CHANGHONG MEILING CO. LTD. Summary of Annual Report 2025

Stock Code: 000521 200521 Short Form of the Stock: Changhong Meiling Hongmeiling B Announcement No.: 2026-015

CHANGHONG MEILING CO. LTD. Summary of Annual

Report 2025

I. Important Notice

(I) The summary is abstract from full-text of annual report for more details of operating

results financial status and future development plan of the Company; investors should found

in the full-text of annual report that published on www.szse.cn.(II) The Company did not have directors and senior executives of the Company could not

guarantee the reality accuracy and completion of the whole contents or have objections.(III) All the directors attended the board meeting to deliberating the Report.(IV) Modified audit opinions notes

□Applicable √ Not applicable

(V) Ordinary share profit distribution pre-plan or capital reserve capitalization pre-plan

deliberated by the Board in the reporting period

√ Applicable □ Not applicable

Is the statutory reserve capitalized into share capital

□ Yes √ No

The profit distribution proposal approved by the 28th meeting of the 11th Board of Directors is

as follows: Based on the total share capital of the Company which is 1029923715 shares less the

the repurchased A shares a cash dividend of RMB 2.10 (including tax) will be distributed to all

shareholders for every 10 shares. No bonus shares will be issued and no capital reserves will be

converted into share capital.(VI) Profit distribution pre-plan of preferred stock deliberated and approved by the Board in

the reporting period

□Applicable √ Not applicable

(VII) As of the end of the reporting period the parent company had unabsorbed losses

□Applicable √ Not applicable

1CHANGHONG MEILING CO. LTD. Summary of Annual Report 2025

II. Basic Information of the Company

(I) Company profile

Short form of the stock Changhong Meiling StockHongmeiling B code 000521 200521

Stock exchange for listing Shenzhen Stock Exchange

Short form of the stock after changed

(if applicable) None

Person/way to contact Board Secretary Securities Affairs Representative

Name Yang Liuxu Xiao Li

No. 2163 Lianhua Road No. 2163 Lianhua Road Economic

Office address Economic and Technological and Technological Development

Development Zone Hefei Zone Hefei

Fax. 0551-62219021 0551-62219021

Tel. 0551-62219021 0551-62219021

E-mail liuxu.yang@meiling.com li.xiao@meiling.com

(II) Principal businesses or products during the reporting period

The Company is one of the important electrical appliance manufacturers in China with four

domestic manufacturing bases in Hefei Mianyang Jingdezhen and Zhongshan as well as overseas

manufacturing bases in countries such as Indonesia. After more than 40 years of development the

Company has evolved from a single refrigerator product line to a new multi-category collaborative

ecosystem encompassing refrigerators (freezers) air conditioners washing machines major kitchen

appliances small home appliances and biomedical cryogenic storage equipment.The Company is a national level benchmark enterprise for technological innovation carefully

building its core competitiveness through technological and product innovation. With the advanced

R&D team and advanced technology accumulation Meiling has made continuous breakthroughs in

key technological fields such as intelligence preservation thin wall odourlessness energy saving

air cooling deep cooling simulation ultra-thin cleaning and clothing care. The Company has a

comprehensive system for technological innovation and quality control. Based on international

management system certifications such as ISO9001 and ISO14001 and relying on multiple national

core platforms and qualifications the Company continues to strengthen its R&D and manufacturing

capabilities. The Company possesses a National-level Enterprise Technology Center a

National-level Industrial Design Center and holds titles including National Technology Innovation

Demonstration Enterprise National Industrial Product Green Design Demonstration Enterprise and

National Postdoctoral Research Workstation. It has also established a 5G Industrial Internet

Innovation Application Lab and founded Anhui Province's first RoHS Public Testing Center Anhui

Green & Energy-Efficient Refrigerator Engineering Technology Research Center Anhui

Energy-Saving & Freshness-Preserving Green Refrigerator Engineering Research Center and

2CHANGHONG MEILING CO. LTD. Summary of Annual Report 2025

Anhui Smart Home Appliance Manufacturing Innovation Center ensuring full-chain quality

assurance in R&D and manufacturing. In addition the Company also operates provincial-level

innovation platforms such as the Anhui Green & Energy-Efficient Refrigerator Engineering

Technology Research Center. In addition the Company also operates provincial-level innovation

platforms such as the Anhui Green & Energy-Efficient Refrigerator Engineering Technology

Research Center. It has also obtained industry-leading certifications including AAA-Level

Excellence in the Upgraded Integration of Informatization and Industrialization Management

System and a spot among China's Top 50 Industrial Digitalization Leading Enterprises further

strengthening its technological leadership R&D efficiency and smart manufacturing capabilities.The Company has continuously achieved breakthrough results in the fields of refrigerators

freezers air conditioners washing machines major kitchen appliances small home appliances and

biomedicine progressively establishing a dominant industrial matrix centered on large white goods.Looking ahead the Company will adhere to the business policy of "innovation-driven development

resource integration industrial synergy marketing transformation and digital transformation" to

continuously lead industry upgrading and strengthen market foundations.During the reporting period the Company's revenue was primarily generated from its

refrigerator (freezer) air conditioner washing machine major kitchen appliance small home

appliance and biomedical equipment businesses with a total revenue reaching RMB 30.133 billion

accounting for 99.09% of the Company's total operating income.(III) Main accounting data and financial indexes

1. Main accounting data and financial indexes for the past three years

Does it have retroactive adjustment or re-statement on previous accounting data

□ Yes √ No

Changes in the

current reporting

2025 2024 period comparedwith the same 2023

period of the

previous year

Operating revenue

(RMB) 30407926517.70 28601036014.96 6.32% 24377974386.94

Net profit

attributable to

shareholders of the 410409936.09 699270051.82 -41.31% 735828796.67

listed company

(RMB)

Net profit

attributable to

shareholders of the 337402364.91 690447639.63 -51.13% 744635309.81

listed company

3CHANGHONG MEILING CO. LTD. Summary of Annual Report 2025

after deducting

non-recurring gains

and losses (RMB)

Net cash flows

generated from

operating activities 860090506.71 3970257217.9600 -78.34% 2072909430.47

(RMB)

Basic earnings per

share (RMB/share) 0.3996 0.6790 -41.15% 0.7144

Diluted earnings

per share 0.3996 0.6790 -41.15% 0.7144

(RMB/share)

Weighted average Decrease by 4.46

return on net assets 6.72% 11.18% percentage points 13.40%

Changes in the end

of the current

End of 2025 End of 2024 reporting periodcompared with the End of 2023

same period of the

previous year

Total assets (RMB) 22302792548.16 23972603896.48 -6.97% 19638615277.46

Net assets

attributable to

shareholder of 6083548865.34 6085800940.38 -0.04% 6061337941.39

listed company

(RMB)

2. Major quarterly accounting data

Unit: RMB

Q1 Q2 Q3 Q4

Operating revenue 7360074545.63 10711441296.52 7321413995.48 5014996680.07

Net profit attributable to

shareholders of the listed company 181668589.37 235518755.9 71219065.64 -77996474.82

Net profit attributable to

shareholders of the listed company

after deducting non-recurring gains 173774809.05 217272315.48 59980739.90 -113625499.52

and losses

Net cash flows generated from

operating activities -1285257080.53 2645830742.24 -15678547.39 -484804607.61

Do the above financial indicators or their totals differ significantly from the relevant financial

indicators disclosed in the Company’s quarterly or semi-annual reports

□ Yes √ No

4CHANGHONG MEILING CO. LTD. Summary of Annual Report 2025

(IV) Share capital and shareholding

1. Number of ordinary shareholders and preference shareholders with restored voting rights

and shareholdings of the top 10 shareholders

Unit: Shares

Total number of

ordinary Total number of Total number of

Total number of shareholders at preferred preferred

ordinary the end of the shareholders with shareholders with

shareholders at the 63790 month preceding 63865 restored voting 0 restored voting rights

end of the reporting the disclosure rights at the end of at the end of the

0

period date of the annual the reporting month preceding the

report (March period (if any) disclosure date of the

20) annual report (if any)

Shareholdings of the top 10 shareholders (excluding shares lent through securities lending and borrowing)

Number of Pledge marking or

Nature of Shareholdi Number of shares subject freezing statusName of shareholder shareholders ng ratio shares held to restricted Status of

conditions shares Number

Sichuan Changhong Electric Co. Ltd. State-owned legalperson 24.12% 248457724 0 - -

Hong Kong Securities Clearing Company Limited Overseas legal person 3.15% 32393145 0 - -

CHANGHONG (HK) TRADING LIMITED Overseas legal person 2.63% 27077797 0 - -

Hefei Industry Investment Holding (Group) Co. State-owned legal

Ltd. person 1.83% 18864896 0 - -

CAOSHENGCHUN Overseas natural person 1.43% 14766086 0 - -

Wang Jialing Domestic natural person 1.18% 12200018 0 - -

China Merchants Bank Co. Ltd. – Taikang Domestic

Quality Life Hybrid Securities Investment Fund non-state-owned legal 0.93% 9600000 0 - -person

Industrial and Commercial Bank of China Limited Domestic

– Taikang Strategy Preferred Flexible Allocation non-state-owned legal 0.91% 9400000 0 - -

Hybrid Securities Investment Fund person

Qian Guanghai Domestic natural person 0.63% 6494382 0 - -

Phillip Securities (Hong Kong) Limited Overseas legal person 0.61% 6296913 0 - -

Among the above shareholders CHANGHONG (HK) TRADING LIMITED is a wholly-owned subsidiary of

Explanation of related-party Sichuan Changhong Electric Co. Ltd. In addition to directly holding the Company’s B shares Hong Kong

relationships or Changhong also holds 6296913 B shares of the Company through Phillip Securities (Hong Kong) Limited.acting-in-concert arrangements Sichuan Changhong and Hong Kong Changhong have a related party relationship and constituteacting-in-concert parties. The Company is unaware of whether there are any related party relationships among

among the above shareholders other shareholders and also unaware whether other shareholders constitute acting-in-concert parties as defined

in the Administrative Measures for the Takeover of Listed Companies.Description of shareholders

participating in margin

financing and securities lending N/A

business (if any)

Note 1: As of the end of the reporting period CHANGHONG (HK) TRADING LIMITED a

concerted party of the Company’s controlling shareholder Sichuan Changhong holds a total of

33374710 B shares of the Company among which 6296913 B shares are held through Phillip

5CHANGHONG MEILING CO. LTD. Summary of Annual Report 2025

Securities (Hong Kong) Limited.Note 2: In the table above the “Shareholding of shareholders holding more than 5% or the top

10 shareholders” is based on the shareholder register data provided by the Shenzhen Branch of

China Securities Depository and Clearing Corporation Limited.Participation of shareholders holding more than 5% the top 10 shareholders and the top 10

unrestricted circulating shareholders in securities lending under the margin trading and securities

lending scheme

□ Applicable √ Not applicable

Changes in the top 10 shareholders and top 10 unrestricted circulating shareholders’ holdings

compared to the previous period due to lending/return under the margin trading and securities

lending scheme

□ Applicable √ Not applicable

2. Total number of preference shareholders of the Company and shareholdings of the top 10

preference shareholders

□Applicable √ Not applicable

The Company had no preference shareholders during the reporting period.

3. Ownership structure and control relationship between the Company and its actual

controller presented in a block diagram (as of December 31 2025)

Mianyang State-Owned Assets Sichuan Provincial Department of

Supervision and Administration Finance

Commission

90%10%

Sichuan Changhong Electronics Holding Group Co. Ltd.

23.22%

Sichuan Changhong Electric Co. Ltd.

100%

CHANGHONG (HK) TRADING LIMITED

3.24%24.12%

Changhong Meiling Co. Ltd.

6CHANGHONG MEILING CO. LTD. Summary of Annual Report 2025

(V) Status of bonds outstanding as at the date of approval and disclosure of the annual report

□Applicable √ Not applicable

III. Important Events

1.On March 17 2025 the 11th meeting of the 11th Board of Directors deliberated and

approved the Proposal on the Investment in Establishing a Subsidiary and Participating in the

Bidding for Land Use Rights. In accordance with the Company’s strategic development plan and

operational needs and to address the future capacity gap in washing machine sales and meet market

demand it was agreed that the Company and its subsidiary Mianyang Meiling would jointly invest

RMB 500 million of their own funds to establish Mianyang Changhong Smart Home Appliances

Co. Ltd. (hereinafter referred to as “Smart Home Appliances”). Among this the Company would

contribute RMB 495 million holding 99% equity interest and Mianyang Meiling would contribute

RMB 5 million holding 1% equity interest. Smart Home Appliances would participate in bidding

for a parcel of industrial land located in Fuxin Community Songya Town Mianyang Economic and

Technological Development Zone Sichuan Province as the construction site for the Company’s

washing machine project with a land area of approximately 136737.72 square meters

(approximately 205.11 mu) and the authorized total bidding price shall not exceed RMB 59.50

million. On March 21 2025 Smart Home Appliances completed industrial and commercial

registration and obtained the Business License issued by the Mianyang Municipal Administration

for Market Regulation. On April 18 2025 Smart Home Appliances successfully acquired the

state-owned construction land use rights located in Fuxin Community Songya Town Economic

Development Zone and signed the Confirmation Letter for the Transfer of State-owned

Construction Land Use Rights with a total transaction price of RMB 59.008598 million.On April 25 2025 the Company convened the 14th meeting of the 11th Board of Directors

and deliberated and approved the Proposal on the Investment and Construction of a Washing

Machine Project with an Annual Output of 1 Million Units per Single Shift by a Subsidiary

agreeing that Smart Home Appliances would invest approximately RMB 520 million in the

Mianyang Economic and Technological Development Zone to construct a project with an annual

output of 1 million washing machines per single shift (including the above-mentioned land plant

and equipment investment) thereby achieving an additional annual production capacity of 1 million

units per single shift.Details were disclosed by the Company in the form of announcements (Announcements No.

2025-005 2025-006 2025-021 2025-028 and 2025-029) on March 18 April 18 and April 26

2025 in the designated information disclosure media Securities Times China Securities Journal and

Juchao Website (www.cninfo.com.cn).

7CHANGHONG MEILING CO. LTD. Summary of Annual Report 2025

2. On April 1 2025 and April 25 2025 after the resolution of the 12th meeting of the 11th

board of directors of the Company the 8th meeting of the 11th board of supervisors and the 2024

annual general meeting of shareholders it’s approved that the Company's 2024 profit distribution

plan-based on the Company's total share capital of 1029923715 shares as of December 31 2024 a

cash dividend of RMB 3.3 (including tax) will be distributed to all shareholders for every 10 shares

no bonus shares no provident fund will be used to increase share capital and it is expected to

distribute cash dividends of RMB 339874825.95 (including tax) accounting for 48.60% of the net

profit attributable to shareholders of the listed company in 2024. On June 5 2025 the Company

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

implemented the aforementioned profit distribution plan. Details were disclosed by the Company in

the form of announcements (Announcements No. 2025-007 2025-008 2025-010 2025-030 and

2025-042) on April 3 April 26 and June 5 2025 in the designated information disclosure media

Securities Times China Securities Journal and Juchao Website (www.cninfo.com.cn).

3. Based on the proposal of the chairman of the Company to repurchase the Company's A

shares the Company held meetings of Board of Directors on May 8 and June 3 2025 in which the

Proposal on the Plan to Repurchase the Company's A Shares was deliberated and passed and the

Proposal on Increasing the Source of Funds for the Repurchase of the Company's A Shares were

deliberated and passed respectively. The plan for repurchasing A-shares is as follows: The

Company will use its own funds and self-raised funds (including special stock repurchase loans

from financial institutions) of not less than RMB 150 million (inclusive) and not more than RMB

300 million (inclusive) to repurchase part of the Company’s A-shares through centralized bidding

for the purpose of implementing the equity incentive plan. The repurchase price shall not exceed

RMB 10.67 per share (due to the Company’s implementation of profit distribution the maximum

repurchase price has been adjusted from RMB 11.00 per share (inclusive) to RMB 10.67 per share

(inclusive)). The repurchase period shall be within 12 months from the date the Board of Directors

approves the repurchase plan. The specific number of shares and amount repurchased shall be based

on the actual number of shares and amount repurchased upon the expiration of the repurchase

period or the completion of the repurchase.On July 15 2025 the Company conducted its first A-share repurchase through a dedicated

stock repurchase securities account via centralized bidding. As of the disclosure date of this

announcement the Company has repurchased a total of 21201570 A shares of the Company

accounting for 2.0586% of the Company's total share capital and the highest transaction price of

the repurchased A shares is 7.45 RMB per share the lowest transaction price is RMB 5.86 per share

and the total transaction amount is RMB 142205019.88 (excluding transaction fees).Found more on appointed media Securities Times China Securities Journal and Juchao

Website (www.cninfo.com.cn) that the Company disclosed in the form of announcement

(Announcement No.: 2025-019 2025-031 2025-032 2025-041 2025-043 2025-049 2025-050

8CHANGHONG MEILING CO. LTD. Summary of Annual Report 2025

2025-0512025-0522025-0532025-0612025-0692025-0762025-0932026-0012026-006

2026-011 2026-012 and 2026-013) on April 10 2025 May 9 2025 June 5 2025 July 2 2025

July 4 2025July 16 2025 and August 5 September 3 October 11 November 5 December 3 2025

and January 6 February 4 March 4 March 28 April 2 2026.

4. On August 19 2025 and September 29 2025 respectively upon deliberation and approval at

the 20th meeting of the 11th Board of Directors and the first extraordinary meeting of Board of

Shareholders of 2025 it was agreed to amend certain provisions of the Articles of Association the

Rules of Procedure for the Board of Shareholders and the Rules of Procedure for the Board of

Directors. Details were disclosed by the Company in the form of announcements (Announcements

No. 2025-054 2025-057 and 2025-068) on August 21 and September 30 2025 in the designated

information disclosure media Securities Times China Securities Journal and Juchao Website

(www.cninfo.com.cn).Changhong Meiling Co. Ltd.Chairman: Li Xiaodong

April 3 2026

9