166.27 113858178.35
a grouping
basis
Total 99008342.80 32047855.31 852704.43 981879.70 131185373.38
Bad debt provision with a significant recovered or reversed amount during the period:
□ Applicable √ Not applicable
Other information:
None.
(4) Written-off accounts receivable for the period
√ Applicable □ Not applicable
Unit: RMB
268 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Item Amount written off
Written-off accounts receivable 852704.43
Write-off of significant accounts receivable:
□ Applicable √ Not applicable
Notes to the write-off:
√ Applicable □ Not applicable
None.
(5) Top five entities with respect to accounts receivable and contract assets
√ Applicable □ Not applicable
Unit: RMB
As % of total
Entity Closing balance of accounts Closing balance of bad debtaccounts receivable receivable provision
No.1 136027168.49 10.72 7316261.00
No.2 73563746.94 5.80 3678187.35
No.3 65360044.07 5.15 3268002.20
No.4 57491147.02 4.53 2893541.43
No.5 50593311.54 3.99 10029056.94
Total 383035418.06 30.19 27185048.92
Other information:
The accounts receivable balance of the above customers is calculated by combining the
company and the companies with supply chain service relationships within the same group.Other information:
√ Applicable □ Not applicable
Accounts receivable derecognized due to transfer of financial assets:
Item Method of financial Amount of financial assets Gain or loss related toasset transfer derecognized derecognition
Accounts Non-recourse
receivable factoring 397574948.76 20464344.57
6. Contract assets
(1) Details of contract assets
□ Applicable √ Not applicable
(2) Amount of and reason for significant changes in carrying value during the
Reporting Period
□ Applicable √ Not applicable
(3) Breakdown by method of establishing bad debt provisions
□ Applicable √ Not applicable
Bad debt provision established on an individual basis:
269 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
□ Applicable √ Not applicable
Notes to bad debt provisions established on an individual basis:
□ Applicable √ Not applicable
Bad debt provision established on a grouping basis:
□ Applicable √ Not applicable
Bad debt provision established using the general model of expected credit loss:
□ Applicable √ Not applicable
Basis of classification of stages and percentage of bad debt provision:
None.Significant change in the gross amount of a contract asset with change in loss provision
during the period:
□ Applicable √ Not applicable
(4) Bad debt provisions for contract assets during the period
□ Applicable √ Not applicable
Bad debt provision with a significant recovered or reversed amount during the period:
□ Applicable √ Not applicable
Other information:
None.
(5) Written-off contract assets for the period
□ Applicable √ Not applicable
Write-off of significant contract assets:
□ Applicable √ Not applicable
Notes to the write-off:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
7. Receivables financing
(1) Breakdown of receivables financing
□ Applicable √ Not applicable
(2) Receivables financing in pledge as at the end of the period
□ Applicable √ Not applicable
270 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
(3) Receivables financing endorsed by the Company or discounted and not due on the
balance sheet date as at the end of the period
□ Applicable √ Not applicable
(4) Breakdown by method of establishing bad debt provisions
□ Applicable √ Not applicable
Bad debt provision established on an individual basis:
□ Applicable √ Not applicable
Notes to bad debt provisions established on an individual basis:
√ Applicable □ Not applicable
None.Bad debt provision established on a grouping basis:
□ Applicable √ Not applicable
Bad debt provision established using the general model of expected credit loss:
□ Applicable √ Not applicable
Basis of classification of stages and percentage of bad debt provision:
None.Significant change in the gross amount of a receivable financing with change in loss
provision during the period:
□ Applicable √ Not applicable
(5) Bad debt provision
□ Applicable √ Not applicable
Bad debt provision with a significant recovered or reversed amount during the period:
□ Applicable √ Not applicable
Other information:
None.
(6) Written-off receivables financing for the period
□ Applicable √ Not applicable
Write-off of significant receivables financing:
□ Applicable √ Not applicable
Notes to the write-off:
□ Applicable √ Not applicable
271 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
(7) Changes in receivables financing during the period and changes in fair value
□ Applicable √ Not applicable
(8) Other information
□ Applicable √ Not applicable
8. Prepayments
(1) Breakdown of prepayments by aging
√ Applicable □ Not applicable
Unit: RMB
Aging Closing balance Opening balanceAmount Percentage (%) Amount Percentage (%)
Within 1 year 77468024.17 83.55 72523196.55 77.32
1 to 2 years 4671668.86 5.04 9364216.90 9.98
Over 2 years 10576587.41 11.41 11909394.55 12.70
Total 92716280.44 100.00 93796808.00 100.00
Note: The above are presented on a net basis for prepayments.Reason for outstanding prepayments that are over 1 year and of a substantial amount:
None.
(2) Top five entities with respect to prepayments
√ Applicable □ Not applicable
Unit: RMB
Entity Closing balance As % of the closing balance oftotal prepayments
No.1 22040017.84 23.77
No.2 11859296.29 12.79
No.3 4602404.05 4.96
No.4 3242523.58 3.50
No.5 2986838.88 3.22
Total 44731080.64 48.25
Other information:
None.
9. Other receivables
Breakdown
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Interest receivable
Dividends receivable
Other receivables 42151663.64 62031971.26
Total 42151663.64 62031971.26
Other information:
272 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
√ Applicable □ Not applicable
None.Interest receivable
(1) Breakdown of interest receivable
□ Applicable √ Not applicable
(2) Significant overdue interest
□ Applicable √ Not applicable
(3) Breakdown by method of establishing bad debt provisions
□ Applicable √ Not applicable
Bad debt provision established on an individual basis:
□ Applicable √ Not applicable
Notes to bad debt provisions established on an individual basis:
√ Applicable □ Not applicable
There were no significant other receivables for which bad debt provisions were
established on an individual basis for the period.Bad debt provision established on a grouping basis:
□ Applicable √ Not applicable
(4) Bad debt provision established using the general model of expected credit loss
□ Applicable √ Not applicable
Basis of classification of stages and percentage of bad debt provision:
None.Significant change in the gross amount of interest receivable with change in loss provision
during the period:
□ Applicable √ Not applicable
(5) Bad debt provision
□ Applicable √ Not applicable
Bad debt provision with a significant recovered or reversed amount during the period:
□ Applicable √ Not applicable
Other information:
None.
273 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
(6) Written-off interest receivable for the period
□ Applicable √ Not applicable
Write-off of significant interest receivable:
□ Applicable √ Not applicable
Notes to the write-off:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Dividends receivable
(7) Dividends receivable
□ Applicable √ Not applicable
(8) Significant dividends receivable aged over one year
□ Applicable √ Not applicable
(9) Breakdown by method of establishing bad debt provisions
□ Applicable √ Not applicable
Bad debt provision established on an individual basis:
□ Applicable √ Not applicable
Notes to bad debt provisions established on an individual basis:
□ Applicable √ Not applicable
Bad debt provision established on a grouping basis:
□ Applicable √ Not applicable
(10) Bad debt provision established using the general model of expected credit loss
□ Applicable √ Not applicable
Basis of classification of stages and percentage of bad debt provision:
None.Significant change in the gross amount of dividends receivable with change in loss
provision during the period:
□ Applicable √ Not applicable
(11) Bad debt provision
□ Applicable √ Not applicable
Bad debt provision with a significant recovered or reversed amount during the period:
274 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
□ Applicable √ Not applicable
Other information:
None.
(12) Written-off dividends receivable for the period
□ Applicable √ Not applicable
Write-off of significant dividends receivable:
□ Applicable √ Not applicable
Notes to the write-off:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Other receivables
(13) Breakdown by aging
√ Applicable □ Not applicable
Unit: RMB
Aging Closing gross amount Opening gross amount
Within 1 year (including 1 year) 27613958.72 45788589.53
1 to 2 years 3816586.84 7218627.41
Over 2 years 16417007.12 14094698.62
Total 47847552.69 67101915.56
(14) Breakdown by nature
√ Applicable □ Not applicable
Unit: RMB
Nature Closing gross amount Opening gross amount
Security deposits 18663098.20 18006257.95
Provisional payments receivable 12320702.38 7484084.32
Petty cash 5976308.56 4214764.82
Export tax rebates receivable 5000000.00 4000409.05
Social security and housing 3776348.83
provident fund payments on 4059211.33
behalf of employees
Receivables due to equity transfer 24420000.00
Employee housing loan 2111094.72 4917188.09
Total 47847552.69 67101915.56
(15) Changes in bad debt provisions
√ Applicable □ Not applicable
Unit: RMB
Stage 1 Stage 2 Stage 3
Bad debt provision 12-month Lifetime expected Lifetime expected Total
expected credit credit loss (without credit loss (with
275 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
loss credit impairment) credit impairment)
Balance as at
January 1 2025 84362.93 811245.25 4174336.12 5069944.30
Balance as at
January 1 2025
was during the
period
- Transferred to
Stage 2 -15916.32 15916.32
- Transferred to
Stage 3 -511046.16 511046.16
- Transferred back
to Stage 2
- Transferred back
to Stage 1
Established during
the period 280132.56 497595.46 777728.02
Reversed during
the period 156952.24 156952.24
Charged off during
the period
Written off during
the period
Other changes -8281.72 13450.69 5168.97
Balance as at
December 31 2025 340297.45 159163.17 5196428.43 5695889.05
Basis of classification of stages and percentage of bad debt provision:
None.Significant change in the gross amount of other receivables with change in loss provision
during the period:
□ Applicable √ Not applicable
Basis for a significant increase in a bad debt provision and the credit risk of a financial
instrument during the period:
□ Applicable √ Not applicable
(16) Breakdown of bad debt provisions
√ Applicable □ Not applicable
Unit: RMB
Changes during the period
Type Opening Recovered Charged-of Closingbalance Established or reversed f or
Other
written-off changes
balance
Bad debt
provision
established on 553349.59 553349.59
an individual
basis
Bad debt
provision
established on 5069944.30 224378.43 156952.24 5168.97 5142539.46
a grouping
276 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
basis
Total 5069944.30 777728.02 156952.24 5168.97 5695889.05
Bad debt provision with a significant recovered or reversed amount during the period:
□ Applicable √ Not applicable
Other information:
None.
(17) Written-off other receivables for the period
□ Applicable √ Not applicable
Write-off of significant other receivables:
□ Applicable √ Not applicable
Notes to the write-off:
□ Applicable √ Not applicable
(18) Top five entities with respect to other receivables
√ Applicable □ Not applicable
Unit: RMB
As % of the
Entity Nature of other Closing gross balance of Closing balance of badreceivable amount Aging total other debt provision
receivables
No.1 Export tax rebatereceivable 5000000.00
Within 1
year 10.45
Provisional
payment 1792498.28 Over 2
receivable years
3.751792498.28
204785.69 Within 1No.2 year 0.43
Security deposit 78777.37 1-2 years 0.16
1365356.24 Over 2years 2.85
1545734.00 Over 2years 3.24
No.3 Security deposit 960954.00 1-2 years 2.01
480477.00 Over 2years 1.00
2093835.44 Within 1 4.38
No.4 Security deposit year
17420.00 1-2 years 0.04
Provisional
No.5 payment 1398329.15 Within 1year 2.92 69916.46receivable
Total 14938167.17 31.22 1862414.74
277 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
(19) Other receivables reported due to centralized management of funds
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
10. Inventories
(1) Breakdown of inventories
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Provisions for Provisions for
inventory inventory
impairments or impairments or
Item Gross amount impairment Carrying amount Gross amount impairmentprovisions for provisions for Carrying amount
contract contract
performance performance
costs costs
Raw
materials 416710100.47 59619374.39 357090726.08 337796733.98 36101085.89 301695648.09
Work-in-prog
ress 240931881.46 14293284.12 226638597.34 198237102.04 29486696.50 168750405.54
Finished
goods 1171412052.05 86902057.31 1084509994.74 783136828.83 102447502.41 680689326.42
Total 1829054033.98 160814715.82 1668239318.16 1319170664.85 168035284.80 1151135380.05
(2) Data resources recognized as inventories
□ Applicable √ Not applicable
(3) Provisions for inventory impairments and impairment provisions for contract
performance costs
√ Applicable □ Not applicable
Unit: RMB
Opening Increase during the period Decrease during the periodItem balance Established Others Reversed or
Closing balance
charged off Other
Raw
material 36101085.89 27308541.25 -33408.57 3756844.18 59619374.39
s
Work-i
n-progr 29486696.50 67274.55 15260686.93 14293284.12
ess
Finishe
d goods 102447502.41 -457129.65 15088315.45 86902057.31
Total 168035284.80 27308541.25 -423263.67 34105846.56 160814715.82
Reasons for the reversal/charge-off of provisions for inventory impairments during the
period:
√ Applicable □ Not applicable
On the balance sheet date inventories are measured at the lower of cost and net
realizable value and provision for inventory impairment is made based on the difference by
278 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
which the cost of a single inventory is higher than its net realizable value. For finished
goods the net realizable value is determined by the estimated selling price of the inventory
less the estimated selling expense and related taxes; and for raw materials and
work-in-progress the net realizable value is determined by the estimated selling price of
the finished goods less the estimated costs to be incurred upon completion the estimated
selling expense and related taxes. Write-offs in each period are mainly related to inventory
sales production use and scrap disposal.Provisions for inventory impairments established on a grouping basis:
□ Applicable √ Not applicable
Basis for establishing provisions for inventory impairments on a grouping basis:
□ Applicable √ Not applicable
(4) Capitalized borrowing cost in the closing balance of inventories and the criteria
and basis for its calculation
□ Applicable √ Not applicable
(5) Notes to the amount of contract performance costs amortized for the period
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
11. Assets held for sale
□ Applicable √ Not applicable
12. Current portion of non-current assets
□ Applicable √ Not applicable
Current portion of debt investments
□ Applicable √ Not applicable
Current portion of other debt investments
□ Applicable √ Not applicable
Other information on the current portion of non-current assets:
None.
13. Other current assets
√ Applicable □ Not applicable
279 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Unit: RMB
Item Closing balance Opening balance
Input tax to be deducted 272075113.26 171399294.21
Advance payments of tax 34818555.30 64683992.70
Refund costs receivable 4120799.96 1360738.05
Listing expenses by a listed company 17418818.64
Other 982288.62
Total 329415575.78 237444024.96
Other information:
None.
14. Debt investments
(1) Details of debt investments
□ Applicable √ Not applicable
Changes in impairment provisions for debt investments during the period:
□ Applicable √ Not applicable
(2) Significant debt investments at the end of the period
□ Applicable √ Not applicable
(3) Impairment provisions
□ Applicable √ Not applicable
Basis of classification of stages and percentage of impairment provision:
None.Significant change in the gross amount of debt investments with change in loss provision
during the period:
□ Applicable √ Not applicable
Basis for a significant increase in an impairment provision and the credit risk of a financial
instrument during the period:
□ Applicable √ Not applicable
(4) Written-off debt investments for the period
□ Applicable √ Not applicable
Write-off of significant debt investments:
□ Applicable √ Not applicable
Notes to the write-off:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
280 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
15. Other debt investments
(1) Details of other debt investments
□ Applicable √ Not applicable
Changes in impairment provisions for other debt investments during the period:
□ Applicable √ Not applicable
(2) Significant other debt investments at the end of the period
□ Applicable √ Not applicable
(3) Impairment provisions
□ Applicable √ Not applicable
Basis of classification of stages and percentage of impairment provision:
None.Significant change in the gross amount of other debt investments with change in loss
provision during the period:
□ Applicable √ Not applicable
Basis for a significant increase in an impairment provision and the credit risk of a financial
instrument during the period:
□ Applicable √ Not applicable
(4) Written-off other debt investments for the period
□ Applicable √ Not applicable
Write-off of significant other debt investments:
□ Applicable √ Not applicable
Notes to the write-off:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
16. Long-term receivables
(1) Details of long-term receivables
□ Applicable √ Not applicable
(2) Breakdown by method of establishing bad debt provisions
□ Applicable √ Not applicable
Bad debt provision established on an individual basis:
281 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
□ Applicable √ Not applicable
Notes to bad debt provisions established on an individual basis:
□ Applicable √ Not applicable
Bad debt provision established on a grouping basis:
□ Applicable √ Not applicable
(3) Bad debt provision established using the general model of expected credit loss
□ Applicable √ Not applicable
Basis of classification of stages and percentage of bad debt provision:
None.Significant change in the gross amount of long-term receivables with change in loss
provision during the period:
□ Applicable √ Not applicable
Basis for a significant increase in a bad debt provision and the credit risk of a financial
instrument during the period:
□ Applicable √ Not applicable
(4) Breakdown of bad debt provisions
□ Applicable √ Not applicable
Bad debt provision with a significant recovered or reversed amount during the period:
□ Applicable √ Not applicable
Other information:
None.
(5) Written-off long-term receivables for the period
□ Applicable √ Not applicable
Write-off of significant long-term receivables:
□ Applicable √ Not applicable
Notes to the write-off:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
17. Long-term equity investments
(1) Details of long-term equity investments
√ Applicable □ Not applicable
282 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Unit: RMB
Increase/decrease for the period
Gains Closin Closin
Opening and Adjustm Othe Impair g g
Investe Balance Additi Reductio losses ents of r
Cash ment Balanc balanc
e (Carryin onal n in recogniz other equit
divid provisi Ot e e of
g invest investme ed under compreh y ends ons her (Carry impair
amount) ment nt the ensive chan declar establi ing ment
equity income ges ed shed amoun provisi
method t) ons
Associates
SkyFe
nd 468712 786914 318202
Techno 05.76 78.64 72.88
logy
Zhejia
ng 50000 50000
Vision 0.00 0.00
Total 468712 50000 786914 318202 5000005.76 0.00 78.64 72.88 0.00
(2) Impairment tests of long-term equity investments
□ Applicable √ Not applicable
Other information:
None.
18. Other equity investments
(1) Details of other equity investments
□ Applicable √ Not applicable
(2) Derecognition during the period
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
19. Other non-current financial assets
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Financial assets at fair value through
profit or loss 4913258.26 7021284.08
Of which: Equity investments 4913258.26 7021284.08
Total 4913258.26 7021284.08
Other information:
□ Applicable √ Not applicable
283 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
20. Investment properties
Measurement model of investment properties
Not applicable.
21. Fixed assets
Breakdown:
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Fixed assets 1219215619.82 1249662845.70
Total 1219215619.82 1249662845.70
Other information:
□ Applicable √ Not applicable
Fixed assets:
(1) Details of fixed assets
√ Applicable □ Not applicable
Unit: RMB
Item Buildings and Machinery Transportation Otherconstructions equipment vehicles equipment Total
I Gross amount:
1. Opening
balance 1147223937.40 139939779.35 43936386.20 272815157.75 1603915260.70
2. Increase during
the period -5664907.90 26876490.36 6830426.31 54503638.23 82545647.00
(1) Purchased 26846657.40 6951882.11 57040751.91 90839291.42
(2) Impact of
the translation of
foreign
currency-denominate -5664907.90 29832.96 -121455.80 -2537113.68 -8293644.42
d financial
statements
3. Decrease during
the period 2454725.34 1371316.90 1090319.73 4916361.97
(1) Disposal or
retirement 2454725.34 1371316.90 1090319.73 4916361.97
4. Closing balance 1141559029.50 164361544.37 49395495.61 326228476.25 1681544545.73
II Accumulated depreciation
1. Opening
balance 155063878.04 68061563.92 26801011.34 103865390.70 353791844.00
2. Increase during
the period 41135507.27 20826681.09 5403816.93 44670742.69 112036747.98
(1) Established 41591702.96 20850162.21 5475484.25 46027181.25 113944530.67
(2) Impact of the
translation of foreign
currency-denominated -456195.69 -23481.12 -71667.32 -1356438.56 -1907782.69
financial statements
3. Decrease during
the period 1615262.80 902901.89 1442072.38 3960237.07
(1) Disposal or
retirement 1615262.80 902901.89 1442072.38 3960237.07
4. Closing balance 196199385.31 87272982.21 31301926.38 147094061.01 461868354.91
III Impairment provisions
1. Opening 460571.00 460571.00
284 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
balance
2. Increase during
the period
(1) Established
3. Decrease during
the period
(1) Disposal or
retirement
4. Closing balance 460571.00 460571.00
IV Carrying amount
1. Closing carrying
amount 945359644.19 77088562.16 18093569.23 178673844.24 1219215619.82
2. Opening
carrying amount 992160059.36 71878215.43 17135374.86 168489196.05 1249662845.70
(2) Temporarily idle fixed assets
√ Applicable □ Not applicable
Unit: RMB
Item Gross amount Accumulated Impairment Carryingdepreciation provision amount Note
Electronic
devices 706360.51 615905.89 90454.62
Total 706360.51 615905.89 90454.62
(3) Fixed assets leased out under operating leases
√ Applicable □ Not applicable
Unit: RMB
Item Closing carrying amount
Buildings and constructions 19828505.44
(4) Fixed assets without certificate of title
□ Applicable √ Not applicable
(5) Impairment tests of fixed assets
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Disposal of fixed assets
□ Applicable √ Not applicable
22. Construction in progress
Breakdown:
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Construction in progress 62463.31
Total 62463.31
285 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Other information:
□ Applicable √ Not applicable
Construction in progress
(1) Details of construction in progress
□ Applicable √ Not applicable
(2) Changes in significant construction in progress during the period
√ Applicable □ Not applicable
Unit: RMB
Tran Cumu Of
sferr Othe lative which Interes
Op Incre ed to r projec Cumu : t
eni ase fixed decre Closi t Projec lative Capita capital
Projec Bud ng durin asset ases ng invest t capital lized ization Fundi
t get bal g the s durin balan ment progre ized intere rate ng
anc perio durin g the ce as % ss (%) interes st for the source
e d g the perio of the t during period
perio d budge the (%)
d t period
Const
ructio
n in 624
progre 63.3 3458 9705 100.0 100.0 Own
ss of 1 9.10 2.41 0 0 funds
Autel
Spain
624
Total 63.3 3458 9705
19.102.41
////
(3) Impairment provisions for construction in progress for the period
□ Applicable √ Not applicable
(4) Impairment tests of construction in progress
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Engineering materials:
(5) Details of engineering materials
□ Applicable √ Not applicable
23. Productive living assets
(1) Productive living assets measured at cost
□ Applicable √ Not applicable
286 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
(2) Impairment tests of productive living assets measured at cost
□ Applicable √ Not applicable
(3) Productive living assets measured at fair value
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
24. Oil and gas assets
(1) Details of oil and gas assets
□ Applicable √ Not applicable
(2) Impairment tests of oil and gas assets
√ Applicable □ Not applicable
Determination of the net recoverable amount (fair value less costs of disposal)
□ Applicable √ Not applicable
Determination of the recoverable amount based on the present value of the expected
future cash flow
□ Applicable √ Not applicable
Reasons for significant inconsistency between the above-mentioned information and
the information adopted in the impairment tests in the prior year or external
information
□ Applicable √ Not applicable
Reasons for significant inconsistency between the information adopted in the
impairment tests in the prior year and the actual situation in the year
□ Applicable √ Not applicable
Other information:
None.
25. Right-of-use assets
(1) Details of right-of-use assets
√ Applicable □ Not applicable
Unit: RMB
287 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Item Buildings and Transportationconstructions vehicles Total
Gross amount:
Opening balance 96493446.40 96493446.40
Increase during
the period 238415021.47 1044700.99 239459722.46
1) New additions
and renewals during 237448186.85 1044700.99 238492887.84
the period
2) Impact of the
translation of foreign
currency-denominated 966834.62 966834.62
financial statements
Decrease during
the period 29777376.93 29777376.93
1) Disposals 29777376.93 29777376.93
Closing balance 305131090.94 1044700.99 306175791.93
Accumulated
depreciation
Opening balance 48463877.73 48463877.73
Increase during
the period 31900522.80 234311.03 32134833.83
1) Established 31422491.66 234653.75 31657145.41
2) Impact of the
translation of foreign
currency-denominated 478031.14 -342.72 477688.42
financial statements
Decrease during
the period 22316754.57 22316754.57
1) Disposals 22316754.57 22316754.57
Closing balance 58047645.96 234311.03 58281956.99
Carrying amount
Closing carrying
amount 247083444.98 810389.96 247893834.94
Opening
carrying amount 48029568.67 48029568.67
(2) Impairment tests of right-of-use assets
□ Applicable √ Not applicable
Other information:
None.
288 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
26. Intangible assets
(1) Details of intangible assets
√ Applicable □ Not applicable
Unit: RMB
Item Land use Patents Registered Proprietaryrights marks technologies Software Total
Gross amount
Opening balance 23278839.57 10775731.55 5974686.00 171583822.26 24695799.48 236308878.86
Increase during the period -587256.75 -4788.00 77044143.63 14855621.42 91307720.30
1) Purchased 14757118.17 14757118.17
2) Developed internally 77012202.63 77012202.63
3) Impact of the translation of
foreign currency-denominated -587256.75 -4788.00 31941.00 98503.25 -461600.50
financial statements
Decrease during the period 370597.50 186352.32 556949.82
1) Disposals 370597.50 186352.32 556949.82
Closing balance 22691582.82 10775731.55 5969898.00 248257368.39 39365068.58 327059649.34
Accumulated amortization
Opening balance 4955002.24 4140626.85 1001873.13 79152048.66 18117346.37 107366897.25
Increase during the period 431618.89 1189047.50 573103.99 36711676.23 3705670.77 42611117.38
1) Established 519447.36 1189047.50 577891.98 36701117.48 3668032.74 42655537.06
2) Impact of the translation of
foreign currency-denominated -87828.47 -4787.99 10558.75 37638.03 -44419.68
financial statements
Decrease during the period 150602.59 186294.67 336897.26
1) Disposals 150602.59 186294.67 336897.26
Closing balance 5386621.13 5329674.35 1574977.12 115713122.30 21636722.47 149641117.37
Carrying amount
Closing carrying amount 17304961.69 5446057.20 4394920.88 132544246.09 17728346.11 177418531.97
Opening carrying amount 18323837.33 6635104.70 4972812.87 92431773.60 6578453.11 128941981.61
(2) Data resources recognized as intangible assets
□ Applicable √ Not applicable
(3) Land use rights without certificate of title
□ Applicable √ Not applicable
289 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
(4) Impairment tests of intangible assets
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
27. Goodwill
(1) Gross amount of goodwill
□ Applicable √ Not applicable
(2) Impairment provisions for goodwill
□ Applicable √ Not applicable
(3) Information on the asset group or combination of asset groups to which goodwill is
apportioned
□ Applicable √ Not applicable
Changes in the asset group or combination of asset groups:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(4) Determination of the recoverable amount
Determination of the net recoverable amount (fair value less costs of disposal)
□ Applicable √ Not applicable
Determination of the recoverable amount based on the present value of the expected future
cash flow
□ Applicable √ Not applicable
Reasons for significant inconsistency between the above-mentioned information and the
information adopted in the impairment tests in the prior year or external information
□ Applicable √ Not applicable
Reasons for significant inconsistency between the information adopted in the impairment
tests in the prior year and the actual situation in the year
□ Applicable √ Not applicable
(5) Performance commitments and corresponding goodwill impairment
When goodwill is formed there is a commitment to the results and the Reporting Period or
the period preceding the Reporting Period is within the commitment period:
□ Applicable √ Not applicable
290 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Other information:
□ Applicable √ Not applicable
28. Long-term prepaid expense
√ Applicable □ Not applicable
Unit: RMB
Item Opening
Increase Amortization
during the during the Otherbalance Closing balanceperiod period decreases
Decoration
expense 60467639.91 29169766.77 10457572.53 -185020.54 79364854.69
Other 2925253.31 465660.10 1247908.44 129.77 2142875.20
Total 63392893.22 29635426.87 11705480.97 -184890.77 81507729.89
Other information:
None.
29. Deferred income tax assets/Deferred income tax liabilities
(1) Deferred income tax assets before being offset
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Item Deductible Deferred income Deductibletemporary tax assets temporary
Deferred income
differences differences tax assets
Asset
impairment 258365454.08 66864816.80 163139909.37 63923894.83
provisions
Unrealized
profit of
internal 524878043.55 144674698.85 483853014.54 134278374.29
transactions
Deductible
losses 206783529.00 31626616.64 740671584.87 111672630.79
Deferred
income 2898930.24 631591.56 2835419.92 628213.51
Product
warranties 21700041.22 3246420.81 15082085.74 2268519.81
Pending
litigation 24789450.64 3718417.60
Fair value
changes 8270847.60 1240627.14 7067978.99 1060196.85
Lease liabilities 255751100.49 39662170.00 52538290.00 29382542.59
Share-based
payments 35974180.84 6277699.68 17046404.03 2002139.38
Other 9338828.02 1922193.75 7109440.10 1955096.00
Total 1323960955.04 296146835.23 1514133578.20 350890025.65
(2) Deferred income tax liabilities before being offset
√ Applicable □ Not applicable
291 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Unit: RMB
Closing balance Opening balance
Item Taxable
temporary Deferred income Taxable temporary
Deferred
income tax
differences tax liabilities differences liabilities
Unremitted profits
of overseas 504593736.06 75689060.41 504593736.06 75689060.41
subsidiaries
Right-of-use assets 247893834.94 38507038.24 48029568.67 28768040.97
Other 690262.70 103539.41 998429.10 149764.37
Total 753177833.70 114299638.05 553621733.83 104606865.75
(3) Deferred income tax assets or liabilities presented on a net basis after being offset
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Amount of Balance of deferred Amount of Balance of deferred
Item deferred income income tax assets or deferred income income tax assets or
tax assets and liabilities after tax assets and liabilities after
liabilities offset being offset liabilities offset being offset
Deferred
income tax 38610577.64 257536257.59 28917805.34 321972220.31
assets
Deferred
income tax 38610577.64 75689060.41 28917805.34 75689060.41
liabilities
(4) Schedule of deferred income tax assets unrecognized
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Asset impairment provisions 49172757.89 82461693.09
Unrealized profit of internal
transactions 189843086.97 67105370.40
Deductible losses 2058201059.50 1504207522.70
Accrued product warranties
and refunds 21511704.13 10554223.91
Deferred income 2646066.66
Total 2321374675.15 1664328810.10
(5) Deductible losses on which deferred income tax assets were unrecognized will
expire in the following years
√ Applicable □ Not applicable
Unit: RMB
Year Closing balance Opening balance Note
202524719709.70
202668643384.4468643384.44
202775918755.1074517044.62
202873800578.6575778497.68
292 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
20293078.2213807059.65
2030147916734.62374177.79
20313002632.92
2032225003832.53233021729.92
2033284756530.10308789426.44
2034610200248.04682177764.57
2035557191225.17
Indefinite 14766692.63 19376094.97
Total 2058201059.5 1504207522.70 /
Other information:
□ Applicable √ Not applicable
30. Other non-current assets
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Item Gross amount Impairment Carryingprovision amount Gross amount
Impairment Carrying
provision amount
Employee
Stock
Ownership Plan 122855418.00 122855418.00 122855418.00 122855418.00
Incentive Fund
Prepayments
for equipment
and advance 49269434.50 49269434.50 14906656.33 14906656.33
payments for
construction
Prepayments
for vehicles 3377000.00 3377000.00
Equity transfer
consideration 64547500.00 626110.75 63921389.25
receivable
Long-term
employee loans 1000000.00 1000000.00
receivable
Total 237672352.50 626110.75 237046241.75 141139074.33 141139074.33
Other information:
None.
31. Assets with restricted ownership or right of use
√ Applicable □ Not applicable
Unit: RMB
Period-end Period-begin
Type Type
Item Gross Carrying of Restrict Gross Carrying of Restrict
amount amount restrict ion amount amount restrict ion
ion ion
Bill Bill
Monet deposit deposit
ary 11114366 11114366 Frozen s 11871751 11871751 s
assets 2.06 2.06 guarant 3.83 3.83
Frozen guarant
ee ee
deposit deposit
293 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
s s
Apple Apple
Store Store
account account
balance balance
custom custom
s s
deposit deposit
s and s and
ETC ETC
deposit deposit
s s
Total 11114366 11114366 / / 11871751 118717512.06 2.06 3.83 3.83 / /
Other information:
None.
32. Short-term borrowings
(1) Breakdown of short-term borrowings
□ Applicable √ Not applicable
(2) Overdue short-term borrowings
□ Applicable √ Not applicable
Significant overdue short-term borrowings:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
33. Held-for-trading financial liabilities
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
34. Derivative financial liabilities
□ Applicable √ Not applicable
35. Notes payable
(1) Breakdown of notes payable
√ Applicable □ Not applicable
Unit: RMB
Type Closing balance Opening balance
294 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Bank acceptance bills 186356161.77 149368685.23
Total 186356161.77 149368685.23
The total amount of overdue notes payable is nil at the end of the period. And the reason
why they are overdue was not applicable.
36. Accounts payable
(1) Breakdown of accounts payable
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Payables for materials 369636165.72 315249747.00
Payables for equipment 2512004.23 1701381.22
Total 372148169.95 316951128.22
(2) Significant accounts payable that are aged over one year or overdue
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
37. Advances from customers
(1) Breakdown of advances from customers
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Advances from tenants 670859.20 951557.22
Total 670859.20 951557.22
(2) Significant advances from customers aged over one year
□ Applicable √ Not applicable
(3) Significant changes in carrying amounts during the Reporting Period and the
reasons
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
38. Contract liabilities
(1) Breakdown of contract liabilities
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Amount due to suppliers 126401561.52 124298319.25
295 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Software cloud service
payments due within one year 350315127.13 257416374.92
Total 476716688.65 381714694.17
(2) Significant contract liabilities aged over one year
□ Applicable √ Not applicable
(3) Significant changes in carrying amounts during the Reporting Period and the
reasons
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
39. Employee benefits payable
(1) Breakdown of employee benefits payable
√ Applicable □ Not applicable
Unit: RMB
Item Opening Increase during Decrease during thebalance the period period Closing balance
I Short-term benefits 232034527.53 990270689.54 929645549.18 292659667.89
II After-service
benefits-defined 204136.41 71958370.75 71912700.98 249806.18
contribution schemes
III Severance benefits 20400032.22 20045045.39 354986.83
Total 232238663.94 1082629092.51 1021603295.55 293264460.90
(2) Breakdown of short-term benefits
√ Applicable □ Not applicable
Unit: RMB
Item Opening Increase during Decrease duringbalance the period the period Closing balance
I Salaries bonuses
allowances and subsidies 231114373.65 892898682.34 832125781.63 291887274.36
II Employee welfare
expense 81790.66 56326658.30 56318944.07 89504.89
III Social security fund
payments 838363.22 26758811.74 26997791.95 599383.01
Of which: Medical
insurance premiums 836568.34 23378632.23 23620052.25 595148.32
Work-related
injury insurance premiums 1830696.67 1830696.67
Maternity
insurance premiums 1539510.20 1539510.20
Other insurance
premiums 1794.88 9972.64 7532.83 4234.69
IV Housing provident fund
payments 13323292.41 13284204.27 39088.14
V Labour union funds and 963244.75 918827.26 44417.49
296 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
employee education funds
Total 232034527.53 990270689.54 929645549.18 292659667.89
(3) Breakdown of defined contribution schemes
√ Applicable □ Not applicable
Unit: RMB
Item Opening Increase during Decrease duringbalance the period the period Closing balance
1. Basic endowment
insurance 204136.41 68928718.18 68883048.41 249806.18
2. Unemployment
insurance premiums 3029652.57 3029652.57
Total 204136.41 71958370.75 71912700.98 249806.18
Other information:
□ Applicable √ Not applicable
40. Taxes and levies payable
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Value added tax 16449492.47 23012413.08
Enterprise income tax 39443461.69 48329616.53
Personal income tax withheld
for employees 1955243.66 1768334.94
Urban construction and
maintenance tax 281969.62 186213.12
Property tax 629682.58 82364.30
Education surtax 120844.13 79805.63
Local education surtax 80562.74 53203.75
Other 1792491.59 927635.88
Total 60753748.48 74439587.23
Other information:
None.
41. Other payables
(1) Breakdown
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Interest payable
Dividends payable
Other payables 133915646.43 126102610.81
Total 133915646.43 126102610.81
Other information:
□ Applicable √ Not applicable
297 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
(2) Interest payable
Breakdown
□ Applicable √ Not applicable
Significant overdue interest payable:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(3) Dividends payable
Breakdown
□ Applicable √ Not applicable
(4) Other payables
Other payables by nature:
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Liquidated damages and
settlement compensations 7490000.00
Professional agency service
fees 66197438.65 32815347.23
Freight and customs fees 24536123.37 24612380.78
Consulting and service fees 14595159.97 29342444.95
Security deposits 2988079.22 2563134.59
Amounts payable to employees 2069650.17 1895251.72
Other 23529195.05 27384051.54
Total 133915646.43 126102610.81
Significant other payables that are aged over one year or overdue:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
42. Liabilities directly associated with assets held for sale
□ Applicable √ Not applicable
43. Current portion of non-current liabilities
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Current portion of lease
liabilities 53927101.68 27422917.04
Current portion of bonds
payable 8797445.25
298 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Total 62724546.93 27422917.04
Other information:
None.
44. Other current liabilities
Breakdown:
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Product warranties 36045105.33 23598210.79
Tax to be charged off 3948780.78 3776316.29
Total 39993886.11 27374527.08
Autel provides warranty services for some of the products it sells. Autel records
corresponding product warranty expense based on the amount that may be paid in the
future. The amount recorded during the period is determined by multiplying the sales
revenue of products with warranty obligations during the period by the estimated
maintenance expense rate.Increase/decrease of short-term bonds payable:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
45. Long-term borrowings
(1) Breakdown
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
46. Bonds payable
(1) Bonds payable
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Convertible corporate bonds 1204602738.43 1175814692.17
Total 1204602738.43 1175814692.17
299 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
(2) Details of bonds payable: (excluding other financial instruments such as preference shares and perpetual bonds which are classified
as financial liabilities)
√ Applicable □ Not applicable
Unit: RMB
Whe
Amount ther
Bon Par Amortiza of bonds
Amount ther
valu Coupo Issue Ter Interest transferred to e isd e n rate d m of Issued Opening
Issued accrued tion of Redeemed converted current
nam during the premium during the to shares Closing balance
a
e (RM (%) date bond
amount balance period at par portion of brea
B) value
and period during
discount the non-current ch
period liabilities ofcont
ract
Aute
l
Con
verti July
ble 100. 8 6 1280000 1175814692. 157295 346816 12797667 28000.0
Corp 00 2022 years 000.00 17 42.50 16.50 .49 0
8797445.25 1204602738.43 No
orate
Bon
d
Tota / / / / 1175814692. 157295 346816 12797667 28000.0l 17 42.50 16.50 .49 0 8797445.25 1204602738.43 /
(3) Convertible corporate bonds
√ Applicable □ Not applicable
1. Conversion conditions and conversion time of convertible corporate bonds
The term of the “Autel Convertible Corporate Bond” issued during the period is six years from the issued date that is from July 8 2022 to
July 7 2028; the conversion period is from the first trading day after six months from the end of the convertible bond issuance on July 14 2022
to the maturity date of the convertible bonds that is from January 16 2023 to July 7 2028. The initial conversion price of the convertible
300 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
corporate bonds is RMB34.73/share and the conversion price was adjusted to RMB34.71/share on August 16 2023 to RMB33.93/share on
September 9 2024 to RMB22.55/share on May 14 2025 and to RMB21.98/share on September 23 2025.The coupon rate of the “Autel Convertible Corporate Bond” is 0.30% in the first year 0.50% in the second year 1.00% in the third year
1.50% in the fourth year 1.80% in the fifth year and 2.00% in the sixth year. The annual interest payment date is the day of each full year from
the first day of the issuance of the bond.Accounting treatments and judgmental basis for conversion to shares:
√ Applicable □ Not applicable
With the Approval on the Registration of the Offering of Convertible Corporate Bonds to Unspecified Objects by Autel Intelligent
Technology Corp. Ltd. issued by the China Securities Regulatory Commission (CSRC Permit [2022] No. 852) Autel carried out a public
offering of 12800000 convertible corporate bonds on July 8 2022 with a par value of RMB100 and a total offering amount of RMB1.28
billion.The “Autel Convertible Corporate Bond” is a compound financial instrument which contains both a financial liability component and an
equity instrument component. When initially measured the fair value of the financial liability component is first determined and then the fair
value of the liability component is deducted from the fair value of the compound financial instrument as the fair value of the equity instrument
component. The transaction costs incurred in the offering of convertible corporate bonds are allocated between the financial liability component
and the equity instrument component in proportion to their respective fair value. Autel issued RMB1.28 billion of convertible corporate bonds
this time. After deducting the issuance costs of RMB18126264.14 the fair value of the financial liability component on the issued date of
RMB1069449976.70 was recorded in bonds payable and the fair value of the equity instrument component of RMB192423759.16 was
recorded in other equity instruments.
301 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
As of December 31 2025 a total of 9264 shares had been converted from issued bonds. During the period a total of RMB28000.00 of
the Autel’s convertible bonds were converted into 911 shares. When converted the par value of the bonds of RMB28000.00 was used to
reduce the bonds payable and the fair value of the equity instrument component of RMB4209.26 was used to reduce other equity instruments.
(4) Other financial instruments classified as financial liabilities
General information on other financial instruments outstanding such as preference shares and perpetual bonds at the end of the period:
□ Applicable √ Not applicable
Changes in financial instruments outstanding such as preference shares and perpetual bonds at the end of the period:
□ Applicable √ Not applicable
Basis for the classification of other financial instruments as financial liabilities:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
302 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
47. Lease liabilities
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Leases of buildings and
constructions 201356031.23 25115372.96
Leases of transportation vehicles 467967.58
Total 201823998.81 25115372.96
Other information:
None.
48. Long-term payables
Breakdown:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Long-term payables:
(1) Long-term payables by nature
□ Applicable √ Not applicable
Specific payables:
(2) Specific payables by nature
□ Applicable √ Not applicable
49. Long-term employee benefits payable
□ Applicable √ Not applicable
50. Provisions
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance Cause
Refund liability 7166640.02 2038098.86
Pending litigation 24789450.64
Total 7166640.02 26827549.50 /
Other information including important assumptions and estimates related to important
provisions:
For details of pending litigation please refer to Note XVI (7) of the financial
statements.
303 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
51. Deferred income
Breakdown:
√ Applicable □ Not applicable
Unit: RMB
Item Opening
Increase Decrease Closing
balance during the during the Causeperiod period balance
Government
grants 2835419.92 4313340.00 1603763.02 5544996.90
Total 2835419.92 4313340.00 1603763.02 5544996.90 /
Other information:
□ Applicable √ Not applicable
52. Other non-current liabilities
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Software cloud service payments
due in over 1 year 447656889.89 241979614.63
Total 447656889.89 241979614.63
Other information:
None.
53. Share capital
√ Applicable □ Not applicable
Unit: RMB
Increase/decrease during the period (+/-)
Bonu Bonus
Opening s Bonus issue issue Closing
balance New issue from capital from Subtotal balanceissue from reserves conver
profit tiblebonds
Total shares 451878028.00 218304502.00 911.00 218305413.00 670183441.00
Other information:
1) The conversion period of the “Autel Convertible Corporate Bond” issued by Autel
to unspecified objects is from January 16 2023 to July 7 2028. A total of RMB28000.00
of the bonds was converted into 911 shares. For further information of the convertible
corporate bonds please refer to Note VII (46) to the financial statements.
2) Pursuant to the Proposal on the 2024 Profit Distribution and Capitalization of
Capital Reserve Plan considered and approved at Autel's 2024 Annual General Meeting of
Shareholders Autel intends to distribute profits based on the total share capital registered
304 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
on the equity record date after deducting the shares in Autel’s account of repurchased
shares and to make a bonus issue of 4.9 additional shares for every 10 shares held by
shareholders from capital reserves. The actual number of shares participating in the
distribution is 445519392 with a total of 218304502 additional shares in the bonus issue
during the period.
54. Other equity instruments
(1) General information on other financial instruments outstanding such as preference
shares and perpetual bonds at the end of the period:
□ Applicable √ Not applicable
(2) Changes in financial instruments outstanding such as preference shares and
perpetual bonds at the end of the period:
√ Applicable □ Not applicable
Unit: RMB
Period-begin Increase during Decrease duringthe period the period Period-endFinancial
instrument Carr
outstanding Number Carrying ying Num Carrying Carryingamount Number amo ber amount Number amount
unt
Convertible
corporate 12797100 192380163.16 280 4209.26 12796820 192375953.90
bonds
Total 12797100 192380163.16 280 4209.26 12796820 192375953.90
Changes in other equity instruments during the period the reasons for the changes and the
basis for the relevant accounting treatments:
√ Applicable □ Not applicable
For details of the general information on and changes in convertible corporate bonds
outstanding at the end of the period please refer to Note VII (46) herein.Other information:
□ Applicable √ Not applicable
55. Capital reserves
√ Applicable □ Not applicable
Unit: RMB
Item Opening balance Increase during the Decrease during theperiod period Closing balance
Capital premium
(share premium) 1380897916.45 110887682.09 321799149.08 1169986449.46
Other capital
reserves 40227072.68 115146955.37 110858182.02 44515846.03
Total 1421124989.13 226034637.46 432657331.10 1214502295.49
Other information including the changes during the period and the reasons for the changes:
(1) Changes in share premium
305 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
1) As stated in Note VII (46) to the financial statements a total of RMB28000.00 of
the “Autel Convertible Corporate Bond” was converted into shares during the period and
the premium of RMB29500.07 has been included in the share premium.
2) As stated in Note XV (2) to the financial statements the employee equity incentive
plan established by Autel and carried out in 2018 has concluded. During the period
RMB26082655.79 was transferred from capital reserves - other capital reserves to capital
reserves - share premium.
3) As stated in Note VII (53) to the financial statements during the period Autel
increased its share capital by capitalizing its capital reserves resulting in a decrease in
capital reserves of RMB218304502.00.
4) As stated in Note XV (2) to the financial statements for the restricted share
incentive plan established by Autel in 2024 the first vesting period has ended and the
vesting conditions were met. During the period Autel received a total of
RMB50424564.08 in subscription payments from employees with the cost of treasury
shares repurchased amounting to RMB153919211.16. The difference of
RMB103494647.08 was recorded in capital reserves - share premium. Concurrently the
capital reserves - other capital reserves of RMB84775526.23 recognized in relation to the
first batch of restricted share incentive plan were transferred to capital reserves - share
premium.
(2) Changes in other capital reserves
As stated in Note XV (2) to the financial statements Autel amortizes equity incentive
expenses in installments as equity-settled share-based payments in exchange for employee
services. During the period amortization of RMB115146955.37 was recorded in
administrative expenses increasing capital reserves (other capital reserves) by
RMB115146955.37 accordingly.
56. Treasury shares
√ Applicable □ Not applicable
Unit: RMB
Item Opening balance Increase during the Decrease duringperiod the period Closing balance
Amount used to
repurchase 142933220.27 100166174.24 153919211.16 89180183.35
shares
Total 142933220.27 100166174.24 153919211.16 89180183.35
Other information including the changes during the period and the reasons for the changes:
306 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
1) According to the 19th Meeting of the Fourth Board of Directors Autel intended to
use its own funds to repurchase shares on the open market to protect corporate value and
shareholders’ interests. Autel repurchased a total of 3595333 shares during the period
with a total payment of RMB100166174.24 (excluding transaction costs) increasing the
treasury shares by RMB100166174.24 accordingly.
2) As stated in Note XV (2) to the financial statements during the period Autel
established an employee long-term incentive fund to purchase its treasury shares for
employee stock ownership plans. The employee stock ownership plans received a
subscription payment of RMB50424564.08 from the employee long-term incentive fund
and the treasury share repurchase cost was RMB153919211.16. The difference of
RMB103494647.08 was included in share premium under capital reserves.
57. Other comprehensive income
√ Applicable □ Not applicable
Unit: RMB
During the period
Less: Less:
amount amount
previously previously
recognized recognized
in other in other After-tax
After-tax
Amount Less: amount amount
Item Opening comprehe comprehe attributabl Closingbalance before Income attributablincome nsive nsive e to balance
tax income income
tax e to the
expense parent non-controand and lling
currently currently company interests
transferred transferred
to profit or to retained
loss earnings
I Other
comprehe
nsive
income
that will
not be
reclassifie
d to profit
or loss
II Other
comprehe
nsive
income
that will -2822346 -8282674 -8323954 412805.2 -1114630
be 7.84 3.53 8.82 9 16.66
reclassifie
d to profit
or loss
Difference
s arising -2822346 -8282674 -8323954 412805.2 -1114630
from the 7.84 3.53 8.82 9 16.66
translation
307 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
of foreign
currency-d
enominate
d financial
statements
Total
other
comprehe -2822346 -8282674 -8323954 412805.2 -1114630
nsive 7.84 3.53 8.82 9 16.66
income
Other information including the adjustment of the effective gain/loss on cash flow hedges
to the initial recognized amount:
None.
58. Specific reserve
□ Applicable √ Not applicable
59. Surplus reserves
√ Applicable □ Not applicable
Unit: RMB
Item Opening balance Increase during the Decrease during theperiod period Closing balance
Statutory surplus
reserves 186916422.41 52650482.55 239566904.96
Total 186916422.41 52650482.55 239566904.96
Notes to surplus reserves including the changes during the period and the reasons for the
changes:
None.
60. Retained earnings
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Retained earnings as at the end of the
prior year before adjustment 1476651105.27 1201893803.39
Adjustment to opening retained
earnings (“+” for increase “-” for 5653714.94
decrease)
Opening retained earnings after
adjustment 1476651105.27 1207547518.33
Add: Net profit attributable to owners
of the parent company during the 935875122.31 640925193.32
period
Less: Appropriation to statutory
surplus reserves 52650482.55 19105043.18
Dividends payable to ordinary
shareholders 605692388.98 352716563.20
Closing retained earnings 1754183356.05 1476651105.27
Details of the adjustments of opening retained earnings:
308 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
1. RMB0 of the opening retained earnings was affected by the retroactive adjustments
according to the Accounting Standards for Business Enterprises and related new
regulations.
2. RMB0 of the opening retained earnings was affected by the changes in accounting
policies.
3. RMB0 of the opening retained earnings was affected by the correction of major
accounting errors.
4. RMB0 of the opening retained earnings was affected by the change in the combination
scope under the same control.
5. RMB0 of the opening retained earnings was affected by other adjustments.
61. Operating revenue and cost of sales
(1) Details of operating revenue and cost of sales
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024Revenue Costs Revenue Costs
Principal
operations 4773168629.87 2071963425.20 3884974510.40 1731705730.20
Other operations 59583231.04 51230510.08 47281937.06 25462593.38
Total 4832751860.91 2123193935.28 3932256447.46 1757168323.58
Of which:
Revenue
generated by 4824333004.55 2121040437.25 3923635406.08 1755635585.59
contracts with
customers
(2) Breakdown of operating revenue and cost of sales
√ Applicable □ Not applicable
Unit: RMB
Category of contract TotalOperating revenue
By product category
Vehicle diagnostic products 1392008487.27
TPMS products 1007321147.14
ADAS products 381231831.28
Smart charging networks 1241916656.39
Other products 198975458.92
AI and software 551715048.86
Material sales 51164374.69
Subtotal 4824333004.55
By operating segment
China 124421798.34
North America 2553948259.15
Europe 922428691.87
Other regions 1223534255.19
Subtotal 4824333004.55
By the time of product transfer
Revenue recognized at a point in time 4279506534.75
Revenue recognized within a period of time 544826469.80
Subtotal 4824333004.55
309 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Total 4824333004.55
Other information:
□ Applicable √ Not applicable
(3) Contract performance obligations
√ Applicable □ Not applicable
Unit: RMB
Nature of
Time to meet Important the products
Whether the
Company is Amount that the
Item the contract payment that the
Type of product
performance Company the main
Company expects
terms responsible to return to
warranty and
obligation undertakes customers related obligations
to transfer party
The
payment
When the period isSale of generally
products product is within 90 Product Yes None. Guarantee typedelivered days after
product
delivery
Rendering of When the
services service is
Generally Software
provided prepaid services
Yes None. None
Total / / / / /
(4) Allocation to the remaining contract performance obligations
√ Applicable □ Not applicable
The revenue of Autel corresponding to the contract performance obligations that had
been signed but not yet performed or fully performed on December 31 2025 is
RMB797972017.02. Autel expects that the said amount will be recognized as revenue in
the next 12-36 months as customers use its products and services.The revenue recognized during the period and included in the opening carrying
amount of contract liabilities is RMB311979251.93.
(5) Significant changes in contracts or significant adjustments to transaction prices
□ Applicable √ Not applicable
Other information:
None.
62. Taxes and levies
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Urban construction and
maintenance tax 4834139.21 5719279.94
310 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Educational surtax 2071752.82 2451120.04
Local educational surtax 1381168.48 1634079.96
Property tax 6763858.07 6470611.09
Stamp duty 3166467.47 2736219.99
Land use tax 997303.28 757209.18
Other 6048791.17 2016585.23
Total 25263480.50 21785105.43
Other information:
None.
63. Selling expense
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Employee salaries and benefits 288306105.28 288347529.67
Transportation and travel expenses 47952256.90 39423557.94
Business promotion expenses 43671458.03 44924403.33
Exhibition and sample expenses 34488384.54 39368400.80
Consulting and service charges 26705667.10 35927903.93
Warehousing charges 26584967.70 24638658.96
Customs fees 20702943.12 16849238.39
Lease expenses 11610669.63 10152345.08
Insurance premiums 11025831.97 5431779.87
Depreciation and amortization
expenses 10961005.71 9887327.95
Share-based payments 10793149.92 1666258.20
Other 41720495.89 42395905.32
Total 574522935.79 559013309.44
Other information:
None.
64. Administrative expense
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Employee salaries and benefits 157437176.05 149217176.17
Professional agency service charges 83480424.95 86065089.50
Share-based payments 46200963.32 7236594.71
Depreciation and amortization expenses 44422317.57 33208555.81
Lease expenses 5327275.61 5530065.49
Transportation and travel expenses 5095492.27 4436934.24
Office communication and conference 3738995.75 4714818.84
expenses
Recruitment and training expenses 2628599.14 2182023.41
Business entertainment expenses 15191892.20 12614029.51
Other 32204176.42 18588788.12
Total 395727313.28 323794075.80
311 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Other information:
None.
65. R&D expense
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Employee salaries and benefits 437087906.75 391026915.16
Depreciation and amortization expenses 113127097.33 86326527.80
Professional service charges 96376733.10 76944862.82
Share-based payments 58152842.13 6758083.12
Material consumption 40951403.22 53301111.76
Transportation and travel expenses 14479694.17 9353851.37
Commissioned R&D expenses 1863770.98 1032135.31
Rent and management expenses 817373.33 3424243.36
Other 11774028.59 7615694.36
Total 774630849.60 635783425.06
Other information:
None.
66. Finance costs
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Interest costs 74627945.20 69503846.88
Less: Interest income 28306891.29 26120309.87
Exchange gains and losses -86593227.99 -38679264.14
Other 23819822.66 17173294.56
Total -16452351.42 21877567.43
Other information:
None.
67. Other income
√ Applicable □ Not applicable
Unit: RMB
By nature 2025 2024
Asset-related government grants 1603763.02 842780.59
Income-related government
grants 78660171.94 69872885.59
Return of auxiliary expense for
individual income tax withheld 518143.55 873007.72
Over-deduction in the
calculation of value-added tax -2738.14 170.14
Total 80779340.37 71588844.04
Other information:
312 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
For details of the information on government grants included in other income for the
period please refer to Note XI (3) herein. Of which software product rebate income of
RMB63030064.83 relating to income-related government grants is recognized as
recurring profit or loss as it arises from the daily operations of Autel.
68. Return on investment
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Income from structured deposits and
wealth management 11977349.74 26849.32
Income from the disposal of equity
instruments 1373906.76
Income from the disposal of subsidiaries 98742349.01
Return on long-term equity investments
under the equity method 31820272.88 -11088794.24
Income from the disposal of long-term
equity investments 29868521.36
Share repurchase commission -79696.73 -116620.16
Total 73586447.25 88937690.69
Other information:
None.
69. Net gain on exposure hedges
□ Applicable √ Not applicable
70. Gain on changes in fair value
√ Applicable □ Not applicable
Unit: RMB
Source of gain on changes in fair
value 2025 2024
Held-for-trading financial assets -2108025.82 -8076897.07
Of which: Gain on changes in the fair
value of equity investments -2108025.82 -8076897.07
Total -2108025.82 -8076897.07
Other information:
None.
71. Credit impairment loss
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
313 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Loss on bad debts -33294741.84 -23484512.82
Total -33294741.84 -23484512.82
Other information:
None.
72. Asset impairment loss
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Loss on impairments of inventories -11267975.72 -93162576.87
Loss on impairments of prepayments -6475276.64
Total -17743252.36 -93162576.87
Other information:
None.
73. Gains on disposal of assets
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Gains on disposal of fixed assets -212387.04 -277119.50
Gains on disposal of other assets -216164.27
Total -428551.31 -277119.50
Other information:
None.
74. Non-operating income
Breakdown:
√ Applicable □ Not applicable
Unit: RMB
Amount recorded in
Item 2025 2024 exceptional gains and
losses
Compensations 2006300.00
Gains on reversal of
provision for a settled 24789450.64 24789450.64
lawsuit
Gains on damages
and scrapping of 133117.31 133117.31
non-current assets
Other 111923.44 1165006.86 111923.44
Total 25034491.39 3171306.86 25034491.39
Other information:
√ Applicable □ Not applicable
314 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Based on the Judgment there has been no infringement found in the Orange patent
dispute case. Provisions of USD3.5 million has been reversed. For details please refer to
Note XVI (2) to the financial statements.
75. Non-operating expenses
√ Applicable □ Not applicable
Unit: RMB
Amount recorded in
Item 2025 2024 exceptional gains and
losses
Liquidated damages
and compensations 979362.34 8697406.71 979362.34
Loss on damages and
scrapping of 9894.51 4557292.34 9894.51
non-current assets
Late payment fees
and fines 458747.08 259305.13 458747.08
Other 1121995.81 853385.72 1121995.81
Total 2569999.74 14367389.90 2569999.74
Other information:
None.
76. Income tax expense
(1) Schedule of income tax expense
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Current income tax expense 122912206.79 107056224.17
Deferred income tax expense 65727703.30 -30229866.81
Total 188639910.09 76826357.36
(2) Reconciliation between accounting profit and income tax expense
√ Applicable □ Not applicable
Unit: RMB
Item 2025
Gross profit 1079121405.82
Income tax expense based on the applicable tax
rate of the parent company 161868210.84
Effects of different tax rates of subsidiaries -31605961.41
Over-deduction in the calculation of the taxable
amount in relation to R&D expense -127329128.06
Effects of non-deductible costs expenses and
losses 1720782.71
Effects of the utilization of deductible losses on
which deferred income tax assets were -10993121.34
unrecognized in the prior period
315 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Effects of deductible temporary differences or
losses on which deferred income tax assets are 187314598.36
unrecognized in the current period
Effects of adjustments to income tax of the prior
period 7664528.99
Income tax expense 188639910.09
Other information:
□ Applicable √ Not applicable
77. Other comprehensive income
√ Applicable □ Not applicable
For details regarding the net amount of other comprehensive income net of tax please
refer to Note VII (57) to the financial statements.
78. Cash flow statement items
(1) Cash flows from operating activities
Cash generated from other operating activities:
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Cash generated in business
operations 9278627.43 11506894.55
Government grants 21164881.97 8672231.93
Interest income 28306891.29 24744931.46
Decrease in security deposits etc. 27040092.94 13357181.00
Other 27243604.63 23582111.69
Total 113034098.26 81863350.63
Notes to cash generated from other operating activities:
None.Cash used in other operating activities:
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Out-of-pocket expenses and
settlements 914348579.08 929604401.97
Increase in security deposits etc. 17752595.57 2974460.20
Total 932101174.65 932578862.17
Notes to cash used in other operating activities:
None.
316 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
(2) Cash flows from investing activities
Substantial cash generated from investing activities:
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Structured deposits and recovery of
other financial assets 1797254800.00 40000000.00
Recovery of investment principal of
financial assets 8624416.78
Disposal of SkyFend Technology 44012500.00
Total 1841267300.00 48624416.78
Substantial cash used in investing activities:
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Structured deposits and investments
in other financial assets 1797254800.00 40000000.00
Total 1797254800.00 40000000.00
Notes to substantial cash used in investing activities:
None.Cash generated from other investing activities:
□ Applicable √ Not applicable
Cash used in other investing activities:
□ Applicable √ Not applicable
(3) Cash flows from financing activities
Cash generated from other financing activities:
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Consideration receivable from the
transfer of equity interest in SkyFend 24420000.00
Technology
Total 24420000.00
Notes to cash generated from other financing activities:
Note: The cash generated from other financing activities during the period
represented the remaining consideration from the first transfer of the 49% equity interest in
SkyFend Technology.Cash used in other financing activities:
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024
Share repurchase 100245870.97 146540449.03
Repayment of lease liabilities 23581601.11 22465551.03
317 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Capitalization of listing expenses 7790153.11
Total 131617625.19 169006000.06
Notes to cash used in other financing activities:
None.Changes in liabilities incurred in financing activities:
√ Applicable □ Not applicable
Unit: RMB
Item Opening balance Increase during the period Decrease during the periodCash Non-cash Cash Non-cash Closing balance
Bonds payable
(including the
current portion 1175814692.17 50411159.00 12797667.49 28000.00 1213400183.68
of bonds
payable)
Lease liabilities
(including the
current portion 52538290.00 230720656.77 23581601.11 3926245.17 255751100.49
of lease
liabilities)
Total 1228352982.17 281131815.77 36379268.60 3954245.17 1469151284.17
(4) Presentation of cash flows on a net basis
□ Applicable √ Not applicable
(5) Significant activities and financial effects that do not involve current cash receipts
and payments but affect the financial position of the Company or may affect the
Company’s cash flows in the future
□ Applicable √ Not applicable
79. Supplementary information to the cash flow statement
(1) Supplementary information to the cash flow statement
√ Applicable □ Not applicable
Unit: RMB
Supplementary information 2025 2024
1. Reconciliation of net profit to net cash generated from/used in operating activities:
Net profit 890481495.73 560337628.79
Add: Asset impairment provisions 17743252.36 93162576.87
Credit impairment loss 33294741.84 23484512.82
Depreciation of fixed assets amortization of
right-of-use assets depletion of oil and gas
assets and depreciation of productive living 145601676.08 127971623.98
assets
Amortization of intangible assets 42655537.06 38019855.69
Amortization of long-term prepaid expense 11705480.97 11654865.38
Loss on the disposal of fixed assets
intangible assets and other long-term assets 428551.31 277119.50
(“-” for gain)
Loss on the retirement of fixed assets (“-”
for gain) -123222.80 4557292.34
Loss on changes in fair value (“-” for gain) 2108025.82 8076897.07
318 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Finance costs (“-” for income) -8039037.62 33227167.87
Loss on investment (“-” for income) -73586447.25 -88937690.69
Decrease in deferred income tax assets (“-”
for increase) 64435962.72 -30229866.81
Increase in deferred income tax liabilities
(“-” for decrease)
Decrease in inventories (“-” for increase) -509883369.13 -111755217.13
Decrease in operating receivables (“-” for
increase) -287718193.92 -179383594.94
Increase in operating payables (“-” for
decrease) 151346253.67 241393379.08
Others 115146955.37 15660936.03
Net cash generated from/used in operating
activities 595597662.21 747517485.85
2. Significant investing and financing activities that involve no cash proceeds or payments:
Conversion of debt to capital
Current portion of convertible corporate
bonds
Fixed assets under finance leases
3. Net changes in cash and cash equivalents:
Closing balance of cash 1570698166.78 1709958534.86
Less: Opening balance of cash 1709958534.86 1474409219.41
Add: Closing balance of cash equivalents
Less: Opening balance of cash equivalents
Net increase in cash and cash equivalents -139260368.08 235549315.45
(2) Net cash payments for the acquisition of subsidiaries in the period
□ Applicable √ Not applicable
(3) Net cash proceeds from the disposal of subsidiaries in the period
□ Applicable √ Not applicable
(4) Breakdown of cash and cash equivalents
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
I Cash 1570698166.78 1709958534.86
Of which: Cash on hand 2410361.34 1937347.68
Bank deposits that can be
readily drawn on demand 1542020765.52 1668118304.47
Other monetary assets
that can be readily drawn on demand 26267039.92 39902882.71
II Cash equivalents
Of which: Bond investments that will
be due within three months
III Cash and cash equivalents end of
the period 1570698166.78 1709958534.86
Of which: Cash and cash equivalents
of the parent company or the Group’s
subsidiaries with restrictions in use
(5) Items that were restricted in use but still presented as cash and cash equivalents
√ Applicable □ Not applicable
319 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Unit: RMB
Item Closing balance Reason for restriction
Raised funds 112803422.81 Specified scope of use
Total 112803422.81 /
(6) Monetary assets that were not recorded in cash and cash equivalents
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance Reason
Bill deposits 63510655.69 84885705.74 Restricted use
Guarantee deposits 1296785.68 2019146.72 Restricted use
Customs deposits 42164174.75 27417089.32 Restricted use
Apple Store account 272175.10 495701.21 Restricted usebalance
ETC deposits 7500.00 7500.00 Restricted use
Frozen funds 3892370.84 3892370.84 Restricted use
Total 111143662.06 118717513.83 /
Other information:
□ Applicable √ Not applicable
80. Notes to the items of the statement of changes in owners’ equity
Items and adjusted amounts in “others” with respect to adjustments to the closing balance
of last year:
□ Applicable √ Not applicable
81. Monetary items denominated in foreign currencies
(1) Monetary items denominated in foreign currencies
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance in Closing balance inforeign currency Exchange rate RMB
Monetary assets - - 1287164525.31
Of which: USD 133677736.52 7.0288 939594074.45
EUR 30895501.32 8.2355 254439901.12
GBP 4458987.48 9.4346 42068763.28
JPY 392009789.00 0.0448 17562038.55
BRL 11811203.25 1.2828 15151411.53
VND 37455855567.00 0.0003 10038169.29
MXN 13275254.81 0.3899 5176021.85
AUD 233945.85 4.6892 1097018.88
HKD 1204843.43 0.9032 1088214.59
AED 271212.12 1.9071 517228.63
CAD 72127.35 5.1142 368873.69
SEK 82449.99 0.7617 62802.16
IDR 17000.00 0.0004 6.80
ARS 100.00 0.0049 0.49
Accounts receivable 1093808684.37
320 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Of which: USD 116080485.43 7.0288 815906516.01
EUR 26103122.89 8.2355 214972268.60
BRL 18599794.43 1.2828 23859816.30
GBP 2337882.97 9.4346 22056990.67
MXN 22183820.54 0.3899 8649471.63
JPY 127677390.63 0.0448 5719947.10
VND 6848274701.49 0.0003 1835337.62
AUD 171924.53 4.6892 806188.51
CAD 419.99 5.1142 2147.93
Other receivables 18665474.30
Of which: USD 1178596.51 7.0288 8284119.17
EUR 650054.28 8.2355 5353522.02
VND 8931711679.10 0.0003 2393698.73
GBP 129502.98 9.4346 1221808.82
AUD 75548.31 4.6892 354261.13
BRL 250486.98 1.2828 321324.70
HKD 340860.55 0.9032 307865.25
MXN 484381.28 0.3899 188860.26
JPY 3923737.28 0.0448 175783.43
AED 33679.82 1.9071 64230.79
Accounts payable 74331543.51
Of which: USD 5653572.87 7.0288 39737833.01
VND 98312611526.11 0.0003 26347779.89
EUR 800163.30 8.2355 6589744.87
GBP 124445.05 9.4346 1174089.28
SGD 86779.80 5.4586 473696.21
JPY 187505.49 0.0448 8400.25
Other payables 80951090.82
Of which: USD 7308866.07 7.0288 51372557.84
EUR 2995997.60 8.2355 24673538.26
AED 736923.89 1.9071 1405387.56
GBP 148594.31 9.4346 1401927.88
HKD 860531.65 0.9032 777232.19
MXN 1241645.32 0.3899 484117.51
AUD 91564.89 4.6892 429366.08
JPY 8011003.57 0.0448 358892.96
BRL 34770.10 1.2828 44603.09
CAD 678.00 5.1142 3467.45
Other information:
None.
(2) Overseas business entities (for substantial overseas business entities the following
information shall be disclosed: principal place of business functional currency and
basis for the choice of functional currency change of functional currency and reasons)
√ Applicable □ Not applicable
Entity Principal place ofbusiness Functional currency
Basis for the choice of
functional currency
Autel California USA USD Operating currency
Autel New York USA USD Operating currency
Autel Germany Germany EUR Operating currency
321 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Entity Principal place ofbusiness Functional currency
Basis for the choice of
functional currency
Autel Hong Kong Hong Kong HKD Operating currency
Autel Vietnam Vietnam VND Operating currency
Autel Japan Japan JPY Operating currency
Autel Dubai Dubai AED Operating currency
Autel Italy Italy EUR Operating currency
Autel Mexico Mexico MXN Operating currency
Autel Brazil Brazil BRL Operating currency
Autel UK UK GBP Operating currency
Avant Intelligence UK UK GBP Operating currency
Autel Netherlands Netherlands EUR Operating currency
Autel Ecom America USA USD Operating currency
Autel New Energy US USA USD Operating currency
ECEVSE US USA USD Operating currency
Autel France France EUR Operating currency
Autel Australia Australia AUD Operating currency
Autel New Energy
Vietnam Vietnam VND Operating currency
Autel Sweden Sweden SEK Operating currency
Autel Spain Spain EUR Operating currency
Evota Netherlands Netherlands EUR Operating currency
Mexican Factory Mexico USD Transaction currency
Frontier Robotics Hong
Kong Hong Kong HKD Operating currency
82. Leases
(1) As the lessee
√ Applicable □ Not applicable
For details of information regarding right-of-use assets please refer to Note VII (25)
to the financial statements.Variable lease payments not included in the measurement of lease liabilities:
□ Applicable √ Not applicable
Expenses on short-term leases and leases of low-value assets for which a simplified
accounting approach was adopted:
√ Applicable □ Not applicable
For details of Autel’s accounting policies for short-term leases and leases of low-value
assets please refer to Note V (36) to the financial statements. The amounts of expenses on
short-term leases and on leases of low-value assets included in profit or loss were as
follows:
Item 2025 2024
Expenses on short-term leases 15408731.67 12447729.04
Total 15408731.67 12447729.04
Sale and leaseback transactions and basis of judgment:
322 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
□ Applicable √ Not applicable
(2) As the lessor
Operating leases as the lessor:
√ Applicable □ Not applicable
Unit: RMB
Of which: Income related to
Item Lease income variable lease payments and not
included in lease receipts
Lease income 8418856.36
Total 8418856.36
Finance leases as the lessor:
□ Applicable √ Not applicable
Reconciliation of undiscounted lease receipts to net investment in leases:
□ Applicable √ Not applicable
Undiscounted lease receipts for the next five years:
√ Applicable □ Not applicable
Unit: RMB
Item Undiscounted lease receiptsClosing amount Opening amount
The first year 4390953.88 3068639.04
The second year 3538521.96 2541570.72
The third year 2735790.27 2668654.56
Beyond the third year 3431369.76 7251628.80
Total 14096635.87 15530493.12
(3) Gains or losses on sales recognized under finance leases as a producer or
distributor
□ Applicable √ Not applicable
Other information:
None.
83. Data resources
□ Applicable √ Not applicable
84. Other information
□ Applicable √ Not applicable
VIII R&D Costs
1. Presented by nature
√ Applicable □ Not applicable
Unit: RMB
323 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Item 2025 2024
Employee salaries and benefits 517325792.86 427736264.43
Depreciation and amortization expenses 113127097.33 86326527.80
Professional service charges 96376733.10 76944862.82
Material consumption 59702894.24 60835493.28
Share-based payments 58152842.13 6758083.12
Transportation and travel expenses 14479694.17 9353851.37
Commissioned R&D expenses 1863770.98 1032135.31
Rent and management expenses 817373.33 3424243.36
Other 11774028.59 7615694.36
Total 873620226.73 680027155.85
Of which: Expensed R&D costs 774630849.60 635783425.06
Capitalized R&D costs 98989377.13 44243730.79
Other information:
None.
2. Development costs on R&D projects eligible for capitalization
√ Applicable □ Not applicable
Unit: RMB
Increase during the period Decrease during the period
Item Opening Internal Recognized as Closingbalance development Other intangible Transferred to
costs assets profit or loss
balance
Automotive
diagnostic
product 18831933.28 10722574.35
development 25800238.42
3754269.21
project 1
Automotive
diagnostic
product 5620378.67 4625141.55 8333374.89 1912145.33
development
project 2
Automotive
diagnostic
product 2122836.72 563594.19 2686430.91
development
project 3
Automotive
diagnostic
product 7098226.11 7098226.11
development
project 4
EV-related
product
development 29156699.20 22716659.03 32240978.14 19632380.09
project 1
EV-related
product
development 32090591.35 7951180.27 24139411.08
project 2
EV-related
product
development 8930819.03 8930819.03
project 3
EV-related
product
development 512525.70 512525.70
project 4
324 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
EV-related
product
development 11729245.82 11729245.82
project 5
Total 55731847.87 98989377.13 77012202.63 77709022.37
Significant capitalized R&D projects:
√ Applicable □ Not applicable
Item R&D Estimated time of
Expected way of
progress completion generating
When to start Specific
economic benefits capitalization basis
Vehicle diagnostic product
development project 1 83.33% June 2026 Selling products
November Review
2023 meeting
Vehicle diagnostic product
development project 2 75.00% April 2026 Selling products May 2024
Review
meeting
Vehicle diagnostic product
development project 3 100.00% April 2025 Selling products March 2024
Review
meeting
Vehicle diagnostic product
development project 4 75.83% May 2026 Selling products August 2025
Review
meeting
EV-related product
development project 1 93.33% March 2026 Selling products January 2023
Review
meeting
EV-related product
development project 2 84.17% April 2026 Selling products May 2025
Review
meeting
EV-related product December Review
development project 3 100.00% April 2026 Selling products 2025 meeting
EV-related product December Review
development project 4 50.00% March 2026 Selling products 2025 meeting
EV-related product
development project 5 85.00% February 2026 Selling products May 2025
Review
meeting
Impairment provisions for development costs:
√ Applicable □ Not applicable
Unit: RMB
Item Opening Increase during
Decrease Closing Impairment
balance the period during theperiod balance test
Automotive
diagnostic
product 2280275.33 2280275.33
development
project 6
Total 2280275.33 2280275.33 /
Other information:
None.
3. Significant ongoing outsourced R&D projects
□ Applicable √ Not applicable
IX Changes to the Scope of the Consolidated Financial Statements
1. Business combinations not involving entities under common control
□ Applicable √ Not applicable
325 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
2. Business combinations involving entities under common control
√ Applicable □ Not applicable
(1) Business combinations involving entities under common control in the current
period
□ Applicable √ Not applicable
(2) Combination cost
□ Applicable √ Not applicable
(3) The carrying amount of assets and liabilities of the combined party on the
combination date
□ Applicable √ Not applicable
Other information:
None.
3. Counter-purchases
□ Applicable √ Not applicable
326 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
4. Disposal of subsidiaries
Indicate whether there was any transaction or matter in the period where the Company ceased to control a subsidiary.□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Indicate whether Company ceased to control a subsidiary in multiple disposals of its investment in the subsidiary.□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
5. Changes to the scope of the consolidated financial statements due to other reasons
Changes to the scope of the consolidated financial statements due to other reasons (incorporation liquidation etc.):
√ Applicable □ Not applicable
Name of entity Equity acquisition method Time of equity acquisition Subscribed capital Subscription ratio
Nanjing Tongtai Incorporated January 2025 RMB5 million 100.00%
Hangzhou Tongtai Incorporated March 2025 RMB5 million 100.00%
Evota Netherlands Incorporated March 2025 EUR20000 81.50%
Baoan Tongtai Incorporated May 2025 RMB10 million 100.00%
Mexican Factory Incorporated June 2025 MXN3000 100.00%
Frontier Robotics Hong Kong Incorporated August 2025 HKD5 million 100.00%
6. Other information
□ Applicable √ Not applicable
327 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
X Interests in Other Entities
1. Interests in subsidiaries
(1) Subsidiaries
√ Applicable □ Not applicable
The Company’s
Subsidiary Principal place Place of Nature of
How the
interest
of business registration business subsidiaryDirect Indirect was obtained
Autel California California Holding
California USA USA company 100 / Incorporated
Autel New New York New York Business and
York USA USA trade / 100 Incorporated
Autel Ismaning Ismaning Business and
Germany Germany Germany trade 100 / Incorporated
Combination
Autel Hunan Changsha Changsha Software underChina China development 100 / common
control
Autel Digital Shenzhen Shenzhen Manufacturin
Power China China g 81.5 / Incorporated
Autel Shenzhen Shenzhen Software
Hesheng China China development 100 / Incorporated
Autel Hong Hong Kong Hong Kong Holding
Kong China China company 100 / Incorporated
Autel Haiphong Haiphong Manufacturin
Vietnam Vietnam Vietnam g / 100 Incorporated
Autel Xi’an Xi'an China Xi'an China Softwaredevelopment 100 / Incorporated
Autel Dubai Dubai Dubai Business andtrade / 100 Incorporated
Autel Japan Japan Japan Business andtrade / 100 Incorporated
Autel Italy Italy Italy Business andtrade / 100 Incorporated
Autel Mexico Mexico Mexico Business andtrade 10 90 Incorporated
Combination
Rainbow Shenzhen Shenzhen Holding not under
Technology China China company 100 / common
control
Rainbow Combination
Information Shenzhen Shenzhen Rental / 100 not under
Consulting China China services commoncontrol
Autel Hainan Haikou China Haikou China Technicalservices 100 / Incorporated
Autel UK London UK London UK Business andtrade / 100 Incorporated
Autel Brazil Sao Paulo Sao Paulo Business andBrazil Brazil trade / 100 Incorporated
Autel Voorburg Voorburg Business and
Netherlands Netherlands Netherlands trade / 100 Incorporated
Autel Heda Shenzhen Shenzhen Business and 100 / Incorporated
328 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
China China trade
Autel New
Energy Haiphong Haiphong Manufacturin / 100 Incorporated
Vietnam Vietnam Vietnam g
Autel France Nanterre Nanterre Business andFrance France trade / 100 Incorporated
Autel New New York New York Manufacturin
Energy US USA USA g / 81.5 Incorporated
ECEVSE US New York New York ManufacturinUSA USA g / 81.5 Incorporated
Autel Ecom New York New York Business and
America USA USA trade / 100 Incorporated
Autel Sydney Sydney Business and
Australia Australia Australia trade / 100 Incorporated
Autel Stockholm Stockholm Business and
Sweden Sweden Sweden trade / 100 Incorporated
Autel Spain Spain Spain Business andtrade / 100 Incorporated
Yingtong
Property Shenzhen Shenzhen Property
Management China China services
/ 100 Incorporated
Autel Hexin Shenzhen Shenzhen SoftwareChina China development / 81.5 Incorporated
Hainan
Chizhuo Haikou China Haikou China
Business and
trade / 100 Incorporated
Digital
Power Singapore Singapore Business and
(Singapore) trade
/ 81.5 Incorporated
Avant
Intelligence England England AI / 100 Incorporated
UK
Daohe Shenzhen Shenzhen
Tongtai China China AI 100 / Incorporated
Hangzhou Hangzhou Hangzhou
Tongtai China China AI / 100 Incorporated
Nanjing
Tongtai Nanjing China Nanjing China AI / 100 Incorporated
Evota Voorburg Voorburg Cloud
Netherlands Netherlands Netherlands platform / 81.5 Incorporatedservices
Baoan Shenzhen Shenzhen
Tongtai China China AI / 100 Incorporated
Frontier
Robotics Hong Kong Hong Kong
Hong Kong China China
AI / 100 Incorporated
Mexican Guadeloupe Monterrey Automotive
Factory Netherlands Mexico manufacturin / 100 Incorporatedg and R&D
Notes of shareholding percentage in subsidiaries different from voting percentage:
None.Basis of holding half or less voting rights but still controlling the investee and holding more
than half of the voting rights but not controlling the investee:
None.
329 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Basis of controlling significant structural entities incorporated in the scope of combination:
None.Basis of determining whether the Company is the agent or the mandator
None.Other information:
None.
(2) Substantial non-wholly-owned subsidiaries
□ Applicable √ Not applicable
(3) Key financial information of substantial non-wholly-owned subsidiaries
□ Applicable √ Not applicable
(4) Significant restrictions on the use of assets and the settlement of debts of the
Group
□ Applicable √ Not applicable
(5) Financial or other support to structured entities included in the scope of
consolidated financial statements
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
2. Transactions where changes occurred to the Company’s interests in subsidiaries
but the Company still controlled the subsidiaries
□ Applicable √ Not applicable
3. Interests in joint ventures and associates
□ Applicable √ Not applicable
4. Substantial joint operations
□ Applicable √ Not applicable
5. Interests in structured entities not included in the consolidated financial statements
Notes to structured entities not included in the consolidated financial statements:
□ Applicable √ Not applicable
330 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
6. Other information
□ Applicable √ Not applicable
XI Government Grants
1. Government grants recognized at the receivable amount at the period-end
□ Applicable √ Not applicable
Reasons for not receiving the expected government grant at the expected time:
□ Applicable √ Not applicable
2. Liabilities associated with government grants
√ Applicable □ Not applicable
Unit: RMB
Amount
Financial Increase in the
recorded
Opening government in Transferred to
Other
statement non-oper other income changes Closing Asset/income
line item balance grant in the ating in the period in the balance -relatedperiod income in period
the period
Deferred
income 2835419.92 4313340.00 1603763.02 5544996.90 Asset-related
Total 2835419.92 4313340.00 1603763.02 5544996.90 /
3. Government grants through profit or loss
√ Applicable □ Not applicable
Unit: RMB
Type 2025 2024
Income-related 78660171.94 69872885.59
Asset-related 1603763.02 842780.59
Total 80263934.96 70715666.18
Other information:
The software product rebate income of RMB63030064.83 relating to income-related
government grants received during the period is recognized as recurring profit or loss as it
arises from the daily operations of Autel.None.ⅫRisks Related to Financial Instruments
1. Risks of financial instruments
√ Applicable □ Not applicable
Autel engages in risk management with the objective of balancing risks and returns
minimizing the negative impact of risks on Autel's operational performance and
maximizing the interests of shareholders and other equity investors. Based on this risk
management objective Autel's basic strategy is to identify and analyze the various risks it
331 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
faces establish appropriate risk tolerance levels and implement risk management while
monitoring these risks in a timely and reliable manner to control them within specified
limits.Autel faces various risks related to financial instruments in its daily operations mainly
including credit risk liquidity risk and market risk. The management has reviewed and
approved the policies for managing these risks which are summarized as follows.i. Credit risk
Credit risk refers to the risk that one party to a financial instrument fails to fulfill its
obligations resulting in financial loss to the other party.
1. Credit risk management practices
(1) Credit risk evaluation method
Autel evaluates whether the credit risk of the relevant financial instruments has
significantly increased since initial recognition at each reporting date. When determining
whether the credit risk has significantly increased since initial recognition Autel considers
reasonable and evidence-based information that can be obtained without undue additional
costs or efforts including qualitative and quantitative analyses based on historical data
external credit ratings and forward-looking information. Autel compares the risk of default
at the reporting date with the risk of default at initial recognition based on individual
financial instruments or groups of financial instruments with similar credit risk
characteristics to determine the change in the likelihood of default over the financial
instrument’s expected lifetime.Autel considers the credit risk of a financial instrument to have significantly increased
when one or more of the following quantitative or qualitative criteria are met:
1) Quantitative Criteria: The probability of default for the remaining maturity at the
reporting date has increased by more than a certain proportion compared to the initial
recognition date.
2) Qualitative Criteria: The debtor experiences significant adverse changes in its
operating or financial condition or there are existing or anticipated changes in the
technological market economic or legal environment that will significantly impact the
debtor's ability to repay Autel.
(2) Definition of default and credit impaired assets
332 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
When a financial instrument meets one or more of the following conditions Autel
defines the financial asset as having defaulted which is consistent with the definition of
credit impairment:
1) The debtor faces significant financial difficulties;
2) The debtor breaches any of the restrictive covenants in the contract;
3) The debtor is likely to enter bankruptcy or undergo other financial restructuring;
4) The creditor provides concessions to the debtor due to financial difficulties which
would not have been made under any other circumstances.
2. Measurement of expected credit losses
The key parameters for measuring expected credit losses include the probability of
default default loss rate and exposure at default. Autel considers quantitative analyses
based on historical statistical data (such as counterparty ratings guarantee types collateral
categories and repayment methods) and forward-looking information and establishes
models for the probability of default default loss rate and exposure at default.
3. Please refer to Note V-(1)-3 and V-(1)-5 in the financial statements for detailed
reconciliations of the opening and closing balances of the financial instrument loss
provisions.
4. Credit risk exposure and concentration of credit risk
Autel’s credit risk mainly arises from monetary assets and receivables. To control the
related risks Autel has implemented the following measures:
(1) Monetary assets
Autel deposits bank deposits and other monetary assets in financial institutions with
high credit ratings so the credit risk is relatively low.
(2) Receivables
Autel regularly and continuously evaluates the creditworthiness of customers with
whom it conducts credit transactions. Based on the results of the credit evaluations we
select to transact with recognized and creditworthy customers and monitors their receivable
balances to ensure that it does not face significant bad debt risks.Since Autel only transacts with recognized and creditworthy third parties no collateral
is required. Credit risk concentration is managed by customer. As of December 31 2025
Autel had certain credit concentration risks with 30.19% (December 31 2024: 25.13%) of
the receivables arising from the top five customers. Autel does not hold any collateral or
other credit enhancements for its receivables balance.
333 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
The maximum credit risk exposure Autel faces is the carrying amount of each
financial asset in the balance sheet.ii. Liquidity risk
Liquidity risk refers to the risk that Autel may face a shortage of funds when fulfilling
its obligations to settle in cash or other financial assets. Liquidity risk may arise from an
inability to sell financial assets quickly at fair value or from a counterparty’s inability to
repay its contractual debt or from debt maturing prematurely or from the inability to
generate expected cash flows.To control this risk Autel utilizes a variety of financing methods including bill
settlement and bank loans and adopts a combination of short- and long-term financing
methods to optimize the financing structure maintaining a balance between financing
sustainability and flexibility. Autel has obtained credit facilities from multiple commercial
banks to meet working capital needs and capital expenditures.Financial liabilities are classified by remaining maturity.Closing balance
Item
Carrying amount Undiscountedcontract amount Within 1 Year 1-3 years Over 3 years
Notes
payable 186356161.77 186356161.77 186356161.77
Accounts
payable 372148169.95 372148169.95 372148169.95
Other
payables 133915646.43 133915646.43 133915646.43
Bonds
payable 1213400183.68 1347505151.63 19195235.63 1328309916.00
Lease
liabilities
(including
the current 255751100.49 279181480.60 61282474.28 119028437.59 98870568.73
portion of
non-current
liabilities)
Subtotal 2161571262.32 2319106610.38 772897688.06 1447338353.59 98870568.73
(Continued)
End of last year
Item
Carrying amount Undiscountedcontract amount Within 1 year 1-3 years Over 3 years
Notes payable 149368685.23 149368685.23 149368685.23
Accounts payable 316951128.22 316951128.22 316951128.22
Other payables 126102610.81 126102610.81 126102610.81
Bonds payable 1175814692.17 1354466392.50 15729768.75 45163098.75 1293573525.00
334 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
End of last year
Item
Carrying amount Undiscountedcontract amount Within 1 year 1-3 years Over 3 years
Lease liabilities (including
the current portion of 52538290.00 55884890.23 29422497.60 23010948.67 3451443.96
non-current liabilities)
Subtotal 1820775406.43 2002773706.99 637574690.61 68174047.42 1297024968.96
iii. Market risk
Market risk refers to the risk of fluctuations in the fair value or future cash flows of
financial instruments due to changes in market prices. Market risk primarily includes
interest rate risk and foreign exchange risk.Foreign exchange risk refers to the risk of fluctuations in the fair value or future cash
flows of financial instruments due to changes in exchange rates. The foreign exchange risk
faced by Autel is mainly related to Autel's foreign currency monetary assets and liabilities.For foreign currency assets and liabilities if a short-term imbalance occurs Autel will if
necessary buy or sell foreign currencies at market exchange rates to ensure that the net risk
exposure is maintained at an acceptable level.Autel has developed the Forward Foreign Exchange Trading Management System to
further regulate the forward foreign exchange trading business. Autel adheres to the
principles of legality prudence safety and effectiveness with the goal of hedging and
preventing exchange rate risks. Based on Autel's forecasted foreign currency receipts and
payments Autel conducts forward foreign exchange transactions. Autel's foreign currency
monetary assets and liabilities at the end of the period are detailed in Note VII (80) of the
financial statements.
2. Hedges
(1) The Company conducts hedges for risk management
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
(2) The Company conducts qualifying hedges and applies hedge accounting
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
335 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
(3) The Company conducts hedges for risk management expects to achieve its risk
management objectives but does not apply hedge accounting.□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
3. Transfer of financial assets
(1) Classification of transfer methods
√ Applicable □ Not applicable
Unit: RMB
Nature of Amount of
Transfer method transferred transferred Derecognized or Basis for
financial assets financial assets not derecognition
Accounts Substantially all
receivable Accountsreceivable 397574948.76 Derecognized
the risks and
factoring rewards have beentransferred
Total / 397574948.76 / /
(2) Financial assets derecognized due to transfer
√ Applicable □ Not applicable
Unit: RMB
Item Method of financial
Amount of Gains or losses related
assets transfer derecognized financialassets to derecognition
Accounts receivable Factoring 397574948.76 20464344.57
Total / 397574948.76 20464344.57
(3) Transferred financial assets that continue to be involved
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
XIII Disclosure of Fair Value
1. Closing fair value of assets and liabilities measured at fair value
√ Applicable □ Not applicable
Unit: RMB
Closing fair value
Item Level 1 fair value Level 2 fair value Level 3 fair value
measurement measurement measurement Total
I Continuous fair value
measurement
(I) Held-for-trading financial 4913258.26 4913258.26
336 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
assets and other non-current
financial assets
1. Financial assets at fair
value through profit or loss 4913258.26 4913258.26
Equity investments 4913258.26 4913258.26
Total assets continuously
measured at fair value 4913258.26 4913258.26
2. Basis for determining the market prices of continuous and non-continuous Level 1
fair value measurement items
□ Applicable √ Not applicable
3. Continuous and non-continuous Level 2 fair value measurement items valuation
techniques used and the qualitative and quantitative information of important
parameters
□ Applicable √ Not applicable
4. Continuous and non-continuous Level 3 fair value measurement items valuation
techniques used and the qualitative and quantitative information of important
parameters
√ Applicable □ Not applicable
The fair value of the equity investment in the Israeli company Autobrains
Technologies Ltd. (formerly known as Cartica AI Ltd.) in other non-current financial assets
(equity investments) as of December 31 2025 is measured based on valuation models.
5. Continuous and non-continuous Level 3 fair value measurement items information
on the adjustment between the opening and closing carrying amounts and sensitivity
analysis of unobservable parameters
□ Applicable √ Not applicable
6. If a continuous fair value measurement item was converted between levels for the
current period the reasons for such conversion and the policies for determining the
conversion point
□ Applicable √ Not applicable
7. Valuation technique changes incurred during the period and the reasons for such
changes
□ Applicable √ Not applicable
337 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
8. Fair value of financial assets and financial liabilities not measured at fair value
□ Applicable √ Not applicable
9. Other information
□ Applicable √ Not applicable
XIV Related Parties and Related-party Transactions
1. The Company’s parent company
√ Applicable □ Not applicable
Notes to the Company’s parent company:
Autel has no parent company; the ultimate controller of it is Li Hongjing.
2. Subsidiaries of the Company
For information on the subsidiaries of Autel please refer to Note
√ Applicable □ Not applicable
For information on the subsidiaries of Autel please refer to Note X.
3. Joint ventures and associates of the Company
For substantial joint ventures and associates of the Company please refer to Note
□ Applicable √ Not applicable
The following is other joint venture or associate that has a balance with Autel for the period
or that had formed a balance from a related-party transaction with Autel for the prior
period:
√ Applicable □ Not applicable
Joint venture or associate Relationship with the Company
SkyFend Technology An associate of Autel
Other information:
□ Applicable √ Not applicable
4. Other related parties
√ Applicable □ Not applicable
Name of other related party Relationship with the Company
Daohe Tongliao Enterprise over which Li Hongjing has significantinfluence
Nong Yingbin A member of the senior management of Autel
Zhao Guanjie Former member of the senior management andcurrent employee of Autel
Other information:
None.
338 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
XV Share-based Payments
1. Equity instruments
(1) Details
√ Applicable □ Not applicable
Unit of quantity: 10000 shares; Unit of currency: RMB’0000
Grant Granted in the Exercised in the Unlocked in the Expired in the
recipient period period period period
categories Quantity Amount Quantity Amount Quantity Amount Quantity Amount
Managem
ent 630.30 5042.46 442.50 1106.25 252.96 7997.10
personnel
Total 630.30 5042.46 442.50 1106.25 252.96 7997.10
(2) Outstanding stock options or other equity instruments at the end of the period
√ Applicable □ Not applicable
Outstanding stock options at the end of Outstanding other equity instruments at
Grant recipient the period the end of the period
categories Exercise price Remaining Exercise price Remaining
range contract term range contract term
Management RMB8/share
personnel RMB26.58/share 1-2 years
Other information:
None.
2. Equity-settled share-based payments
√ Applicable □ Not applicable
Unit: RMB
Recipients of equity-settled share-based
payments Class 2 restricted stock Employee stock ownership plan
The fair value on the grant date
Method for determining the fair value of Determined using the
equity instruments on the grant date Black-Scholes option pricing
is determined using the closing
model. price of Autel’s stock on thegrant date.Subsequent information such as Consider subsequent
changes in the number of information such as changes in
Basis for determining the number of exercisable individuals for
the number of people eligible to
exercisable equity instruments restricted stock completion of
exercise rights and the
performance targets etc. is used completion of performance
to adjust the estimated number indicators and revise the
of exercisable shares. estimated number of shares thatcan be exercised.Reasons for significant differences
between the current period estimate and No change. No change.the previous period estimate
Accumulated amount of equity-settled
share-based payments recorded in 122598392.79 6692979.47
capital reserve
Total expenses recognized for
equity-settled share-based payments in 109277114.61 5869840.76
339 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
the current period
Other information:
(1) According to the decision made at the 14th Meeting of the 4th Board of Directors
on September 28 2024 and approved by the Third Extraordinary General Meeting of
Shareholders in 2024 the 2024 Restricted Stock Incentive Plan was approved. The first
grant date is set for October 21 2024 with the grant price set at RMB13.29 per share. A
total of 9.7696 million restricted stock units was granted to 229 awardees. According to the
relevant resolution the restricted stocks granted under this incentive plan will vest in two
stages with the first vesting period being 50% after the first 12 months and before 24
months from the grant date and the second vesting period being 50% after 24 months and
before 36 months from the grant date.According to the resolution in relation to the Proposal on Adjusting the Grant Price
and Number of Shares under the 2024 Restricted Stock Incentive Plan which was
considered and approved at the 27th Meeting of the 4th Board of Directors and the 16th
Meeting of the 4th Supervisory Committee held on October 24 2025 Autel adjusted the
grant price under the 2024 Restricted Stock Incentive Plan to RMB8.00 per share during
the year due to the capitalization of capital reserves.The fair value on the grant date is determined using the Black-Scholes option pricing
model. The estimated initial fair value of this share-based payment is RMB198469424.00
with a vesting period of 50% over 12 months and 50% over 24 months. Autel has
confirmed share-based payment expenses in accordance with relevant requirements with
RMB109277114.61 recognized in various expenses for the current period and the
corresponding capital reserve (other capital reserve) of RMB109277114.61. As of
December 31 2025 the cumulative share-based payment expense recognized amounts to
RMB122598392.79. During the year the vesting conditions for the first vesting period
under the 2024 Restricted Stock Incentive Plan have been met and 203 grantees who
satisfied the vesting conditions were granted 6302998 restricted shares.
(2) According to the decision made at the 14th Meeting of the 4th Board of Directors
and approved by the Third Extraordinary General Meeting of Shareholders in 2024 the
2024 Employee Stock Ownership Plan was approved. The shares for this plan were sourced
from the shares repurchased by Autel in its repurchase special account. Under this plan
Autel transferred 4.6221 million repurchased shares to employees at a price of RMB26.58
340 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
per share with the plan’s duration not exceeding 24 months and a 12-month lock-up period
for the shares.The fair value on the grant date is based on the market price of RMB29.13 per share.The vesting period for this plan is 50% over 12 months and 50% over 14 months. Autel has
confirmed share-based payment expenses in accordance with relevant requirements with
RMB5869840.76 recognized in various expenses for the current period and the
corresponding capital reserve (other capital reserve) of RMB5869840.76. As of December
31 2025 the cumulative share-based payment expense recognized amounts to
RMB6692979.47.
3. Cash-settled share-based payments
□ Applicable √ Not applicable
4. Share-based payment expenses for the current period
√ Applicable □ Not applicable
Unit: RMB
Grant recipient categories Equity-settled share-based Cash-settled share-basedpayment expenses payment expenses
Management personnel 115146955.37
Total 115146955.37
Other information:
None.
5. Modification and termination of Share-based payments
□ Applicable √ Not applicable
6. Other information
□ Applicable √ Not applicable
XVI Commitments and Contingencies
1. Significant commitments
√ Applicable □ Not applicable
Significant external commitments existing as of the balance sheet date nature and amount:
The signed ongoing or upcoming lease contracts (excluding leases for which
right-of-use assets have been recognized) and their financial impacts are detailed in Note
VII (81) of these financial statements.
341 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
2. Contingencies
(1) Significant contingencies existing as of the balance sheet date
√ Applicable □ Not applicable
1. Patent infringement dispute with Orange Electronics Co. Ltd. ("Orange")
On June 30 2021 Orange filed a lawsuit against Autel in the United States District
Court for the Eastern District of Texas claiming that Autel's TPMS products infringe
claims 23 and 26-29 of U.S. Patent No. 8031064 C3 ("A Tire Pressure Monitoring System
(TPMS) and Its Tire Pressure Detector Identification Replication Method" hereinafter
referred to as "Patent No. 064"). Orange sought damages and injunctive relief.On June 8 2023 the jury ruled that Autel's products indeed infringed claims 26 and
27 of Patent No. 064 and awarded total damages of USD6616397. After the ruling Autel
took action and filed a post-trial motion on July 10 2023 under Rule 50(b). These motions
aimed to obtain a legal judgment asserting no infringement.Autel's arguments in the motion included: a) Autel has not sold the accused products
in the U.S. so no direct infringement exists under 35 U.S.C. § 271(a); b) The accused
products do not fall within the scope of claims 26 and 27 of Patent No. 064 and the court
should rule non-infringement; c) Claims 26 and 27 of Patent No. 064 should be ruled
invalid under 35 U.S.C. § 101 due to ineligibility; d) Claims 26 and 27 of Patent No. 064
should be ruled invalid under 35 U.S.C. § 103 due to obviousness based on prior art
specifically Nantz and Nihei; e) The plaintiff failed to provide sufficient evidence for the
jury to conclude that Autel intentionally infringed Patent No. 064; f) The jury's damages
award lacks evidence and should be overturned.As of December 31 2023 the district court had not yet rendered a judgment on this
case. Based on prudence and after consulting with the case’s legal counsel Autel has
accrued an estimated liability of USD3.5 million.On May 2 2024 the district court issued its first-instance judgment ruling that Autel
did not infringe Patent No. 064. Autel won the case. The plaintiff appealed the judgment on
May 22 2024. In response Autel appealed on May 23 2024 regarding the court's ruling
on the validity of Patent No. 064.In late January 2026 Autel received the Judgment from the United States Court of
Appeals for the Federal Circuit regarding the patent dispute case with Orange Electronics
Co. Ltd. The Judgment ruled that the patent in dispute is invalid and therefore as there is
no basis for infringement Autel has not committed infringement. According to
the Judgment Autel expects to make a corresponding adjustment to the provision of
342 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
USD3.5 million previously recognized for this case reversing a provision of RMB
24789450.64.
2. Winning the patent dispute with Shenzhen Yuanzheng Technology Co. Ltd.
("Yuanzheng Technology")
On April 8 2022 Yuanzheng Technology filed a lawsuit against Autel and Shenzhen
Lian Ke Electron Technology Co. Ltd. ("Lian Ke Technology") claiming that the Autel's
and Lian Ke Technology’s products such as the "AUTEL Next-Generation Automotive
Intelligent Diagnostic System Maxisys MS909" and "AUTEL Next-Generation Automotive
Intelligent Diagnostic System MaxiSys UItra" which are sold extensively on online
platforms like JD.com Taobao and offline infringe claims 1-8 of Patent No.ZL201710632113.7 owned by Yuanzheng Technology. Yuanzheng Technology requests
the court to: a) Order Autel to immediately cease manufacturing the infringing products
destroy the semi-finished products and destroy the specialized molds used to manufacture
the infringing products; b) order Autel and Lian Ke Technology to immediately cease
selling or promising to sell the infringing products; c) order Autel and Lian Ke Technology
to jointly bear the economic loss of RMB20 million and reasonable expenses of
RMB230000 totaling RMB20.23 million; d) order Autel and Lian Ke Technology to bear
the litigation costs.The first-instance court ruled to dismiss all of the plaintiff's claims and ordered the
plaintiff to bear the entire litigation costs. After the first-instance judgment the plaintiff
appealed. On October 16 2025 the second instance judgment rejected Yuanzheng
Technology's appeal and upheld the original judgment. The second instance acceptance fee
shall be borne by Yuanzheng Technology.
(2) The Company has no significant contingencies that require disclosure and such
absence should also be stated.□ Applicable √ Not applicable
3. Other information
□ Applicable √ Not applicable
XVII Events after the Balance Sheet Date
1. Significant non-adjustment matters
□ Applicable √ Not applicable
343 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
2. Profit distribution
√ Applicable □ Not applicable
Unit: RMB
Profit or dividends to be distributed 333265934.50
Approved and declared profit or
dividends to be distributed 333265934.50
3. Return of sales
□ Applicable √ Not applicable
4. Other events after the balance sheet date
□ Applicable √ Not applicable
XVIII Other Significant Events
1. Correction of prior accounting errorsFor details see “Reasons for Accounting Policy or Estimate Changes or Correction ofMaterial Accounting Errors and the Impact” under “Significant Events”
2. Significant debt restructuring
□ Applicable √ Not applicable
3. Swap of assets
(1) Swap of non-monetary assets
□ Applicable √ Not applicable
(2) Swap of other assets
□ Applicable √ Not applicable
4. Annuity plans
□ Applicable √ Not applicable
5. Discontinued operations
□ Applicable √ Not applicable
6. Segment information
(1) Basis for the determination of the reporting segment and accounting policies
√ Applicable □ Not applicable
The Company determines the reporting segments based on the internal organizational
structure management requirements internal reporting system etc. and determines the
344 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
reporting segments based on the geographic segments and appraises the operating
performance in China North America Europe and other regions respectively.
(2) Financial information of reporting segments
√ Applicable □ Not applicable
Unit: RMB’0000
Item China North America Europe Other regions Offset amongsegments Total
Revenue from
principal 339083.75 253622.98 101702.61 207702.75 424795.23 477316.86
operations
Cost of
principal 176941.55 204867.22 84393.72 165168.53 424174.68 207196.34
operations
(3) Reasons shall be given if the Company has no reporting segments or is unable to
disclose the total assets and liabilities of the reporting segments.□ Applicable √ Not applicable
(4) Other information
□ Applicable √ Not applicable
7. Other significant transactions and matters that may affect decision-making of
investor
□ Applicable √ Not applicable
8. Other information
□ Applicable √ Not applicable
XIX Notes to Key Items of the Financial Statements of the Parent Company
1. Accounts receivable
(1) Breakdown by aging
√ Applicable □ Not applicable
Unit: RMB
Aging Closing gross amount Opening gross amount
Within 1 year (including 1 year) 824560651.51 878651322.94
1 to 2 years 116352052.39 71871396.36
Over 2 years 86742664.82 81429311.72
Total 1027655368.72 1031952031.02
(2) Breakdown by method of establishing bad debt provisions
√ Applicable □ Not applicable
345 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Unit: RMB
Closing balance Opening balance
Gross amount Bad debt Gross amount Bad debtprovision Carry provision
Type Provis Provis
Carry
Perce ion ing ingAmou ntage Amou perce amou Amou
Perce
ntage Amou
ion
nt nt nt nt nt percen
amou
(%) ntage (%) tage nt
(%)(%)
Bad debt
provision
established 1518 1518 1549 1549
on an 051.9 0.15 051.9
100.0
0115.70.15115.7
100.0
0
individual 6 6 4 4
basis
Of which:
Bad debt
provision
established 1518 1518051.9 0.15 051.9 100.0
15491549
on an 0 115.7 0.15 115.7
100.0
0
individual 6 6 4 4
basis
Bad debt
provision 1026 2181 1004 1030 2215 1008
established 1373 99.85 6923. 2.13 3203 4029 99.85 1528. 2.15 2513
on a grouping 16.76 99 92.77 15.28 88 86.40
basis
Of which:
Bad debt
provision 1026 2181 1004 1030 2215 1008
established 1373 99.85 6923. 2.13 3203 4029 99.85 1528. 2.15 2513
on a grouping 16.76 99 92.77 15.28 88 86.40
basis
102723331004103123701008
Total 6553 / 4975. / 3203 9520 / 0644. / 2513
68.729592.7731.026286.40
Bad debt provision established on an individual basis:
√ Applicable □ Not applicable
Notes to bad debt provisions established on an individual basis:
√ Applicable □ Not applicable
There were no significant accounts receivable with bad debt provisions established on
an individual basis at the end of the period.Bad debt provision established on a grouping basis:
√ Applicable □ Not applicable
Item: Aging group
Unit: RMB
Group Closing balanceGross amount Bad debt provision Provision percentage
346 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
(%)
Group of related parties
included in the
consolidated financial 719565967.80
statements
Aging group 306571348.96 21816923.99 7.12
Total 1026137316.76 21816923.99 2.13
Notes to bad debt provision established on a grouping basis:：
□ Applicable √ Not applicable
Bad debt provision established using the general model of expected credit loss:
□ Applicable √ Not applicable
Basis of classification of stages and percentage of bad debt provision:
None.Significant change in the gross amount of an account receivable with change in loss
provision during the period:
□ Applicable √ Not applicable
(3) Bad debt provision
√ Applicable □ Not applicable
Unit: RMB
Changes for the period
Charged
Type Opening Recoveredbalance Established or off or Other
Closing
reversed written changes
balance
off
Bad debt
provision
established on an 1549115.74 -31063.78 1518051.96
individual basis
Bad debt
provision
established on a 22151528.88 -334604.89 21816923.99
grouping basis
Total 23700644.62 -365668.67 23334975.95
Bad debt provision with a significant recovered or reversed amount during the period:
□ Applicable √ Not applicable
Other information:
None.
(4) Written-off accounts receivable for the period
□ Applicable √ Not applicable
Write-off of significant accounts receivable:
□ Applicable √ Not applicable
347 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
(5) Top five entities with respect to accounts receivable and contract assets
√ Applicable □ Not applicable
Unit: RMB
Entity Closing balance of
As % of the closing Closing balance of bad
accounts receivable balance of accountsreceivable debt provision
Autel Vietnam 302150831.44 29.40
Customer A 135044391.85 13.14 6785661.82
Autel Digital Power 98836740.71 9.62
Autel Germany 95270790.87 9.27
Autel Heda 79170187.15 7.70
Total 710472942.02 69.14 6785661.82
Other information:
None.Other information:
□ Applicable √ Not applicable
2. Other receivables
Breakdown:
√ Applicable □ Not applicable
Unit: RMB
Item Closing balance Opening balance
Interest receivable
Dividends receivable
Other receivables 1259091825.55 1155928917.31
Total 1259091825.55 1155928917.31
Other information:
□ Applicable √ Not applicable
Interest receivable
(1) Breakdown of interest receivable
□ Applicable √ Not applicable
(2) Significant overdue interest
□ Applicable √ Not applicable
(3) Breakdown by method of establishing bad debt provisions
□ Applicable √ Not applicable
Bad debt provision established on an individual basis:
□ Applicable √ Not applicable
348 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Notes to bad debt provisions established on an individual basis:
□ Applicable √ Not applicable
Bad debt provision established on a grouping basis:
□ Applicable √ Not applicable
Bad debt provision established using the general model of expected credit loss:
□ Applicable √ Not applicable
Basis of classification of stages and percentage of bad debt provision:
None.Significant change in the gross amount of interest receivable with change in loss provision
during the period:
□ Applicable √ Not applicable
(4) Bad debt provisions
□ Applicable √ Not applicable
Bad debt provision with a significant recovered or reversed amount during the period:
□ Applicable √ Not applicable
Other information:
None.
(5) Written-off interest receivable for the period
□ Applicable √ Not applicable
Write-off of significant interest receivable:
□ Applicable √ Not applicable
Notes to the write-off:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Dividends receivable
(6) Dividends receivable
□ Applicable √ Not applicable
(7) Significant dividends receivable aged over one year
□ Applicable √ Not applicable
349 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
(8) Breakdown by method of establishing bad debt provisions
□ Applicable √ Not applicable
Bad debt provision established on an individual basis:
□ Applicable √ Not applicable
Notes to bad debt provisions established on an individual basis:
□ Applicable √ Not applicable
Bad debt provision established on a grouping basis:
□ Applicable √ Not applicable
Bad debt provision established using the general model of expected credit loss:
□ Applicable √ Not applicable
Basis of classification of stages and percentage of bad debt provision:
None.Significant change in the gross amount of dividends receivable with change in loss
provision during the period:
□ Applicable √ Not applicable
(9) Bad debt provision
□ Applicable √ Not applicable
Bad debt provision with a significant recovered or reversed amount during the period:
□ Applicable √ Not applicable
Other information:
None.
(10) Written-off dividends receivable for the period
□ Applicable √ Not applicable
Write-off of significant dividends receivable:
□ Applicable √ Not applicable
Notes to the write-off:
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
Other receivables
(11) Breakdown by aging
√ Applicable □ Not applicable
350 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Unit: RMB
Aging Closing gross amount Opening gross amount
Within 1 year (including 1 year) 143529404.15 226736529.28
1 to 2 years 196341262.48 328573070.55
Over 2 years 924237078.32 604666980.73
Total 1264107744.95 1159976580.56
(12) Breakdown by nature
√ Applicable □ Not applicable
Unit: RMB
Nature Closing gross amount Opening gross amount
Other receivables from related
parties 1244579903.93 1119614220.00
Security deposits 5634446.75 5419865.17
Provisional payments receivable 8059789.80 4894707.36
Petty cash 3729792.03 2954123.59
Social security and housing
provident fund payments on 1463812.44 1533664.44
behalf of employees
Receivables due to equity transfer 24420000.00
Employee housing loan 640000.00 1140000.00
Total 1264107744.95 1159976580.56
(13) Changes in bad debt provisions
√ Applicable □ Not applicable
Unit: RMB
Stage 1 Stage 2 Stage 3
Bad debt 12-month Lifetime expected Lifetime expected
provision expected credit credit loss (without credit loss (with Total
loss credit impairment) credit impairment)
Balance as at
January 1 2025 38685.60 112017.71 3896959.94 4047663.25
Balance as at
January 1 2025
was during the
period
- Transferred to
Stage 2 -15916.32 15916.32
- Transferred to
Stage 3 -403984.80 403984.80
- Transferred back
to Stage 2
- Transferred back
to Stage 1
Established during
the period 129057.41 435213.94 403984.80 968256.15
Reversed during
the period
Charged off
during the period
Written off during
the period
Other changes
351 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Balance as at
December 31 151826.69 159163.17 4704929.54 5015919.40
2025
Basis of classification of stages and percentage of bad debt provision:
None.Significant change in the gross amount of other receivables with change in loss provision
during the period:
□ Applicable √ Not applicable
Basis for a significant increase in a bad debt provision and the credit risk of a financial
instrument during the period:
□ Applicable √ Not applicable
(14) Breakdown of bad debt provisions
√ Applicable □ Not applicable
Unit: RMB
Opening Changes during the periodType balance Established Recovered or Charged-off Other
Closing
reversed or written-off changes balance
Bad debt provision
established on an 502520.09 502520.09
individual basis
Bad debt provision
established on a 4047663.25 465736.06 4513399.31
grouping basis
Total 4047663.25 968256.15 5015919.40
Bad debt provision with a significant recovered or reversed amount during the period:
□ Applicable √ Not applicable
Other information:
None.
(15) Written-off other receivables for the period
□ Applicable √ Not applicable
Write-off of significant other receivables:
□ Applicable √ Not applicable
Notes to the write-off:
□ Applicable √ Not applicable
(16) Top five entities with respect to other receivables
√ Applicable □ Not applicable
Unit: RMB
As % of the
closing Nature of Closing balanceEntity Closing balance balance of other Aging of bad debt
total other receivable provision
352 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
receivables
38897176.19 3.08 Within 1
Autel Digital Group of year
Power 180236478.20 14.26 related 1-2 years
857835162.88 67.86 parties Over 2years
50199620.91 3.97 Group of Within 1Autel Hunan related year
4389130 0.35 parties 1-2 years
40280462.05 3.19 Within 1Group of year
Autel Xi’an 114602.50 0.01 related 1-2 years
111937.00 0.01 parties Over 2years
170586.38 0.01 Within 1Group of year
Autel Vietnam 79901.78 0.01 related 1-2 years
30158584.82 2.39 parties Over 2years
Within 1
Autel Hong 3060080.00 0.24 Group of year
Kong related26091456.81 2.06 parties Over 2years
Total 1231625179.52 97.44 / /
(17) Other receivables reported due to centralized management of funds
□ Applicable √ Not applicable
Other information:
□ Applicable √ Not applicable
3. Long-term equity investments
√ Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Impairm Impairm
Item Gross amount ent entprovisio Carrying amount Gross amount provisio Carrying amount
n n
Investment
s in 1456733828.99 1456733828.99 1390081403.67 1390081403.67
subsidiaries
Total 1456733828.99 1456733828.99 1390081403.67 1390081403.67
(1) Investments in subsidiaries
√ Applicable □ Not applicable
Unit: RMB
Opening Increase/decrease for the period Closin
balance Impairm g
Opening balance of Reduct ent
Investee (carrying impairm ion in Closing balance
balanc
Additional provisio
amount) ent investment invest Other (carrying amount)
e of
ns impair
provisio ment establish ment
ns ed provisi
353 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
ons
Autel
Californi 1995863.76 3395972.92 5391836.68
a
Autel
Germany 1209248.11 2396542.40 3605790.51
Autel
Hunan 154081590.52 7553665.45 161635255.97
Autel
Digital 54598361.48 26722046.37 81320407.85
Power
Autel
Xi’an 372329794.07 5838398.27 378168192.34
Autel
Hesheng 21612353.26 12542823.63 34155176.89
Autel
Hong 8435606.23 8435606.23
Kong
Autel
Hainan 24000000.00 24000000.00
Rainbow
Technol 745115047.28 745115047.28
ogy
Autel
Mexico 349895.87 192631.38 542527.25
Autel
Heda 6223015.59 275311.61 6498327.20
Autel
UK 130627.50 885634.22 1016261.72
Daohe
Tongtai 6849399.07 6849399.07
Total 1390081403.67 66652425.32 1456733828.99
(2) Investments in joint ventures and associates
√ Applicable □ Not applicable
Autel disposed of its 46.00% equity interest in SkyFend Technology during the period
and no longer held any shares in the company at the end of the period.
(3) Impairment tests of long-term equity investments
□ Applicable √ Not applicable
Other information:
None.
4. Operating revenue and cost of sales
(1) Details of operating revenue and cost of sales
√ Applicable □ Not applicable
Unit: RMB
Item 2025 2024Revenue Costs Revenue Costs
Principal operations 1891606063.30 960880070.76 1669085189.82 1285942206.58
Other operations 506006542.25 422516512.85 546799677.10 328247391.99
Total 2397612605.55 1383396583.61 2215884866.92 1614189598.57
Of which: Revenue 2366313629.73 1360104153.63 2150699612.25 1614189598.57
354 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
generated by contracts
with customers
(2) Breakdown of operating revenue and cost of sales
√ Applicable □ Not applicable
Unit: RMB
Category of contract TotalOperating revenue
By product category
Vehicle diagnostic products 1048717071.78
TPMS products 180872310.20
ADAS products 40158910.40
Other products 97459354.34
AI and software 170398416.58
Material sales 473695398.91
Royalty fees 354000000.00
Consulting income 1012167.52
Subtotal 2366313629.73
By operating segment
China 128163626.62
North America 146535343.46
Europe 253844092.13
Other regions 1837770567.52
Subtotal 2366313629.73
By the time of product transfer
Revenue recognized at a point in time 2195915213.15
Revenue recognized within a period of time 170398416.58
Subtotal 2366313629.73
Total 2366313629.73
Other information:
□ Applicable √ Not applicable
(3) Contract performance obligations
□ Applicable √ Not applicable
(4) Allocation to the remaining contract performance obligations
□ Applicable √ Not applicable
(5) Significant changes in contracts or significant adjustments to transaction prices
□ Applicable √ Not applicable
Other information:
None.
5. Return on investment
√ Applicable □ Not applicable
Unit: RMB
355 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Item 2025 2024
Income from structured deposits and
financial management 11303267.42 13424.66
Income derived during the period of
holding equity instruments at fair value 1373906.76
through profit or loss
Income from the disposal of long-term
equity investments 108560000.00 -44697.11
Share repurchase transaction costs -79696.73 -116620.16
Total 119783570.69 1226014.15
Other information:
None.
6. Other information
□ Applicable √ Not applicable
XX Supplementary Information
1. Schedule of exceptional gains and losses in the period
√ Applicable □ Not applicable
Unit: RMB
Item Amount Note
Gain or loss on disposal of non-current assets
(inclusive of impairment allowance write-offs) 29563192.86
Government grants recognized in profit or loss
(exclusive of those that are closely related to the
Company's normal business operations and given
in accordance with defined criteria and in 17231131.99
compliance with government policies and have a
continuing impact on the Company's profit or
loss)
Gain or loss on fair-value changes in financial
assets and liabilities held by a non-financial
enterprise as well as on disposal of financial
assets and liabilities (exclusive of the effective 9869 323. 92
portion of hedges that is related to the Company's
normal business operations)
Capital occupation charges on a non-financial
enterprise that are recognized in profit or loss
Gain or loss on assets entrusted to other entities
for investment or management
Gain or loss on loan entrustments
Asset losses due to acts of God such as natural
disasters
Reversed portions of impairment allowances for
receivables which are tested individually for
impairment
Gain equal to the amount by which investment
costs for the Company to obtain subsidiaries
associates and joint ventures are lower than the
356 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
Company’s enjoyable fair value of identifiable net
assets of investees when making investments
Current profit or loss on subsidiaries obtained in
business combinations involving entities under
common control from the period-begin to
combination dates net
Gain or loss on non-monetary asset swaps
Gain or loss on debt restructuring
One-off costs incurred by the Company as a result
of discontinued operations such as expenses for
employee arrangements
One-time effect on profit or loss due to
adjustments in tax accounting and other laws and
regulations
One-time share-based payments recognized due to
cancellation and modification of equity incentive
plans
Gain or loss on changes in the fair value of
employee benefits payable after the vesting date
for cash-settled share-based payments
Gain or loss on fair-value changes in investment
properties of which subsequent measurement is
carried out using the fair value method
Income from transactions with distinctly unfair
prices
Gain or loss on contingencies that are unrelated to
the Company's normal business operations
Income from charges on entrusted management
Non-operating income and expense other than the
above 22341268.84
Other gains and losses that meet the definition of
exceptional gain/loss -79696.73
Less: Income tax effects 10331612.98
Non-controlling interests effects (net of tax) 1604118.07
Total 66989489.83
Items unlisted in the Explanatory Announcement No. 1 on Information Disclosure for
Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items are
identified as exceptional and the items are of a significant amount and exceptional
gain/loss items listed in the Explanatory Announcement No. 1 on Information Disclosure
for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items are
identified as recurrent.√ Applicable □ Not applicable
Unit: RMB
Item Amount involved Cause
Recognized as exceptional gain for
Value added tax rebates 63030064.83 being related to the continuingfor software products operations of subsidiaries Autel
Hesheng and Autel Hexin
Other information:
357 / 358The 2025 Annual Report of Autel Intelligent Technology Corp. Ltd.
□ Applicable √ Not applicable
2. Return on equity (ROE) and earnings per share (EPS)
√ Applicable □ Not applicable
Profit during the Reporting Weighted average EPS
Period ROE (%) Basic EPS Diluted EPS
Net profit attributable to
ordinary shareholders of the 25.96 1.42 1.25
Company
Net profit attributable to
ordinary shareholders of the
Company before exceptional 24.10 1.32 1.15
gains and losses
3. Accounting data differences under domestic and overseas accounting standards
□ Applicable √ Not applicable
4. Other information
□ Applicable √ Not applicable
Chairman of the Board: Li Hongjing
Date when this Report was authorized by the Board of Directors for issue: March 20 2026
Revisions:
□ Applicable √ Not applicable
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