苏常柴B:2026年一季度报告（英文版）

Changchai CompanyLimited 2026 First Quarter Report

Stock code: 000570 200570 Stock name: Changchai A Changchai B Announcement Number：2026-015

CHANGCHAI COMPANY LIMITED

2026 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”) as well as the directors 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 2026 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

2026 2025 compared to the

same period last

year (%)

Operating revenue (RMB) 941778496.02 897763657.72 4.90%

Net profit attributable to the listed company’s

shareholders (RMB) 74394909.83 43720636.95 70.16%

Net profit attributable to the listed company’s

shareholders before exceptional gains and 54518288.34 40468902.21 34.72%

losses (RMB)

Net cash generated from/used in operating

activities (RMB) -280042880.73 -14769195.97 ——

Basic earnings per share (RMB/share) 0.1054 0.0620 70.00%

Diluted earnings per share (RMB/share) 0.1054 0.0620 70.00%

Weighted average return on equity (%) 2.13% 1.29% 0.84%

Change of 31

31 March 2026 31 December 2025 March 2026 over31 December

2025(%)

Total assets (RMB) 5652166201.14 5578281300.02 1.32%

Equity attributable to the listed company’s

shareholders (RMB) 3531905908.86 3443190677.55 2.58%

2. Exceptional Gains and Losses

? Applicable □ Not applicable

Unit: RMB

Amount for the

Item current reporting Note

period

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

impairment allowance write-offs) 402343.73

Government subsidies included in current profit and loss

(excluding those closely related to the company's normal

business operations in compliance with national policies

and regulations enjoyed according to established standards 165265.36

and having a continuous impact on the company's profit and

loss)

2Changchai CompanyLimited 2026 First Quarter Report

During the reporting

Except for effective hedging business related to the normal period the wholly-

operation of the same company non-financial enterprises owned subsidiary of the

shall bear gains and losses from changes in fair value of 20561054.60 company Changzhou

financial assets and liabilities held by them as well as gains Horizon Investment

and losses from the disposal of financial assets and liabilities Co. Ltd. sold some of

its company stocks.Profit and loss from entrusting others to invest or manage

assets 176622.04

Less: Income tax effects 1427264.24

Non-controlling interests effects (net of tax) 1400.00

Total 19876621.49 --

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

Items Ending balance Beginning Year-over-Year(RMB) balance (RMB) Increase/Decrease Reason for change

The majority of the company's

multi-cylinder engine

customers are original

equipment manufacturers

(OEMs) with relatively long

Accounts 1089105019.62 451748532.34 141.09% payment terms. During theReceivable reporting period the company

intensified its market expansion

efforts and extended credit

moderately leading to a

significant increase in accounts

receivable.The main reason is that based

on the production and operation

plan and procurement progress

the prepaid payments for raw

Prepayments 6017979.66 22389102.11 -73.12% materials equipment andservices in the previous period

have been gradually settled and

recorded in inventory while the

payment schedule has been

optimized.

3Changchai CompanyLimited 2026 First Quarter Report

Other Current It was mainly due to the

Assets 9953447.75 19020727.98 -47.67% decrease in VAT credit balanceduring the reporting period.It was primarily due to the

Short-term maturity of bank acceptance

Borrowings 51860721.32 88926344.09 -41.68% bills with low discount creditratings during the reporting

period.It was mainly due to the

Employee payment of part of the wages

Benefits 23426181.49 56773482.39 -58.74% and bonuses accrued in the

Payable previous period during the

reporting period.The increase was primarily due

to the rise in sales revenue and

net profit during the reporting

Taxes Payable 38879167.64 5305526.88 632.81% period which led to acorresponding increase in taxes

such as value-added tax and

corporate income tax payable

by the company.

(2) Consolidated income statement items

Items Reporting Same period of Year-over-YearPeriod (RMB) last year (RMB) Increase/Decrease Reason for change

This was due to the year-on-year

Finance Costs 2969495.96 -2222413.95 —— decrease in exchange gains andinterest income during the

reporting period.The main reason is the year-on-

year decrease in the additional

deduction for value-added tax

Other Income 1018144.72 7809990.08 -86.96% for advanced manufacturing

industries enjoyed by the

company during the reporting

period.During the reporting period the

wholly-owned subsidiary of the

Investment company Changzhou Horizon

Income 24262348.34 1200239.83 1921.46% Investment Co. Ltd. sold someof its shares in the company and

received the interim dividend

from Jiangsu Bank.The increase in fair value of

stocks held by the company's

Gain on Changes 4322058.50 2712751.12 59.32% wholly-owned subsidiaryin Fair Value Changzhou Horizon Investment

Co. Ltd. during the reporting

period.It was mainly due to the year-

Asset Disposal 402343.73 159478.53 152.29% on-year increase in the disposalIncome of fixed assets during the

reporting period.

4Changchai CompanyLimited 2026 First Quarter Report

During the reporting period the

company mainly continued to

strengthen its efforts in

expanding markets both

domestically and overseas

Net profit optimized its sales structure

attributable to achieved year-on-year growth in

shareholders of 74394909.83 43720636.95 70.16% sales revenue and saw an

the parent improvement in gross profit

company margin in the first quarter. The

wholly-owned subsidiary

Changzhou Horizon Investment

Co. Ltd. sold some of its

company shares and obtained

investment income.Changes in fair The increase in fair value of the

value of other stocks held by the company in

equity 12799300.00 -13734300.00 —— Beijing Foton Motor Co. Ltd.instrument and Jiangsu Bank Co. Ltd.investments during the reporting period.Net amount after

tax of other

comprehensive

income 12799300.00 -13734300.00 —— Same as above.attributable to

the parent

company

During the reporting period the

company continued to intensify

its efforts in expanding markets

both domestically and

internationally optimizing its

sales structure and achieving

year-on-year revenue growth

Total resulting in an increase in gross

comprehensive profit margin in the first quarter.income 87194209.83 29986336.95 190.78% Changzhou Horizon Investmentattributable to Co. Ltd. a wholly-owned

the owners of the subsidiary of the company sold

parent company some of its shares in the

company generating investment

income. Additionally the fair

value of the company's shares in

Beijing Foton Motor Co. Ltd.and Jiangsu Bank Co. Ltd.increased contributing to the

overall performance.Total

comprehensive 89680090.47 31886460.45 181.25% Same as above.income

(3) Consolidated cash flow statement items

Items Reporting Period Same period of Year-over-Year(RMB) last year (RMB) Increase/Decrease Reason for change

5Changchai CompanyLimited 2026 First Quarter Report

The main reason is that most of

the company's multi-cylinder

engine customers are original

Net cash flow equipment manufacturers

from operating -280042880.73 -14769195.97 —— (OEMs) with relatively long

activities payment terms. The companyhas intensified its market

expansion efforts granted

moderate credit and received

relatively less capital inflow.Net cash flow The reason is that the decrease in

generated from financial products invested

investing -2907977.15 -138363884.66 —— during the reporting period

activities compared to the same period lastyear.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 45635 shareholders with resumed 0

voting rights (if any)

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

Number Restricted

of shares held

Name of shareholder Nature of Shareholdin

Total shares

shareholder g percentage held at the

with

period-end limitedselling Status

Shar

conditio

ns held

Changzhou Investment Group State-owned

Co. Ltd. legal person 32.26% 227663417

Domestic

Chen Jian natural 0.48% 3352800

person

KGI ASIA LIMITED Overseaslegal entity 0.44% 3100195

BARCLAYS BANK PLC Overseaslegal entity 0.42% 2930569

Bank of China Limited- 0.00 N/A 0.00

Huashang Vision Value Hybrid Others 0.41% 2895200

Securities Investment Fund

MORGAN STANLEY & CO. Overseas

INTERNATIONAL PLC. legal entity 0.36% 2546867

J. P. Morgan Securities PLC- Overseas

Equity capital legal entity 0.35% 2497198

Domestic

Chen Kejun natural 0.33% 2343600

person

6Changchai CompanyLimited 2026 First Quarter Report

Bank of China Limited - E Fund

Hong Kong Stock Connect

Dividend Flexible Allocation Others 0.33% 2327300

Hybrid Securities Investment

Fund

UBS AG Overseaslegal entity 0.33% 2305115

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

Name of shareholder Unrestricted shares held at

Shares by type

the period-end Type Shares

Changzhou Investment Group

Co. Ltd. 227663417.00

RMB-denominated

ordinary share 227663417.00

Chen Jian 3352800 RMB-denominatedordinary share 3352800

KGI ASIA LIMITED 3100195 Domestically listedforeign share 3100195

BARCLAYS BANK PLC 2930569 RMB-denominatedordinary share 2930569

Bank of China Limited-

Huashang Vision Value Hybrid 2895200 RMB-denominated 2895200

Securities Investment Fund ordinary share

MORGAN STANLEY & CO. RMB-denominated

INTERNATIONAL PLC. 2546867 ordinary share 2546867

J. P. Morgan Securities PLC- 2497198 RMB-denominatedEquity capital ordinary share 2497198

Chen Kejun 2343600 RMB-denominatedordinary share 2343600

Bank of China Limited - E Fund

Hong Kong Stock Connect

Dividend Flexible Allocation 2327300 RMB-denominated

Hybrid Securities Investment ordinary share

2327300

Fund

UBS AG 2305115 RMB-denominatedordinary share 2305115

It is unknown whether there is among the top 10 public

Explanation of the shareholder relationship or shareholders and the top 10 unrestricted public shareholders

concerted action mentioned above any related parties or acting-in-concert parties as defined inthe Administrative Measures for Information Regarding

Shareholding Alteration.Explanation on the participation of the top 10

shareholders in margin trading and securities Shareholder Chen Jian holds 3352800 shares of the

lending business company's stock through a credit account.Information regarding the lending of shares through securities refinancing by shareholders holding 5% or more of

shares the top 10 shareholders and the top 10 unrestricted tradable shareholders

? Applicable ? Not Applicable

The changes in the top 10 shareholders and the top 10 unrestricted tradable shareholders compared to the

previous reporting period are due to the lending/return of securities under securities refinancing

? Applicable ? Not Applicable

7Changchai CompanyLimited 2026 First Quarter Report

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

8Changchai CompanyLimited 2026 First Quarter Report

IV. Quarterly financial statements

1. Financial statements

(1) Consolidated Balance Sheet

Prepared by Changchai Company Limited

31 March 2026

Unit: RMB

Item 31 March 2026 1 January 2026

Current assets:

Monetary assets 1123707955.46 1338231792.64

Settlement reserve

Interbank loans granted

Held-for-trading financial assets 391935616.07 372184689.98

Derivative financial assets

Notes receivable 271151807.65 386557535.74

Accounts receivable 1089105019.62 451748532.34

Accounts receivable financing 117395943.16 165125708.93

Prepayments 6017979.66 22389102.11

Premiums receivable

Reinsurance receivables

Receivable reinsurance contract

reserve

Other receivables 4609799.90 5495898.75

Including: Interest receivable

Dividends receivable

Financial assets purchased under

resale agreements

Inventories 580033109.83 757083436.15

Including: Data resources

Contract assets

Assets held for sale

Non-current assets maturing

within one year

Other current assets 9953447.75 19020727.98

Total current assets 3593910679.10 3517837424.62

Non-current assets:

Loans and advances to

customers

Investments in debt obligations

Investments in other debt

obligations

9Changchai CompanyLimited 2026 First Quarter Report

Long-term receivables

Long-term equity investments

Investments in other equity

instruments 996419295.81 981361295.81

Other non-current financial

assets 337118757.03 337118757.03

Investment property 35119952.60 35644130.99

Fixed assets 532731943.30 550316120.80

Construction in progress 3297390.99 2801650.98

Productive living assets

Oil and gas assets

Right-of-use assets

Intangible assets 132065921.79 133751352.61

Including: Data resources

Development costs

Including: Data resources

Goodwill

Long-term prepaid expense 2533319.85 2597472.39

Deferred income tax assets 9365667.04 7350047.87

Other non-current assets 9603273.63 9503046.92

Total non-current assets 2058255522.04 2060443875.40

Total assets 5652166201.14 5578281300.02

Current liabilities:

Short-term borrowings 51860721.32 88926344.09

Borrowings from the central

bank

Interbank loans obtained

Held-for-trading financial

liabilities

Derivative financial liabilities

Notes payable 644903022.05 562313345.98

Accounts payable 757342874.71 793473800.05

Advances from customers 30034200.00 30112510.00

Contract liabilities 31823888.13 40040496.36

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 23426181.49 56773482.39

Taxes payable 38879167.64 5305526.88

10Changchai CompanyLimited 2026 First Quarter Report

Other payables 140215543.91 134619772.83

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

Other current liabilities 63372992.31 72672756.98

Total current liabilities 1781858591.56 1784238035.56

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 75019010.77 83448865.86

Deferred income 25124005.20 25976437.56

Deferred income tax liabilities 153610531.38 159449521.13

Other non-current liabilities

Total non-current liabilities 253753547.35 268874824.55

Total liabilities 2035612138.91 2053112860.11

Shareholders’ equity:

Share capital 705692507.00 705692507.00

Other equity instruments

Including: Preferred shares

Perpetual bonds

Capital reserves 641070433.90 641070433.90

Less: Treasury stock

Other comprehensive income 690071901.44 677272601.44

Specific reserve 25457429.71 23936408.22

Surplus reserves 370454881.23 370454881.23

General reserve

Retained earnings 1099158755.58 1024763845.76

Total equity attributable to

Shareholders of the Company as 3531905908.86 3443190677.55

the parent

11Changchai CompanyLimited 2026 First Quarter Report

Non-controlling interests 84648153.37 81977762.36

Total shareholders’ equity 3616554062.23 3525168439.91

Total liabilities and shareholders’

equity 5652166201.14 5578281300.02

Legal representative: Xie Guozhong General Manager: Xie Guozhong

Head of the accounting department: Jiang He

12Changchai CompanyLimited 2026 First Quarter Report

(2) Consolidated Income Statement

Unit: RMB

Item Reporting Period Same period of lastyear

1. Revenue 941778496.02 897763657.72

Including: Operating revenue 941778496.02 897763657.72

Interest income

Insurance premium income

Handling charge and commission income

2. Costs and expenses 873613804.41 843950937.37

Including: Cost of sales 807258483.36 776384250.77

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 4959401.16 6359256.55

Selling expense 13742824.22 15767989.90

Administrative expense 21244109.45 27220091.42

R&D expense 23439490.26 20441762.68

Finance costs 2969495.96 -2222413.95

Including: Interest expense 460221.28 455046.24

Interest income 2010430.21 2727723.37

Add: Other income 1018144.72 7809990.08

Return on investment (“-” for loss) 24262348.34 1200239.83

Including: Share of profit or loss of joint ventures and

associates

Income from the derecognition of financial

assets at amortized cost (“-” for loss) -80062.50

Exchange gain (“-” for loss)

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

Gain on changes in fair value (“-” for loss) 4322058.50 2712751.12

Credit impairment loss (“-” for loss) -13499202.62 -13424884.92

Asset impairment loss (“-” for loss) -136523.62 -114253.77

Asset disposal income (“-” for loss) 402343.73 159478.53

3. Operating profit (“-” for loss) 84533860.66 52156041.22

Add: Non-operating income 19310.77

Less: Non-operating expense 10828.37

13Changchai CompanyLimited 2026 First Quarter Report

4. Profit before tax (“-” for loss) 84533860.66 52164523.62

Less: Income tax expense 7653070.19 6543763.17

5. Net profit (“-” for net loss) 76880790.47 45620760.45

5.1 By operating continuity

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

loss) 76880790.47 45620760.45

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 as the parent 74394909.83 43720636.95

5.2.2 Net profit attributable to non-controlling interests 2485880.64 1900123.50

6. Other comprehensive income net of tax 12799300.00 -13734300.00

Attributable to shareholders of the Company as the parent 12799300.00 -13734300.00

6.1 Items that will not be reclassified to profit or loss 12799300.00 -13734300.00

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

equity instruments 12799300.00 -13734300.00

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 89680090.47 31886460.45

Attributable to shareholders of the Company as the parent 87194209.83 29986336.95

Attributable to non-controlling interests 2485880.64 1900123.50

8. Earnings per share

8.1 Basic earnings per share 0.1054 0.0620

8.2 Diluted earnings per share 0.1054 0.0620

Legal representative: Xie Guozhong General Manager: Xie Guozhong

Head of the accounting department: Jiang He

14Changchai CompanyLimited 2026 First Quarter Report

(3) Consolidated Cash Flow Statement

Unit: RMB

Item Reporting Period Same period of lastyear

1. Cash flows from operating activities:

Proceeds from sale of commodities and rendering of services 343431725.55 427572047.13

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 16973313.20 28359296.44

Cash generated from other operating activities 5072619.80 5897742.08

Subtotal of cash generated from operating activities 365477658.55 461829085.65

Payments for commodities and services 496861338.06 334259771.58

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 103254693.53 97237586.48

Taxes paid 16950301.15 9032647.15

Cash used in other operating activities 28454206.54 36068276.41

Subtotal of cash used in operating activities 645520539.28 476598281.62

Net cash generated from/used in operating activities -280042880.73 -14769195.97

2. Cash flows from investing activities:

Proceeds from disinvestment 284399437.77 243368229.00

Return on investment 45662146.63 8445382.33

Net proceeds from the disposal of fixed assets intangible

assets and other long-lived assets 402343.73 191942.14

Net proceeds from the disposal of subsidiaries and other

business units

Cash generated from other investing activities

Subtotal of cash generated from investing activities 330463928.13 252005553.47

15Changchai CompanyLimited 2026 First Quarter Report

Payments for the acquisition of fixed assets intangible assets

and other long-lived assets 2701470.28 1194438.13

Payments for investments 330670435.00 389175000.00

Net increase in pledged loans granted

Net payments for the acquisition of subsidiaries and other

business units

Cash paid for other investing activities

Subtotal of cash used in investing activities 333371905.28 390369438.13

Net cash generated from/used in investing activities -2907977.15 -138363884.66

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

Cash paid for distribution of dividends or profits or for

payment of interest

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 -4725639.00

5. Net increase in cash and cash equivalents -287676496.88 -153133080.63

Add: Cash and cash equivalents beginning of the period 1248067921.44 892681884.84

6. Cash and cash equivalents end of the period 960391424.56 739548804.21

Legal representative: Xie Guozhong General Manager: Xie Guozhong

Head of the accounting department: Jiang He

2. Initial application of new accounting standards effective from 2026 and adjustments to the status of

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

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