Changchai CompanyLimited 2025 First Quarter Report

Stock code: 000570 200570 Stock name: Changchai Changchai B Announcement Number: 2025-018

CHANGCHAI COMPANY LIMITED

2025 First Quarter Report

The company and all members of the board of directors guarantee that the information disclosed is true

accurate and complete without false records misleading statements or significant omissions.Important Notes:

1.The Board of Directors (or the “Board”) the Supervisory Committee as well as the directors supervisors and

senior management of Changchai Company Limited (hereinafter referred to as the “Company”) hereby guarantee

the factuality accuracy and completeness of the contents of this Quarter Report and its summary and shall be jointly

and severally liable for any misrepresentations misleading statements or material omissions therein.

2.The Company’s legal representative and General Manager head of the Company’s financial department

(equivalent to financial manager) hereby guarantee that the Financial Statements carried in this Quarter Report are

factual accurate and complete.

3.Has the first quarter report been audited

? Yes ? No

1Changchai CompanyLimited 2025 First Quarter Report

I. Key Financial Information

1. Major Accounting Data and Financial Indicators

Whether the Company Needs to Retrospectively Adjust or Restate Prior Years' Accounting Data

? Yes ? No

Increase or

decrease in this

January to March January to March reporting period

2025 2024 compared to the

same period last

year（%）

Operating revenue (RMB) 897763657.72 836479520.73 7.33%

Net profit attributable to the listed company’s

43720636.9532382777.7035.01%

shareholders (RMB)

Net profit attributable to the listed company’s

shareholders before exceptional gains and 40468902.21 39340826.68 2.87%

losses (RMB)

Net cash generated from/used in operating

-14769195.97-16877796.78——

activities (RMB)

Basic earnings per share (RMB/share) 0.0620 0.0459 35.08%

Diluted earnings per share (RMB/share) 0.0620 0.0459 35.08%

Weighted average return on equity (%) 1.29% 0.95% 0.34%

Change of 31

March 2025 over

31 March 2025 31 December 2024

31 December

2024（%）

Total assets (RMB) 5567073520.36 5381900903.82 3.44%

Equity attributable to the listed company’s

3393990334.423362683464.320.93%

shareholders (RMB)

2. Exceptional Gains and Losses

? Applicable □ Not applicable

Unit: RMB

Amount for the current

Item Note

reporting period

Gain or loss on disposal of non-current assets (inclusive of

159478.53

impairment allowance write-offs)

Gain or loss on fair-value changes in financial assets and

liabilities held by a non-financial enterprise as well as on

disposal of financial assets and liabilities (exclusive of the 2712751.12

effective portion of hedges that arise in the Company’s

ordinary course of business)

Profit and loss from entrusting others to invest or manage

1280302.33

assets

Non-operating income and expense other than the above 8482.40

Less: Income tax effects 909095.44

2Changchai CompanyLimited 2025 First Quarter Report

Non-controlling interests effects (net of tax) 184.20

Total 3251734.74 --

Particulars about other items that meet the definition of exceptional gain/loss:

□ Applicable √ Not applicable

No such cases for the Reporting Period.Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the Explanatory

Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—

Exceptional Gain/Loss Items:

□ Applicable ? Not applicable

No such cases for the Reporting Period.

3. The situation and reasons for changes in major accounting data and financial indicators

?Applicable ? Not Applicable

(1) Consolidated balance sheet items

Ending balance Beginning Year-over-Year

Items Reason for change

(RMB) balance (RMB) Increase/Decrease

Mainly due to an increase in the

Trading company's purchase of financial

452186981.77303667459.6548.91%

Financial Assets products during the reporting

period.The main reason is that most of

the company's multi cylinder

engine customers are main

engine supporting units with

relatively long payment terms.At the same time due to the

Accounts

1050201157.01 444254240.02 136.40% upgrade of product emissions

Receivable

the company increased its

market expansion efforts and

moderately extended credit

during the reporting period

resulting in a significant

increase in accounts receivable.Mainly due to discounting some

Accounts

bank acceptance bills with

Receivable 119118440.25 223261002.76 -46.65%

higher credit ratings during the

Financing

reporting period.Mainly due to receiving

Other dividends from Jiangsu Bank for

3544611.269847441.82-64.00%

Receivables the first half of 2024 during the

reporting period.Mainly due to a decrease in the

Other Current amount of value-added tax

21819188.4454605021.67-60.04%

Assets credits retained during the

reporting period.Mainly due to the discounting of

Short-term bank acceptance bills with lower

163670551.7194471787.4173.25%

Borrowings credit ratings by the company

during the reporting period.

3Changchai CompanyLimited 2025 First Quarter Report

Mainly due to the payment of a

Employee

portion of the previously

Benefits 18073811.95 48792254.98 -62.96%

accrued wages and bonuses

Payable

during the reporting period.The main reason for the increase

in sales revenue and net profit

during the reporting period is the

Taxes Payable 26788401.75 4214324.70 535.65%

corresponding increase in value-

added tax and corporate income

tax payable by the company.

(2) Consolidated income statement items

Reporting Same period of Year-over-Year

Items Reason for change

Period (RMB) last year (RMB) Increase/Decrease

Mainly due to the year-on-year

increase in urban maintenance

Taxes and

6359256.55 4683468.33 35.78% and construction tax and

Surtaxes

education surcharge during the

reporting period.Due to a year-on-year decrease

in exchange gains and interest

Finance Costs -2222413.95 -3640059.02 ——

income during the reporting

period.Due to the advanced

manufacturing value-added tax

Other Income 7809990.08 205752.64 3695.82%

deduction the company enjoyed

during the reporting period.Due to a year-on-year increase

Investment in the interest income from

1200239.83523222.06129.39%

Income trading financial assets during

the reporting period.The increase in fair value of the

stocks of Jiangsu Liance

Electromechanical Technology

Gain on Co. Ltd. and Kailong High tech

Changes in Fair 2712751.12 -13802251.45 —— Co. Ltd. held by Changzhou

Value Horizon Investment Co. Ltd. a

wholly-owned subsidiary of the

company during the reporting

period.Mainly due to the year-on-year

increase in provision for

Asset

-114253.77 -57832.48 —— impairment of assets such as

Impairment Loss

inventory during the reporting

period.Mainly due to a year-on-year

Asset Disposal decrease in the disposal of fixed

159478.53421678.54-62.18%

Income assets during the reporting

period.Mainly due to receiving

equipment compensation from

Non-operating the insurance company in the

19310.77370474.42-94.79%

Income previous period while there

were no such incidents during

the reporting period.Non-operating 10828.37 103614.09 -89.55% Mainly due to the year-on-year

4Changchai CompanyLimited 2025 First Quarter Report

Expense decrease in scrap losses during

the reporting period.Mainly due to the year-on-year

increase in the company's

operating revenue during the

reporting period. The

Net profit company's other income from

attributable to advanced manufacturing value-

shareholders of 43720636.95 32382777.70 35.01% added tax deduction has

the parent increased year-on-year. The

company increase in fair value gains from

trading financial assets held by

the wholly-owned subsidiary

Changzhou Horizon

Investment Co. Ltd.Due to the decrease in fair value

Changes in fair

of the stocks held by the

value of other

company in Beiqi Foton Motor

equity -13734300.00 24066900.00 ——

Co. Ltd. and Jiangsu Bank Co.instrument

Ltd. during the reporting

investments

period.Net amount after

tax of other

comprehensive

income -13734300.00 24066900.00 —— Same as above.attributable to

the parent

company

Total

Mainly due to the decrease in

comprehensive

fair value of the stocks held by

income

the company in Beiqi Foton

attributable to 29986336.95 56449677.70 -46.88%

Motor Co. Ltd. and Jiangsu

the owners of

Bank Co. Ltd. during the

the parent

reporting period.company

Total

comprehensive 31886460.45 58115570.84 -45.13% Same as above.income

(3) Consolidated cash flow statement items

Reporting Period Same period of Year-over-Year

Items Reason for change

(RMB) last year (RMB) Increase/Decrease

Due to the year-on-year

Refunds of

28359296.44 6692216.64 323.77% increase in export tax rebates

taxes

during the reporting period.Subtotal of cash

Due to the year-on-year

inflows from

252005553.47 102834238.96 145.06% increase in financial products

investing

due during the reporting period.activities

Subtotal of cash Mainly due to the year-on-year

outflows from increase in the company's

390369438.13290701450.7534.29%

investing purchase of financial products

activities during the reporting period.

5Changchai CompanyLimited 2025 First Quarter Report

II. Shareholder Information

1.Table of Ordinary Shareholders and Shareholders with Restored Voting Rights of Preferred Shares and

Shareholding Details of the Top 10 Shareholders

Unit: share

Number of preferred

Number of ordinary shareholders 53790 shareholders with resumed 0

voting rights

Shareholding situation of the top 10 shareholders (excluding shares lent through refinancing)

Number of Restricted

shares with

Shareholdi Total shares shares held

Nature of limited

Name of shareholder ng held at the

shareholder selling

percentage period-end

conditions Status Shares

held

Changzhou Investment State-owned

32.26%227663417.00

Group Co. Ltd. legal person

Bank of China Limited-

Huashang Selection Return

Others 0.58% 4103000.00

Hybrid Securities

Investment Fund

Domestic

Chen Jian 0.51% 3609800.00

natural person

Bank of China Limited-

Huashang Vision Value

Others 0.47% 3343700.00

Hybrid Securities

Investment Fund

Overseas legal

KGI ASIA LIMITED 0.44% 3100195.00

entity

Industrial and Commercial

Bank of China Limited- 0.00 N/A 0.00

Huashang LeXiang

Others 0.26% 1853900.00

Internet Flexible

Allocation Hybrid

Securities Investment Fund

Domestic

Zhang Yunzhen 0.26% 1850000.00

natural person

China Minsheng Bank Co.Ltd.- Jinyuan Shun'an

Yuanqi Flexible Allocation Others 0.24% 1700000.00

Hybrid Securities

Investment Fund

Domestic

Li Suinan 0.23% 1600300.00

natural person

Domestic

Zhang Wenbing 0.22% 1556700.00

natural person

Top 10 unrestricted shareholders（Excluding shares lent through refinancing and executive lock up shares）

Unrestricted shares held at the Shares by type

Name of shareholder

period-end Type Shares

Changzhou Investment RMB-denominated

227663417.00227663417.00

Group Co. Ltd. ordinary share

6Changchai CompanyLimited 2025 First Quarter Report

Bank of China Limited-

Huashang Selection Return RMB-denominated

4103000.004103000.00

Hybrid Securities ordinary share

Investment Fund

RMB-denominated

Chen Jian 3609800.00 3609800.00

ordinary share

Bank of China Limited-

Huashang Vision Value RMB-denominated

3343700.003343700.00

Hybrid Securities ordinary share

Investment Fund

Domestically listed

KGI ASIA LIMITED 3100195.00 3100195.00

foreign share

Industrial and Commercial

Bank of China Limited-

Huashang LeXiang RMB-denominated

1853900.001853900.00

Internet Flexible ordinary share

Allocation Hybrid

Securities Investment Fund

RMB-denominated

Zhang Yunzhen 1850000.00 1850000.00

ordinary share

China Minsheng Bank Co.Ltd.- Jinyuan Shun'an

RMB-denominated

Yuanqi Flexible Allocation 1700000.00 1700000.00

ordinary share

Hybrid Securities

Investment Fund

Domestically listed

Li Suinan 1600300.00 1600300.00

foreign share

RMB-denominated

Zhang Wenbing 1556700.00 1556700.00

ordinary share

It is unknown whether there is among the top 10 public

shareholders and the top 10 unrestricted public shareholders

Explanation of the shareholder relationship or

any related parties or acting-in-concert parties as defined in the

concerted action mentioned above

Administrative Measures for Information Regarding

Shareholding Alteration.Explanation on the participation of the top 10

Shareholder Chen Jian holds 3609800 shares of the

shareholders in margin trading and securities

company's stock through a credit account.lending business

5% or greater shareholders top 10 shareholders and Top 10 unrestricted shareholders involved in refinancing shares

lending

□Applicable ? Not applicable

Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares lending/return

compared with the prior period

□Applicable ? Not applicable

2. Table of Total Number of Preferred Shareholders and Shareholding Status of the Top 10 Preferred

Shareholders in the Company

? Applicable ? Not Applicable

III. Other important matters

?Applicable ? Not Applicable

7Changchai CompanyLimited 2025 First Quarter Report

1. Changchai Robin’s Merger with Horizon Agricultural Equipment

On November 22 2024 the company held the fifth extraordinary meeting of the board of directors for 2024

and approved the proposal on the merger of Changzhou Changchai Horizon Agricultural Equipment Co. Ltd. and

Changzhou Fuji Changchai Robin Gasoline Engine Co. Ltd. The board of directors agreed that the wholly-owned

subsidiary Changzhou Fuji Changchai Robin Gasoline Engine Co. Ltd. (referred to as "Changchai Robin") would

inherit all assets liabilities business and other rights and obligations of the wholly-owned subsidiary Changzhou

Changchai Horizon Agricultural Equipment Co. Ltd. (referred to as " Horizon Agricultural Equipment") through

overall absorption and merger. After the merger is completed Changchai Robin will continue to operate normally

and the independent legal entity qualification of Horizon Agricultural Equipment will be cancelled. In February

2025 the company received a registration notice (Registration Notice No. [2025] 02270081) issued by the

Government Service Management Office of Changzhou High tech Industrial Development Zone (Xinbei District)

stating that the independent legal person qualification of Horizon Agricultural Equipment has been cancelled and

the merger of two wholly-owned subsidiaries has been completed.

2. Part of the company's properties will be subject to expropriation

On February 26 2025 the company received a notice from the People's Government of Zhonglou District

Changzhou City regarding the announcement of the "Compensation Plan for House Expropriation of the West

Hengjie Station Project of Changzhou Urban Rail Transit Line 5" and soliciting opinions. Due to public interest

requirements the People's Government of Zhonglou District Changzhou City plans to expropriate houses within

the scope of the West Hengjie Station project of Changzhou Urban Rail Transit Line 5. The specific compensation

amount for expropriation shall be subject to the officially signed expropriation compensation agreement. The

company will closely follow up on the progress of expropriation and promptly fulfill relevant review procedures

and information disclosure obligations.

3. The company's foundry building will be subject to expropriation

On March 6 2025 the company received the "Decision on the Expropriation of Houses on State owned Land

by the People's Government of Xinbei District Changzhou City" (Chang Xinzheng [2025] No. 1) issued by the

People's Government of Xinbei District Changzhou City. Due to the need for public interest in the renovation of

the old city area the People's Government of Xinbei District Changzhou City has decided to expropriate the houses

within the scope of the Sanjing Street Company Foundry and surrounding plots of the old city renovation project

(Phase I). The scope of expropriation is the company's original casting base which has been transferred to its

wholly-owned subsidiary Jiangsu Changchai Machinery Co. Ltd. in 2023 and is currently idle. It is expected to

have no significant impact on the company's production and operation. The specific compensation amount for

expropriation shall be subject to the officially signed expropriation compensation agreement. The company will

closely follow up on the progress of expropriation and promptly fulfill relevant review procedures and information

disclosure obligations.

8Changchai CompanyLimited 2025 First Quarter Report

IV. Quarterly financial statements

1. Financial statements

(1) Consolidated Balance Sheet

Prepared by Changchai Company Limited

31 March 2025

Unit: RMB

Item 31 March 2025 1 January 2025

Current assets:

Monetary assets 904372752.39 1063700492.59

Settlement reserve

Interbank loans granted

Held-for-trading financial assets 452186981.77 303667459.65

Derivative financial assets

Notes receivable 317487893.93 318814017.13

Accounts receivable 1050201157.01 444254240.02

Accounts receivable financing 119118440.25 223261002.76

Prepayments 15810601.22 12725958.70

Premiums receivable

Reinsurance receivables

Receivable reinsurance contract reserve

Other receivables 3544611.26 9847441.82

Including: Interest receivable

Dividends receivable 0.00 7165080.00

Financial assets purchased under resale agreements

Inventories 585937743.19 819201998.42

Including: Data resources

Contract assets

Assets held for sale

Current portion of non-current assets

Other current assets 21819188.44 54605021.67

Total current assets 3470479369.46 3250077632.76

Non-current assets:

Loans and advances to customers

Investments in debt obligations

Investments in other debt obligations

Long-term receivables

Long-term equity investments

Investments in other equity instruments 924962058.72 941120058.72

9Changchai CompanyLimited 2025 First Quarter Report

Other non-current financial assets 377869217.49 377869217.49

Investment property 37216666.16 37740844.55

Fixed assets 595830246.06 615414505.40

Construction in progress 4013873.92 3376866.69

Productive living assets

Oil and gas assets

Right-of-use assets

Intangible assets 141310178.88 142805785.86

Including: Data resources

Development costs

Including: Data resources

Goodwill

Long-term prepaid expense 2696741.64 2664557.06

Deferred income tax assets 8322070.73 6458337.99

Other non-current assets 4373097.30 4373097.30

Total non-current assets 2096594150.90 2131823271.06

Total assets 5567073520.36 5381900903.82

Current liabilities:

Short-term borrowings 163670551.71 94471787.41

Borrowings from the central bank

Interbank loans obtained

Held-for-trading financial liabilities

Derivative financial liabilities

Notes payable 590808897.15 491643629.88

Accounts payable 677779181.40 690733575.75

Advances from customers 30187811.09 30183376.84

Contract liabilities 22787974.03 31640879.59

Financial assets sold under repurchase agreements

Customer deposits and interbank deposits

Payables for acting trading of securities

Payables for underwriting of securities

Employee benefits payable 18073811.95 48792254.98

Taxes payable 26788401.75 4214324.70

Other payables 134263815.89 117736961.52

Including: Interest payable

Dividends payable 3891433.83 3891433.83

Handling charges and commissions payable

Reinsurance payables

Liabilities directly associated with assets held for

sale

Current portion of non-current liabilities

10Changchai CompanyLimited 2025 First Quarter Report

Other current liabilities 181760880.51 175064677.93

Total current liabilities 1846121325.48 1684481468.60

Non-current liabilities:

Insurance contract reserve

Long-term borrowings

Bonds payable

Including: Preferred shares

Perpetual bonds

Lease liabilities

Long-term payables

Long-term employee benefits payable

Provisions 65100005.40 73002860.52

Deferred income 28533734.65 29386167.02

Deferred income tax liabilities 152721526.75 154449852.33

Other non-current liabilities

Total non-current liabilities 246355266.80 256838879.87

Total liabilities 2092476592.28 1941320348.47

Shareholders’ equity:

Share capital 705692507.00 705692507.00

Other equity instruments

Including: Preferred shares

Perpetual bonds

Capital reserves 640509675.84 640509675.84

Less: Treasury stock

Other comprehensive income 629333249.91 643067549.91

Specific reserve 23279599.50 21959066.35

Surplus reserves 367826665.27 367826665.27

General reserve

Retained earnings 1027348636.90 983627999.95

Total equity attributable to Shareholders of the

3393990334.423362683464.32

Company as the parent

Non-controlling interests 80606593.66 77897091.03

Total shareholders’ equity 3474596928.08 3440580555.35

Total liabilities and shareholders’ equity 5567073520.36 5381900903.82

Legal representative: Xie Guozhong General Manager: Xie Guozhong

Head of the accounting department: Jiang He

11Changchai CompanyLimited 2025 First Quarter Report

(2) Consolidated Income Statement

Unit: RMB

Same period of last

Item Reporting Period

year

1. Revenue 897763657.72 836479520.73

Including: Operating revenue 897763657.72 836479520.73

Interest income

Insurance premium income

Handling charge and commission income

2. Costs and expenses 843950937.37 772816412.40

Including: Cost of sales 776384250.77 706740557.17

Interest expense

Handling charge and commission expense

Surrenders

Net insurance claims paid

Net amount provided as insurance contract reserve

Expenditure on policy dividends

Reinsurance premium expense

Taxes and surcharges 6359256.55 4683468.33

Selling expense 15767989.90 18697626.53

Administrative expense 27220091.42 26053081.45

R&D expense 20441762.68 20281737.94

Finance costs -2222413.95 -3640059.02

Including: Interest expense 455046.24 587604.70

Interest income 2727723.37 3080070.64

Add: Other income 7809990.08 205752.64

Return on investment (“-” for loss) 1200239.83 523222.06

Including: Share of profit or loss of joint ventures and

associates

Income from the derecognition of financial

-80062.50

assets at amortized cost (“-” for loss)

Exchange gain (“-” for loss)

Net gain on exposure hedges (“-” for loss)

Gain on changes in fair value (“-” for loss) 2712751.12 -13802251.45

Credit impairment loss (“-” for loss) -13424884.92 -11899204.76

Asset impairment loss (“-” for loss) -114253.77 -57832.48

Asset disposal income (“-” for loss) 159478.53 421678.54

3. Operating profit (“-” for loss) 52156041.22 39054472.88

Add: Non-operating income 19310.77 370474.42

Less: Non-operating expense 10828.37 103614.09

4. Profit before tax (“-” for loss) 52164523.62 39321333.21

12Changchai CompanyLimited 2025 First Quarter Report

Less: Income tax expense 6543763.17 5272662.37

5. Net profit (“-” for net loss) 45620760.45 34048670.84

5.1 By operating continuity

5.1.1 Net profit from continuing operations (“-” for net loss)

5.1.2 Net profit from discontinued operations (“-” for net

loss)

5.2 By shareholders’ equity

5.2.1 Net profit attributable to shareholders of the Company

43720636.9532382777.70

as the parent

5.2.2 Net profit attributable to non-controlling interests 1900123.50 1665893.14

6. Other comprehensive income net of tax -13734300.00 24066900.00

Attributable to shareholders of the Company as the parent -13734300.00 24066900.00

6.1 Items that will not be reclassified to profit or loss -13734300.00 24066900.00

6.1.1 Changes caused by remeasurements on defined benefit

schemes

6.1.2 Other comprehensive income that will not be

reclassified to profit or loss under the equity method

6.1.3 Changes in the fair value of investments in other

-13734300.0024066900.00

equity instruments

6.1.4 Changes in the fair value arising from changes in own

credit risk

6.1.5 Other

6.2 Items that will be reclassified to profit or loss

6.2.1 Other comprehensive income that will be reclassified

to profit or loss under the equity method

6.2.2 Changes in the fair value of investments in other debt

obligations

6.2.3 Other comprehensive income arising from the

reclassification of financial assets

6.2.4 Credit impairment allowance for investments in other

debt obligations

6.2.5 Reserve for cash flow hedges

6.2.6 Differences arising from the translation of foreign

currency-denominated financial statements

6.2.7 Other

Attributable to non-controlling interests

7. Total comprehensive income 31886460.45 58115570.84

Attributable to shareholders of the Company as the parent 29986336.95 56449677.70

Attributable to non-controlling interests 1900123.50 1665893.14

8. Earnings per share

8.1 Basic earnings per share 0.0620 0.0459

8.2 Diluted earnings per share 0.0620 0.0459

Legal representative: Xie Guozhong General Manager: Xie Guozhong

Head of the accounting department: Jiang He

13Changchai CompanyLimited 2025 First Quarter Report

(3) Consolidated Cash Flow Statement

Unit: RMB

Same period of last

Item Reporting Period

year

1. Cash flows from operating activities:

Proceeds from sale of commodities and rendering of services 427572047.13 456415221.66

Net increase in customer deposits and interbank deposits

Net increase in borrowings from the central bank

Net increase in loans from other financial institutions

Premiums received on original insurance contracts

Net proceeds from reinsurance

Net increase in deposits and investments of policy holders

Interest handling charges and commissions received

Net increase in interbank loans obtained

Net increase in proceeds from repurchase transactions

Net proceeds from acting trading of securities

Tax rebates 28359296.44 6692216.64

Cash generated from other operating activities 5897742.08 6180466.59

Subtotal of cash generated from operating activities 461829085.65 469287904.89

Payments for commodities and services 334259771.58 340923732.36

Net increase in loans and advances to customers

Net increase in deposits in the central bank and in interbank

loans granted

Payments for claims on original insurance contracts

Net increase in interbank loans granted

Interest handling charges and commissions paid

Policy dividends paid

Cash paid to and for employees 97237586.48 91776376.54

Taxes paid 9032647.15 10294557.87

Cash used in other operating activities 36068276.41 43171034.90

Subtotal of cash used in operating activities 476598281.62 486165701.67

Net cash generated from/used in operating activities -14769195.97 -16877796.78

2. Cash flows from investing activities:

Proceeds from disinvestment 243368229.00 101700000.00

Return on investment 8445382.33 711860.42

Net proceeds from the disposal of fixed assets intangible

191942.14422378.54

assets and other long-lived assets

Net proceeds from the disposal of subsidiaries and other

business units

Cash generated from other investing activities

Subtotal of cash generated from investing activities 252005553.47 102834238.96

Payments for the acquisition of fixed assets intangible assets 1194438.13 8657126.75

14Changchai CompanyLimited 2025 First Quarter Report

and other long-lived assets

Payments for investments 389175000.00 282044324.00

Net increase in pledged loans granted

Net payments for the acquisition of subsidiaries and other

business units

Cash used in other investing activities

Subtotal of cash used in investing activities 390369438.13 290701450.75

Net cash generated from/used in investing activities -138363884.66 -187867211.79

3. Cash flows from financing activities:

Capital contributions received

Including: Capital contributions by non-controlling interests to

subsidiaries

Borrowings raised

Cash generated from other financing activities

Subtotal of cash generated from financing activities

Repayment of borrowings

Interest and dividends paid

Including: Dividends paid by subsidiaries to non-controlling

interests

Cash used in other financing activities

Subtotal of cash used in financing activities

Net cash generated from/used in financing activities

4. Effect of foreign exchange rates changes on cash and cash

equivalents

5. Net increase in cash and cash equivalents -153133080.63 -204745008.57

Add: Cash and cash equivalents beginning of the period 892681884.84 971629523.46

6. Cash and cash equivalents end of the period 739548804.21 766884514.89

Legal representative: Xie Guozhong General Manager: Xie Guozhong

Head of the accounting department: Jiang He

2. Initial application of new accounting standards effective from 2025 and adjustments to the status of

relevant items in the financial statements as of the beginning of the current year

? Applicable ? Not Applicable

3. Audit Report

Has the first quarter report been audited

? Yes ? No

The company's first quarter report has not been audited.The Board of Directors

Changchai Company Limited

30 April 2025

15