CHANGHONG MEILING CO. LTD.THE Third QUARTERLY REPORT OF 2025

Stock Code: 000521 200521 Stock Abbreviation: Changhong Meiling Hongmeiling B

Announcement No.: 2025-071

Changhong Meiling Co. Ltd.The Third Quarterly Report of 2025

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

and complete and there are no fictitious records misleading statements or material omissions carried in

the Report.Important Note:

Whether the directors or senior executives have any objections to the contents of the quarterly report or cannot

guarantee its truthfulness accuracy and completeness

□Yes √No

1.The Board of Directors and its directors senior executives should guarantee the reality accuracy and

completion of the quarterly report there are no any fictitious statements misleading statements or important

omissions carried in this report and shall take legal responsibilities individual and or joint.

2.Mr. Wu Dinggang Person in charge of the Company Mr. Yang Bing head of accounting and Mr. Hu

Xiangfei person in charger of accounting organ (accounting officer) hereby confirm that the financial

information of this Quarterly Report is authentic accurate and complete.

3. The Third quarterly report audited or not

□Yes √No

I. Main financial data

(i) Main accounting data and financial indexes

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

√Yes□No

Retroactive adjustment or restatement

□Changes in accounting policies □Correction of accounting errors

√Mergers under the same control □Other reason

1CHANGHONG MEILING CO. LTD.THE Third QUARTERLY REPORT OF 2025

Increase/decreas Increase/decreas

e in the period e from year-

Same period of last year compared with

begin to period-

the same period Year-begin to Same period of last year end compared

Current Period of the previous period-end with the same

year period of theprevious year

Before Before

After adjustment After adjustment After adjustment After adjustment

adjustment adjustment

Operating income (RMB) 7321413995.48 7810029557.25 7815798948.22 -6.33% 25392929837.63 22757699848.9 22775149971.75 6 11.49%

Net profit attributable to

shareholders of the listed 71219065.64 115406948.15 115953785.77 -38.58% 488406410.91 530440364.03 532042735.95 -8.20%

company (RMB)

Net profit attributable to

shareholders of the listed

company after deducting 59980739.90 81836690.17 81753224.33 -26.63% 451027864.43 514341146.54 515311042.02 -12.47%

non-recurring gains and

losses (RMB)

Net cash flow arising from

operating activities (RMB) — — — — 1344895114.32 2745427803.45 2753988429.67 -51.17%

Basic earnings per share

(RMB/Share) 0.0692 0.1121 0.1126 -38.54% 0.4743 0.5150 0.5166 -8.19%

Diluted earnings per share

(RMB/Share) 0.0692 0.1121 0.1126 -38.54% 0.4743 0.5150 0.5166 -8.19%

Weighted average ROE Decreased by Decreased by1.16% 1.96% 1.97% 0.81 percentage 7.86% 8.86% 8.89% 1.03 percentage

points points

Changes of this period-end over

End of last period

End of this period same period-end of last year

Before adjustment After adjustment After adjustment

Total assets (RMB) 24058903150.66 23972603896.48 23972603896.48 0.36%

Owners’ equity attributable

to shareholders of listed 6211715768.65 6085800940.38 6085800940.38 2.07%

2CHANGHONG MEILING CO. LTD.THE Third QUARTERLY REPORT OF 2025

company (RMB)

Note: In October 2024 the Company acquired 99% of the equity of Hefei Changhong Industrial Co. Ltd. (hereinafter referred to as "Hefei Industrial") held

by the controlling shareholder Sichuan Changhong Electric Co. Ltd. (hereinafter referred to as " Sichuan Changhong ")with its own funds; Hefei Meiling

IOT Technology Co. Ltd.（hereinafter referred to as " Hefei Industry "） a subsidiary acquired 1% of the shares of Hefei Industrial held by Sichuan

Changhong Innovation Investment Co. Ltd. a subsidiary of Sichuan Changhong with its own funds. On November 20 2024 Hefei Industrial has

completed the industrial and commercial change registration procedures for the change of shareholders of the company and obtained the "Registration

Notice" issued by the Market Supervision and Administration Bureau of Hefei Economic and Technological Development Zone Anhui Province. After the

completion of the equity transfer the Company holds 100% of the equity of Hefei Industrial. During the reporting period according to business

arrangements Hefei Meiling Nonferrous Metal Products Co. Ltd. a wholly-owned subsidiary of the Company has acquired 1% equity interest in Hefei

Industry held by Wulian Technology.According to the relevant provisions of the No. 33 Accounting Standard for Business Enterprises-Consolidated

Financial Statement the parent company shall adjust the opening number of the consolidated statement and at the same time shall adjust the relevant items

of the comparative statements due to the addition of subsidiaries and businesses due to the business combination under the common control during the

reporting period so as to treat the consolidated reporting entity as having existed since the time when the ultimate controller began to control. Accordingly

the opening numbers and the numbers of the same period of the previous year have been restated.(ii)Items of non-recurring gains and losses

√ Applicable □ Not applicable

In RMB

3CHANGHONG MEILING CO. LTD.THE Third QUARTERLY REPORT OF 2025

Item Current amount Year-begin to period-end Note

Gains/losses from the disposal of non-

current asset (including the write-off that -4555400.42 -6262005.60

accrued for impairment of assets)

Governmental subsidy calculated into

current gains and losses(while closely

related with the normal business of the

Company the government subsidy that Mainly due to

accord with the provision of national 20888555.14 55844665.87

policies and are continuously enjoyed in government subsidies.line with a certain standard quota or

quantity are excluded)

Gain and loss from change of the fair value

arising from transactional monetary assets Mainly due to the

transactional financial liabilities as held as gains and losses

well as the investment income arising from arising from the

disposal of the transactional monetary Company's irrevocable

assets transactional financial liabilities and -13550777.52 -26151252.76 orders changes in the

financial assets available for sale excluding fair value of foreign

the effective hedging transaction in exchange contracts and

connection with the Company’s normal disposals in the current

business period

Switch back of the impairment for

receivables that has impairment test 8715608.62 18614550.79

independently

Gain/loss on debt restructuring 84052.53

Other non-operating income and expenses

other than the above 2998112.56 4638812.66

Less: impact on income tax 1973569.99 5599313.10

Impact on minority shareholders’ equity

(post-tax) 1284202.65 3790963.91

Total 11238325.74 37378546.48 --

Details of other profit and loss items that meet the non-recurring profit and loss definition

□ Applicable √ Not applicable

There are no other gains/losses items that meet the definition of non-recurring gains/losses in the Company.Explain the items defined as recurring profit (gain)/loss according to the lists of extraordinary profit (gain)/loss

in Q&AAnnouncement No.1 on Information Disclosure for Companies Offering Their Securities to the Public -

-- Extraordinary Profit/loss(revised in 2023)

□ Applicable √ Not applicable

There are no items defined as recurring profit (gain)/loss according to the lists of extraordinary profit (gain)/loss

in Q&AAnnouncement No.1 on Information Disclosure for Companies Offering Their Securities to the Public -

-- Extraordinary Profit/loss.

4CHANGHONG MEILING CO. LTD.THE Third QUARTERLY REPORT OF 2025

(iii)Particulars about material changes in items of main accounting statement and financial index and

explanations of reasons

√ Applicable □Not applicable

1.Changes and reasons of items in balance sheet

In RMB

Item Ending balance Opening balance Changes Reasons of changes

ratio

Mainly due to the Company's

Trading financial assets 1775015353.44 - - purchase of structured deposits

during the current period.Mainly due to the non cancelable

Derivative financial assets 26709688.51 72010074.43 -62.91% orders and change of the fair value of

forward foreign exchange contract

changes

Mainly due to the increase in the

Account receivable 2544979733.66 1527978374.48 66.56% Company's operating income during

the current period.Mainly due to the Company

Other receivable 60354615.63 135391270.79 -55.42% receiving export tax rebates during

the current period.Mainly due to the reduction in the

Inventory 1923754513.92 3514968009.34 -45.27% Company's production during the

current period.Mainly due to the transfer of contract

Contract assets 710919.00 2763866.97 -74.28% assets to accounts receivable during

the current period.Mainly due to the increase in the

Non-current asset due Company's debt investments

within one year 654660628.78 60242921.84 986.70% maturing within one year during the

current period.Mainly due to the increase in the

Construction in process 133827437.21 97807983.40 36.83% Company's project investments

during the current period.Mainly due to the lease of newly

Use right assets 152265486.58 113784190.78 33.82% added factories by the Company

during the current period.Mainly due to the increase in the

Development expenses 149050901.22 74710694.74 99.50% Company's R&D investment during

the current period.Mainly due to the scheduled

Long-term expenses to be

amortized 22127790.48 33336772.23 -33.62%

amortization of the Company's fixed

asset major maintenance project

during the current period.Mainly due to the increase in the

Short-term loans 1000361041.30 766747286.01 30.47% Company's bank loans during the

current period.Mainly due to the non cancelable

Derivative financial 29404080.50 156359680.92 -81.19% orders and change of the fair value of

liabilities forward foreign exchange contract

changes

Contract liabilities 397667431.78 609737871.24 -34.78% Mainly due to a decrease in the

Company's advance receipts during

5CHANGHONG MEILING CO. LTD.THE Third QUARTERLY REPORT OF 2025

the current period.Mainly due to the increase in product

quality guarantee deposits and lease

Non-current liability due 56181073.81 29135164.68 92.83% liabilities that are due within one

within 1 year

year for the Company in the current

period.Mainly due to the decrease in the

Other current liability 14050371.97 23824389.50 -41.03% Company's output tax pending

transfer for the current period.Mainly due to the increase in long-

term borrowings caused by the

Long-term loan 43649742.25 - - Company's A-share repurchase and

renovation expenses in the current

period.Mainly due to the allocation of

Long-term payable 219637.08 455409.20 -51.77% special payables of the Company in

the current period

Mainly due to the increase in the

Special reserve 35276315.45 20968173.59 68.24% provision for safety production

expenses by the Company in the

current period

2.Changes and reasons of items in profit statement

In RMB

Item Current period Amount at the Changes

same period of last Reasons of changes

ratio

year

Mainly due to the YOY increase in the

Financial expenses -186471.43 -124166532.38 99.85% Company's foreign exchange losses and the

YOY decrease in interest income.Mainly due to the increase in the

Investment earnings 30072540.83 21041038.63 42.92% Company's structured deposit income in

the current period.Gains on changes in Mainly due to the non cancelable orders

fair value 88670567.94 -11228505.02 889.69% and change of the fair value of forward

foreign exchange contract changes

Mainly due to the YOY increase in the

Credit impairment loss -25339996.75 -1247366.84 1931.48% provision for bad debt losses of accounts

receivable by the Company in the current

period

Mainly due to the YOY increase in the

Loss of asset -82435256.97 -48615603.79 69.57% Company's provision for inventory

impairment

depreciation losses in the current period.Mainly due to the YOY decrease in fixed

Asset disposal income 111884.60 1090679.41 -89.74% asset disposal income of the Company in

the current period

Mainly due to the increase in taxable

Income tax expenses 104245622.31 73947693.77 40.97% income of the Company in the current

period resulting in an increase in income

tax expenses

3.Changes and reasons of items in cash flow statement

In RMB

6CHANGHONG MEILING CO. LTD.THE Third QUARTERLY REPORT OF 2025

Item Current period Amount at the same Changes Reasons of changes

period of last year ratio

Mainly due to the YOY increase

Other cash received

in government subsidies and

concerning operation 142470936.53 59465418.00 139.59%

deposits received by the

activities

Company in the current period

Mainly due to the YOY increase

Tax refund received 433837530.22 299978134.73 44.62% in the Company's value-added

tax payment in the current period

Mainly due to the YOY increase

Other cash paid concerning 873576151.81 618358040.59 41.27% in various operating expenses

operating activities paid by the Company in the

current period

Mainly due to the YOY increase

Cash received from 20906761598.30 7438000000.00 181.08% in the recovery of the Company's

recovery of investment wealth management products in

the current period

Mainly due to the YOY increase

Cash received from 108802511.20 45916313.88 136.96% in revenue from the Company's

absorbing investment wealth management products in

the current period

Mainly due to the YOY increase

Cash paid for purchasing

in cash received from the

fixed intangible and other 1404030.10 827741.22 69.62%

disposal of fixed assets by the

long-term assets

Company in the current period

Mainly due to the YOY increase

Cash paid for construction

in cash payments for the

of fixed assets intangible 335245837.22 223226696.20 50.18% acquisition and construction of

assets and other long-term

assets by the Company in the

assets

current period

Mainly due to the YOY increase

23370000000.00 9870000000.00 136.78% in the Company's purchase ofCash paid for investments

wealth management products in

the current period

Mainly due to the YOY increase

in delivery losses of the

Other cash paid concerning 134132125.91 22666893.19 491.75% Company's forward foreign

investing activities

exchange contracts in the current

period

Mainly due to the YOY increase

Cash received from 2779799558.07 1798005348.24 54.60% in bank loans obtained by the

borrowing

Company in the current period

Other cash received Mainly due to the YOY increase

concerning financing 332226468.58 60913309.56 445.41% in bill discounting of the

activities Company in the current period

Mainly due to the YOY increase

Other cash payments

202114377.38 106156873.90 90.39% in the company's restrictedrelated to financing

margin this period and the stock

activities

repurchase.Influence on cash and cash Mainly due to the impact of

equivalents due to 5683154.75 19235492.91 -70.45% exchange rate changes during the

fluctuation in exchange rate current period

II. Application of the raised capital

□ Applicable √ Not applicable

7CHANGHONG MEILING CO. LTD.THE Third QUARTERLY REPORT OF 2025

The Company had no application of the raised capital in the reporting period.III. Shareholders

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

top ten shareholders

In Shares

Total number of common shareholders at the end of 61160 Total preference shareholders with voting rights 0

report period recovered at end of reporting period (if applicable)Shares held by the top 10 shareholders（Excluding shares lent through refinancing)Information of shares

Proportion Amount of pledged tagged or frozen

Nature of Amount of

Shareholder’s name of shares lock-upshareholder shares held

held shares held State of Amount

share

Sichuan Changhong Electric State-owned

Co. Ltd. legal person 24.12% 248457724 0 - -

Overseas

HKSCC Legal 3.39% 34872113 0 - -

person

Overseas

CHANGHONG (HK)

Legal

TRADING LIMITE 2.63% 27077797 0 - -

person

Hefei Industry Investment State-owned

Holding (Group) Co. Ltd. legal person 1.83% 18864896 0 - -

Overseas

CAO SHENGCHUN natural 1.43% 14766086 0 - -

person

CITIC Securities Co. Ltd. Domestic－

The National Social Security non-state-

Fund 11 06 portfolio owned legal

1.16%119717000--

person

China Merchants Bank Co. Domestic

Ltd－Taikang quality life non-state-

--

hybrid securities investment owned legal 0.88% 9100000 0

fund person

Domestic

Wang Jiaqling natural 0.87% 9000019 0 - -

person

ICBC－Taikang strategy Domestic

preferred flexible allocation non-state-

of hybrid securities owned legal 0.87% 9000000 0 - -

investment fund person

Domestic

The National Social Security non-state-

Fund 101 portfolio owned legal 0.87% 8993902 0 - -

person

Top ten shareholders with unrestricted shares held (excluding shares lent through conversions and locked-up shares for senior

managers)

Amount of unrestricted shares Type of shares

Shareholder’s name held Type Amount

Sichuan Changhong Electric Co. Ltd. 248457724 RMB ordinaryshares 248457724

HKSCC 34872113 RMB ordinaryshares 34872113

8CHANGHONG MEILING CO. LTD.THE Third QUARTERLY REPORT OF 2025

CHANGHONG (HK) TRADING LIMITE 27077797 Domestically listed 27077797

foreign shares

Hefei Industry Investment Holding (Group) RMB ordinary

Co. Ltd. 18864896 shares 18864896

14766086 Domestically listedCAOSHENGCHUN 14766086foreign shares

CITIC Securities Co. Ltd.－The National 11971700 RMB ordinarySocial Security Fund 11 06 portfolio shares 11971700

China Merchants Bank Co. Ltd－Taikang RMB ordinary

quality life hybrid securities investment fund 9100000 shares 9100000

Wang Jiaqling 9000019 RMB ordinaryshares 9000019

ICBC－Taikang strategy preferred flexible

allocation of hybrid securities investment 9000000 RMB ordinaryshares 9000000

fund

The National Social Security Fund 101 8993902 RMB ordinaryshares 8993902

portfolio

Among the above shareholders CHANGHONG (HK)

TRADING LIMITED (hereinafter referred to as Hong Kong

Changhong) is the wholly-owned subsidiary of Sichuan

Changhong Electric Co. Ltd.; except the shares of the Company

directly held of the B shares of the Company 6296913 shares of

B-stock are also held through Phillip Securities (Hong Kong)

Co. Ltd. the foregoing shareholders constitute persons of

Explanation on associated relationship among the aforesaid uniform action. There existed no associated relationship or

shareholders belong to the concerted actors as specified in the Measures forthe Administration of Information Disclosure of Shareholder

Equity Changes of Listed Companies among Sichuan Changhong

Electric Co. Ltd Hong Kong Changhong and other top 8

shareholders The company neither knows whether there is any

association among other shareholders nor knows whether other

shareholders belong to the persons acting in concert that isstipulated in the “Administrative Measures on InformationDisclosure of Changes in Shareholding of Listed Companies

Explanation on top ten shareholders involving margin

business (if applicable) Not applicable

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

(ii)Total number of preferred shareholders and shareholding of top 10 preferred shareholders by the end

of the report period

□ Applicable √Not applicable

IV. Other important matters

√ Applicable □ Not applicable

9CHANGHONG MEILING CO. LTD.THE Third QUARTERLY REPORT OF 2025

Overview Date for disclosure Information index for temporary

report disclosure

With the approval by the resolutions of the Company's board of directors and the Juchao

supervisory board it’s agreed to revise certain provisions of the "Changhong Meiling Website:http://www.cninfo.com.cnCo. Ltd.’s Risk Management Plan for Deposit and Loan Financial Business with January 22025 （No.: 2025-001 2025-002 and 2025-Sichuan Changhong Group Finance Co. Ltd." 003）

The general partners of Sichuan Hongyun Information Technology Venture Capital

Fund Partnership (Limited Partnership) in which the Company invests as a limited

partner unanimously agreed to terminate the operation of the partnership dissolve the

partnership and establish a liquidation team to handle the termination and liquidation Juchao

of the partnership. On January 24 2025 the Company received a total of RMB January 242025June Website:http://www.cninfo.com.cn

18152000 including the paid-in capital and the income from cash management of this 122025（No.: 2025-004 and 2025-044）

amount. As of June 10 2025 the Company has received the remaining property

distribution of RMB 38829.19 as well as the 'Registration Notice' issued by the

Sichuan Tianfu New Area Smart City Operations Bureau marking the completion of

the liquidation and deregistration of Hongyun Fund Phase II.According to the resolution passed by the Company's board of directors on the

"Proposal on Investing in the Establishment of a Subsidiary and Participating in the

Bidding of Land Use Rights" it’s agreed that the Company and its subsidiary

Mianyang Meiling Refrigeration Co. Ltd. (hereinafter referred to as "Mianyang

Meiling") shall jointly invest 500 million yuan by their own funds to establish a

subsidiary MianyangChanghong Smart Home Appliance Co. Ltd. (hereinafter referred

to as "Smart Home Appliance Company") to engage in the investment and

construction of the washing machine capacity expansion project and also participate in

the bidding for industrial land to be used for the washing machine project construction.On April 18 2025 Smart Home Appliance Company won the state-owned construction JuchaoMarch 182025 April

land use rights located in Fuxin Community Songya Town Economic Development Website:http://www.cninfo.com.cn18 2025 AprilZone and signed the "Confirmation of Transfer of State-owned Construction Land Use （No.: 2025-005 2025-0062025-262025Rights" with a total transaction amount of 59008598 yuan. 0212025-028 and 2025-029）

On April 25 2025 the Board of Directors reviewed and approved the "Proposal on the

Investment and Construction of a Subsidiary's Project with an Annual Production

Capacity of 1 Million Washing Machines per Shift" agreeing that Smart Home

Appliance Company shall invest approximately 520 million yuan to build a project

with an annual production capacity of 1 million washing machines per shift in the

Mianyang Economic and Technological Development Zone (including the

aforementioned purchased land factory buildings and equipment investment)

achieving the capability to produce an additional 1 million washing machines per shift.With the approval by the resolutions of the Company's Board of Directors Board of

Supervisors and General Meeting of Shareholders the Company's 2024 profit

distribution plan was approved. Based on the Company's total share capital of Juchao

April 3 2025 April

1029923715 shares as of December 31 2024 a cash dividend of 3.3 yuan (including Website:http://www.cninfo.com.cn

26 2025 June 5tax) per 10 shares will be distributed to all shareholders with no bonus shares and no （No.: 2025-007 2025-0082025-

2025capital reserve converted into shares. On June 5 2025 the Company disclosed the 0102025-030 and 2025-042）

"Announcement on the Implementation of the 2024 Profit Distribution Plan" and

implemented the aforementioned profit distribution plan.Following resolutions passed by the Company's board of directors and the general Juchao

meeting of shareholders it’s agreed to continue appoint Pan-ChinaCertified Public April 32025 April Website:http://www.cninfo.com.cnAccountants (LLP) as the auditor for the Company's 2025 financial report and internal 26 2025 （No.: 2025-007 2025-011 and 2025-control with a term of one year. 030）

Following resolutions passed by the Company's board of directors and shareholders' April 32025 April Juchao

general meeting the Company and its subsidiaries are authorized to conduct forward 26 2025 Website:http://www.cninfo.com.cnforeign exchange transactions from July 1 2025 to June 30 2026 with a transaction （No.: 2025-007 2025-015 and 2025-

10CHANGHONG MEILING CO. LTD.THE Third QUARTERLY REPORT OF 2025balance not exceeding USD 2.009 billion (mainly including USD AUD and EUR 030）

with other foreign currencies converted to USD).Following resolutions passed bythe Company's board of directors and board of Juchao

supervisors the Company agrees to change its accounting policy in accordance with Website:http://www.cninfo.com.cn

the relevant provisions of the Ministry of Finance's "Interpretation No. 17 of the April 32025

（No.: 2025-007 2025-008 and 2025-Enterprise Accounting Standards" and "Interpretation No. 18 of the EnterpriseAccounting Standards." 013）

Following the resolutions passed bytheCompany's board of directors and the 2024 Juchao

annual general meeting of shareholders it’s agreed that the Company and its

April 32025 April Website:http://www.cninfo.com.cn

subsidiaries will apply to the Hefei Branch of Industrial Bank Co. Ltd. for a special26 2025 （No.: 2025-007 2025-017 and 2025-bill pool credit line of up to RMB 400 million and to the Hefei Branch of Ping AnBank Co. Ltd. for a special bill pool credit line of up to RMB 500 million. 030）

Upon the proposal of the Chairman the Board of Directors reviewed and approved the

"Proposal on Increasing the Funding Source for the Repurchase of the Company's A

Shares." The specific plan for repurchasing A shares is as follows: the Company will

use its own funds and self-raised funds (including special loans for share repurchase

from financial institutions etc.) totaling no less than 150 million yuan (inclusive) and April 10 2025 May

no more than 300 million yuan (inclusive) to repurchase a portion of the Company's A Juchao9 2025 June 5

shares through centralized bidding for the implementation of equity incentives. The Website:http://www.cninfo.com.cn2025 July 2 2025repurchase price for this buyback shall not exceed 10.67 yuan per share. The （No.: 2025-019 2025-0312025-July 4 2025 July 16repurchase period is within 12 months from the date the Board of Directors approves 0322025-0412025-0432025-2025 August 5

the repurchase plan. 0492025-502025-0512025-2025 September 2

0522025-0532025-061 and 2025-The Company first repurchased its A shares through a dedicated securities account for 2025 October 11 069）

stock repurchases via centralized bidding transactions on July 15 2025. As of 2025

September 30 the Company had repurchased a total of 4865101 A shares accounting

for 0.4724% of the Company's total share capital. The highest transaction price for this

repurchase of A shares was RMB 7.45 per share the lowest was RMB 7.02 per share

and the total transaction amount was RMB 35107505.1 (excluding transaction fees).After being reviewed and approved by the Nomination Committee under the Board of

Directors and approved by the resolution of the Company's Board of Directors it’s Juchao

agreed to appoint Mr. Wang Xiaocheng as the Company's Vice President with a term May 9 2025 Website:http://www.cninfo.com.cn

of office from the date of approval by the Board of Directors until the expiration of the （No.: 2025-031 and 2025-033）

current Board of Directors' term.Following the resolution passed by the Company's board of directors it’s agreed that Juchao

Sichuan Changhong Air Conditioning Co. Ltd. will use its self-raised funds of 28.355

May 9 2025 Website:http://www.cninfo.com.cn

million yuan to carry out a special renovation project to improve the utilization rate of（No.: 2025-031）

the park site ensuring its future business development.To thank the broad shareholder base for their long-term support and to establish a Juchao

diversified shareholder return mechanism the Company has disclosed the 'Voluntary

May 21 2025 Website:http://www.cninfo.com.cn

Information Disclosure Announcement on Shareholder Appreciation and Reward（No.: 2025-035）

Activities.'

Pursuant to the resolution passed by the Company's board of directors it’s agreed that

Zhongshan Changhong Electric Co. Ltd. (hereinafter referred to as "Zhongshan

Changhong") plans to invest approximately 296.42 million yuan by self-raised funds to

construct a single-shift air conditioner production project with an annual output of 4 Juchao

million units thereby achieving an additional annual single-shift production capacity of Website:http://www.cninfo.com.cn4 million air conditioners. The project investment includes production lines equipment May 242025 （No.: 2025-036 2025-038 and 2025-working capital and other related items. The project will be implemented at a site 039）

leased from Guangdong Changhong Electronics Co. Ltd. (hereinafter referred to as

"Guangdong Changhong") a holding subsidiary of Sichuan Changhong where a new

factory is planned to be built. The project implementation will commence after the

completion of the new factory by Guangdong Changhong and is expected to start in

11CHANGHONG MEILING CO. LTD.THE Third QUARTERLY REPORT OF 2025

2027.

Following the resolution passed by theCompany's board of directors and board of

supervisors Zhongshan Changhong intends to sign an "Industrial Property Lease Intent

Agreement" with Guangdong Changhong a holding subsidiary of Sichuan Changhong. Juchao

Guangdong Changhong will construct a new factory and Zhongshan Changhong will Website:http://www.cninfo.com.cn

May 242025lease it for the purpose of implementing Zhongshan Changhong's single-shift （No.: 2025-036 2025-037 and 2025-production project of 4 million sets of air conditioners per year. The intended lease 039）

term is 5 years (from January 1 2027 to December 31 2031). Upon expiration of the

lease both parties will continue to negotiate subsequent leasing matters.Following the resolution passed by the Company's board of directors and board of Juchao

supervisors it’s agreed that the Company may increase the estimated amount of routine Website:http://www.cninfo.com.cnrelated-party transactions for the sale of goods and other business to Sichuan May 242025 （No.: 2025-036 2025-037 and 2025-Changhong in 2025 by no more than 12.5 million yuan (excluding tax). 040）

In view of Mr. Pang Haitao's resignation from the position of Chief Financial Officer

due to job changes after review and approval by the Company's Nomination Juchao

Committee and Audit Committee of the Board of Directors the Board of Directors has

June 19 2025 Website:http://www.cninfo.com.cn

passed a resolution to approve the appointment of Mr. Yang Bing as the Company's（No.: 2025-045 and 2025-047）

Chief Financial Officer with a term of office from the date of approval by the Board of

Directors until the expiration of the current Board's term.Upon the approval resolution by the Company's board of directors it’s agreed that the

subsidiary Hefei Changhong Industrial Co. Ltd. will invest in the construction of the Juchao

Hefei Changhong Smart Home Appliance Industrial Park project. The total investment June 192025 Website:http://www.cninfo.com.cn

of the project is 877.05 million yuan funded by self-raised funds. This project still （No.: 2025-045 and 2025-046）

needs to be submitted to the Company's shareholders' general meeting for review.Following the resolutions passed by theCompany's board of directors and shareholders' Juchao

August

general meeting it’s agreed to amend certain provisions of the 'Articles of Association Website:http://www.cninfo.com.cn

212025Septemberof the Company' 'Rules of Procedure for Shareholders' General Meeting' and 'Rules of （No.: 2025-0542025-057 and 2025-

302025Procedure for Board Meeting.' 068）

Following the resolutions passed by theCompany's board of directors board of

supervisors and general meeting of shareholders it’s agreed that the Company and its Juchao

August

subsidiary companies (excluding Zhongke Meiling Cryogenics Co. Ltd. and its Website:http://www.cninfo.com.cn

212025Septembersubsidiaries) may increase the use of up to 1.2 billion RMB of their idle funds to invest （No.: 2025-0542025-055.2025-059

302025in bank wealth management products that are safe highly liquid low-risk and stable and 2025-068）

with a product term within one year.After being reviewed and approved by the Nomination Committee under the Board of Juchao

Directors and passed by the Board of Directors' resolution it’s agreed to appoint Mr.September 13 2025 Website:http://www.cninfo.com.cn

Tang Youdao as the President of the Company with the term of office from the date of（No.: 2025-062 and 2025-063）

approval by the Board of Directors until the expiration of the current Board's term.According to the resolution passed by the Company's Board of Directors it’s agreed

that the Company's subsidiary Sichuan Changhong Air Conditioning Co. Ltd. will

increase the capital to its controlled subsidiary HongyuanGeothermal Pump Juchao

Technology Co. Ltd. (hereinafter referred to as "HongyuanGeothermalPump") by 95 September 132025 Website:http://www.cninfo.com.cn

million yuan by using its own funds and then HongyuanGeothermalPump will further （No.: 2025-062 and 2025-064）

increase the capital to its wholly-owned subsidiary Ground Energy Heat Pump Tech.(Zhongshan) Co. Ltd

Following the resolution passed by the Company's board of directors it’s agreed to Juchao

appointMs. Xiao Li as the Company's securities affairs representative with a term from

September 122025 Website:http://www.cninfo.com.cn

the date of approval by the board of directors until the expiration of the current board's（No.: 2025-062 and 2025-065）

term.

12CHANGHONG MEILING CO. LTD.THE Third QUARTERLY REPORT OF 2025

V. Quarterly financial statements

(i) Financial statement

1. Consolidate Balance Sheet

Prepared by Changhong Meiling Co. Ltd.September 302025

In RMB

Item Ending balance Opening balance

Current assets:

Monetary fund 9186050460.18 10492450750.61

Settlement provisions

Capital lent

Trading financial assets 1775015353.44

Derivative financial assets 26709688.51 72010074.43

Note receivable

Account receivable 2544979733.66 1527978374.48

Receivable financing 1079384242.82 1516987953.83

Account paid in advance 63399338.06 60352345.27

Insurance receivable

Reinsurance receivables

Contract reserve of reinsurance

receivable

Other account receivable 60354615.63 135391270.79

Including: Interest receivable

Dividend receivable 12124951.70

Buying back the sale of financial assets

Inventory 1923754513.92 3514968009.34

Including:Data resources

Contract assets 710919.00 2763866.97

Assets held for sale

Non-current asset due within one year 654660628.78 60242921.84

Other current assets 546077262.41 562030362.98

Total current assets 17861096756.41 17945175930.54

Non-current assets:

13CHANGHONG MEILING CO. LTD.THE Third QUARTERLY REPORT OF 2025

Loans and payments on behalf

Creditor's rights investment 1519557537.27 1474153793.17

Other Creditor's rights investment

Long-term account receivable

Long-term equity investment 89374855.79 81511146.82

Investment in other equity instrument

Other non-current financial assets 658550306.14 676094304.44

Investment real estate 64165257.92 66720850.69

Fixed assets 2222743131.85 2218850660.12

Construction in progress 133827437.21 97807983.40

Productive biological asset

Oil and gas asset

Right-of-use assets 152265486.58 113784190.78

Intangible assets 1028394031.66 994429966.05

Including：Data resources

Expense on research and development 149050901.22 74710694.74

Including：Data resources

Goodwill

Long-term expenses to be apportioned 22127790.48 33336772.23

Deferred income tax asset 137985995.73 176953941.27

Other non-current assets 19763662.40 19073662.23

Total non-current asset 6197806394.25 6027427965.94

Total assets 24058903150.66 23972603896.48

Current liabilities:

Short-term loans 1000361041.30 766747286.01

Loan from central bank

Capital borrowed

Trading financial liability

Derivative financial liability 29404080.50 156359680.92

Note payable 8876637059.70 7934125435.65

Account payable 5085801209.25 6132020588.41

Accounts received in advance 2016583.84 11085.70

Contract liabilities 397667431.78 609737871.24

Selling financial asset of repurchase

14CHANGHONG MEILING CO. LTD.THE Third QUARTERLY REPORT OF 2025

Absorbing deposit and interbank deposit

Security trading of agency

Security sales of agency

Wage payable 354994277.30 389952777.46

Taxes payable 120120028.45 95871539.98

Other account payable 1101900704.17 1031439412.53

Including: Interest payable

Dividend payable 7492505.08 6005989.72

Commission charge and commission

payable

Reinsurance payable

Liability held for sale

Non-current liabilities due within one

year 56181073.81 29135164.68

Other current liabilities 14050371.97 23824389.50

Total current liabilities 17039133862.07 17169225232.08

Non-current liabilities:

Insurance contract reserve

Long-term loans 43649742.25

Bonds payable

Including: Preferred stock

Perpetual capital securities

Lease liability 131839795.69 101826405.91

Long-term account payable 219637.08 455409.20

Long-term wages payable 9207785.07 10195289.45

Accrual liability 37747488.03 45030417.22

Deferred income 137765827.02 125435177.90

Deferred income tax liabilities 45279451.84 44072593.30

Other non-current liabilities

Total non-current liabilities 405709726.98 327015292.98

Total liabilities 17444843589.05 17496240525.06

Owner’s equity:

Share capital 1029923715.00 1029923715.00

Other equity instrument

Including: Preferred stock

15CHANGHONG MEILING CO. LTD.THE Third QUARTERLY REPORT OF 2025

Perpetual capital securities

Capital public reserve 2750470215.39 2750470215.39

Less: Treasury shares 35107505.10

Other comprehensive income -23039813.14 -21222419.68

Special reserve 35276315.45 20968173.59

Surplus public reserve 502454071.02 502454071.02

Provision of general risk

Retained profit 1951738770.03 1803207185.06

Total owner’ s equity attributable to

parent company 6211715768.65 6085800940.38

Minority interests 402343792.96 390562431.04

Total owner’ s equity 6614059561.61 6476363371.42

Total liabilities and owner’ s equity 24058903150.66 23972603896.48

Legal Representative: Wu Dinggang

Person in charge of accounting works: Yang Bing

Person in charge of accounting institute: Hu Xiangfei

2. Consolidated Income statement between the beginning of the year and end of the report period

In RMB

Item Current period Last period

I. Total operating income 25392929837.63 22775149971.76

Including: Operating income 25392929837.63 22775149971.76

Interest income

Insurance gained

Commission charge and commission income

II. Total operating cost 24919740815.00 22239485808.43

Including: Operating cost 22814651602.20 20419014001.14

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

16CHANGHONG MEILING CO. LTD.THE Third QUARTERLY REPORT OF 2025

Tax and extras 88461144.95 80618983.44

Sales expense 1204355483.17 1141620519.32

Administrative expense 289887198.88 274049028.44

R&D expense 522571857.23 448349808.47

Financial expenses -186471.43 -124166532.38

Including: Interest expenses 24906755.48 20597273.50

Interest income 101392384.88 141501014.85

Add: other income 125123336.51 121416412.81

Investment income (Loss is listed with “-”) 30072540.83 21041038.63

Including: Investment income on affiliated company and joint

venture 8538499.92 7635137.26

The termination of income recognition for financial assets measured

by amortized cost -20419902.10 -30503769.06

Exchange income (Loss is listed with “-”)

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

Income from change of fair value (Loss is listed with “-”) 88670567.94 -11228505.02

Loss of credit impairment (Loss is listed with “-”) -25339996.75 -1247366.84

Losses of devaluation of asset (Loss is listed with “-”) -82435256.97 -48615603.79

Income from assets disposal (Loss is listed with “-”) 111884.60 1090679.41

III. Operating profit (Loss is listed with “-”) 609392098.79 618120818.53

Add: Non-operating income 5649236.72 7691040.94

Less: Non-operating expense 7384314.26 6982910.14

IV. Total profit (Loss is listed with “-”) 607657021.25 618828949.33

Less: Income tax expense 104245622.31 73947693.77

V. Net profit (Net loss is listed with “-”) 503411398.94 544881255.56

(i) Classify by business continuity

1. Net profit from continuing operations (net loss listed with “-”) 503411398.94 544881255.56

2. Net profit from termination of operations (net loss listed with “-”)

(ii) Classify by ownership

1.Net profit attributable to owner’s of parent company 488406410.91 532042735.95

2.Minority shareholders’ gains and losses 15004988.03 12838519.61

VI. Net after-tax of other comprehensive income -1904880.62 149851.21

Net after-tax of other comprehensive income attributable to owners

of parent company -1817393.46 155402.93

(i) Other comprehensive income items which will not be reclassified

17CHANGHONG MEILING CO. LTD.THE Third QUARTERLY REPORT OF 2025

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 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 -1817393.46 155402.93

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 -1817393.46 155402.93

7.Other

Net after-tax of other comprehensive income attributable to minority

shareholders -87487.16 -5551.72

VII. Total comprehensive income 501506518.32 545031106.77

Total comprehensive income attributable to owners of parent

Company 486589017.45 532198138.88

Total comprehensive income attributable to minority shareholders 14917500.87 12832967.89

VIII. Earnings per share:

(i) Basic earnings per share 0.4743 0.5166

(ii) Diluted earnings per share 0.4743 0.5166

Enterprise combine under the same control in the Period the combined party realized net profit of 0.00

Yuan before combination and realized 0.00 Yuan at last period for combined party.Legal Representative: Wu Dinggang

Person in charge of accounting works: Yang Bing

Person in charge of accounting institute: Hu Xiangfei

3. Consolidated Cash Flow Statement Between the Beginning of the Year and End of the Report Period

In RMB

18CHANGHONG MEILING CO. LTD.THE Third QUARTERLY REPORT OF 2025

Item Current period Last period

I. Cash flows arising from operating activities:

Cash received from selling commodities and providing labor

services 27244478389.60 23142632315.40

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 returned business capital

Net cash received by agents in sale and purchase of securities

Write-back of tax received 1122837199.52 878299622.69

Other cash received concerning operating activities 142470936.53 59465418.00

Subtotal of cash inflow arising from operating activities 28509786525.65 24080397356.09

Cash paid for purchasing commodities and receiving labor

service 24162491841.26 18861866738.29

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 commission charge and commission

Cash paid for bonus of guarantee slip

Cash paid to/for staff and workers 1694985888.04 1546206012.81

Taxes paid 433837530.22 299978134.73

Other cash paid concerning operating activities 873576151.81 618358040.59

Subtotal of cash outflow arising from operating activities 27164891411.33 21326408926.42

Net cash flows arising from operating activities 1344895114.32 2753988429.67

II. Cash flows arising from investing activities:

Cash received from recovering investment 20906761598.30 7438000000.00

Cash received from investment income 108802511.20 45916313.88

Net cash received from disposal of fixed intangible and other

long-term assets 1404030.10 827741.22

19CHANGHONG MEILING CO. LTD.THE Third QUARTERLY REPORT OF 2025

Net cash received from disposal of subsidiaries and other units

Other cash received concerning investing activities 123604562.13 145464949.37

Subtotal of cash inflow from investing activities 21140572701.73 7630209004.47

Cash paid for purchasing fixed intangible and other long-term

assets 335245837.22 223226696.20

Cash paid for investment 23370000000.00 9870000000.00

Net increase of mortgaged loans

Net cash received from subsidiaries and other units obtained

Other cash paid concerning investing activities 134132125.91 22666893.19

Subtotal of cash outflow from investing activities 23839377963.13 10115893589.39

Net cash flows arising from investing activities -2698805261.40 -2485684584.92

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 2779799558.07 1798005348.24

Other cash received concerning financing activities 332226468.58 60913309.56

Subtotal of cash inflow from financing activities 3112026026.65 1858918657.80

Cash paid for settling debts 2503042196.13 1941925085.56

Cash paid for dividend and profit distributing or interest paying 362242151.38 331222527.04

Including: Dividend and profit of minority shareholder paid by

subsidiaries 4066474.72 5083093.40

Other cash paid concerning financing activities 202114377.38 106156873.90

Subtotal of cash outflow from financing activities 3067398724.89 2379304486.50

Net cash flows arising from financing activities 44627301.76 -520385828.70

IV. Influence on cash and cash equivalents due to fluctuation in

exchange rate 5683154.75 19235492.91

V. Net increase of cash and cash equivalents -1303599690.57 -232846491.04

Add: Balance of cash and cash equivalents at the period-begin 9976098734.11 8391177936.62

VI. Balance of cash and cash equivalents at the period-end 8672499043.54 8158331445.58

Legal Representative: Wu Dinggang

Person in charge of accounting works: Yang Bing

Person in charge of accounting institute: Hu Xiangfei（ii）The information of the adjusting items related to the financial statements at the beginning of

the year of first implementation due to the first implementation of new accounting standards from

20CHANGHONG MEILING CO. LTD.THE Third QUARTERLY REPORT OF 2025

2025 Adjustment description

□Applicable √Not applicable

(iii) Auditors 'Report

Whether the Third Quarterly financial report has been audited or not

□ Yes √No

The Third Quarterly financial report of the Company has not been audited.The Board of Directors of Changhong Meiling Co. Ltd.October 232025

21