The First Quarterly Report of 2025

Stock code: 000017 200017 Notice No.: 2025-007

Short form of the stock: Zhonghua-A Zhonghua-B

Shenzhen China Bicycle Company (Holdings) Co. Ltd.The First Quarterly Report of 2025

The Company and whole members of the BOD guarantee that the information disclosed is true accurate

and complete and there are no any fictitious records misleading statements or important omissions.Important content reminder:

1. Board of Directors Board of Supervisory all directors supervisors and senior executives of Shenzhen China

Bicycle Company (Holdings) Co. Ltd. (hereinafter referred to as the Company) hereby confirm that there are no

any fictitious statements misleading statements or important omissions carried in this report and shall take all

responsibilities individual and/or joint for the reality accuracy and completion of the whole contents.

2. Principal of the Company Person in Charge of Accounting Works and Person in Charge of Accounting Organ

(Accounting Principal) hereby confirm that the Financial Report of the First Quarterly Report is authentic accurate

and complete.

3.Whether the First Quarterly Report is audited

□Yes □No

I. Main financial data

(1) Main accounting data and financial indexes

Whether it has retroactive adjustment or re-statement on previous accounting data or not

□Yes □No

Increase or decrease in the

current Period compared with

Current Period Same period of previous year

the same period of previous

year (%)

Operation revenue(RMB) 160342458.39 112547686.50 42.47%

Net profit attributable to

shareholders of the listed 5904967.75 3215826.19 83.62%

company (RMB)

Net profit attributable to

shareholders of the listed

company after deducting non- 5368618.84 2769381.12 93.86%

recurring gains and

losses(RMB)

Net cash flow arising from

-44880425.54-29196176.31-53.72%

operating activities(RMB)

Basic EPS(RMB/Share) 0.0086 0.0047 82.98%

Diluted EPS(RMB/Share) 0.0086 0.0047 82.98%

1The First Quarterly Report of 2025

Weighted average ROE 1.70% 1.04% 0.66%

Increase or decrease at end of

the current Period compared

End of current Period End f previous year

with the end of previous year

(%)

Total assets(RMB) 443746443.60 434452097.75 2.14%

Owners’ equity attributable to

shareholders of listed 349473196.57 343761246.16 1.66%

company(RMB)

(2) Items and amounts of non-recurring profit (gains)/losses

□Applicable □Not applicable

In RMB

Item Current amount Note

Switch-back of provision of impairment

of account receivable which are treated 32704.00

with separate depreciation test

Net amount of non-operating income and

690585.97

expense except the aforesaid items

Less :Influenced amount of income tax 179212.31

Influenced amount of minor

7728.75

shareholders’ equity (after tax)

Total 536348.91 --

Other gain/loss items that qualified the definition of non-recurring profit (gains)/losses:

□Applicable □Not applicable

The Company does not have other gain/loss items that qualified the definition of non-recurring profit

(gains)/lossesExplanation on those non-recurring gain/loss listed in the “Q&A Announcement No.1 on Information Disclosurefor Companies Offering Their Securities to the Public --- Extraordinary Profit/loss” defined as recurring gain/loss

□Applicable □Not applicableThe Company does not have the non-recurring gain/loss listed in the “Q&A Announcement No.1 on InformationDisclosure for Companies Offering Their Securities to the Public --- Extraordinary Profit/loss” defined as

recurring gain/loss

(3) Particulars about changes in items of main accounting data and financial index and explanations of

reasons

□Applicable □Not applicable

In RMB

Period-end/current Period-begin/previous Y-o-y changes

Item Cause of change

period period (+-)

The increase of goods stock

Monetary fund 35604024.33 80974360.59 -56.03%

preparation in the current period

Collection of goods payment of last

Account receivable 105933354.51 233608634.59 -54.65%

period in the current period

Payment of accounts receivable and

Other account receivable 34248138.99 18883650.76 81.36%

payable in the current period

he increase of goods stock

Inventories 235912684.89 84349675.00 179.68%

preparation in the current period

The increase of input tax to be

Other current assets 18081807.89 2934787.58 516.12%

certified in the current period

Payment to the tax payable of

Taxes payable 1908870.65 4490392.21 -57.49%

previous period in the current period

Operating revenue 160342458.39 112547686.50 42.47% Sales increased in the current period

Operating costs 147623507.94 106582652.81 38.51% The corresponding increase in sales

2The First Quarterly Report of 2025

costs in the current period

The operating income increased and

Selling expenses 2072718.90 727936.32 184.74% the expenses increased accordingly

in the current period

The operating income increased and

Administration expenses 2697899.56 1789717.65 50.74% the expenses increased accordingly

in the current period

Net profits attributable to the

The sales increased and the profit

shareholders of the parent 5904967.75 3215826.19 83.62%

increased in the current period

company

Subtotal of cash in-flow arising 319260863.87 97755220.34 226.59% The sales receipts and the current

from operation activity account payments increased during

the current period

Subtotal of cash out-flow 364141289.41 126951396.65 186.84% The purchase payment and current

arising from operation activity account payments for stock increase

increased in the current period

II. Shareholders

(1) Total number of common shareholders and preference shareholders with voting rights recovered and top

ten shareholders

In Shares

Total common shareholders at end of the Total preferred shareholders with voting rights

558550

Period recovered at end of reporting period (if applicable)Top ten shareholders（Excluding shares lent through refinancing)Pledging or freezing

Amount of

tradable

Share

Full name of Properties of

proporti Quantity Status of the

Shareholders shareholder shares with Quantity

on % shares

Conditional

held

Wansheng Industrial Domestic non-

Holdings (Shenzhen) state-owned legal 20.00% 137836986 137836986 Not applicable 0

Co. Ltd. person

Shenzhen Guosheng Domestic non- 0

Energy Investment state-owned legal 9.22% 63508747 0 Not applicable

Development Co. Ltd. person

UOB Kay Hian (Hong Foreign legal 0 0

5.92% 40817329 Not applicable

Kong) Limited person

Guosen Securities (HK) Foreign legal 0 0

3.04% 20983693 Not applicable

Brokerage Co. Ltd. person

China Merchants 0 0

Foreign legal

Securities (HK) Co. 2.94% 20294092 Not applicable

person

Ltd

Shenwan Hongyuan 0 0

Foreign legal

Securities (Hong Kong) 1.20% 8279256 Not applicable

person

Co. Ltd.Domestic nature 0 0

Li Huili 0.56% 3891124 Not applicable

person

Domestic nature 0 0

Xu Hongbo 0.43% 2960619 Not applicable

person

Foreign nature 0 0

Jiang Hong 0.43% 2932651 Not applicable

person

Domestic nature 0 0

Zhang Senlin 0.40% 2774700 Not applicable

person

Shares held by the Top 10 Shareholders of Non-restricted shares(Excluding shares lent through refinancing and Top management

lock-in stock)

3The First Quarterly Report of 2025

Amount of un-restrict shares held at Period- Type of shares

Shareholders’ name

end Type Amount

Shenzhen Guosheng Energy Investment RMB common

6350874763508747

Development Co. Ltd. shares

Domestically

UOB Kay Hian (Hong Kong) Limited 40817329 listed foreign 40817329

shares

Domestically

Guosen Securities (HK) Brokerage Co. Ltd. 20983693 listed foreign 20983693

shares

Domestically

China Merchants Securities (HK) Co. Ltd 20294092 listed foreign 20294092

shares

Domestically

Shenwan Hongyuan Securities (Hong Kong)

8279256 listed foreign 8279256

Co. Ltd.shares

Domestically

Li Huili 3891124 listed foreign 3891124

shares

Domestically

Xu Hongbo 2960619 listed foreign 2960619

shares

Domestically

Jiang Hong 2932651 listed foreign 2932651

shares

RMB common

Zhang Senlin 2774700 2774700

shares

RMB common

1383313

Shenzhen China Bicycle Company shares

(Holdings) Co. Ltd. -Special account for 2602402 Domestically

property disposal of bankrupt enterprise listed foreign 1219089

shares

Li Huili spouse of Ji Hanfei the actual controller of Shenzhen

Guosheng Energy Investment Development Co. Ltd. holding B-

share of the Company on behalf of Shenzhen Guosheng Energy

Explanation on associated relationship among the Investment Development Co. Ltd. other than that the Company does

aforesaid shareholders not know whether the other outstanding shareholders are related and

whether the shareholders belong to persons acting in concert regulated

in the Administration of Disclosure of Information on the Change of

Shareholders in Listed Companies.Explanation on top 10 shareholders involving margin

N/A

business (if any) (see note 4)

Note 1: UOB Kay Hian (Hong Kong) Limited is licensed under the Securities and Futures Ordinance of Hong Kong to provide

securities brokerage services to retail and institutional clients. Its main business is Hong Kong stock brokerage and it also

provides securities brokerage and services in various overseas markets. According to the email sent from UOB Kay Hian (Hong

Kong) Limited as of March 31 2025 UOB Kay Hian (Hong Kong) Limited held 40817329 shares of Shenzhen China B shares

for three retail clients and although the shareholding ratio has reached 5.92% the single client does not exceed 5% and the three

retail clients are not acting in concert and do not hold Shenzhen China shares on other platforms.Information of shareholders holding more than 5% of the shares the top 10 shareholders and the top 10

shareholders of unrestricted tradable shares participating in the lending of shares in securities lending and

borrowing business

□Applicable □Not applicable

The top 10 shareholders and the top 10 shareholders of unrestricted tradable shares have changed compared with

the previous period due to the securities lending/returning

□Applicable □Not applicable

4The First Quarterly Report of 2025

(2) Total shareholders with preferred stock held and shares held by top ten shareholders with preferred stock

held

□Applicable □Not applicable

III. Important matters

□Applicable □Not applicable

IV. Financial Statement

(1) Financial statement

1. Consolidate Balance Sheet

Prepared by Shenzhen China Bicycle Company (Holdings) Co. Ltd.March 31 2025

In RMB

Item Ending balance Opening balance

Current assets:

Monetary fund 35604024.33 80974360.59

Settlement provisions

Capital lent

Trading financial assets

Derivative financial assets

Note receivable

Account receivable 105933354.51 233608634.59

Receivable financing

Accounts paid in advance 1582630.18 931762.60

Insurance receivable

Reinsurance receivables

Contract reserve of reinsurance

receivable

Other account receivable 34248138.99 18883650.76

Receivable financing

Accounts paid in advance

Insurance receivable

Inventory 235912684.89 84349675.00

Including：Data resources

Contractual assets

Assets held for sale

Non-current asset due within one year

Other current assets 18081807.89 2934787.58

Total current assets 431362640.79 421682871.12

Non-current assets:

Loans and payments on behalf

Debt investment

Other debt investment

Long-term account receivable

5The First Quarterly Report of 2025

Long-term equity investment 830481.86 830481.86

Investment in other equity instrument

Other non-current financial assets

Investment real estate

Fixed assets 2856773.28 2931163.10

Construction in progress

Productive biological asset

Oil and gas asset

Right-of-use assets 3525051.90 3836085.90

Intangible assets

Including：Data resources

Expense on Research and

Development

Including：Data resources

Goodwill

Long-term expenses to be apportioned

Deferred income tax asset 5171495.77 5171495.77

Other non-current assets

Total non-current assets 12383802.81 12769226.63

Total assets 443746443.60 434452097.75

Current liabilities:

Short-term loans 9600000.00 9900000.00

Loan from central bank

Capital borrowed

Trading financial liability

Derivative financial liability

Note payable

Account payable 7081912.11 7636699.51

Accounts received in advance

Contractual liability 3458106.30 4868279.05

Selling financial asset of repurchase

Absorbing deposit and interbank deposit

Security trading of agency

Security sales of agency

Wage payable 669693.00 807688.20

Taxes payable 1908870.65 4490392.21

Other account payable 42851913.37 33704488.43

Including: Interest payable

Dividend payable

Commission charge and commission

payable

Reinsurance payable

Liability held for sale

Non-current liabilities due within one 1389819.85 1389819.85

6The First Quarterly Report of 2025

year

Other current liabilities 254.72 302687.60

Total current liabilities 66960570.00 63100054.85

Non-current liabilities:

Insurance contract reserve

Long-term loans

Bonds payable

Including: Preferred stock

Perpetual bonds

Lease liability 2876619.13 3212882.77

Long-term account payable

Long-term wages payable

Accrual liability

Deferred income

Deferred income tax liabilities

Other non-current liabilities

Total non-current liabilities 2876619.13 3212882.77

Total liabilities 69837189.13 66312937.62

Owner’s equity:

Share capital 689184933.00 689184933.00

Other equity instrument

Including: Preferred stock

Perpetual bonds

Capital public reserve 797709204.77 797709204.77

Less: Inventory shares

Other comprehensive income -193017.34

Reasonable reserve

Surplus public reserve 32673227.01 32673227.01

Provision of general risk

Retained profit -1169901150.87 -1175806118.62

Total owner’ s equity attributable to

349473196.57343761246.16

parent company

Minority interests 24436057.90 24377913.97

Total owner’ s equity 373909254.47 368139160.13

Total liabilities and owner’ s equity 443746443.60 434452097.75

Legal Representative: Wang Shenghong Person in charge of Accounting Works: Sun Longlong Person in charge of Accounting

Institution: She Hanxing

2. Consolidated Profit Statement

In RMB

Item Current period incurred Prior period incurred

I. Total operating revenue 160342458.39 112547686.50

Including: Operating revenue 160342458.39 112547686.50

Interest income

Insurance gained

Commission charge and commission income

II. Total operating cost 152887643.75 109260842.04

Including: Operating cost 147623507.94 106582652.81

7The First Quarterly Report of 2025

Interest expense

Commission charge and commission expense

Cash surrender value

Net amount of expense of compensation

Net amount of withdrawal of insurance contract reserve

Bonus expense of guarantee slip

Reinsurance expense

Tax and surcharge 169706.47 64008.90

Sales expenses 2072718.90 727936.32

Administrative expenses 2697899.56 1789717.65

R&D expenses 199381.38 106484.06

Financial expenses 124429.50 -9957.70

Including: Interest expenses 82884.44 13483.96

Interest income 2622.44 30528.71

Add: Other income

Investment income (Loss is listed with “-”)

Including: Investment income on affiliated company and

joint venture

The termination of income recognition for financial assets

measured by amortized cost

Exchange income (Loss is listed with “-”) -21.25

Net exposure hedging income (Loss is listed with “-”)

Income from change of fair value (Loss is listed with “-”)

Loss of credit impairment (Loss is listed with “-”) -663598.66 483302.05

Impairment loss on assets(Loss is listed with “-”)

Income from assets disposal (Loss is listed with “-”)

III. Operation profit (Loss is listed with “-”) 6791194.73 3770146.51

Add: Non-operating income 691227.01 641830.65

Less: Non-operating expense 641.04 59939.51

IV. Total profit (Loss is listed with “-”) 7481780.70 4352037.65

Less: Income tax expense 1518669.02 1182936.26

V. Net profit (Net loss is listed with “-”) 5963111.68 3169101.39

(i) Classify by business continuity

1.Continuous operating net profit (net loss listed with ‘-”) 5963111.68 3169101.39

2.Termination of net profit (net loss listed with ‘-”)

(ii) Classify by ownership

1.Net profit attributable to shareholders of parent company 5904967.75 3215826.19

2.Minority shareholders’ gains and losses 58143.93 -46724.80

VI. Net other comprehensive income after taxation

Net other comprehensive income attributable to owners

of parent company after taxation

(i) Other comprehensive income items which will not be

reclassified subsequently to profit of loss

1.Changes of the defined benefit plans that re-measured

2.Other comprehensive income under equity method that

cannot be transfer to gain/loss

3.Change of fair value of investment in other equity

8The First Quarterly Report of 2025

instrument

4.Fair value change of enterprise's credit risk

5. Other

(ii) Other comprehensive income items which will be

reclassified subsequently to profit or loss

1.Other comprehensive income under equity method that

can transfer to gain/loss

2.Change of fair value of other debt investment

3.Amount of financial assets re-classify to other

comprehensive income

4.Credit impairment provision for other debt investment

5.Cash flow hedging reserve

6.Translation differences arising on translation of foreign

currency financial statements

7.Other

Net other comprehensive income attributable to minority

shareholders after taxation

VII. Total comprehensive income 5963111.68 3169101.39

Total comprehensive income attributable to owners of

5904967.753215826.19

parent Company

Total comprehensive income attributable to minority

58143.93-46724.80

shareholders

VIII. Earnings per share:

(i)Basic EPS 0.0086 0.0047

(ii)Diluted EPS 0.0086 0.0047

As for the enterprise combined under the same control net profit of 0 Yuan achieved by the merged party before

combination while 0 Yuan achieved last period.Legal Representative: Wang Shenghong Person in charge of Accounting Works: Sun Longlong Person in

charge of Accounting Institution: She Hanxing

3. Consolidated Cash Flow Statement

In RMB

Item Current period incurred Prior period incurred

I. Cash flows arising from operating activities:

Cash received from selling commodities and

305444886.1197006776.77

providing labor services

Net increase of customer deposit and interbank

deposit

Net increase of loan from central bank

Net increase of capital borrowed from other

financial institution

Cash received from original insurance contract fee

Net cash received from reinsurance business

Net increase of insured savings and investment

Cash received from interest commission charge

and commission

Net increase of capital borrowed

Net increase of capital from repurchase business

Net cash received by agents in sale and purchase of

securities

Write-back of tax received

Other cash received concerning operating activities 13815977.76 748443.57

Subtotal of cash in-flow arising from operation

319260863.8797755220.34

activity

9The First Quarterly Report of 2025

Cash paid for purchasing commodities and

336136880.03119791129.51

receiving labor service

Net increase of customer loans and advances

Net increase of deposits in central bank and

interbank

Cash paid for original insurance contract

compensation

Net increase of capital lent

Cash paid for interest handling charge and

commission

Cash paid for bonus of guarantee slip

Cash paid to/for staff 2537651.89 2057290.81

Taxes paid 3786492.01 3409230.56

Other cash paid concerning operating activities 21680265.48 1693745.77

Subtotal of cash out-flow arising from operation

364141289.41126951396.65

activity

Net cash flow arising from operating activities -44880425.54 -29196176.31

II. Cash flows arising from investing activities:

Cash received from recovering investment

Cash received from investment income

Net cash received from disposal of fixed

intangible and other long-term assets

Net cash received from disposal of subsidiaries and

other units

Other cash received concerning investing activities

Subtotal of cash in-flow arising from investment

activity

Cash paid for purchasing fixed intangible and

10358.00

other long-term assets

Cash paid for investment

Net increase of mortgaged loans

Net cash received from subsidiaries and other units

obtained

Other cash paid concerning investing activities

Subtotal of cash out-flow arising from investment

10358.00

activity

Net cash flow arising from investment activities -10358.00

III. Cash flows arising from financing activities:

Cash received from absorbing investment

Including: Cash received from absorbing minority

shareholders’ investment by subsidiaries

Cash received from loans

Other cash received concerning financing activities

Subtotal of cash in-flow arising from financing

activity

Cash paid for settling debts 300000.00

Cash paid for dividend and profit distributing or

interest paying

Including: Dividend and profit of minority

shareholder paid by subsidiaries

Other cash paid concerning financing activities

Subtotal of cash out-flow arising from financing

300000.00

activity

Net cash flow arising from financing activities -300000.00

10The First Quarterly Report of 2025

IV. Influence on cash and cash equivalents due to

-193038.59

fluctuation in exchange rate

V. Net increased amount of cash and cash equivalent -45383822.13 -29196176.31

Add: Balance of cash and cash equivalents at the

80974360.5954148674.40

period -begin

VI. Balance of cash and cash equivalents at the

35590538.4624952498.09

period -end（ii）The Company started implementing the updated accounting standards commencing from 2025 and

adjusted the relevant items in the financial statements at the beginning of the very year involved in the

initial implementation of the said standards

□Applicable □Not applicable

(iii) Auditors 'Report

Is the First Quarterly Report be audited

□ Yes √No

The First Quarterly report is not audited.Board of Directors of Shenzhen China Bicycle Company (Holdings)Co. Ltd.April 28 2025

11