CHANGHONG MEILING CO. LTD.Semi-Annual Report 2025

August 2025Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Section I. Important Notice Contents and Interpretation

Board of Directors Supervisory Committee all directors supervisors and senior executives of Changhong

Meiling 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.Mr. Wu Dinggang Chairman of the Company Mr. Yang Bing person in charge of accounting work and Mr.Hu

Xiangfei person in charge of accounting organ (accountant in charge) hereby confirm that the Financial Report of

2025 Semi- Annual Report is authentic accurate and complete.

The Company did not have directors supervisors and senior executives of the Company could not guarantee the

reality accuracy and completion of the whole contents or have objections.All the directors attended the board meeting to deliberating the Report on-site。

Modified audit opinions notes

□ Applicable √ Not applicable

Risk warning of concerning the forward-looking statements with future planning involved in semi-annual report

√ Applicable □Not applicable

Concerning the forward-looking statements with future planning involved in the Report they do not constitute a

substantial commitment for investors investors and the person concerned should maintain adequate risk

awareness furthermore differences between the plans forecast and commitments should be comprehended.Investors are advised to exercise caution of investment risks.Investors are advised to read the full text of semi-annual report and pay particular attention to the following risk

factors:

More details about the possible risks and countermeasures in the operation of the Company are described in the

report “X. Risks and countermeasures” of “Section III Management Discussion and Analysis” investors are

advised to read the relevant content.Securities Times China Securities Journal and Juchao Website (www.cninfo.com.cn) are the media for

information disclosure for year of 2025 that appointed by the Company. All public information under the name of

the Company disclosed on the above said media and website shall prevail and investors are advised to exercise

caution.Does the Company need to comply with disclosure requirements of the special industry: No

Profit distribution pre-plan or capitalizing of common reserves pre-plan deliberated by the Board in the

1Changhong Meiling Co. Ltd. Semi-Annual Report 2025

semi-annual period

□Applicable √Not applicable

The Company has no plans of cash distribution bonus shares and capitalizing of common reserves either.Directors supervisor and senior executives of the Company respectively signed Written Confirmation Opinions

for 2025 Semi-Annual Report.Supervisory Committee of the Company formed Written Examination Opinions for 2025 Semi-Annual Report.

2Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Contents

I.Important Notice Table of contents and Definitions 1

II. Company Profile and Main Financial Indexes 6

III. Management Discussion & Analysis 12

IV. Corporate Governance Environmental & Social Responsibility 41

V. Important Events 46

VI. Change of share capital and shareholding of Principal Shareholders 132

VII. Corporate Bond 140

VIII. Financial Report 141

3Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Documents Aavailable for Reference

I.Financial statement carrying the signatures and seals of the Chairman principal of the accounting works and

person in charge of accounting organ;

II. Original documents of the Company and manuscripts of public notices that disclosed in the website designated

by CSRC in the report period.

4Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Definition

Terms to be defined Refers to Definition

Company The Company Changhong Meiling or

Refers to CHANGHONG MEILING CO.LTD.Meiling Electric

Sichuan Changhong or controlling shareholder Refers to Sichuan Changhong Electric Co. Ltd.Refers to Sichuan Changhong Electronics Holding Group Co.Changhong Group

Ltd.Hong Kong Changhong Refers to CHANGHONG (HK) TRADING LIMITED

Meiling Group Refers to Hefei Meiling Group Holdings Limited

Changhong Air-conditioner Refers to Sichuan Changhong Air-conditioner Co. Ltd.Zhongke Meiling Refers to Zhongke Meiling Cryogenic Technology Co. Ltd.Mianyang Meiling Refers to Mianyang Meiling Refrigeration Co. Ltd.Refers to

Smart Home Appliances Mianyang Changhong Smart Home Appliances Co. Ltd.Jiangxi Meiling Refers to Jiangxi Meiling Electric Appliance Co. Ltd.Ridian Technology Refers to Changhong Meiling Ridian Technology Co. Ltd.Wulian Technology Refers to Hefei Meiling Wulian Technology Co. Ltd

Zhongshan Changhong Refers to Zhongshan Changhong Electric Co. Ltd.Refers to

Hefei Industrial Hefei Changhong Industrial Co. Ltd.Meiling Life Appliances Refers to Hefei Changhong Meiling Life Appliances Co. Ltd.Changhong Huayi Refers to Changhong Huayi Compressor Co. Ltd.Zhiyijia Company Refers to Sichuan Zhiyijia Network Technology Co. Ltd.Pan-China Refers to Pan-China Certified Public Accountants LLP

CSRC Refers to China Securities Regulatory Commission

China Securities Regulatory Commission Anhui

Anhui Securities Bureau Refers to

Province Securities Regulatory Bureau

SSE Refers to Shenzhen Stock Exchange

5Changhong Meiling Co. Ltd. Semi-Annual Report 2025

II. Company Profile and Main Financial Indexes

I.Company Profile

Changhong Meiling

Short form of the stock Stock code

000521200521

Hongmeiling B

Short form of the Stock after changed

N/A

(if applicable)

Stock exchange for listing Shenzhen Stock Exchange

Name of the Company (in Chinese)长虹美菱股份有限公司

Short form of the Company (in

Chinese) 长虹美菱

Foreign name of the Company (if

applicable) CHANGHONG MEILING CO.LTD.Abbr. of English name of the

Company (if applicable) CHML

Legal representative

Wu Dinggang

II. Person/Way to contact

Secretary of the Board

Li Xia

Name

Contact add. No. 2163 Lianhua Road Economic and Technology Development Zone Hefei

Tel.

0551-62219021

Fax.

0551-62219021

E-mail

lixia@meiling.com

III. Others

(I) Way of contact

Whether registrations address offices address and codes as well as website and email of the Company changed in

reporting period or not

6Changhong Meiling Co. Ltd. Semi-Annual Report 2025

□ Applicable √ Not applicable

Registrations address offices address and codes as well as website and email of the Company has no change in

reporting period found more details in Annual Report 2024.(II) Information disclosure and preparation place

Whether information disclosure and preparation place changed in reporting period or not

□ Applicable √ Not applicable

The newspaper appointed for information disclosure website for semi-annual report publish appointed by CSRC

and preparation place for semi-annual report have no change in reporting period found more details in Annual

Report 2024.(III) Other relevant information

Whether other relevant information has changed in reporting period or not

□Applicable √Not applicable

IV. 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

Mergers under the same control

Changes in the

current

reporting period

Same period last year compared with

Current Period the same period

of the previous

year (+-)

After

Before adjustment After adjustment

adjustment

Operating income (RMB)

18071515842.1514947670291.7014959351023.5420.80%

Net profit attributable to 417187345.27 415033415.88 416088950.18 0.26%

7Changhong Meiling Co. Ltd. Semi-Annual Report 2025

shareholders of the listed

company (RMB)

Net profit attributable to

shareholders of the listed

company after deducting

391047124.53432504456.37433557817.69-9.81%

non-recurring gains and losses

(RMB)

Net cash flow arising from

operating activities (RMB) 1360573661.71 2728225876.60 2734402694.03 -50.24%

Basic earnings per share

(RMB/Share) 0.4051 0.4030 0.4040 0.27%

Diluted earnings per share

(RMB/Share) 0.4051 0.4030 0.4040 0.27%

Decrease by

Weighted average ROE

6.63% 6.88% 6.88% 0.25 percentage

points

Changes at the

end of the

reporting period

End of last year compared with

End of current period the end of the

previous year

(+-)

After

Before adjustment After adjustment

adjustment

Total assets (RMB)

27626235918.3523972603896.4823972603896.4815.24%

Net assets attributable to

shareholder of listed company

6173538710.846085800940.386085800940.381.44%

(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. with its own funds; Hefei Meiling IOT Technology Co. Ltd. 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. According to the relevant provisions of the No. 33 Accounting Standard for Business

8Changhong Meiling Co. Ltd. Semi-Annual Report 2025

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.V. Accounting data difference under domestic and foreign accounting standards

(I) Difference of the net profit and net assets disclosed in financial report under both IAS (International

Accounting Standards) and Chinese GAAP (Generally Accepted Accounting Principles)

□ Applicable √ Not applicable

The Company has no difference of the net profit and net assets disclosed in financial report under both IAS

(International Accounting Standards) and Chinese GAAP (Generally Accepted Accounting Principles) in reporting

period.(II) Difference of the net profit and net assets disclosed in financial report under both foreign accounting

rules and Chinese GAAP (Generally Accepted Accounting Principles)

√ Applicable □ Not applicable

In RMB

Net profit attributable to shareholders of listed Net assets attributable to shareholders of listed

company company

Current period Previous period Ending amount Opening amount

Chinese GAAP 417187345.27 416088950.18 6173538710.84 6085800940.38

Items and amount adjusted by foreign accounting rules

Foreign accounting

417187345.27416088950.186173538710.846085800940.38

rules

The Company had no difference of the net profit or net assets disclosed in financial report under either foreign

accounting rules or Chinese GAAP (Generally Accepted Accounting Principles) in the period.(III) Reasons for the differences of accounting data under accounting rules in and out of China

√ Applicable □Not applicable

The “Notice of Relevant Issues of Audit for Company with Domestically Foreign Shares Offering” was issued

from CSRC dated 12 September 2007 since the day issuing cancel the previous “dual audit” requirement for

companies who offering domestically listed foreign shares (B-share enterprise) while engaging securities practice

qualification CPA for auditing. The Company did not compile financial report under foreign accounting rules

9Changhong Meiling Co. Ltd. Semi-Annual Report 2025since 2007 the financial report of the Company is complying on the “Accounting Standard for BusinessEnterprise” in China and therefore there are no differences of accounting data under accounting rules in and out

of China at period-end.VI. Items and amounts of non-recurring profit (gains)/losses

√ Applicable □ Not applicable

In RMB

Item Amount Note

Gains/losses from the disposal of non-current assetFound more in “Income from assets(including the write-off that accrued for impairment of-1706605.18 disposal” and “Non-operationassets)income/expenses”

Governmental subsidy calculated into current gains and

losses(while closely related with the normal business of

the Company the government subsidy that accord withFound more in “Other income"the provision of national policies and are continuously 34956110.73

enjoyed in line with a certain standard quota or quantity

are excluded)

Gains/losses of fair value changes arising from holding

of the trading financial asset trading financial liabilityFound more in "Financial cost”

and investment earnings obtained from disposing the

trading financial asset trading financial liability and “Investment income” and

-12600475.24

financial assets available for sale except for the

effective hedging business related to normal operation “Income of fair value changes”

of the Company

Switch back of the impairment for receivables that has

9898942.17 Found more in “Account receivable"impairment test independentlyDebt restructuring gains and losses 84052.53 Found more in “Other income"Other non-operating income and expenses other thanFound more in “Non-operation income"the above 1640700.10

and " Non-operation expenses"

Less: impact on income tax

3625743.11

Impact on minority shareholders’ equity (post-tax)

2506761.26

Total

26140220.74

Details of other gains/losses items that meets the definition of non-recurring gains/losses:

□ 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&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public

10Changhong Meiling Co. Ltd. Semi-Annual Report 2025

--- Extraordinary Profit/loss

□ Applicable √ Not applicable

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

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

--- Extraordinary Profit/loss.

11Changhong Meiling Co. Ltd. Semi-Annual Report 2025

III. Management Discussion & Analysis

I.Main businesses of the company engaged in during the 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 terms of 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

level core platforms and qualifications 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 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. 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.In recent years the Company has won multiple national honors such as the "Smart Refrigerator Intelligent

Manufacturing Pilot Demonstration Project" "National Green Factory" "National Quality Leader in Home

Appliances" "National Technology Innovation Demonstration Enterprise" and "China

Industry-University-Research Collaborative Innovation Demonstration Enterprise". In 2025 the Ministry of

Industry and Information Technology (MIIT) announced the first batch of "China Consumer Premium Brands"

and Changhong Meiling was successfully selected. Furthermore the Company has won multiple technological

and product innovation honors with its strong innovation products and brand influence. Multiple Meiling

products have repeatedly won multiple domestic awards continuously demonstrating the brand ability and

12Changhong Meiling Co. Ltd. Semi-Annual Report 2025

strength in intelligent innovation and technological prowess.Since 2025 the Company's M-Fresh Premium Five-Door Refrigerator (511WQ6F) featuring

industry-leading "Fresh-Lock" Technology (Water Molecule Activation Preservation) has won the AWE

Innovation Award for its groundbreaking innovation that extends rose preservation to 33 days driving industry

upgrades in fresh-keeping technology; Meiling's newly launched Slim Zero-Embed Refrigerator

(BCD-507WPU9CDZX/BCD-503WPU9CDZX) received the prestigious iF Design Award; Meiling 10KG

Flush-Embedded As Hand Washing Drum Washer (RS21H100D/RS11H100D) was certified as a "Good Product"

by China Household Electric Appliance Research Institute (CHEARI); Its Living Room Pro Shared Air

Conditioner achieved "Annual Energy-Saving & Low-Carbon Product" recognition from Chinese Association of

Refrigeration (CAR) for its ultra-grade-I efficiency (APF 5.20) and AI cloud energy-saving technology saving

759kWh/year and reducing 757kg carbon emissions per unit and setting the new "Smart Cooling & Low-Carbon"

industry benchmark with its green design; Meiling's Gas Water Heater (JSQ30-MR-BS16A3) won dual 2025

Feiting Quality Awards for "Energy Efficiency Benchmark" and "Usage Comfort"; Meiling Range Hood

(CXW-188-MY-KD615Pro) secured two 2025 Feiting Quality Awards for "Low-Noise Benchmark" and

"Power-Saving Benchmark".The Company has continuously achieved breakthrough results in the fields of refrigerators freezers washing

machines air conditioners 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 and

internal-external convergence" 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 17.93 billion accounting for 99.24% of the Company's total

operating income.II. Core Competitiveness Analysis

(I) Brand influence

The Company is one of the well-known electrical appliance manufacturers in China with a comprehensive

industrial portfolio covering refrigerators freezers air conditioners washing machines major kitchen appliances

small home appliances and biomedical equipment.In 2025 the Company continues to implement its "Brand Revitalization" strategy adhering to the brand

proposition of "Beautiful China Fresh Meiling" while focusing on its development strategy of "Product Strength

Drives Brand Power" thus achieving the dual-engine drive of brand elevation and product innovation. By

developing the freshest products it will aim to plant the seed of "freshness" in consumers' minds mold the brand

association of "Meiling = Fresh" in consumers' mind enhance brand awareness reputation and loyalty and fulfill

13Changhong Meiling Co. Ltd. Semi-Annual Report 2025

the brand mission of "Meiling Bringing Goodness to Life". The Company enhances brand promotion expands

brand communication channels innovates brand marketing methods and upgrades the quality of brand operation

content. It implements targeted brand advertising in subways light rails and airports to enhance brand awareness

conducts nationwide agricultural support initiatives through social welfare programs to boost brand reputation

comprehensively upgrades content operations and precision marketing capabilities by deeply deploying localized

lifestyle services on Douyin and executing multi-dimensional advertising/content seeding on Xiaohongshu

ultimately achieving effective improvement in brand awareness reputation and loyalty through refined operations

and high-efficiency reach across its new media matrix.The Company adheres to a "user-centric" philosophy driving brand value transformation through

technological leadership. The company has successively launched innovative products such as FrozenFresh AI

Refrigerator As Hand Washing Flush-Embedded Drum Washing Machine Panda Lazy Ultra Air Conditioner

Fresh Water 2.0 Tea Dispenser and 580L Ultra-Low Temperature Medical Refrigerator continuously extending

its industrial chain optimizing its product structure and effectively enhancing its core brand competitiveness.Looking ahead Meiling will continue upholding its brand proposition of "Beautiful China Fresh Meiling"

leveraging an integrated communication matrix encompassing new media promotion user co-created content

subway advertising campaigns and experiential brand marketing to embed its fresh brand philosophy into

consumers' hearts worldwide - Meiling Bringing Goodness to Life.(II) Product Capability

The Company has built a whole-chain innovation system of "Technical route + Product route + Promotion

route" and created a "Three-in-one" strategic layout driving industrial development with technological

innovation. It has established an integrated collaborative mechanism for the entire chain of "sales research

production and supply" which enhances the success rate of product launch and the value contribution within the

product lifecycle through team collaboration at various stages. By optimizing inefficient SKUs and reallocating

channel and retail resources the Company focuses on developing blockbuster products to improve SKU

efficiency.For refrigerator products Meiling adheres to the product planning philosophy of "captivating with aesthetics

earning respect through quality winning with value-for-money and securing loyalty via experience" focusing on

three core pillars: freshness technology iteration integrated home appliance design and AI vertical applications.By establishing a comprehensive product platform matrix upgrading exterior/interior designs and implementing

tiered freshness/odor-removal solutions the Company meets diverse consumer needs enhances product portfolio

competitiveness and expands market coverage to drive sales growth. The Company's FrozenFresh

505WSPU9BDZ Refrigerator M-Fresh Ultra502WQ7F Refrigerator and other refrigerator products have

innovatively applied "AI Self Optimization Technology" deeply integrating AI technology with traditional

refrigeration technology through dynamic learning and optimization of artificial intelligence. Through intelligent

algorithm optimization these refrigerators can automatically adjust to optimal operating modes based on food

14Changhong Meiling Co. Ltd. Semi-Annual Report 2025

types quantities and both internal/external environmental conditions featuring self-learning and self-evolving

capabilities that deliver personalized experiences ultimately achieving continuously improved freshness

preservation progressively reduced noise levels and increasingly enhanced energy efficiency throughout product

usage deeply responding to consumers' diverse needs and willingness to upgrade comprehensively consolidating

its industry leadership in "fresh thin narrow and embedded design". For refrigeration products the Company has

initiated a comprehensive inverter technology upgrade across its entire range; strategically launched the M-Fresh

Bar Freezer and FrozenFresh Upright Freezer series to meet premium consumption demands developing

frost-free door models smart panel series and high-freezing-capacity freezers while innovatively developing the

FrozenFresh Upright Freezer with constant-temperature fresh-freezing technology and the industry's first inverter

commercial kitchen freezer all dedicated to creating "the industry's best preservation freezers".For air conditioner products the Company remains committed to its user-centric approach by focusing on

product competitiveness enhancement through R&D investment increase and innovation introducing new smart

energy-efficient health-conscious and comfort-optimized models to the market. In the first half of 2025 the

Company launched several new products including the "Landscape View"-EA wall-mounted unit

"Living/Dinning Room Pro"-BFB floor-standing unit and "Giant Energy Saving PRO"-BEW/BGW

floor-standing series. These innovations incorporate advanced intelligent technologies such as "Online/Offline

Voice+DEEPSEEK" and "AI Cloud Energy Saving" to deliver superior smart experiences with up to 42% energy

efficiency improvement; are featured by health-focused technology including

"Temperature-Humidity-Oxygen-Purification" and "Auto-Cleaning for Indoor/Outdoor Units" creating a

"Immersion in Nature" healthy living experience; and apply "Long-distance Projection + Proximate Softness" &

"Micro-diffused Gentle Airflow" technologies ensuring draft-free cooling comfort for users.For washing machine products the Company consistently adheres to a user-centric philosophy and

high-quality differentiation strategy driving product innovation through technological advancement. It is further

optimizing its product portfolio by establishing a comprehensive "wash-dry-care" product matrix to promote

high-quality sustainable development in the washing machine industry. For domestic sales the Company

leverages its competitive edge in ultra-slim large-drum design to comprehensively popularize fully-flush

embedded washing machines while continuously enhancing the product competitiveness of its "As Hand

Washing" "BlueOxygen As Hand Washing" "Blue Oxygen Care Dryer" and "Hercules" product series. For

exports the Company is further enriching and optimizing its overseas product platform by strategically deploying

high-efficiency products globally developing new-design drum washers and expanding product lines to enhance

competitiveness meet diverse customer needs and simultaneously improve product premiumization capabilities.For major kitchen appliances and small home appliances the Company maintains strategic focus on core

product lines while strengthening R&D capabilities and optimizing product structures. In major kitchen

appliances the Company concentrates on gas water heaters continuously advancing technological innovation.following the Honeycomb Energy Chamber 2.0 it has introduced the 3.0 Honeycomb Sealed Stable-Combustion

Energy Chamber technology significantly enhancing corrosion resistance. The product also incorporates

15Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Micro-Flame and inverter technologies to improve user experience delivering eco-friendly energy efficiency with

consistent comfort performance. For small home appliances the Company continues to focus on its core tea

beverage product line driving technological innovation and core technology research to strengthen its "Meiling

Fresh Water" product as an industry benchmark and trendsetter. In 2025 the Company collaborated with China

University of Geosciences (Wuhan) to develop second-generation strontium-rich mineralization core technology

successfully creating an advanced second-generation strontium-rich mineral filter that supplements zinc and

metasilicic acid alongside strontium enrichment. Having completed technical research and testing verification in

the first half-year the Company will launch tea dispensers and water purifiers incorporating this breakthrough

technology in the second half of the year.In the field of biomedicine the Company upholds its brand philosophy of "delivering core value to users

through products" maintaining product-focused excellence and user-centric service. Through continuous product

innovation and quality upgrades the Company provides professional full-scenario solutions building a safe and

reliable brand image while consistently expanding its market influence. The Company focuses on

low-temperature storage laboratory equipment and automation applications driving product upgrades through

technological innovation. In the field of cryogenic storage the Company continues R&D focusing on

"intelligence energy efficiency safety and scalability" introducing product series including intelligent inverter

refrigerators -40°C frost-free cryogenic storage units explosion-proof lab refrigerators inverter ultra-low

temperature freezers high-capacity blood storage refrigerators and wide-diameter liquid nitrogen biological

containers which significantly improve storage efficiency and safety and effectively meet the growing diversified

sample storage needs; In the field of laboratory equipment supported by cutting-edge refrigeration and precision

temperature control technologies combined with intelligent automatic technology the Company has upgraded

biosafety cabinets and centrifuges with differentiated features continuously perfecting its lab product matrix to

enhance market competitiveness; In the field of automation applications the Company strategically focuses on

fully-automated ultra-low temperature storage systems and biobank solutions achieving automated biobank

upgrades and precise biological sample access through technological innovation dramatically improving sample

storage quality and efficiency and meeting the stringent requirements of precision medicine.(III) Operational capability

The Company continues to improve its operational management system guided by strategy and centered on

value creation and effectively drives the achievement of business objectives and quality improvement through

deep linkage of objective management value chain collaboration comprehensive budget and performance

management. In terms of objective management the Company strictly aligns with strategic and business policies

establishing a closed-loop mechanism of "target setting-process monitoring-deviation correction-result

evaluation" following SMART principles to drive continuous improvement in operational quality; In terms of

value chain management it clarifies authority-responsibility-benefit boundaries across business units to fully

activate internal vitality while strengthening collaboration throughout the industrial chain building an integrated

efficient operating mechanism with aligned objectives streamlined processes and co-created value; In terms of

16Changhong Meiling Co. Ltd. Semi-Annual Report 2025

budget management it implements comprehensive closed-loop control throughout the budgeting process

adopting dynamic budget adjustments and rolling forecast mechanisms to provide precise timely financial

support and decision-making basis for resource allocation optimization risk prevention and strategic goal

achievement; In terms of performance management it advances whole-process performance application

enhances communication and feedback mechanisms to effectively align employee growth with corporate

development fully stimulate value creation momentum and drive business unit performance fulfillment.(IV) Marketing capability

In the domestic market the Company continuously enhances its sales network and service systems to

provide premium customer service driving scalable expansion through four strategic pillars of "innovative

super-product development precision channel operations tiered regional upgrades and focused brand-building".In terms of products the Company focuses on introducing differentiated trend products amplifying product

mindshare through integrated online-offline campaigns to promote premium offerings. In terms of channels it

adheres to a tiered high-quality operation approach increasing investment in high-potential channels to scale up

business consolidating existing channel foundations and strategically developing emerging channels. In terms of

market it implements a user-oriented approach strengthening brand building and content operations. In terms of

organization it resolutely drives marketing transformation and accelerates new retail capability enhancement.In the overseas market for B2B business the Company focuses on "customer-centered market-oriented"

principles to continuously strengthen internal capabilities. Aligning with international business characteristics it

accelerates digital deployment while enhancing critical service support competencies in quality delivery samples

parts and certification. The Company's B2C business focuses on key strategic home markets strengthens

industrial synergy and builds robust core channels while enhancing brand building through both offline terminals

and online new media platforms. In terms of operation the Company deepens its "production-to-inventory"

strategy in operations to enhance turnover and operational efficiency increases the CIF ratio while developing

diversified logistics solutions including sea-rail intermodal transport and strengthens international shipping

capabilities across product lines; In terms of products it maintains differentiated positioning for mainstream

products optimizes its portfolio by expanding peripheral offerings in core laundry and refrigeration sectors and

launching new products such as dryers; In terms of management it implements a project-based approach forming

cross-functional teams for both mature and emerging markets integrating strategic insights competitive analysis

internal initiatives value chain optimization and information alignment to build an agile market-responsive

mechanism.III. Main Business Analysis

(1)Overview

Whether consistent with the Company's core business disclosure during the current reporting period

□Yes √No

17Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Facing intense competition in the home appliance market the Company steadfastly implements its business

policy of "innovation-driven development resource integration industrial synergy and internal-external

convergence". In the first half of 2025 the Company achieved year-on-year growth in revenue scale improved

profitability and healthy development.

(2) Progress of the company's development strategy and business plan during the reporting period

During the reporting period the Company carried out business development according to its business policy

of "innovation-driven development resource integration industrial synergy and internal-external convergence"

while actively advancing the implementation of its business plans.

1. Refrigerator/Freezer industry

In the domestic market the Company adheres to a value-oriented strategy by transitioning from business

customers to business users acquiring users through "digital platforms grassroots and omnichannel scenario

marketing" while driving conversion via "premium product evaluation flagship model promotion and precision

operations" to achieve integrated online/offline traffic convergence. On the channel front the Company is

focusing on integrated refrigerator-washer-kitchen solutions transitioning from standalone appliance operations

to complete white goods suite offerings; On the product front it adheres to an emotion-driven marketing approach

that guides product design adhering to the user-centric approach to build a differentiated product portfolio.In terms of overseas markets the Company leverages its industrial layout advantages to enhance operational

efficiency of single product via global coordination enrich product offerings via domestic-international synergies

strengthen customer retention via refrigerator-washer product integration and expand market coverage via

industrial collaboration. Focusing on market breakthroughs the Company targets segmented demand by

developing differentiated compact upright freezer series and launching customized products like large-capacity

freezer lines achieving "localized design" while maintaining a "globalized platform" strategy. On the marketing

front the Company is strengthening market capability development by fully leveraging its integrated R&D and

supply chain advantages along with synergistic domestic sale/export operations to drive sustainable business

growth.During the reporting period the Company's refrigerator (freezer) business realized an income of about RMB

4.415 billion with a year-on-year decrease of 4.17%.

2. Air conditioning industry

In terms of domestic market the Company consistently implements its core business strategy of "product

excellence brand prioritization channel co-creation and direct-to-consumer" maintaining developing focus and

focused development to drive healthy sustainable industry advancement. In terms of brand building the

Company has evolved from "product-driven" to "dual-engine drive of brand and product strategies" continuously

strengthening product iteration event marketing self-operated media and social media seeding to reinforce the

brand perception of "engineering excellence and comfort in every degree". On the product front the Company

18Changhong Meiling Co. Ltd. Semi-Annual Report 2025

focuses on industry trends strengthens technological innovation and rapidly iterates its product portfolio to meet

evolving market and user requirements. The company is (I) enhancing R&D and application of intelligent

technologies including DEEPSEEK AI Cloud Energy Saving and AI Voice while (II) maintaining its

"aesthetics-first" principle to drive CMF innovation and application achieving significant improvements in

product appearance and texture. In terms of channels and direct-to-consumer operations the Company maintains

integrated online-offline operation while continuously expanding into untapped markets increasing retail

coverage and advancing its "all-in-one delivery-installation-service-recycling" system to enhance user

experience.In terms of overseas markets the Company consistently executes its five-pillar business strategy of "quality

foundation strengthening brand momentum building production capacity synergy operational efficiency

enhancement and talent excellence cultivation" to drive sustainable business growth. In terms of brand building

the Company resolutely implements its brand-first development strategy concentrating on deep cultivation of its

Southeast Asian brand strategic home markets to achieve sustained consolidation of brand foundations. In terms

of market layout the Company prioritizes deepening collaboration with key accounts achieving further scale

expansion among its TOP15 customers in the first half-year; It simultaneously strengthens mid-tier customer

partnerships to establish stable growth pillars while actively developing emerging accounts to solidify the

foundation for future performance growth.During the reporting period the Company's air-conditioning business realized an income of about RMB

11.575 billion with a year-on-year increase of 36.18%.

3. Washing machine industry

In the washing machine sector the Company consistently implements its business strategy of "focused

breakthroughs with systemic integration" driving progress through product innovation as the core while

establishing market-oriented user-centric and manufacturing-optimized development structures. The company

maintains its user-centric approach by continuously developing high-quality products that meet consumer needs

while simultaneously driving technological upgrades and efficiency improvements to rapidly expand production

capacity for timely deliveries. With the goal of building smart digital factories it has commenced the construction

of the new Mianyang plant. Additionally it strengthens its core talent development through human-oriented

initiatives. In the domestic market the Company focuses on strategic home markets and core channels primarily

promoting differentiated products such as the As Hand Washing series BlueOxygen Wash-Dry-Care sets and

Hercules line while comprehensively popularizing fully-flush embedded models to strengthen competitive

advantages and enhance operational quality. In overseas markets the company Concentrates on key regions and

key accounts with focus on resource allocation driving scale and profitability growth through product

customization high-efficiency development and optimized product-platform deployment in core areas.During the reporting period the Company's washing machine business realized an income of about

RMB 1.040 billion with a year-on-year increase of 32.70%.

19Changhong Meiling Co. Ltd. Semi-Annual Report 2025

4. Major kitchen appliance and small home appliance industry

In the major kitchen appliance and small home appliance sector the Company executes a three-pronged

strategy of transformation focus and efficiency enhancement yielding substantial improvements. In terms of

strategy the Company continues to drive industrial convergence while in terms of market it reinforces strategic

home market development. The Company accelerates its omnichannel integration strategy enhancing online

experiences through digital marketing and platform collaborations while establishing scenario-based offline

stores achieving synchronized cross-channel inventory sharing and consumer mode convergence. In terms of

product innovation technological advancements have driven the successful launch of the second-generation

Fresh Water Series achieving remarkable market performance. In terms of market services the Company

maintains its user-centric approach with management platforms enabling rapid response capabilities while

continuously enhancing the professionalism of after-sales teams and the customer satisfaction.During the reporting period the Company's kitchen bathroom and household appliance business

realized an income of about RMB0.699 billion with a year-on-year decrease of 6.14%.

5. Biomedical industry

In the domestic market the Company continues to advance user-centric channel reform and restructuring

deepen horizontal expansion and vertical penetration of segmented market networks focus on key accounts and

optimize channel architecture significantly enhancing user coverage; Through its "market segmentation +

scenario-based engagement" approach the Company taps into the user demands and strengthens product

competitiveness. The company has launched "LingXin Service" nationwide maintenance campaign and

after-sales skills enhancement initiative to elevate customer satisfaction through professional services;

Simultaneously it strengthens brand penetration in academic scenarios by establishing university scholarships

and deepening industry-academia collaboration.In terms of overseas markets it continues to strengthen its channel foundation and build a more

comprehensive channel network. The company focuses on emerging market breakthroughs through multi-channel

promotion such as international trade shows and on-site visits to amplify market presence of both flagship

products and strategic new products; Concurrently it strengthens local layout for key accounts optimizes delivery

efficiency and service excellence builds a loyalty-driven global distribution network anchored in cooperation and

mutual success.During the reporting period the Company's biomedical business realized an income of about RMB 0.149

billion with a year-on-year increase of 3.89%.

(3)Y-o-y changes in the key financial data

In RMB

Y-o-y

Current Period Same period last year Causes

changes

20Changhong Meiling Co. Ltd. Semi-Annual Report 2025

(+-)

Operation income 18071515842.15 14959351023.54 20.80% No major changes

Operation cost 16184229553.79 13341412638.44 21.31% No major changes

Sales expense 834522622.88 757588062.94 10.16% No major changes

Administrative

196789198.82 163427965.02 20.41% No major changes

expense

Mainly due to the YOY increase

Financial expense -11022175.24 -102282383.71 89.22% in the Company's exchange loss

in the current period

Mainly due to the increase in

Income tax income tax expenses due to the

80681854.9952214844.7654.52%

expenses increase in the taxable income of

the Company in the current period

R&D investment 444113996.74 377955344.06 17.50% No major changes

Mainly due to the YOY increase

Net cash flow

in cash for payment of the

from operation 1360573661.71 2734402694.03 -50.24% Company's purchase of goods and

activity

labor services

Mainly due to the YOY increase

Net cash flow

in the Company's purchase of

from investment -3006240804.97 -2195132953.92 -36.95% structured deposits in the current

activity

period

Mainly due to the YOY increase

Net cash flow

in short-term borrowings obtained

from financing 413846601.75 -334756669.23 223.63% by the Company in the current

activity

period

Net increased Mainly due to the YOY increase

amount of cash in cash paid for the Company's

-1225497635.35221952382.18-652.14%

and cash purchase of goods and labor

equivalent services

Mainly due to the increase in fair

Gains/losses from value gains from irrevocable

change of fair 82283850.82 -42719405.68 292.61% orders and foreign exchange

value contracts of the Company in the

current period

21Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Mainly due to the provision of

bad debt losses on accounts

Credit impairment

-68032093.3711712225.75680.86%

loss receivable by the Company in the

current period

Mainly due to the YOY increase

in the Company's provision for

Assets

-65475481.29-29258587.16123.78%

impairment loss inventory depreciation losses in

the current period

(4)Major changes on profit composition or profit resources in reporting period

□ Applicable √ Not applicable

No major changes on profit composition or profit resources occurred in reporting period

(5) Constitute of operation revenue/income

In RMB

Current Period Same period last year

Ratio in Ratio in Y-o-y

Amount operation Amount operation changes

(+-)

revenue revenue

Total operation

18071515842.15100.00%14959351023.54100.00%20.80%

revenue

On industry

Manufacture of

17934000029.1899.24%14847789922.8699.25%20.79%

household

Other business 137515812.97 0.76% 111561100.68 0.75% 23.27%

On products

Air-conditioning 11575132133.83 64.05% 8499905660.36 56.82% 36.18%

Refrigerator

4545124381.3125.15%4739349946.8031.68%-4.10%

freezer

Washing machine 1040297063.65 5.76% 783936724.28 5.24% 32.70%

Small appliance

and kitchen & 698777012.65 3.87% 744514913.93 4.98% -6.14%

toilet

Other products

74669437.740.41%80082677.490.53%-6.76%

Other business

137515812.970.76%111561100.680.75%23.27%

On Area

22Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Domestic

11704228305.8664.77%10141960207.6167.80%15.40%

Foreign

6367287536.2935.23%4817390815.9332.20%32.17%

(6)The industries products or regions that accounting for over 10% of the Company’s operating revenue

or operating profit

√Applicable □ Not applicable

In RMB

Increase/dec

Increase/decre Increase/decre

rease of

Gross ase of ase of gross

Operating revenue Operating cost operating

profit ratio operating cost profit ratio

revenue

y-o-y y-o-y

y-o-y

On Industry

Manufacture of

17934000029.1816111118535.9110.16%20.79%21.28%-0.36%

household

On Products

Air-conditioning 11575132133.83 10767469443.16 6.98% 36.18% 35.83% 0.24%

Refrigerator freezer 4545124381.31 3817805494.89 16.00% -4.10% -4.14% 0.04%

On Area

Domestic 11570843501.82 10260385347.35 11.33% 15.30% 14.67% 0.49%

Foreign 6363156527.36 5850733188.56 8.05% 32.24% 34.92% -1.83%

Under circumstances of adjustment in reporting period for statistic scope of main business data adjusted main

business based on latest one year’s scope of period-end

□ Applicable √ Not applicable

IV. Analysis of the non-main business

√ Applicable □Not applicable

In RMB

Whether

be

Ratio in

Amount Note sustaina

total profit

ble

(Y/N)

23Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Mainly due to the disposal of derivative financial assets

and liability investment losses as well as the termination

Investment income

-1925678.15 -0.38% of recognition losses on financial assets measured at No

amortized cost

Mainly due to changes in the fair value of irrevocable

Gains/losses from

orders and foreign exchange contracts of the Company in

82283850.82 16.13% No

change of fair value

the current period

Mainly due to the provision for inventory depreciation

Asset impairment

-65475481.29 -12.84% losses of the Company in the current period No

Mainly due to the Company's receipt of liquidated

Non-operating income

2294086.26 0.45% damages income in the current period No

Mainly due to the loss of non current assets scrapped by

Non-operating expense

2468650.99 0.48% the Company in the current period No

Mainly due to the confirmation of value-added tax

Other income deduction and government subsidies by the Company in

80223527.31 15.73% No

the current period

Mainly due to the provision of bad debt losses on

Credit impairment loss

-68032093.37 -13.34% accounts receivable of the Company in the current period No

V. Analysis of assets and liability

(1) Major changes of assets composition

In RMB

End of current period Year-end of last year

Ratio

Notes of major changes Ratio in Ratio in total

changes

Amount Amount

total assets assets

Mainly due to the decrease in

the proportion as the

Company's monetary funds

Monetary fund 9480979069.79 34.32% 10492450750.61 43.77% -9.45%

decreased and the total assets

increased in the current

period

Mainly due to the increase in

Account operating revenue of the

3506647092.1912.69%1527978374.486.37%6.32%

receivable Company in the current

period

Contract assets 1316305.32 0.00% 2763866.97 0.01% -0.01% No major changes

24Changhong Meiling Co. Ltd. Semi-Annual Report 2025

End of current period Year-end of last year

Ratio

Notes of major changes Ratio in Ratio in total

changes

Amount Amount

total assets assets

Mainly due to the decrease in

proportion caused by the

Inventory 3930240031.50 14.23% 3514968009.34 14.66% -0.43% increase in total assets of the

Company in the current

period

Investment real

65158804.83 0.24% 66720850.69 0.28% -0.04% No major changes

estate

Long-term equity

84715253.90 0.31% 81511146.82 0.34% -0.03% No major changes

investment

Mainly due to the decrease in

proportion caused by the

Fix assets 2213277937.59 8.01% 2218850660.12 9.26% -1.25% increase in total assets of the

Company in the current

period

Construction in

137461480.68 0.50% 97807983.40 0.41% 0.09% No major changes

progress

Mainly due to the newly

added factory leasing of the

Right-of-use

159067320.890.58%113784190.780.47%0.11%

assets Company in the current

period

Mainly due to the increase in

bank loans of the Company

Short-term loans 1261549788.31 4.57% 766747286.01 3.20% 1.37%

in the current period

Mainly due to the decrease in

advance payments received

Contract liability 375324818.58 1.36% 609737871.24 2.54% -1.18% by the Company in the

current period

Lease liabilities 138127127.13 0.50% 101826405.91 0.42% 0.08% No major changes

(2) Main overseas assets

□ Applicable √ Not applicable

(3) Assets and liability measured by fair value

√Applicable □ Not applicable

25Changhong Meiling Co. Ltd. Semi-Annual Report 2025

In RMB

Accumulative

Devaluation

Changes of fair changes of

Amount at the of Amount of purchase Amount at end of

Item value gains/losses fair value Sales in the period Other changes

beginning period withdrawing in the period the period

in this period reckoned into

in the period

equity

Financial assets

1.Trading financial assets

(derivative financial 6929526.59 12325000000.00 10195000000.00 2136929526.59

assets excluded)

2. Derivative financial

72010074.43-27731486.3844278588.05

assets

3.Receivable financing

1516987953.83-551813094.98965174858.85

4.Other non-current

financial assets 676094304.44

-2020872.00674073432.44

Subtotal of financial

2265092332.70-20801959.7912325000000.0010195000000.00-553833966.983820456405.93

assets

Subtotal of financial

2265092332.70-20801959.7912325000000.0010195000000.00-553833966.983820456405.93

assets

Financial liabilities 156359680.92 -103085810.61 53273870.31

Other changes:

Other change of Trading financial assets mainly due to the provision of income from financial products; other change of rreceivable financing due to the decrease in

note receivable with the objective of both collecting contractual cash flow (collections) and selling (endorsement or discounting)

Other changes in other non-current financial assets are caused by the recovery of the cost of Sichuan Hongyun New Generation Information Technology Venture

Capital Fund Partnership Enterprise (Limited Partnership).

26Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Whether there have major changes on measurement attributes for main assets of the Company in report period or not

□Yes √ No

(4) Assets right restricted ended as reporting period

Ended as the reporting period the Company has no major assets been closed down detain freeze or pledge and guarantee. As for other assets have restriction on

rights found more in relevant content of “25. Assets with restricted ownership or use rights” in “V. Note of consolidate financial statement” carried under Section VIII.Financial Report

VI. Investment analysis

(1) Overall situation

√Applicable □ Not applicable

Investment in the reporting (RMB) Investment in the same period of last year ( RMB) Changes

500000000100000000400%

(2) The major equity investment obtained during the reporting period

√Applicable □ Not applicable

In RMB

Name of Method Amount of Sharehol Cap Part Te Type Status as of Expec Current Wheth Date of Index of

Principal business

invested of investment ding ital ners rm of the balance ted investment er disclosure disclosure (if

27Changhong Meiling Co. Ltd. Semi-Annual Report 2025

investme ratio sour of produ sheet date return profit and involv (if applicable

nt ces in cts loss ed in a applicable

)

ve lawsui

)

st t(Y/N)

m

en

t

General items: research and Resea The Smart

development of household rch Home

appliances; household appliance and Appliance

manufacturing; sales of household devel Company

appliances; household appliance opme completed

installation services; information nt the industrial

Mianyang www.cninfo.technology consulting services; Self manu and Lo March

Changhong Newly Not com.cn

plastic product manufacturing; ng-fun factur commercial 182025 N/ASmart Home establishe 500000000 100% -te applic -456544.35 No （2025-0052sales of plastic products; metal d ing establishmen April 18 rm

Appliances d able 025-0062025

chains and other metal products and t registration 2025

Co. Ltd -021)

manufacturing; sales of metal sales and obtained

products; plastic packaging box of the

and container manufacturing; house "Business

Import and export of goods. hold License" on

(Except for items subject to applia March 21

approval in accordance with the nces 2025

28Changhong Meiling Co. Ltd. Semi-Annual Report 2025

law business activities shall be

carried out independently in

accordance with the law with a

business license)

Total -- -- 500000000 -- -- -- - -- -- -- -456544.35 -- -- --

(3)The material non-equity investment during the reporting period

□Applicable √ Not applicable

(4)Financial assets investment

1. Securities investment

□ Applicable √ Not applicable

The Company had no securities investment in the reporting period.

2. Derivative investment

√Applicable □ Not applicable

(1) Derivatives investment for hedging purposes during the reporting period

√ Applicable □ Not applicable

In RMB 10000

Initial Amount at the Profit and loss Changes in the Amount Amount sales Investment Ratio of investment

Type

investment beginning of fair value cumulative fair purchased in in the amount at amount at period-end in

29Changhong Meiling Co. Ltd. Semi-Annual Report 2025

period change in the value included in the reporting reporting period-end net assets of the

current period the equity period period Company at period-end

Forward foreign exchange

contract 674376.60 496923.87 7535.44 0 417971.06 508940.75 415044.60 67.23%

Total

674376.60496923.877535.440417971.06508940.75415044.6067.23%

Specific principle of the

accounting policy and calculation

for derivatives in the Period Not applicable

compared with last period in

aspect of major changes

Description of actual profit and

During the reporting period the Company confirmed the income from derivatives investment of RMB -90.9041 million.loss during the reporting period

During the reporting period the Company adhered to the principle of exchange rate risk neutrality used forward foreign exchange contracts as hedging

tools and signed forward foreign exchange contracts according to the foreign exchange receipt amount predicted by sales and the target cost exchange

Description of hedging effect rate. The delivery period matched with the predicted return amount and the agreed delivery amount matched with the predicted return amount to avoid

the risks caused by exchange rate fluctuations. The cash flow changes in the hedging tools during the reporting period can offset the cash flow changes in

the hedged items caused by exchange rate fluctuations which met the requirements of hedging effectiveness and achieved the hedging objectives.Capital resource Own fund

Risk analysis and controlling Risk analysis:

measures for derivatives holdings

1. Market risk: domestic and international economic situation changes may lead to exchange rate fluctuations forward foreign exchange transactions are

in the Period (including but not under certain market risk. Forward foreign exchange business is aiming to reducing impact on corporate profits by foreign exchange settlement and sale

30Changhong Meiling Co. Ltd. Semi-Annual Report 2025

limited to market risk liquidity prices exchange rate fluctuations. The Company will follow up the exchange fluctuation on the basis of target rate determined from the business relying

on the research of the foreign currency exchange rates combined with prediction of consignments and burdening ability to price variations due to

risk credit risks operation risk exchange rate fluctuations then determine the plan of forward foreign exchange contracts and make dynamic management to the business to ensure

reasonable profit level.and law risks etc.)

2. Liquidity risk: all foreign exchange transactions are based on a reasonable estimate of the future import and export business to meet the requirements

of the trade authenticity. In addition forward foreign exchange transactions are processed with bank credit will not affect liquidity of company funds.

3. Bank default risk: if cooperative banks collapse within the contract time the Company will not be able to transact the original foreign exchange

contracts with contract price which leads the risk of income uncertainty. So the Company chose five state-owned banks the Chinese-funded banks in

shareholding enterprise as Everbright Bank Industrial Bank and the foreign-funded banks as UOB OCBC BEA etc. to conduct the trading of foreign

exchange capital. These banks share a solid strength and management whose failure and the risk of loss may bring to the Company is very low.

4. Operational risk: improper operation of the person in charge of forward foreign exchange transactions may cause related risk also. The Company has

formulated related management system which defines the operation process and responsibility to prevent and control risks.

5. The legal risks: unclear terms based in contract signed with banks for related transactions may lead legal risks when forward foreign exchange

transactions are processing. The Company will strengthen legal review and choose good bank to carry out this kind of business as to risk control.Invested derivative products have

changes in market price or fair

The Company determines fair value in accordance with the Chapter VII “Determination of Fair Value” carried in the Accounting Standards for Business

value in the Period as for analysis

Enterprises No.22 - Recognition and Measurement of Financial Instruments. Fair-value is basically obtained according to prices offered by bank and other

of the fair value of derivatives

pricing services. While fair-value of derivatives is mainly obtained according to the balance between prices given by outstanding contracts and forward

disclosed specific applied

prices given by contracts signed during the reporting period with bank. The differences are identified as trading financial assets and liabilities.methods and correlation

assumption and parameter setting

Lawsuit involved (if applicable) Not applicable

Disclosure date for approval from

the Board for investment of

April 32025

derivatives (if applicable)

31Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Disclosure date for approval from

board of shareholders for

investment of derivatives (if April 262025

applicable)

32Changhong Meiling Co. Ltd. Semi-Annual Report 2025

(2)Derivative investments for speculation during the reporting period

□ Applicable √ Not applicable

The Company had no derivative investment in the reporting period.

(5)Application of raised proceeds

□ Applicable √ Not applicable

The Company had no Application of raised proceeds in the reporting period.VII. Sales of major assets and equity

(i) Sales of major assets

□Applicable √ Not applicable

No major assets are sold in the period

(ii) Sales of major equity

□Applicable √ Not applicable

33Changhong Meiling Co. Ltd. Semi-Annual Report 2025

VIII. Analysis of main holding company and stock-jointly companies

√ Applicable □Not applicable

(1) Particular about main subsidiaries and stock-jointly companies net profit over 10%

In RMB

Register

Company name Type Main business Total assets Net assets Operating revenue Operating profit Net profit

capital

Research and

development

Zhongke Meiling Cryogenic

Subsidiary manufacturing and

Technology Co. Ltd. 96730934 730869606.79 616147507.37 150225865.88 11353533.55 11045823.50

sales of ultra-low

temperature freezer

Manufacturing of

Jiangxi Meiling Electric Appliance

Subsidiary refrigeration and

Co. Ltd. 50000000 401825045.67 178298038.73 355559207.01 8087764.26 7531999.04

freezer

Manufacturing of

Mianyang Meiling Refrigeration

Subsidiary refrigeration and

Co. Ltd. 100000000 187906825.37 122790726.23 207352906.56 -3909921.53 -3923587.87

freezer

R&D manufacturing

Sichuan Changhong

Subsidiary and domestic sales of

Air-conditioner Co. Ltd. 850000000 10409386457.40 1555336040.81 8325680808.69 126763309.09 115812924.82

air-conditioning

Zhongshan Changhong Electric Subsidiary R&D manufacturing 334000000 4371503831.72 666297598.39 3478952298.94 169163567.48 137085954.32

34Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Co. Ltd. and foreign sales of

air-conditioning

Hefei Meiling Group Holdings

Subsidiary Sales of white goods

Limited 80000000 1208702002.51 -319841650.98 2320289284.07 -94424244.88 -94772191.58

R&D and sales of

household appliances

Hefei Changhong Meiling Life

Subsidiary kitchen appliances

Appliances Co. Ltd. 50000000 725830869.85 195063962.86 664973555.44 19207346.83 15854059.44

and small home

appliances

35Changhong Meiling Co. Ltd. Semi-Annual Report 2025

(2) Subsidiary obtained and disposed in the period

√ Applicable □Not applicable

The method of obtaining and disposing The influence to the whole production

Company name

subsidiaries during the report period and performance

The Company and its subsidiary

Mianyang Meiling invested a total of

500000000 yuan with its own funds to

establish the company which aims to

further improve the production capacity

of washing machines and it will have a

positive impact on the Company's

Mianyang Changhong Smart Home

Established by investment long-term development will not

Appliances Co. Ltd

adversely affect cash flow and normal

production and operating funds and will

not have a significant impact on the

financial situation and operating results

of the year.

(3) Description of the holding company and stock-jointly companies

□Applicable √ Not applicable

During the reporting period the company has no important information of the holding or shareholding

company that should be disclosed.IX. Structured entity controlled by the Company

□Applicable √ Not applicable

X. Risks and countermeasures

(1) Possible risks and countermeasures

With the diminishing marginal effects of national subsidies and anticipated significant downward pressure

on China's major home appliance market in the second half-year compounded by unfavorable real estate trends

and trade war uncertainties weakened consumer confidence is expected to intensify industry competition. In the

second half of 2025 the Company will face multidimensional challenges including intensified industry

competition demand contraction risks currency fluctuations volatile commodity prices ongoing trade conflicts

and geopolitical uncertainties.

36Changhong Meiling Co. Ltd. Semi-Annual Report 2025

1. Intensified industry competition and demand contraction risks

Currently the domestic large home appliance sector operates in a stock-based competition phase

characterized by severe product homogenization and lack of new consumption catalysts. While the 2024 home

appliance trade-in policy partially stimulated demand its 2025 industry impact remains uncertain potentially

leading to consumption slowdown risks. The Company will closely monitor the implementation of national home

appliance consumption stimulus policies while continuously enhancing product quality and cost competitiveness.Through forward-looking product planning and market strategy development it aims to secure greater market

share.Currently the domestic large home appliance sector operates in a stock-based competition phase

characterized by severe product homogenization and lack of new consumption catalysts. While the 2024 home

appliance trade-in policy partially stimulated demand its 2025 industry impact remains uncertain potentially

leading to consumption slowdown risks. The Company will closely monitor the implementation of national home

appliance consumption stimulus policies while continuously enhancing product quality and cost competitiveness.Through forward-looking product planning and market strategy development it aims to secure greater market

share.

2. Exchange rate fluctuation risk

Given potential significant exchange rate fluctuations arising from evolving global dynamics the Company

adopts prudent exchange operations from a risk-averse stable-operation perspective with ongoing close

monitoring of exchange rate fluctuations to minimize adverse impacts of exchange rate fluctuations .

3. Risk of fluctuations in bulk material prices

The main raw materials of the Company's products are steel copper aluminum plastics and chemical

materials etc. If the prices of bulk raw materials fluctuate greatly the related costs of the company will also

change accordingly which will have a certain impact on its operating performance. The Company will continue to

pay attention to the price fluctuation of bulk materials and take timely measures to deal with risks and reduce the

impact of price fluctuations.

4. Trade frictions and geopolitical impacts

The Company pays close attention to the impact of international trade frictions and geopolitical uncertainties

on its global business. On the one hand it actively explores the market and on the other hand it makes relevant

plans in advance takes various risk response measures responds quickly and mitigates the impact.(II) Business plan for the second half of the year

In the second half of 2025 the Company will continue to drive industrial development with innovation assist

the industrial matrix with resource integration strengthen industrial synergy consolidate market foundation

accelerate company development through internal and external integration develop new quality productivity

37Changhong Meiling Co. Ltd. Semi-Annual Report 2025

promote digital and intelligent transformation and upgrading and accelerate the realization of high-quality

development of the Company. In 2025 the Company aims to realize dual growth in both scale and profitability

maintaining a virtuous development trend of profitable expansion. The main work is as follows:

1. Refrigerator/Freezer industry

In the domestic market the Company advances its "marketing transformation and direct-to-consumer"

strategy through "high-value customer engagement and omnichannel user operations" retail transformation via

differentiated innovation. In terms of products the Company comprehensively launches its M-Fresh product

series anchoring consumer perception around "unparalleled freshness preservation and quality thawing" to

reinforce the brand identity of "Meiling - Master of Freshness" while focusing on promoting differentiated

offerings such as the "Great Whale Surprise Big Frozen Room Little Certainty As Hand Washing" with unique

values. In terms of markets the Company adopts a user-focused approach by implementing its user operation of

"digital platforms grassroots triple excellence assessment and flagship model promotion" while intensifying

team training on traffic operations and continuously enhancing new media capabilities. In terms of channels the

Company adheres to premium operations by strengthening existing channel competencies expanding emerging

channel footprints accelerating retail transformation for flagship stores optimizing SKU and inventory efficiency

while deepening industry convergence to advance integrated home solutions. It strengthens brand building

accelerates integrated traffic operations and user ecosystem capabilities increases brand investment to drive

brand growth through product excellence regional expansion and online/offline synergy.In the overseas market the company is restructuring its product platform for core markets through

mainstream portfolio realignment while implementing differentiated positioning strategies for homogenized

products and continuously increasing product investments. It closely aligns with worldwide consumption upgrade

trends by strategically promoting "air-cooled inverter multi-door and energy-efficient" trendy products while

establishing a tiered portfolio of "premium high-end value-driven mid-range and efficiency-optimized

entry-level" offerings to precisely meet diversified market demands. In terms of business expansion the Company

is accelerating its layout in Asia Africa and Latin America to actively develop new growth opportunities and

achieve sustained market share growth; By establishing brand market in key markets it is accelerating the scaled

development of its overseas proprietary brand operations to cultivate internationally recognized brand image.

2. Air conditioning industry

In the domestic market the Company will implementing targeted offline promotions while using hero

products to drive sustained online traffic growth; For product development it makes proper plans based on the

consumer-centric and innovation-driven approach with enhanced R&D-to-market alignment to ensure

subsequent product launch and reinforce "tech-advanced" and "smart" product positioning; For channels it adopts

diversified synergy building a mutually beneficial ecosystem through offline quality-efficiency improvements

and online tiered precision operations; It carries out nationwide marketing transformation to shift focus from B2B

to B2C transitioning from "product-to-customer" to "product-to-user".

38Changhong Meiling Co. Ltd. Semi-Annual Report 2025

In the overseas markets the Company enhances its product portfolio and accelerates platform-based

development to meet customer requirements implementing agile market-following tactics to capture first-mover

advantages; Focusing on Latin America the Middle East and Europe it deepens engagement with regional key

accounts through end-to-end customer lifecycle service system to strengthen partnership loyalty; It makes

strategic initiatives targeting European and Central Asian markets while capitalizing on Africa's emerging

opportunities to drive incremental growth; With brand-first prioritization it intensifies strategic home market

cultivation to sustain proprietary brand business expansion.

3. Washing machine industry

In terms of products based on market and user demand trends the Company prioritizes high-capacity

product development by expanding its large-capacity portfolio enhancing the "As Hand Washing" and

"BlueOxygen Series" lineups while iteratively upgrading the "Hercules" collection and enriching its heat pump

dryer offerings to continuously strengthen mindshare-dominant product competitiveness. It is extending its

small-to-medium capacity drum washer lineup while developing inverter-powered pulsator washer. By upgrade

and optimization in appearance function and performance it comprehensively elevates its overseas product

competitiveness. By persistent technological upgrades and lean management system introduction it drives

production capability enhancement. It is expediting the construction of its intelligent digital factory for washing

machines in Mianyang. It continuously strengthens the construction of its talent team and comprehensively

enhances the capabilities of R&D quality assurance manufacturing and delivery. In terms of market the

Company is advancing channel capability development domestically through co-marketing initiatives with key

accounts combined with new media operation and promotion to drive online/offline brand integration. In global

market the Company enhances cross-regional industrial collaboration while optimizing its overseas drum washer

portfolio through new product launches to further improve profitability.

4. Major kitchen appliance and small home appliance industryr

In the major kitchen appliance and small home appliance sector the Company adheres to a three-pronged

strategy of transformation focus and efficiency enhancement and continuously carries out operations. In terms

of products the Company deepens R&D and application of "Fresh Water" and AI technologies progressively

launching "Fresh Water" kitchen appliances and smart range hoods and cooktops and gas water heaters to

cultivate a "Fresh" and "Smart" product identity. In terms of market the Company insists on strategic home

market development by establishing scenario-based stores collaborating with Changhong and Meiling to deliver

intelligent kitchen solutions while deepening user awareness through online digital communication matrix and

enhancing delivery and installation service to elevate consumer experiences.

5. Biomedical industry

The Company focuses on the field of life sciences adheres to the business philosophy of "technology-based

product-based market-oriented and customer-centered" and based on "focusing on the sample ecology vertically

deepening the whole chain of automation; Based on the life science and horizontally expanding the field of

39Changhong Meiling Co. Ltd. Semi-Annual Report 2025

laboratory general equipment" it continues to promote the construction of market channels expand the product

matrix enhance operational capabilities and strive to improve operational efficiency.In terms of market expansion the Company focuses on customer requirements strengthens its service

philosophy and enhances its market competitiveness. Guided by a market-oriented approach the Company

continues to deepen its presence in the domestic market by optimizing its channel system and enhancing user

coverage; It also accelerates overseas market expansion by adhering to the strategy of "scaling up existing

customers and aggressively developing new customers" to build a more robust and comprehensive distribution

network. It drives synergistic efforts both internally and externally to achieve leapfrog development that balances

both scale and quality. In terms of product expansion the Company focuses on cryogenic storage solutions

deepens low-temperature refrigeration technology vigorously expands new product lineup achieves product

synergy further enriches biobank laboratory and other application scenario solutions and comprehensively

enhance its product competitiveness. In terms of operational efficiency enhancement the Company

comprehensively advances lean management implements organizational flattening reforms and digital

transformation updates to drive holistic improvement in operational quality and effectiveness. At the same time

the Company continues to optimize the open and innovative organizational mechanism attract excellent talents

and partners build an ecosystem together and create a new benchmark in the field of life sciences.XI. Formulation and implementation of market value management system and valuation boost plan

Whether the Company has established a market value management system

□Yes √ No

Whether the Company has disclosed plans for valuation boost.□Yes √ No

XII. The implementation of the action plan of "Double improvement of quality and return".Whether the Company has disclosed the action plan of "Double improvement of quality and return".□Yes √ No

40Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Section IV Corporate Governance Enviornmental and Social Responsibility

I. Changes of directors supervisors and senior executives

√ Applicable □Not applicable

Name Title Types Date Reason

According to the resolution of the 15th meeting of

the 11th Board of Directors it was agreed to appoint

Mr. Wang Xiaocheng as the Company's vice

Wang

Vice president Appoint May 82025 president. with a term of office from the date of

Xiaocheng

review and approval by the Board of Directors of the

Company to the date of expiration of his term of

office in the current Board of Directors.Leaving Apply for resignation from the position of chief

Pang Haitao CFO June 182025

office financial officer due to personal work changes.According to the resolution of the 18th meeting of

the 11th Board of Directors it was agreed to appoint

Mr.Yang Bing as the Company's CFO. with a term

Yang Bing CFO Appoint June 182025 of office from the date of review and approval by the

Board of Directors of the Company to the date of

expiration of his term of office in the current Board

of Directors.II. Profit distribution plan and capitalizing of common reserves plan for the Period

□Applicable √ Not applicable

The Company has no plans of cash dividend distributed no bonus shares and has no share converted from

capital reserve either for the semi-annual.III. Implementation of the company’s stock incentive plan employee stock ownership plan or other

employee incentives

□Applicable √ Not applicable

The Company had no implementation of the company’s stock incentive plan employee stock ownership plan or

other employee incentives in the reporting period.IV. Environmental information disclosure situation

Whether the listed companies and their main subsidiaries are included in the list of enterprises that disclose

environmental information according to law

41Changhong Meiling Co. Ltd. Semi-Annual Report 2025

√Yes □No

Number of enterprises included in the list of enterprises that disclose

environmental information in accordance with the law (companies)

Inquiry of environmental

serial number Name of the business information disclosure reports in

accordance with the law index

https://39.145.37.16:8081/zhhb/yf

plpub_html/#/companyDetailsname=

%E9%95%BF%E8%99%B9%E7%BE%8E%E8%8F

1 Changhong Meiling Co. Ltd

%B1%E8%82%A1%E4%BB%BD%E6%9C%89%E9

%99%90%E5%85%AC%E5%8F%B8&entpId=2

0251744358260060&type=1

V. Social responsibility

The Company continues to promote win-win development with its stakeholders earnestly fulfills its social

responsibilities pays close attention to the voices of all stakeholders and actively gives back and improves and is

determined to become an enterprise that is respected by the society and loved by its employees. While achieving

sound development it pays attention to protecting the interests of its shareholders employees suppliers

customers and consumers and actively engages in public welfare undertakings thus promoting the harmonious

development of the Company and the whole society.

1. Protection of the rights and interests of shareholders and creditors

The company strictly follows the provisions and requirements formulated by the Articles of Association

and the Rules of Procedure for the General Meeting of Shareholders regulates the convening holding and

voting procedures of the general meeting of shareholders equally treats all shareholders especially small and

medium shareholders equally and ensures that all shareholders enjoy equal status and fully exercise their own

rights. Under the premise of strictly implementing the Administrative Measures for Information Disclosure of

Listed Companies the company actively communicates and exchanges information with investors on the

company's operations and management financial status etc. through annual performance briefings Anhui

service week for investors by SZSE investor telephone hotline e-mails and the investor relations interactive

platform of the Shenzhen Stock Exchange and discloses information to all investors in a truthful accurate

complete concise and clear and easy-to-understand manner; further the company attaches great importance to

the shareholder return mechanism According to the Return Plan for Shareholders of Changhong Meiling Co. Ltd.for the Next Three Years (2024 -2026) It guides investors to establish the concept of long-term investment and

rational investment and maintains the continuity and stability of the profit distribution policy. During the

reporting period combined with its own operating conditions and other factors the Company implemented the

2024 profit distribution plan and made cash dividends accounting for 48.60% of the net profit attributable to

shareholders of listed companies in 2024 offered shareholders a reasonable return on investment.Meanwhile during the reporting period the Company held 2024 general meetings of shareholders and

implemented a combination of on-site voting and online voting so that the majority of investors could fully

42Changhong Meiling Co. Ltd. Semi-Annual Report 2025

participate and ensure that shareholders have the right to know participate and vote on the Company's major

issues. When the general meeting of shareholders deliberated on major matters affecting the interests of small

and medium-sized investors the votes of small and medium-sized investors were counted separately and

publicly disclosed in the resolutions of the general meeting of shareholders in a timely manner so as to fully

protect the rights and interests of small and medium-sized investors.In addition in order to establish a variety of shareholder return mechanisms and thank investors for their

long-term concern and support for the Company During the reporting period the Company carried out the

"Changhong Meiling Shareholder Gratitude Feedback Activity" for shareholders bringing together preferential

purchases of home appliances such as refrigerators (cabinets) air conditioners washing machines kitchen

appliances and small household appliances. Some product models in the feedback activity have a "price

discount of as low as 50%" allowing shareholders to experience the excellent quality and quality service of

Changhong Meiling products at preferential prices.

2. Protection of the rights and interests of employees

In accordance with relevant laws regulations and policies and in light of its own actual situation the

company has established a relatively complete employment management system including labor contract

system salary and performance appraisal system welfare management system training management system

employee vacation management system etc..The company attaches importance to the vital interests of employees

protects the legitimate rights and interests of employees to the maximum extent establishes harmonious labor

relations and strives to form a good mechanism for the company and employees to create and share together. At

the same time the company creates a people-oriented cultural atmosphere by providing various holidays

allowances condolences and organizing diversified employee activities benchmarking personnel selection

carnivals etc. and continuously improves employee satisfaction.

3. Protection of the rights and interests of suppliers customers and consumers

The Company has built a sound supplier management system established the "Supplier Evaluation

Management Specification" strictly standardized the supplier access and evaluation system and regularly carried

out audits and evaluations to continuously improve supplier capabilities and qualifications. In order to ensure the

continuous stability of the supply chain the Company has established a supply chain risk identification risk

assessment and risk response mechanism reduced information barriers with suppliers through digital platforms

increased exchanges and communication with partners and made full use of its own advantages to promote the

harmonious stable and healthy development of the supply chain. The Company attaches great importance to

enhancing supplier capabilities and is committed to collaborative development with suppliers.In order to help

suppliers improve their awareness of quality control and sustainable development during the reporting period the

Company organized supplier conferences supplier training and exchange activities. Meanwhile the Company

strictly controls every link of the procurement business cultivates core and strategic suppliers and establishes a

43Changhong Meiling Co. Ltd. Semi-Annual Report 2025

high-end product supply chain for high-end products forming a collaboration cooperation and win-win situation

between the Company and suppliers.The Company has a perfect product development process advanced R&D system and constantly develops

products with leading technology. The Company attaches great importance to product quality has strong quality

control ability reliable product performance and a refined quality management system and has passed the

management system certifications such as ISO9001 ISO14001 and ISO45001. The Company's testing center has

CNAS accreditation qualification complete test items and strong testing ability which meets the requirements of

strict and high-level testing of products. At the same time it has built one of the few RoHS and intelligent IoT

laboratories in the industry. The Company adheres to the user-centered principle and attaches importance to user

reputation. In the domestic market it increases its attention and support in terminal construction user experience

and product training to increase the sales of products; In the export market it fully recognizes the requirements of

local laws and regulations strictly certifies products and fully verifies the reliability and environmental

adaptability of products to ensure the reliability of products in the target market. Its export products have covered

more than 100 countries or regions. According to different types of customers it implements classification and

system management through the information system and timely feeds back the demands put forward by

customers continuously improves quality services and enhances brand image; It also tracks the market

performance by customer satisfaction and user net recommendation value.For the protection of consumers' rights and interests the company has a relatively advanced closed-loop

management system for user service. In order to meet users' service needs it gradually improves the function

construction of official channel service platforms such as 4008 service hotline brand official website WeChat

official account and Zhihuijia APP attaches importance to and strengthens the user interaction and experience of

social platforms such as Tik Tok Xiaohongshu Weibo Bilibili and Zhihu and understands and handles users'

needs and questions in time. In view of user demand processing it promotes the process visualization

management and user evaluation system management of work order processing timeline. In addition the

company pays attention to improving consumers' product guarantee service ability and has created Meiling's

exclusive characteristic guarantee service measures Upgrade and launch Meiling M fresh refrigerator - full

refund for one year if you are not satisfied with freshness Meiling drum washing machine - DD direct drive motor

free replacement for ten years Meiling freezer - thawing compensation Changhong household air conditioner

enjoys the whole machine 10-year repair policy and other services to effectively meet user needs and improve

consumer satisfaction.

4. Social welfare

Over the years the company has been actively participating in social welfare undertakings and various

social welfare activities. The Company actively carries out actions such as helping employees with serious illness

or difficulties advocating voluntary donations from employees paying attention to occupational disease

44Changhong Meiling Co. Ltd. Semi-Annual Report 2025

prevention and control and organizing safety education and training. During the reporting period the Company's

party committee actively participated in the 4th micro-public welfare venture capital party building project of

"Party Building Pilot Yidong Jinxiu" in the Jinxiu Community Social Organization Incubation Park of Hefei

Economic Development Zone helping children better understand express and manage their emotions and

promote healthy growth through the integration of science and technology and education; The Company and the

Federation of Trade Unions of Hefei Economic and Technological Development Zone jointly organized the public

welfare action of "Building a Trade Union Happiness Station and Conveying Love Knowledge" and donated

books to new business workers outdoor workers and community members. As a national level intelligent

manufacturing demonstration enterprise the Company fully leverages its industrial and technological advantages

to support the development of quality education in primary and secondary schools. During the reporting period

the Company planned and carried out 12 research and practice activities with distinct themes receiving more than

1300 primary and secondary school students not only vividly popularizing the scientific and technological

knowledge of modern home appliances but also innovatively opening interesting experimental classes creative

labor classes and brand history courses effectively stimulating young people's scientific interest hands-on ability

and innovative thinking and sowing the seeds of science and technology and wisdom in the hearts of children.During the reporting period the Company's subsidiary Zhongke Meiling awarded special scholarships to

Tsinghua University Lanzhou University and other universities and has awarded a total of 2 million yuan of

special scholarships to universities so far.VI. Consolidate and expand the achievements of poverty alleviation and rural revitalization

The Company unswervingly and fully implements the decisions and arrangements made by the CPC Central

Committee and the State Council for rural revitalization actively responds to the call promotes rural

revitalization and contributes to rural development. During the reporting period the Company carried out to

shoot a number of heart-warming videos to help farmers. Relying on Meiling's social media platform to expose it

drew approximately 120000 user visits. Meanwhile by taken multiple measures it deeply cultivated content

dissemination and produced and released a number of in-depth manuscripts on the theme of helping farmers and

helped farmers sell and promote unsold agricultural products through Sina.com Baidu.com Guangming.com

etc.

45Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Section V Important Events

I. Commitments that the actual controller shareholders related party the buyer and the company have

fulfilled during the reporting period and have not yet fulfilled by the end of reporting period

□ Applicable √ Not applicable

The Company has no commitments that the actual controller shareholders related party the buyer and the

company have fulfilled during the reporting period and have not yet fulfilled by the end of reporting period

II. Non-operational fund occupation from controlling shareholders and its related party

□ Applicable √ Not applicable

No non-operational fund occupation from controlling shareholders and its related party in period.III. External guarantee out of the regulations

□ Applicable √ Not applicable

No external guarantee out of the regulations occurred in the period.IV. Appointment and non-reappointment (dismissal) of CPA

Whether the semi-annual financial report had been audited

□Yes √ No

The semi-annual report was not audited

V. Explanation on “non Qualified Opinion” from CPA by the Board and Supervisory Committee

□ Applicable √ Not applicable

VI. Explanation from the Board for “non Qualified Opinion” of last year’s

□ Applicable √ Not applicable

VII. Bankruptcy reorganization

□ Applicable √ Not applicable

No bankruptcy reorganization for the Company in reporting period

VIII. Lawsuit

(i) Major Litigation and Arbitration Matters

√ Applicable □Not applicable

46Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Whether

Amount

to form Litigatio Litigation(arbi

involved Implementation of

estimate n(arbitra tration)trial Disclosure Disclosure

Basic situation of litigation(arbitration) (Ten litigation(arbitration)j

d tion)pro results and date index

thousand udgments

liabilitie gress impact

yuan)

s

After the

first-instance

judgment Tianjin

The court

Pengsheng Gome

ordered the

Electric Appliances

Zhiyijia an affiliated enterprise of the defendant and other defendants

company signed a sales contract with Tianjin

did not file an appeal

the defendant Tianjin Pengsheng

Logistics Co. Ltd. (hereinafter referred Pengsheng to the first-instance

to as "Tianjin Pengsheng"). After the immediately

judgment has come

contract was signed Zhiyijia the

plaintiff supplied the goods to Tianjin pay the into effect and

Pengsheng the defendant as agreed but plaintiff RMB

Zhiyijia has applied to

Tianjin Pengsheng the defendant failed

The Juchao

to fulfill the payment obligation to 96174308.42 the Mianyang

judgmen

Zhiyijia as agreed. As of November 30

t of the and the

Website

High-tech Court for

2022 according to statistics Tianjin December

first (www.cni

Pengsheng the defendant still owed corresponding compulsory 242022

9617.43 No instance

Zhiyijia a payment of RMB

has liquidated

nfo.com.c

enforcement. As of October

96174308.42. Based on this Zhiyijia

come n)(2022-1

the plaintiff brought a lawsuit against damages for the end of the 202023

into

Tianjin Pengsheng the defendant to the 012023-0

effect. overdue reporting period

People's Court of Mianyang High-tech

57)

Industrial Development Zone and payment and Zhiyijia has executed

requested the court to order Tianjin bear the 35605099.4 yuan in

Pengsheng to immediately pay the

plaintiff RMB 96174308.42 and the related place and Zhiyijia

corresponding liquidated damages for litigation costs will continue to

overdue payment and bear the related

litigation costs and property and property promote the execution

preservation guarantee fees. preservation of the remaining

guarantee unexecuted funds to

fees. ensure the legitimate

rights and interests of

the Company.Meiling Group a subsidiary of the

1086.01 No Some 22 cases have

October Juchao

Some are in execution

Company signed a sales contract with cases been judged in 20 2023 Website

47Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Gome Electrical Appliances Co. Ltd. have the first (www.cni

(hereinafter referred to as "Gome"). come instance of nfo.com.c

After the contract was signed Meiling into which 14 n)(2023-0Group the plaintiff fulfilled the supply effect cases have 58）

obligation according to the contract and been applied

while Gome and its affiliated some for

companies the defendant failed to cases enforcement

fulfill the payment obligation to are still after the first

Meiling Group according to the in the instance takes

contract. According to statistics the second effect and

defendant Gome and its affiliated instance another 8

companies owe Meiling Group RMB . cases are

9841267.21 for purchase payment and currently in

RMB 1018820.55 for liquidated the second

damages for overdue payment totaling instance stage.RMB 10860087.76. Based on this the

plaintiff Meiling Group filed a lawsuit

against the defendant Gome and its

affiliated companies in the People's

Court of Hefei High-tech Industry

Development Zone. It requested the

court to order the defendant Gome to

immediately pay the plaintiff Meiling

Group the purchase payment and the

liquidated damages for overdue

payment totaling RMB 10860087.76.Accumulated amount of other litigation Part of

that does not meet the disclosure 16455.17 it is a

standard of major litigation note

Note 1: On June 302025An estimated liability of 1932959.71 yuan will be confirmed. For specific

details please refer to the relevant content of "40. Estimated Liabilities" in "V. Annotations to Key Items in

Consolidated Financial Statements" of "Section 8 Financial Report" in this report.Note 2: The Company's shareholding in Zhiyijia is 50% and the products are sold through Zhiyijia's smart

trading platform. The customers channels and sales transactions corresponding to the products sold are

controlled and docked by the company itself and the external transaction object is Zhiyijia and related

transactions are formed between the Company and Zhiyijia. In terms of payment settlement the Company and

48Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Zhiyijia follow the principle of "external customer account period is Zhiyijia's account period to the Company

and external customer payment is Zhiyijia's payment to the Company which is not allowed to be remained or

transited at Zhiyijia". The amounts involved in this case are all accounts receivable and liquidated damages for

overdue payment caused by the Company's sales through the smart trading platform of Zhiyijia but the subject

of the agreement is Zhiyijia and this lawsuit will be filed by Zhiyijia. The Company and its affiliated enterprise

Zhiyijia will claim their legitimate rights and interests according to law and actively take relevant measures to

safeguard the legitimate rights and interests of the Company Zhiyijia and the investors.(ii) Other litigation matters

□ Applicable √ Not applicable

IX. Penalty and rectification

□ Applicable √ Not applicable

During the reporting period the Company had no Penalty and rectification.X. Integrity of the company and its controlling shareholders and actual controllers

□ Applicable √ Not applicable

49Changhong Meiling Co. Ltd. Semi-Annual Report 2025

XI. Major related party transaction

(i) Related party transaction with routine operation concerned

√ Applicable □ Not applicable

Whether

Type Related Trading Clearing

Related Proportion over the Available

of transaction limit form for

Seri Related Relationsh Content of related Pricing transaction in similar approve similar

related price (in 10 approved (in related Date of disclosure Index of disclosure

al party ip transaction principle amount (in 10 transaction d limited market

transac thousand 10 thousand transacti

thousand Yuan) s (%) or Not price

tion Yuan) Yuan) on

(Y/N)

Juchao Website

Pressure regulator Spot

Sichuan Controllin Comm （www.cninfo.com.cn）

integrated circuit exchang December 12 2024

Changhon g odity Marketing Announcement

1 transistors steel 5824.16 5824.16 0.39% 15000 N e Bank - December 28 2024 May

g Electric shareholde purcha price No.:2024-0672024-068、

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037 and 2025-040.

Sichuan Spot Juchao Website

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Changhon Steel plate and exchang December 12 2024 g odity （www.cninfo.com.cn）Marketing

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- December 28 2024 May

shareholde purcha Announcement price

Holdings r sed etc acceptan 242025 No.:2024-0672024-068、

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50Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Co. Ltd. 037 and 2025-040.Other

enterprise

control Juchao Website

Changhon Spot

under the Comm （www.cninfo.com.cn）

g Huayi exchang December 12 2024

same odity Compressor Marketing Announcement

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controlling purcha

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shareholde sed acceptan 242025

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037 and 2025-040.

ultimate

controller

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enterprise

Sichuan control Juchao Website

Spot

Changhon under the Comm Components （www.cninfo.com.cn）

exchang December 12 2024

g Mold same odity plastic parts and Marketing Announcement

4 76273.76 76273.76 5.06% 160000 N e Bank - December 28 2024 May

Plastic controlling purcha lining accessories price No.:2024-0672024-068、

Tech. Co. shareholde sed acceptan 242025

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g Jijia under the purcha price e Bank Announcement

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51Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Ltd. shareholde ce 2024-0692024-0762025-0362025-

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ultimate 037 and 2025-040.controller

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enterprise Juchao Website

Sichuan Spot

control （www.cninfo.com.cn）

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same odity Marketing Announcement

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Co. Ltd. r and 2024-0692024-0762025-0362025-

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Sichuan

enterprise Juchao Website

Changhon Spot control Printed board （www.cninfo.com.cn）

g under the Comm exchang December 12 2024

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Precision same odity

Marketing Announcement

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s Tech. r and 2024-0692024-0762025-0362025-

ce

Co. Ltd. ultimate 037 and 2025-040.controller

Sichuan Other Juchao Website

Spot

Changhon enterprise Comm （www.cninfo.com.cn）

exchang December 12 2024

g control odity Marketing Announcement

8 Foods 2.70 2.70 0.0002% 5000 N e Bank - December 28 2024 May

Internation price under the purcha No.:2024-0672024-068、

acceptan 242025

al Hotel same sed 2024-0692024-0762025-0362025-

ce

Co. Ltd. 037 and 2025-040.controlling

52Changhong Meiling Co. Ltd. Semi-Annual Report 2025

shareholde

r and

ultimate

controller

Other

Guangdon enterprise Juchao Website

Spot

g control （www.cninfo.com.cn）

under the Comm exchang December 12 2024

Changhon

same odity Marketing Announcement

9 Foam and carton 402.80 402.80 0.03% 5000 N e Bank - December 28 2024 May

g controlling purcha price No.:2024-0672024-068、

Electronic shareholde sed acceptan 242025

r and 2024-0692024-0762025-0362025-

s Co. Ltd. ce

ultimate 037 and 2025-040.controller

Sichuan

Changhon Other

enterprise Juchao Website

g

control （www.cninfo.com.cn）

Intelligenc under the Comm Spot December 12 2024

same odity Outside cover Marketing Announcement

10 e 5.65 5.65 0.0004% 5000 N exchang - December 28 2024 May

controlling purcha parts price No.:2024-0672024-068、

Manufactu shareholde sed e 242025

r and 2024-0692024-0762025-0362025-

ring

ultimate 037 and 2025-040.Technolog controller

y Co. Ltd.Other

Sichuan Comm Marketing

11 enterprise

Spot December 12 2024 Juchao Website

Electronic product 2.32 2.32 0.0002% 5000 N -

odity

Hongwei control price purcha exchang December 28 2024 May （www.cninfo.com.cn）

under the

53Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Technolog same sed e 242025 Announcement

controlling

y Co. Ltd shareholde No.:2024-0672024-068、

r and 2024-0692024-0762025-0362025-

ultimate

controller 037 and 2025-040.Other

Sichuan enterprise Juchao Website

Spot

Changhon control （www.cninfo.com.cn）

under the Comm exchang December 12 2024

g New

same odity Marketing Announcement

12 Batteries 45.21 45.21 0.003% 5000 N e Bank - December 28 2024 May

Energy controlling purcha price No.:2024-0672024-068、

Technolog shareholde sed acceptan 242025

r and 2024-0692024-0762025-0362025-

y Co. Ltd. ce

ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

Sichuan control （www.cninfo.com.cn）

Zhiyijia under the Comm Spot December 12 2024

Network same odity Air conditioner

Marketing Announcement

13 255.57 255.57 0.02% 5000 N exchang - December 28 2024 May

controlling purcha LCD TV

Technolog price No.:2024-0672024-068、

shareholde sed e 242025

y Co. Ltd. r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Changhon Other

Juchao Website

g enterprise

Comm Spot December 12 2024 control （www.cninfo.com.cn）

Internation odity TV Air Marketing

14 under the 704.32 704.32 0.05% 4000 N exchang - December 28 2024 May

purcha Announcement al same conditioner price

sed e 242025

Holdings controlling No.:2024-0672024-068、

shareholde

(Hong 2024-0692024-0762025-0362025-

r and

54Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Kong) ultimate 037 and 2025-040.Co. Ltd. controller

Other

enterprise Juchao Website

control

Sichuan （www.cninfo.com.cn）

under the Comm Bank December 12 2024

Changhon

same odity Marketing Announcement

15 g Device printed board 21.42 21.42 0.001% 5000 N acceptan - December 28 2024 May

controlling purcha

Technolog price No.:2024-0672024-068、

shareholde sed ce 242025

y Co. Ltd.r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Other

Sichuan enterprise Juchao Website

Spot

Changhon control Remote controls （www.cninfo.com.cn）

under the Comm switching exchang December 12 2024

g

same odity transformers Marketing Announcement

16 1866.86 1866.86 0.12% 5000 N e Bank - December 28 2024 May

Electronic controlling purcha printed boards price No.:2024-0672024-068、

Products shareholde sed electronic acceptan 242025

r and components etc. 2024-0692024-0762025-0362025-

Co. Ltd. ce

ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

Sichuan control （www.cninfo.com.cn）

under the Comm Spot December 12 2024

Jiahong same odity Marketing Announcement

17 Foods 1.09 1.09 0.0001% 5000 N exchang - December 28 2024 May

Industrial controlling purcha price No.:2024-0672024-068、

shareholde sed e 242025

Co. Ltd r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

55Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Other

enterprise Juchao Website

Sichuan Spot control Comm Internet access （www.cninfo.com.cn）

Ailian under the exchang December 12 2024

same odity modules Marketing Announcement

18 Science & 1036.45 1036.45 0.07% 3000 N e Bank - December 28 2024 May

controlling

Technolog purcha electronic price No.:2024-0672024-068、

shareholde acceptan 242025

y Co. Ltd. r and sed components etc 2024-0692024-0762025-0362025-

ce

ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

Sichuan Spot control （www.cninfo.com.cn）

Aichuang under the Comm exchang December 12 2024

Science & same odity Inverter integrated

Marketing Announcement

19 12875.16 12875.16 0.85% 28000 N e Bank - December 28 2024 May

controlling purcha board

Technolog price No.:2024-0672024-068、

shareholde sed acceptan 242025

y Co. Ltd. r and 2024-0692024-0762025-0362025-

ce

ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

Spot

control （www.cninfo.com.cn）

Sichuan under the Comm Inverter integrated exchang December 12 2024

Aoku same odity board ，Electronic Marketing Announcement

20 1230.57 1230.57 0.08% 7000 N e Bank - December 28 2024 May

Technolog controlling purcha control price No.:2024-0672024-068、

y Co. Ltd. shareholde sed components acceptan 242025

r and 2024-0692024-0762025-0362025-

ce

ultimate 037 and 2025-040.controller

Sichuan Controllin Accept Shuttle Marketing Spot December 12 2024 Juchao Website

21 Changhon g labor transportation fee 44.90 44.90 0.04% 350000 N -

shareholde service training service price

g exchang December 28 2024 May （www.cninfo.com.cn）

r and

56Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Electronic ultimate e 242025 Announcement

s Holding controller

No.:2024-0672024-068、

Group

2024-0692024-0762025-0362025-

Co. Ltd.

037 and 2025-040.

Juchao Website

Sichuan Software usage （www.cninfo.com.cn）

Controllin Spot December 12 2024

Changhon Accept fee information

g Marketing Announcement

22 labor consultation fee 1140.44 1140.44 0.98% 10000 N exchang - December 28 2024 May

g Electric shareholde

service inspection and price No.:2024-0672024-068、

Co. Ltd. r e 242025 certification fee 2024-0692024-0762025-0362025-

037 and 2025-040.

Other

Sichuan enterprise Juchao Website

Transportation

Changhon control （www.cninfo.com.cn）

under the services Spot December 12 2024

g Accept

same Marketing Announcement

23 labor warehousing and 38736.00 38736.00 33.16% 85000 N exchang - December 28 2024 May

Minsheng controlling

service price No.:2024-0672024-068、

Logistics shareholde handling services e 242025

r and 2024-0692024-0762025-0362025-

Co. Ltd. etc

ultimate 037 and 2025-040.controller

Sichuan Other Spot Juchao Website

Changhon enterprise

Commission exchang December 12 2024

g Mold control Accept （www.cninfo.com.cn）

processing fee， Marketing

24 under the labor 1800.65 1800.65 1.54% 6500 N e Bank - December 28 2024 May

Plastic Announcement

same Change the mold service price

Tech. Co. controlling service

acceptan 242025 No.:2024-0672024-068、

Ltd. shareholde ce 2024-0692024-0762025-0362025-

r and

57Changhong Meiling Co. Ltd. Semi-Annual Report 2025

ultimate 037 and 2025-040.controller

Other

Sichuan

enterprise Juchao Website

Service control

Three packages （www.cninfo.com.cn）

Exp. under the Spot December 12 2024

Accept equipment repair

same Marketing Announcement

25 Appliance labor miscellaneous 19023.14 19023.14 16.28% 51000 N exchang - December 28 2024 May

controlling

Service service fees installation price No.:2024-0672024-068、

shareholde e 242025

Chain Co. fee etc. r and 2024-0692024-0762025-0362025-

Ltd. ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

Sichuan control （www.cninfo.com.cn）

under the Software usage Spot December 12 2024

Hongxin Accept

same Marketing Announcement

26 labor fee information 61.51 61.51 0.05% 10000 N exchang - December 28 2024 May

Software controlling

service service fee price No.:2024-0672024-068、

Co. Ltd. shareholde e 242025

r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Other

Guangdon enterprise Juchao Website

g control Network services （www.cninfo.com.cn）

under the Spot December 12 2024

Changhon Accept

same recruitment Marketing Announcement

27 labor 11.51 11.51 0.01% 10000 N exchang - December 28 2024 May

g controlling

service services security price No.:2024-0672024-068、

Electronic shareholde e 242025

r and services etc 2024-0692024-0762025-0362025-

s Co. Ltd.ultimate 037 and 2025-040.controller

58Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Other

enterprise Juchao Website

Sichuan control （www.cninfo.com.cn）

under the Meals property Spot December 12 2024

Jiahong Accept

same Marketing Announcement

28 labor management fees 601.02 601.02 0.51% 5000 N exchang - December 28 2024 May

Industrial controlling

service price No.:2024-0672024-068、

Co. Ltd. shareholde etc. e 242025

r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Other

Sichuan enterprise Juchao Website

Changhon control （www.cninfo.com.cn）

under the Meetings fee Spot December 12 2024

g Accept

same Marketing Announcement

29 labor accommodation， 141.02 141.02 0.12% 5000 N exchang - December 28 2024 May

Internation controlling

service price No.:2024-0672024-068、

al Hotel shareholde Travel service e 242025

r and 2024-0692024-0762025-0362025-

Co. Ltd.ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

Sichuan control （www.cninfo.com.cn）

Changhon under the Spot December 12 2024

Accept property

same Marketing Announcement

30 g Property labor 4.47 4.47 0.004% 5000 N exchang - December 28 2024 May

controlling management fees

Services service price No.:2024-0672024-068、

shareholde ee 242025

Co. Ltd. r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Other Accept

Sichuan Marketing Spot December 12 2024 Juchao Website

31 enterprise labor Training services 1228.46 1228.46 1.05% 10000 N -

Hongwei control service price exchang December 28 2024 May （www.cninfo.com.cn）

under the

59Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Technolog same e 242025 Announcement

controlling

y Co. Ltd. shareholde No.:2024-0672024-068、

r and 2024-0692024-0762025-0362025-

ultimate

controller 037 and 2025-040.Other

enterprise Juchao Website

Sichuan control （www.cninfo.com.cn）

Zhiyijia under the Spot December 12 2024

Accept Design service fee

same Marketing Announcement

32 Network labor and platform 1.61 1.61 0.001% 10000 N exchang - December 28 2024 May

controlling

Technolog service usage fee price No.:2024-0672024-068、

shareholde e 242025

y Co. Ltd. r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Sichuan Other

Changhon enterprise Juchao Website

g control Consultation （www.cninfo.com.cn）

under the Spot December 12 2024

Intelligent Accept

same service Marketing Announcement

33 labor 203.87 203.87 0.17% 5000 N exchang - December 28 2024 May

Manufactu controlling

service Equipment repair price No.:2024-0672024-068、

ring shareholde e 242025

r and service 2024-0692024-0762025-0362025-

Technolog

ultimate 037 and 2025-040.y Co. Ltd. controller

Other Juchao Website

Sichuan enterprise Spot December 12 2024

Changhon （www.cninfo.com.cn）control Accept Commission Marketing exchang

34 g Jijia labor 507.71 507.71 0.43% 10000 N - December 28 2024 May under the processing fee Announcement

Fine Co. same service

price e Bank

242025

Ltd. No.:2024-0672024-068、controlling acceptan

shareholde 2024-0692024-0762025-0362025-

60Changhong Meiling Co. Ltd. Semi-Annual Report 2025

r and ce 037 and 2025-040.ultimate

controller

Sichuan

Other

Changhon enterprise Juchao Website

g Gerun control （www.cninfo.com.cn）

under the Spot December 12 2024

Environm Accept same Environmental Marketing Announcement

35 labor 10.24 10.24 0.01% 5000 N exchang - December 28 2024 May

ental controlling service protection service price No.:2024-0672024-068、

shareholde e 242025

protection r and 2024-0692024-0762025-0362025-

Technolog ultimate 037 and 2025-040.controller

y Co. Ltd.Other

enterprise

control Juchao Website

Sichuan under the Technical service （www.cninfo.com.cn）

Accept Spot December 12 2024

Aichuang same warehouse Marketing Announcement

36 labor 76.11 76.11 0.07% 5000 N exchang - December 28 2024 May

Technolog controlling management price No.:2024-0672024-068、

service e 242025

y Co. Ltd. shareholde service 2024-0692024-0762025-0362025-

r and 037 and 2025-040.ultimate

controller

Sichuan Other Accept Instrument repair Marketing Spot December 12 2024 Juchao Website

37 209.60 209.60 0.18% 5000 N -

Qiruike enterprise labor fee inspection and

price

Technolog control service certification fee exchang December 28 2024 May （www.cninfo.com.cn）

61Changhong Meiling Co. Ltd. Semi-Annual Report 2025

y Co. Ltd. under the etc. e 242025 Announcement

same

controlling No.:2024-0672024-068、

shareholde 2024-0692024-0762025-0362025-

r and

ultimate 037 and 2025-040.controller

Juchao Website

Spot（www.cninfo.com.cn）

Sichuan Controllin Air conditioner exchang December 12 2024

Sales

Changhon g Kitchen and Marketing Announcement

38 of 82.38 82.38 0.005% 1750 N e Bank - December 28 2024 May

g Electric shareholde bathroom small

goods price No.:2024-0672024-068、

Co. Ltd. r appliances acceptan 242025

2024-0692024-0762025-0362025-

ce

037 and 2025-040.

Other

enterprise Juchao Website

Sichuan

control （www.cninfo.com.cn）

Changhon under the Spot December 12 2024

Sales

same Plastic pressure Marketing Announcement

39 g Mold of 8.81 8.81 0.0005% 2000 N exchang - December 28 2024 May

controlling

goods parts price No.:2024-0672024-068、

Technolog shareholde e 242025

r and 2024-0692024-0762025-0362025-

y Co. Ltd.ultimate 037 and 2025-040.controller

Sichuan Other Juchao Website

enterprise Washing machine Spot

Zhiyijia December 12 2024

control Sales Refrigerator （www.cninfo.com.cn）Marketing exchang

40 Network under the of freezer Air 345985.45 345985.45 19.29% 900000 N - December 28 2024 May Announcement

Technolog same goods conditioner small price e Bank

242025

controlling No.:2024-0672024-068、

y Co. Ltd. appliances

shareholde acceptan

2024-0692024-0762025-0362025-

r and

62Changhong Meiling Co. Ltd. Semi-Annual Report 2025

ultimate ce 037 and 2025-040.controller

Other

enterprise Juchao Website

Sichuan control （www.cninfo.com.cn）

Changhon under the Air-conditioning Spot December 12 2024

Sales

same Marketing Announcement

41 g Device of energy and 2.09 2.09 0.0001% 2000 N exchang - December 28 2024 May

controlling

Technolog goods price No.:2024-0672024-068、

shareholde compressed air e 242025

y Co. Ltd. r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Other

Sichuan enterprise Juchao Website

Changhon control （www.cninfo.com.cn）

under the Spot December 12 2024

g Sales

same Air-conditioning Marketing Announcement

42 of 59.19 59.19 0.003% 2000 N exchang - December 28 2024 May

Minsheng controlling Refrigerator

goods price No.:2024-0672024-068、

Logistics shareholde e 242025

r and 2024-0692024-0762025-0362025-

Co. Ltd.ultimate 037 and 2025-040.controller

Other

Sichuan

enterprise Juchao Website

Service control Air conditioners （www.cninfo.com.cn）

Exp. under the Spot December 12 2024

Sales

same inverter integrated Marketing Announcement

43 Appliance of 318.55 318.55 0.018% 2000 N exchang - December 28 2024 May

controlling

Service goods boards price No.:2024-0672024-068、

shareholde e 242025

Chain Co. r and components etc. 2024-0692024-0762025-0362025-

Ltd. ultimate 037 and 2025-040.controller

63Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Other

enterprise Juchao Website

Zhongjiu

control （www.cninfo.com.cn）

Flash under the Spot December 12 2024

Sales

same Marketing Announcement

44 Medical of Air conditioners 72.17 72.17 0.004% 4500 N exchang - December 28 2024 May

controlling

goods price No.:2024-0672024-068、

Technolog shareholde e 242025

r and 2024-0692024-0762025-0362025-

y Co. Ltd

ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

Sichuan

control （www.cninfo.com.cn）

Changhon under the Kitchen and Spot December 12 2024

Sales

same Marketing Announcement

45 g Property of bathroom small 0.40 0.40 0.00002% 2000 N exchang - December 28 2024 May

controlling

goods price No.:2024-0672024-068、

Service shareholde home appliances e 242025

r and 2024-0692024-0762025-0362025-

Co. Ltd.ultimate 037 and 2025-040.controller

Sichuan Other

enterprise Juchao Website

Changho

control （www.cninfo.com.cn）

ng under the Spot December 12 2024

Sales

same Marketing Announcement

46 Xinwang of Air conditioners 207.96 207.96 0.012% 2000 N exchang - December 28 2024 May

controlling

goods price No.:2024-0672024-068、

Technolo shareholde e 242025

r and 2024-0692024-0762025-0362025-

gy Co.ultimate 037 and 2025-040.Ltd. controller

Sichuan Other Sales Spot December 12 2024 Juchao Website47 Air conditioners 29.00 29.00 0.002% 4500 N -

enterprise Marketing

Hongche of control exchang December 28 2024 May （www.cninfo.com.cn）

64Changhong Meiling Co. Ltd. Semi-Annual Report 2025

ng under the goods price e 242025 Announcement

same

Construct controlling No.:2024-0672024-068、

ion shareholde 2024-0692024-0762025-0362025-

r and

Engineeri ultimate 037 and 2025-040.ng Co. controller

Ltd.Other

enterprise Juchao Website

control Printed board （www.cninfo.com.cn）

Sichuan under the Spot December 12 2024

Sales

Aoku same components small Marketing Announcement

48 of 1.96 1.96 0.0001% 4500 N exchang - December 28 2024 May

Technolog controlling

goods home appliances price No.:2024-0672024-068、

y Co. Ltd. shareholde e 242025

r and etc 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

control （www.cninfo.com.cn）

Sichuan under the Spot December 12 2024

Sales

Changhon same Small home Marketing Announcement

49 of 4.96 4.96 0.0003% 4500 N exchang - December 28 2024 May

g Source controlling

goods appliances price No.:2024-0672024-068、

Co. Ltd. shareholde e 242025

r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Other

Sichuan Juchao Website

enterprise Sales Marketing Spot December 12 2024

50 Air conditioners 0.74 0.74 0.00004% 4500 N -

Jiahong control of （www.cninfo.com.cn）

under the goods

price exchang December 28 2024 May

Industry Announcement

same

65Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Co. Ltd. controlling e 242025 No.:2024-0672024-068、

shareholde

r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

PT.CHAN

control （www.cninfo.com.cn）

GHONGE under the Spot December 12 2024

Sales

same Marketing Announcement

51 LECTRIC of TV 8.31 8.31 0.0005% 2000 N exchang - December 28 2024 May

controlling

goods price No.:2024-0672024-068、

INDONES shareholde e 242025

r and 2024-0692024-0762025-0362025-

IA

ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

CHANGH

control （www.cninfo.com.cn）

ONG(HK) under the Spot December 12 2024

Sales

same Air conditioners Marketing Announcement

52 TRADIN of 108880.15 108880.15 6.071% 160000 N exchang - December 28 2024 May

controlling

goods and part price No.:2024-0672024-068、

GLIMITE shareholde e 242025

r and 2024-0692024-0762025-0362025-

D

ultimate 037 and 2025-040.controller

Other

CHANGH enterprise Juchao Website

control

ONGELE Spot December 12 2024 Sales （www.cninfo.com.cn）under the Refrigerator Marketing

53 CTRIC(A same of

13524.24 13524.24 0.754% 160000 N exchang - December 28 2024 May Announcement

washing machine price

controlling goods e 242025

USTRALI No.:2024-0672024-068、

shareholde

A)PTY.LT r and 2024-0692024-0762025-0362025-

ultimate

66Changhong Meiling Co. Ltd. Semi-Annual Report 2025

D. controller 037 and 2025-040.Other

enterprise Juchao Website

control （www.cninfo.com.cn）

under the Spot December 12 2024

OrionPDP Sales same Marketing Announcement

54 of Refrigerator 627.27 627.27 0.035% 8500 N exchang - December 28 2024 May

Co.Ltd controlling goods price No.:2024-0672024-068、

shareholde e 242025

r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

control （www.cninfo.com.cn）

Changhon under the Spot December 12 2024

Sales

same Marketing Announcement

55 gEuropeEl of Refrigerator 8071.31 8071.31 0.450% 18000 N exchang - December 28 2024 May

controlling

goods price No.:2024-0672024-068、

ectrics.r.o shareholde e 242025

r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Other

Changhon enterprise Juchao Website

g control （www.cninfo.com.cn）

Internation under the Refrigerator Air Spot December 12 2024

Sales

al same Marketing Announcement

56 of conditioners and 18121.67 18121.67 1.010% 90000 N exchang - December 28 2024 May

Holdings controlling

goods price No.:2024-0672024-068、

(Hong shareholde part e 242025

Kong) r and 2024-0692024-0762025-0362025-

Co. Ltd. ultimate 037 and 2025-040.controller

67Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Other

enterprise Juchao Website

control

Sichuan （www.cninfo.com.cn）

under the Kitchen and Spot December 12 2024

Aichuang Sales

same Marketing Announcement

57 Science & of bathroom small 9.82 9.82 0.001% 4500 N exchang - December 28 2024 May

controlling

Technolog goods price No.:2024-0672024-068、

shareholde home appliances e 242025

y Co. Ltd.r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

Property

Sichuan control （www.cninfo.com.cn）

Changhon under the Provid management Spot December 12 2024

g Mold same ing Marketing Announcement

58 services 222.45 222.45 7.37% 10000 N exchang - December 28 2024 May

Plastic controlling service price No.:2024-0672024-068、

Tech. Co. shareholde s warehousing e 242025

Ltd. r and 2024-0692024-0762025-0362025-

services etc

ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

Property

control

Sichuan （www.cninfo.com.cn）

under the Provid management Spot December 12 2024

Changhon

same ing Marketing Announcement

59 g Jijia services 22.42 22.42 0.74% 10000 N exchang - December 28 2024 May

controlling service

Fine Co. price No.:2024-0672024-068、

shareholde s warehousing e 242025

Ltd.r and 2024-0692024-0762025-0362025-

services etc

ultimate 037 and 2025-040.controller

Sichuan Other

Provid Labor service Marketing

60 Aichuang enterprise

Spot December 12 2024 Juchao Website

warehousing 4.08 4.08 0.14% 4500 N - ing

Science & control services etc price service exchang December 28 2024 May （www.cninfo.com.cn）

Technolog under the

68Changhong Meiling Co. Ltd. Semi-Annual Report 2025

y Co. Ltd. same s e 242025 Announcement

controlling

shareholde No.:2024-0672024-068、

r and 2024-0692024-0762025-0362025-

ultimate

controller 037 and 2025-040.Other

enterprise Juchao Website

control

Sichuan （www.cninfo.com.cn）

under the Provid Spot December 12 2024

Zhiyijia

same ing Marketing Announcement

61 Network Service fee 16.11 16.11 0.53% 10000 N exchang - December 28 2024 May

controlling service

Technolog price No.:2024-0672024-068、

shareholde s e 242025

y Co. Ltd.r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Juchao Website（www.cninfo.com.cn）

Sichuan Controllin Provid Spot December 12 2024

Labor service

Changhon g ing Marketing Announcement

62 Installation 26.97 26.97 0.89% 10000 N exchang - December 28 2024 May

g Electric shareholde service

service price No.:2024-0672024-068、

Co. Ltd. r s e 242025

2024-0692024-0762025-0362025-

037 and 2025-040.

Other

Sichuan Juchao Website

enterprise

Changhon Spot December 12 2024 control Provid （www.cninfo.com.cn）

Installation Marketing

63 under the

ing

g New 6.42 6.42 0.21% 4500 N exchang - December 28 2024 May service Announcement same service price

s e 242025 Energy controlling No.:2024-0672024-068、

shareholde

Technolog 2024-0692024-0762025-0362025-

r and

69Changhong Meiling Co. Ltd. Semi-Annual Report 2025

y Co. Ltd. ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

Zhongjiu

control （www.cninfo.com.cn）

Flash under the Provid Spot December 12 2024

same ing Installation Marketing Announcement

64 Medical 71.99 71.99 2.38% 4500 N exchang - December 28 2024 May

controlling service service price No.:2024-0672024-068、

Technolog shareholde s e 242025

r and 2024-0692024-0762025-0362025-

y Co. Ltd

ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

Mianyang

control （www.cninfo.com.cn）

Huafeng under the Provid Spot December 12 2024

same ing Marketing Announcement

65 Hulian Repair Service 1.42 1.42 0.05% 4500 N exchang - December 28 2024 May

controlling service price No.:2024-0672024-068、

Technolog shareholde s e 242025

r and 2024-0692024-0762025-0362025-

y Co. Ltd.ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

control

Changhon （www.cninfo.com.cn）

under the Provid Spot December 12 2024

g Huayi

same ing Marketing Announcement

66 Compress Labor service 27.22 27.22 0.90% 220 N exchang - December 28 2024 May

controlling service

or Co. price No.:2024-0672024-068、

shareholde s e 242025

Ltd.r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

70Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Other

enterprise Juchao Website

Sichuan control （www.cninfo.com.cn）

Changhon under the Provid Spot December 12 2024

g same ing Marketing Announcement

67 Labor service 8.56 8.56 0.28% 10000 N exchang - December 28 2024 May

Minsheng controlling service price No.:2024-0672024-068、

Logistics shareholde s e 242025

Co. Ltd. r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

Sichuan control （www.cninfo.com.cn）

under the Provid Spot December 12 2024

Ailian same ing Warehousing Marketing Announcement

68 0.08 0.08 0.003% 4500 N exchang - December 28 2024 May

Technolog controlling service services price No.:2024-0672024-068、

shareholde s e 242025

y Co. Ltd. r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Sichuan Other

enterprise Juchao Website

Changho

control （www.cninfo.com.cn）

ng under the Provid Spot December 12 2024

same ing Marketing Announcement

69 Xinwang Labor cost 219.63 219.63 7.27% 10000 N exchang - December 28 2024 May

controlling service price No.:2024-0672024-068、

Technolo shareholde s e 242025

r and 2024-0692024-0762025-0362025-

gy Co.ultimate 037 and 2025-040.Ltd. controller

Sichuan Other Provid Spot December 12 2024 Juchao Website

70 Labor cost 108.88 108.88 3.61% 10000 N - enterprise ing Marketing

Service control service exchang December 28 2024 May （www.cninfo.com.cn）

71Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Exp. under the s price e 242025 Announcement

same

Appliance controlling No.:2024-0672024-068、

Service shareholde 2024-0692024-0762025-0362025-

r and

Chain Co. ultimate 037 and 2025-040.Ltd. controller

Other

enterprise Juchao Website

control （www.cninfo.com.cn）

Sichuan under the Provid Spot December 12 2024

Aoku same ing Marketing Announcement

71 Labor cost 1.70 1.70 0.06% 4500 N exchang - December 28 2024 May

Technolog controlling service price No.:2024-0672024-068、

y Co. Ltd. shareholde s e 242025

r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

Sichuan control （www.cninfo.com.cn）

Changhon under the Provid Spot December 12 2024

g same ing Marketing Announcement

72 Maintenance fees 1.51 1.51 0.05% 4500 N exchang - December 28 2024 May

Internation controlling service price No.:2024-0672024-068、

al Hotel shareholde s e 242025

Co. Ltd. r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Other

Sichuan Juchao WebsiteProvid Spot December 12 2024 enterprise

Changhon ing Marketing control （www.cninfo.com.cn）73 Maintenance fees 12.16 12.16 0.40% 10000 N exchang - December 28 2024 May g

under the service price

Internation Announcement s e 242025 same

al Hotel

controlling No.:2024-0672024-068、

72Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Co. Ltd. shareholde 2024-0692024-0762025-0362025-

r and

ultimate 037 and 2025-040.controller

Other

enterprise

Sichuan control Juchao Website

Changhon under the （www.cninfo.com.cn）

Provid Spot December 12 2024

g same ing Marketing Announcement

74 Packaging service 0.15 0.15 0.005% 10000 N exchang - December 28 2024 May

Electronic controlling service price No.:2024-0672024-068、

s e 242025

Products shareholde 2024-0692024-0762025-0362025-

Co. Ltd. r and 037 and 2025-040.ultimate

controller

Other

enterprise Juchao Website

control

Sichuan （www.cninfo.com.cn）

under the Provid Spot December 12 2024

Changhon

same ing Technical service Marketing Announcement

75 g Device 1.28 1.28 0.04% 10000 N exchang - December 28 2024 May

controlling service fee

Technolog price No.:2024-0672024-068、

shareholde s e 242025

y Co. Ltd.r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Sichuan Other Provid Juchao Website

Marketing

76 Changhon enterprise

ing Technical service Spot December 12 2024

9.01 9.01 0.30% 4500 N - （www.cninfo.com.cn）

g Property control service fee price exchang December 28 2024 May

Service under the s Announcement

73Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Co. Ltd. same e 242025 No.:2024-0672024-068、

controlling

shareholde 2024-0692024-0762025-0362025-

r and 037 and 2025-040.ultimate

controller

Sichuan

Other

Changhon enterprise Juchao Website

g control （www.cninfo.com.cn）

under the Provid Installation Spot December 12 2024

Jiechuang same ing Marketing Announcement

77 service Labor 4.30 4.30 0.14% 4500 N exchang - December 28 2024 May

Lithium controlling service price No.:2024-0672024-068、

shareholde s service e 242025

Battery r and 2024-0692024-0762025-0362025-

Technolog ultimate 037 and 2025-040.controller

y Co. Ltd.Other

enterprise Juchao Website

Sichuan control （www.cninfo.com.cn）

under the Provid Spot December 12 2024

Hongwei same ing Marketing Announcement

78 Labor service 0.14 0.14 0.005% 10000 N exchang - December 28 2024 May

Technolog controlling service price No.:2024-0672024-068、

shareholde s e 242025

y Co.Ltd. r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Other

Sichuan Air conditioning Spot December 12 2024 enterprise Provid Juchao Website

Marketing

79 control

ing

Changhon maintenance

0.78 0.78 0.03% 4500 N exchang - December 28 2024 May （www.cninfo.com.cn）

under the service price

g s service e 242025 same Announcement

controlling

74Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Education shareholde No.:2024-0672024-068、

r and

and ultimate 2024-0692024-0762025-0362025-

Technolog controller 037 and 2025-040.y Co. ltd

Juchao Website（www.cninfo.com.cn）

Sichuan Controllin Rent Spot December 12 2024

Changhon g to the Lease of factory Marketing Announcement

80 46.08 46.08 1.28% 4000 N exchang - December 28 2024 May

g Electric shareholde related equipment price No.:2024-0672024-068、

Co. Ltd. r party e 242025

2024-0692024-0762025-0362025-

037 and 2025-040.

Other

enterprise Juchao Website

control

Sichuan （www.cninfo.com.cn）

under the Rent Spot December 12 2024

Changhon Rental apartment

same to the Marketing Announcement

81 g Jijia warehousesplants 355.93 355.93 9.92% 4000 N exchang - December 28 2024 May

controlling related

Fine Co. equipment price No.:2024-0672024-068、

shareholde party e 242025

Ltd.r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Other

Sichuan Juchao Website

enterprise

Changhon Rent Spot December 12 2024 control （www.cninfo.com.cn）

Marketing

82 under the

to the

g Lease of factory 0.32 0.32 0.01% 4500 N exchang - December 28 2024 May related Announcement same price

e 242025

Education controlling party No.:2024-0672024-068、

shareholde

and 2024-0692024-0762025-0362025-

r and

75Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Technolog ultimate 037 and 2025-040.controller

y Co. ltd

Other

enterprise Juchao Website

control

Sichuan （www.cninfo.com.cn）

under the Rent Spot December 12 2024

Changhon

same to the Marketing Announcement

83 g Device Lease of factory 103.52 103.52 2.88% 4000 N exchang - December 28 2024 May

controlling related

Technolog price No.:2024-0672024-068、

shareholde party e 242025

y Co. Ltd.r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

Sichuan

control

Service （www.cninfo.com.cn）

under the Rent Spot December 12 2024

Exp.same to the Rental apartment Marketing Announcement

84 Appliance 24.81 24.81 0.69% 4000 N exchang - December 28 2024 May

controlling related office

Service price No.:2024-0672024-068、

shareholde party e 242025

Chain Co.r and 2024-0692024-0762025-0362025-

Ltd.ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

Sichuan control （www.cninfo.com.cn）

Changhon under the Rent Spot December 12 2024

Serviced

g same to the Marketing Announcement

85 apartment office 33.43 33.43 0.93% 4000 N exchang - December 28 2024 May

Minsheng controlling related

etc. price No.:2024-0672024-068、

Logistics shareholde party e 242025

Co. Ltd. r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

76Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Other

enterprise Juchao Website

Sichuan control Serviced （www.cninfo.com.cn）

Changhon under the Rent apartment Spot December 12 2024

g Mold same to the warehouse Marketing Announcement

86 958.14 958.14 26.69% 4000 N exchang - December 28 2024 May

Plastic controlling related workshop price No.:2024-0672024-068、

Tech. Co. shareholde party equipment and e 242025

Ltd. r and living quarters 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

control

Sichuan （www.cninfo.com.cn）

under the Rent Spot December 12 2024

Changhon

same to the Marketing Announcement

87 g Device Lease of factory 2.01 2.01 0.06% 4000 N exchang - December 28 2024 May

controlling related

Technolog price No.:2024-0672024-068、

shareholde party e 242025

y Co. Ltd.r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

control

Sichuan （www.cninfo.com.cn）

under the Rent Spot December 12 2024

Zhiyijia

same to the Marketing Announcement

88 Network Rental apartment 8.42 8.42 0.23% 4000 N exchang - December 28 2024 May

controlling related

Technolog price No.:2024-0672024-068、

shareholde party e 242025

y Co. Ltd.r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Chengdu Other

Leasin Marketing

Changhon enterprise Spot December 12 2024 Juchao Website89 Leasing office 4.21 4.21 0.12% 4000 N -

g from

g control price

related exchang December 28 2024 May （www.cninfo.com.cn）

Electronic under the

77Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Technolog same party e 242025 Announcement

y Co. Ltd. controlling

shareholde No.:2024-0672024-068、

r and 2024-0692024-0762025-0362025-

ultimate

controller 037 and 2025-040.Other

enterprise Juchao Website

Sichuan control （www.cninfo.com.cn）

Changhon under the Rent Spot December 12 2024

g same to the Marketing Announcement

90 Lease of factory 441.10 441.10 12.29% 4000 N exchang - December 28 2024 May

Minsheng controlling related price No.:2024-0672024-068、

Logistics shareholde party e 242025

Co. Ltd. r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

Guangdon control （www.cninfo.com.cn）

g under the Leasin Spot December 12 2024

Changhon same g from Lease of staff Marketing Announcement

91 1.91 1.91 0.05% 4000 N exchang - December 28 2024 May

g controlling related dormitory plant price No.:2024-0672024-068、

Electronic shareholde party e 242025

s Co. Ltd. r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Other

Juchao Website

SichuanH enterprise

Spot December 12 2024

control Leasin （www.cninfo.com.cn）

uafeng under the g from Lease of staff

Marketing

92 18.30 18.30 0.51% 5000 N exchang - December 28 2024 May

same related dormitory

Announcement

price

Technolo

party e 242025

controlling No.:2024-0672024-068、

gy Co. shareholde

2024-0692024-0762025-0362025-

r and

78Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Ltd ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

control （www.cninfo.com.cn）

Sichuan under the Leasin Spot December 12 2024

Jiahong same g from Lease of staff Marketing Announcement

93 17.95 17.95 0.50% 5000 N exchang - December 28 2024 May

Industrial controlling related dormitory plant price No.:2024-0672024-068、

Co. Ltd. shareholde party e 242025

r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Juchao Website（www.cninfo.com.cn）

Sichuan Controllin Leasin Spot December 12 2024

Changhon g g from Marketing Announcement

94 lease of plant 228.68 228.68 6.37% 4000 N exchang - December 28 2024 May

g Electric shareholde related price No.:2024-0672024-068、

Co. Ltd. r party e 242025

2024-0692024-0762025-0362025-

037 and 2025-040.

Juchao Website

Sichuan

Controllin

Changhon （www.cninfo.com.cn）

g Leasin Spot December 12 2024

g

shareholde g from Lease of staff Marketing Announcement

95 Electronic 9.95 9.95 0.28% 350000 N exchang - December 28 2024 May

r and related

s Holding dormitory price No.:2024-0672024-068、

ultimate party e 242025

Group

controller 2024-0692024-0762025-0362025-

Co. Ltd.

037 and 2025-040.

Sichuan Other Rent Spot December 12 2024 Juchao Website

96 Lease office 2.16 2.16 0.06% 4000 N -

Zhiyijia enterprise to the Marketing

Network control related exchang December 28 2024 May （www.cninfo.com.cn）

79Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Technolog under the party price e 242025 Announcement

y Co. Ltd. s ame

controlling No.:2024-0672024-068、

shareholde 2024-0692024-0762025-0362025-

r and

ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

Changhon

control （www.cninfo.com.cn）

g Huayi under the Rent Spot December 12 2024

same to the Lease of staff Marketing Announcement

97 Compressi 5.93 5.93 0.17% 80000 N exchang - December 28 2024 May

controlling related dormitory price No.:2024-0672024-068、

on Co. shareholde party e 242025

r and 2024-0692024-0762025-0362025-

Ltd.ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

Sichuan Purcha

control

se and （www.cninfo.com.cn）

Changhon under the Spot December 12 2024

constr

same Assembly Line Marketing Announcement

98 g Hongwei uction 26.55 26.55 0.11% 600 N exchang - December 28 2024 May

controlling

of body price No.:2024-0672024-068、

Technolog shareholde e 242025

fixed

r and 2024-0692024-0762025-0362025-

y Co. Ltd. assets

ultimate 037 and 2025-040.controller

Other

Sichuan Purchaenterprise Juchao WebsiteSpot December 12 2024

se and

Changhon control Assembly Line Marketing

99 constr（www.cninfo.com.cn）

132.11 132.11 0.54% 5000 N exchang - December 28 2024 May

under the

g uction body price same Announcement e 242025

of

Intelligent controlling fixed No.:2024-0672024-068、

shareholde

80Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Manufactu r and assets 2024-0692024-0762025-0362025-

ultimate

ring controller 037 and 2025-040.Technolog

y Co. Ltd.Other

enterprise Juchao Website

Purcha

control

se and （www.cninfo.com.cn）

Sichuan under the Spot December 12 2024

constr

Hongxin same Marketing Announcement

100 uction Display glass 23.49 23.49 0.10% 600 N exchang - December 28 2024 May

Software controlling

of price No.:2024-0672024-068、

Co. Ltd. shareholde e 242025

fixed

r and 2024-0692024-0762025-0362025-

assets

ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

Purcha

control

se and （www.cninfo.com.cn）

Sichuan under the Information Spot December 12 2024

constr

Hongxin same Marketing Announcement

101 uction Management 132.08 132.08 0.54% 600 N exchang - December 28 2024 May

Software controlling

of price No.:2024-0672024-068、

Co. Ltd. shareholde System e 242025

fixed

r and 2024-0692024-0762025-0362025-

assets

ultimate 037 and 2025-040.controller

Other Purcha Juchao Website

Sichuan enterprise se and

Spot December 12 2024

control constr （www.cninfo.com.cn）

Changhon Evaporator Marketing

102 under the uction 1.71 1.71 0.01% 600 N exchang - December 28 2024 May Announcement

same of working platform price g Xinwang

e 242025

controlling fixed No.:2024-0672024-068、

Technolog shareholde assets 2024-0692024-0762025-0362025-

r and

81Changhong Meiling Co. Ltd. Semi-Annual Report 2025

y Co. Ltd. ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

control

Sichuan （www.cninfo.com.cn）

under the Purcha Spot December 12 2024

Zhiyijia

same se of Marketing Announcement

103 Network TV 3.50 3.50 0.01% 600 N exchang - December 28 2024 May

controlling fixed

Technolog price No.:2024-0672024-068、

shareholde assets e 242025

y Co. Ltd.r and 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

Guangdon control Purcha （www.cninfo.com.cn）

g under the Spot December 12 2024

Changhon same se of Marketing Announcement

104 Display glass 0.40 0.40 0.002% 600 N exchang - December 28 2024 May

g controlling fixed price No.:2024-0672024-068、

Electronic shareholde e 242025

s Co. Ltd. r and assets 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

Other

enterprise Juchao Website

Sichuan control Saleso （www.cninfo.com.cn）

under the Spot December 12 2024

Aichuang same f Marketing Announcement

105 Line body 66.30 66.30 44.99% 4500 N exchang - December 28 2024 May

Technolog controlling fixed price No.:2024-0672024-068、

shareholde e 242025

y Co. Ltd. r and asset 2024-0692024-0762025-0362025-

ultimate 037 and 2025-040.controller

82Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Financ

ial

order

Other busine

enterprise Juchao Website

ss

control （www.cninfo.com.cn）

Yuanxin under the comm Spot December 12 2024

Financial same Financing Marketing Announcement

106 ercial 207172.10 207172.10 500000 N exchang - December 28 2024 May

Lease Co. controlling business price No.:2024-0672024-068、

Ltd. shareholde factori e 242025

r and 2024-0692024-0762025-0362025-

ng and

ultimate 037 and 2025-040.controller financi

al

order

etc

2618070.0

Total -- -- 1138186.82 -- -- -- -- -- --

0

Detail of sales return with major amount involved Not applicable

Report the actual implementation of the daily related

1 It is estimated that the related transaction amount resulted by purchasing goods (including door shell and plastic products etc.) and accepting fuel and power from

transactions which were projected about their total

Sichuan Changhong and its subsidiary by the Company for year of 2025 was 3030 million yuan at most (tax-excluded) actually 1441.0079 million yuan occurred in

amount by types during the reporting period (if

reporting period.applicable)

2. It is estimated that the related transaction amount resulted by purchasing compressors Sell goods accept or provide services with Changhong Huayi and its

83Changhong Meiling Co. Ltd. Semi-Annual Report 2025

subsidiary by the Company for year of 2025 was 802.20 million yuan at most (tax-excluded) actually 241.4126 million yuan occurred in reporting period.

3. It is estimated that the related transaction amount resulted by purchasing or selling equipment software maintenance and spare parts and molds etc. from Sichuan

Changhong and its subsidiary by the Company for year of 2025 was 6 million yuan at most (tax-excluded) actually 1.8773 million yuan occurred in reporting period.

4. It is estimated that the related transaction amount resulted by selling goods and providing fuel and power to Sichuan Changhong and its subsidiary by the Company

for year of 2025 was 11717.50 million yuan at most (tax-excluded) actually 4952.7051 million yuan occurred in reporting period.

5. It is estimated that the related transaction amount resulted by leasing business to Sichuan Changhong and its subsidiary by the Company for year of 2025 was 40

million yuan at most (tax-excluded) actually 22.1040 million yuan occurred in reporting period.

6. It is estimated that the related transaction amount from domestic finished goods logistic business outsourcing to Sichuan Changhong Minsheng Logistics Co. Ltd. by

the Company for year of 2025 was 850 million yuan at most (tax-excluded) actually 387.36 million yuan occurred in reporting period.

7. It is estimated that the related transaction amount from after sales service of domestic goods outsourcing to Sichuan Service Exp. Appliance Service Chain Co. Ltd.

by the Company for year of 2025 was 510 million yuan at most actually 190.2314 million yuan occurred in reporting period.

8. It is estimated that the related transaction amount resulted by accepting other service and labor service etc. or providing other service and labor service etc. to

Sichuan Changhong and its subsidiary by the Company for year of 2025 was 165 million yuan at most (tax-excluded) actually 53.9064 million yuan occurred in

reporting period.

9. It is estimated that the related transaction amount resulted by selling goods and leasing business from Sichuan Changhong Electronics Holding Group Co. Ltd and its

subsidiary by the Company for year of 2025 was 130 million yuan at most (tax-excluded) actually 9.1383 million yuan occurred in reporting period

10. It is estimated that the related transaction amount resulted by purchasing goods and receiving labor services fuel power leasing and purchasing equipment etc. from

Sichuan Changhong Electronics Holding Group Co. Ltd. and its subsidiary by the Company for year of 2025 was 3930 million yuan at most (tax-excluded) actually

2010.4042 million yuan occurred in reporting period.

84Changhong Meiling Co. Ltd. Semi-Annual Report 2025

11. It is estimated that the related transaction amount resulted by received the financing lease commercial factoring and bill financing from Yuanxin Financial Lease

Co. Ltd for year of 2025 was 5000 million yuan at most actually 2071.7210 million yuan occurred in reporting period.Reasons for major differences between trading price

Not applicable

and market reference price (if applicable)

85Changhong Meiling Co. Ltd. Semi-Annual Report 2025

(ii) Related transactions by assets acquisition and sold

□Applicable √ Not applicable

There are no related transactions by assets acquisition and sold in the period

(iii) Related party transaction of joint foreign investment

□Applicable √ Not applicable

There are no related transactions by joint foreign investment in the period

(iv) Connect of related liability and debt

√ Applicable □ Not applicable

Whether has non-operational contact of related liability and debts or not

□Yes √ No

No non-operational contact of related liability or debts in Period

(v) Contact with the related finance companies

√ Applicable □ Not applicable

Deposit business

Amount for the Period

Maximum

The total

Opening

daily deposit Deposit Total deposit amount

balance (In 10 Ending Balance

Related party Relationship limit (In 10 interest amount for the withdrawn in

thousand (In 10 thousand

thousand rate range

Period (In 10 the Period (In

yuan) yuan)

yuan) thousand yuan) 10 thousand

yuan)

Sichuan Other enterprise 450000.00 0.3%-2.4

Changhong control under the %

Group same controlling 447850.81 4407900.20 4407381.90 448369.11

Finance Co. shareholder and

Ltd. ultimate controller

Credit extension or other financial business

Related party Relationship Type of business Total amount ( in Actual amount ( in

86Changhong Meiling Co. Ltd. Semi-Annual Report 2025

10 thousand yuan) 10 thousand yuan)

Other enterprise control under

Sichuan Changhong Group the same controlling Other financial services -

Finance Co. Ltd. 300000.00 80408.18 shareholder and ultimate note issuance

controller

Other enterprise control under

Sichuan Changhong Group the same controlling Other financial services -

Finance Co. Ltd. note discounting 300000.00 48014.90 shareholder and ultimate

controller

Other enterprises controlled by

Sichuan Changhong Group the same controlling Other financial services -

Finance Co. Ltd. shareholder and ultimate Guarantee issued 100000.00 115.98

controller

Note 1: As of June 302025 registered capital of Changhong Finance Company is 2693938365.84 yuan. The

Company and Changhong Huayi holds 14.96% equity of Chonghong Finance Company respectively and

controlling shareholder of the Company -Sichuan Changhong Electric Co. Ltd and its controlling shareholder

Sichuan Changhong Electronics Holding Group Co. Ltd holds 35.04% equity of Changhong Finance Company

respectively.Note 2: After deliberated and approved by the 35th session of 9th BOD and 2thextraordinary shareholders

general meeting of 2023 held on 16 October 2023 and 3 November it is agreed to continue the financialservices cooperation between the Company and Changhong Finance Company and renew the “Financial ServiceAgreement” for a period of three years. Changhong Finance Company will provides a series of financial

services such as deposit and loans within scope of operation according to the requirements of Company and its

subsidiaries(Excluding Zhongke Meiling and its subsidiaries).Note 3:On December 11 and December 27 2024 the "Proposal on Expected Continuous Related Party

Transactions between the Company and Its Subsidiaries and Sichuan Changhong Group Finance Co. Ltd. in

2025" was deliberated and passed in the eighth meeting of the 11th board of directors of the Company and the

third extraordinary general meeting of shareholders in 2024 which estimated the amount of related transactions

of financial service such as deposits loans credit bill issuance bill discounting and guarantee business

between the Company and its subsidiaries (excluding Zhongke Meiling and its subsidiaries) and Changhong

Finance Co. Ltd. in 2025.(vi) Transactions between the finance company controlled by the Company and related parties

□ Applicable √ Not applicable

(vii) Other related party transactions

87Changhong Meiling Co. Ltd. Semi-Annual Report 2025

√Applicable□ Not applicable

1. On May 23 2025 after deliberation and approval at the 16th meeting of the 11th board of directors and the

10th meeting of the 11th board of supervisors of the Company it’s agreed that the Company will increase the

expected amount of routinerelated party transactions including selling goods to Sichuan Changhong in 2025 by

no more than 12.5 million yuan (excluding tax). After this increase the Company and its subsidiaries expect that

the total amount of routine related party transactions such as selling goods providing fuel and power to Sichuan

Changhong will not exceed 17.5 million yuan (excluding tax) in 2025.

2. On May 23 2025 after deliberation and approval at the 16th meeting of the 11th board of directors and the

10th meeting of the 11th board of supervisors of the Company according to the Company's strategic

development plan and the business development needs of its subsidiary Zhongshan Changhong in order to

solve the capacity demand for air conditioning business sales in overseas markets the board of directors of the

Company agreed that Zhongshan Changhong will invest in the construction of an air conditioning project with

an annual output of 4 million sets per shift (hereinafter referred to as the "air conditioning project") with

self-raised funds of about 296.42 million yuan. In order to meet the needs of the implementation site of

Zhongshan Changhong air conditioning project after field research repeated demonstration and evaluation

with the support of the Company's controlling shareholder Zhongshan Changhong intends to sign the

"Industrial Plant Lease Intention Contract" with Guangdong Changhong Electronics Co. Ltd. (hereinafter

referred to as "Guangdong Changhong") a holding subsidiary of Sichuan Changhong to build a new plant by

Guangdong Changhong and leased by Zhongshan Changhong for the implementation of Zhongshan Changhong

Construction with an annual output of 4 million sets of air conditioning project per shift. The intended lease

period is 5 years (from January 1 2027 to December 31 2031) and after the expiration of the lease period the

two parties will continue to negotiate the follow-up lease. The rental price refers to the market price and the

preliminary intention determines that the monthly rent standard is 20 yuan/square meter (excluding tax

including house rent security fees etc.) and the total rent for 5 years is expected to not exceed 212.3 million

yuan and the actual amount will be determined according to market conditions after the completion of the plant.The aforesaid term and price are only intentional agreements and the final lease agreement signed by both

parties shall prevail.Related searches for disclosure website of interim report with major related transaction concerned

Interim report Disclosure date Website for disclosure

Resolution Notice of the16th session of 11thBOD

(2025-036)

Resolution Notice of the 10th session of 11thBOS May 24 2025 Juchao Website www.cninfo.com.cn

(2025-037)

Announcement on the signing of the "Industrial Plant

88Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Lease Intention Contract"namely the related party

transaction by its subsidiary

(2025-039)

Announcement on Increasing the Daily Related Party

Transactions in 2025（2025-040）

XII. Significant contract and implementations

(i) Entrust contract and leasing

1. Entrust

□Applicable √ Not applicable

No entrust in Period.

2. Contract

□Applicable √ Not applicable

No contract in Period.

3. Leasing

√Applicable □Not applicable

Note

For the operational leasing of the company please refer to "investment real estate" "fixed assets" "use assets"

"use assets" "related party lease" and "related party lease" in the notes to the financial statements.Project which generates profit or loss reaching over 10% of total profits of the Company during the Reporting

Period

□ Applicable √ Not applicable

There were no leases with a 10% or greater impact on the Company’s gross profit in the Reporting Period.

89Changhong Meiling Co. Ltd. Semi-Annual Report 2025

(ii) Major guarantee

√ Applicable □ Not applicable

In RMB 10000Particulars about the external guarantee of the Company and subsidiaries (Barring the guarantee for subsidiaries)）

Counter

Collatera Complete

Name of the guarante Guarantee

Related Announcement Actual guarantee l (if Guarantee implemen

Company Guarantee limit Actual date of happening Guarantee type e (if for related

disclosure date limit applicabl term tation or

guaranteed applicab party

e) not

le)

-----------

Total approving external guarantee in report period (A1) 0 Total actual occurred external guarantee in report period (A2) 0

Total actual balance of external guarantee at the end of report

Total approved external guarantee at the end of report period ( A3) 0 0

period (A4)

Guarantee between the Company and the subsidiaries

Complete

Collatera Counter

Name of the Guarantee

Related Announcement Actual guarantee l (if guarante Guarantee implemen

Company Guarantee limit Actual date of happening Guarantee type for related

disclosure date limit applicabl e (if term tation or

guaranteed party

e)

applicab not

90Changhong Meiling Co. Ltd. Semi-Annual Report 2025

le)

Announcement No.:

2023-0662023-06720

Changhong Meiling 23-070

Joint liability 10.4 month

Ridian Technology 2023-080.released on 14500.00 March 192024 3500.00 Yes Yes No

guaranty s

Co. Ltd. December

52023December 22

2023.

Announcement No.:

2024-0202024-021202

4-023 Joint liability

60000.00 September 272024 60000.00 Yes 6.4 months Yes No

2024-036.released on guaranty

April 202024June

Sichuan Changhong 192024

Air-conditioner Co.Ltd. Announcement No.:

2024-0672024-068202

61800.00-------

2024-076.released on

December 12 2024

December 28 2024

91Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Announcement No.:

2024-0672024-068202

Jiangxi Meiling

Electric Appliance 10000.00 - - - - - - -

2024-076.released on

Co. Ltd.December 12 2024

December 28 2024

Announcement No.:

2023-0662023-067202

3-070 Joint liability

25000.00 December 62024 20000.00 Yes 1 year Yes No

2023-080.released on guaranty

December 5 2023

Hefei Meiling December 22 2023

Group Holdings

Limited Announcement No.:

2024-0672024-068202

4-071 Joint liability

70000.00 June 32025 40000.00 Yes 1 year No No

2024-076.released on guaranty

December 12 2024

December 28 2024

Hefei Changhong Announcement No.:

Joint liability

Meiling Life 2022-0872022-088202 35000.00 December 12023 10000.00 Yes 1 year Yes No

guaranty

Appliances Co. 2-091

92Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Ltd. 2022-100.released on

December 23 2022

December 21 2022

Announcement No.:

2023-0662023-067202

3-070 Joint liability

50000.00 March 262024 8000.00 Yes 1 yes Yes No

2023-080.released on guaranty

December 5 2023

December 23 2023

Announcement No.:

2024-0672024-068202

20000.00-------

2024-076.released on

December 12 2024

December 28 2024

Announcement No.: Joint liability

April 232025 3000.00 Yes 11 months No No

2024-0672024-068202 guaranty

Hefei Changhong

4-07140000.00

Industrial Co. Ltd.Joint liability

2024-076.released on May 262025 3579.30（Note 1） Yes 1 year No No

guaranty

December 12 2024

93Changhong Meiling Co. Ltd. Semi-Annual Report 2025

December 28 2024

Joint liability

May 282025 5000.00 Yes 1 year No No

guaranty

Total amount of approving guarantee for subsidiaries in report period Total amount of actual occurred guarantee for subsidiaries in

0153079.30

(B1) report period (B2)

Total amount of approved guarantee for subsidiaries at the end of Total balance of actual guarantee for subsidiaries at the end of

201800.0051579.30

reporting period (B3) reporting period (B4)

Guarantee of the subsidiaries for the subsidiaries

Counter

Collatera Complete

Name of the guarante Guarantee

Related Announcement Actual guarantee l (if Guarantee implemen

Company Guarantee limit Actual date of happening Guarantee type e (if for related

disclosure date limit applicabl term tation or

guaranteed applicab party

e) not

le)

Announcement No.:

2022-0872022-088202

2-091 Joint liability

Anhui Touxing 8000.00 August 152023 400.00 Yes 1 year Yes No

2022-100.released on guaranty

Technology Co.December 7 2022

Ltd.December 23 2022

Announcement No.: 5000.00 July 242024 1000.00 Joint liability Yes 11.5 month Yes No

94Changhong Meiling Co. Ltd. Semi-Annual Report 2025

2023-0662023-067202 guaranty s

2023-080.released on

December 5 2023

December 22 2023

Announcement No.:

2024-0672024-068202

4-071 Joint liability

3000.00 February 142025 1000.00 Yes 1 year No No

2024-076.released on guaranty

December 12 2024

December 28 2024

Announcement No.:

2023-0662023-067202

3-070 Joint liability

10000.00 October 312024 1000.00 Yes 1 year No No

2023-080.released on guaranty

Anhui Ling'an

December 5 2023

Medical Equipment

December 22 2023

Co. Ltd

Announcement No.:

2024-0672024-068202 Joint liability

5000.00 February 112025 1000.00 Yes 1 year No No

4-071 guaranty

2024-076.released on

95Changhong Meiling Co. Ltd. Semi-Annual Report 2025

December 12 2024

December 28 2024

Announcement No.:

Ground Energy 2024-0672024-068202

Heat Pump 4-071

56500.00-------

Tech.(Zhongshan) 2024-076.released on

Co. Ltd. December 12 2024

December 28 2024

Total amount of approving guarantee for subsidiaries in report period Total amount of actual occurred guarantee for subsidiaries in

04400.00

(C1) report period (C2)

Total amount of approved guarantee for subsidiaries at the end of Total balance of actual guarantee for subsidiaries at the end of

74500.003000.00

reporting period (C3) reporting period (C4)

Total amount of guarantee of the Company (total of three abovementioned guarantee)

Total amount of actual occurred guarantee in report period

Total amount of approving guarantee in report period (A1+B1+C1) 0 157479.30

(A2+B2+C2)

Total amount of approved guarantee at the end of report period Total balance of actual guarantee at the end of report period

276300.0054579.30

(A3+B3+C3) (A4+B4+C4)

Ratio of actual guarantee (A4+B4+C4) in net assets of the Company 8.84%

96Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Including:

Amount of guarantee for shareholders actual controller and its related parties (D) 0

The debts guarantee amount provided for the guaranteed parties whose assets-liability ratio exceed 70% directly or indirectly (E) 40000.00

Proportion of total amount of guarantee in net assets of the Company exceed 50% (F) 0

Total amount of the aforesaid three guarantees (D+E+F) 40000.00

Explanations on possibly bearing joint and several liquidating responsibilities for undue guarantees (if applicable) N/A

Explanations on external guarantee against regulated procedures (if applicable) N/A

Note 1: In order to unify the currency for aggregation the exchange rate here adopted is 7.1586 of the US dollar to RMB exchange rate on June 30 2025.The above-mentioned guarantee objects are the wholly-owned and holding subsidiaries of the Company and these wholly-owned and holding subsidiaries are in normal production and

operation there are no overdue loans and the guarantee risks are controllable.During the reporting period there were no external guarantees for the Company and its subsidiaries but there were guarantees from the Company to its

subsidiaries or from such subsidiaries to their subsidiaries.By the end of the reporting period the total approved amount of the Company's guarantee provided to its subsidiaries and the guarantee provided by such

subsidiaries to their subsidiaries was RMB 2763 million the actual amount was RMB 1574.793 million The total actual guarantee balance is 545.793 million yuan，accounting for8.84% of the Company's latest net assets.Explanation on guarantee with composite way: Not applicable

(iii) Trust financing

97Changhong Meiling Co. Ltd. Semi-Annual Report 2025

√ Applicable □ Not applicable

In RMB 10000

Impairment amount for overdue financial

Type Capital resources Amount for entrust Undue balance Overdue amount

management

Bank financing

Idle own funds

products 1140000.00 174000 0 0

Total 1140000.00 174000 0 0

Details of the single major amount or high-risk trust investment with low security poor fluidity

□ Applicable √ Not applicable

During the reporting period the bank wealth management products with high safety good liquidity low risk and stability purchased by the Company

within one year are as follows:

Amount Whet

of her Summary

reserve appro of the

for Whether Actual ved items and

Trustee Criteria for Reference Anticipated Actual has entrust

Trustee Product Source of collected devaluati by related

institution (or Amount Start date Expiry date Capital investment purpose fixing annual rate income (if gains/losse on of finance type type funds gains/losse legal query

name of trustee) reward of return applicable) s in period withdraw plan in the s in period proce index (if

ing in future dure applicable

the (Y/N )

year(if )

applicabl

98Changhong Meiling Co. Ltd. Semi-Annual Report 2025

e)

The principal of this product is

invested in bank deposits and

Principal

Bank of derivative financial instruments.-guarante

Hangzhou Co. Idle own January Noot Not January

Bank ed with Derivative financial instruments Agreement 2.40% 82.85 82.85 N/A Yes —

Ltd. Hefei 70000.00 funds

floating 242025 applicable applicable 62025

Branch include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Principal

Guangfa Bank derivative financial instruments.-guarante

Idle own April Not Not

Zhongshan Bank ed with January Derivative financial instruments Agreement 1.52% 12.28 12.28 N/A Yes —

3000.00 funds

floating 152025 applicable applicable

Branch 72025 include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.Principal

China The principal of this product is

-guarante

Everbright Bank Idle own April Not Not

Bank ed with January invested in bank deposits and Agreement 2.20% 165.00 165.00 N/A Yes —

Co. Ltd. Hefei 30000.00 funds

floating 142025 applicable applicable 142025

Branch derivative financial instruments.income

Derivative financial instruments

99Changhong Meiling Co. Ltd. Semi-Annual Report 2025

include but are not limited to credit

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Bank of Principal derivative financial instruments.Hangzhou Co. -guarante Idle own January Not Not

Bank ed with January Derivative financial instruments Agreement 2.40% 36.82 36.82 N/A Yes —

Ltd. Hefei 80000.00 funds floating 222025 applicable applicable 152025 include but are not limited to credit

Branch income

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Principal

China derivative financial instruments.-guarante

Everbright Bank Idle own April Not Not

Bank ed with January Derivative financial instruments Agreement 2.20% 27.50 27.50 N/A Yes —

Co. Ltd. Hefei 5000.00 funds

floating 152025 applicable applicable 152025

Branch include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.Principal Idle own

Industrial Bank Bank Agreement 2.15% 26.21 26.21 N/A Yes — 5000.00 funds January April Not Not -guarante The principal of this product is

100Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Co. Ltd. ed with 222025 212025 invested in bank deposits and applicable applicable

floating

Mianyang income derivative financial instruments.Branch Derivative financial instruments

include but are not limited to credit

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Bank of Principal derivative financial instruments.Hangzhou Co. -guarante Idle own January Not Not

Bank ed with January Derivative financial instruments Agreement 2.40% 9.21 9.21 N/A Yes —

Ltd. Hefei 20000.00 funds floating 312025 applicable applicable 242025 include but are not limited to credit

Branch income

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

Principal invested in bank deposits and

Bohai Bank -guarante Idle own April derivative financial instruments. Not Not January

Bank ed with Agreement 2.40% 57.25 57.25 N/A Yes —

Chengdu Branch 10000.00 funds floating 282025 Derivative financial instruments applicable applicable 242025

income include but are not limited to credit

goods foreign exchange interest

rate options and other derivative

101Changhong Meiling Co. Ltd. Semi-Annual Report 2025

financial instruments.The principal of this product is

invested in bank deposits and

China Principal derivative financial instruments.Everbright Bank -guarante

Own February Not Not

Co. Ltd. Bank ed with February Derivative financial instruments Agreement 2.09% 7.84 7.84 N/A Yes —

5000.00 funds

Mianyang floating 282025 applicable applicable 12025 include but are not limited to credit

Branch income

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Bank of Principal derivative financial instruments.Hangzhou Co. -guarante Idle own February Not Not

Bank ed with February Derivative financial instruments Agreement 2.30% 100.82 100.82 N/A Yes —

Ltd. Hefei 80000.00 funds floating 272025 applicable applicable 72025 include but are not limited to credit

Branch income

goods foreign exchange interest

rate options and other derivative

financial instruments.Principal

Mianyang The principal of this product is

-guarante

Idle own February Not Not

branch of SPD Bank ed with February invested in bank deposits and Agreement 2.02% 22.44 22.44 N/A Yes —

20000.00 funds

floating 282025 applicable applicable

Bank 82025 derivative financial instruments.income

Derivative financial instruments

102Changhong Meiling Co. Ltd. Semi-Annual Report 2025

include but are not limited to credit

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Bank of Principal derivative financial instruments.Hangzhou Co. -guarante Idle own February Not Not

Bank ed with February Derivative financial instruments Agreement 2.45% 75.18 75.18 N/A Yes —

Ltd. Hefei 70000.00 funds floating 262025 applicable applicable 102025 include but are not limited to credit

Branch income

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

Mianyang invested in bank deposits and

branch of Principal derivative financial instruments.-guarante

Own Not Not

Bank ed with February May 132025 Derivative financial instruments Bank of Agreement 2.15% 54.19 54.19 N/A Yes — 10000.00 funds

floating applicable applicable 102025 include but are not limited to credit

Communication income

goods foreign exchange interest

s Co. Ltd

rate options and other derivative

financial instruments.Principal Idle own

Nantou Branch Bank May 202025 Agreement 1.03% 7.44 7.44 N/A Yes — 3000.00 funds February Not Not -guarante The principal of this product is

103Changhong Meiling Co. Ltd. Semi-Annual Report 2025

of China ed with 142025 invested in bank deposits and applicable applicable

floating

construction income derivative financial instruments.Bank Derivative financial instruments

include but are not limited to credit

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Anhui branch of

Principal derivative financial instruments.-guarante

Bank of Idle own March Not Not

Bank ed with February Derivative financial instruments Agreement 2.10% 9.21 9.21 N/A Yes —

5000.00 funds

Communication floating 282025 applicable applicable 242025 include but are not limited to credit

income

s Co. Ltd goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

China Principal invested in bank deposits and

Everbright Bank -guarante

Own March derivative financial instruments. Not Not March

Co. Ltd. Bank ed with Agreement 2.18% 8.96 8.96 N/A Yes —

5000.00 funds

Mianyang floating 312025 Derivative financial instruments applicable applicable 12025

Branch income include but are not limited to credit

goods foreign exchange interest

rate options and other derivative

104Changhong Meiling Co. Ltd. Semi-Annual Report 2025

financial instruments.The principal of this product is

invested in bank deposits and

Principal derivative financial instruments.Bohai Bank -guarante Idle own Not Not

Bank ed with March June 42025 Derivative financial instruments Agreement 1.88% 23.46 23.46 N/A Yes —

Hefei Branch 5000.00 funds floating applicable applicable 32025 include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Principal

Industrial Bank derivative financial instruments.-guarante

Idle own March Not Not

Co. Ltd. Hefei Bank ed with March Derivative financial instruments Agreement 2.25% 5.18 5.18 N/A Yes —

3000.00 funds

floating 312025 applicable applicable

Branch 32025 include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.Principal

Mianyang The principal of this product is

-guarante

Own March Not Not

branch of SPD Bank ed with March invested in bank deposits and Agreement 2.28% 34.20 34.20 N/A Yes —

20000.00 funds

floating 312025 applicable applicable

Bank 42025 derivative financial instruments.income

Derivative financial instruments

105Changhong Meiling Co. Ltd. Semi-Annual Report 2025

include but are not limited to credit

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Bank of Principal derivative financial instruments.Hangzhou Co. -guarante Idle own March Not Not

Bank ed with March Derivative financial instruments Agreement 2.50% 86.30 86.30 N/A Yes —

Ltd. Hefei 60000.00 funds floating 262025 applicable applicable 52025 include but are not limited to credit

Branch income

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Principal

Industrial Bank derivative financial instruments.-guarante

Idle own March Not Not

Co. Ltd. Hefei Bank ed with Maech Derivative financial instruments Agreement 2.25% 7.71 7.71 N/A Yes —

5000.00 funds

floating 312025 applicable applicable

Branch 62025 include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.Idle own

Bank of China Bank Principal Agreement 2.56% 17.53 17.53 N/A Yes —

10000.00 funds March March Not Not -guarante The principal of this product is

106Changhong Meiling Co. Ltd. Semi-Annual Report 2025

ed with 62025 312025 invested in bank deposits and applicable applicable

floating

income derivative financial instruments.Derivative financial instruments

include but are not limited to credit

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

China Principal derivative financial instruments.Everbright Bank -guarante

Idle own Not Not

Co. Ltd. Bank ed with March June 62025 Derivative financial instruments Agreement 2.13% 15.98 15.98 N/A Yes —

3000.00 funds

Zhongshan floating applicable applicable 62025 include but are not limited to credit

Branch income

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

Principal invested in bank deposits and

China

-guarante

Everbright Bank Idle own derivative financial instruments. Not Not March

Bank ed with May 72025 Agreement 2.20% 73.39 73.39 N/A Yes —

Co. Ltd. Hefei 20000.00 funds

floating Derivative financial instruments applicable applicable 72025

Branch

income include but are not limited to credit

goods foreign exchange interest

rate options and other derivative

107Changhong Meiling Co. Ltd. Semi-Annual Report 2025

financial instruments.The principal of this product is

invested in bank deposits and

Principal derivative financial instruments.Guangfa Bank -guarante Idle own Not Not

Bank ed with March June 52025 Derivative financial instruments Agreement 2.25% 27.74 27.74 N/A Yes —

Heifei Branch 5000.00 funds floating applicable applicable 72025 include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

Zhongshan invested in bank deposits and

branch of Principal derivative financial instruments.-guarante

Idle own 1.30%/2.10 Not Not

Bank of Bank ed with

March July 12025 Derivative financial instruments Agreement / / N/A Yes —

5000.00 funds

floating %/2.30% applicable applicable 72025 include but are not limited to credit

Communication income

goods foreign exchange interest

s Co. Ltd

rate options and other derivative

financial instruments.Principal

China CITIC The principal of this product is

-guarante

Own Not Not

Bank Chengdu Bank ed with March June 182025 invested in bank deposits and Agreement 2.31% 28.48 28.48 N/A Yes —

5000.00 funds

floating applicable applicable

Branch 202025 derivative financial instruments.income

Derivative financial instruments

108Changhong Meiling Co. Ltd. Semi-Annual Report 2025

include but are not limited to credit

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Principal

ICBC derivative financial instruments.-guarante

Idle own 0.75%-2.45 Not Not

MianyangGaoxi Bank ed with March July 12025 Derivative financial instruments Agreement / / N/A Yes —

10000.00 funds

floating % applicable applicable

n Branch 282025 include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Principal

Industrial Bank derivative financial instruments.-guarante

Idle own April Not Not

Co. Ltd. Hefei Bank ed with Derivative financial instruments Agreement 2.25% 5.36 5.36 N/A Yes —

3000.00 funds April 12025

floating 302025 applicable applicable

Branch include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.Bank Principal

Own

China Agreement 2.26% 8.98 8.98 N/A Yes — 5000.00 funds April 12025 April Not Not -guarante The principal of this product is

109Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Merchants Bank ed with 302025 invested in bank deposits and applicable applicable

floating

Mianyang income derivative financial instruments.Branch Derivative financial instruments

include but are not limited to credit

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Principal derivative financial instruments.Guangfa Bank -guarante Own Not Not

Bank ed with July 12025 Derivative financial instruments Agreement 1%/2.36% / / N/A Yes —

Chengdu Branch 5000.00 funds April 12025 floating applicable applicable include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

Principal invested in bank deposits and

Mianyang

-guarante

Own April derivative financial instruments. Not Not

branch of SPD Bank ed with Agreement 2.35% 20.54 20.54 N/A Yes —

10000.00 funds April 12025

floating 302025 Derivative financial instruments applicable applicable

Bank

income include but are not limited to credit

goods foreign exchange interest

rate options and other derivative

110Changhong Meiling Co. Ltd. Semi-Annual Report 2025

financial instruments.The principal of this product is

invested in bank deposits and

Principal

Mianyang derivative financial instruments.-guarante

Own April Not Not

branch of SPD Bank ed with Derivative financial instruments Agreement 2.25% 19.74 19.74 N/A Yes —

10000.00 funds April 12025

floating 302025 applicable applicable

Bank include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Principal

ICBC derivative financial instruments.-guarante

Idle own 0.75%-2.45 Not Not

MianyangGaoxi Bank ed with July 32025 Derivative financial instruments Agreement / / N/A Yes —

20000.00 funds April 22025

floating % applicable applicable

n Branch include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.Principal

ICBC The principal of this product is

-guarante

Own 0.75%-2.45 Not Not

MianyangGaoxi Bank ed with July 72025 invested in bank deposits and Agreement / / N/A Yes —

10000.00 funds April 22025

floating % applicable applicable

n Branch derivative financial instruments.income

Derivative financial instruments

111Changhong Meiling Co. Ltd. Semi-Annual Report 2025

include but are not limited to credit

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Principal

ICBC derivative financial instruments.-guarante

Own 0.75%-2.45 Not Not

MianyangGaoxi Bank ed with July 72025 Derivative financial instruments Agreement / / N/A Yes —

10000.00 funds April 22025

floating % applicable applicable

n Branch include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Principal

Industrial Bank derivative financial instruments.-guarante

Idle own April Not Not

Co. Ltd. Hefei Bank ed with Derivative financial instruments Agreement 2.25% 7.09 7.09 N/A Yes —

5000.00 funds April 72025

floating 302025 applicable applicable

Branch include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.Principal Own

Mianyang Bank Agreement 2.40% 15.33 15.33 N/A Yes — 10000.00 April 72025 April Not Not

-guarante funds The principal of this product is

112Changhong Meiling Co. Ltd. Semi-Annual Report 2025

branch of SPD ed with 302025 invested in bank deposits and applicable applicable

floating

Bank income derivative financial instruments.Derivative financial instruments

include but are not limited to credit

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Principal

Mianyang derivative financial instruments.-guarante

Own April Not Not

branch of SPD Bank ed with Derivative financial instruments Agreement 2.40% 15.33 15.33 N/A Yes —

10000.00 funds April 72025

floating 302025 applicable applicable

Bank include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

Principal invested in bank deposits and

Industrial Bank

-guarante

Idle own April derivative financial instruments. Not Not

Co. Ltd. Hefei Bank ed with Agreement 2.25% 6.16 6.16 N/A Yes —

5000.00 funds April 92025

floating 302025 Derivative financial instruments applicable applicable

Branch

income include but are not limited to credit

goods foreign exchange interest

rate options and other derivative

113Changhong Meiling Co. Ltd. Semi-Annual Report 2025

financial instruments.The principal of this product is

invested in bank deposits and

Principal derivative financial instruments.Hefei branch of -guarante Idle own April Not Not

Bank ed with Derivative financial instruments Agreement 2.10% 6.13 6.13 N/A Yes —

SPD Bank 5000.00 funds April 92025 floating 302025 applicable applicable include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Principal derivative financial instruments.-guarante

Idle own Not Not

Bank of China Bank ed with April May 122025 Derivative financial instruments Agreement 2.45% 51.01 51.01 N/A Yes —

40000.00 funds

floating applicable applicable 112025 include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.Principal

Anhui branch of The principal of this product is

-guarante

Idle own Not Not

Bank ed with April May 122025 invested in bank deposits and Agreement 1.97% 8.36 8.36 N/A Yes —

Bank of 5000.00 funds

floating applicable applicable 112025

derivative financial instruments.Communication income

Derivative financial instruments

114Changhong Meiling Co. Ltd. Semi-Annual Report 2025

s Co. Ltd include but are not limited to credit

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Principal

China derivative financial instruments. 1.5%

-guarante

Everbright Bank Idle own October Not Not

Bank ed with April Derivative financial instruments Agreement /2.15% / / N/A Yes —

Co. Ltd. Hefei 39000.00 funds

floating 242025 applicable applicable 242025

Branch include but are not limited to credit /2.25%

income

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Principal

China derivative financial instruments.-guarante

Everbright Bank Idle own Not Not

Bank ed with April June 272025 Derivative financial instruments Agreement 2.15% 17.91 17.91 N/A Yes —

Co. Ltd. Hefei 5000.00 funds

floating applicable applicable 272025

Branch include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.Principal Own

Industrial Bank Bank July 252025 Agreement 1.3/2.06% / / N/A Yes 5000.00 April Not Not

—

-guarante funds The principal of this product is

115Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Co. Ltd. ed with 272025 invested in bank deposits and applicable applicable

floating

Mianyang income derivative financial instruments.Branch Derivative financial instruments

include but are not limited to credit

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Principal derivative financial instruments.Bohai Bank -guarante Own August 1.25%-2.35 Not Not

Bank ed with April Derivative financial instruments Agreement / / N/A Yes —

Chengdu Branch 10000.00 funds floating 42025 % applicable applicable 302025 include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

Principal invested in bank deposits and

Mianyang

-guarante

Own derivative financial instruments. Not Not

branch of SPD Bank ed with May 302025 Agreement 2.05% 13.67 13.67 N/A Yes —

10000.00 funds May 62025

floating Derivative financial instruments applicable applicable

Bank

income include but are not limited to credit

goods foreign exchange interest

rate options and other derivative

116Changhong Meiling Co. Ltd. Semi-Annual Report 2025

financial instruments.The principal of this product is

invested in bank deposits and

Principal

Mianyang derivative financial instruments.-guarante

Idle own Not Not

branch of SPD Bank ed with May 302025 Derivative financial instruments Agreement 2.05% 13.67 13.67 N/A Yes —

10000.00 funds May 62025

floating applicable applicable

Bank include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Principal

Mianyang derivative financial instruments.-guarante

Own Not Not

branch of SPD Bank ed with May 302025 Derivative financial instruments Agreement 2.05% 13.67 13.67 N/A Yes —

10000.00 funds May 62025

floating applicable applicable

Bank include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.Principal

Mianyang The principal of this product is

-guarante

Own Not Not

branch of SPD Bank ed with May 302025 invested in bank deposits and Agreement 2.05% 13.67 13.67 N/A Yes —

10000.00 funds May 62025

floating applicable applicable

Bank derivative financial instruments.income

Derivative financial instruments

117Changhong Meiling Co. Ltd. Semi-Annual Report 2025

include but are not limited to credit

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Principal

Industrial Bank derivative financial instruments.-guarante

Own Not Not

Co. Ltd. Hefei Bank ed with May 272025 Derivative financial instruments Agreement 2.20% 36.16 36.16 N/A Yes —

30000.00 funds May 72025

floating applicable applicable

Branch include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Principal derivative financial instruments.-guarante

Idle own Not Not

Bank of China Bank ed with May 302025 Derivative financial instruments Agreement 2.41% 121.49 121.49 N/A Yes —

80000.00 funds May 72025

floating applicable applicable include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.Idle own

Industrial Bank Bank

Principal May 302025 Agreement 2.20% 4.15 4.15 N/A Yes —

3000.00 funds May 72025 Not Not -guarante The principal of this product is

118Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Co. Ltd. Hefei ed with invested in bank deposits and applicable applicable

floating

Branch income derivative financial instruments.Derivative financial instruments

include but are not limited to credit

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Bank of Principal derivative financial instruments.Hangzhou Co. -guarante Idle own Not Not

Bank ed with May 302025 Derivative financial instruments Agreement 2.30% 4.15 4.15 N/A Yes —

Ltd. Hefei 3000.00 funds May 82025 floating applicable applicable include but are not limited to credit

Branch income

goods foreign exchange interest

rate options and other derivative

financial instruments.Mianyang The principal of this product is

branch of Principal invested in bank deposits and

-guarante

Own derivative financial instruments. Not Not

Bank of Bank ed with

May 282025 Agreement 1.97% 7.02 7.02 N/A Yes —

10000.00 funds May 152025

floating Derivative financial instruments applicable applicable

Communication income include but are not limited to credit

s Co. Ltd

goods foreign exchange interest

rate options and other derivative

119Changhong Meiling Co. Ltd. Semi-Annual Report 2025

financial instruments.The principal of this product is

invested in bank deposits and

China Principal derivative financial instruments.Everbright Bank -guarante

Own Not Not

Co. Ltd. Bank ed with June 302025 Derivative financial instruments Agreement 1.85% 2.98 2.98 N/A Yes —

2000.00 funds June 12025

Mianyang floating applicable applicable include but are not limited to credit

Branch income

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

Mianyang invested in bank deposits and

branch of Principal derivative financial instruments.-guarante

Own September Not Not

Bank ed with Derivative financial instruments Bank of Agreement 1%/2.05% / / N/A Yes — 10000.00 funds June 32025

floating 32025 applicable applicable include but are not limited to credit

Communication income

goods foreign exchange interest

s Co. Ltd

rate options and other derivative

financial instruments.Principal

The principal of this product is

-guarante

Idle own Not Not

Bank of China Bank ed with June 302025 invested in bank deposits and Agreement 2.36% 50.43 50.43 N/A Yes —

30000.00 funds June 42025

floating applicable applicable

derivative financial instruments.income

Derivative financial instruments

120Changhong Meiling Co. Ltd. Semi-Annual Report 2025

include but are not limited to credit

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Bank of Principal derivative financial instruments.Hangzhou Co. -guarante Idle own Not Not

Bank ed with June 252025 Derivative financial instruments Agreement 2.35% 32.19 32.19 N/A Yes —

Ltd. Hefei 25000.00 funds June 52025 floating applicable applicable include but are not limited to credit

Branch income

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Bank of Principal derivative financial instruments.Hangzhou Co. -guarante Idle own Not Not

Bank ed with June 302025 Derivative financial instruments Agreement 2.35% 48.29 48.29 N/A Yes —

Ltd. Hefei 30000.00 funds June 52025 floating applicable applicable include but are not limited to credit

Branch income

goods foreign exchange interest

rate options and other derivative

financial instruments.Principal Idle own

Bank of Bank June 302025 Agreement 2.30% 4.72 4.72 N/A Yes — 3000.00 funds June 52025 Not Not -guarante The principal of this product is

121Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Hangzhou Co. ed with invested in bank deposits and applicable applicable

floating

Ltd. Hefei income derivative financial instruments.Branch Derivative financial instruments

include but are not limited to credit

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

China Principal derivative financial instruments.Merchants Bank -guarante Own Not Not

Bank ed with July 72025 Derivative financial instruments Agreement 1%/1.86% / / N/A Yes —

Mianyang 5000.00 funds June 62025 floating applicable applicable include but are not limited to credit

Branch income

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

Principal invested in bank deposits and

Mianyang

-guarante

Own derivative financial instruments. Not Not

branch of SPD Bank ed with June 302025 Agreement 2.00% 11.67 11.67 N/A Yes —

10000.00 funds June 92025

floating Derivative financial instruments applicable applicable

Bank

income include but are not limited to credit

goods foreign exchange interest

rate options and other derivative

122Changhong Meiling Co. Ltd. Semi-Annual Report 2025

financial instruments.The principal of this product is

invested in bank deposits and

Principal

Mianyang derivative financial instruments.-guarante

Own Not Not

branch of SPD Bank ed with June 302025 Derivative financial instruments Agreement 2.00% 11.67 11.67 N/A Yes —

10000.00 funds June 92025

floating applicable applicable

Bank include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Principal

Mianyang derivative financial instruments.-guarante

Own Not Not

branch of SPD Bank ed with June 302025 Derivative financial instruments Agreement 2.00% 11.67 11.67 N/A Yes —

10000.00 funds June 92025

floating applicable applicable

Bank include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.Principal

Mianyang The principal of this product is

-guarante

Own Not Not

branch of SPD Bank ed with June 302025 invested in bank deposits and Agreement 2.00% 11.67 11.67 N/A Yes —

10000.00 funds June 92025

floating applicable applicable

Bank derivative financial instruments.income

Derivative financial instruments

123Changhong Meiling Co. Ltd. Semi-Annual Report 2025

include but are not limited to credit

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Principal

China CITIC derivative financial instruments.-guarante

Own September Not Not

Bank Chengdu Bank ed with Derivative financial instruments Agreement 1%-1.98% / / N/A Yes —

10000.00 funds June 112025

floating 92025 applicable applicable

Branch include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Principal

Huaxia Bank derivative financial instruments.-guarante

Own September Not Not

Mianyang Bank ed with Derivative financial instruments Agreement 1%-1.91% / / N/A Yes —

10000.00 funds June 232025

floating 182025 applicable applicable

Branch include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.Principal Own

Chengdu Bank Bank Agreement 1%-2.4% / / N/A Yes — 10000.00 June 232025 September Not Not

-guarante funds The principal of this product is

124Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Mianyang ed with 232025 invested in bank deposits and applicable applicable

floating

Branch income derivative financial instruments.Derivative financial instruments

include but are not limited to credit

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

invested in bank deposits and

Principal

Chengdu Bank derivative financial instruments.-guarante September Not Not

Mianyang Bank ed with own funds Derivative financial instruments Agreement 1%-2.4% / / N/A Yes —

10000.00 June 232025

floating 232025 applicable applicable

Branch include but are not limited to credit

income

goods foreign exchange interest

rate options and other derivative

financial instruments.The principal of this product is

Principal invested in bank deposits and

Chengdu Bank

-guarante September derivative financial instruments. Not Not

Mianyang Bank ed with own funds Agreement 1%-2.4% / / N/A Yes —

5000.00 June 232025

floating 232025 Derivative financial instruments applicable applicable

Branch

income include but are not limited to credit

goods foreign exchange interest

rate options and other derivative

125Changhong Meiling Co. Ltd. Semi-Annual Report 2025

financial instruments.Total 1618.05 1618.05

1140000.00

Note: Zhongke Meiling a subsidiary of the Company is a listed company of the Beijing Stock Exchange. For details of its entrusted financial management please refer to

Zhongke Meiling's 2025 Semi-annual Report.Entrust financial expected to be unable to recover the principal or impairment might be occurred

□ Applicable √ Not applicable

(iv) Other material contracts

□ Applicable √ Not applicable

No other material contracts in the period.

126Changhong Meiling Co. Ltd. Semi-Annual Report 2025

XIII. Explanation on other significant events

√ Applicable □ Not applicable

1. Passed by the 10th meeting of the 11th board of directors and the resolution of the 7th meeting of the 11th

board of supervisors of the Company in order to ensure the safety of funds and ensure the compliance and

soundness of the cooperation between the Company and Sichuan Changhong Group Finance Co. Ltd. and

combined with the actual situation of the Company it’s agreed to revise some provisions of the "Risk Disposal

Plan of Changhong Meiling Co. Ltd. for Deposit and Loan Financial Business in Sichuan Changhong Group

Finance Co. Ltd.". 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.

2025-001 2025-002 and 2025-003) on January 22025 .

2.On January 23 2025 the Company held the first extraordinary general meeting of partners in 2025 of

Sichuan Hongyun Information Technology Venture Capital Fund Partnership (Limited Partnership) (hereinafter

referred to as "Hongyun Fund Phase II")-the Company invested it as a limited partner (LP). Since the second

phase of Hongyun Fund Phase II has not yet completed the product filing and has not actually carried out

externalinvestment business all partners unanimouslyvoted to terminate the operation of the partnership dissolve

the partnership set up a liquidation team to handle the termination and liquidation of the partnership and

authorize the fund manager to handle matters related to liquidation and cancellation.On January 24 2025 the

Company has received a total of 18152000 yuan from the paid-in capital contribution and the income from the

cash management of the fund. As of June 10 2025 the Company has received the remaining property distribution

of 38829.19 yuan as well as the "Registration Notice" issued by the Smart City Operation Bureau of Sichuan

Tianfu New Area and the Hongyun FundPhase II has been liquidated and cancelled. 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. 2025-004 and 2025-044) on January 242025 and

June 12 2025. .

3. On March 17 2025 the "Proposal on Investing in the Establishment of Subsidiary and Participating in the

Bidding for Land Use Rights"was passed in the 11th meeting of the 11th board of directors of the Company.According to the Company's strategic development plan and business development needs in order to solve the

future sales capacity gap of the washing machine industry and meet market demand it’s agreed that the Company

and its subsidiary Mianyang Meiling shall invest a total of 500 million yuan with their own funds to invest in the

establishment of a subsidiary Mianyang Changhong Smart Home Appliance Co. Ltd. (hereinafter referred to as

the "Smart Home Appliance Company") Among them the Company invested 495 million yuan holding 99% of

the equity and Mianyang Meiling invested 5 million yuan holding 1% of the equity; The Smart Home Appliance

Company participated in the bidding for an industrial land located in Fuxin Community Songya Town Mianyang

Economic and Technological Development Zone Sichuan Province which is for the construction land of the

Company's washing machine project with a land area of about 136737.72 square meters (about 205.11 acres)

127Changhong Meiling Co. Ltd. Semi-Annual Report 2025

and the total authorized bidding price shall not exceed 59.5 million yuan. On March 21 2025 the Smart Home

Appliance Company has completed the registration of industrial and commercial establishment and obtained the

"Business License" issued by the Mianyang Municipal Market Supervision and Administration Bureau. On April

18 2025 the Smart Home Appliance Company has bid for the right to use state-owned construction land located

in Fuxin Community Songya Town Economic Development Zone and signed the "Transaction Confirmation of

the Transfer of the Right to Use State-owned Construction Land" with a total transaction price of 59008598

yuan.On April 25 2025 the "Proposal on the Investment and Construction of a Single Shift Annual Output of 1

Million Washing Machine Project by Subordinate Subsidiary" was deliberated and passed by the 14th meeting of

the 11th board of directors of he Company agreeing that the Smart Home Appliance Company will invest about

520 million yuan to build a single-shift annual output of 1 million washing machine project in Mianyang

Economic and Technological Development Zone (including the above-mentioned bidden land plant equipment

investment etc.) to achieve the ability to add 1 million washing machines per shift per year.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.

2025-0052025-0062025-021 2025-028 and 2025-029) on March 182025April 182025 and April 26 2025.

4.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

shareholdersit’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 3.3 yuan (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 339874825.95 yuan (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. 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. 2025-0072025-0082025-0102025-030 and 2025-042) on April 3 2025

April 262025 and June 5 2025.

5. On April 1 2025 and April 25 2025 after the resolution ofthe 12th meeting of the 11th board of directors

of the Company and the resolution of the 2024 annual general meeting of shareholders it’s agreed to continue to

appoint Tianjian Certified Public Accountants (LLP) as the auditor of the Company's 2025 annual financial report

and the Company's internal control for a period of one year. 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. 2025-0072025-011 and 2025-030) on April 3 2025 and April 262025.

6. On April 1 2025 and April 25 2025 after the resolution ofthe 12th meeting of the 11th board of directors

128Changhong Meiling Co. Ltd. Semi-Annual Report 2025

of the Company and the resolution of the 2024 annual general meeting of shareholders it’s agreed that the

Company and its subsidiaries will carry out forward foreign exchange fund trading business from July 1 2025 to

June 30 2026 mainly including forward foreign exchange trading business RMB foreign exchange swap

business RMB foreign exchange options business non-deliverable forward foreign exchange trading business and

other foreign exchange derivatives trading. The transaction balance does not exceed US$2.009 billion (mainly

including: US dollars Australian dollars euros and all other foreign exchange converted into US dollars). 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.

2025-0072025-015 and 2025-030) on April 3 2025 and April 262025.

7. On April 1 2025 after the resolution ofthe 12th meeting of the 11th board of directors and the 8th meeting

of the 11th board of supervisors of the Company it’s agreed that the Company will change its accounting policy in

accordance with the relevant provisions of the Ministry of Finance's Interpretation of Enterprise Accounting

Standards No. 17 and Interpretation of Enterprise Accounting Standards No. 18. 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. 2025-0072025-008 and 2025-013) on April 3 2025.

8.On April 1 2025 and April 25 2025 after the resolution of the 12th meeting of the 11th board of directors

of the Company and the resolution of the 2024 annual general meeting of shareholders it’s agreed that the

Company and its subsidiary will apply for a special credit line of up to RMB 400 million for the bill pool from the

Hefei Branch of Industrial Bank Co. Ltd and apply to Hefei Branch of Ping An Bank Co. Ltd. for a special

credit line of up to RMB 500 million for the bill pool. Found more on appointed media “Securities Times” “ChinaSecurities Journal” and Juchao Website (www.cninfo.com.cn) that the Company disclosed in the form of

announcement (Announcement No. 2025-0072025-017 and 2025-030) on April 3 2025 and April 26 2025.

9. On May 21 2025 the Company disclosed the "Voluntary Information Disclosure Announcement on

Shareholder Gratitude and Feedback Activities" in order to thank the long-term support of all shareholders

establish a variety of shareholder return mechanisms and meanwhile allow shareholders to experience the

Company's new products and services and improve investors' understanding and recognition of the Company'sintrinsic value the Company held the “Changhong Meiling Shareholder Gratitude Feedback Activity" from May

21 2025 to May 25 2025. 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. 2025-035) on May 21 2025 .

10. On May 8 2025 nominated by Mr. Tang Youdao vice president (acting president) of the Company

reviewed and approved by the nomination committee of the board of directors and approved by the resolution of

the 15th meeting of the 11th board of directors of the Company the board of directors of the Company agreed to

appoint Mr. Wang Xiaocheng as the vice president of the Company for a term from the date of deliberation and

approval by the board of directors to the expiration of the term of office of the current board of directors. Found

more on appointed media “Securities Times” “China Securities Journal” and Juchao Website

129Changhong Meiling Co. Ltd. Semi-Annual Report 2025

(www.cninfo.com.cn) that the Company disclosed in the form of announcement (Announcement No. 2025-031

and 2025-033) on May 9 2025.

11.On June 18 2025 in view of the resignation of Mr. Pang Haitao from the Company's financial director

due to work changes nominated by Mr. Tang Youdao vice president (acting president) of the Company reviewed

and approved bythe nomination committee of the board of directors and the audit committee of the board of

directors respectively and approved by the resolution of the 18th meeting of the 11th board of directors of the

Company the board of directors of the Company agreed to appoint Mr. Yang Bing as the financial director of the

Company for a term from the date of deliberation and approval by the board of directors to the expiration date of

the current board of directors. 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. 2025-045 and 2025-047) on June 19 2025 .XIV. Major event of the subsidiary

√ Applicable □ Not applicable

1. On May 8 2025 after the resolution of the 16th meeting of the 11th board of directors of the Company it

‘s agreed that Changhong Air Conditioning will implement a special renovation project to improve the utilization

rate of the park with its self-raised funds of 28355000 yuan to ensure its future business development. 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. 2025-031)

on May 9 2025 .

2. On May 23 2025 after the resolution of the 16th meeting of the 11th board of directors of the Company

it’s agreed that Zhongshan Changhong plans to invest in the construction of an air conditioning project with an

annual output of 4 million units per shift with self-raised funds of about 296.42 million yuan in the future so as to

achieve adding the capacity of 4 million units of air conditioners per shift per year. The project investment content

includes production lines equipment working capital etc.; The project implementation site is to lease the new

plant to be built by Guangdong Changhong Electronics Co. Ltd. a holding subsidiary of Sichuan Changhong

Electric Appliance Co. Ltd.; The project implementation time is expected to start in 2027 after the completion of

the new plant by GuangdongChanghong. After the project is put into operation it will directly improve the air

conditioning production capacity of Zhongshan Changhong effectively meet the production capacity needs of the

Company's air conditioning industry in the future for overseas air conditioning sales and promote the sustainable

development of the Company. 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. 2025-036 and 2025-038) on May 24 2025 .

3. On June 18 2025 after the resolution of the 18th meeting of the 11th board of directors of the

Companyit’s agreed that its subsidiary Hefei Changhong Industrial Co. Ltd. will invest in the construction of

Hefei Changhong Smart Home Appliance Industrial Park Project (hereinafter referred to as the "Project") with a

130Changhong Meiling Co. Ltd. Semi-Annual Report 2025

total investment of 877.05 million yuan and the source of funds is self-raised. After the Project is put into

operation it will effectively increase the production capacity of medium and large volume refrigerators create a

"flexible digital smart and green" smart home appliance industrial park and promote the sustainable

development of the Company. The Project still needs to be submitted to the Company's general meeting of

shareholders for consideration.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. 2025-045 and 2025-046) on June 19 2025 .

131Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Section VI Changes in Shares and Particular about Shareholders

I. Changes in Share Capital

(i) Changes in Share Capital

In Shares

Before the Change Increase/Decrease in the Change (+ -) After the Change

Public

reserve

New

Proporti Bonus transfer

Amount shares Others Subtotal Amount Proportion

on shares into

issued

share

capital

I. Restricted

61540850.60%000+108+10861541930.60%

shares

1. State-owned

00.00%0000000.00%

shares

2. State-owned

legal person’s

11410530.11%0000011410530.11%

shares

3. Other

50130320.49%000+108+10850131400.49%

domestic shares

Including:

Domestic legal

33635390.33%0000033635390.33%

person’s shares

Domestic

natural person’s

16494930.16%000+108+10816496010.16%

shares

4. Foreign

00.00%0000000.00%

shares

Including:

Foreign legal

00.00%0000000.00%

person’s shares

132Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Foreign natural

00.00%0000000.00%

person’s shares

II. Unrestricted

102376963099.40%000-108-108102376952299.40%

shares

1. RMB

87557979685.01%000-108-10887557968885.01%

ordinary shares

2. Domestically

listed foreign

14818983414.39%0000014818983414.39%

shares

3. Overseas

listed foreign

00.00%0000000.00%

shares

4. Others

00.00%0000000.00%

III. Total shares 100.00

1029923715000001029923715100.00%

%

1. Reasons for share changed

√ Applicable □ Not applicable

The Company held the 15th meeting of the 11th board of directors on May 8 2025 in whichthe "Proposal on

the Appointment of Vice President of the Company" was deliberated and passed.Nominated by Mr. Tang Youdao

vice president of the Company (acting president) and reviewed and approved by the nomination committee under

the board of directors the board of directors of the Company agreed to appoint Mr. Wang Xiaocheng as the vice

president of the Company for a term from the date of deliberation and approval by the board of directors to the

expiration of the term of office of the current board of directors. Mr. Wang Xiaocheng holds 144 shares of the

Company and in accordance with the "Rules for the Management of the Company's Shares Held by Directors

Supervisors and Senior Management of Listed Companies and Their Changes" and other relevant regulations 75%

of the total number of shares of the Company that is 108 sharesshall be restricted as executive restricted shares.

2. Approval of share changed

□ Applicable √ Not applicable

3. Ownership transfer of share changed

□ Applicable √ Not applicable

4. Implementation progress of shares buy-back

133Changhong Meiling Co. Ltd. Semi-Annual Report 2025

√ Applicable □ Not applicable

Based on the proposal of the chairman of the Company to repurchase the Company's A shares on April 9

2025 the Company held the 15th meeting of the 11th board of directors on May 8 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" was approved in the 17th meeting of the 11th

board of directors on June 3 2025.The plan for repurchasing A-shares is as follows: the Company uses its own

funds and self-raised funds (including special loans for stock repurchase from financial institutions) of not less

than 150000000 yuan (inclusive) and no more than 300000000 yuan (inclusive) to repurchase part of the

Company's A-shares through centralized bidding for the implementation of equity incentives and the repurchase

price is no more than 10.67 yuan per share (due to the Company's implementation of profit distribution the upper

limit of the repurchase price is adjusted from 11 yuan per share (inclusive) to 10.67 yuan per share (inclusive)).The repurchase period is within 12 months from the date of deliberation and approval of the repurchase plan by

the board of directors. The specific number and amount of shares repurchased shall be subject to the actual

number and amount of shares repurchased at the expiration of the repurchase period or the completion of the

implementation of the repurchased shares.On July 15 2025 the Company repurchased the Company's A-shares for the first time through a special

securities account for stock repurchase through centralized bidding transactions. As of the disclosure date of this

announcement the Company has repurchased a total of 1237200 A shares of the Company accounting for

0.1201% of the Company's total share capital and the highest transaction price of the repurchased A shares is 7.45

yuan per share the lowest transaction price is 7.26 yuan per share and the total transaction amount is 9021808

yuan (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.2025-0192025-031 2025-032 2025-041 2025-043 2025-0492025-050 2025-051

2025-052 and 2025-053) on April 10 2025 May 9 2025 June 5 2025 July 2 2025 July 4 2025 July 16 2025

and August 5 2025. .

5. Implementation progress of reducing holdings of shares buy-back by centralized bidding

□ Applicable √ Not applicable

6. Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share

attributable to common shareholders of Company in latest year and period

□ Applicable √ Not applicable

7. Other information necessary to disclose or need to disclosed under requirement from security regulators

□ Applicable √ Not applicable

(ii) Changes of lock-up stocks

134Changhong Meiling Co. Ltd. Semi-Annual Report 2025

√ Applicable □ Not applicable

In: Shares

Restricted

shares

Opening shares Shares released Ending shares Restricted Date for

Shareholders increased

restricted in Period restricted reasons released

in

Period

Wang Top

0 0 108 108 management -

Xiaocheng lock-in stock

Total 0 0 108 108 -- --

II. Securities issuance and listing

□ Applicable √ Not applicable

III. Amount of shareholders of the Company and particulars about shares holding

In Shares

Total preference shareholders with voting rights

Total shareholders at end of the

68212 recovered at end of reporting period (if any)( See 0

Period

Note 8)

Particulars about common shares held above 5% by shareholders or top ten common shareholders(Excludes shares lent through refinancing)

Amount Information of

Amount of of shares pledged

Amount of

Proporti common shares restricte tagged or frozen

Nature of

Full name of on of Changes in common shares

sharehold held at the end d

Shareholders shares report period held without

er of reporting common

held restriction State of Amou

period shares

share nt

held

State-own

Sichuan Changhong

ed legal

24.12%24845772400248457724--

Electric Co. Ltd.person

CHANGHONG (HK) Foreign

TRADING LIMITED 2.63% 27077797 0 0 27077797 - -

legal

135Changhong Meiling Co. Ltd. Semi-Annual Report 2025

person

Hefei Industry State-own

Investment Holding ed legal

1.83%188648960018864896--

(Group) Co. Ltd. person

Foreign

HKSCC legal

1.48%15281866-15439748015281866--

person

Foreign

CAO SHENGCHUN nature 1.43% 14766086 0 0 14766086 - -

person

Domestic

The National Social non-state-

Security Fund 101 owned

1.36%13999902-21423759013999902--

portfolio legal

person

ICBC－China Domestic

Universal Intelligent non-state-

manufacturing stock owned

1.11%11394398+5531100011394398--

securities investment legal

fund person

ICBC－Dongfanghong Domestic

Rui Xi three years non-state-

holding period of hybrid owned

0.85%8731900+873190008731900--

securities investment legal

fund person

China Merchants Bank Domestic

Co. Ltd－Taikang non-state-

quality life hybrid owned

0.84%8700000+530000008700000--

securities investment legal

fund person

ICBC－Taikang Domestic

strategy preferred non-state-

flexible allocation of owned

0.83%8500000+470000008500000--

hybrid securities legal

investment fund person

Strategy investors or general legal Not applicable

136Changhong Meiling Co. Ltd. Semi-Annual Report 2025

person becomes top 10 shareholders

due to rights issued (if

applicable)(See note 3)

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 uniform action. There existed no associated relationship or belong to the

Explanation on associated

concerted actors as specified in the Measures for the Administration of Information Disclosure of

relationship among the aforesaid

Shareholder Equity Changes of Listed Companies among Sichuan Changhong Electric Co. Ltd Hong

shareholders

Kong Changhong and other top 8 shareholders（excluding PHILLIP SECURITIES（HK）LIMITED）

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 is stipulated in the“Administrative Measures on Information Disclosure of Changes in Shareholding of ListedCompanies”.Description of the above shareholders

in relation to delegate/entrusted

Not Applicable

voting rights and abstention from

voting rights.Special note on the repurchase

account among the top 10

Not Applicable

shareholders (if applicable)(See Note

11)

Particular about top ten shareholders with un-restrict shares held(Excluding shares lent through refinancing and Top management lock-in stock)

Amount of unrestricted shares held at end Type of shares

Shareholders’ name

of Period Type Amount

Common shares

Sichuan Changhong Electric Co. Ltd. 248457724 248457724

in RMB

CHANGHONG (HK) TRADING LIMITED Foreign shares in

2707779727077797

domestic market

Hefei Industry Investment Holding (Group) Co. Common shares

Ltd. 18864896 18864896 in RMB

Common shares

HKSCC

1528186615281866

in RMB

Foreign shares in

CAO SHENGCHUN 14766086 14766086

domestic market

Common shares

The National Social Security Fund 101 portfolio

1399990213999902

in RMB

137Changhong Meiling Co. Ltd. Semi-Annual Report 2025

ICBC－China Universal Intelligent Common shares

manufacturing stock securities investment fund 11394398 11394398 in RMB

ICBC－Dongfanghong Rui Xi three years Common shares

holding period of hybrid securities investment

in RMB 8 731 900 8731900

fund

China Merchants Bank Co. Ltd－Taikang quality Common shares

life hybrid securities investment fund 8700000 8700000 in RMB

ICBC－Taikang strategy preferred flexible Common shares

allocation of hybrid securities investment fund 8500000 8500000 in RMB

Expiation on associated relationship or consistentactors within the top 10 un-restrict shareholders Found more in “Particulars about shares held above 5% by shareholders or top 10 sharesand between top 10 un-restrict shareholders and holding”

top 10 shareholders

Explanation on top ten common shareholders

Not applicable

involving margin business (if any)

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

Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a

buy-back agreement dealing in reporting period.□ Yes √ No

The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company

have no buy –back agreement dealing in reporting period.IV. Changes of shares held by directors supervisors and senior executives

□ Applicable √ Not applicable

The shareholding of directors supervisors and senior managers of the Company has not changed during the

reporting period. For details please refer to the 2024 annual report

V. Changes in controlling shareholders or actual controllers

138Changhong Meiling Co. Ltd. Semi-Annual Report 2025

(i) Controlling shareholder changes in reporting period

□ Applicable √ Not applicable

Controlling shareholder stays the same in Period.(ii) Changes of actual controller in Period

□ Applicable √ Not applicable

Actual controller stays the same in Period

VI.Preferred stock

□Applicable √ Not applicable

The Company had no preferred stock in the Period.

139Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Section VII Corporate Bonds

□ Applicable √ Not applicable

140Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Section VIII Financial Report

I. Audit report

Whether the semi-annual report is audited

□Yes □No

The company's semi-annual financial report has not been audited

II. Financial Statement

Statement in Financial Notes are carried in RMB/CNY

1. Consolidated Balance Sheet

Prepared by CHANGHONG MEILING CO. LTD.June 30 2025

In RMB

Item

June 30 2025 January 1 2025

Current assets:

Monetary funds 9480979069.79 10492450750.61

Settlement provisions

Capital lent

Trading financial assets 2136929526.59

Derivative financial assets 44278588.05 72010074.43

Note receivable

Account receivable 3506647092.19 1527978374.48

Receivable financing 965174858.85 1516987953.83

Accounts paid in advance 64160196.63 60352345.27

Insurance receivable

Reinsurance receivables

Contract reserve of reinsurance

receivable

14 1Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Other account receivable 55585833.84 135391270.79

Including: Interest receivable

Dividend receivable 12124951.70

Buying back the sale of financial assets

Inventories 3930240031.50 3514968009.34

Including：Data resources

Contractual assets 1316305.32 2763866.97

Assets held for sale

Non-current asset due within one year 499403885.22 60242921.84

Other current assets 668438057.11 562030362.98

Total current assets 21353153445.09 17945175930.54

Non-current assets:

Loans and payments on behalf

Debt investment 1578030312.23 1474153793.17

Other debt investment

Long-term account receivable

Long-term equity investment 84715253.90 81511146.82

Investment in other equity instrument

Other non-current financial assets 674073432.44 676094304.44

Investment real estate 65158804.83 66720850.69

Fixed assets 2213277937.59 2218850660.12

Construction in progress 137461480.68 97807983.40

Productive biological asset

Oil and gas asset

Right-of-use assets 159067320.89 113784190.78

Intangible assets 1000308845.16 994429966.05

Including：Data resources

14 2Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Expense on Research and Development 107799601.75 74710694.74

Including：Data resources

Goodwill

Long-term expenses to be apportioned 25123293.83 33336772.23

Deferred income tax asset 146356862.03 176953941.27

Other non-current asset 81709327.93 19073662.23

Total non-current asset 6273082473.26 6027427965.94

Total assets 27626235918.35 23972603896.48

Current liabilities:

Short-term loans 1261549788.31 766747286.01

Loan from central bank

Capital borrowed

Trading financial liability

Derivative financial liability 53273870.31 156359680.92

Note payable 10087209450.61 7934125435.65

Account payable 7338677032.64 6132020588.41

Accounts received in advance 665432.82 11085.70

Contractual liability 375324818.58 609737871.24

Selling financial asset of repurchase

Absorbing deposit and interbank deposit

Security trading of agency

Security sales of agency

Wage payable 342796057.07 389952777.46

Taxes payable 85764533.83 95871539.98

Other account payable 1097636910.83 1031439412.53

Including: Interest payable

14 3Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Dividend payable 7492505.08 6005989.72

Commission charge and commission

payable

Reinsurance payable

Liability held for sale

Non-current liabilities due within one

55641504.4929135164.68

year

Other current liabilities 10975143.87 23824389.50

Total current liabilities 20709514543.36 17169225232.08

Non-current liabilities:

Insurance contract reserve

Long-term loans

Bonds payable

Including: Preferred stock

Perpetual capital securities

Lease liability 138127127.13 101826405.91

Long-term account payable 284000.40 455409.20

Long-term wages payable 9397626.43 10195289.45

Accrual liability 35212748.24 45030417.22

Deferred income 113860607.33 125435177.90

Deferred income tax liabilities 47065165.17 44072593.30

Other non-current liabilities

Total non-current liabilities 343947274.70 327015292.98

Total liabilities 21053461818.06 17496240525.06

Owner’s equity:

Share capital 1029923715.00 1029923715.00

Other equity instrument

14 4Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Including: Preferred stock

Perpetual capital securities

Capital public reserve 2750470215.39 2750470215.39

Less: Inventory shares

Other comprehensive income -21910079.52 -21222419.68

Reasonable reserve 32081084.56 20968173.59

Surplus public reserve 502454071.02 502454071.02

Provision of general risk

Retained profit 1880519704.39 1803207185.06

Total owner’ s equity attributable to

6173538710.846085800940.38

parent company

Minority interests 399235389.45 390562431.04

Total owner’ s equity 6572774100.29 6476363371.42

Total liabilities and owner’ s equity 27626235918.35 23972603896.48

Legal Representative: Wu Dinggang Person in charge of accounting works: Yang Bing

Person in charge of accounting institute: Hu Xiangfei

2. Balance Sheet of Parent Company

In RMB

Item

June 30 2025 January 1 2025

Current assets:

Monetary funds 3254462734.62 3939389057.28

Trading financial assets 492200263.89

Derivative financial assets 11267678.39 19821438.48

Note receivable

Account receivable 2049122151.03 833235885.99

Receivable financing 751829516.66 1442869017.45

Accounts paid in advance 52082856.91 48554780.33

14 5Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Other account receivable 67308839.63 149182032.46

Including: Interest receivable

Dividend receivable 12124951.70

Inventories 555007122.72 666268187.19

Data resources

Contractual assets

Assets held for sale

Non-current assets maturing within one

215284277.78

year

Other current assets 319148746.95 291466689.98

Total current assets 7767714188.58 7390787089.16

Non-current assets:

Debt investment 724001625.00 925585208.34

Other debt investment

Long-term receivables

Long-term equity investments 2166487512.17 2063325214.07

Investment in other equity instrument

Other non-current financial assets 639116473.26 641137345.26

Investment real estate 3021753.51 3126179.84

Fixed assets 1035503514.74 1053825318.71

Construction in progress 111151501.57 59788586.47

Productive biological assets

Oil and natural gas assets

Right-of-use assets 12007930.10 12954326.53

Intangible assets 424083069.00 442210732.72

Data resources

Research and development costs 55670770.01 38924294.89

14 6Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Data resources

Goodwill

Long-term deferred expenses 10883455.52 17709281.58

Deferred income tax assets 63730852.33 95484746.18

Other non-current assets 638649.57 638649.57

Total non-current assets 5246297106.78 5354709884.16

Total assets 13014011295.36 12745496973.32

Current liabilities:

Short-term borrowings 1251414538.68 746224022.12

Trading financial liability

Derivative financial liability 21174358.12 35876471.02

Notes payable 2907532648.73 2977167497.82

Account payable 2204911559.31 2256196451.43

Accounts received in advance

Contractual liability 84534788.16 175438827.79

Wage payable 79831984.61 107686556.89

Taxes payable 11550571.72 17041928.43

Other accounts payable 1082757601.95 943872547.30

Including: Interest payable

Dividend payable 6892505.08 5405989.72

Liability held for sale

Non-current liabilities due within one

5860850.422368977.68

year

Other current liabilities 1549246.97 7744840.19

Total current liabilities 7651118148.67 7269618120.67

Non-current liabilities:

Long-term loans

14 7Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Bonds payable

Including: Preferred stock

Perpetual capital securities

Lease liability 12027083.95 12915911.24

Long-term account payable

Long term employee compensation

4741044.015434796.15

payable

Accrued liabilities 8108377.98 12165219.71

Deferred income 76009269.64 81760946.33

Deferred income tax liabilities 14795491.83 15926816.74

Other non-current liabilities

Total non-current liabilities 115681267.41 128203690.17

Total liabilities 7766799416.08 7397821810.84

Owners’ equity:

Share capital 1029923715.00 1029923715.00

Other equity instrument

Including: Preferred stock

Perpetual capital securities

Capital public reserve 2601775532.74 2601775532.74

Less: Inventory shares

Other comprehensive income

Special reserve 1792549.38

Surplus reserve 502235905.34 502235905.34

Retained profit 1111484176.82 1213740009.40

Total owner’s equity 5247211879.28 5347675162.48

Total liabilities and owner’s equity 13014011295.36 12745496973.32

Legal Representative: Wu Dinggang Person in charge of accounting works: Yang Bing

14 8Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Person in charge of accounting institute: Hu Xiangfei

3. Consolidated Profit Statement

In RMB

Item Semi-annual of 2025 Semi-annual of 2024

I. Total operating income 18071515842.15 14959351023.54

Including: Operating income 18071515842.15 14959351023.54

Interest income

Insurance gained

Commission charge and commission income

II. Total operating cost 17588399482.97 14503339525.46

Including: Operating cost 16184229553.79 13341412638.44

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 extras 58989367.55 55591644.49

Sales expense 834522622.88 757588062.94

Administrative expense 196789198.82 163427965.02

R&D expense 324890915.17 287601598.28

Financial expense -11022175.24 -102282383.71

Including: Interest expenses 16981902.08 14112775.88

Interest income 71912776.32 98862200.53

Add: Other income 80223527.31 81279001.62

14 9Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Investment income (Loss is listed with “-”) -1925678.15 2933725.87

Including: Investment income on affiliated company and joint

3878898.037391368.30

venture

The termination of income recognition for financial assets

-18998835.41-24604289.53

measured by amortized cost

Exchange income (Loss is listed with “-”)

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

Income from change of fair value (Loss is listed with “-”) 82283850.82 -42719405.68

Loss of credit impairment (Loss is listed with “-”) -68032093.37 11712225.75

Losses of devaluation of asset (Loss is listed with “-”) -65475481.29 -29258587.16

Income from assets disposal (Loss is listed with “-”) 108659.65 36334.95

III. Operating profit (Loss is listed with “-”) 510299144.15 479994793.43

Add: Non-operating income 2294086.26 2967386.19

Less: Non-operating expense 2468650.99 4861760.61

IV. Total profit (Loss is listed with “-”) 510124579.42 478100419.01

Less: Income tax expense 80681854.99 52214844.76

V. Net profit (Net loss is listed with “-”) 429442724.43 425885574.25

(i) Classify by business continuity

1.continuous operating net profit (net loss listed with ‘-”) 429442724.43 425885574.25

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

(ii) Classify by ownership

1.Net profit attributable to owner’s of parent company 417187345.27 416088950.18

2.Minority shareholders’ gains and losses 12255379.16 9796624.07

VI. Net after-tax of other comprehensive income -763639.02 -1142407.83

Net after-tax of other comprehensive income attributable to

-687659.84-1173618.69

owners of parent company

(I) Other comprehensive income items which will not be

15 0Changhong Meiling Co. Ltd. Semi-Annual Report 2025

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

instrument

4.Fair value change of enterprise's credit risk

5. Other

(ii) Other comprehensive income items which will be

-687659.84-1173618.69

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

-687659.84-1173618.69

currency financial statements

7.Other

Net after-tax of other comprehensive income attributable to

-75979.1831210.86

minority shareholders

VII. Total comprehensive income 428679085.41 424743166.42

Total comprehensive income attributable to owners of parent

416499685.43414915331.49

Company

Total comprehensive income attributable to minority

12179399.989827834.93

shareholders

VIII. Earnings per share:

(i) Basic earnings per share 0.4051 0.404

15 1Changhong Meiling Co. Ltd. Semi-Annual Report 2025

(ii) Diluted earnings per share 0.4051 0.404

In the event of a business merger under the same control in the current period the net profit

realized by the merged party before the merger was 0.00 yuan and the net profit realized by the

merged party in the previous period was 0.00 yuan.Legal Representative: Wu Dinggang Person in charge of accounting works: Yang Bing

Person in charge of accounting institute: Hu Xiangfei

4. Profit Statement of Parent Company

In RMB

Item Semi-annual of 2025 Semi-annual of 2024

I. Operating income 4939655534.15 4969902647.32

Less: Operating cost 4348705689.54 4532916186.15

Taxes and surcharge 19831290.74 23478425.44

Sales expenses 141953661.27 143132360.31

Administration expenses 52820846.20 50816647.13

R&D expenses 180556326.20 133895567.76

Financial expenses -25049146.25 -41115313.08

Including: Interest expenses 8557134.21 9500234.85

Interest income 24157132.82 50681932.56

Add: Other income 21257955.66 7598647.10

Investment income (Loss is listed with “-”) 35020778.76 26670093.50

Including: Investment income on affiliated

4837089.056158368.75

Company and joint venture

The termination of income recognition for

financial assets measured by amortized cost 556040.92 -2635478.39

(Loss is listed with “-”)

Net exposure hedging income (Loss is listed

with “-”)

Changing income of fair value (Loss is listed

8348616.70-21247008.05

with “-”)

15 2Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Loss of credit impairment (Loss is listed with

-14690691.08-168300.27

“-”)

Losses of devaluation of asset (Loss is listed

-1629084.87-5947448.04

with “-”)

Income on disposal of assets (Loss is listed

3044.16

with “-”)

II. Operating profit (Loss is listed with “-”) 269144441.62 133687802.01

Add: Non-operating income 681872.78 165605.98

Less: Non-operating expense 1584752.10 1260307.21

III. Total Profit (Loss is listed with “-”) 268241562.30 132593100.78

Less: Income tax 30622568.94 17312090.47

IV. Net profit (Net loss is listed with “-”) 237618993.36 115281010.31

(i) continuous operating net profit (net loss

237618993.36115281010.31listed with ‘-”)

(ii) termination of net profit (net loss listedwith ‘-”)

V. Net after-tax of other comprehensive income

(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 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

15 3Changhong Meiling Co. Ltd. Semi-Annual Report 2025

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

VI. Total comprehensive income 237618993.36 115281010.31

VII. Earnings per share:

(i) Basic earnings per share 0.2307 0.1119

(ii) Diluted earnings per share 0.2307 0.1119

Legal Representative: Wu Dinggang Person in charge of accounting works: Yang Bing

Person in charge of accounting institute: Hu Xiangfei

5. Consolidated Cash Flow Statement

In RMB

Item Semi-annual of 2025 Semi-annual of 2024

I. Cash flows arising from operating

activities:

Cash received from selling commodities

18024966579.9315348070718.35

and providing labor services

Net increase of customer deposit and

interbank deposit

Net increase of loan from central bank

Net increase of capital borrowed from

15 4Changhong Meiling Co. Ltd. Semi-Annual Report 2025

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 859882005.15 563109006.37

Other cash received concerning

64855328.5340441550.63

operating activities

Subtotal of cash inflow arising from

18949703913.6115951621275.35

operating activities

Cash paid for purchasing commodities

15531280024.5311553383554.37

and 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 commission

charge and commission

Cash paid for bonus of guarantee slip

15 5Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Cash paid to/for staff and workers 1216813365.26 1060547031.42

Taxes paid 257324900.15 204715594.76

Other cash paid concerning operating

583711961.96398572400.77

activities

Subtotal of cash outflow arising from

17589130251.9013217218581.32

operating activities

Net cash flows arising from operating

1360573661.712734402694.03

activities

II. Cash flows arising from investing

activities:

Cash received from recovering

10349238472.001420000000.00

investment

Cash received from investment income 44863355.09 28412801.63

Net cash received from disposal of fixed

842094.55200791.00

intangible and other long-term assets

Net cash received from disposal of

subsidiaries and other units

Other cash received concerning investing

83846728.30102139412.47

activities

Subtotal of cash inflow from investing

10478790649.941550753005.10

activities

Cash paid for purchasing fixed

236621756.72149362697.07

intangible and other long-term assets

Cash paid for investment 13145000000.00 3580000000.00

Net increase of mortgaged loans

Net cash received from subsidiaries and

other units obtained

Other cash paid concerning investing

103409698.1916523261.95

activities

Subtotal of cash outflow from investing 13485031454.91 3745885959.02

15 6Changhong Meiling Co. Ltd. Semi-Annual Report 2025

activities

Net cash flows arising from investing

-3006240804.97-2195132953.92

activities

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 2031143747.01 1127882556.92

Other cash received concerning

538295512.5374184955.05

financing activities

Subtotal of cash inflow from financing

2569439259.541202067511.97

activities

Cash paid for settling debts 1536858532.12 1131967080.14

Cash paid for dividend and profit

356474745.48325527935.72

distributing or interest paying

Including: Dividend and profit of

4066474.725083093.40

minority shareholder paid by subsidiaries

Other cash paid concerning financing

262259380.1979329165.34

activities

Subtotal of cash outflow from financing

2155592657.791536824181.20

activities

Net cash flows arising from financing

413846601.75-334756669.23

activities

IV. Influence on cash and cash

equivalents due to fluctuation in 6322906.16 17439311.30

exchange rate

V. Net increase of cash and cash

-1225497635.35221952382.18

equivalents

15 7Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Add: Balance of cash and cash

9976098734.118391177936.62

equivalents at the period -begin

VI. Balance of cash and cash equivalents

8750601098.768613130318.80

at the period -end

Legal Representative: Wu Dinggang

Person in charge of accounting works: Yang Bing

Person in charge of accounting institute: Hu Xiangfei

6. Cash Flow Statement of Parent Company

In RMB

Item Semi-annual of 2025 Semi-annual of 2024

I. Cash flows arising from operating

activities:

Cash received from selling commodities

4282390841.115280211025.34

and providing labor services

Write-back of tax received 313278239.40 293706672.31

Other cash received concerning

20710675.4114519557.10

operating activities

Subtotal of cash inflow arising from

4616379755.925588437254.75

operating activities

Cash paid for purchasing commodities

4464130616.454180482491.50

and receiving labor service

Cash paid to/for staff and workers 284339799.32 291758151.83

Taxes paid 32644734.65 43581975.81

Other cash paid concerning operating

144701747.69115440944.47

activities

Subtotal of cash outflow arising from

4925816898.114631263563.61

operating activities

Net cash flows arising from operating

-309437142.19957173691.14

activities

15 8Changhong Meiling Co. Ltd. Semi-Annual Report 2025

II. Cash flows arising from investing

activities:

Cash received from recovering

5804238472.00620000000.00

investment

Cash received from investment income 38789848.20 27533505.78

Net cash received from disposal of fixed

786413.00202186.00

intangible and other long-term assets

Net cash received from disposal of

subsidiaries and other units

Other cash received concerning investing

36637150.5053882098.29

activities

Subtotal of cash inflow from investing

5880451883.70701617790.07

activities

Cash paid for purchasing fixed

99382132.6285678643.57

intangible and other long-term assets

Cash paid for investment 6439000000.00 2100000000.00

Net cash received from subsidiaries and

other units obtained

Other cash paid concerning investing

21079682.40

activities

Subtotal of cash outflow from investing

6559461815.022185678643.57

activities

Net cash flows arising from investing

-679009931.32-1484060853.50

activities

III. Cash flows arising from financing

activities:

Cash received from absorbing

investment

Cash received from loans 1881143747.01 809669129.02

Other cash received concerning 142067082.00 150450083.63

15 9Changhong Meiling Co. Ltd. Semi-Annual Report 2025

financing activities

Subtotal of cash inflow from financing

2023210829.01960119212.65

activities

Cash paid for settling debts 1376108522.12 1131967080.14

Cash paid for dividend and profit

346136175.67316626529.97

distributing or interest paying

Other cash paid concerning financing

56284214.737491686.80

activities

Subtotal of cash outflow from financing

1778528912.521456085296.91

activities

Net cash flows arising from financing

244681916.49-495966084.26

activities

IV. Influence on cash and cash

equivalents due to fluctuation in 4835720.68 -1950942.84

exchange rate

V. Net increase of cash and cash

-738929436.34-1024804189.46

equivalents

Add: Balance of cash and cash

3881601972.714746147736.99

equivalents at the period -begin

VI. Balance of cash and cash equivalents

3142672536.373721343547.53

at the period -end

Legal Representative: Wu Dinggang Person in charge of accounting works: Yang Bing

Person in charge of accounting institute: Hu Xiangfei

16 0Changhong Meiling Co. Ltd. Semi-Annual Report 2025

7. Statement of Changes in Owners’ Equity (Consolidated)

This Period

In RMB

Semi-annual of 2025

Owners’ equity attributable to the parent Company

Other

equity instrument Less

Prov

:

Pr Perp ision

Inve Other Minority Total owners’

Item ef etual Capital Reasonable Surplus of Othe

Share capital ntor comprehensiv Retained profit Subtotal interests equity

err capit reserve reserve reserve gene r

Othe y e income

ed al ral

r shar

st secu risk

es

oc ritie

k s

I. The

ending

balance 27504702 502454071.

1029923715.00-21222419.6820968173.591803207185.066085800940.38390562431.046476363371.42

of the 15.39 02

previous

year

16 1Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Add:

Changes

of

accounti

ng

policy

Error

correcti

on of

the last

period

Other

II. The

beginnin

g

27504702502454071.

balance 1029923715.00 -21222419.68 20968173.59 1803207185.06 6085800940.38 390562431.04 6476363371.42

15.3902

of the

current

year

III.-687659.8411112910.9777312519.3387737770.468672958.4196410728.87

Increase

16 2Changhong Meiling Co. Ltd. Semi-Annual Report 2025

/

Decreas

e in the

period

(Decrea

se is

listed

with

“-”)

(i) Total

compreh

-687659.84417187345.27416499685.4312179399.98428679085.41

ensive

income

(ii)

Owners’

devoted

and

decrease

d capital

1.Comm

on

16 3Changhong Meiling Co. Ltd. Semi-Annual Report 2025

shares

invested

by

sharehol

ders

2.

Capital

invested

by

holders

of other

equity

instrume

nts

3.

Amount

reckone

d into

owners

equity

with

share-ba

16 4Changhong Meiling Co. Ltd. Semi-Annual Report 2025

sed

payment

4. Other

(iii)

Profit

-339874825.94-339874825.94-4066474.72-343941300.66

distribut

ion

1.

Withdra

wal of

surplus

reserves

2.

Withdra

wal of

general

risk

provisio

ns

3.-339874825.94-339874825.94-4066474.72-343941300.66

16 5Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Distribu

tion for

owners

(or

sharehol

ders)

4. Other

(iv)

Carryin

g

forward

internal

owners’

equity

1.

Capital

reserves

convers

ed to

capital

(share

16 6Changhong Meiling Co. Ltd. Semi-Annual Report 2025

capital)

2.

Surplus

reserves

convers

ed to

capital

(share

capital)

3.

Remedy

ing loss

with

surplus

reserve

4.

Carry-o

ver

retained

earnings

from the

16 7Changhong Meiling Co. Ltd. Semi-Annual Report 2025

defined

benefit

plans

5.

Carry-o

ver

retained

earnings

from

other

compreh

ensive

income

6. Other

(v)

Reasona

11112910.9711112910.97560033.1511672944.12

ble

reserve

1.

Withdra 21140216.03 21140216.03 991714.29 22131930.32

wal in

16 8Changhong Meiling Co. Ltd. Semi-Annual Report 2025

the

report

period

2. Usage

in the

10027305.0610027305.06431681.1410458986.20

report

period

(vi)

Others

IV.Balance

at the 27504702 502454071.

1029923715.00-21910079.5232081084.561880519704.396173538710.84399235389.456572774100.29

end of 15.39 02

the

period

Last Period

In RMB

Semi-annual of 2024

Item Owners’ equity attributable to the parent Company

Minority Total owners’

Share Other Capital Less: Other Reasonable Surplus Provisio Retained profit Othe Subtotal

16 9Changhong Meiling Co. Ltd. Semi-Annual Report 2025

capital equity instrument reserve Invent comprehensiv reserve reserve n of r interests equity

ory e income general

Perp

shares risk

Pref etual

erre capit

Othe

d al

r

stoc secu

k ritie

s

I. The

ending

balance of 10299237 280550 47705319

-20704362.0511246811.911521759836.645824782654.09369252132.376194034786.46

the 15.00 3457.77 4.82

previous

year

Add:

Changes

of

accountin

g policy

Error

correction

17 0Changhong Meiling Co. Ltd. Semi-Annual Report 2025

of the last

period

320000

Other -83444712.70 236555287.30 236555287.30

000.00

II. The

beginning

1029923731255047705319

balance of -20704362.05 11246811.91 1438315123.94 6061337941.39 369252132.37 6430590073.76

15.003457.774.82

the current

year

III.Increase/

Decrease

in the

-1173618.693207366.13107111835.68109145583.125214743.84114360326.96

period

(Decrease

is listed

with “-”)

(i) Total

comprehe

-1173618.69416088950.18414915331.499827834.93424743166.42

nsive

income

17 1Changhong Meiling Co. Ltd. Semi-Annual Report 2025

(ii)

Owners’

devoted

and

decreased

capital

1.Commo

n shares

invested

by

sharehold

ers

2. Capital

invested

by holders

of other

equity

instrument

s

3. Amount

reckoned

17 2Changhong Meiling Co. Ltd. Semi-Annual Report 2025

into

owners

equity

with

share-base

d payment

4. Other

(iii) Profit

distributio -308977114.50 -308977114.50 -5083093.40 -314060207.90

n

1.

Withdraw

al of

surplus

reserves

2.

Withdraw

al of

general

risk

17 3Changhong Meiling Co. Ltd. Semi-Annual Report 2025

provisions

3.

Distributi

on for

-308977114.50-308977114.50-5083093.40-314060207.90

owners (or

sharehold

ers)

4. Other

(iv)

Carrying

forward

internal

owners’

equity

1. Capital

reserves

conversed

to capital

(share

capital)

17 4Changhong Meiling Co. Ltd. Semi-Annual Report 2025

2. Surplus

reserves

conversed

to capital

(share

capital)

3.

Remedyin

g loss

with

surplus

reserve

4.

Carry-ove

r retained

earnings

from the

defined

benefit

plans

5.

17 5Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Carry-ove

r retained

earnings

from other

comprehe

nsive

income

6. Other

(v)

Reasonabl 3207366.13 3207366.13 470002.31 3677368.44

e reserve

1.

Withdraw

al in the 17312570.32 17312570.32 878578.37 18191148.69

report

period

2. Usage

in the

14105204.1914105204.19408576.0614513780.25

report

period

17 6Changhong Meiling Co. Ltd. Semi-Annual Report 2025

(vi)

Others

IV.Balance at 10299237 312550 47705319

-21877980.7414454178.041545426959.626170483524.51374466876.216544950400.72

the end of 15.00 3457.77 4.82

the period

Legal Representative: Wu Dinggang Person in charge of accounting works: Yang Bing Person in charge of accounting institute: Hu Xiangfei

8. Statement of Changes in Owners’ Equity (Parent Company)

This Period

In RMB

Semi-annual of 2025

Other

equity instrument Less: Other

Item compreh Reasonable Share capital Perpet Capital reserve Inventor Surplus reserve Retained profit Other Total owners’ equity ensive reserve

Prefer ual Ot y shares income

red capital he

stock securit r

ies

I. The ending balance of the

1029923715.002601775532.74502235905.341213740009.405347675162.48

previous year

17 7Changhong Meiling Co. Ltd. Semi-Annual Report 2025

Add: Changes of accounting

policy

Error correction of the last

period

Other

II. The beginning balance of the

1029923715.002601775532.74502235905.341213740009.405347675162.48

current year

III. Increase/ Decrease in the

period (Decrease is listed with 1792549.38 -102255832.58 -100463283.20

“-”)

(i) Total comprehensive income 237618993.36 237618993.36

(ii) Owners’ devoted and

decreased capital

1.Common shares invested by

shareholders

2. Capital invested by holders

of other equity instruments

3. Amount reckoned into

17 8Changhong Meiling Co. Ltd. Semi-Annual Report 2025

owners equity with share-based

payment

4. Other

(iii) Profit distribution -339874825.94 -339874825.94

1. Withdrawal of surplus

reserves

2. Distribution for owners (or

-339874825.94-339874825.94

shareholders)

3. Other

(iv) Carrying forward internal

owners’ equity

1. Capital reserves conversed to

capital (share capital)

2. Surplus reserves conversed to

capital (share capital)

3. Remedying loss with surplus

reserve

4. Carry-over retained earnings

17 9Changhong Meiling Co. Ltd. Semi-Annual Report 2025

from the defined benefit plans

5. Carry-over retained earnings

from other comprehensive

income

6. Other

(v) Reasonable reserve 1792549.38 1792549.38

1. Withdrawal in the report

4990854.124990854.12

period

2. Usage in the report period 3198304.74 3198304.74

(vi) Others

IV. Balance at the end of the

1029923715.002601775532.741792549.38502235905.341111484176.825247211879.28

period

Last period

In RMB

Semi-annual of 2024

Other

Less:

Other

Item equity instrument Reasonable Total owners’ Share capital Capital reserve Inventory comprehensive Surplus reserve Retained profit Other

reserve equity

income

Preferred shares Perpetual

Other

stock capital

18 0Changhong Meiling Co. Ltd. Semi-Annual Report 2025

securities

I. The

ending

balance of 1029923715.00 2740508510.57 505111.75 476835029.14 1294109238.10 5541881604.56

the previous

year

Add:

Changes of

accounting

policy

Error

correction of

the last

period

Other

II. The

beginning

balance of 1029923715.00 2740508510.57 505111.75 476835029.14 1294109238.10 5541881604.56

the current

year

18 1Changhong Meiling Co. Ltd. Semi-Annual Report 2025

III. Increase/

Decrease in

the period

825666.62-193696104.19-192870437.57

(Decrease is

listed with

“-”)

(i) Total

comprehensi 115281010.31 115281010.31

ve income

(ii) Owners’

devoted and

decreased

capital

1.Common

shares

invested by

shareholders

2. Capital

invested by

holders of

other equity

18 2Changhong Meiling Co. Ltd. Semi-Annual Report 2025

instruments

3. Amount

reckoned

into owners

equity with

share-based

payment

4. Other

(iii) Profit

-308977114.50-308977114.50

distribution

1.

Withdrawal

of surplus

reserves

2.

Distribution

for owners

-308977114.50-308977114.50

(or

shareholders

)

18 3Changhong Meiling Co. Ltd. Semi-Annual Report 2025

3. Other

(iv) Carrying

forward

internal

owners’

equity

1. Capital

reserves

conversed to

capital

(share

capital)

2. Surplus

reserves

conversed to

capital

(share

capital)

3.

Remedying

loss with

18 4Changhong Meiling Co. Ltd. Semi-Annual Report 2025

surplus

reserve

4.

Carry-over

retained

earnings

from the

defined

benefit plans

5.

Carry-over

retained

earnings

from other

comprehensi

ve income

6. Other

(v)

Reasonable 825666.62 825666.62

reserve

18 5Changhong Meiling Co. Ltd. Semi-Annual Report 2025

1.

Withdrawal

4842286.804842286.80

in the report

period

2. Usage in

the report 4016620.18 4016620.18

period

(vi) Others

IV. Balance

at the end of 1029923715.00 2740508510.57 1330778.37 476835029.14 1100413133.91 5349011166.99

the period

Legal Representative: Wu Dinggang Person in charge of accounting works: Yang Bing Person in charge of accounting institute: Hu Xiangfei

18 6Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

I. Company profile

Changhong Meiling Co. Ltd (hereinafter referred to as “the Company”) ，originally named asHefei Meiling Co. Ltd. is an incorporated Company established and reorganized by Hefei Meiling

Refrigerator General Factory and approved on June 12th 1992 through [WanTiGaiHanZi (1992)

No.039] issued by original Mechanism Reform Committee of Anhui Province. On August 30th

1993 through Anhui Provincial Government [Wanzhenmi (1993) No.166] and re-examination of

China Securities Regulatory Commission the Company made first public issue for 30 million A

shares and the Company was listed on Oct. 18th 1993 in Shenzhen Stock Exchange. On August

13th 1996 the Company was approved to issue 100 million B shares to investors abroad through

[ZhengWeiFa (1996) No.26] issued by China Securities Regulatory Commission. The Company

went public in Shenzhen Stock Exchange on August 28th 1996.State-owned Assets Supervision & Administration Commission of the State Council approved

such transfers with Document Guozi Chanquan (2007) No.253 Reply on Matters of Hefei Meiling

Group Holdings Limited Transferring Partial State-owned Ownership Hefei Meiling Group

Holdings Limited (hereinafter referred to as Meiling Group) transferred its holding 37852683

shares in 82852683 state-owned shares of the Company to Sichuan Changhong Electronic Group

Co. Ltd (hereinafter referred to as Changhong Group) other 45000000 shares to Sichuan

Changhong Electric Co. Ltd (hereinafter referred to as Sichuan Changhong). On Aug 15 2007 the

above ownership was transferred and Cleaning Corporation Limited.On 27 August 2007 State-owned Assets Supervision & Administration Commission of AnhuiProvincial Government replied with Document [WGZCQH (2007) No.309] Reply on “RelatedMatters of Share Merger Reform of Hefei Meiling Co. Ltd.” agreed the Company’s ownership

split reform plan. The Company made consideration that non-tradable share holders deliver 1.5

shares to A share holders per 10 shares and original Meiling Group made prepayment 3360329

shares for some non-tradable share holders as consideration for split reform plan.On 29 May 2008 concerning 34359384 state-owned shares (including 3360329 shares paid for

other non-tradable shareholders by original Meiling Group in share reform) held by originalMeiling Group the “Notice of Freely Transfer of Meiling Electrics Equity held by MeilingGroup”[HGZCQ(2008) No. 59] issued from State-owned Assets Supervision & Administration

Commission of Hefei Municipal agrees to transfer the above said shares to Hefei Xingtai Holding

Group Co. Ltd.(“Xingtai Holding Co.”) for free. On 7 August 2008 the “Reply of TransferFreely of Part of the Shares of Hefei Meiling Co. Ltd. held by State-owned shareholders” [GZCQ

(2007) No. 752] issued by SASAC agrees the above said transferring.

On October 29 2008 Changhong Group signed Agreement on Equity Transfer of Hefei Meiling

187Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Co. Ltd with Sichuan Changhong in which 32078846 tradable A-shares with conditional

subscription of the Company (accounting for 7.76% in total shares) held by Changhong Group. On

23 December 2008 “Reply of Transfer Freely of Part of the Shares of Hefei Meiling Co. Ltd.held by State-owned shareholders” [GZCQ (2008) No. 1413] issued by SASAC agrees the above

said share transferring.On 24 December 2010 being deliberated and approved in 32nd Session of 6th BOD and 2nd

Extraordinary Shareholders’ General Meeting of 2010 as well as approval of document [ZJXK

(2010) No. 1715] from CSRC totally 116731500 RMB ordinary shares (A stock) were offering

privately to target investors with issue price of RMB 10.28/share. Capital collecting amounting to

RMB 1199999820 after issuing expenses RMB 22045500 deducted net capital collected

amounting to RMB 1177954320 and paid-in capital (share capital) increased RMB 116731500

with capital reserve (share premium) RMB 1061106088.5 increased. The increasing capital has

been verified by Capital Verification Report No.: ［XYZH2010CDA6021］issued from Shin Wing

CPA Co. Ltd.On 20 June 2011 the general meeting of the Company considered and approved the 2010 profit

distribution plan namely to distribute cash dividends of RMB0.5 (tax included) plus two shares

for every ten shares held by shareholders to all shareholders based on the total share capital of

530374449 shares as of 31 December 2010. The total share capital of the Company upon profit

distribution increased to 636449338 shares. The capital increase was verified by Anhui Huashen

Zhengda Accounting Firm with the verification report WHSZDKYZ (2011) No.141.On 26 June 2012 the general meeting of the Company considered and approved the 2011 profit

distribution and capitalization of capital reserve plan namely to distribute cash dividends of

RMB0.5 (tax included) plus two shares for every ten shares to all shareholders capitalized from

capital reserve based on the total share capital of 636449338 shares as of 31 December 2011.The total share capital of the Company upon implementation of capitalization of capital reserve

increased to 763739205 shares from 636449338 shares and was verified by Anhui Anlian

Xinda Accounting Firm with the verification report WALXDYZ (2012) No.093.On November 18 2015 considered and approved by the 12th Session of the 8th BOD of the

company and the first extraordinary general meeting in 2016 and approved by the document ofChina Securities Regulatory Commission [CSRC License No. (2016) 1396] “Reply to theapproval of non-public offering of shares of Hefei Meiling Co. Ltd.” the company has actually

raised funds of 1569999998.84 yuan by non-public offering of no more than 334042553 new

shares at face value of 1 yuan per share and with issue price no less than 4.70 yuan per share after

deducting the issue costs of 29267276.08 yuan the net amount of raised funds is

188Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

1540732722.76 yuan the increased paid-in capital (share capital) of 280858676.00 yuan

increased capital reserve (share premium) of 1259874046.76 yuan. This capital increase has

been verified by No.［XYZH2016CDA40272］capital verification report of Shine Wing Certified

Public Accountants (LLP).Since the first repurchase of shares on November 4 2020 the company had cumulatively

repurchased 14674166 shares of the company (B shares) in centralized bidding transactions

through the special securities account for repurchase until February 18 2022 and completed the

cancellation procedures of the repurchased shares at the Shenzhen Branch of China Securities

Depository and Clearing Co. Ltd. on March 2 2022 a total of 14674166 shares of the company

(B shares) were cancelled accounting for 1.4048% of the company's total share capital before

cancellation. After the cancellation the total share capital of the company was reduced from

1044597881 shares to 1029923715 shares.

Ended as June 30 2025 total share capital of the Company amounting to 1029923715shares

with ordinary shares in full. Among which 881733881 shares of A-share accounting 85.61% in

total shares while B-share with 148189834 shares accounting 14.39% in total shares. Specific

capital structure is as follows:

Type of stock Quantity Proportion

(I)Restricted shares 6154193 0.60%

1. State-owned shares

2. State-owned legal person’s shares

11410530.11%

3. Other domestic shares

50131400.49%

Including: Domestic legal person’s shares

33635390.33%

Domestic natural person’s shares

16496010.16%

4. Foreign shares

(II)Unrestricted shares 1023769522 99.40%

1. RMB Ordinary shares

87557968885.01%

2. Domestically listed foreign shares

14818983414.39%

3. Overseas listed foreign shares

4. Others

189Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Type of stock Quantity Proportion

Total shares 1029923715 100.00%

The Company belongs to the manufacture of light industry and engaged in the production

and sale of refrigerator freezer and air-conditioner. Unified social credit code of the Company:

9134000014918555XK; Address: No.2163 Lianhua Road Economy and Technology

Development Zone Hefei City; Legal Representative: Wu Dinggang; register capital (paid-in

capital): 1029923715 yuan; type of company: limited liability company(joint venture and listed

of Taiwan Hong Kong and Macao).This financial statement was approved by the Board of Directors of the Company on August

19 2025. According to the Articles of Association of the Company the financial statement

will be submitted to the General Meeting of Shareholders for review.II. Basis for preparation of financial statement

1.Basis for preparation

According to the actual transactions and matters the Company's financial statements are prepared

in accordance with the Accounting Standards for Business Enterprises and its application

guidelines explanations and other relevant provisions (hereinafter referred to as "Accounting

Standards for Business Enterprises") promulgated by the Ministry of Finance as well as the

disclosure-related provisions of No.15 Rules on Information Disclosure and Compilation of

Companies Offering Securities to the Public - General Provisions on Financial Reports (revised in

2023) issued by China Securities Regulatory Commission (hereinafter referred to as "CSRC").

2.Continuous operation

The Company recently has a history of profitability operation and has financial resources

supporting and prepared the financial statement on basis of going concern is reasonable.III. Significant Accounting Policy and accounting Estimation

Specific accounting policies and accounting estimates tips: The specific accounting policies and

accounting estimates formulated by the company according to the actual production and operation

characteristics include receivables provisions for bad debts inventory depreciation provisions

capitalization conditions of R & D expenses revenue recognition and measurement etc.

1. Statement on observation of accounting standards for enterprise

190Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

The financial statements prepared by the Company meet the requirements of the Accounting

Standards for Business Enterprises and truly accurately and completely reflect the financial status

of the Company on June 30 2025 as well as the operating results and cash flow first half-year of

2025.

2.Accounting period

The accounting period of the Company is the calendar date from 1 January to 31 December.

3.Operation cycle

Operation cycle of the Company was 12 months and it is the standard of flow classification for

assets and liabilities.

4.Standard currency for accounting

The Company takes RMB as the standard currency for accounting.

5.Determination method and selection basis of importance standard

The Company follows the principle of materiality in preparing and disclosing financial statements.The matters disclosed in the notes to the financial statements involving judgement by materiality

standard and the determination method and selection basis of materiality standard are as follows:

Matters disclosed involving the judgment by Determination method and selection basis of importance

materiality standards standard

The individual recovery or reversal amount accounts for

Recovery or reversal of important accounts more than 10% of the total recovery or reversal amount of

receivable bad debt reserves accounts receivable and the amount is greater than RMB 10

million

The single item write off amount accounts for more than

Actual write off of important accounts receivable 10% of the total bad debt write off amount of various

receivables and the amount is greater than 5 million yuan

The single provision amount accounts for 10% of the total

Important accounts receivable with single

bad debt provision for various accounts receivable and is

provision for bad debt reserves

greater than RMB 50 million

Important debt investment Single debt investment accounts for 5% of the total debt

191Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Matters disclosed involving the judgment by Determination method and selection basis of importance

materiality standards standard

investment and the amount is greater than RMB 20 million

Single non-current assets accounts for 10% of the total

Important to other non-current assets non-current assets and the amount is greater than RMB 10

million

Significant changes in the book value of contract The change in the book value of contract assets accounts for

assets more than 30% of the initial balance of contract assets

Material construction in progress The budget of a single project is more than RMB 50 million

Material capitalized R&D projects The budget of a single project is more than RMB 20 million

Contractual liabilities with a single aging of more than one

Material contractual liabilities with an age of more

year account for more than 10% of the total contractual

than one year

liabilities and are more than RMB 50 million

The change in the book value of contractual liabilities

Significant changes in the book value of

accounts for more than 30% of the initial balance of

contractual liabilities

contractual liabilities

Accounts payable with a single account age exceeding 1 year

Important accounts payable account for more than 5% of the total accounts payable and

with an amount greater than RMB 100 million

Other payables with a single account age exceeding 1 year

Important other payables account for more than 5% of the total other payables and an

amount greater than RMB 50 million

Subsidiary net assets account for over 1% of the company's

Important non wholly-owned subsidiaries

net assets

The book value of long-term equity investments in a single

invested entity accounts for more than 1% of the company's

net assets and the amount is greater than RMB 50 million or

Important joint ventures or associates

the investment gains and losses under the equity method

account for more than 1% of the company's consolidated net

profit

192Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Matters disclosed involving the judgment by Determination method and selection basis of importance

materiality standards standard

Individual investment activities account for more than 10%

of the total cash inflows or outflows related to received or

Important investment activities

paid investment activities and the amount is greater than

RMB 100 million

Not involving current cash inflows and outflows with an

Significant activities that do not involve current

impact on the current financial statements greater than 10%

cash inflows and outflows

of net assets

6.Accountant arrangement method of business combination under common control and not under

common control

As acquirer the Company measures the assets and liabilities acquired through business

combination under common control at their carrying values as reflected in the consolidated

financial statement of the ultimate controller as of the combination date. Capital reserve shall be

adjusted in respect of any difference between carrying value of the net assets acquired and

carrying value of the combination consideration paid. In case that capital reserve is insufficient to

offset the Company would adjust retained earnings.The acquiree’s net identifiable assets liabilities or contingent liabilities acquired through business

combination not under common control shall be measured at fair value as of the acquisition date.The cost of combination represents the fair value of the cash or non-cash assets paid liabilities

issued or committed and equity securities issued by the Company as at the date of combination in

consideration for acquiring the controlling power in the acquiree together with the sum of any

directly related expenses occurred during business combination(in case of such business

combination as gradually realized through various transactions the combination cost refers to the

sum of each cost of respective separate transaction). Where the cost of the combination exceeds

the acquirer’s interest in the fair value of the acquirer’s identifiable net assets acquired the

difference is recognized as goodwill; where the cost of combination is lower than the acquirer’s

interest in the fair value of the acquiree’s identifiable net assets the Company shall firstly make

further review on the fair values of the net identifiable assets liabilities or contingent liabilities

acquired as well as the fair value of the non-cash assets portion of combination consideration or

the equity securities issued by the Company. In case that the Company finds the cost of

193Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

combination is still lower than the acquirer’s interest in the fair value of the acquiree’s identifiable

net assets after such further review the difference is recognized in non-operating income for the

current period when combination occurs.

7.Criteria for Control and Preparation Method of Consolidated Financial Statements

Control means that the Company has the power over the investee enjoys variable returns by

participating in the related activities of the investee and has the ability to influence the amount of

returns by using the power over the investee.The Company shall put all the subsidiaries controlled and main body structured into consolidated

financial statements.Any difference arising from the inconformity of accounting year or accounting policies between

the subsidiaries and the Company shall be adjusted in the consolidated financial statements.All the material inter-company transactions non-extraordinary items and unrealized profit within

the combination scope are written-off when preparing consolidated financial statement. Owners’

equity of subsidiary not attributable to parent company and current net gains and losses other

comprehensive income and total comprehensive income attributable to minority shareholders are

recognized as non-controlling interests minority interests other comprehensive income

attributable to minority shareholders and total comprehensive income attributable to minority

shareholders in consolidated financial statement respectively.As for subsidiary acquired through business combination under common control its operating

results and cash flow will be included in consolidated financial statement since the beginning of

the period when combination occurs. When preparing comparative consolidated financial

statement the relevant items in previous years financial statement shall be adjusted as if the

reporting entity formed upon combination has been existing since the ultimate controller

commenced relevant control.As for equity interests of the investee under common control acquired through various

transactions which eventually formed business combination the Company shall supplement

disclosure of the accounting treatment in consolidated financial statement in the reporting period

when controlling power is obtained. For example as for equity interests of the investee under

common control acquired through various transactions which eventually formed business

combination adjustments shall be made as if the current status had been existing when the

194Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

ultimate controller commenced control in connection of preparing consolidated financial statement;

in connection with preparing comparative statement the Company shall consolidate the relevant

assets and liabilities of the acquiree into the Company’s comparative consolidated financial

statement to the extent not earlier than the timing when the Company and the acquiree are all

under control of the ultimate controller and the net assets increased due to combination shall be

used to adjust relevant items under owners’ equity in comparative statement. In order to prevent

double computation of the value of the acquiree’s net assets the relevant profits and losses other

comprehensive income and change of other net assets recognized during the period from the date

when the Company acquires original equity interests and the date when the Company and the

acquiree are all under ultimate control of the same party (whichever is later) to the date of

combination in respect of the long-term equity investment held by the Company before

satisfaction of combination shall be utilized to offset the beginning retained earnings and current

gains and losses in the period as the comparative financial statement involves respectively.As for subsidiary acquired through business combination not under common control its operating

results and cash flow will be included in consolidated financial statement since the Company

obtains controlling power. When preparing consolidated financial statement the Company shall

adjust the subsidiary’s financial statement based on the fair value of the various identifiable assets

liabilities or contingent liabilities recognized as of the acquisition date.As for equity interests of the investee not under common control acquired through various

transactions which eventually formed business combination the Company shall supplement

disclosure of the accounting treatment in consolidated financial statement in the reporting period

when controlling power is obtained. For example as for equity interests of the investee not under

common control acquired through various transactions which eventually formed business

combination when preparing consolidated financial statement the Company would re-measure

the equity interests held in the acquiree before acquisition date at their fair value as of the

acquisition date and any difference between the fair value and carrying value is included in

current investment income. in case that the equity interests in acquiree held by the Company

before the relevant acquisition date involves other comprehensive income at equity method and

change of other owners’ equity (other than net gains and losses other comprehensive income and

profit distribution) then the equity interests would transfer to investment gains and losses for the

period which the acquisition date falls upon. The other comprehensive income arising from

change of the net liabilities or net assets under established benefit scheme as acquiree’s

re-measured such scheme is excluded.

195Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

The transaction with non-controlling interest to dispose long-term equity investment in a

subsidiary without losing control rights over the subsidiary the difference between the proceeds

from disposal of interests and the decrease of the shared net assets of the subsidiary is adjusted to

capital premium (share premium). In case capital reserve is not sufficient to offset the difference

retained earnings will be adjusted.As for disposal of part equity investment which leads to losing control over the investee the

Company would re-measure the remaining equity interests at their fair value as of the date when

the Company loses control over the investee when preparing consolidated financial statement. The

sum of consideration received from disposal of equity interest and fair value of the remaining

equity interest less the net assets of the original subsidiary attributable to the Company calculated

based on the original shareholding proportion since the acquisition date or the date then

consolidation commences is included in investment gains and losses for the period when control

is lost meanwhile to offset goodwill. Other comprehensive income related to equity interest

investment in original subsidiaries is transferred into current investment gains and losses upon lost

of control.If the disposal of the equity investment of subsidiary is realized through multi pletran section

sunlit loss of control and is a pack age deal. the accounting treatment of the sterna sections should

be dealt with as one transaction of disposal of the subsidiary until loss of control. However

before the Company loses total control of the subsidiary the differences between the actual

disposal price and the share of the net assets of the subsidiary disposed of in every transaction

should be recognized as other comprehensive income in the consolidated financial statements

and transferred to profit or loss when losing control.

8. Accounting treatment for joint venture arrangement and joint controlled entity

The joint venture arrangement of the Company consists of joint controlled entity and joint venture.As for jointly controlled entity the Company determines the assets held and liabilities assumed

separately as a party to the jointly controlled entity recognizes such assets and liabilities

according to its proportion and recognizes relevant income and expense separately under relevant

agreement or according to its proportion. As for asset transaction relating to purchase and sales

with the jointly controlled entity which does not constitute business activity part of the gains and

losses arising from such transaction attributable to other participators of the jointly controlled

entity is only recognized.

9.Cash and cash equivalents

196Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Cash in the cash flow statement comprises the Group’s cash on hand and deposits that can be

readily with drawn on demand. Cash equivalents are short-term highly liquid investments held by

the Group that are readily convertible to known amounts of cash and which are subject to an in

significant risk of changes in value.

10. Foreign currency business and foreign currency financial statement conversion

(1) Foreign currency business

As for the foreign currency business the Company converts the foreign currency amount into

RMB amount pursuant to the spot exchange rate as of the business day. As at the balance sheet

date monetary items expressed by foreign currency are converted into RMB pursuant to the spot

exchange rate as of the balance sheet date. The conversion difference occurred is recorded into

prevailing gains and losses other than the disclosure which is made according to capitalization

rules for the exchange difference occurred from the special foreign currency borrowings borrowed

for constructing and producing the assets satisfying condition of capitalization. As for the foreign

currency non-monetary items measured by fair value the amount is then converted into RMB

according to the spot exchange rate as of the confirmation day for fair value. And the conversion

difference occurred during the procedure is recorded into prevailing gains and losses directly as

change of fair value. As for the foreign currency non-monetary items measured by historical cost

conversion is made with the spot exchange rate as of the business day with no change in RMB

amount.

(2) Conversion of foreign currency financial statement

Spot exchange rate as of the balance sheet date is adopted for conversion of assets and liabilities in

foreign currency balance sheet; as for the items in statement of owners’ equity except for

“Retained profit” conversion is made pursuant to the spot exchange rate of business day; income

and expense items in income statement then are also converted pursuant to the spot exchange rate

of transaction day. Difference arising from the aforementioned conversions shall be listed

separately in items of owners’ equity. Spot exchange rate as of the occurrence date of cash flow is

adopted for conversion of foreign currency cash flow. The amount of cash affected by exchange

rate movement shall be listed separately in cash flow statement.

11. Financial assets and liabilities

A financial asset or liability is recognized when the group becomes a party to a financial

instrument contract. The financial assets and financial liabilities are measured at fair value on

197Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

initial recognition. For the financial assets and liabilities measured by fair value and with variation

reckoned into current gains/losses the related transaction expenses are directly included in current

gains or losses; for other types of financial assets and liabilities the related transaction costs are

included in the initial recognition amount.

(1) Method for determining the fair value of financial assets and financial liabilities

Fair value refers to the price that a market participant can get by selling an asset or has to pay for

transferring a liability in an orderly transaction that occurs on the measurement date. For a

financial instrument having an active market the Company uses the quoted prices in the active

market to determine its fair value. Quotations in an active market refer to prices that are readily

available from exchanges brokers industry associations pricing services etc. and represent the

prices of market transactions that actually occur in an arm's length transaction. If there is no active

market for a financial instrument the Company uses valuation techniques to determine its fair

value. Valuation techniques include reference to prices used in recent market transactions by

parties familiar with the situation and through voluntary trade and reference to current fair values

of other financial instruments that are substantially identical discounted cash flow methods and

option pricing models.

(2) Category and measurement on financial assets

The group divided the financial assets as the follow while initially recognized: the financial assets

measured at amortized cost; the financial assets measured at fair value and whose changes are

included in other comprehensive income; and the financial assets measured by fair value and with

variation reckoned into current gains/losses. The classification of financial assets depends on the

business model that the Group's enterprises manage the financial assets and the cash flow

characteristics of the financial assets.

1) The financial assets measured at amortized cost

Financial assets are classified as financial assets measured at amortized cost when they also meet

the following conditions: The group's business model for managing the financial assets is to

collect contractual cash flows; the contractual terms of the financial assets stipulate that cash flow

generated on a specific date is only paid for the principal and interest based on the outstanding

principal amount. For such financial assets the effective interest method is used for subsequent

measurement according to the amortized cost and the gains or losses arising from amortization or

impairment are included in current profits and losses. Such financial assets mainly include

198Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

monetary funds notes receivable accounts receivable other receivables debt investment and

long-term receivables and so on. The Group lists the debt investment and long-term receivables

due within one year (including one year) from the balance sheet date as non-current assets due

within one year and lists the debt investment with time limit within one year (including one year)

when acquired as other current assets.

2) Financial assets measured at fair value and whose changes are included in other

comprehensive income

Financial assets are classified as financial assets measured at fair value and whose changes are

included in other comprehensive income when they also meet the following conditions: The

Group's business model for managing the financial assets is targeted at both the collection of

contractual cash flows and the sale of financial assets; the contractual terms of the financial asset

stipulate that the cash flow generated on a specific date is only the payment of the principal and

the interest based on the outstanding principal amount. For such financial assets fair value is used

for subsequent measurement. The discount or premium is amortized by using the effective interest

method and is recognized as interest income or expenses. Except the impairment losses and the

exchange differences of foreign currency monetary financial assets are recognized as the current

profits and losses the changes in the fair value of such financial assets are recognized as other

comprehensive income until the financial assets are derecognized the accumulated gains or losses

are transferred to the current profits and losses. Interest income related to such financial assets is

included in the current profit and loss. Such financial assets are listed as other debt investments

other debt investments due within one year (including one year) from the balance sheet date are

listed as non-current assets due within one year; and other debt investments with time limit within

one year (including one year) when acquired are listed as other current assets.

3) Financial assets measured at fair value and whose changes are included in current

gains/losses

Financial assets except for the above-mentioned financial assets measured at amortized cost and

financial assets measured at fair value and whose changes are included in other comprehensive

income are classified as financial assets measured at fair value and whose changes are included in

current profits and losses which adopt fair value for subsequent measurement and all changes in

fair value are included in current profits and losses. The Group classifies non-trading equity

instruments as financial assets measured at fair value and whose changes are included in current

profits and losses. Such financial assets are presented as trading financial assets and those expire

199Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

after more than one year and are expected to be held for more than one year are presented as other

non-current financial assets.

(3) Devaluation of financial instrument

On the basis of expected credit losses the Group performs impairment treatment on financial

assets measured at amortized cost and financial assets measured at fair value and whose changes

are included in other comprehensive income and recognize the provisions for loss.Credit loss refers to the difference between all contractual cash flows that the Company discounts

at the original actual interest rate and are receivable in accordance with contract and all cash flows

expected to be received that is the present value of all cash shortages. Among them for the

purchase or source of financial assets that have suffered credit impairment the Company

discounts the financial assets at the actual interest rate adjusted by credit.The Group considers all reasonable and evidenced information including forward-looking

information based on credit risk characteristics. When assessing the expected credit losses of

receivables they are classified according to the specific credit risk characteristics as follows:

1) For receivables and contractual assets and lease receivables (including significant financing

components and not including significant financing components) the Group measures the

provisions for loss based on the amount of expected credit losses equivalent to the entire duration.* Evaluate expected credit losses based on individual items: credit notes receivable (including

accepted letters of credit) of financial institutions in notes receivable and accounts receivable and

related party payments (related parties under the same control and significant related parties);

dividends receivable interest receivable reserve funds investment loans cash deposits (including

warranty) government grants (including dismantling subsidies) in other receivables and

receivables with significant financing components (i.e. long-term receivables);

* The Group considers all reasonable and evidenced information including forward-looking

information when assessing expected credit losses. When there is objective evidence that its

customer credit characteristics and ageing combination cannot reasonably reflect its expected

credit loss the current value of the expected future cash flow is measured by a single item and the

cash flow shortage is directly written down the book balance of the financial asset.The Group considers all reasonable and evidenced information including forward-looking

information when assessing expected credit losses. When there is objective evidence that its

200Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

customer credit characteristics and ageing combination cannot reasonably reflect its expected

credit loss the current value of the expected future cash flow is measured by a single item and the

cash flow shortage is directly written down the book balance of the financial asset.

2) Assess the expected credit losses on a case-by-case basis for other assets to which the financial

instruments are impaired such as the loan commitments and financial guarantee contracts that are

not measured at fair value through profit or loss financial assets measured at fair value and whose

changes are recognized in other comprehensive income; other financial assets measured at

amortized cost (such as other current assets other non-current financial assets etc.).

(4) Reorganization basis and measure method for transfer of financial assets

The financial assets meet one of following requirements will be terminated recognition: * The

contract rights of collecting cash flow of the financial assets is terminated; * The financial assets

has already been transferred and the Company has transferred almost all risks and remunerations

of financial assets ownership to the transferee; * The financial assets has been transferred even

though the Company has neither transferred nor kept almost all risks and remunerations of

financial assets ownership the Company has given up controlling the financial assets.If the enterprise has neither transferred or kept almost all risks and remunerations of financial

assets ownership nor given up controlling the financial assets then confirm the relevant financial

assets according to how it continues to involve into the transferred financial assets and confirm the

relevant liabilities accordingly. The extent of continuing involvement in the transferred financial

assets refers to the level of risk arising from the changes in financial assets value faced by the

enterprise.If the entire transfer of financial assets satisfies the demand for derecognition reckon the balance

between the book value of the transferred financial assets and the sum of consideration received

from transfer and fluctuation accumulated amount of fair value formerly reckoned in other

consolidated income in the current profits and losses.If part transfer of financial assets satisfies the demand for derecognition apportion the integral

book value of the transferred financial assets between the derecognized parts and the parts not yet

derecognized according to each relative fair value and reckon the balance between the sum of

consideration received from transfer and fluctuation accumulated amount of fair value formerly

reckoned in other consolidated income that should be apportioned to the derecognized parts and

the apportioned aforementioned carrying amounts in the current profits and losses.

201Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

When the Group sells financial assets adopting the mode of recourse or endorses and transfers its

financial assets it is necessary to ensure whether almost all the risks and rewards of ownership of

the financial assets have been transferred. If almost all the risks and rewards of ownership of the

financial assets have been transferred to the transferee the financial assets shall be derecognized;

if almost all the risks and rewards of ownership of the financial assets are retained the financial

assets shall not be derecognized; if almost all the risks and rewards of ownership of the financial

assets are neither transferred nor retained continue to judge whether the company retains control

over the assets and conduct accounting treatment according to the principles described in the

preceding paragraphs.

(5) Category and measurement of financial liability

Financial liability is classified into financial liability measured by fair value and with variation

reckoned into current gains/losses and other financial liability at initially measurement.* the financial liability measured by fair value and with variation reckoned into current

gains/losses

The conditions to be classified as trading financial liabilities and as financial liabilities designated

to be measured at fair value and whose changes are included in current profit or loss at the initial

recognition are consistent with the conditions to be classified as trading financial assets and as

financial assets designated to be measured at fair value and whose changes are included in current

profit or loss at the initial recognition. Financial liabilities measured at fair value and whose

changes are included in current profit or loss are subsequently measured at fair value and the gain

or loss arising from changes in fair value and the dividends and interest expense related to these

financial liabilities are included in current profit or loss.* Other financial liability

It must go through the delivery of the derivative financial liabilities settled by the equity

instrument to link to the equity instruments that are not quoted in an active market and whose fair

value cannot be reliably measured and the subsequent measurement is carried out in accordance

with the cost. Other financial liabilities are subsequently measured at amortized cost by using the

effective interest method. The gain or loss arising from derecognition or amortization is included

in current profit or loss.* Financial guarantee contract

202Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

The financial guarantee contract of a financial liability which is not designated to be measured at

fair value through profit or loss is initially recognized at fair value and its subsequent

measurement is carried out by the higher one between the amount confirmed in accordance with

the Accounting Standards for Business Enterprises No. 13 — Contingencies after initial

recognition and the balance after deducting the accumulated amortization amount determined in

accordance with the principle of Accounting Standards for Business Enterprises No. 14—Revenue

from the initial recognition amount.

(6) Termination of recognition of financial liability

The financial liability or part of it can only be terminated for recognized when all or part of the

current obligation of the financial liability has been discharged. The Group (debtor) and the

creditor sign an agreement to replace the existing financial liabilities with new financial liabilities

and if the contract terms of the new financial liabilities are substantially different from the existing

financial liabilities terminated for recognized the existing financial liabilities and at the same time

recognize the new financial liabilities. If the financial liability is terminated for recognized in

whole or in part the difference between the carrying amount of the part that terminated for

recognized and the consideration paid (including the transferred non-cash assets or the assumed

new financial liabilities) is included in current profits and losses.

(7) Off-set between the financial assets and liabilities

When the Company has a legal right to offset a recognized financial asset and a financial

liability and such legal right is currently enforceable and the Company plans to settle the financial

asset on a net basis or to realize the financial asset and settle the financial liability simultaneously

the financial asset and the financial liability are presented in the balance sheet at their respective

offsetting amounts. In addition the financial assets and financial liabilities are presented in the

balance sheet separately and are not offset against each other.

(8) Derivatives and embedded derivatives

Derivatives are initially measured at fair value on the signing date of the relevant contract and are

subsequently measured at fair value. Except for derivatives that are designated as hedging

instruments and are highly effective in hedging the gains or losses arising from changes in fair

value will be determined based on the nature of the hedging relationship in accordance with the

requirements of the hedge accounting and be included in the period of profit and loss other

203Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

changes in fair value of derivatives are included in current profits and losses. For a hybrid

instrument that includes an embedded derivative if it is not designated as a financial asset or

financial liability measured at fair value and whose changes are included in current profit or loss

the embedded derivative does not have a close relationship with the main contract in terms of

economic characteristics and risks and as with embedded derivatives if the tools existing

separately conform to the definition of the derivatives the embedded derivatives are split from the

hybrid instruments and are treated as separate derivative financial instruments. If it is not possible

to measure the embedded derivative separately at the time of acquisition or subsequent balance

sheet date the whole hybrid instrument is designated as a financial asset or financial liability

measured at fair value and whose changes are included in current profits and losses.

(9) Equity instrument

The equity instrument is the contract to prove the holding of the surplus stock of the assets with

the deduction of all liabilities in the Group. The Company issues (including refinancing)

repurchases sells or cancels equity instruments as movement of equity. No fair value change of

equity instrument would be recognized by the Company. Transaction costs associated with equity

transactions are deducted from equity. The Group's various distributions to equity instrument

holders (excluding stock dividends) reduce shareholders' equity.

12. Inventory

Inventories of the Company principally include raw materials stock goods; work in process

self-made semi-finished product materials consigned to precede low-value consumption goods

goods in transit goods in process mould and contract performance costs.Perpetual inventory system is applicable to inventories. For daily calculation standard price is

adopted for raw materials low-value consumption goods and stock goods. Switch-back cost of the

current month is adjusted by distribution price difference at the end of the month the dispatched

goods will share the cost differences of inventory while in settlement the business income; and

low-value consumption goods is carried forward at once when being applied for use and the

mould shall be amortized within one year after receipt.Inventory at period-end is valued by the Lower-of-value between the cost and net realizable value.The provision for inventory depreciation shall be drawn from the difference between the book cost

204Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

of a single inventory item and its net realizable value and the provision for inventory depreciation

shall be recorded into the current profit and loss.

13. Contract assets

(1) Confirmation methods and standards of contract assets

Contract assets refer to the right of the Company to receive consideration after transferring goods

to customers and this right depends on factors other than the passage of time. If the Company

sells two clearly distinguishable commodities to a customer and has the right to receive payment

because one of the commodities has been delivered but the payment is also dependent on the

delivery of the other commodity the Company shall take the right to receive payment as a contract

asset.

(2) Determination method and accounting treatment method of expected credit loss of contract

assets

For the determination method for expected credit loss of contract assets please refer to the

above-mentioned

Accounting treatment methods for financial instrument impairment. The Company calculates the

expected credit loss of contract assets on the balance sheet date if the expected credit loss is

greater than the book value of provision for impairment of contract assets the Company shall

recognize the difference as an impairment loss debiting the "asset impairment loss" and crediting

the "contract asset impairment provision". On the contrary the Company shall recognize the

difference as an impairment gain and keep the opposite accounting records.If the Company actually incurs credit losses and determines that the relevant contract assets cannot

be recovered for those approved to be written off debit the "contract asset impairment reserve"

and credit the "contracted asset" based on the approved write-off amount. If the written-off

amount is greater than the provision for loss that has been withdrawn the "asset impairment loss"

is debited based on the difference.

14. Contract cost

(1) The method of determining the amount of assets related to the contract cost

The Company’s assets related to contract costs include contract performance cost and contract

acquisition cost.

205Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

The contract performance cost is the cost incurred by the Company for the performance of the

contract those that do not fall within the scope of other accounting standards and meet the

following conditions at the same time are recognized as as an asset as the contract performance

cost: the cost is directly related to a current or expected contract including direct labor direct

materials manufacturing expenses (or similar expenses) costs clarified to be borne by the

customer and other costs incurred solely due to the contract; this cost increases the Company's

future resources for fulfilling the contract's performance obligations; this cost is expected to be

recovered.Contract acquisition cost is the incremental cost incurred by the Company to obtain the contract

those that are expected to be recovered are recognized as the contract acquisition cost as an asset;

if the asset amortization period does not exceed one year it shall be included in the current profit

and loss when it occurs. Incremental cost refers to the cost (such as sales commission etc.) that

will not incur if the Company doesn’t obtain the contract. The Company’s expenses (such as travel

expenses incurred regardless of whether the contract is obtained) incurred for obtaining the

contract other than the incremental costs expected to be recovered are included in the current

profits and losses when they are incurred except those are clarified to be borne by the customer.

(2) Amortization of assets related to contract costs

The Company’s assets related to contract costs are amortized on the same basis as the recognition

of commodity income related to the asset and included in the current profit and loss.

(3) Impairment of assets related to contract costs

When the Company determines the impairment loss of assets related to the contract cost it first

determines the impairment loss of other assets related to the contract that are confirmed in

accordance with other relevant accounting standards for business enterprises; then based on the

difference between the book value of which is higher than the remaining consideration that the

Company is expected to obtain due to the transfer of the commodity related to the asset and the

estimated cost of transferring the related commodity the excess shall be provided for impairment

and recognized as an asset impairment loss.If the depreciation factors of the previous period changed later causing the aforementioned

difference to be higher than the book value of the asset the original provision for asset impairment

shall be reversed and included in the current profit and loss but the book value of the asset after

the reversal shall not exceed the book value of the asset on the reversal date under the assumption

206Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

that no impairment provision is made.

15.Long-term equity investment

Long-term equity investment of the Company is mainly about investment in subsidiary

investment in associates and investment in joint-ventures.For long-term equity investments acquired through business combination under common control

the initial investment cost shall be the acquirer’s share of the carrying amount of net assets of the

acquiree as of the combination date as reflected in the consolidated financial statement of the

ultimate controller. If the carrying amount of net assets of the acquiree as of the combination date

is negative the investment cost of long-term equity investment shall be zero. For long-term equity

investment acquired through business combination not under common control the initial

investment cost shall be the combination cost.Excluding the long-term equity investment acquired through business combination there is also a

king of long-term equity investment acquired through cash payment for which the actual payment

for the purchase shall be investment cost; If Long-term equity investments are acquired by issuing

equity securities fair value of issuing equity investment shall be investment cost; for Long-term

equity investments which are invested by investors the agreed price in investment contract or

agreement shall be investment cost; and for long-term equity investment which is acquired

through debt reorganization and non-monetary assets exchange regulations of relevant accounting

standards shall be referred to for confirming investment cost.The Company adopts cost method for investment in subsidiaries makes calculation for

investments in joint-ventures and associates by equity method.When calculated by cost method long-term equity investment is priced according to its

investment cost and cost of the investment is adjusted when making additional investment or

writing off investment; When calculated by equity method current investment gains and losses

represent the proportion of the net gains and losses realized by the invested unit in current year

attributable to or undertaken by the investor. When the Company is believed to enjoy proportion

of net gains and losses of invested unit gains and losses attributable to the Company according to

its shareholding ratio is to computer out according to the accounting policy and accounting period

of the Company on the basis of the fair value of various recognizable assets of the invested unit as

at the date of obtaining of the investment after offset of gains and losses arising from internal

transactions with associates and joint-ventures and finally to make confirmation after adjustment

207Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

of net profit of the invested unit. Confirmation on gains and losses from the long-term equity

investment in associates and joint-ventures held by the Company prior to the first execution day

could only stand up with the precedent condition that debit balance of equity investment straightly

amortized according to its original remaining term has already been deducted if the

aforementioned balance relating to the investment do exist.In case that investor loses joint control or significant influence over investee due to disposal of

part equity interest investment the remaining equity interest shall be calculated according to

Accounting Standards for Business Enterprise No.22-Recognition and Measurement of Financial

Instrument. Difference between the fair value of the remaining equity interest as of the date when

loss of joint control or significant influence and the carrying value is included in current gains and

losses. Other comprehensive income recognized in respect of the original equity interest

investment under equity method should be treated according to the same basis which the investee

adopts to directly dispose the relevant assets or liabilities when ceasing adoption of equity method

calculation; and also switches to cost method for calculating the long-term equity investments

which entitles the Company to have conduct control over the invested units due to its additional

investments; and switches to equity method for calculating the long-term equity investments

which entitles the Company to conduct common control or significant influence while no control

over the invested units due to its additional investments or the long-term equity investments

which entitles the Company with no control over the invested units any longer while with

common control or significant influence.When disposing long-term equity investment the balance between it carrying value and effective

price for obtaining shall be recorded into current investment income. When disposing long-term

equity investment which is calculated by equity method the proportion originally recorded in

owners’ equity shall be transferred to current investment income according to relevant ratio

except for that other movements of owners’ equity excluding net gains and losses of the invested

units shall be recorded into owners’ equity

16. Investment real estate

The investment real estate of the Company includes leased houses and buildings and is accounted

value by its cost. Cost of purchased-in investment real estate consists of payment for purchase

relevant taxes and other expenditure which is attributable to the assets directly; while cost of

self-built investment real estate is formed with all necessary expenditures occurred before

construction completion of the assets arriving at the estimated utilization state.

208Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Consequent measurement of investment estate shall be measured by cost method. Depreciation is

provided with average service life method pursuant to the predicted service life and net rate of

salvage value. The predicted service life and net rate of salvage value and annual depreciation are

listed as follows:

Depreciation Predicted rate of salvage Depreciation rate per

Category

term(Year) value (%) annual (%)

House and buildings 30-40 4.00-5.00 2.375-3.20

When investment real estate turns to be used by holders it shall switch to fixed assets or

intangible assets commencing from the date of such turning. And when self-used real estate turns

to be leased out for rental or additional capital the fixed assets or intangible assets shall switch to

investment real estate commencing from the date of such turning. In situation of switch the

carrying value before the switch shall be deemed as the credit value after the switch.When investment real estate is disposed or out of utilization forever and no economic benefit

would be predicted to obtain through the disposal the Company shall terminate recognition of

such investment real estate. The amount of income from disposal transfer discarding as scrap or

damage of investment real estate after deducting the asset’ s carrying value and relevant taxation

shall be written into current gains and losses.

17.Fixed assets

Fixed assets of the Company are tangible assets that are also held for the production of goods

provision of services rental or management of operations have a useful life of more than one year

and have a unit value of more than 2000 yuan.Their credit value is determined on the basis of the cost taken for obtaining them. Of which

cost of purchased-in fixed assets include bidding price and import duty and relevant taxes and

other expenditure which occurs before the fixed assets arrive at the state of predicted utilization

and which could be directly attributable to the assets; while cost of self-built fixed asset is formed

with all necessary expenditures occurred before construction completion of the assets arriving at

the estimated utilization state; credit value of the fixed assets injected by investors is determined

based on the agreed value of investment contracts or agreements while as for the agreed value of

209Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

investment contracts or agreements which is not fair it shall take its fair value as credit value; and

for fixed assets which are leased in through finance leasing credit value is the lower of fair value

of leased assets and present value of minimized leasing payment as at the commencing date of

leasing.Consequent expenditure related to fixed assets consists of expenditures for repair and update

reform. For those meeting requirements for recognization of fixed assets they would be accounted

as fixed asset cost; and for the part which is replaced recognization of its carrying value shall

cease; for those not meeting requirements for recognization of fixed assets they shall be

accounted in current gains and losses as long as they occur. When fixed asset is disposed or no

economic benefit would be predicted to obtain through utilization or disposal of the asset the

Company shall terminate recognization of such fixed asset. The amount of income from disposal

transfer discarding as scrap or damage of fixed asset after deducting the asset’ s carrying value

and relevant taxation shall be written into current gains and losses.The Company withdraws depreciation for all fixed assets except for those which have been fully

depreciated while continuing to use. It adopts average service life method for withdrawing

depreciation which is treated respectively as cost or current expense of relevant assets according to

purpose of use. The depreciation term predicted rate of salvage value and depreciation rate

applied to fixed assets of the Company are as follows:

Predicted rate of salvage

Category Depreciation term Depreciation rate per year

value

House and buildings 30-40 years 4%-5% 2.375%-3.20%

Machinery equipment 10-14 years 4%-5% 6.786%-9.60%

Transport equipment 5-12 years 4%-5% 7.92%-19.20%

Other equipment 8-12 years 4%-5% 7.92%-12.00%

End of each year the Company makes re-examination on predicted service life predicted rate of

salvage value and depreciation method at each year-end. Any change will be treated as accounting

estimation change.

18. Construction in progress

210Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

On the day when the construction in progress reaches the expected usable state it will be carried

forward to fixed assets according to the estimated value based on the construction budget cost or

actual construction cost and depreciation will be accrued from the next month and the difference

in the original value of fixed assets shall be adjusted after the completion of the final accounting

procedures.

19. Borrowing expense

For the incurred borrowing expense that can be directly attributable to fixed assets investment

real estate and inventory which require more than one year of purchase construction or

production activities to reach the intended usable or saleable state the capitalization begins when

the asset expenditure has occurred the borrowing expense have occurred and the acquisition

construction or production activities necessary to make the asset reach the intended usable or

saleable state have begun; when the acquisition construction or production of assets that meet the

capitalization conditions reaches the intended usable or saleable state stop the capitalization the

borrowing expense incurred thereafter are included in the current profit and loss. If an asset that

meets the capitalization conditions is abnormally interrupted during the acquisition construction

or production process and the interruption lasts for more than 3 months the capitalization of

borrowing expense shall be suspended until the acquisition construction or production activities

of the asset restart.Capitalization shall be exercised for interest expense actually occurred from special

borrowings in current period after deduction of the interest income arising from unutilized

borrowing capital which is saved in banks or deduction of investment income obtained from

temporary investment; For recognization of capitalized amount of common borrowing it equals to

the weighted average of the assets whose accumulated expense or capital disburse is more than

common borrowing times capitalization rate of occupied common borrowing. Capitalization rate

is determined according to weighted average interest rate of common borrowing.

20. Right-of-use assets

Upon becoming a lessee under a lease contract the Company is entitled to receive substantially all

of the economic benefits arising from the use of the identified assets during the period of use and

is entitled to recognized the right-of-use assets at the sum of the present value of the lease liability

prepaid rent and initial direct costs and to recognized the depreciation and interest expenses

211Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

respectively when the use of the identified assets dominates during that period of use.When the Company becomes the lessee of a lease contract for short-term leases of less than one

year without a purchase option and leases with a value of less than 40000 yuan (excluding

sublease or expected sublease assets) the Company elects to follow simplified treatment and

record the related assets at cost or current gain/loss on a straight-line basis over the lease period.

21. Intangible assets

(1) Valuation method service life and impairment test

The Company’s intangible assets include land use rights trademark rights and

non-proprietary technology which are measured at actual cost at the time of acquisition of which

acquired intangible assets are stated at actual cost based on the price actually paid and related

other expenditure; the actual cost of an intangible asset invested by an investor is determined at

the value agreed in the investment contract or agreement except where the agreed value in the

contract or agreement is not fair in which case the actual cost is determined at fair value.The Company analyzes and judges the service life of intangible assets when acquiring them.Intangible assets with definite service life such as land use rights are amortized by the

straight-line method during the service life from the time when the intangible assets are available

for use until they are no longer recognized as intangible assets. Other intangible assets shall be

amortized according to the service life stipulated in the contract or law. Intangible assets with

uncertain service life shall not be amortized. Intangible assets developed by the Company shall be

generally amortized on an average of 3-5 years according to the benefit period of the results of the

project recognized in advance.The service life and amortization method of intangible assets with limited service life shall be

reviewed at the end of the year. If the estimated service life and amortization method of intangible

assets are different from those previously estimated the amortization period and amortization

method shall be changed. The service life of intangible assets with uncertain service life shall be

rechecked. If there is evidence that their service life is limited estimate their service life and treat

them as intangible assets with limited service life. If there is any change after the recheck it will

be regarded as the change of accounting estimate.

(2) Collection scope of R&D expenditure and related accounting treatment methods

The Company's R&D expenditure is directly related to the Company's R&D activities including

212Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

R&D staff salaries direct input expenses depreciation expenses and other expenses.The R&D expenditure of the Company is divided into research stage expenditure and

development stage expenditure according to its nature and whether there is great uncertainty in the

final formation of intangible assets from R&D activities. Research stage expenditure is included in

the current profits and losses when it occurs; Development stage expenditure is recognized as

intangible assets if it meets the following conditions at the same time: (1) It is technically feasible

to complete the intangible assets so that they can be used or sold; (2) It has the intention to

complete the intangible assets and use or sell them; (3) The products produced by using the

intangible assets exist in the market or the intangible assets themselves exist in the market; (4) It

has sufficient technical financial and other resources to support the development of the intangible

assets and has the ability to use or sell the intangible assets; (5) Expenditure attributable to the

development stage of the intangible assets can be reliably measured.-Expenditure attributable to development of the intangible assets could be reliable measured.Expenditure arising during development not satisfying the above conditions shall be recorded in

current gains and losses upon occurrence. Development expenditure which had been recorded in

gains and losses in previous period would not be recognized as assets in later period. Expenditure

arising during development phase which has been starting capitalization is listed in balance sheet

as development expenditure and transferred to intangible assets since the project reaches at

predicted utilization state.

22. Impairment of long-term assets

As at each balance sheet date the Company has inspection on fixed assets construction in process

and intangible assets with limited service life. When the following indications appear assets may

be impaired and the Company would have impairment test. As for goodwill and intangible assets

which have uncertain service life no matter there is impairment or not impairment test shall be

conducted at the end of every year. If it is hard to make test on recoverable amount of single asset

test is expected to make on the basis of the assets group or assets group portfolio where such asset

belongs to.Indications for impairment are as follows:

(1) Market value of asset drops a lot in current period the drop scope is obviously greater

than the predicted drop due to move-on of times or normal utilization;

213Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

(2) Economy technology or law environment where enterprise operates or market where

asset is located will have significant change in current or recent periods which brings negative

influence to enterprise;

(3) Market interest rate or returning rate of other market investments have risen in current

period which brings influence in calculating discount rate of present value of predicted future

cash flow of assets which leads to a great drop in recoverable amount of such assets;

(4) Evidence proving that asset is obsolete and out of time or its entity has been damaged;

(5) Asset has been or will be keep aside terminating utilization or disposed advance;

(6) Internal report of enterprise shows that economic performance of asset has been or will be

lower than prediction such as that net cash flow created by asset or operation profit (or loss)

realized by asset is greatly lower (or higher) than the predicted amount;

(7) Other indications showing possible impairment of assets

After impairment test if the carrying value exceeds the recoverable amount of the asset the

balance is recognized as impairment loss. As long as impairment loss of the aforementioned assets

is recognized it couldn’t be switched back in later accounting periods. Recoverable amount of

assets refers to the higher of fair value of assets net disposal expense and present value of

predicted cash flow of the asset.

23. Contract liability

Contract liabilities reflect the Company's obligation to transfer goods to customers for

consideration received or receivable from customers. Before the Company transfers the goods to

the customer if the customer has paid the contract consideration or the Company has obtained the

right to unconditionally receive the contract consideration the contract liability is recognized

based on the received or receivable amount at the earlier time point of the actual payment by the

customer and the payment due.

24. Goodwill

Goodwill represents balance between equity investment cost or business combination cost under

no common control exceeding the attributable part or fair value of recognizable net assets of party

invested or purchased (obtained through business combination) as of acquisition day or purchase

day.

214Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Goodwill relating to subsidiaries is separately listed in consolidated financial statement. And

goodwill relating to associates and joint-ventures is included in carrying value of long-term equity

investment.

25.Long-term deferred expenses

The company's long-term deferred expenses refer to the expenses that have been paid but should

be borne by the current period and future periods with an amortization period of more than one

year (excluding one year) and these expenses are amortized evenly during the benefit period. If

the long-term deferred expense item cannot benefit the future accounting period all the amortized

value of the item that has not been amortized will be transferred into the current profit and loss.

26. Staff remuneration

Employee benefits mainly include all kinds of remuneration incurred in exchange for services

rendered by employees or compensation to the termination of employment relationship such as

short-term wages post-employment benefits compensation for the termination of employment

relationship and other long-term employee welfare.Short-term remuneration includes: staff salary bonus allowances and subsidies staff benefits

social insurances like medical insurance work-related injury insurance and maternity insurance

housing fund labor union funds and staff education funds short-term paid absence of duty

short-term profit sharing scheme and non-monetary benefits as well as other short-term

remuneration. During the accounting period when staff provides services the short-term

remuneration actually occurred is recognized as liabilities and shall be included in current gains

and losses or related asset costs according to the beneficial items.Retirement benefits mainly consist of basic pension insurance unemployment insurance and

early-retirement benefits etc. retirement benefit scheme represents the agreement reached by the

Company and its employees in respect of retirement benefits or the rules or regulations

established by the Company for providing retirement benefits to employees. In particular defined

contribution plan means a retirement benefit plan pursuant to which the Company makes fixed

contribution to independent fund upon which and it is not obliged to make further payment.Defined benefit plan refers to retirement benefit scheme other than defined contribution plan.

215Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

The early retirement policy for staff and workers of the Company is the compensation for

encouraging staff and workers to accept the reduction voluntarily. The employees make

applications voluntarily the two parties sign the compensation agreement after approved by the

Company and calculate the compensation amount according to the compensation standard passed

by the staff representative conference and the Company confirms it as dismiss welfare and

reckons it in current profits and losses. As the Company promises to adjust the treatment for early

retiring staff and workers with the increase of social basic cost of living allowances the discount

elements will not be considered for calculating the dismiss welfare.

27.Lease liability

Upon becoming a lessee under a lease contract the Company recognizes a lease liability for the

leased-in asset at the present value of the unpaid lease payments net of lease incentives (except

for short-term leases and leases of low-value assets for which simplified treatment is elected)

when it is entitled to receive substantially all of the economic benefits arising from the use of the

identified asset during the period of use and is entitled to dominate the use of the identified asset

during that period of use.

28.Accrual liability

If the business in connection with such contingencies as a security involving a foreign party

commercial acceptance bill discount pending litigation or arbitration product quality assurance

etc. meets all of the following conditions the Company will confirm the aforesaid as liabilities:

the obligation is an existing obligation of the Company; performance of the obligation is likely to

cause economic benefits to flow out of the enterprise; the amount of the obligation is reliably

measurable.

29. Special reserve

The work safety expense extracted according to the regulations will be included in the cost of

related products or the current profit and loss and also included in the special reserve; When used

it will be treated separately according to whether fixed assets are formed or not: if it is an expense

expenditure the special reserve will be directly offset; If the fixed assets are formed the expenses

incurred shall be collected and the fixed assets shall be confirmed when the predetermined usable

state is reached and at the same time the equivalent special reserve shall be offset and the

equivalent accumulated depreciation shall be confirmed.

216Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

30. Revenue

The Company’s sales revenue is mainly comprised of revenue from sale of goods labor providing

income and revenue from assignment of asset use rights.The Company has fulfilled the performance obligations in the contract that is revenue is

recognized when the customer obtains control of the relevant goods or services.If the contract contains two or more performance obligations the Company will allocate the

transaction price to each individual performance obligation according to the relative proportion of

the stand-alone selling price of the goods or services promised by each individual performance

obligation on the date of the contract. The revenue is measured according to the transaction price

of each individual performance obligation.The transaction price is the amount of consideration that the Company expects to be entitled to

receive due to the transfer of goods or services to customers excluding payments on behalf of

third parties. The transaction price confirmed by the Company does not exceed the amount at

which the cumulatively recognized revenue will most likely not to undergo a significant switch

back when the relevant uncertainty is eliminated. The money expected to be returned to the

customer will be regarded as a return liability and not included in the transaction price. If there is a

significant financing component in the contract the Company shall determine the transaction price

based on the amount payable on the assumption that the customer pays in cash when obtaining the

control of the goods or services. The difference between the transaction price and the contract

consideration shall be amortized by the effective interest method during the contract period. On

the starting date of the contract if the Company expects that the interval between the customer's

acquisition of control of the goods or services and the customer's payment of the price doesn’t

exceed one year the significant financing components in the contract shall be ruled out.When meeting one of the following conditions the Company is to perform its performance

obligations within a certain period of time otherwise it is to perform its performance obligations

at a certain point in time:

1) The customer obtains and consumes the economic benefits brought by the Company's

performance at the same time as the Company's performance;

2) Customers can control the products under construction during the performance of the

217Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Company;

3) The goods produced by the Company during the performance of the contract have irreplaceable

uses and the Company has the right to collect payment for the accumulated performance part of

the contract during the entire contract period.For performance obligations performed within a certain period of time the Company recognizes

revenue in accordance with the performance progress during that period and determine the

progress of performance in accordance with the output method. When the performance progress

cannot be reasonably determined if the cost incurred by the Company is expected to be

compensated the revenue shall be recognized according to the amount of the cost incurred until

the performance progress can be reasonably determined.For performance obligations performed at a certain point in time the Company recognizes

revenue at the point when the customer obtains control of the relevant goods or services. When

judging whether a customer has obtained control of goods or services the Company will consider

the following signs:

1) The Company has the current right to collect payment for the goods or services;

2) The Company has transferred the goods in kind to the customer;

3) The Company has physically transferred the goods to the customer;

4) The Company has transferred the principal risks and rewards of ownership of the goods to the

customer;

5) The customer has accepted the goods or services etc.

The Company’s right to receive consideration for goods or services that have been transferred to

customers are presented as contractual assets which are impaired on the basis of expected credit

losses. The Company’s unconditional right to receive consideration from customers is shown as a

account receivable. The obligation to transfer goods or services to customers for which the

Company has received consideration receivable from them is shown as a contractual liability.Specific methods of income recognition:

1.Income from transfer of commodities For the commodities sold between the Company and

customers income is usually recognized at the time when the control right of the commodities

218Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

is transferred based on comprehensive consideration of the factors such as obtaining the current

right to collect the commodity payment the transfer of the main risks and rewards in the

ownership of the commodities the transfer of the legal ownership of the commodities the transfer

of the physical assets of the commodities and the acceptance of the commodities by the customers.For the goods picked up by the merchants themselves the income is recognized when the goods

are picked up; For the goods delivered by logistics the income is recognized when the goods are

delivered at the merchant for signing; For the sales business with consignment characteristics

according to the contract the income is recognized when the merchant provides the commodity

settlement list; For the sales business through online sales channels when the commodities are

delivered to customers for receipt it is regarded as the main risk and rewards on the ownership of

the commodities are transferred and the realization of the sales income of the commodities is

recognized; With regard to export income according to the contract after the goods are delivered

to the port or place designated by the customer or to the carrier designated by the customer and

the customs declaration is passed the income is recognized.

2. Income from providing labor services For the quality assurance service the service has been

provided according to the contract and the income is recognized when the payment is received or

the documents (including the amount) signed by the customer are obtained (unless it is indicated

that it is not a condition for income recognition); For technical development service the service

has been provided according to the contract and the income is recognized according to the

business recognition documents of both parties; For other engineering services the income is

recognized by stages according to the project performance progress and the performance progress

is determined according to the output method.

31. Government subsidy

Government subsidy of the Company include project grants financial subsidies and job

stabilization subsidies. Of which asset-related government subsidy are government subsidy

acquired by the Company for the acquisition or other formation of long-term assets; government

subsidy related to revenue are government subsidy other than those related to assets. If the

government document does not clearly specify the subsidy object the Company will judge

219Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

according to the above-mentioned distinguishing principle. If it is difficult to distinguish it will be

overall classified as a government subsidy related to income.If government subsidies are monetary assets they are measured according to the amount actually

received. For subsidies paid on the basis of a fixed quota standard when there is conclusive

evidence at the end of the year that it can meet the relevant conditions stipulated by the financial

support policy and is expected to receive financial support funds they are measured according to

the amount receivable. If the government subsidy is a non-monetary asset it shall be measured at

its fair value when the fair value cannot be obtained reliably it shall be measured at its nominal

amount (1 yuan).Government subsidies related to assets are recognized as deferred income. Asset-related

government subsidies that are recognized as deferred income are included in the current profit and

loss in installments according to the average life method during the useful life of the relevant

assets.If the relevant asset is sold transferred scrapped or damaged before the end of its useful life the

undistributed deferred income balance shall be transferred to the current profit and loss of asset

disposal.

32. Deferred Income Tax Assets and Deferred Income Tax Liabilities

A deferred tax asset and deferred tax liability shall be determined by a difference (temporary

difference) between the carrying amount of an asset or liability and its tax base. The deferred tax

asset shall be recognized for the carry forward of unused deductible losses that it is probable that

future taxable profits will be available against which the deductible losses can be utilized. For

temporary difference arising from initial recognition of goodwill no corresponding deferred

income tax liabilities will be recognized. For temporary difference arising from initial recognition

of assets and liabilities occurred in the transaction related to non-business combination which

neither affect accounting profit nor taxable income (or deductible losses) no corresponding

deferred income tax assets and deferred income tax liabilities will be recognized. As of the balance

sheet date deferred income tax assets and deferred income tax liabilities are measured at the

effective tax rate applicable to the period when recovery of assets or settlement of liabilities occur.The Company recognizes deferred income tax assets to the extent of future taxable income tax

which is likely to be obtained to offset deductible temporary difference deductible losses and tax

credits. For the confirmed deferred income tax assets.

220Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

33.Lease

When the Company becomes the lessee of the lease contract has the right to obtain almost all the

economic benefits arising from the use of the identified assets during the period of use and has the

right to lead the use of the identified assets during the period of use the present value of unpaid

lease payments of the lease assets after deducting lease incentives (except for short-term leases

and leases of low-value assets for which simplified treatment is selected) is recognized as a lease

liability and a right-of-use asset is recognized based on the sum of the present value of the lease

liability prepaid rent and initial direct costs and depreciation and interest expenses are

recognized separately.When the Company becomes the lessee of a lease contract for short-term leases of less than one

year without a purchase option and leases with a value of less than 40000 yuan (excluding

sublease or expected sublease assets) the Company elects to follow simplified treatment and

record the related assets at cost or current gain/loss on a straight-line basis over the lease period.When the Company becomes the lessor of a lease contract it classifies the lease into an operating

lease and a finance lease at the lease commencement date. A finance lease is a lease that transfers

substantially all the risks and rewards associated with the ownership of an asset. Operating leases

are leases other than finance leases. Rentals under operating leases are recognized as income on a

straight-line basis over the lease term. Finance leases are recorded at the net lease investment

value of the finance lease receivable which is the sum of the unguaranteed residual value and the

present value of the lease receipts not yet received as of the commencement date of the lease term.There are both leasing and non-leasing businesses in the contract and can be split and the leasing

business is financially accounted according to the lease standards. There are both leasing and

non-leasing businesses in the contract and cannot be split and the entire contract is included in the

lease business for financial accounting according to the lease standards.The lease change needs to be judged whether it can be recognized as a single leasing business and

it needs to be recognized separately if it meets the recognition conditions of a single lease; if it

does not meet the recognition of a single leasing business or there is a major event or change

within the controllable range of the lessee re-evaluate and measure the present value of lease

liabilities and adjust the book value of the right-of-use asset accordingly. If the book value of the

right-of-use asset has been reduced to zero but the lease liability still needs to be further reduced

the lessee shall include the remaining amount in the corresponding expenses for the current

period.

221Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

When the Company becomes the lessor of a lease contract the lease is divided into operating lease

and finance lease on the start date of lease. A finance lease is a lease that transfers substantially all

the risks and rewards associated with ownership of an asset. An operating lease refers to a lease

other than finance leases. The rent of an operating lease is recognized as income on a straight-line

basis during the lease term. For an finance lease the net investment in the lease is regarded as the

entry value of the finance lease receivables and the net investment in the lease is the sum of the

unguaranteed residual value and the present value of the lease receipts that have not been received

on the start date of the lease term.

34. Income tax accounting

The Company accounted the income tax in a method of debit in balance sheet. The income tax

expenses include income tax in the current year and deferred income tax. The income tax

associated with the events and transactions directly included in the owners’ equity shall be

included in the owners’ equity; and the deferred income tax derived from business combination

shall be included in the carrying amount of goodwill except for that above the income tax

expense shall be included in the profit or loss in the current period.The income tax expense in the current year refers to the tax payable which is calculated according

to the tax laws on the events and transactions incurred in the current period. The deferred income

tax refers to the difference between the carrying amount and the deferred tax assets and deferred

tax liabilities at Current Year-end recognized in the method of debit in the balance sheet.

35. Segment information

Business segment was the major reporting form of the Company which divided into four

parts: air-conditioning refrigerator & freezer& washing machine small home appliance and

others. The transfer price among the segments will recognize based on the market price common

costs will allocated by income proportion between segments except for the parts that without

reasonable allocation.

36. Explanation on significant accounting estimation

The management of the Company needs to apply estimation and assumption when preparing

financial statement which will affect the application of accounting policy and amounts of assets

liabilities income and expense. The actual condition may differ from the estimation. Constant

evaluation is conducted by the management in respect of the key assumption involved in the

222Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

estimation and judgment of uncertainties. Effect resulting from change of accounting estimation is

recognized in the period the change occurs and future periods.The following accounting estimation and key assumption may result in material adjustment to the

book value of assets and liabilities in future period.

(1) Inventory impairment provision

The Company's provision for impairment of inventories on the balance sheet date is the part of the

net realizable value lower than the cost of inventories. The net realizable value of the inventory of

goods that are directly used for sale such as the goods in stock the goods sent out and the

materials for sale and the low-consumption goods shall be determined by the amount of the

estimated selling price of the inventory minus the estimated selling expenses and relevant taxes.The net realizable value of the material inventory held for production is determined by the

amount of the estimated selling price of the finished product produced minus the estimated cost to

be incurred at the time of completion the estimated selling expenses and relevant taxes.

(2) Accounting estimation on long-term assets impairment provision

The Company makes impairment test on fixed assets such as buildings machine and equipment

which have impairment indication and long-term assets such as goodwill as at the balance sheet

date. The recoverable amount of relevant assets and assets group shall be the present value of the

projected future cash flow which shall be calculated with accounting estimation.If the management amends the gross profit margin and discount rate adopted in calculation of

future cash flow of assets and assets group and the amended gross profit margin is lower than the

currently adopted one or the amended discount rate is higher than the currently adopted one the

Company needs to increase provision of impairment provision. If the actual gross profit margin is

higher (or the discount rate is lower) than the estimation of management the Company can not

transfer back the long term assets impairment provision provided already.

(3) Accounting estimation on realization of deferred income tax assets

Estimation on deferred income tax assets needs estimation on the taxable income and applicable

tax rate for each future year. Realization of deferred income tax assets depends on whether a

company is able to obtain sufficient taxable income in future. Change of future tax rate and switch

back of temporary difference could affect the balance of income tax expense (gains) and deferred

income tax. Change of the aforesaid estimation may result in material adjustment to deferred

223Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

income tax.

(4) Usable term and residual value rate of fixed assets and intangible assets

The Company at least at the end of each accounting year reviews the projected usable life and

residual value rate of fixed assets and intangible assets. The projected usable life and residual

value rate are determined by the management based on the historical experiences of similar assets

by reference to the estimation generally used by the same industry with consideration on projected

technical upgrade. If material change occurs to previous estimation the Company shall

accordingly adjust the depreciation expenses and amortization expenses for future period.

37. Other comprehensive income

Other comprehensive income represents various gains and losses not recognized in current gains

and losses according to other accounting rules.Other comprehensive income items shall be reported in the following two classes under other

relevant accounting rules:

(1)Other comprehensive income items that can not be reclassified into gains and losses in future

accounting periods mainly including changes arising from re-measurement of net liabilities or net

assets under defined benefit plan and interest in investee’s other comprehensive income which are

measured under equity method and which can not be reclassified into gains and losses in future

accounting periods;

(2) Other comprehensive income items that will be reclassified into gains and losses in future

accounting periods upon satisfaction of required conditions mainly includes the share of other

comprehensive income that is reclassified into profit and loss when the investee’s subsequent

accounting periods are accounted for in accordance with the equity method and meet the specified

conditions the fair value changes occurred by the debt investment that is measured at fair value

and whose changes are included in other comprehensive income the difference between the

original book value included in other comprehensive income and the fair value when a financial

asset measured at amortized cost is reclassified as a financial asset measured at fair value and its

changes are included in other comprehensive income the loss provisions for financial assets

measured at fair value and whose changes are included in other comprehensive income the gains

or losses generated from cash flow hedging instruments are part of effective hedging and the

differences in conversion of foreign currency financial statements.

224Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

38. Change of significant accounting policies and accounting estimates

(1) Change of significant accounting policy: N/A

(2) Change of significant accounting estimates: N/A

IV. Taxation

1. Major taxes and tax rates

Tax (expenses) Tax (expenses) base Tax (expenses) rate

The output tax is calculated based on the income from

sales of goods and taxable services calculated according

VAT to the provisions of the tax law. After deducting the input 13%.9%6%5%、3%

tax allowed to be deducted in the current period the

difference is the VAT taxable

In case of ad valorem it will be levied according to 1.2%

of the residual value after deducting 30% from the

House Property Tax original value of the property; In case of rent-based 1.2%12%

collection it will be levied according to 12% of the rental

income

Land use tax Actual land area used 1-6 yuan/㎡

Urban maintenance

Turnover tax 7%5%

and construction tax

Education surcharge Turnover tax 3%

Local education

Turnover tax 2%

surcharge

Corporate income

Taxable income 29%25%22%20%15%

tax

Description of taxpayers with different corporate income tax rates:

Name Income tax rate

The Company 15.00%

Zhongke Meiling Cryogenic Technology Co. Ltd. 15.00%

225Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Name Income tax rate

Zhongshan Changhong Electric Co. Ltd. 15.00%

Sichuan Hongmei Intelligent Technology Co. Ltd. 15.00%

Mianyang Meiling Refrigeration Co. Ltd. 15.00%

Ground Energy Heat Pump Tech. (Zhongshan) Co. Ltd 15.00%

Hefei Meiling Nonferrous Metal Products Co. Ltd. 15.00%

Jiangxi Meiling Electric Appliance Co. Ltd. 15.00%

Sichuan Changhong Air-conditioner Co. Ltd. 15.00%

Hefei Meiling Wulian Technology Co. Ltd 15.00%

Anhui Tuoxing Technology Co. Ltd. 20.00%

Guangzhou Changhong Trading Co. Ltd. 20.00%

Hebei Hongmao Daily Appliance Technology Co. Ltd. 20.00%

CH-Meiling International (Philippines) Inc. 20.00%

Changhong Ruba Trading Company (Private) Limited 29.00%

CHANGHONG MEILING ELECTRIC INDONESIAPT 22.00%

Other taxpayers except the above 25.00%

2. Preferential tax

(1) On November 30 2023 the Company passed the high-tech enterprise certification and

obtained the high-tech enterprise certificate numbered GR2020340006385 and shall enjoy the

national high-tech enterprise income tax rate of 15% which is valid for three years.

(2) On October 16 2023 the subsidiary Zhongke Meiling Cryogenic Technology Co. Ltd.

obtained the high-tech enterprise certificate numbered GR202334003036 approved by the Anhui

Provincial Department of Science and Technology the Anhui Provincial Department of Finance

and the Anhui Provincial Taxation Bureau of the State Administration of Taxation and shall enjoy

the 15% enterprise income tax rate of the national high-tech enterprise which is valid for three

years.

(3) On December 28 2023 the subsidiary Zhongshan Changhong Electric Appliance Co. Ltd.

obtained a high-tech enterprise certificate with a certificate number of GR202344012950

approved by the Guangdong Provincial Department of Science and Technology the Guangdong

226Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Provincial Department of Finance and the Guangdong Provincial Taxation Bureau of the State

Administration of Taxation and shall enjoy a national enterprise income tax rate of 15% for

high-tech enterprises which is valid for three years.

(4) On December 6 2024 the subsidiary Sichuan Hongmei Intelligent Technology Co. Ltd.

obtained the high-tech enterprise certificate with a certificate number of GR202451002000

approved by the Science and Technology Department of Sichuan Province the Finance

Department of Sichuan Province and the Sichuan Provincial Tax Service State Taxation

Administration and was entitled to the income tax rate of 15% for national high-tech

enterprises for a period of three years.

(5) Subsidiary Mianyang Meiling Refrigeration Co. Ltd. belongs to the encouraged industry in

the Industrial Structure Adjustment Guidance Catalog and enjoys the preferential taxation policy

of corporate income tax for the Western Development and the corporate income tax is levied at a

reduced tax rate of 15% valid until December 31 2030.

(6) On December 22nd 2022 the subsidiary Hongyuan Ground Energy Heat Pump Technology

(Zhongshan) Co. Ltd. obtained the high-tech enterprise certificate with a certificate number of

GR202244005222 approved by the Department of Science and Technology of Guangdong

Province Department of Finance of Guangdong Province and Guangdong Provincial Tax Service

State Taxation Administration and was entitled to the enterprise income tax rate of 15% for

national high-tech enterprises for a period of three years.

(7) On November 28 2024 the subsidiary Hefei Meiling Nonferrous Metal Products Co. Ltd.

obtained the high-tech enterprise certificate with a certificate number of GR202434004167

approved by Anhui Provincial Department of Science and Technology Anhui Provincial

Department of Finance and Anhui Provincial Taxation Service State Taxation Administration and

was entitled to the income tax rate of 15% for national high-tech enterprises for a period of three

years.

(8) On November 4 2022 the subsidiary Jiangxi Meiling Electric Appliance Co. Ltd. obtained

the high-tech enterprise certificate with a certificate number of GR202236000475 approved by

Science and Technology Department of Jiangxi Province Jiangxi Provincial Department of

Finance and Jiangxi Tax Service State Taxation Administration and was entitled to the income

tax rate of 15% for national high-tech enterprises for a period of three years.

(9) On November 29 2022 the subsidiary Sichuan Changhong Air Conditioning Co. Ltd.

227Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

obtained the high-tech enterprise certificate with a certificate number of GR202251005824

approved by Science and Technology Department of Sichuan Province Sichuan Provincial

Finance Department and State Taxation Administration and was entitled to the income tax rate of

15% for national high-tech enterprises for a period of three years.

(10) On November 28 2024 the subsidiary Hefei Meiling Wulian Technology Co. Ltd. obtained

the high-tech enterprise certificate with a certificate number of GR202434004986 approved by

Anhui Provincial Department of Science and Technology Anhui Provincial Department of

Finance and Anhui Provincial Taxation Service State Taxation Administration and was entitled to

the income tax rate of 15% for national high-tech enterprises for a period of three years.

(11) According to the Announcement of the Ministry of Finance and the State Taxation

Administration on Further Supporting the Development of Tax and Fee Policies for Small and

Micro Enterprises and Individual Industrial and Commercial Households (Announcement No.12

of the Ministry of Finance and the State Taxation Administration in 2023) "The taxable income of

small and low-profit enterprises will be reduced by 25% and the enterprise income tax policy will

be paid at a rate of 20% which will be implemented until December 31 2027". The subsidiaries

Anhui Tuoxing Technology Co. Ltd. Guangzhou Changhong Trading Co. Ltd. and Hebei

Hongmao Household Appliance Technology Co. Ltd. applied the above preferential policies this

year.

2.VAT

(1) According to the Announcement of the Ministry of Finance and the State Taxation

Administration on the Policy of Adding and Deducting VAT for Advanced Manufacturing

Enterprises (Announcement No.43 of the Ministry of Finance and the State Taxation

Administration in 2023) additional VAT payable of 5% will be deducted according to the

deductible input tax in the current period for advanced manufacturing enterprises from January 1

2023 to December 31 2027. The Company and its subsidiaries Zhongke Meiling Cryogenics

Technology Co. Ltd. Zhongshan Changhong Electric Co.Ltd. Ground Energy Heat Pump Tech.(Zhongshan) Co. Ltd. Hefei Meiling Non-ferrous Metal Products Co. Ltd. Jiangxi Meiling

Electric Appliance Co. Ltd. and Sichuan Changhong Air Conditioning Co. Ltd. applied the above

228Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

preferential policies.

(2) According to the Notice of the Ministry of Finance and the State Taxation Administration

on the VAT Policy of Software Products (CS [2011] No.100) for sales by general VAT taxpayers

of the software products developed and produced by themselves after the VAT is levied at the rate

of 13% the part whose actual VAT tax exceeds 3% will be refunded immediately. The subsidiaries

Zhongke Meiling Cryogenics Technology Co. Ltd. and Sichuan Hongmei Intelligent Technology

Co. Ltd. applied the above preferential policies.V. Notes to the major items in the consolidated financial statements

(1) Consolidated balance sheet item notes

1. Monetary fund

Item Ending balance Beginning balance

Cash

23466.6819623.13

Bank deposit

4269948407.175430927146.17

Other monetary fund

708898229.24492614908.35

Interest receivable on deposit 4502108966.70 4568889072.96

Total 9480979069.79 10492450750.61

Including: total amount deposited in overseas

45564166.5839440542.18

2. Tradable financial assets

Item Ending Balance Beginning Balance

Financial assets measured at fair value and whose changes

2136929526.59

are included in current gains/losses

Including： Principal and interest of structured

2136929526.59

deposits

Total 2136929526.59

3. Derivative financial assets

Item Ending Balance Beginning Balance

229Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Item Ending Balance Beginning Balance

forward exchange contract 44278588.05 72010074.43

Total 44278588.05 72010074.43

4. Account receivable

(1) Category of account receivable by aging

Account age Ending Balance Beginning Balance

Within 1 year（Including 1 year） 3564643143.09 1497253392.98

Including：Within 3 months 3228253882.80 1368463315.70

3-6 months 271204414.23 97181265.60

6 months – 1 year 65184846.06 31608811.68

1-2 years 68854146.67 75307523.19

2-3 years 54286465.24 87182259.34

Over 3 years 207260293.47 188612629.93

Total 3895044048.47 1848355805.44

(2) Category of account receivable by bad debt accrual

1) Detail

Amount at year-end

Book balance Bad debt provision

Category

Book value

Ratio Ratio

Amount Amount

(%)(%)

Account receivable that

withdrawal bad debt provision 1211199965.22 31.10 207910230.23 17.17 1003289734.99

by single item

Including：Account receivable

183910670.924.72183910670.92

with letter of credit

Current payment with related

980050871.5925.16160671807.5216.39819379064.07

party

Receivables whose single

amount is not significant but 47238422.71 1.22 47238422.71 100.00

whose single provision for bad

230Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Amount at year-end

Book balance Bad debt provision

Category

Book value

Ratio Ratio

Amount Amount

(%)(%)

debts

Account receivable withdrawal

2683844083.2568.90180486726.056.722503357357.20

bad debt provision by portfolio

Including: account receivable of

180053513.064.6255655202.7530.91124398310.31

engineering customers

Receivables other than

2503790570.1964.28124831523.304.992378959046.89

engineering customer

Total 3895044048.47 100.00 388396956.28 9.97 3506647092.19

（Continued）

Amount at year-begin

Book balance Bad debt provision

Category

Ratio Ratio Book value

Amount Amount

(%)(%)

Account receivable that

withdrawal bad debt provision 736905399.87 39.87 174360359.87 23.66 562545040.00

by single item

Including：Account receivable

204543428.3611.07204543428.36

with letter of credit

Current payment with related

485828526.6726.28129934772.0726.74355893754.60

party

Receivables whose single

amount is not significant but

46533444.842.5244425587.8095.472107857.04

whose single provision for bad

debts

Account receivable withdrawal

1111450405.5760.13146017071.0913.14965433334.48

bad debt provision by portfolio

Including: account receivable of

185634242.2410.0454756852.9029.50130877389.34

engineering customers

Receivables other than

925816163.3350.0991260218.199.86834555945.14

engineering customer

Total 1848355805.44 100.00 320377430.96 17.33 1527978374.48

231Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

2) Account receivable that withdrawal bad debt provision by single item

Account receivable with single minor amount but withdrawal bad debt provision singly refers to

the minor single receivables and withdrawal bad debt provision by combination shows no risk

characteristic of the receivables 89 clients involved.

3) Account receivable withdrawal bad debt provision by portfolio

A.Account receivable of engineering customers

Ending balance

Account age

Book balance Bad debt provision Provision ratio (%)

Within 3 months (3 months

30324266.41

included)

3-6 months 3467601.71

6 months-1 year 29099305.06

1-2 years 63716889.63 12743377.93 20.00

2-3 years 21067250.86 10533625.43 50.00

Over 3 years 32378199.39 32378199.39 100.00

Subtotal 180053513.06 55655202.75 30.91

（Continued）

Beginning balance

Account age

Book balance Bad debt provision Provision ratio (%)

Within 3 months (3 months

25327660.33

included)

3-6 months 14901434.29

6 months-1 year 28923666.97

1-2 years 56974354.61 11394870.93 20.00

2-3 years 32290288.15 16145144.08 50.00

Over 3 years 27216837.89 27216837.89 100.00

Subtotal 185634242.24 54756852.90 29.50

B.Receivables other than engineering customers

232Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Ending balance

Account age

Book balance Bad debt provision Provision ratio (%)

Within 3 months (3 months

2202874594.0022028745.941.00

included)

3-6 months 200646356.95 20064635.70 10.00

6 months-1 year 19904456.20 3980891.24 20.00

1-2 years 3101972.59 1550986.30 50.00

2-3 years 284631.66 227705.33 80.00

Over 3 years 76978558.79 76978558.79 100.00

Subtotal 2503790570.19 124831523.30 4.99

（Continued）

Beginning balance

Account age

Book balance Bad debt provision Provision ratio (%)

Within 3 months (3 months

832210142.168322101.421.00

included)

3-6 months 8867933.33 886793.33 10.00

6 months-1 year 2545036.25 509007.25 20.00

1-2 years 1083159.99 541580.00 50.00

2-3 years 545777.06 436621.65 80.00

Over 3 years 80564114.54 80564114.54 100.00

Subtotal 925816163.33 91260218.19 9.86

C. Bad debt provision of accounts receivable

1) Detail

Changes this year

Resal

Category Beginning balance Withdrawal or e or Other Ending Balance

Accrual

reversal write- decreases

off

233Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Changes this year

Resal

Category Beginning balance Withdrawal or e or Other Ending Balance

Accrual

reversal write- decreases

off

Withdrawal

bad debt

174360359.8743104716.939898942.17344095.60207910230.23

provision by

single item

Withdrawal

bad debt

146017071.0934461468.208186.76180486726.05

provision by

portfolio

Total 320377430.96 77566185.13 9898942.17 352282.36 388396956.28

2)Provision for bad debts of accounts receivable actually recovered or reversed in the current

period

None

(4) Account receivable actually written-off in Current Year

None

(5) Top 5 accounts receivable and contract assets amount Top 5 receivables collected by arrears

party amounting to 1645880093.00 yuan in total accounted for 42.09% of the receivables of

current year-end the bad debt provision accrual correspondingly amounting to 110254924.82

yuan at year-end balance

5. Receivables financing

（1）Detail

Item Ending balance Beginning balance

Bank acceptance 939704220.30 1482928143.55

Financial company acceptance bill 25470638.55 34059810.28

Total 965174858.85 1516987953.83

234Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

(2) By accrual of bad debt provision

Ending balance

Category Book balance Bad debt provision

Book value

Amount Ratio (%) Amount Ratio (%)

Withdrawal bad debt

965174858.85100.00965174858.85

provision by single item

Including：Bank acceptance 939704220.30 97.36 939704220.30

Financial company acceptance

25470638.552.6425470638.55

bill

Total 965174858.85 100.00 965174858.85

（ContinuedBeginning balance

Book balance Bad debt provision

Category

Book value

Amount Ratio (%) Amount Ratio (%)

Withdrawal bad debt

1516987953.83100.001516987953.83

provision by single item

Including：Bank acceptance 1482928143.55 97.75 1482928143.55

Financial company

34059810.282.2534059810.28

acceptance bill

Total 1516987953.83 100.00 1516987953.83

(3) Changes in credit impairment provisions

There is no bad debt provision accrued recovered or reversed this year.

(4)Financing of receivables that have been pledged at the end of the year

Item Period-end pledged amount

Bank acceptance 386358345.21

Subtotal 386358345.21

Note: with purpose of improving the note utilization the Company draw up bank acceptance by

pledge parts of the outstanding notes receivable to the bank. For details of the pledge of bills

receivable see Note V(1). 25. Assets with restricted ownership or use rights.

235Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

(5) Notes endorsement or discount and undue on balance sheet date listed in receivables

financing at the end of the period

Item Amount derecognition at period-end

Bank acceptance 887317977.38

Financial company acceptance bill 28651396.62

Subtotal 915969374.00

6. Accounts paid in advance

(1) Age of account paid in advance

Ending balance

Item

Amount Ratio (%) Provision for

Book value

impairment

Within 1 months (1 months

63623238.1099.1663623238.10

included)

1-2 years 272630.15 0.42 272630.15

2-3 years 157845.76 0.25 157845.76

Over 3 years 106482.62 0.17 106482.62

Total 64160196.63 100.00 64160196.63

(Continued)

Balance at year-begin

Account age Bad debt Provision ratio

Book balance Book value

provision (%)

Within 1 months (1 months

59929582.8399.3059929582.83

included)

1-2 years 266216.81 0.44 266216.81

2-3 years 47912.63 0.08 47912.63

Over 3 years 108633.00 0.18 108633.00

Total 60352345.27 100.00 60352345.27

(2) Top 5 of account paid in advance in balance at year-end amounting to 53436424.96 yuan

accounted for 83.29% of the account.

7. Other account receivable

236Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

(1) Detail

Item Balance at year-end Balance at year-begin

Dividend receivable 12124951.70

Other account receivable 55585833.84 123266319.09

Total 55585833.84 135391270.79

(2) Dividend receivable

Item Balance at year-end Balance at year-begin

Sichuan Zhiyijia Network Technology Co. Ltd. 11849751.70

Sichuan Hongyun New Generation Information Technology

Venture Capital Fund Partnership Enterprise (Limited 275200.00

Partnership

Subtotal 12124951.70

(3) Other receivable

1) Category of other account receivable

Nature Balance at year-end Balance at year-begin

Export rebate 25228313.98 95274068.20

Cash deposit 13642743.06 11343322.56

Loans of employee’s pretty cash 18877349.19 15452988.04

Related party not in consolidation statement 739461.48 3020490.22

Other 615247.62 1327326.50

Subtotal 59103115.33 126418195.52

(2) By account age

Account age Ending balance Beginning balance

Within 3 months 39969753.45 112225289.22

3-6 months 3073710.28 787433.33

6 months-1 year 3399400.51 3137720.39

1-2 years 4084826.02 2433214.96

237Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Account age Ending balance Beginning balance

2-3 years 1671347.00 2216446.08

Over 3 years 6904078.07 5618091.54

Subtotal 59103115.33 126418195.52

3) By accrual of bad debt provision

Amount at year-end

Book balance Bad debt provision

Category

Book value

Amount Ratio (%) Amount Ratio (%)

That withdrawal bad debt

58844476.9899.563420646.865.8155423830.12

provision by single item

In which: other receivables with

no major individual amount but

32876701.5255.633420646.8610.4029456054.66

bad debt provision accrued

individually

Export rebate 25228313.98 42.68 25228313.98

Related party funds 739461.48 1.25 739461.48

Bad debt provision accrued by

258638.350.4496634.6337.36162003.72

portfolio

In which: other receivables

258638.350.4496634.6337.36162003.72

accrued by aging portfolio

Total 59103115.33 100.00 3517281.49 5.95 55585833.84

（Continued）

Beginning balance

Book balance Bad debt provision

Category

Book value

Amount Ratio (%) Amount Ratio (%)

That withdrawal bad debt

126192156.3499.823057306.452.42123134849.89

provision by single item

238Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Beginning balance

Book balance Bad debt provision

Category

Book value

Amount Ratio (%) Amount Ratio (%)

In which: other receivables with

no major individual amount but

27897597.9222.073057306.4510.9624840291.47

bad debt provision accrued

individually

Export rebate 95274068.20 75.36 95274068.20

Related party funds 3020490.22 2.39 3020490.22

Bad debt provision accrued by

226039.180.1894569.9841.84131469.20

portfolio

In which: other receivables

226039.180.1894569.9841.84131469.20

accrued by aging portfolio

Total 126418195.52 100.00 3151876.43 2.49 123266319.09

4) Changes in bad debt provisions

* Detail

First stage Second stage Third stage

Expected credit loss for

Bad debt provision Expected credit Expected credit loss for Subtotal

the whole duration

loss in next 12 the whole duration (no

(credit impairment has

months credit impairment)

occurred)

Balance at year-begin 5931.27 22405.08 3123540.08 3151876.43

Balance at year-begin in

——————

Current Year

--Transfer to the second

stage

-- Transfer to the third

stage

-- Reversal to the second

stage

239Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

First stage Second stage Third stage

Expected credit loss for

Bad debt provision Expected credit Expected credit loss for Subtotal

the whole duration

loss in next 12 the whole duration (no

(credit impairment has

months credit impairment)

occurred)

-- Reversal to the first

stage

Provision in Current Year 5232.65 -3722.65 363340.41 364850.41

Reversal in Current Year

Write off in Current Year

Other change 554.65 554.65

Balance at year-end 11718.57 18682.43 3486880.49 3517281.49

* Bad debt provision for other receivables accrued recovered or reversed in the current period

Amount of change this period

Beginning

Category Recovery or Write-off or Ending balance

balance Accrual Other

reversal cancellation

Withdrawal bad debt

3057306.45363265.423420571.87

provision by single item

Withdrawal bad debt

94569.981584.99554.6596709.62

provision by portfolio

Total 3151876.43 364850.41 554.65 3517281.49

5) Other account receivable actually written-off in Current Year:

None

6) Top 5 other receivables collected by arrears party at balance of period-end

Proportion in total Bad debt

other receivables provision

Name Nature Ending balance Account age

ending balance (%)

Ending

balance

Unit I Export rebate 24659484.61 Within 3 months 41.72

240Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Proportion in total Bad debt

other receivables provision

Name Nature Ending balance Account age

ending balance (%)

Ending

balance

Unit II Within 3 months Cash deposit 2642725.12 4.47

1-2 years

Loans of

Unit III Within 3 moths employee’s 1551548.25 2.63

pretty cash

Loans of

Unit IV employee’s 1467720.00 3 months-1 year 2.48

pretty cash

Loans of

Unit V 3 months employee’s 1406898.84 2.38

3-6 moths1-2 years

pretty cash

Total 31728376.82 53.68

8. Inventories

(1)Detail

Ending Amount

Inventory price decline

Item

provision/contract

Book balance Book value

performance cost impairment

provision

Raw materials 272752907.26 5466918.51 267285988.75

Low value consumable

587349.6581096.62506253.03

articles

Deferred expense for mould 111806400.87 111806400.87

Stock commodities 1614060803.61 106726572.31 1507334231.30

Goods in transit 2042462238.98 22639021.69 2019823217.29

Goods-in-process 15234407.57 15234407.57

Contract performance cost 8253641.07 4108.38 8249532.69

Total 4065157749.01 134917717.51 3930240031.50

241Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

(Continued)

Beginning amount

Inventory price decline

Item provision/contract

Book balance Book value

performance cost impairment

provision

Raw materials 212959918.52 5083192.31 207876726.21

Low value consumable

266404.7897317.58169087.20

articles

Deferred expense for mould 90498578.88 90498578.88

Stock commodities 2140311193.05 101125135.79 2039186057.26

Goods in transit 1144852004.99 9982021.26 1134869983.73

Goods-in-process 10482237.67 39214.30 10443023.37

Contract performance cost 31928661.07 4108.38 31924552.69

Total 3631298998.96 116330989.62 3514968009.34

(2) Provision for inventory depreciation and contract performance cost impairment provision

1) Detail

Increase this period Decrease this period

Amount at

Item Amount at

Reversal or

period-begin

Accrual Other Other period-end

reselling

Raw materials 5083192.31 2234176.37 1850450.17 5466918.51

Low value

consumable 97317.58 304.67 16525.63 81096.62

articles

Stock

101125135.7943914019.1538309478.453104.18106726572.31

commodities

Goods in transit 9982021.26 19850436.50 7193436.07 22639021.69

Goods-in-proce

39214.3039214.30

ss

242Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Increase this period Decrease this period

Amount at

Item Amount at

Reversal or

period-begin

Accrual Other Other period-end

reselling

Contract

performance 4108.38 4108.38

cost

Total 116330989.62 65998936.69 47409104.62 3104.18 134917717.51

2) Accrual for inventory falling price reserves

Reasons for the reversal or

Item Specific basis for determining of net realizable value

reselling in Current Year

Cost is higher than net realizable value (The processed products

Raw materials For production

are decline)

Cost is higher than net realizable value (The market price at

Stock commodities For sale

period-end fell)

Cost is higher than net realizable value (The market price at

Goods in transit For sale

period-end fell)

Low value

Cost is higher than net realizable value Already used

consumable articles

Contract performance Engineering construction Cost is higher than net realizable value

Already used

cost (The processed products are decline)

9. Contract assets

(1)Detail

Ending balance

Item

Book balance Impairment provision Book value

Warranty 1778013.37 461708.05 1316305.32

Total 1778013.37 461708.05 1316305.32

(Continued)

243Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Beginning balance

Item

Book balance Impairment provision Book value

Warranty 3226503.19 462636.22 2763866.97

Total 3226503.19 462636.22 2763866.97

(2)Amount and reasons for significant changes in book value during the year

Items Change amount Change cause

Warranty The quality guarantee is due and the contract assets -1447561.65

are reclassified as receivables

Subtotal -1447561.65

(3) Provision for impairment of contract asset in the Period

Balance at year-end

Category Book balance Bad debt provision

Book value

Amount Ratio (%) Amount Ratio (%)

Withdrawal bad debt

1778013.37100.00461708.0525.971316305.32

provision by single

Total 1778013.37 100.00 461708.05 25.97 1316305.32

(Continued)

Amount at year-begin

Category Book balance Bad debt provision

Book value

Amount Ratio (%) Amount Ratio (%)

Withdrawal bad debt

3226503.19100.00462636.2214.342763866.97

provision by single

Total 3226503.19 100.00 462636.22 14.34 2763866.97

(4) Changes in bad debt provisions

Item Amount of change this year Year-end

Amount at

244Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

year-begin Recovery or Write-off or

Accrual Other

reversal cancellation

Withdrawal bad

debt provision 462636.22 928.17 461708.05

by single

Total 462636.22 928.17 461708.05

10. Non-current assets coming due within one year

(1) Detail

Item Ending balance Beginning balance

Impairment Impairment

Book balance Book value Book balance Book value

provision provision

Creditor's

right

investment 494428966.50 494428966.50 53831301.37 53831301.37

due within

one year

Warranty

money

5034918.7260000.004974918.726531620.47120000.006411620.47

due within

one year

Total 499463885.22 60000.00 499403885.22 60362921.84 120000.00 60242921.84

(2) Creditor's right investment due within one year

Balance at year-end Balance at year-begin

Impai Impair

Name

rment ment

Book balance Book value Book balance Book value

provis provisi

ion on

large deposit

494428966.50494428966.5053831301.3753831301.37

certificates

Total 494428966.50 494428966.50 53831301.37 53831301.37

(3)Creditor's right investment due within 1 year at the end of the year

245Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Actual rate

Interest Date of Overdue principal

Item Face value

rate expiring Init Balance at Balance at Beginning

Closing balance

year-begin year-end balance

large

deposit 80000000.00 3.35% 2026/3/28 3.35% 3.35%

certificates

11.Other current asset

Balance at year-end Balance at year-begin

Impair Impai

Item

ment rment

Book balance Book value Book balance Book value

provis provis

ion ion

VAT to be deducted 2186737.17 2186737.17 6591963.44 6591963.44

Advance payment of

35978547.1335978547.1338375210.1338375210.13

income tax

VAT to be deducted 163363527.05 163363527.05 199284116.97 199284116.97

Held to maturity fixed

302602361.11302602361.11253112899.55253112899.55

deposits

Held to maturity large

156945681.13156945681.1354770499.4354770499.43

deposit certificates

Local sales tax in Pakistan 763825.18 763825.18 689887.41 689887.41.Amortization expense 6597378.34 6597378.34 9205786.05 9205786.05

Total 668438057.11 668438057.11 562030362.98 562030362.98

12.Creditors' right investment

(1) Detail

Balance at year-end

Item Impairment

Book balance Book value

provision

246Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Balance at year-end

Item Impairment

Book balance Book value

provision

large deposit certificates 1578030312.23 1578030312.23

Total 1578030312.23 1578030312.23

（Continued）

Balance at year-begin

Item Impairment

Book balance Book value

provision

large deposit certificates 1474153793.17 1474153793.17

Total 1474153793.17 1474153793.17

(2) Other important creditor's right investment

Balance at year-end

Item Overdue

Face value Interest rate Actual rate Date of expiring

principal

large deposit certificates 100000000.00 2.60 2.60 2027-6-21

large deposit certificates 150000000.00 3.15 3.15 2027-5-16

Fixed certificates 250000000.00 3.05 3.05 2027-5-24

Fixed certificates 150000000.00 2.70 2.70 2026-8-7

Subtotal 650000000.00

（Continued）

Balance at year-begin

Item Overdue

Face value Interest rate Actual rate Date of expiring

principal

large deposit certificates 150000000.00 3.15 3.15 2027-5-16

large deposit certificates 100000000.00 2.60 2.60 2027-6-21

247Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Balance at year-begin

Item Overdue

Face value Interest rate Actual rate Date of expiring

principal

large deposit certificates 80000000.00 3.35 3.35 2026-3-28

Fixed certificates 250000000.00 3.05 3.05 2027-5-24

Fixed certificates 150000000.00 2.70 2.70 2026-8-7

Subtotal 730000000.00

13. Long-term equity investment

(1) Classification situation

Balance at year-end

Item

Book balance Impairment provision Book value

Associated companies 87812658.90 3097405.00 84715253.90

Total 87812658.90 3097405.00 84715253.90

（Continued）

Balance at year-begin

Item

Book balance Impairment provision Book value

Associated companies 84608551.82 3097405.00 81511146.82

Total 84608551.82 3097405.00 81511146.82

(2) Detail

Balance at year-begin Changes in Current Year

Other

Additi Investment

Disin comprehen

Invested enterprise onal profit and loss

Book value Impairment vestm sive

provision invest confirmed by

ent income

ment equity method

adjustment

Sichuan Zhiyijia Network Technology Co.

60175669.074835600.70

Ltd.Hefei Xingmei Assets Management Co.

14164491.991488.35

Ltd.

248Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Balance at year-begin Changes in Current Year

Other

Additi Investment

Disin comprehen

Invested enterprise onal profit and loss

Book value Impairment vestm sive

provision invest confirmed by

ent income

ment equity method

adjustment

Chengdu Guigu Environmental Tech. Co.

4495425.393008655.00-921828.43

Ltd

Sichuan Tianyou Guigu Technology Co.

2675560.3788750.00-36362.59

Ltd

Changhong Ruba Electric Company

(Private) Ltd.Hefei Xinmei Solar Energy Technology

Co. Ltd.note

Total 81511146.82 3097405.00 3878898.03

（Continued）

Changes in Current period Ending balance

Provisio

Declaration of

Invested enterprise Other changes n for

cash dividends Other Book value Impairment

of equity impairm provision

or profits

ent

Sichuan Zhiyijia Network

674790.9564336478.82

Technology Co. Ltd.Hefei Xingmei Assets Management

14165980.34

Co. Ltd.Chengdu Guigu Environmental

3573596.963008655.00

Tech. Co. Ltd

Sichuan Tianyou Guigu Technology

2639197.7888750.00

Co. Ltd

Changhong Ruba Electric Company

(Private) Ltd.Hefei Xinmei Solar Energy

Technology Co. Ltd.note

Total 674790.95 84715253.90 3097405.00

14. Other non-current financial assets

249Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Item Ending balance Beginning balance

Sichuan Changhong Group Finance Co. Ltd. 556681286.83 556681286.83

Sichuan Hongyun New-Generation Information technology

28908227.2530929099.25

Venture Capital Fund Partnership (limited partnership)

Changhong Group Sichuan Shenwan Hongyuan Strategic

69913918.3669913918.36

New Industrial Parent Fund Partnership (limited partnership)

Huishang Bank Co. Ltd. 18570000.00 18570000.00

Total 674073432.44 676094304.44

15. Investment real estate

(1) Detail

Item House and buildings Total

Original book value

Beginning balance 97362612.42 97362612.42

Increase in this year

Decrease in this year

Ending balance 97362612.42 97362612.42

Accumulated depreciation and accumulated amortization

Beginning balance 30641761.73 30641761.73

Increase in this year 1562045.86 1562045.86

（1）Withdrawal or amortization 1562045.86 1562045.86

Decrease in this year

Ending balance 32203807.59 32203807.59

Book value.Ending book value 65158804.83 65158804.83

Opening book value 66720850.69 66720850.69

(2) Investment real estate without property certification held

250Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Reasons for failing to complete

Item Book value

property rights certificate

J03 Workshop 17385049.02 Related property rights in procedure

Subtotal 17385049.02

16. Fixed assets

(1)Detail

Item Book value at year-end Book value at year-begin

Fixed assets 2180984753.83 2186003136.01

Liquidation of fixed assets 32293183.76 32847524.11

Total 2213277937.59 2218850660.12

(2) Fixed assets

1)Detail

Machinery Transport Other

Item House and buildings Total

equipment equipment equipment

Original book value

Balance at year-begin

1926735273.032008694068.4839848511.25318556541.884293834394.64

Increase in this year 10731769.46 100841036.19 2400966.54 15850504.20 129824276.39

Purchase

4674298.89362440.71790977.775827717.37

Construction in progress

10731769.4696166737.302038525.8315059526.43123996559.02

transfer-in

Decrease in this year 130899.82 38028501.24 797163.50 9791105.44 48747670.00

Dispose or retirement 98000.00 26600199.25 779540.44 7065194.11 34542933.80

Construction in progress

11399027.652630279.6914029307.34

transfer-in

3) Foreign currency

17623.0695551.99113175.05

conversion decreased

4) Other 32899.82 29274.34 79.65 62253.81

Balance at year-end 1937336142.67 2071506603.43 41452314.29 324615940.64 4374911001.03

251Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Machinery Transport Other

Item House and buildings Total

equipment equipment equipment

Accumulated

depreciation

Balance at year-begin 658583789.90 1249986359.00 26345062.66 166836619.33 2101751830.89

Increase in this year 31054703.77 77343243.76 1385959.24 14153752.34 123937659.11

(1)Accrual 31054703.77 77343243.76 1385959.24 14153752.34 123937659.11

Decrease in this year 42648.81 29937724.18 756705.81 6996844.09 37733922.89

Dispose or retirement 42648.81 24446881.96 740563.41 6667597.28 31897691.46

Construction in progress

5490842.22260475.705751317.92

transfer-in

3) Foreign currency

16142.4068771.1184913.51

conversion decreased

Balance at year-end 689595844.86 1297391878.58 26974316.09 173993527.58 2187955567.11

Impairment provision.Balance at year-begin

199392.184854224.571025810.996079427.74.Increase in this year

Decrease in this year

108747.65108747.65

1) Dispose or retirement 108747.65 108747.65

Balance at year-end

199392.184854224.57917063.345970680.09

Book value

Ending book value 1247540905.63 769260500.28 14477998.20 149705349.72 2180984753.83

Opening book value

1267952090.95753853484.9113503448.59150694111.562186003136.01

2) Fixed assets temporary idle

Accumulated Impairment

Item Original book value Book value Remar

depreciation provision k

Machinery equipment 33625486.70 26488906.13 4708327.50 2428253.07

252Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Accumulated Impairment

Item Original book value Book value Remar

depreciation provision k

Transport equipment 311972.65 296374.00 15598.65

Other equipment 2499298.25 2345645.00 28688.29 124964.96

Subtotal 36436757.60 29130925.13 4737015.79 2568816.68

3) Fixed assets leased through operating lease

Accumulated Impairment

Item Original book value Book value Remark

depreciation provision

House and buildings 96725138.01 41961619.22 54763518.79

Machinery equipment 24020373.42 15314892.90 8705480.52

Other equipment 290703.88 285087.47 5616.41

Subtotal 121036215.31 57561599.59 63474615.72

4) Fixed assets without property certificate

Item Book value Reason of not complete the property certificate

J01 workshop 24625231.24 Related property rights in procedure

J02 workshop 26568149.00 Related property rights in procedure

J08 packing materials warehouse 4089944.83 Related property rights in procedure

J09 raw material warehouse 5890558.98 Related property rights in procedure

J50 finished product warehouse 15326068.55 Related property rights in procedure

J51 finished product warehouse 14870560.16 Related property rights in procedure

J52 finished product warehouse 10786965.59 Related property rights in procedure

J53inished product warehouse 11283811.35 Related property rights in procedure

J54 finished product warehouse 10546251.51 Related property rights in procedure

J55finished product warehouse 9723224.02 Related property rights in procedure

J56finished product warehouse 9723224.02 Related property rights in procedure

253Annotations of Financial Statements of Changhong Meiling Co. Ltd.

From 1 January 2025 to 30 June 2025

(Unless other wise specified RMB for record in the Statement)

Item Book value Reason of not complete the property certificate

Canopy 1445037.22 Related property rights in procedure

Corridor 2996203.72 Related property rights in procedure

8# R & D Building 22720111.74 Related property rights in procedure

Subtotal 170595341.93

(3) Disposal of fixed assets