Chongqing Changan Automobile Company Limited
Audit Report and Financial Statements
2025
Xin Kuai Shi Bao Zi [2026]No. ZG10689Chongqing Changan Automobile Company Limited
Audit Report and Financial Statements
(From January 1st 2025 to December 31st 2025)
Contents Page Number
I. Audit Report 1-8
II. Financial Statements
Consolidated Balance Sheet and Balance Sheet of the 1-4
Parent Company
Consolidated Income Statement and Income Statement 5-6
of the Parent Company
Consolidated Cash Flow Statement and Cash Flow 7-8
Statement of the Parent Company
Consolidated Statement of Changes in Owners' Equity 9-12
and Statement of Changes in Owners' Equity of the
Parent Company
Notes to the Financial Statements 1-207Audit Report
Xin Kuai Shi Bao Zi [2026]No. ZG10689
All shareholders of Chongqing Changan Automobile Co. LTD：
I. Audit Opinion
We have audited the financial statements of Chongqing Changan
Automobile Co. LTD. (hereinafter referred to as “Changan Automobile”)
which include the consolidated and parent company's balance sheets as of
December 31 2025 the consolidated and parent company's income
statements consolidated and parent company's cash flow statements
consolidated and parent company's statements of changes in owners'
equity for the year ended December 31 2025 and the related notes to the
financial statements.In our opinion the accompanying financial statements have been
prepared in all material respects in accordance with the Accounting
Standards for Enterprises and fairly present the consolidated and parent
company's financial position as of December 31 2025 and the
consolidated and parent company's results of operations and cash flows
for the year ended December 31 2025 of Changan Automobile.II.Basis for the Audit Opinion
We conducted our audit in accordance with the Chinese Certified
Public Accountants Auditing Standards. The section of the audit report
titled "Responsibilities of the Certified Public Accountants for the Audit
of the Financial Statements" further explains our responsibilities under
these standards. In accordance with the Code of Professional Ethics for
Chinese Certified Public Accountants we are independent of Changan
Automobile and have fulfilled our other ethical responsibilities. We
believe that the audit evidence we have obtained is sufficient and
appropriate providing a basis for our audit opinion.Audit Report page1III. Key Audit Matters
Key audit matters are those matters that in our professional
judgment were of most significance in our audit of the financial
statements for the current period. The responses to these matters were
conducted in the context of our audit of the financial statements as a
whole and forming our audit opinion. We do not express a separate
opinion on these matters.The key audit matters identified in our audit are summarized as
follows:
Key Audit Matters How This Matter Was
Addressed in the Audit
(I) Recognition of Operating Revenue
The operating revenue of Changan Audit Response：
Automobile mainly comes from 1. Understand evaluate and test
automobiles automotive parts and the design and effectiveness of
related products and other the internal controls related to
outputs. In 2025 the amount of operating revenue.operating revenue of Changan 2. Select samples of major sales
Automobile was RMB sixteen contracts read and analyze the
billion four hundred million yuan contract terms related to the
representing a growth rate of transfer of control rights and
2.67% compared with the previous revenue recognition and evaluate
year. Since revenue is one of the whether the revenue recognition
key performance indicators of complies with the requirements of
Changan Automobile there is an the company's accounting
inherent risk that the management policies.may manipulate the timing of 3. Select samples to perform
revenue recognition to achieve detailed tests of revenue
specific targets or expectations. recognition and inspect
Therefore we have identified supporting documents such as
revenue recognition as a key audit delivery slips logistics waybills
matter. and sales invoices.Audit Report page2Key Audit Matters How This Matter Was
Addressed in the Audit
4. Implement confirmation
procedures for accounts
receivable and revenue.
5. For the revenues recognized
around the balance sheet date
select samples to inspect
supporting documents such as
delivery slips and logistics
waybills and evaluate whether
the relevant revenues are recorded
in the appropriate accounting
period.
6. Check whether there are
significant revenue reversals or
large-scale returns after the
reporting period.（II）Product Quality Assurance Deposit
According to the after-sales Audit Response：
service agreement or relevant 1、Understand the process and
national laws and regulations internal controls related to the
Changan Automobile is obligated product quality guarantee
to provide after-sales repairs or provision test the effectiveness of
replacements for sold vehicles key controls and validate the
within a specified period. reliability of automated system
Additionally to address quality controls.and safety issues in sold vehicles 2、Evaluate the reasonableness of
Changan Automobile may the current methodology for
periodically initiate voluntary estimating the product quality
recalls. Changan Automobile must guarantee provision assess and
estimate the expenses incurred in test the key assumptions used in
fulfilling these quality assurance the estimation. Perform sample
obligations and the costs testing on actual warranty claims
Audit Report page3Key Audit Matters How This Matter Was
Addressed in the Audit
associated with voluntary recalls incurred during the year and
and accordingly recognize product inspect/recalculate the provision
quality guarantee expenses and the balance.corresponding provision. 3、Review the adequacy of the
The provision for product quality related disclosures in the financial
guarantees is primarily based on statement notes.historical claim experience taking
into account changes in related
parts and labor costs to estimate
future claims required for vehicles
currently under the
three-guarantee service period. For
additional voluntary recalls a
recall plan is formulated and the
total expected costs are estimated
based on the relevant parts labor
costs and the number of affected
vehicles. This estimation process
involves multiple assumptions and
judgments and changes in these
factors may have a material impact
on the financial statements.IV.Other Information
The management of Changan Automobile (hereinafter referred to as
the management) is responsible for other information. Other information
includes the information covered in Changan Automobile 's 2025 annual
report but excludes the financial statements and our audit report.Audit Report page4Our audit opinion on the financial statements does not cover other
information and we do not issue any form of assurance conclusion on
other information.In conjunction with our audit of the financial statements our
responsibility is to read the other information. During this process we
consider whether there are any material inconsistencies between the other
information and the financial statements or the circumstances we have
learned during the audit process or whether there appear to be material
misstatements in the other information.Based on the work we have performed if we determine that there
are material misstatements in the other information we should report
such facts. In this regard we have no matters to report.V. Responsibility of Management and Governance for the
Financial Statements
Management is responsible for preparing the financial statements in
accordance with the Accounting Standards for Enterprises presenting
them fairly and designing implementing and maintaining the necessary
internal controls to ensure that the financial statements are free from
material misstatements arising from fraud or error.When preparing the financial statements management is responsible
for assessing the going concern ability of Changan Automobile
disclosing matters related to going concern (if applicable) and applying
the going concern assumption unless there are plans for liquidation
termination of operations or there are no other realistic alternatives.Those charged with governance are responsible for overseeing the
financial reporting process of Changan Automobile.VI.Responsibilities of the Certified Public Accountants
for the Audit of the Financial Statements
Our objective is to obtain reasonable assurance about whether the
financial statements as a whole are free from material misstatement
Audit Report page5whether due to fraud or error and to issue an audit report that includes
our audit opinion. Reasonable assurance is a high level of assurance but is
not a guarantee that an audit conducted in accordance with auditing
standards will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if
individually or in aggregate they could reasonably be expected to
influence the economic decisions of users taken on the basis of the
financial statements.In conducting the audit in accordance with auditing standards we
exercise professional judgment and maintain professional skepticism.Furthermore we:
(1)Identify and assess the risks of material misstatement of the
financial statements due to fraud or error design and perform audit
procedures responsive to those risks and obtain sufficient appropriate
audit evidence to provide a basis for our audit opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for
one resulting from error as fraud may involve collusion forgery
intentional omissions misrepresentations or the override of internal
controls.
(2)Obtain an understanding of internal control relevant to the audit
in order to design appropriate audit procedures.
(3)Evaluate the appropriateness of accounting policies used by
management and the reasonableness of accounting estimates and related
disclosures made by management.
(4)Conclude on the appropriateness of management’s use of the
going concern basis of accounting. Based on the audit evidence obtained
we conclude whether a material uncertainty exists related to events or
conditions that may cast significant doubt on Changan Automobile’s
ability to continue as a going concern. If we conclude that a material
uncertainty exists auditing standards require us to draw users’ attention to
the related disclosures in the financial statements or if such disclosures
are inadequate to modify our opinion. Our conclusions are based on the
information available up to the date of the audit report. However future
Audit Report page6events or conditions may cause Changan Automobile to no longer be able
to continue as a going concern.
(5) Evaluate the overall presentation (including disclosures)
structure and content of the financial statements and assess whether they
fairly represent the underlying transactions and events.
(6) Obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business activities within Changan
Automobile to express an audit opinion on the consolidated financial
statements. We are responsible for directing supervising and performing
the group audit and remain solely responsible for our audit opinion.We communicate with those charged with governance regarding
among other matters the planned scope and timing of the audit and
significant audit findings including any significant deficiencies in
internal control that we identify during our audit.We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements regarding
independence and communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence and
where applicable related safeguards.From the matters communicated with those charged with governance we
determine those matters that were of most significance in the audit of the
financial statements of the current period and are therefore the key audit
matters. We describe these matters in our audit report unless law or
regulation precludes public disclosure or in extremely rare circumstances
we determine that a matter should not be communicated in the audit
report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits.BDO China Shu Lun Pan CPA of China:
Certified Public Accountants LLP (Engagement Partner)
Audit Report page7CPA of China：
China*Shanghai April 9th 2026
Audit Report page8Chongqing Changan Automobile Company Limited.Consolidated Balance Sheet
December 31 2025
(Unless otherwise specified the monetary unit is RMB yuan)
Balance at the end of
Asset Notes V Closing balance
the previous year
Current Assets：
Cash and Cash Equivalents (I) 54021735265.29 64182095662.74
Provision for Settlement
Funds Lent
Trading Financial Assets (II) 155013154.45
Derivative Financial Assets
Notes Receivable (III) 32997945089.19 45580904582.72
Accounts Receivable (IV) 4196844647.15 3398477724.75
Financial Assets Secured by Receivables
Advances to Suppliers (V) 492287143.77 507313682.07
Premiums Receivable
Reinsurance Receivables
Provision for Reinsurance Contracts Receivable
Other Receivables (VI) 882272960.21 2386898598.92
Reverse Repurchase of Financial Assets
Inventories (VII) 22518286370.64 17081370658.58
Among which: Data Resources
Contract Assets (VIII) 155271537.07 592426824.74
Assets Held for Sale
Non-current Assets Due within One Year (IX) 1490708211.34 309148116.22
Other Current Assets (X) 11797921098.67 2174955833.01
Total Current Assets 128553272323.33 136368604838.20
Non-current Assets:
Loans and Advances
Debt Investments
Other Debt Investments
Long-term Receivables (XI) 1274106334.49 1528927601.39
Long-term Equity Investments (XII) 20426682382.90 18525675882.50
Other Equity Instrument Investments (XIII) 692201858.72 496524273.53
Other Non-current Financial Assets
Investment Real Estate (XIV) 5742580.36 5969291.92
Fixed Assets (XV) 22048786066.87 21773526063.55
Construction in Progress (XVI) 1028734574.34 1596384269.60
Productive Biological Assets
Oil and Gas Assets
Right-of-use Assets (XVII) 396605258.85 273297841.75
Intangible Assets (XVIII) 17225098767.53 16771849926.23
Among which: Data Resources
Development Expenditure VI 3395674763.46 1729932488.67
Among which: Data Resources
Goodwill (XIX) 1810730443.16 1810730443.16
Long-term Prepaid Expenses (XX) 16720940.28 16732447.77
Deferred Income Tax Assets (XXI) 3495470770.57 3564260247.57
Financial Statements Page1Balance at the end of
Asset Notes V Closing balance
the previous year
Other Non-current Assets (XXII) 2591246110.90 3705745345.02
Total Non-current Assets 74407800852.43 71799556122.66
Total Assets 202961073175.76 208168160960.86
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Financial Statements Page2Chongqing Changan Automobile Company Limited.Consolidated Balance Sheet (Continued)
December 31 2025
(Unless otherwise specified the monetary unit is RMB yuan)
Balance at the end of the
Liabilities and Owners' Equity Notes V Closing balance
previous year
Current Liabilities：
Short-term Borrowings (XXIV) 512275913.93 40036055.69
Borrowings from the Central Bank
Funds Borrowed
Trading Financial Liabilities
Derivative Financial Liabilities
Notes Payable (XXV) 43979523780.79 34810605512.61
Accounts Payable (XXVI) 29841076563.69 43835671129.12
Advances from Customers (XXVII) 408273.22 477390.93
Contract Liabilities (XXVIII) 6908609058.22 10887896995.49
Proceeds from Sale and Repurchase of Financial Assets
Deposits from Customers and Deposits from Financial
Institutions
Funds for Agency Securities Trading
Funds for Agency Securities Underwriting
Employee Benefits Payable (XXIX) 4237501344.56 3209780953.87
Taxes and Levies Payable (XXX) 852993806.83 1528582531.63
Other Payables (XXXI) 5871006412.33 6407775538.76
Handling Fees and Commissions Payable
Reinsurance Payables
Liabilities Held for Sale
Non-current Liabilities Due within One Year (XXXII) 698694814.67 128914461.78
Other Current Liabilities (XXXIII) 13157375543.64 12507633539.96
Total Current Liabilities 106059465511.88 113357374109.84
Non-current Liabilities：
Provision for Insurance Contracts
Long-term Borrowings (XXXIV) 36000000.00
Bonds Payable (XXXV) 999803773.56 999705660.36
Among which：Preferred Shares
Perpetual Bonds
Lease Liabilities (XXXVI) 299147228.72 269211409.06
Long-term Payables (XXXVII) 2544487345.21 2456527871.71
Long-term Employee Benefits Payable (XXXVIII) 24579373.29 26693372.65
Provision (XXXIX) 8144754556.93 7704647749.44
Deferred Income (XL) 80699392.58 184197219.64
Deferred Income Tax Liabilities (XXI) 1570443322.44 1834714931.18
Other Non-current Liabilities (XLI) 1252965662.48 2218489394.88
Total Non-current Liabilities 14916880655.21 15730187608.92
Total Liabilities 120976346167.09 129087561718.76
Owners' Equity：
Share Capital (XLII) 9914086060.00 9914086060.00
Other Equity Instruments
Among which：Preferred Shares
Perpetual Bonds
Capital Reserve (XLIII) 8980708730.02 8925798850.14
Less: Treasury Shares (XLIV) 3395829.33 169261662.73
Other Comprehensive Income (XLV) -134796483.22 7523358.77
Special Reserves (XLVI) 119363825.70 95013488.38
Surplus Reserve (XLVII) 4957043030.00 4957043030.00
General Risk Provision
Undistributed Profits (XLVIII) 53503168524.85 52846021500.43
Financial Statements Page3Balance at the end of the
Liabilities and Owners' Equity Notes V Closing balance
previous year
Total Owners' Equity Attributable to the Parent Company 77336177858.02 76576224624.99
Minority Interests 4648549150.65 2504374617.11
Total Owners' Equity 81984727008.67 79080599242.10
Total Liabilities and Owners' Equity 202961073175.76 208168160960.86
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Financial Statements Page4Chongqing Changan Automobile Company Limited.Parent Company's Balance Sheet
December 31 2025
(Unless otherwise specified the monetary unit is RMB yuan)
Notes Balance at the End of
Assets Closing Balance
XVIII the Previous Year
Current Assets：
Cash and Cash Equivalents 22301967575.49 34684680303.59
Trading Financial Assets 155013154.45
Derivative Financial Assets
Notes Receivable 19585803950.63 34679567316.79
Accounts Receivable (I) 24203175774.47 13835150844.52
Financial Assets Secured by Receivables
Advances to Suppliers 381073238.75 291292231.28
Other Receivables (II) 222763091.21 1487531844.07
Inventories 5834632966.42 5903242163.27
Among which: Data Resources
Contract Assets 28582638.00 18337637.01
Assets Held for Sale
Non-current Assets Due within One Year 1490708211.34 254821266.90
Other Current Assets 6412278554.97 39949461.19
Total Current Assets 80460986001.28 91349586223.07
Non-current Assets：
Debt Investments
Other Debt Investments
Long-term Receivables 1274106334.49 1528927601.39
Long-term Equity Investments (III) 30801868924.42 25382337768.46
Other Equity Instrument Investments 585201858.72 496524273.53
Other Non-current Financial Assets
Investment Real Estate
Fixed Assets 15251029495.02 16112971408.48
Construction in Progress 739741390.10 599924628.01
Productive Biological Assets
Oil and Gas Assets
Right-of-use Assets 121256863.93 159654100.14
Intangible Assets 5196957745.98 6240969022.09
Among which: Data Resources
Development Expenditure 2846370021.29 915541696.35
Among which: Data Resources
Goodwill
Long-term Prepaid Expenses 5435297.36 15077519.40
Deferred Income Tax Assets 2521424194.39 2906828175.57
Other Non-current Assets 2591246110.90 3700000000.00
Financial Statements Page5Notes Balance at the End of
Assets Closing Balance
XVIII the Previous Year
Total Non-current Assets 61934638236.60 58058756193.42
Total Assets 142395624237.88 149408342416.49
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Financial Statements Page6Chongqing Changan Automobile Company Limited.Parent Company's Balance Sheet (Continued)
December 31 2025
(Unless otherwise specified the monetary unit is RMB yuan)
Notes Balance at the End of
Liabilities and Owners' Equity Closing Balance
XVIII the Previous Year
Current Liabilities:
Short - term Borrowings
Financial Liabilities Held for Trading
Derivative Financial Liabilities
Notes Payable 26871167837.85 24761621056.89
Accounts Payable 18505916072.53 23248117139.04
Advances from Customers
Contract Liabilities 2892961630.35 5284514173.87
Employee Benefits Payable 2547750272.34 2129521947.83
Taxes Payable 271516738.31 493489648.34
Other Payables 3854891164.38 4633406485.36
Liabilities Held for Sale
Current Portion of Non - current Liabilities 630648070.10 72638886.85
Other Current Liabilities 7635677878.38 8053792954.91
Total Current Liabilities 63210529664.24 68677102293.09
Non - current Liabilities：
Long - term Borrowings 36000000.00
Bonds Payable 999803773.56 999705660.36
Among which: Preferred Stocks
Perpetual Bonds
Lease Liabilities 76396101.49 195441528.85
Long - term Payables 1611384584.07 1590666539.68
Long - term Employee Benefits Payable 16956000.00 18086000.00
Provision for Liabilities 4328997725.36 4766761846.88
Deferred Income 50000000.00 100000000.00
Deferred Tax Liabilities 492134238.59 619798441.29
Other Non - current Liabilities 1019414105.50 1983668025.04
Total Non - current Liabilities 8595086528.57 10310128042.10
Total Liabilities 71805616192.81 78987230335.19
Owners' Equity：
Share Capital 9914086060.00 9914086060.00
Other Equity Instruments
Among which: Preferred Stocks
Perpetual Bonds
Capital Reserve 6949972483.48 8353032903.95
Less: Treasury Shares 3395829.33 169261662.73
Other Comprehensive Income 158816051.27 162659055.80
Special Reserve 65367525.26 44805848.15
Surplus Reserve 4957043030.00 4957043030.00
Undistributed Profits 48548118724.39 47158746846.13
Financial Statements Page7Notes Balance at the End of
Liabilities and Owners' Equity Closing Balance
XVIII the Previous Year
Total Owners' Equity 70590008045.07 70421112081.30
Total Liabilities and Owners' Equity 142395624237.88 149408342416.49
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Financial Statements Page8Chongqing Changan Automobile Company Limited.Consolidated Income Statement
For the Year 2025
(Unless otherwise specified the monetary unit is RMB yuan)
V Amount for the Amount for theItems Notes Current Period Previous Period
I、Total operating revenue 163999803875.87 159733034213.25
Among which: Operating revenue (XLIX) 163999803875.87 159733034213.25
Interest income
Earned premiums
Handling fees and commission income
II、Total operating costs 161356805540.09 157730142295.46
Among which: Operating costs (XLIX) 138514092642.11 135869023071.45
Interest expense
Handling fees and commission expense
Surrender value
Net claim payments
Net change in insurance liability reserves
Policy dividends paid
Reinsurance expenses
Taxes and surcharges (L) 3571333274.23 4350471426.40
Selling expenses (LI) 9992992499.04 7538352413.16
General and administrative expenses (LII) 4523042375.67 4401226018.26
R & D expenses (LIII) 7157598927.24 6505446679.24
Financial expenses (LIV) -2402254178.20 -934377313.05
Among which: Interest expense (LIV) 106577955.08 118238961.52
Interest income (LIV) 1100271951.60 1160421476.17
Plus: Other income (LV) 1357914805.40 2125703705.22
Investment income (loss is indicated by a “-” sign) (LVI) -296603500.26 187658837.46
Among which: Investment income from associates and joint ventures (LVI) -429539756.41 36975796.30
Income from derecognition of financial assets measured at amortized
cost
Exchange gain (loss is indicated by a “-” sign)
Net gain on hedging of net open positions (loss is indicated by a “-” sign)
Fair - value change gain (loss is indicated by a “-” sign) (LVII) 36797595.56 -27460945.49
Credit impairment loss (loss is indicated by a “-” sign) (LVIII) -5170252.16 -613004.02
Asset impairment loss (loss is indicated by a “-” sign) (LIX) -200857705.57 -214488935.20
Gain on disposal of assets (loss is indicated by a “-” sign) (LX) 173691537.39 2550458320.83
III、Operating profit (loss is indicated by a “-” sign) 3708770816.14 6624149896.59
Plus: Non - operating income (LXI) 208504882.00 155290275.84
Less: Non - operating expenses (LXII) 59837696.73 21912265.18
IV、Total profit (total loss is indicated by a “-” sign) 3857438001.41 6757527907.25
Less: Income tax expense (LXIII) 689946166.26 653353379.40
V、Net profit (net loss is indicated by a “-” sign) 3167491835.15 6104174527.85
(I)Classified by business continuity
1．Net profit from continuing operations (net loss is indicated by a “-” sign) 3167491835.15 6104174527.85
2．Net profit from discontinued operations (net loss is indicated by a “-” sign)
(II)Classified by ownership
1．Net profit attributable to shareholders of the parent company
4075223181.547321363897.24
(net loss is indicated by a “-” sign)
2．Minority interest income (net loss is indicated by a “-” sign) -907731346.39 -1217189369.39
VI、Net Amount of Other Comprehensive Income after Tax -160066892.29 -109658591.17
Net Amount of Other Comprehensive Income after Tax Attributable to Owners of the -142319841.99 -110795425.27
Parent Company
(I)Other Comprehensive Income That Cannot Be Reclassified into Profit or Loss -7313826.56 -7502784.88
1．Amount of Changes in the Remeasurement of Defined Benefit Plans 79000.00 -2180000.00
2．Other Comprehensive Income That Cannot Be Transferred to Profit or Loss under -1868092.18 1193152.92
the Equity Method
3．Changes in the Fair Value of Other Equity Instrument Investments -5524734.38 -6515937.80
4．Changes in the Fair Value of the Enterprise's Own Credit Risk
(II)Other Comprehensive Income That Will Be Reclassified into Profit or Loss -135006015.43 -103292640.39
1．Other Comprehensive Income That Can Be Transferred to Profit or Loss under the 1857177.13 -5806125.95
Equity Method
2．Changes in the Fair Value of Other Debt Investments
3．Amounts Recognized in Other Comprehensive Income upon the Reclassification of
Financial Assets
4．Credit Impairment Provisions for Other Debt Investments
5．Cash Flow Hedge Reserves
6．Exchange Differences on the Translation of Foreign Currency Financial Statements -136863192.56 -97486514.44
7．Others
Net Amount of Other Comprehensive Income after Tax Attributable to Minority -17747050.30 1136834.10
Shareholders
VII、Total Comprehensive Income 3007424942.86 5994515936.68
Total Comprehensive Income Attributable to Owners of the Parent Company 3932903339.55 7210568471.97
Total Comprehensive Income Attributable to Minority Shareholders -925478396.69 -1216052535.29
VIII、Earnings per Share：
(I)Basic Earnings per Share (Yuan per Share) (LXIV) 0.41 0.74
Financial Statements Page9NotesV Amount for the Amount for theItems Current Period Previous Period
(II)Diluted Earnings per Share (Yuan per Share) (LXIV) 0.41 0.74
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Financial Statements Page10Chongqing Changan Automobile Company Limited.Parent Company's Income Statement
For the Year 2025
(Unless otherwise specified the monetary unit is RMB yuan)
Notes Amount for the Amount for the
Items XVIII Current Period Previous Period
I. Operating Revenue (IV) 108837387472.90 111908716676.01
Less: Operating Costs (IV) 94127333074.92 98055163152.00
Taxes and Surcharges 1896085814.88 2211783851.82
Selling Expenses 3610396271.47 2553003753.28
Administrative Expenses 2851320998.46 2945013642.26
Research and Development Expenses 4257017676.94 4203285856.16
Financial Expenses -660705290.37 -725860845.47
Among which: Interest Expenses 66749354.86 73133299.94
Interest Income 739614247.26 814288583.72
Plus: Other Income 1117914947.77 1730788908.09
Investment Income (Loss is indicated by “-”) (V) 771393955.79 851239258.25
Among which: Investment Income fromAssociates and Joint Ventures (V) -542225495.08 133847483.26
Income from Derecognition of Financial Assets Measured at
Amortized Cost
Net Gain on Net Open Position Hedging (Loss is indicated by “-”)
Fair Value Change Gain (Loss is indicated by “-”) 36419195.56 -5731578.82
Credit Impairment Loss (Loss is indicated by “-”) -3721690.45 1493992.56
Asset Impairment Loss (Loss is indicated by “-”) -60485350.01 -114861215.24
Gain on Disposal of Assets (Loss is indicated by “-”) 542388576.72 2157913805.49
II. Operating Profit (Loss is indicated by “-”) 5159848561.98 7287170436.29
Plus: Non-operating Income 106625298.11 91375675.04
Less: Non-operating Expenses 21047842.69 12197091.83
III. Total Profit (Total Loss is indicated by “-”) 5245426017.40 7366349019.50
Less: Income Tax Expense 437977982.02 411917143.69
IV. Net Profit (Net Loss is indicated by “-”) 4807448035.38 6954431875.81
(I) Net Profit from Continuing Operations
4807448035.386954431875.81
(Net Loss is indicated by “-”)
(II) Net Profit from Discontinued Operations
(Net Loss is indicated by “-”)
V. Net Amount of Other Comprehensive Income after Tax -3843004.53 -6390773.22
(I) Other Comprehensive Income That Cannot Be Reclassified into Profit or Loss -4194837.47 -6551784.88
1．Amount of Changes in the Remeasurement of Defined Benefit Plans 105000.00 -1229000.00
2．Other Comprehensive Income That Cannot Be Transferred to Profit or Loss
-1868092.181193152.92
under the Equity Method
3．Changes in the Fair Value of Other Equity Instrument Investments -2431745.29 -6515937.80
4．Changes in the Fair Value of the Enterprise's Own Credit Risk
(II) Other Comprehensive Income That Will Be Reclassified into Profit or Loss 351832.94 161011.66
1．Other Comprehensive Income That Can Be Transferred to Profit or Loss under
351832.94161011.66
the Equity Method
2．Changes in the Fair Value of Other Debt Investments
3．Amounts Recognized in Other Comprehensive Income upon the
Reclassification of Financial Assets
4．Credit Impairment Provisions for Other Debt Investments
5．Cash Flow Hedge Reserves
6．Exchange Differences on the Translation of Foreign Currency Financial
Statements
7．Others
VI. Total Comprehensive Income 4803605030.85 6948041102.59
VII. Earnings per Share：
(I) Basic Earnings per Share (Yuan per Share)
(II) Diluted Earnings per Share (Yuan per Share)
Financial Statements Page11The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Financial Statements Page12Chongqing Changan Automobile Company Limited.Consolidated Statement of Cash Flows
For the Year 2025
(Unless otherwise specified the monetary unit is RMB yuan)
V Amount for the Current Amount for theItems Notes
Period Previous Period
I. Cash Flows from Operating Activities
Cash Received from the Sale of Goods and the Rendering of Services 171559371672.71 175823903478.47
Net Increase in Customer Deposits and Deposits from Financial Institutions
Net Increase in Borrowings from the Central Bank
Net Increase in Funds Borrowed from Other Financial Institutions
Cash Received from Premiums of Original Insurance Contracts
Net Cash Received from Reinsurance Business
Net Increase in Policyholders' Deposits and Investment Funds
Cash Received from Interest Handling Fees and Commissions
Net Increase in Funds Borrowed
Net Increase in Funds from Repurchase Business
Net Cash Received from Agency Securities Trading
Tax Refunds Received 3257838519.50 4676232646.34
Other Cash Received Related to Operating Activities (LXV) 3067741363.65 3542989681.66
Subtotal of Cash Inflows from Operating Activities 177884951555.86 184043125806.47
Cash Paid for the Purchase of Goods and the Acceptance of Services 142606552207.33 144122642090.77
Net Increase in Customer Loans and Advances
Net Increase in Deposits with the Central Bank and Other Financial Institutions
Cash Paid for Claim Settlements of Original Insurance Contracts
Net Increase in Funds Lent Out
Cash Paid for Interest Handling Fees and Commissions
Cash Paid for Policy Dividends
Cash Paid to and on Behalf of Employees 11388687275.48 12157994148.54
Various Taxes and Fees Paid 9413916862.13 12537731682.83
Other Cash Paid Related to Operating Activities (LXV) 12640121852.36 10375359071.19
Subtotal of Cash Outflows from Operating Activities 176049278197.30 179193726993.33
Net Cash Flow from Operating Activities 1835673358.56 4849398813.14
II. Cash Flows from Investing Activities
Cash Received from the Recovery of Investments 229775516.75 10810279.99
Cash Received from Investment Income 274378273.99 133704425.53
Net Cash Received from the Disposal of Fixed Assets Intangible Assets and Other 792180369.76 1575204509.73
Long-term Assets
Net Cash Received from the Disposal of Subsidiaries and Other Business Units
Other Cash Received Related to Investing Activities (LXV) 199892777.78 8070026424.80
Subtotal of Cash Inflows from Investing Activities 1496226938.28 9789745640.05
Cash Paid for the Acquisition and Construction of Fixed Assets Intangible Assets 4678988656.08 4868110296.05
and Other Long-term Assets
Cash Paid for Investments 1610925785.46 5930805734.00
Net Increase in Pledged Loans
Net Cash Paid for the Acquisition of Subsidiaries and Other Business Units
Other Cash Paid Related to Investing Activities (LXV) 7430000000.00 3304127222.22
Subtotal of Cash Outflows from Investing Activities 13719914441.54 14103043252.27
Net Cash Flow from Investing Activities -12223687503.26 -4313297612.22
III. Cash Flows from Financing Activities
Cash Received from Investment Absorption 3062000000.00 1610958613.68
Among which: Cash Received from Minority Shareholders' Investment in 3062000000.00 1610958613.68
Subsidiaries
Cash Received from Borrowings 568473282.00 1060422300.00
Other Cash Received Related to Financing Activities (LXV) 36004710.83 470003596.92
Subtotal of Cash Inflows from Financing Activities 3666477992.83 3141384510.60
Cash Paid for Debt Repayment 132473282.00 554422300.00
Cash Paid for the Distribution of Dividends Profits or the Payment of Interest 3477632750.05 3450483881.48
Among which: Dividends and Profits Paid by Subsidiaries to Minority Shareholders
Other Cash Paid Related to Financing Activities (LXV) 250490308.78 527876271.57
Subtotal of Cash Outflows from Financing Activities 3860596340.83 4532782453.05
Net Cash Flow from Financing Activities -194118348.00 -1391397942.45
Financial Statements Page13V Amount for the Current Amount for theItems Notes
Period Previous Period
IV. Effects of Exchange Rate Changes on Cash and Cash Equivalents 300927132.45 203715353.42
V. Net Increase in Cash and Cash Equivalents -10281205360.25 -651581388.11
Plus: Beginning Balance of Cash and Cash Equivalents 63274376513.00 63925957901.11
VI. Ending Balance of Cash and Cash Equivalents 63274376513.00
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Financial Statements Page14Chongqing Changan Automobile Company Limited.Parent Company Statement of Cash Flows
For the Year 2025
(Unless otherwise specified the monetary unit is RMB yuan)
Amount for the Current Amount for the Previous
Items Notes
Period Period
I. Cash Flows from Operating Activities
Cash received from the sale of goods and the rendering of services 108552231271.83 114258602282.10
Tax refunds received 49612750.01 262217291.05
Other cash received related to operating activities 1446838954.67 2193487589.05
Subtotal of cash inflows from operating activities 110048682976.51 116714307162.20
Cash paid for the purchase of goods and the acceptance of services 87945804881.81 97679832869.90
Cash paid to and on behalf of employees 6845080086.62 7508599383.38
Various taxes and fees paid 3034490758.98 4341100981.41
Other cash paid related to operating activities 10003816125.36 6666981391.62
Subtotal of cash outflows from operating activities 107829191852.77 116196514626.31
Net cash flow from operating activities 2219491123.74 517792535.89
II. Cash Flows from Investing Activities
Cash received from the recovery of investments 227145516.75
Cash received from investment income 1417531030.55 729945763.53
Net cash received from the disposal of fixed assets intangible assets and other
291110528.41790788347.59
long - term assets
Net cash received from the disposal of subsidiaries and other business units
Other cash received related to investing activities 148920000.00 5640500000.00
Subtotal of cash inflows from investing activities 2084707075.71 7161234111.12
Cash paid for the acquisition and construction of fixed assets intangible assets
3129554242.203576390245.19
and other long - term assets
Cash paid for investments 3980425785.46 7074579955.65
Net cash paid for the acquisition of subsidiaries and other business units
Other cash paid related to investing activities 6000000000.00 3340000000.00
Subtotal of cash outflows from investing activities 13109980027.66 13990970200.84
Net cash flow from investing activities -11025272951.95 -6829736089.72
III. Cash Flows from Financing Activities
Cash received from investment absorption
Cash received from borrowings 500000000.00
Other cash received related to financing activities
Subtotal of cash inflows from financing activities 500000000.00
Cash paid for debt repayment 36000000.00 4000000.00
Cash paid for the distribution of dividends profits or the payment of interest 3476673505.58 3444300329.83
Other cash paid related to financing activities 71124877.55 82169455.31
Subtotal of cash outflows from financing activities 3583798383.13 3530469785.14
Net cash flow from financing activities -3583798383.13 -3030469785.14
IV. Effects of exchange rate changes on cash and cash equivalents
V. Net increase in cash and cash equivalents -12389580211.34 -9342413338.97
Plus: Beginning balance of cash and cash equivalents 34681359143.17 44023772482.14
VI. Ending balance of cash and cash equivalents 22291778931.83 34681359143.17
Financial Statements Page15The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Financial Statements Page16Chongqing Changan Automobile Company Limited.Consolidated Statement of Changes in Owners' Equity
For the Year 2025
(Unless otherwise specified the monetary unit is RMB yuan)
Amount for the Current Period
Owners' Equity Attributable to Shareholders of the Parent Company
Items Other Equity Instruments Other
General Risk Minority Interests Total Owners' Equity
Share Capital Preferred Perpetual Capital Reserve Less: Treasury Shares Comprehensive Special Reserve Surplus Reserve Undistributed Profits Subtotal
Others Provision
Stocks Bonds Income
I. Balance at the End of the Previous Year 9914086060.00 8925798850.14 169261662.73 7523358.77 95013488.38 4957043030.00 52846021500.43 76576224624.99 2504374617.11 79080599242.10
Plus: Changes in Accounting Policies
Correction of Prior Period Errors
Business Combinations under the Same Control
Others
II. Balance at the Beginning of the Current Year 9914086060.00 8925798850.14 169261662.73 7523358.77 95013488.38 4957043030.00 52846021500.43 76576224624.99 2504374617.11 79080599242.10
III. Amount of Changes during the Current Period
54909879.88-165865833.40-142319841.9924350337.32657147024.42759953233.032144174533.542904127766.57
(A decrease is indicated by a “-” sign)
(1) Total Comprehensive Income -142319841.99 4075223181.54 3932903339.55 -925478396.69 3007424942.86
(2) Capital Contributed by and Reduced by Owners 54909879.88 -165865833.40 220775713.28 3062000000.00 3282775713.28
1．Common Stocks Contributed by Owners 3062000000.00 3062000000.00
2．Capital Contributed by Holders of Other Equity Instruments
3．Amounts Recognized in Owners' Equity from Share-based Payments 20066621.43 20066621.43 20066621.43
4．Others 34843258.45 -165865833.40 200709091.85 200709091.85
(3) Profit Distribution -3418076157.12 -3418076157.12 -3418076157.12
1．Appropriation of Surplus Reserves
2．Appropriation of General Risk Reserves
3．Distribution to Owners (or Shareholders) -3418076157.12 -3418076157.12 -3418076157.12
4．Others
(4) Internal Transfer of Owners' Equity
1．Conversion of Capital Reserve into Capital (or Share Capital)
2．Conversion of Surplus Reserve into Capital (or Share Capital)
3．Making up Losses with Surplus Reserves
4．Transfer of the Amount of Changes in the Defined Benefit Plan to
Retained Earnings
5．Transfer of Other Comprehensive Income to Retained Earnings
6．Others
(5) Special Reserves 24350337.32 24350337.32 7652930.23 32003267.55
1．Appropriation during the Current Period 101499833.93 101499833.93 13736053.78 115235887.71
2．Utilization during the Current Period -77149496.61 -77149496.61 -6083123.55 -83232620.16
(6) Others
IV. Balance at the End of the Current Period 9914086060.00 8980708730.02 3395829.33 -134796483.22 119363825.70 4957043030.00 53503168524.85 77336177858.02 4648549150.65 81984727008.67
The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Financial Statements Page17Chongqing Changan Automobile Company Limited.Consolidated Statement of Changes in Owners' Equity (Continued)
For the Year 2025
(Unless otherwise specified the monetary unit is RMB yuan)
Amount for the Previous Period
Owners' Equity Attributable to Shareholders of the Parent Company
Items
Other Equity Instruments Minority Interests Total Owners' Equity
Share Capital Capital Reserve Less: Treasury Shares Other Comprehensive Income Special Reserve Surplus Reserve General Risk Provision Undistributed Profits Subtotal
Preferred Stocks Perpetual Bonds Others
I. Balance at the End of the Previous Year 9917289033.00 8251287637.70 382277095.96 118318784.04 54323330.34 4276245864.64 49617932431.73 71853119985.49 2830136853.54 74683256839.03
Plus: Changes in Accounting Policies
Correction of Prior Period Errors
Business Combinations under the Same Control
Others
II. Balance at the Beginning of the Current Year 9917289033.00 8251287637.70 382277095.96 118318784.04 54323330.34 4276245864.64 49617932431.73 71853119985.49 2830136853.54 74683256839.03
III. Amount of Changes during the Current Period (A decrease is indicated by a “-” sign) -3202973.00 674511212.44 -213015433.23 -110795425.27 40690158.04 680797165.36 3228089068.70 4723104639.50 -325762236.43 4397342403.07
(1) Total Comprehensive Income -110795425.27 7321363897.24 7210568471.97 -1216052535.29 5994515936.68
(2) Capital Contributed by and Reduced by Owners -3202973.00 674511212.44 -192047736.22 863355975.66 883255492.96 1746611468.62
1．Common Stocks Contributed by Owners -3202973.00 -3202973.00 1610960000.00 1607757027.00
2．Capital Contributed by Holders of Other Equity Instruments
3．Amounts Recognized in Owners' Equity from Share-based Payments 81714852.54 81714852.54 81714852.54
4．Others 592796359.90 -192047736.22 784844096.12 -727704507.04 57139589.08
(3) Profit Distribution -20967697.01 680797165.36 -4093274828.54 -3391509966.17 -3391509966.17
1．Appropriation of Surplus Reserves 680797165.36 -680797165.36
2．Appropriation of General Risk Reserves
3．Distribution to Owners (or Shareholders) -20967697.01 -3412477663.18 -3391509966.17 -3391509966.17
4．Others
(4) Internal Transfer of Owners' Equity
1．Conversion of Capital Reserve into Capital (or Share Capital)
2．Conversion of Surplus Reserve into Capital (or Share Capital)
3．Making up Losses with Surplus Reserves
4．Transfer of the Amount of Changes in the Defined Benefit Plan to Retained Earnings
5．Transfer of Other Comprehensive Income to Retained Earnings
6．Others
(5) Special Reserves 40690158.04 40690158.04 7034805.90 47724963.94
1．Appropriation during the Current Period 122922799.10 122922799.10 12142772.98 135065572.08
2．Utilization during the Current Period -82232641.06 -82232641.06 -5107967.08 -87340608.14
(6) Others
IV. Balance at the End of the Current Period 9914086060.00 8925798850.14 169261662.73 7523358.77 95013488.38 4957043030.00 52846021500.43 76576224624.99 2504374617.11 79080599242.10
The accompanying notes to the financial statements are an integral part of the financial statements.Financial Statements Page18Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Financial Statements Page19Chongqing Changan Automobile Company Limited.Statement of Changes in Owners' Equity of the Parent Company
For the Year 2025
(Unless otherwise specified the monetary unit is RMB yuan)
Amount for the Current Period
Other Equity Instruments
Items Less: Treasury Other Comprehensive
Share Capital Preferred Perpetual Capital Reserve Special Reserve Surplus Reserve Undistributed Profits Total Owners' Equity
Others Shares Income
Shares Bonds
I. Balance at the End of the Previous Year 9914086060.00 8353032903.95 169261662.73 162659055.80 44805848.15 4957043030.00 47158746846.13 70421112081.30
Plus: Changes in Accounting Policies
Correction of Prior Period Errors
Others
II. Balance at the Beginning of the Current Year 9914086060.00 8353032903.95 169261662.73 162659055.80 44805848.15 4957043030.00 47158746846.13 70421112081.30
III. Amount of Changes during the Current Period (A decrease is
-1403060420.47-165865833.40-3843004.5320561677.111389371878.26168895963.77
indicated by a “-” sign)
(1) Total Comprehensive Income -3843004.53 4807448035.38 4803605030.85
(2) Capital Contributed by and Reduced by Owners -1403060420.47 -165865833.40 -1237194587.07
1．Common Stocks Contributed by Owners
2．Capital Contributed by Holders of Other Equity Instruments
3．Amounts Recognized in Owners' Equity from Share-based
20066621.4320066621.43
Payments
4．Others -1423127041.90 -165865833.40 -1257261208.50
(3) Profit Distribution -3418076157.12 -3418076157.12
1．Appropriation of Surplus Reserves
2．Distribution to Owners (or Shareholders) -3418076157.12 -3418076157.12
3．Others
(4) Internal Transfer of Owners' Equity
1．Conversion of Capital Reserve into Capital (or Share Capital)
2．Conversion of Surplus Reserve into Capital (or Share Capital)
3．Making up Losses with Surplus Reserves
4．Transfer of the Amount of Changes in the Defined Benefit Plan to
Retained Earnings
5．Transfer of Other Comprehensive Income to Retained Earnings
6．Others
(5) Special Reserves 20561677.11 20561677.11
1．Appropriation during the Current Period 67743258.36 67743258.36
2．Utilization during the Current Period -47181581.25 -47181581.25
(6) Others
IV. Balance at the End of the Current Period 9914086060.00 6949972483.48 3395829.33 158816051.27 65367525.26 4957043030.00 48548118724.39 70590008045.07
Financial Statements Page20The accompanying notes to the financial statements are an integral part of the financial statements.Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Financial Statements Page21Chongqing Changan Automobile Company Limited.Statement of Changes in Owners' Equity of the Parent Company (Continued)
For the Year 2025
(Unless otherwise specified the monetary unit is RMB yuan)
Amount for the Current Period
Other Equity Instruments
Items Less: Treasury Other Comprehensive Special Undistributed Total Owners'
Share Capital Preferred Perpetual Capital Reserve Surplus Reserve
Others Shares Income Reserve Profits Equity
Shares Bonds
I. Balance at the End of the Previous Year 9917289033.00 8406226198.82 382277095.96 169049829.02 19514786.95 4276245864.64 44297589798.86 66703638415.33
Plus: Changes in Accounting Policies
Correction of Prior Period Errors
Others
II. Balance at the Beginning of the Current Year 9917289033.00 8406226198.82 382277095.96 169049829.02 19514786.95 4276245864.64 44297589798.86 66703638415.33
III. Amount of Changes during the Current Period (A decrease is indicated by a “-”
-3202973.00-53193294.87-213015433.23-6390773.2225291061.20680797165.362861157047.273717473665.97
sign)
(1) Total Comprehensive Income -6390773.22 6954431875.81 6948041102.59
(2) Capital Contributed by and Reduced by Owners -3202973.00 -53193294.87 -192047736.22 135651468.35
1．Common Stocks Contributed by Owners -3202973.00 -3202973.00
2．Capital Contributed by Holders of Other Equity Instruments
3．Amounts Recognized in Owners' Equity from Share-based Payments 81714852.54 81714852.54
4．Others -134908147.41 -192047736.22 57139588.81
(3) Profit Distribution -20967697.01 680797165.36 -4093274828.54 -3391509966.17
1．Appropriation of Surplus Reserves 680797165.36 -680797165.36
2．Distribution to Owners (or Shareholders) -20967697.01 -3412477663.18 -3391509966.17
3．Others
(4) Internal Transfer of Owners' Equity
1．Conversion of Capital Reserve into Capital (or Share Capital)
2．Conversion of Surplus Reserve into Capital (or Share Capital)
3．Making up Losses with Surplus Reserves
4．Transfer of the Amount of Changes in the Defined Benefit Plan to Retained
Earnings
5．Transfer of Other Comprehensive Income to Retained Earnings
6．Others
(5) Special Reserves 25291061.20 25291061.20
1．Appropriation during the Current Period 72435388.20 72435388.20
2．Utilization during the Current Period -47144327.00 -47144327.00
(6) Others
IV. Balance at the End of the Current Period 9914086060.00 8353032903.95 169261662.73 162659055.80 44805848.15 4957043030.00 47158746846.13 70421112081.30
The accompanying notes to the financial statements are an integral part of the financial statements.Financial Statements Page22Person in charge of the company： Person in charge of the accounting work： Head of the accounting department：
Financial Statements Page23Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
Chongqing Changan Automobile Company Limited.Notes to the Financial Statements For the Year 2025
(Unless otherwise specified the monetary unit is Renminbi yuan)
I、 Basic Information of the Company
Chongqing Changan Automobile Company Limited. (hereinafter referred to as the
"Company" or "our Company") is a joint stock limited company registered in Chongqing
in October 1996. It was listed on the Shenzhen Stock Exchange in June 1997. As of
December 31 2025 the total cumulative number of shares issued by the Company is
9914086060. The registered address is: No. 260 Jianxin East Road Jiangbei District
Chongqing China and the business address is: Building T2 No. 2 Financial City No. 61
Dongshengmen Road Jiangbei District Chongqing China. The main business activities
actually engaged in by the Company include: the manufacturing and sales of automobiles
(including cars) automotive engine series products supporting parts and components etc.The parent company of the Company is ChenZhi Automobile Technology Group Co. Ltd.and the ultimate controlling party of the Company is China Changan Automobile Group
Co. Ltd.These financial statements have been approved for issue by the Company's board of
directors.II、 Basis for Preparation of Financial Statements
(I) Preparation Basis
These financial statements are prepared in accordance with the "Accounting Standards for
Enterprises - Basic Standards" promulgated by the Ministry of Finance various specific
accounting standards application guidelines for accounting standards for enterprises
interpretations of accounting standards for enterprises and other relevant regulations
(collectively referred to as the "Accounting Standards for Enterprises" hereinafter) as
well as the relevant provisions of the "Regulations on the Preparation and Reporting of
Information Disclosure by Companies Publicly Issuing Securities No. 15 - General
Provisions for Financial Reports" of the China Securities Regulatory Commission.(II) Going Concern
These financial statements are prepared on a going concern basis.Notes to the Financial Statements Page1Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
III、 Significant Accounting Policies and Accounting Estimates
(I) Statement of Compliance with Accounting Standards for Enterprises
These financial statements comply with the requirements of the Accounting Standards for
Enterprises promulgated by the Ministry of Finance and truthfully and completely reflect
the consolidated and parent company's financial position as of December 31 2024 as
well as the consolidated and parent company's operating results and cash flows for the
year 2024.(II) Accounting Period
An accounting year is from January 1st to December 31st of the Gregorian calendar year.(III) Operating Cycle
The operating cycle of the Company is 12 months.(IV) Functional Currency
The functional currency of the Company and the currency used for preparing these
financial statements are both Renminbi. Unless otherwise specified all amounts are
presented in Renminbi yuan. The Company's subsidiaries joint ventures and associated
enterprises determine their respective functional currencies according to the main
economic environments in which they operate and convert them into Renminbi when
preparing financial statements.(V) Accounting Treatment Methods for Business Combinations under the Same Control
and Business Combinations not under the Same Control
Business Combinations under the Same Control: The assets and liabilities (including the
goodwill formed by the ultimate controlling party's acquisition of the combined party)
obtained by the combining party in a business combination are measured based on the
carrying values of the assets and liabilities of the combined party in the consolidated
financial statements of the ultimate controlling party as of the combination date. The
difference between the carrying value of the net assets obtained in the combination and
the carrying value of the consideration paid for the combination (or the total face value of
the issued shares) is adjusted against the share premium in capital reserve. If the share
premium in capital reserve is insufficient to cover the difference the retained earnings are
Notes to the Financial Statements Page2Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
adjusted.Business Combinations under the Same Control: The assets and liabilities (including the
goodwill formed by the ultimate controlling party's acquisition of the combined party)
obtained by the combining party in a business combination are measured based on the
carrying values of the assets and liabilities of the combined party in the consolidated
financial statements of the ultimate controlling party as of the combination date. The
difference between the carrying value of the net assets obtained in the combination and
the carrying value of the consideration paid for the combination (or the total face value of
the issued shares) is adjusted against the share premium in capital reserve. If the share
premium in capital reserve is insufficient to cover the difference the retained earnings are
adjusted.(VI) Judgment Criteria for Control and Preparation Methods of Consolidated Financial
Statements
1、 Judgment Criteria for Control
The consolidation scope of the consolidated financial statements is determined
based on control and the consolidation scope includes the Company and all its
subsidiaries. Control refers to the power that the Company has over the investee
the ability to obtain variable returns by participating in the relevant activities of the
investee and the ability to use the power over the investee to affect the amount of
its returns.
2、 Consolidation Procedures
The Company regards the entire enterprise group as an accounting entity prepares
consolidated financial statements in accordance with unified accounting policies
and reflects the overall financial position operating results and cash flows of the
enterprise group. The effects of internal transactions between the Company and its
subsidiaries and among subsidiaries are offset. Where internal transactions indicate
that there are impairment losses on relevant assets the full amount of such losses is
recognized. If the accounting policies and accounting periods adopted by
subsidiaries are inconsistent with those of the Company necessary adjustments
shall be made in accordance with the Company's accounting policies and
accounting periods when preparing consolidated financial statements.The shares of minority shareholders in the owners' equity current net profit and
Notes to the Financial Statements Page3Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
current comprehensive income of subsidiaries are separately presented under the
owners' equity item in the consolidated balance sheet under the net profit item in
the consolidated income statement and under the total comprehensive income item
respectively. The balance formed when the current losses borne by the minority
shareholders of a subsidiary exceed the share of the minority shareholders in the
beginning owners' equity of the subsidiary shall be offset against the minority
shareholders' equity.
（1）Addition of Subsidiaries or Businesses
During the reporting period if a subsidiary or business is added due to a business
combination under the same control the operating results and cash flows of the
subsidiary or business from the beginning of the current period of combination to
the end of the reporting period shall be included in the consolidated financial
statements. At the same time the beginning figures of the consolidated financial
statements and the relevant items of the comparative statements shall be adjusted
as if the reporting entity after combination has existed since the starting point of
control by the ultimate controlling party.。
If the investor is able to exercise control over the investee under the same control
due to additional investment and other reasons for the equity investment held
before obtaining the control right of the combined party the recognized relevant
profits and losses other comprehensive income and other net asset changes from
the later date of the date of obtaining the original equity and the date when the
combining party and the combined party are under the same control to the
combination date shall be offset against the beginning retained earnings during the
comparative statement period or the current profit or loss respectively.During the reporting period if a subsidiary or business is added due to a business
combination not under the same control it shall be included in the consolidated
financial statements from the acquisition date based on the fair values of the
identifiable assets liabilities and contingent liabilities determined on the
acquisition date.If the investor is able to exercise control over the investee not under the same
control due to additional investment and other reasons for the equity of the
acquiree held before the acquisition date it shall be re-measured at its fair value on
the acquisition date and the difference between the fair value and its carrying value
shall be included in the current investment income. The other comprehensive
Notes to the Financial Statements Page4Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
income that can be reclassified into profit or loss in the future and other changes in
the owners' equity under the equity method accounting related to the equity of the
acquiree held before the acquisition date shall be converted into the investment
income of the current period to which the acquisition date belongs.
（2）Disposal of Subsidiaries
* General Treatment Method
When the control over the investee is lost due to the disposal of part of the equity
investment or for other reasons the remaining equity investment after the disposal
shall be re-measured at its fair value on the date of loss of control. The difference
between the sum of the consideration obtained from the disposal of the equity and
the fair value of the remaining equity and the sum of the share of the net assets of
the original subsidiary that should be enjoyed calculated according to the original
shareholding ratio and continuously calculated from the acquisition date or
combination date and the goodwill shall be included in the investment income of
the current period when the control is lost. The other comprehensive income that
can be reclassified into profit or loss in the future related to the equity investment
in the original subsidiary and other changes in the owners' equity under the equity
method accounting shall be converted into the current investment income when the
control is lost.* Step-by-step Disposal of Subsidiaries
When the equity investment in a subsidiary is disposed of step by step through
multiple transactions until the control is lost the terms conditions and economic
impacts of each transaction of the disposal of the equity investment in the
subsidiary meet one or more of the following situations which usually indicates
that the multiple transactions are a package of transactions:
ⅰ．These transactions are concluded simultaneously or under the consideration of
their mutual influences；
ⅱ．These transactions as a whole can achieve a complete business result；
ⅲ．The occurrence of one transaction depends on the occurrence of at least one
other transaction；
ⅳ．One transaction is uneconomical when viewed separately but it is economical
when considered together with other transactions.If each transaction belongs to a one block deal each transaction shall be accounted
for as a transaction of disposing of a subsidiary and losing control; the difference
Notes to the Financial Statements Page5Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
between the consideration received from each disposal before the loss of control
and the share of the net assets of the subsidiary corresponding to the disposed
investment shall be recognized as other comprehensive income in the consolidated
financial statements and shall be transferred to the profit or loss of the current
period when the control is lost.If each transaction does not belong to a one block deal before the loss of control
the accounting treatment shall be carried out in accordance with the partial disposal
of the equity investment in the subsidiary without losing control; when the control
is lost the accounting treatment shall be carried out in accordance with the general
treatment method for the disposal of the subsidiary.
（3）Purchase of Minority Interests in Subsidiaries
The difference between the newly acquired long-term equity investment due to the
purchase of minority interests and the share of the net assets of the subsidiary that
should be enjoyed calculated according to the newly increased shareholding ratio
and continuously calculated from the acquisition date or combination date shall be
adjusted against the share premium in capital reserve in the consolidated balance
sheet. If the share premium in capital reserve is insufficient to cover the difference
the retained earnings shall be adjusted.
（4）Partial Disposal of Equity Investments in Subsidiaries without Losing Control
The difference between the consideration received from the disposal and the share
of the net assets of the subsidiary that should be enjoyed corresponding to the
disposed long-term equity investment and continuously calculated from the
acquisition date or combination date shall be adjusted against the share premium in
capital reserve in the consolidated balance sheet. If the share premium in capital
reserve is insufficient to cover the difference the retained earnings shall be
adjusted.(VII) Criteria for Determining Cash and Cash Equivalents
Cash refers to the Company's cash on hand and deposits that can be used for payment at
any time. Cash equivalents refer to the investments held by the Company that have a short
term to maturity strong liquidity are readily convertible to a known amount of cash and
have insignificant risk of changes in value.Notes to the Financial Statements Page6Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
(VIII) Foreign Currency Transactions and Translation of Foreign Currency Financial
Statements
1、 Foreign Currency Transactions
For foreign currency transactions the spot exchange rate on the transaction date is
used as the conversion rate to convert the foreign currency amount into Renminbi
for accounting purposes.The balances of foreign currency monetary items on the balance sheet date are
converted at the spot exchange rate on the balance sheet date. The resulting
exchange differences except for those arising from foreign currency specific
borrowings related to the acquisition and construction of assets that meet the
capitalization conditions which are accounted for in accordance with the principles
of capitalizing borrowing costs are all included in the current profit or loss.
2、 Translation of Foreign Currency Financial Statements
For the assets and liabilities items in the balance sheet they are translated at the
spot exchange rate on the balance sheet date; for the items of owners' equity except
for the "undistributed profits" item other items are translated at the spot exchange
rate on the date of occurrence. For the revenue and expense items in the income
statement they are translated at the spot exchange rate on the transaction date.When disposing of a foreign operation the translation differences of the foreign
currency financial statements related to the foreign operation are transferred from
the owners' equity items to the profit or loss of the current period of disposal.(IX) Financial Instruments
The Company recognizes a financial asset a financial liability or an equity instrument
when it becomes a party to a financial instrument contract.
1、 Classification of Financial Instruments
Based on the Company's business model for managing financial assets and the
contractual cash flow characteristics of the financial assets financial assets are
classified upon initial recognition as: financial assets measured at amortized cost
financial assets measured at fair value through other comprehensive income and
financial assets measured at fair value through profit or loss.Notes to the Financial Statements Page7Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
The Company classifies a financial asset that meets the following conditions
simultaneously and is not designated as a financial asset measured at fair value
through profit or loss as a financial asset measured at amortized cost：
－ The business model is aimed at collecting contractual cash flows；
－ The contractual cash flows are solely payments of principal and interest on the
principal amount outstanding.The Company classifies a financial asset that meets the following conditions
simultaneously and is not designated as a financial asset measured at fair value
through profit or loss as a financial asset measured at fair value through other
comprehensive income (debt instrument):
－ The business model is both aimed at collecting contractual cash flows and
selling the financial asset；
－ The contractual cash flows are solely payments of principal and interest on the
principal amount outstanding.For non-trading equity instrument investments the Company may irrevocably
designate them as financial assets measured at fair value through other
comprehensive income (equity instruments) upon initial recognition. This
designation is made on a single investment basis and the related investment meets
the definition of an equity instrument from the perspective of the issuer.Except for the above financial assets measured at amortized cost and financial
assets measured at fair value through other comprehensive income the Company
classifies all remaining financial assets as financial assets measured at fair value
through profit or loss.Financial liabilities are classified upon initial recognition as: financial liabilities
measured at fair value through profit or loss and financial liabilities measured at
amortized cost.
2、 Recognition Basis and Measurement Methods for Financial Instruments
（1）Financial Assets Measured at Amortized Cost
Financial assets measured at amortized cost include notes receivable accounts
receivable other receivables long - term receivables debt investments etc. They
Notes to the Financial Statements Page8Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
are initially measured at fair value and the related transaction costs are included in
the initial recognition amount. Accounts receivable that do not contain a significant
financing component and accounts receivable for which the Company decides not
to consider the financing component of no more than one year are initially
measured at the contract transaction price.During the holding period the interest calculated using the effective interest
method is included in the current profit or loss.When the financial asset is recovered or disposed of the difference between the
proceeds received and the carrying amount of the financial asset is included in the
current profit or loss.（ 2） Financial Assets Measured at Fair Value through Other Comprehensive
Income (Debt Instruments)
Financial assets measured at fair value through other comprehensive income (debt
instruments) include accounts receivable financing other debt investments etc.They are initially measured at fair value and the related transaction costs are
included in the initial recognition amount. These financial assets are subsequently
measured at fair value. Except for the interest calculated using the effective interest
method impairment losses or gains and exchange gains or losses all fair - value
changes are included in other comprehensive income.Upon derecognition the cumulative gains or losses previously included in other
comprehensive income are transferred from other comprehensive income to the
current profit or loss.（ 3） Financial Assets Measured at Fair Value through Other Comprehensive
Income (Equity Instruments)
Financial assets measured at fair value through other comprehensive income
(equity instruments) include other equity instrument investments etc. They are
initially measured at fair value and the related transaction costs are included in the
initial recognition amount. These financial assets are subsequently measured at fair
value and the fair - value changes are included in other comprehensive income.Dividends received are included in the current profit or loss.Upon derecognition the cumulative gains or losses previously included in other
comprehensive income are transferred from other comprehensive income to
Notes to the Financial Statements Page9Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
retained earnings.
（4） Financial Assets Measured at Fair Value through Profit or Loss
Financial assets measured at fair value through profit or loss include trading
financial assets derivative financial assets other non - current financial assets etc.They are initially measured at fair value and the related transaction costs are
included in the current profit or loss. These financial assets are subsequently
measured at fair value and the fair - value changes are included in the current
profit or loss.
（5）Financial Liabilities Measured at Fair Value through Profit or Loss
Financial liabilities measured at fair value through profit or loss include trading
financial liabilities derivative financial liabilities etc. They are initially measured
at fair value and the related transaction costs are included in the current profit or
loss. These financial liabilities are subsequently measured at fair value and the fair
- value changes are included in the current profit or loss.Upon derecognition the difference between the carrying amount and the
consideration paid is included in the current profit or loss.
（6）Financial Liabilities Measured at Amortized Cost
Financial liabilities measured at amortized cost include short - term borrowings
notes payable accounts payable other payables long - term borrowings bonds
payable long - term payables. They are initially measured at fair value and the
related transaction costs are included in the initial recognition amount.During the holding period the interest calculated using the effective interest
method is included in the current profit or loss.Upon derecognition the difference between the consideration paid and the carrying
amount of the financial liability is included in the current profit or loss.
3、 Recognition Criteria and Measurement Methods for the Derecognition of
Financial Assets and the Transfer of Financial Assets
The Company derecognizes a financial asset when one of the following conditions
is met:
－ The contractual right to receive cash flows from the financial asset expires;
Notes to the Financial Statements Page10Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
－ The financial asset is transferred and almost all the risks and rewards
associated with the ownership of the financial asset are transferred to the
transferee;
－ The financial asset is transferred and although the Company has neither
transferred nor retained almost all the risks and rewards associated with the
ownership of the financial asset it has not retained control over the financial asset.If the Company modifies or renegotiates the contract with the counterparty and the
modification is substantial the original financial asset is derecognized and a new
financial asset is recognized in accordance with the modified terms.When a financial asset is transferred if the Company retains almost all the risks
and rewards associated with the ownership of the financial asset the financial asset
is not derecognized.In determining whether a financial asset transfer meets the above - mentioned
financial asset derecognition conditions the principle of substance over form is
applied.The Company classifies financial asset transfers into overall transfers and partial
transfers of financial assets. When an overall transfer of a financial asset meets the
derecognition conditions the difference between the following two amounts is
recognized in the current profit and loss:
（1）The carrying amount of the transferred financial asset;
（2）The sum of the consideration received from the transfer and the cumulative
amount of changes in fair value that have been directly recognized in the owner's
equity (in the case where the transferred financial asset is a financial asset
measured at fair value with its changes recognized in other comprehensive income
(debt instrument)).When a partial transfer of a financial asset meets the derecognition conditions the
carrying amount of the entire transferred financial asset is allocated between the
derecognized part and the non - derecognized part based on their respective relative
fair values and the difference between the following two amounts is recognized in
Notes to the Financial Statements Page11Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
the current profit and loss:
（1）The carrying amount of the derecognized part;
（2）The sum of the consideration for the derecognized part and the amount of the
cumulative changes in fair value that have been directly recognized in the owner's
equity corresponding to the derecognized part (in the case where the transferred
financial asset is a financial asset measured at fair value with its changes
recognized in other comprehensive income (debt instrument)).If a financial asset transfer does not meet the derecognition conditions the
financial asset is continued to be recognized and the consideration received is
recognized as a financial liability.
4、 Derecognition of Financial Liabilities
When all or part of the current obligations of a financial liability have been
discharged the financial liability or a part of it is derecognized. If the Company
enters into an agreement with the creditor to replace the existing financial liability
by assuming a new financial liability and the contractual terms of the new financial
liability are substantially different from those of the existing financial liability the
existing financial liability is derecognized and a new financial liability is
recognized simultaneously.When the contractual terms of all or part of the existing financial liability are
substantially modified the existing financial liability or a part of it is derecognized
and at the same time the financial liability with the modified terms is recognized
as a new financial liability.When all or part of a financial liability is derecognized the difference between the
carrying amount of the derecognized financial liability and the consideration paid
(including the transferred non-cash assets or the assumed new financial liability) is
included in the current profit or loss.If the Company repurchases part of a financial liability on the repurchase date the
carrying amount of the entire financial liability is allocated according to the relative
fair values of the part that continues to be recognized and the part that is
derecognized. The difference between the carrying amount allocated to the
derecognized part and the consideration paid (including the transferred non-cash
assets or the assumed new financial liability) is included in the current profit or
loss.Notes to the Financial Statements Page12Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
5、 Methods for Determining the Fair Values of Financial Assets and Financial
Liabilities
For financial instruments with an active market their fair values are determined
based on the quoted prices in the active market. For financial instruments without
an active market valuation techniques are used to determine their fair values.When conducting valuation the Company applies valuation techniques that are
applicable under the current circumstances and are supported by sufficient
available data and other information. It selects input values that are consistent with
the characteristics of the assets or liabilities considered by market participants in
transactions of the relevant assets or liabilities and gives priority to using relevant
observable input values. Only when relevant observable input values cannot be
obtained or are not practically obtainable will unobservable input values be used.
6、 Testing Methods and Accounting Treatment Methods for the Impairment of
Financial Instruments
The Company conducts impairment accounting treatment based on expected credit
losses for financial assets measured at amortized cost financial assets measured at
fair value through other comprehensive income (debt instruments) financial
guarantee contracts etc.The Company considers reasonable and well-founded information such as relevant
past events current conditions and forecasts of future economic conditions and
calculates the probability-weighted amount of the present value of the difference
between the contractually receivable cash flows and the expected receivable cash
flows weighted by the risk of default to recognize expected credit losses.For accounts receivable and contract assets arising from transactions governed by
Accounting Standards for Enterprises No. 14 - Revenue regardless of whether they
contain a significant financing component the Company always measures their
loss allowances at an amount equivalent to the expected credit losses over their
entire remaining lives.For lease receivables arising from transactions governed by Accounting Standards
for Enterprises No. 21 - Leases the Company chooses to always measure their loss
allowances at an amount equivalent to the expected credit losses over their entire
remaining lives.Notes to the Financial Statements Page13Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
For other financial instruments the Company assesses the changes in the credit
risks of the relevant financial instruments since their initial recognition at each
balance sheet date.The Company determines the relative change in the risk of default over the
expected remaining life of the financial instrument by comparing the risk of default
of the financial instrument at the balance sheet date with the risk of default at the
initial recognition date so as to evaluate whether the credit risk of the financial
instrument has increased significantly since its initial recognition. Generally if the
overdue period exceeds 30 days the Company deems that the credit risk of the
financial instrument has increased significantly unless there is conclusive evidence
to prove that the credit risk of the financial instrument has not increased
significantly since its initial recognition.If the credit risk of a financial instrument is low at the balance sheet date the
Company deems that the credit risk of the financial instrument has not increased
significantly since its initial recognition.If the credit risk of a financial instrument has increased significantly since its initial
recognition the Company measures its loss allowance at an amount equivalent to
the expected credit losses over the entire remaining life of the financial instrument;
if the credit risk of the financial instrument has not increased significantly since its
initial recognition the Company measures its loss allowance at an amount
equivalent to the expected credit losses over the next 12 months of the financial
instrument. The increase or reversal amount of the loss allowance thus formed is
recognized as an impairment loss or gain in the current profit or loss. For financial
assets measured at fair value through other comprehensive income (debt
instruments) the loss allowance is recognized in other comprehensive income and
the impairment loss or gain is recognized in the current profit or loss and the
carrying amount of the financial asset presented in the balance sheet is not reduced.(X) Inventories
1、 Classification and Cost of Inventories
Inventories are classified as goods in transit raw materials turnover materials
finished goods work in progress goods shipped but not yet delivered goods
entrusted for processing etc.Inventories are initially measured at cost and the cost of inventories includes the
Notes to the Financial Statements Page14Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
purchase cost processing cost and other expenditures incurred to bring the
inventories to their present location and condition..
2、 Valuation Method for Issued Inventories
The weighted average method is adopted.
3、 Inventory Recording System
The perpetual inventory system is adopted.
4、 Amortization Methods for Low-value Consumables and Packaging Materials
（1）Low-value consumables are amortized using the one-time write-off method
（2）Packaging materials are amortized using the one-time write-off method.
5、 Recognition Criteria and Provision Methods for Inventory Write-down
Provisions
At the balance sheet date inventories shall be measured at the lower of cost and net
realizable value. When the cost of inventories is higher than their net realizable
value inventory write-down provisions shall be made. The net realizable value
refers to the amount obtained by deducting the estimated costs to be incurred until
completion estimated selling expenses and relevant taxes and fees from the
estimated selling price of the inventories in the ordinary course of business.For finished goods goods in stock and materials directly for sale the net realizable
value is determined by deducting the estimated selling expenses and relevant taxes
and fees from the estimated selling price of the inventories in the normal
production and operation process; for materials that need to be processed the net
realizable value is determined by deducting the estimated costs to be incurred until
completion estimated selling expenses and relevant taxes and fees from the
estimated selling price of the finished products produced in the normal production
and operation process; for inventories held for the execution of sales contracts or
labor contracts the net realizable value is calculated based on the contract price. If
the quantity of inventories held is more than the quantity ordered in the sales
contract the net realizable value of the excess part of the inventories is calculated
based on the general selling price
After the inventory write-down provisions are made if the factors that previously
Notes to the Financial Statements Page15Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
caused the decrease in the value of the inventories have disappeared resulting in
the net realizable value of the inventories being higher than their carrying amount
the write-down shall be reversed within the amount of the previously provided
inventory write-down provisions and the reversed amount shall be included in the
current profit or loss.(XI) Contract Assets
1、 Recognition Methods and Criteria for Contract Assets
The Company presents contract assets or contract liabilities in the balance sheet
based on the relationship between the performance of performance obligations and
customer payments. The right of the Company to receive consideration for the
transfer of goods or provision of services to customers (and this right depends on
factors other than the passage of time) is presented as a contract asset. Contract
assets and contract liabilities under the same contract are presented on a net basis.The Company's unconditional right (depending only on the passage of time) to
receive consideration from customers is presented separately as accounts
receivable.
2、 Determination Methods and Accounting Treatment Methods for Expected
Credit Losses of Contract Assets
The determination methods and accounting treatment methods for the expected
credit losses of contract assets are detailed in "III. (9) 6. Testing Methods and
Accounting Treatment Methods for the Impairment of Financial Instruments" of
these notes.(XII) Held - for - Sale and Discontinued Operations
1、 Held - for - Sale
Non - current assets or disposal groups that are recovered through sale (including
non - monetary asset exchanges with commercial substance) rather than through
continuous use are classified as held - for - sale.The Company classifies non - current assets or disposal groups as held - for - sale if
they meet the following conditions simultaneously:（ 1 ） They are immediately available for sale in their present condition in
accordance with the customary practices for selling such assets or disposal groups
Notes to the Financial Statements Page16Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
in similar transactions.
（2）The sale is highly probable meaning that the Company has made a decision
on a sale plan and has obtained a firm purchase commitment and it is expected that
the sale will be completed within one year. Where relevant regulations require the
approval of the Company's relevant authority or regulatory department before the
sale can be made such approval has been obtained.For non - current assets (excluding financial assets deferred tax assets and assets
formed by employee compensation) or disposal groups classified as held - for - sale
if their carrying amount is higher than the net amount of fair value less selling costs
the carrying amount is written down to the net amount of fair value less selling
costs. The amount of the write - down is recognized as an asset impairment loss
which is included in the current profit or loss and at the same time an impairment
provision for held - for - sale assets is made.(XIII) Long-term Equity Investments
1、 Judgment Criteria for Joint Control and Significant Influence
Joint control refers to the shared control over an arrangement in accordance with
relevant agreements and the relevant activities of this arrangement must be
decided upon with the unanimous consent of the participating parties sharing the
control rights. When the Company together with other joint venturers exercises
joint control over an investee and has rights to the net assets of the investee the
investee is a joint venture of the Company.Significant influence refers to the power to participate in the financial and
operating decision-making of an investee but without the ability to control or
jointly control together with other parties the formulation of these policies. When
the Company is able to exert significant influence on an investee the investee is an
associate of the Company.
2、 Determination of the Initial Investment Cost
（1）Long-term Equity Investments Formed through Business Combinations
For long-term equity investments in subsidiaries formed through business
combinations under the same control on the combination date the share of the
carrying value of the owners' equity of the combined party in the consolidated
financial statements of the ultimate controlling party is taken as the initial
Notes to the Financial Statements Page17Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
investment cost of the long-term equity investment. The difference between the
initial investment cost of the long-term equity investment and the carrying value of
the consideration paid is adjusted against the share premium in capital reserve; if
the share premium in capital reserve is insufficient to cover the difference the
retained earnings are adjusted. When the Company is able to exercise control over
the investee under the same control due to additional investment and other reasons
the difference between the initial investment cost of the long-term equity
investment confirmed in accordance with the above principles and the sum of the
carrying value of the long-term equity investment before the combination and the
carrying value of the additional consideration paid for the newly acquired shares on
the combination date is adjusted against the share premium. If the share premium is
insufficient to cover the difference the retained earnings are reduced.For long-term equity investments in subsidiaries formed through business
combinations not under the same control the combination cost determined on the
acquisition date is taken as the initial investment cost of the long-term equity
investment. When the Company is able to exercise control over the investee not
under the same control due to additional investment and other reasons the sum of
the carrying value of the original equity investment and the cost of the newly added
investment is taken as the initial investment cost.
（2）Long-term Equity Investments Obtained through Other Means than Business
Combinations
For long-term equity investments obtained by paying cash the actual purchase
price paid is taken as the initial investment cost.For long-term equity investments obtained by issuing equity securities the fair
value of the issued equity securities is taken as the initial investment cost.
3、 Subsequent Measurement and Profit or Loss Recognition Methods
（1） Long-term Equity Investments Accounted for under the Cost Method
The Company's long-term equity investments in subsidiaries are accounted for
under the cost method unless the investment meets the conditions for being
classified as held for sale. Except for the declared but unpaid cash dividends or
profits included in the actual payment price or consideration when the investment
is acquired the Company recognizes the current investment income according to
the cash dividends or profits declared and distributed by the investee that the
Notes to the Financial Statements Page18Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
Company is entitled to.
（2）Long-term Equity Investments Accounted for under the Equity Method
Long-term equity investments in associates and joint ventures are accounted for
under the equity method. If the initial investment cost is greater than the share of
the fair value of the identifiable net assets of the investee that the Company is
entitled to at the time of investment the initial investment cost of the long-term
equity investment is not adjusted; if the initial investment cost is less than the share
of the fair value of the identifiable net assets of the investee that the Company is
entitled to at the time of investment the difference is included in the current profit
or loss and at the same time the cost of the long-term equity investment is
adjusted.The Company respectively recognizes investment income and other comprehensive
income according to the share of the net profit or loss and other comprehensive
income realized by the investee that the Company is entitled to or should bear and
at the same time adjusts the carrying value of the long-term equity investment;
calculates the share it is entitled to according to the profits or cash dividends
declared and distributed by the investee and correspondingly reduces the carrying
value of the long-term equity investment; for other changes in the owners' equity of
the investee other than net profit or loss other comprehensive income and profit
distribution (referred to as "other changes in owners' equity" for short) adjusts the
carrying value of the long-term equity investment and includes it in the owners'
equity.When confirming the share of the net profit or loss other comprehensive income
and other changes in owners' equity of the investee that the Company is entitled to
based on the fair value of the identifiable net assets of the investee at the time of
investment and in accordance with the Company's accounting policies and
accounting periods the Company adjusts the net profit and other comprehensive
income of the investee before confirmation.The portion of the unrealized internal transaction profits and losses that occur
between the Company and its associates or joint ventures and that belongs to the
Company calculated according to the proportion the Company is entitled to is
offset and on this basis the investment income is recognized except when the
invested or sold assets constitute a business. The unrealized internal transaction
losses that occur with the investee if they are asset impairment losses are fully
Notes to the Financial Statements Page19Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
recognized.The Company's share of the net losses incurred by a joint venture or an associate is
limited to reducing the carrying value of the long-term equity investment and other
long-term interests that substantially constitute a net investment in the joint venture
or the associate to zero except for the obligation to bear additional losses. When
the joint venture or the associate realizes a net profit in the future the Company
resumes recognizing the share of the profit after the share of the profit offsets the
unrecognized share of the losses.
（3）Disposal of Long-term Equity Investments
The difference between the carrying value of a long-term equity investment and the
actual proceeds obtained from its disposal is included in the current profit or loss.When disposing of part of a long-term equity investment accounted for under the
equity method and the remaining equity is still accounted for under the equity
method the other comprehensive income recognized under the original equity
method accounting is transferred out in proportion based on the same basis as that
for the investee's direct disposal of the relevant assets or liabilities and the other
changes in owners' equity are transferred into the current profit or loss in
proportion.When the Company loses joint control or significant influence over the investee
due to the disposal of equity investments and other reasons the other
comprehensive income recognized due to the equity method accounting for the
original equity investment is accounted for based on the same basis as that for the
investee's direct disposal of the relevant assets or liabilities when the equity method
accounting is terminated and the other changes in owners' equity are all transferred
into the current profit or loss when the equity method accounting is terminated.When the Company loses control over the investee due to the disposal of part of
the equity investment and other reasons when preparing individual financial
statements if the remaining equity enables the Company to exercise joint control
or significant influence over the investee the accounting method is changed to the
equity method and the remaining equity is adjusted as if the equity method had
been applied since its acquisition. The other comprehensive income recognized
before obtaining control over the investee is transferred out in proportion based on
the same basis as that for the investee's direct disposal of the relevant assets or
liabilities and the other changes in owners' equity recognized due to the equity
Notes to the Financial Statements Page20Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
method accounting are transferred into the current profit or loss in proportion; if
the remaining equity cannot enable the Company to exercise joint control or
significant influence over the investee it is recognized as a financial asset and the
difference between its fair value and carrying value on the date of losing control is
included in the current profit or loss and the other comprehensive income and
other changes in owners' equity recognized before obtaining control over the
investee are all transferred out.When disposing of the equity investment in a subsidiary step by step through
multiple transactions until the control is lost if it is a package of transactions each
transaction is accounted for as a transaction of disposing of the equity investment
in the subsidiary and losing control; before losing control the difference between
the consideration received from each disposal and the carrying value of the
long-term equity investment corresponding to the disposed equity is in individual
financial statements first recognized as other comprehensive income and then
transferred into the current profit or loss of the period when the control is lost. If it
is not a package of transactions each transaction is accounted for separately.(XIV) Investment Real Estate
Investment real estate refers to real estate held for the purpose of earning rental income or
capital appreciation or both including leased land use rights land use rights held and
intended to be transferred after appreciation and leased buildings (including buildings
used for lease upon the completion of self-construction or development activities as well
as buildings under construction or development that will be used for lease in the future).Subsequent expenditures related to investment real estate are included in the cost of
investment real estate when it is highly probable that the relevant economic benefits will
flow in and the cost can be reliably measured; otherwise they are included in the current
profit or loss when they occur.The Company measures existing real estate investment using the cost model. For
investment real estate measured using the cost model the depreciation policy for leased
buildings is the same as that for the Company's fixed assets and the amortization policy
for leased land use rights is implemented in the same way as that for intangible assets.(XV) Fixed Assets
1、 Recognition and Initial Measurement of Fixed Assets
Notes to the Financial Statements Page21Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
Fixed assets refer to tangible assets held for the production of goods the provision
of labor services lease or for business management purposes and with a useful
life exceeding one accounting year. Fixed assets are recognized when the following
conditions are simultaneously met:
（1）It is highly probable that the economic benefits related to the fixed asset will
flow into the enterprise.
（2）The cost of the fixed asset can be reliably measured.
Fixed assets are initially measured at cost (taking into account the impact of
estimated disposal expenses).Subsequent expenditures related to fixed assets are included in the cost of fixed
assets when it is highly probable that the economic benefits related to them will
flow in and their costs can be reliably measured; for the replaced parts their
carrying values are derecognized; all other subsequent expenditures are included in
the current profit or loss when they occur.
2、 Depreciation Methods
Depreciation of fixed assets is calculated and provided for by category using the
straight-line method. The depreciation rate is determined according to the
categories of fixed assets their estimated useful lives and the estimated residual
value rates. For fixed assets for which impairment provisions have been made the
depreciation amount in future periods is determined based on the carrying value
after deducting the impairment provisions and the remaining useful life. If the
useful lives of the various components of a fixed asset are different or they provide
economic benefits to the enterprise in different ways different depreciation rates or
depreciation methods are selected to calculate and provide for depreciation
separately.The depreciation methods useful lives residual value rates and annual
depreciation rates of various types of fixed assets are as follows:
Category Service life Estimated residualvalue rate Annual depreciation rate
Buildings and structures 20-35 years 3% 2.77-4.85%
Machinery and equipment 5-20 years 3% 4.85-19.40%
Transportation vehicles 4-10 years 3% 9.70-24.25%
Other equipment 3-21 years 3% 4.62-32.33%
Notes to the Financial Statements Page22Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
Note: For the molds among the machinery and equipment depreciation is
calculated using the units-of-production method.
3、 Disposal of Fixed Assets
When a fixed asset is disposed of or it is expected that no economic benefits can
be generated through its use or disposal the fixed asset is derecognized. The
amount obtained by deducting the carrying value and relevant taxes and fees from
the disposal proceeds of a fixed asset from its sale transfer scrapping or damage
is included in the current profit or loss.(XVI) Construction in Progress
Construction in progress is measured at the actual cost incurred. The actual cost includes
construction costs installation costs borrowing costs that meet the capitalization
conditions and other necessary expenditures incurred before the construction in progress
reaches the intended usable state. When the construction in progress reaches the intended
usable state it is transferred to fixed assets and depreciation is provided starting from the
following month.(XVII) Borrowing Costs
1、 Recognition Principles for the Capitalization of Borrowing Costs
Borrowing costs incurred by the Company can be directly attributed to the
acquisition construction or production of assets that meet the capitalization
conditions are capitalized and included in the cost of the relevant assets; other
borrowing costs are recognized as expenses based on the amount incurred when
they occur and are included in the current profit or loss.Assets that meet the capitalization conditions refer to fixed assets investment real
estate inventories and other assets that require a substantial period of acquisition
construction or production activities to reach the intended usable or salable state.
2、 Capitalization Period of Borrowing Costs
The capitalization period refers to the period from the starting point of capitalizing
borrowing costs to the stopping point of capitalizing borrowing costs excluding the
period during which the capitalization of borrowing costs is suspended.The capitalization of borrowing costs begins when the following conditions are
Notes to the Financial Statements Page23Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
simultaneously met:
（1）Asset expenditures have occurred. Asset expenditures include expenditures
made in the form of cash payments transfer of non-cash assets or assumption of
interest-bearing debts for the acquisition construction or production of assets that
meet the capitalization conditions;
（2）Borrowing costs have occurred;
（3）The acquisition construction or production activities necessary for the asset
to reach the intended usable or salable state have started.When the asset that meets the capitalization conditions and is under acquisition
construction or production reaches the intended usable or salable state the
capitalization of borrowing costs stops.
3、 Period of Suspended Capitalization
If there is an abnormal interruption during the acquisition construction or
production of assets that meet the capitalization conditions and the interruption
period exceeds 3 months continuously the capitalization of borrowing costs is
suspended; if this interruption is a necessary procedure for the asset that meets the
capitalization conditions and is under acquisition construction or production to
reach the intended usable or salable state the capitalization of borrowing costs
continues. The borrowing costs incurred during the interruption period are
recognized as current profit or loss until the acquisition construction or production
activities of the asset resume and the capitalization of borrowing costs continues.
4、 Calculation Methods for the Capitalization Rate and Capitalized Amount of
Borrowing Costs
For specific borrowings borrowed for the acquisition construction or production
of assets that meet the capitalization conditions the capitalized amount of
borrowing costs is determined by subtracting the interest income obtained from
depositing the unused borrowing funds in the bank or the investment income
obtained from temporary investments from the borrowing costs actually incurred in
the current period for the specific borrowings.For general borrowings used for the acquisition construction or production of
assets that meet the capitalization conditions the amount of borrowing costs that
should be capitalized for the general borrowings is calculated and determined by
Notes to the Financial Statements Page24Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
multiplying the weighted average of the asset expenditures exceeding the specific
borrowings by the capitalization rate of the general borrowings used. The
capitalization rate is calculated and determined based on the weighted average
actual interest rate of the general borrowings.During the capitalization period the exchange differences on the principal and
interest of specific foreign currency borrowings are capitalized and included in the
cost of assets that meet the capitalization conditions. The exchange differences on
the principal and interest of other foreign currency borrowings other than specific
foreign currency borrowings are included in the current profit or loss.(XVIII) Intangible Assets
1、 Valuation Methods of Intangible Assets
（1）The Company initially measures intangible assets at cost when it obtains them；
The cost of externally purchased intangible assets includes the purchase price
relevant taxes and fees as well as other expenditures directly attributable to
bringing the asset to its intended use.
（2）Subsequent Measurement
When obtaining an intangible asset the Company analyzes and determines its
useful life.For intangible assets with a finite useful life they are amortized over the period
during which they bring economic benefits to the enterprise. For intangible assets
for which it is not possible to foresee the period during which they will bring
economic benefits to the enterprise they are regarded as intangible assets with an
indefinite useful life and are not amortized.
2、 Estimation of the Useful Life of Intangible Assets with a Finite Useful Life
Project Estimated Useful Life Amortization Method
Right to Use Land 33 - 50 years Straight-line Method
Right to Use Software 2 years Straight-line Method
Right to Use Trademark 10 years Straight-line Method
Non-patented Technology 5 - 11 years Straight-line Method
Patented Technology 10 years Straight-line Method
Notes to the Financial Statements Page25Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
3、 Specific Criteria for Distinguishing between the Research Stage and the
Development Stage
The expenditures of the Company's internal research and development projects are
divided into research stage expenditures and development stage expenditures.Research Stage: It refers to the stage of original and planned investigations and
research activities carried out to acquire and understand new scientific or technical
knowledge etc.Development Stage: It refers to the stage of activities in which research
achievements or other knowledge are applied to a certain plan or design before
commercial production or use in order to produce new or substantially improved
materials devices products etc.
4、 Specific Conditions for the Capitalization of Development Stage Expenditures
Expenditures incurred in the research stage are recognized as current profit or loss
when they occur. Development stage expenditures that simultaneously meet the
following conditions are recognized as intangible assets and development stage
expenditures that do not meet the following conditions are recognized as current
profit or loss:
(1) It is technically feasible to complete the intangible asset so that it can be used or
sold;
(2) There is the intention to complete the intangible asset and use or sell it；
(3) The way in which the intangible asset generates economic benefits including
being able to prove that there is a market for the products produced by applying the
intangible asset or that there is a market for the intangible asset itself. If the
intangible asset will be used internally it is necessary to be able to prove its
usefulness；
(4) There are sufficient technical financial and other resources to support the
completion of the development of the intangible asset and there is the ability to use
or sell the intangible asset；
(5) The expenditures attributable to the development stage of the intangible asset
can be reliably measured.If it is impossible to distinguish between research stage expenditures and
development stage expenditures all the research and development expenditures
Notes to the Financial Statements Page26Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
incurred will be recognized as current profit or loss.(XIX) Impairment of Long-term Assets
Long-term assets such as long-term equity investments investment real estate measured
using the cost model fixed assets construction in progress right-of-use assets and
intangible assets with a finite useful life are subject to an impairment test if there are
indications of impairment at the balance sheet date. If the results of the impairment test
indicate that the recoverable amount of an asset is lower than its carrying amount an
impairment provision is made for the difference and recognized as an impairment loss.The recoverable amount is the higher of the net amount of the fair value of the asset less
disposal costs and the present value of the expected future cash flows of the asset.Impairment provisions for assets are calculated and recognized on the basis of individual
assets. If it is difficult to estimate the recoverable amount of an individual asset the
recoverable amount of the asset group to which the asset belongs is determined. An asset
group is the smallest combination of assets that can generate cash inflows independently.For goodwill formed through business combinations intangible assets with an indefinite
useful life and intangible assets that have not yet reached the usable state an impairment
test is carried out at least at the end of each year regardless of whether there are
indications of impairment.When the Company conducts an impairment test on goodwill the carrying amount of the
goodwill formed through business combinations is allocated to the relevant asset groups
in a reasonable manner since the acquisition date; if it is difficult to allocate it to the
relevant asset groups it is allocated to the relevant asset group combinations. The relevant
asset groups or asset group combinations are those that can benefit from the synergistic
effects of the business combination.When conducting an impairment test on the relevant asset groups or asset group
combinations that include goodwill if there are indications of impairment in the asset
groups or asset group combinations related to the goodwill an impairment test is first
carried out on the asset groups or asset group combinations that do not include goodwill
the recoverable amount is calculated and it is compared with the relevant carrying
amount to recognize the corresponding impairment loss. Then an impairment test is
carried out on the asset groups or asset group combinations that include goodwill and
their carrying amount is compared with the recoverable amount. If the recoverable
amount is lower than the carrying amount the amount of the impairment loss first offsets
Notes to the Financial Statements Page27Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
the carrying amount of the goodwill allocated to the asset groups or asset group
combinations and then according to the proportion of the carrying amount of each of the
other assets in the asset groups or asset group combinations except for the goodwill the
carrying amounts of the other assets are offset proportionally. Once the above-mentioned
asset impairment losses are recognized they will not be reversed in subsequent
accounting periods.(XX) Long-term Prepaid Expenses
Long-term prepaid expenses refer to various expenses that have already been incurred but
should be borne by the current period and subsequent periods with an amortization period
of more than one year.(XXI) Contract Liabilities
The Company presents contract assets or contract liabilities in the balance sheet based on
the relationship between the fulfillment of performance obligations and customers'
payments. The obligation to transfer goods or provide services to customers for which the
Company has received or is entitled to receive consideration from customers is presented
as contract liabilities. Contract assets and contract liabilities under the same contract are
presented on a net basis.(XXII) Employee Salaries and Benefits
1、 Accounting Treatment Methods for Short-term Employee Benefits
During the accounting period when employees provide services to the Company
the Company recognizes the actual short-term employee benefits incurred as
liabilities and includes them in the current profit or loss or the cost of relevant
assets.The social insurance premiums and housing provident funds paid by the Company
for employees as well as the trade union funds and employee education funds
withdrawn according to regulations are calculated and determined as the
corresponding employee salary and benefit amounts during the accounting period
when employees provide services to the Company based on the specified accrual
basis and accrual ratio.The employee welfare expenses incurred by the Company are included in the
current profit or loss or the cost of relevant assets according to the actual amount
Notes to the Financial Statements Page28Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
incurred at the time of occurrence. Among them non-monetary welfare benefits are
measured at fair value.
2、 Accounting Treatment Methods for Post-employment Benefits
（1）Defined Contribution Plan
The Company pays basic endowment insurance and unemployment insurance for
employees in accordance with the relevant regulations of the local government.During the accounting period when employees provide services to the Company
the payable amount is calculated according to the local specified payment base and
ratio recognized as a liability and included in the current profit or loss or the cost
of relevant assets. In addition the Company also participates in the enterprise
annuity plan approved by the relevant national departments. The Company
contributes to the annuity plan at a certain percentage of the total employee salaries
and the corresponding expenditures are included in the current profit or loss or the
cost of relevant assets.
（2）Defined Benefit Plan
The Company attributes the welfare obligations arising from the defined benefit
plan to the period when employees provide services according to the formula
determined by the projected unit credit method and includes them in the current
profit or loss or the cost of relevant assets.The deficit or surplus formed by subtracting the fair value of the defined benefit
plan assets from the present value of the defined benefit plan obligations is
recognized as a net defined benefit liability or net asset. When there is a surplus in
the defined benefit plan the Company measures the net defined benefit plan asset
at the lower of the surplus of the defined benefit plan and the asset ceiling.All defined benefit plan obligations including those expected to be paid within
twelve months after the end of the annual reporting period during which employees
provide services are discounted based on the market yield of national bonds or
high-quality corporate bonds in an active market that match the term and currency
of the defined benefit plan obligations as of the balance sheet date.The service cost arising from the defined benefit plan and the net interest on the net
defined benefit liability or net asset are included in the current profit or loss or the
cost of relevant assets; the changes arising from the remeasurement of the net
defined benefit liability or net asset are included in other comprehensive income
Notes to the Financial Statements Page29Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
and will not be reversed to profit or loss in subsequent accounting periods. When
the original defined benefit plan is terminated the part originally included in other
comprehensive income is all transferred to the undistributed profit within the scope
of equity.When settling the defined benefit plan the settlement gain or loss is recognized
based on the difference between the present value of the defined benefit plan
obligations determined on the settlement date and the settlement price.
3、 Accounting Treatment Methods for Termination Benefits
When the Company provides termination benefits to employees it recognizes the
employee salary and benefit liability arising from the termination benefits at the
earlier of the following two dates and includes it in the current profit or loss: when
the Company cannot unilaterally withdraw the termination benefits provided due to
the labor relationship termination plan or the downsizing proposal; when the
Company recognizes the costs or expenses related to the restructuring involving the
payment of termination benefits.(XXIII) Provision Liabilities
The Company recognizes a provision liability when the obligations related to a contingent
event simultaneously meet the following conditions:
（1）The obligation is a present obligation that the Company undertakes；
（2）It is highly probable that the performance of this obligation will result in an outflow
of economic benefits from the Company；
（3）The amount of the obligation can be reliably measured。
Provision liabilities are initially measured at the best estimate of the expenditure required
to settle the relevant present obligation.When determining the best estimate factors such as risks uncertainties and the time
value of money related to the contingent event are comprehensively considered. For those
with a significant impact of the time value of money the best estimate is determined by
discounting the relevant future cash outflows.If all or part of the expenditure required to settle the provision liability is expected to be
compensated by a third party the compensation amount when it is virtually certain to be
Notes to the Financial Statements Page30Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
received is recognized as an asset separately and the recognized compensation amount
shall not exceed the carrying value of the provision liability.The Company reviews the carrying value of the provision liability at the balance sheet
date. If there is conclusive evidence indicating that the carrying value does not reflect the
current best estimate the carrying value is adjusted according to the current best estimate.(XXIV) Share-based Payments
The share-based payments of the Company refer to transactions in which equity
instruments are granted or liabilities determined based on equity instruments are assumed
in order to obtain services provided by employees or other parties. The share-based
payments of the Company are divided into share-based payments settled in equity and
share-based payments settled in cash.
1、 Share-based Payments Settled in Equity and Equity Instruments
For share-based payments settled in equity in exchange for services provided by
employees they are measured at the fair value of the equity instruments granted to
employees. For share-based payment transactions that can be exercised
immediately upon grant on the grant date the fair value of the equity instruments
is included in the relevant costs or expenses and the capital reserve is increased
accordingly. For share-based payment transactions that can only be exercised after
the completion of the vesting period and the satisfaction of the specified
performance conditions at each balance sheet date during the vesting period the
Company based on the best estimate of the number of exercisable equity
instruments includes the services obtained during the current period in the relevant
costs or expenses according to the fair value on the grant date and increases the
capital reserve accordingly.If the terms of the share-based payment settled in equity are modified the services
obtained are recognized at least in accordance with the situation where the terms
have not been modified. In addition any modification that increases the fair value
of the granted equity instruments or any change that is favorable to employees on
the modification date shall result in the recognition of an increase in the services
obtained.During the vesting period if the granted equity instruments are cancelled the
Company treats the cancellation of the granted equity instruments as an accelerated
Notes to the Financial Statements Page31Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
exercise of rights immediately includes the amount that should be recognized
during the remaining vesting period in the current profit or loss and recognizes the
capital reserve at the same time. However if new equity instruments are granted
and it is determined on the grant date of the new equity instruments that the granted
new equity instruments are used to replace the cancelled equity instruments the
granted replacement equity instruments shall be treated in the same way as the
modification of the terms and conditions of the original equity instruments.
2、 Share-based Payments Settled in Cash and Equity Instruments
Share-based payments settled in cash are measured at the fair value of the liabilities
calculated and determined by the Company based on shares or other equity
instruments. For share-based payment transactions that can be exercised
immediately upon grant on the grant date the Company includes the fair value of
the assumed liabilities in the relevant costs or expenses according to the fair value
of the assumed liabilities and increases the liabilities accordingly. For share-based
payment transactions that can only be exercised after the completion of the vesting
period and the satisfaction of the specified performance conditions at each balance
sheet date during the vesting period the Company based on the best estimate of
the exercisability situation includes the services obtained during the current period
in the relevant costs or expenses according to the fair value of the liabilities
assumed by the Company and includes them in the liabilities accordingly. At each
balance sheet date before the settlement of the relevant liabilities and on the
settlement date the fair value of the liabilities is remeasured and the changes are
included in the current profit or loss.If the Company modifies the terms and conditions in the share-based payment
agreement settled in cash to make it a share-based payment settled in equity on the
modification date (whether it occurs during the vesting period or after the end of
the vesting period) the Company measures the share-based payment settled in
equity at the fair value of the granted equity instruments on that day includes the
services already obtained in the capital reserve and at the same time terminates the
recognition of the liabilities already recognized for the share-based payment settled
in cash on the modification date. The difference between the two is included in the
current profit or loss. If the vesting period is extended or shortened due to the
modification the Company shall conduct accounting treatment according to the
Notes to the Financial Statements Page32Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
modified vesting period.(XXV) Revenue
1、 Accounting policies for revenue recognition and measurement
The Company recognizes revenue when it fulfills its performance obligations under
a contract i.e. when the customer obtains control of the relevant goods or services.Control of goods or services refers to the ability to direct the use of and obtain
substantially all the economic benefits from the goods or services
For contracts containing two or more performance obligations the Company allocates the
transaction price to each separate performance obligation at the inception of the contract
based on the relative stand-alone selling prices of the goods or services promised under
each obligation. Revenue is measured based on the transaction price allocated to each
separate performance obligation.The transaction price is the amount of consideration the Company expects to be
entitled to in exchange for transferring goods or services to customers excluding
amounts collected on behalf of third parties or expected to be refunded to
customers. The Company determines the transaction price based on the contract
terms and its past practices taking into account factors such as variable
consideration significant financing components in the contract non-cash
consideration and consideration payable to customers. The Company determines
the transaction price including variable consideration to the extent that it is highly
probable that a significant reversal of cumulative revenue recognized will not occur
when the uncertainty is resolved. For contracts with significant financing
components the Company determines the transaction price as the amount the
customer would have paid if control of the goods or services had been transferred
at the time of payment in cash and amortizes the difference between the
transaction price and the contract consideration over the contract term using the
effective interest method.A performance obligation is satisfied over time if it meets one of the following
criteria; otherwise it is satisfied at a point in time:
* The customer simultaneously receives and consumes the economic benefits of
the Company’s performance as the Company performs.* The customer controls the goods being created or enhanced during the
Notes to the Financial Statements Page33Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
Company’s performance.* The goods produced by the Company’s performance have no alternative use
and the Company has an enforceable right to payment for performance completed
to date.For performance obligations satisfied over time the Company recognizes revenue
over the period of performance based on the progress toward completion unless
the progress cannot be reasonably measured. The Company determines the
progress toward completion using either an output or input method depending on
the nature of the goods or services. If the progress cannot be reasonably determined
revenue is recognized to the extent of costs incurred that are expected to be
recoverable until the progress can be reasonably measured.For performance obligations satisfied at a point in time the Company recognizes
revenue when the customer obtains control of the goods or services. In determining
whether the customer has obtained control the Company considers the following
indicators:
* The Company has a present right to payment for the goods or services i.e. the
customer has a present obligation to pay.* The Company has transferred legal title of the goods to the customer.* The Company has physically transferred the goods to the customer.* The Company has transferred the significant risks and rewards of ownership
of the goods to the customer.* The customer has accepted the goods or services.The Company determines whether it acts as a principal or an agent in a transaction
based on whether it controls the goods or services before they are transferred to the
customer. If the Company controls the goods or services before transfer it acts as a
principal and recognizes revenue based on the gross amount of consideration
received or receivable; otherwise it acts as an agent and recognizes revenue based
on the amount of commission or fee it expects to be entitled to.
2、 Disclosure of specific revenue recognition methods and
measurement approaches by business type
The Company recognizes revenue when it fulfills its performance obligations under
Notes to the Financial Statements Page34Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
a contract i.e. when the customer obtains control of the relevant goods or services.Control of goods or services refers to the ability to direct the use of and obtain
substantially all the economic benefits from the goods or services.
（1）Sales contracts
Sales contracts between the Company and its customers typically include
performance obligations such as the transfer of goods. The Company generally
recognizes revenue at the point in time when each performance obligation is
satisfied considering factors such as the present right to payment transfer of
significant risks and rewards of ownership transfer of legal title physical transfer
of goods and customer acceptance.
（2）Service contracts
For service contracts the performance obligations are satisfied over time because
the customer simultaneously receives and consumes the economic benefits of the
Company’s performance and the Company has an enforceable right to payment
for performance completed to date. Revenue is recognized based on the progress
toward completion unless the progress cannot be reasonably measured. The
Company uses the output method determining progress based on products
completed or delivered. If the progress cannot be reasonably determined revenue
is recognized to the extent of costs incurred that are expected to be recoverable
until the progress can be reasonably measured.
（3）Variable consideration
Some contracts with customers include sales rebate arrangements resulting in
variable consideration. The Company estimates the variable consideration using
either the expected value or the most likely amount but the transaction price
including variable consideration does not exceed the amount for which it is highly
probable that a significant reversal of cumulative revenue recognized will not occur
when the uncertainty is resolved.
（4）Warranty obligations
In accordance with contractual terms or legal requirements the Company provides
quality assurance for sold goods. For service-type warranties that provide a
separate service beyond ensuring that the goods comply with agreed-upon
Notes to the Financial Statements Page35Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
standards the Company treats them as a separate performance obligation. The
transaction price is allocated between the goods and the service-type warranty
based on their relative stand-alone selling prices and revenue is recognized when
the customer obtains control of the service. In assessing whether a warranty
provides a separate service the Company considers factors such as whether the
warranty is a legal requirement the warranty period and the nature of the tasks the
Company promises to perform.
（5）Loyalty points program
When selling goods or providing services the Company grants customers loyalty
points that can be redeemed for free or discounted goods or services. The loyalty
points program provides customers with a material right which the Company treats
as a separate performance obligation. The transaction price is allocated between the
goods or services and the loyalty points based on their relative stand-alone selling
prices and revenue is recognized when the customer redeems the points or when
the points expire.
（6）Principal/agent considerations
For arrangements where the Company directs a third party to provide services on
its behalf and has the right to determine the price of the goods or services traded
i.e. the Company controls the goods before they are transferred to the customer
the Company acts as a principal and recognizes revenue based on the gross amount
of consideration received or receivable. Otherwise the Company acts as an agent
and recognizes revenue based on the amount of commission or fee it expects to be
entitled to which is determined as the net amount after deducting amounts payable
to other parties or based on a predetermined commission rate or amount.(XXVI) Contract Costs
Contract costs include costs to fulfill a contract and costs to obtain a contract.Costs incurred by the Company to fulfill a contract that are not within the scope of other
standards (e.g. inventories fixed assets or intangible assets) are recognized as an asset if
the following conditions are met:
* The costs are directly related to a current or anticipated contract.* The costs increase the Company’s resources for fulfilling performance obligations in
Notes to the Financial Statements Page36Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
the future.* The costs are expected to be recovered.Incremental costs incurred to obtain a contract that are expected to be recovered are
recognized as an asset.Assets related to contract costs are amortized on the same basis as the recognition of
revenue from the related goods or services. However if the amortization period of costs to
obtain a contract does not exceed one year the Company recognizes them as an expense
when incurred.If the carrying amount of an asset related to contract costs exceeds the difference
between:
1、The remaining consideration expected to be received for transferring the related goods
or services;
2、The estimated costs to transfer the related goods or services
the Company recognizes an impairment loss for the excess amount. If factors leading to
prior impairment subsequently change resulting in the difference exceeding the carrying
amount the Company reverses the impairment loss to the extent that the carrying amount
does not exceed what it would have been had no impairment been recognized.(XXVII) Government Grants
1、 Types
Government grants are monetary or non-monetary assets received by the Company
from the government without compensation. They are classified into grants related
to assets and grants related to income.Grants related to assets are those received for the purchase or construction of
long-term assets. Grants related to income are all other government grants.
2. Timing of recognition
Government grants are recognized when the Company meets the attached
conditions and can receive the grants.
3. Accounting treatment
The Company accounts for government grants using the net method.Grants related to assets are deducted from the carrying amount of the related asset
or recognized as deferred income. If recognized as deferred income they are
amortized to profit or loss over the useful life of the related asset using a systematic
and rational method.Notes to the Financial Statements Page37Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
Grants related to income that compensate for future related costs or losses are
recognized as deferred income and amortized to profit or loss or deducted from
related costs or losses when the costs or losses are recognized. Grants that
compensate for already incurred costs or losses are directly recognized in profit or
loss or deducted from related costs or losses.For preferential loan interest subsidies received the Company accounts for them as
follows:
（1）If the subsidy is disbursed to the lending bank which then provides loans to
the Company at a preferential interest rate the Company records the loan at the
actual amount received and calculates interest expense based on the principal and
preferential interest rate
（2）If the subsidy is disbursed directly to the Company the Company offsets the
subsidy against the related interest expense.(XXVIII)Deferred Tax Assets and Deferred Tax Liabilities
Income tax includes current tax and deferred tax. Except for income tax arising from
business combinations or transactions directly recognized in equity (including other
comprehensive income) the Company recognizes current tax and deferred tax in profit or
loss.Deferred tax assets and deferred tax liabilities are recognized based on temporary
differences between the tax bases and carrying amounts of assets and liabilities.Deferred tax assets are recognized for deductible temporary differences to the extent that
it is probable that taxable profit will be available against which the temporary differences
can be utilized. For deductible losses and tax credits that can be carried forward deferred
tax assets are recognized to the extent that it is probable that future taxable profit will be
available.Deferred tax liabilities are recognized for taxable temporary differences except in certain
circumstances.Deferred tax assets or liabilities are not recognized in the following circumstances:
Notes to the Financial Statements Page38Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
* Initial recognition of goodwill;
* Transactions or events that are not business combinations and do not affect accounting
profit or taxable profit (or deductible losses) at the time of occurrence and for which the
initial recognition of assets and liabilities does not create equal taxable and deductible
temporary differences.Deferred tax liabilities are recognized for taxable temporary differences related to
investments in subsidiaries associates and joint ventures unless the Company can
control the timing of the reversal and it is probable that the temporary differences will not
reverse in the foreseeable future. Deferred tax assets are recognized for deductible
temporary differences related to such investments if it is probable that the temporary
differences will reverse in the foreseeable future and taxable profit will be available.At the balance sheet date the Company reviews the carrying amount of deferred tax
assets. If it is no longer probable that sufficient taxable profit will be available to utilize
the deferred tax asset the carrying amount is reduced. Any reduction is reversed if it
becomes probable that sufficient taxable profit will be available.When the Company has the legal right to settle current tax assets and liabilities on a net
basis and intends to do so they are presented net in the balance sheet.Deferred tax assets and liabilities are presented net in the balance sheet if the following
conditions are met:
* The Company has the legal right to settle current tax assets and liabilities on a net
basis;
* The deferred tax assets and liabilities relate to income tax levied by the same tax
authority on the same taxable entity or different entities that intend to settle current tax
assets and liabilities on a net basis or simultaneously realize the assets and settle the
liabilities in each future period.(XXIX) Leases
A lease is a contract that conveys the right to use an asset for a period of time in exchange
for consideration. At the inception of a contract the Company assesses whether the
contract is or contains a lease. If the contract transfers the right to control the use of one or
more identified assets for a period of time in exchange for consideration it is or contains a
lease.If a contract contains multiple leases the Company separates the contract and accounts
Notes to the Financial Statements Page39Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
for each lease separately. If a contract contains both lease and non-lease components the
Company separates the lease and non-lease components.
1、 The Company as a lessee
（1）Right-of-use assets
At the commencement date of the lease the Company recognizes a right-of-use
asset for leases other than short-term leases and leases of low-value assets. The
right-of-use asset is initially measured at cost which includes:
* The initial measurement amount of the lease liability;
* Lease payments made at or before the commencement date less any lease
incentives received;
* Initial direct costs incurred by the Company;
* Estimated costs of dismantling removing or restoring the leased asset or the
site unless incurred to produce inventories.Subsequently the Company depreciates the right-of-use asset on a straight-line
basis. If the Company is reasonably certain to obtain ownership of the leased asset
by the end of the lease term the asset is depreciated over its remaining useful life;
otherwise it is depreciated over the shorter of the lease term and the remaining
useful life.
（2）Lease liability
At the commencement date of the lease the Company recognizes a lease liability
for leases other than short-term leases and leases of low-value assets. The lease
liability is initially measured at the present value of unpaid lease payments which
include:
* Fixed payments (including in-substance fixed payments) less any lease
incentives;
* Variable lease payments that depend on an index or rate;
* Amounts expected to be payable under residual value guarantees;
* The exercise price of purchase options if the Company is reasonably certain
to exercise the option;
* Termination penalties if the lease term reflects the Company’s exercise of a
termination option.The Company uses the interest rate implicit in the lease as the discount rate but if
Notes to the Financial Statements Page40Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
this cannot be readily determined it uses the incremental borrowing rate.Interest expense on the lease liability is calculated using the periodic interest rate
and recognized in profit or loss or capitalized into the cost of related assets.Variable lease payments not included in the measurement of the lease liability are
recognized in profit or loss or capitalized into the cost of related assets when
incurred.After the commencement date the Company remeasures the lease liability and
adjusts the right-of-use asset in the following circumstances:
If the assessment of purchase renewal or termination options changes or if
the actual exercise of such options differs from the original assessment the
Company remeasures the lease liability based on the revised lease payments
and discount rate;
If in-substance fixed payments residual value guarantees or the index or rate
used to determine lease payments change the Company remeasures the lease
liability based on the revised lease payments and the original discount rate
unless the change is due to a floating interest rate in which case the revised
discount rate is used.
（3）Short-term leases and leases of low-value assets
For short-term leases and leases of low-value assets where the Company chooses
not to recognize a right-of-use asset and lease liability lease payments are
recognized in profit or loss or capitalized into the cost of related assets on a
straight-line basis over the lease term. A short-term lease is one with a lease term of
12 months or less at the commencement date and no purchase option. A low-value
asset lease is one for which the underlying asset is of low value when new. If the
Company subleases or expects to sublease the asset the original lease is not a
low-value asset lease.
（4）Lease modifications
A lease modification is accounted for as a separate lease if it meets both of the
following conditions:
* It increases the scope of the lease by adding one or more underlying assets;
* The increase in consideration is commensurate with the stand-alone price of
the added scope adjusted for the circumstances of the contract.If the modification is not accounted for as a separate lease the Company reassigns
the consideration redetermines the lease term and remeasures the lease liability
Notes to the Financial Statements Page41Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
based on the revised lease payments and discount rate at the effective date of the
modification.If the modification reduces the scope or shortens the lease term the Company
reduces the carrying amount of the right-of-use asset and recognizes a gain or loss.Other modifications that require remeasurement of the lease liability result in
corresponding adjustments to the right-of-use asset.
2、 The company as a lessor
At the commencement date of the lease the Company classifies leases as finance
leases or operating leases. A finance lease is one that transfers substantially all the
risks and rewards incidental to ownership of the underlying asset regardless of
legal ownership. An operating lease is any lease other than a finance lease. When
acting as an intermediate lessor the Company classifies the sublease based on the
right-of-use asset arising from the head lease.
（1）Operating lease accounting
Lease receipts from operating leases are recognized as rental income on a
straight-line basis over the lease term. Initial direct costs incurred are capitalized
and amortized to profit or loss on the same basis as rental income recognition.Variable lease payments not included in lease receipts are recognized in profit or
loss when incurred. If an operating lease is modified the Company accounts for it
as a new lease from the effective date treating any prepaid or accrued lease
receipts as receipts under the new lease
（2）Finance lease accounting
At the commencement date of a finance lease the Company recognizes a finance
lease receivable and derecognizes the leased asset. The finance lease receivable is
initially measured at the net investment in the lease which is the sum of the present
value of unguaranteed residual value and lease receipts not yet received at the
commencement date discounted using the interest rate implicit in the lease.Interest income is recognized over the lease term using the periodic interest rate.Derecognition and impairment of finance lease receivables are accounted for in
accordance with the policies in Note 3(9) "Financial Instruments."
Variable lease payments not included in the net investment in the lease are
Notes to the Financial Statements Page42Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
recognized in profit or loss when incurred.A finance lease modification is accounted for as a separate lease if it meets both of
the following conditions:
It increases the scope of the lease by adding one or more underlying assets;
The increase in consideration is commensurate with the stand-alone price of
the added scope adjusted for the circumstances of the contract.If the modification is not accounted for as a separate lease the Company accounts
for it as follows:
If the modified lease would have been classified as an operating lease had it
been in effect at the commencement date the Company accounts for it as a
new operating lease from the effective date using the net investment in the
lease as the carrying amount of the leased asset;
If the modified lease would still have been classified as a finance lease the
Company accounts for it in accordance with the policies in Note 3(9)
"Financial Instruments" for contract modifications or reassessments.
3、 Sale and leaseback transactions
The Company assesses whether a sale has occurred in a sale and leaseback
transaction based on the principles in Note 3(25) "Revenue."
（1）As a lessee
If the transfer of the asset in a sale and leaseback transaction qualifies as a sale the
Company measures the right-of-use asset arising from the leaseback at the portion
of the carrying amount of the asset related to the right of use retained and
recognizes only the gain or loss related to the rights transferred to the lessor.If the transfer does not qualify as a sale the Company continues to recognize the
transferred asset and recognizes a financial liability equal to the transfer proceeds.The accounting for financial liabilities is detailed in Note 3(9) "Financial
Instruments."
（2）As a lessor
If the transfer qualifies as a sale the Company accounts for the purchase of the
asset and leases it out in accordance with the policies above for lessors. If the
transfer does not qualify as a sale the Company does not recognize the transferred
asset but recognizes a financial asset equal to the transfer proceeds. The accounting
Notes to the Financial Statements Page43Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
for financial assets is detailed in Note 3(9) "Financial Instruments."
(XXX) Materiality Standards and Selection Basis
Item Materiality Standard
Subsidiary’s net assets accounting for over 5% of the Company’s
Significant non-wholly owned subsidiaries consolidated net assets or net profit accounting for over 10% of the
Company’s consolidated net profit
Significant joint ventures and associates Investment income under the equity method accounting for over 10% ofthe Company’s consolidated net profit
Significant write-offs of receivables Single write-off amount exceeding 5% of the total bad debt provision forreceivables or exceeding RMB 15 million
Significant recoveries or reversals of bad debt Single recovery or reversal amount exceeding 5% of the total bad debt
provisions for receivables provision for receivables or exceeding RMB 15 million
Significant prepayments aged over 1 year Single amount exceeding 5% of total prepayments or exceeding RMB 15million
Significant payables aged over 1 year or Single amount exceeding 5% of total payables or exceeding RMB 15
overdue million
Significant construction in progress Project balance exceeding RMB 50 million
(XXXI) Changes in Significant Accounting Policies and Estimates
1、 Changes in significant accounting policies
Implementation of "Accounting Standards for Business Enterprises Interpretation
No. 18" regarding the accounting treatment for warranty-type quality assurance
that does not constitute a separate performance obligation
On December 6 2024 the Ministry of Finance issued "Accounting Standards for
Business Enterprises Interpretation No. 18" (Cai Kuai [2024] No. 24 hereinafter
referred to as "Interpretation No. 18") which came into effect on the date of
issuance and allows companies to adopt it early in their annual reports.Interpretation No. 18 stipulates that when accounting for estimated liabilities
arising from warranty-type quality assurance that does not constitute a separate
performance obligation companies should debit "Cost of Sales" or "Other
Operating Costs" and credit "Estimated Liabilities" in accordance with
"Accounting Standards for Business Enterprises No. 13— Contingencies" and
present the amounts in "Cost of Sales" in the income statement and "Other Current
Liabilities" "Non-current Liabilities Due Within One Year" or "Estimated
Liabilities" in the balance sheet.When first applying the interpretation if the original provision for warranty-type
quality assurance was recorded in "Selling Expenses" the Company retrospectively
Notes to the Financial Statements Page44Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
adjusts the accounting policy change. The main impact of adopting this
interpretation from 2024 is as follows:
Content and
reason for Affected financial Consolidated Parent Company
accounting policy statement items
change 2024 2023 2024 2023
Implementation
of "Accounting
Standards for Cost of Sales 2097922084.25 1667654042.97 891328215.46 1129775535.65
Business
Enterprises
Interpretation No. Selling Expenses -2097922084.25 -1667654042.97 -891328215.46 -1129775535.65
18"
IV、 Tax Items
(I) Major taxes and tax rates
Tax type Tax basis Tax rate（%）
Calculated based on output tax on sales of goods and taxable
Value-added tax 6、7、9、13
services minus input tax deductible in the current period
Consumption tax Based on taxable sales revenue 1、3、5
Urban maintenance
Based on actual VAT and consumption tax paid 5、7
and construction tax
Corporate income tax Based on taxable income 15-41
Education surcharge Based on actual VAT and consumption tax paid 3
Based on actual VAT
and consumption tax Based on actual VAT and consumption tax paid 2
paid
(II) Tax incentives
1、 In accordance with national high-tech enterprise certification regulations and related
tax incentives the Company and the following subsidiaries are recognized as high-tech
enterprises and enjoy a preferential corporate income tax rate of 15% during specified
periods: the Company (2024 – 2026)Beijing Changan Automobile Engineering
Technology Research Co. Ltd. (from 2024 to 2026)Hebei Changan Automobile Co. Ltd.
(2023–2025) and Shenlan Automobile Technology Co. Ltd. (2023to2025)。
2、According to the "Announcement on Continuing the Corporate Income Tax Policy for
Western Development" (Announcement [2020] No. 23) jointly issued by the Ministry of
Notes to the Financial Statements Page45Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
Finance the State Taxation Administration and the National Development and Reform
Commission from January 1 2021 to December 31 2030 encouraged industrial
enterprises in western regions are subject to a reduced corporate income tax rate of 15%.The Company’s subsidiaries including Chongqing Changan Automobile International
Sales Service Co. Ltd. Chongqing Changan Special Purpose Vehicle Co. Ltd.Chongqing Changan Automobile Customer Service Co. Ltd. Chongqing Changan
Automobile Software Technology Co. Ltd. Chongqing Changan Technology Co. Ltd.Chongqing Xingzhi Technology Co. Ltd. Chongqing Lingyao Automobile Co. Ltd. and
Chongqing Chehemei Technology Co. Ltd. meet the requirements and calculate
corporate income tax at the 15% rate.
3、According to the "Announcement on Further Supporting the Development of Small and
Micro Enterprises and Individual Businesses" (Announcement [2023] No. 12) small and
micro-profit enterprises are taxed at 20% on 25% of taxable income. The Company’s
subsidiaries including Shanghai Chang'an Zhixing Technology Co. Ltd. Xiamen
Chang'an New Energy Vehicle Sales and Service Co. Ltd. Shenlan Automobile Nanjing
Research Institute Co. Ltd. Shenlan Automotive Marketing Services (Shenzhen) Co.Ltd. are recognized as small and micro-profit enterprises and enjoy this tax incentive.
4 、 According to the "Announcement on the VAT Additional Deduction Policy for
Advanced Manufacturing Enterprises" (Announcement [2023] No. 43) from January 1
2023 to December 31 2027 advanced manufacturing enterprises are allowed to deduct
an additional 5% of deductible input tax from payable VAT. The Company、 Hebei
Changan Automobile Co. Ltd.and Shenlan Automobile Technology Co. Ltd. met the
conditions in 2025.Notes to the Financial Statements Page46Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
V、 Notes to Consolidated Financial Statement Items
(I) Cash and Cash Equivalents
Item Ending balance Beginning balance
Cash on hand 18757.73 17882.93
Bank deposits 39929836510.36 31420742183.93
Other cash and cash equivalents 911014156.74 632635145.29
Deposits with finance companies 13180865840.46 32128700450.59
Total 54021735265.29 64182095662.74
Including: Amounts held overseas 4732403202.98 1700478478.22
Note 1: As of December 312025 the company held overseas funds with restricted
repatriation amounting to a deposit of RMB 21791863.71.Note 2: The monetary funds held by the company in financial companies affiliated to the
company are detailed in Note 12(v)4.(II) Financial Assets at Fair Value Through Profit or Loss
Beginning
Item Ending balance
balance
Financial assets at fair value through profit or loss
Including: Equity instrument investments 155013154.45
Others
Total 155013154.45
(III) Notes Receivable
1、 Classification of notes receivable
Items Closing balance Balance at the end of last year
Bank acceptance bills 19000946520.12 32432000085.43
Commercial acceptance bills 13996998569.07 13148904497.29
Total 32997945089.19 45580904582.72
Notes to the Financial Statements Page47Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
2、 Notes receivable by bad debt provision method
Ending balance Beginning balance
Category Carrying amount Bad debt provision Carrying amount Bad debt provision
Carrying value Carrying value
Amount （%） Amount （%） Amount （%） Amount （%）
Provision based on
credit risk 32997945089.19 100.00 32997945089.19 45580904582.72 100.00 45580904582.72
characteristics
Total 32997945089.19 100.00 32997945089.19 45580904582.72 100.00 45580904582.72
Notes to the Financial Statements Page48Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
Provision based on credit risk characteristics:
Ending balance
Name
Notes receivable Bad debt provision Provision rate (%)
Bank acceptance
19000946520.12
bills
Commercial
13996998569.07
acceptance bills
Total 32997945089.19
3、 Pledged notes receivable as of the end of the period
Item Ending pledged amount
Bank acceptance bills 5319644475.35
Total 5319644475.35
4、 Notes receivable endorsed or discounted but not yet due as of the balance
sheet date
Ending derecognized Ending unrecognized
Item
amount amount
Bank acceptance bills 14711047274.83
Commercial acceptance bills 1005400000.00
Total 15716447274.83
(IV) Accounts Receivable
1、 Accounts receivable by aging
Aging Ending balance Beginning balance
Within 1 year (inclusive) 4229717717.10 3446137716.23
1–2 years (inclusive) 18123693.24 16222867.47
2–3 years (inclusive) 699218.40 2555202.33
Over 3 years 185165040.70 182615371.52
Notes to the Financial Statements Page49Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
Aging Ending balance Beginning balance
Subtotal 4433705669.44 3647531157.55
Less: Bad debt provision 236861022.29 249053432.80
Total 4196844647.15 3398477724.75
Notes to the Financial Statements Page50Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
2、 Classification and disclosure of accounts receivable according to the bad debt provision method
Ending balance Beginning balance
Category Carrying amount Bad debt provision Carrying amount Bad debt provision
Carrying value Carrying value
Amount （%） Amount （%） Amount （%） Amount （%）
Specific
134737278.683.04117520250.0387.2217217028.65155418767.284.26138122745.9188.8717296021.37
provision
Provision
based on
4298968390.7696.96119340772.262.784179627618.503492112390.2795.74110930686.893.183381181703.38
credit risk
characteristics
Total 4433705669.44 100.00 236861022.29 4196844647.15 3647531157.55 100.00 249053432.80 3398477724.75
Notes to the Financial Statements Page51Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
Provision based on credit risk characteristics:
Ending balance
Name
Accounts receivable Bad debt provision Provision rate (%)
Within 1 year
4156740908.72278539.100.01
(inclusive)
1–2 years (inclusive) 17756539.36 504073.44 2.84
2–3 years (inclusive) 347789.36 68535.73 19.71
Over 3 years 124123153.32 118489623.99 95.46
Total 4298968390.76 119340772.26
3、 Changes in bad debt provision during the period
Changes during the period
Beginning Ending
Category Recoveries Other
balance Provision Write-offs balance
or reversals changes
Specific
138122745.915706329.7114896166.17117520250.03
provision
Provision
based on
110930686.8911068963.942658878.57119340772.26
credit risk
characteristics
Total 249053432.80 11068963.94 8365208.28 14896166.17 236861022.29
4、 Write-offs of Accounts Receivable — Current Period
Particulars Write-off Amount
Accounts Receivable Actually Written Off 14896166.17
Among which significant write-offs of accounts receivable:
Name of Entity Nature of Write-off Reason for Write-off Whether the
Accounts Amount Write-off Procedures Amount
Notes to the Financial Statements Page52Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
Receivable Performed Arose from
Related Party
Transactions
unit A Litigation Approved by
Rent 14483467.21 concluded with no the General No
enforceable assets Manager's
of the counterparty Office Meeting
5、 Top five accounts receivable and contract assets by debtor
As of December 31 2025 the top five accounts receivable totaled RMB2944576741.97
accounting for 56.02% of the total ending balance.(V) Prepayments
1、 Prepayments by aging
Ending balance Beginning balance
Aging
Amount % Amount %
Within 1 year
485225383.1598.56502483902.5999.05
(inclusive)
1–2 years (inclusive) 3007464.47 0.61 4504672.39 0.89
2–3 years (inclusive) 4024296.15 0.82 56190.44 0.01
Over 3 years 30000.00 0.01 268916.65 0.05
Total 492287143.77 100.00 507313682.07 100.00
2、 Top five prepayments by prepayment object
As of December 31 2025 the top five prepayments totaled RMB 393556809.08
accounting for 79.94% of the total prepayments.(VI) Other Receivables
Item Ending balance Beginning balance
Other receivables 882272960.21 2386898598.92
Notes to the Financial Statements Page53Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
Item Ending balance Beginning balance
Total 882272960.21 2386898598.92
1、 Other receivables
（1）By aging
Aging Ending balance Beginning balance
Within 1 year (inclusive) 752443662.80 2317334638.91
1–2 years (inclusive) 74225094.04 16154702.56
2–3 years (inclusive) 7617463.19 2166618.01
Over 3 years 58940761.15 59730163.91
Subtotal 893226981.18 2395386123.39
Less: Bad debt provision 10954020.97 8487524.47
Total 882272960.21 2386898598.92
Notes to the Financial Statements Page54Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
（2）By bad debt provision method
Ending balance Beginning balance
Category Carrying amount Bad debt provision Carrying amount Bad debt provision
Carrying value Carrying value
Amount % Amount % Amount % Amount %
Specific provision 7259741.71 0.81 7259741.71 100.00 7376768.78 0.31 7376768.78 100.00
Provision based on
credit risk 885967239.47 99.19 3694279.26 0.42 882272960.21 2388009354.61 99.69 1110755.69 0.05 2386898598.92
characteristics
Total 893226981.18 100.00 10954020.97 882272960.21 2395386123.39 100.00 8487524.47 2386898598.92
Notes to the Financial Statements Page55Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
Provision based on credit risk characteristics:
Ending balance
Name
Other receivables Bad debt provision Provision rate (%)
Within 1 year
752382798.272429201.550.32
(inclusive)
1–2 years (inclusive) 74225094.04 162443.97 0.22
2–3 years (inclusive) 7617463.19 172279.69 2.26
Over 3 years 51741883.97 930354.05 1.80
Total 885967239.47 3694279.26
（3）Bad debt provision details
Stage 1 Stage 2 Stage 3
Lifetime Lifetime
12-month
Bad debt provision expected credit expected credit Total
expected credit
loss (not loss
loss
credit-impaired) (credit-impaired)
Beginning balance 1110755.69 7376768.78 8487524.47
-Transfers to Stage2
-Transfers to Stage3
-Return to Stage2
-Return to Stage1
Provision 3223987.68 60864.53 3284852.21
Recoveries or reversals 640464.11 177891.60 818355.71
Write-offs
Other changes
Ending balance 3694279.26 7259741.71 10954020.97
（4）Changes in bad debt provision during the period
Category Beginning Changes during the period Ending
balance balance
Notes to the Financial Statements Page56Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
Recoveries Other
Provision Write-offs
or reversals changes
Specific
7376768.7860864.53177891.607259741.71
provision
Provision
based on
1110755.693223987.68640464.113694279.26
credit risk
characteristics
Total 8487524.47 3284852.21 818355.71 10954020.97
（5）By nature
Nature Ending carrying amount Beginning carrying amount
Subsidy receivables 306292934.00 287383193.00
Prepaid equity investment 3112440.00 1207100000.00
Petty cash 57611056.67 58038264.36
Deposits and guarantees 40499372.49 90018699.02
Land acquisition receivables 249001679.00 557988400.00
Others 236709499.02 194857567.01
Total 893226981.18 2395386123.39
（6）Top five other receivables by debtor
As of December 31 2025 the top five other receivables totaled RMB
579800854.17 accounting for 64.91% of the total ending balance.
Notes to the Financial Statements Page57Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
(VII) Inventories
1、 Inventory classification
Ending balance Beginning balance
Provision for Provision for
Category decline/contract decline/contract
Carrying amount Carrying value Carrying amount Carrying value
fulfillment cost fulfillment cost
impairment impairment
Raw materials 1135459985.00 56372428.95 1079087556.05 350940520.59 74247850.42 276692670.17
Goods in transit 133511351.78 133511351.78 64421443.50 64421443.50
Consigned processing
15916979.5015916979.50
materials
Work in progress 1703295662.07 82615815.74 1620679846.33 1148535803.86 43894048.28 1104641755.58
Finished goods 19536728819.47 189212925.86 19347515893.61 15493584058.93 129017809.55 15364566249.38
Others 337491722.87 337491722.87 255131560.45 255131560.45
Total 22846487541.19 328201170.55 22518286370.64 17328530366.83 247159708.25 17081370658.58
Notes to the Financial Statements Page58Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
2、 Inventory impairment and contract fulfillment cost impairment
Increase during the period Decrease during the period
Category Beginning balance Ending balance
Provision Others write-offs Reversal
Raw materials 74247850.42 17724965.97 35600387.44 56372428.95
Work in progress 43894048.28 64318800.11 25597032.65 82615815.74
Finished goods 129017809.55 119645463.26 13199604.47 72649951.42 189212925.86
Total 247159708.25 201689229.34 13199604.47 133847371.51 328201170.55
The Company assesses whether the cost of inventories exceeds their net realizable value to determine the provision for inventory impairment. Net
realizable value is the estimated selling price in the ordinary course of business less estimated costs to complete and sell the inventory. The reversal or
write-off of inventory impairment this year is due to an increase in the net realizable value of inventories previously impaired or the sale of such
inventories during the year.Notes to the Financial Statements Page59Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
(VIII) Contract Assets
1、 Contract assets
Ending balance Beginning balance
Item Carrying Impairment Impairment
Carrying value Carrying amount Carrying value
amount provision provision
Contract
822590180.23667318643.16155271537.071275581683.29683154858.55592426824.74
assets
Total 822590180.23 667318643.16 155271537.07 1275581683.29 683154858.55 592426824.74
2、 Significant changes in carrying value during the reporting period
Item Change amount Reason for change
New energy subsidies 437155287.67 Partial recovery of payments
Total 437155287.67
Notes to the Financial Statements Page60Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
3、 Contract assets by impairment provision method
Ending balance Beginning balance
Category Carrying amount Impairment provision Carrying amount Impairment provision
Carrying value Carrying value
Amount % Amount % Amount % Amount %
Specific provision 822590180.23 100.00 667318643.16 81.12 155271537.07 1275581683.29 100.00 683154858.55 53.56 592426824.74
Total 822590180.23 100.00 667318643.16 155271537.07 1275581683.29 100.00 683154858.55 592426824.74
Notes to the Financial Statements Page61Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2025
4、 Contract asset impairment provision changes during the period
Change amount
Balance at the Reversals
Items Closing balance
end of last year Provision Reversals or Others
write-offs
Contract
683154858.551665140.1417501355.53667318643.16
assets
Total 683154858.55 1665140.14 17501355.53 667318643.16
(IX) Non-current Assets Due Within One Year
Item Ending balance Beginning balance
Long-term receivables due within one year 254821266.90 254821266.90
Time deposits and large-denomination CDs
1235886944.4454326849.32
due within one year
Total 1490708211.34 309148116.22
(X) Other Current Assets
Item Ending balance Beginning balance
Deductible input VAT 3585954836.25 1691898079.82
Prepaid taxes 755648767.95 443749745.68
Time deposits and others 7456317494.47 39308007.51
Total 11797921098.67 2174955833.01
Notes to the Financial Statements Page62Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
(XI) Long-term Receivables
1、 Long-term receivables
Ending balance Beginning balance
Item Impairment Impairment
Carrying amount Carrying value Carrying amount Carrying value
provision provision
Long-term receivables 1528927601.39 1528927601.39 1783748868.29 1783748868.29
Subtotal 1528927601.39 1528927601.39 1783748868.29 1783748868.29
Less: Portion due within one
254821266.90254821266.90254821266.90254821266.90
year
Total 1274106334.49 1274106334.49 1528927601.39 1528927601.39
(XII) Long-term Equity Investments
1、 Long-term equity investments
provision for impairment
Impairment
Investee Beginning balance Year end balance of the Changes in this period Ending balance
provision at end
previous year
1．Joint ventures
Nanchang Jiangling Holding Co. Ltd. 2420750943.20 242152464.18 2662903407.38
Notes to the Financial Statements Page63Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
provision for impairment
Impairment
Investee Beginning balance Year end balance of the Changes in this period Ending balance
provision at end
previous year
Changan Mazda Automobile Co. Ltd. 733965602.46 -95953584.47 638012017.99
Changan Mazda Engine Co. Ltd. 806511751.50 3051468.88 809563220.38
Changan Ford Automobile Co. Ltd. 712215024.57 465353053.62 1177568078.19
Subtotal 4673443321.73 614603402.21 5288046723.94
2．Associates
Chongqing Changan Kuayue Automobile Co. Ltd. 241095703.97 17902702.25 258998406.22
Chongqing Chang'an Kuayue Vehicles Marketing Co. Ltd. 1239482.34 1239482.34
Changan Automobile Financing Co.Ltd 3299303386.01 2304417728.13 5603721114.14
Nanjing Chelai Travel Technology Co. Ltd. 326813.01 18.46 326831.47
Hunan Guoxin Semiconductor Technology Co. Ltd. 28169167.08 41994.11 28211161.19
Nanjing Leading Equity Investment Management Co. Ltd.
3118918021.614634068.633123552090.24(Limited Partnership) ）
Nanjing Leading Equity Investment Partnership 1100720.88 -5910.88 1094810.00
Zhongqi Chuangzhi Technology Co. Ltd. 429748700.86 -9452144.75 420296556.11
Chongqing Changxin Zhiqi Private Equity Investment Fund
276234416.11-11483469.62264750946.49
Partnership (Limited Partnership)
Anhe (Chongqing) Equity Investment Fund Management 62062151.97 959.64 62063111.61
Notes to the Financial Statements Page64Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
provision for impairment
Impairment
Investee Beginning balance Year end balance of the Changes in this period Ending balance
provision at end
previous year
Co. Ltd.Avatr Technology (Chongqing) Co. Ltd. 4897868333.37 -1211568180.53 3686300152.84
Chongqing Chang'an Chuangxin Private Equity Investment
163022540.124668612.00167691152.12
Fund Partnership (Limited Partnership)
Chongqing Changyu Private Equity Investment Fund
68673494.126359897.9475033392.06
Partnership (Limited Partnership)
Hangzhou Chelizi Intelligent Technology Co. Ltd. 771661.12 -771661.12
Western Car Network (Chongqing) Co. Ltd. 5563451.32 -1116896.85 4446554.47
Anhe (Chongqing) Private Equity Investment Fund
6894469.752747309.989641779.73
Management Co. Ltd.Chongqing Changxian Intelligent Technology Co. Ltd 116078353.40 10023495.77 126101849.17
Changan Ford Automobile Co. Ltd. 132045405.31 21102698.10 153148103.41
Chenzhi Anqi (Chongqing) Recycling Technology Co. Ltd. 10804724.73 10808067.98 21612792.71
Master Changan Motors Limited 43462121.96 58137377.71 101599499.67
Chongqing Anda Semiconductor Co. Ltd. 44581458.09 -2919029.90 41662428.19
Chongqing Wutong Chelian Technology Co. Ltd. 79880742.52 6180269.88 86061012.40
Times FAW Power Battery Co. Ltd. 334981934.05 25292895.88 360274829.93
Notes to the Financial Statements Page65Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
provision for impairment
Impairment
Investee Beginning balance Year end balance of the Changes in this period Ending balance
provision at end
previous year
Era Chang'an Power Battery Co. Ltd 490644789.41 50162813.04 540807602.45
Subtotal 13852232560.77 1286403098.19 15138635658.96
Total 18525675882.50 1901006500.40 20426682382.90
Notes to the Financial Statements Page66Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
(XIII) Other equity instrument investments
1、 Other equity instrument investment situation
Changes in This Period The dividend The cumulative gains The cumulative losses
Balance at the Closing income included in other included in other
Reasons for designating as
Items Gains included in Losses included in comprehensive income comprehensive income financial assets at fair valueend of last year Additional other comprehensive other comprehensive balance recognized in this
period as of the end of this as of the end of this
through other comprehensive
income for the current income for the current period period income
period period
investment
China South Industries
Group Finance Co. Ltd. Unlisted equity instruments351900000.00 900000.00 351000000.00 193979200.00
National Innovation
Center of Intelligent and Unlisted equity instruments
connected Vehicles 58000000.00 8000000.00 50000000.00
Guolian Automobile
Power Battery Research Unlisted equity instruments
Institute Co.Ltd. 30390000.00 1610000.00 32000000.00 8000000.00
China South Industries
Financial Leasing Co. Unlisted equity instruments
Ltd. 38180000.00 2180000.00 36000000.00 5448000.00
Zhong Fa Lian
Investment Co. Ltd. Unlisted equity instruments14801858.72 14801858.72 12692880.00 6198141.28
CAERI(Beijing)
automobile Lightweight
Technology Research Unlisted equity instruments3252414.81 1147585.19 4400000.00 1400000.00
Institution Co. Ltd.China South Industries
Group Finance Co. Ltd. Unlisted equity instruments91538462.00 5461538.00 97000000.00 5461538.00
National Innovation
Center of Intelligent and Unlisted equity instruments
connected Vehicles 111123985.46 4123985.46 107000000.00 4123985.46
Total
496524273.53202662447.468219123.1915203985.46692201858.7212692880.00206288738.0018322126.74
Notes to the Financial Statements Page67Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
(XIV) Investment property
1、 Investment properties using the cost measurement model
Items Buildings Total
1．Original cost
（1）Balance at the end of last year 10050100.00 10050100.00
（2）Increase in the current period
（3）Decrease in the current period
（4）Balance at the end of the period 10050100.00 10050100.00
2．Accumulated depreciation and accumulated amortization
（1）Balance at the end of last year 4080808.08 4080808.08
（2）Increase in the current period 226711.56 226711.56
—Provision or amortization 226711.56 226711.56
（3）Decrease in the current period
（4）Balance at the end of the period 4307519.64 4307519.64
3．Impairment provision
（1）Balance at the end of last year
（2）Increase in the current period
（3）Decrease in the current period
（4）Balance at the end of the period
4．Carrying amount
（1）Closing balance of carrying amount 5742580.36 5742580.36
（2）Carrying amount at the end of last year 5969291.92 5969291.92
(XV) Fixed assets
1、 Fixed assets and disposal of fixed assets
Balance at the end of last
Items Closing balance
year
Fixed assets 22048786066.87 21773526063.55
Total 22048786066.87 21773526063.55
Notes to the Financial Statements Page68Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
2、 Details of fixed assets
Transportation
Items Buildings Machinery and equipment Other Equipment Total
equipment
1．Original carrying amount
（1）Balance at the end of last year 11294445819.72 28226777591.83 292830139.80 10428744777.20 50242798328.55
（2）Increase in the period 663984388.23 1794539657.17 13426053.89 825854590.54 3297804689.83
—Purchase 9387105.61 37730468.61 1455623.93 14177775.03 62750973.18
—Transferred from construction
631700050.541747101291.5211970429.96811026908.413201798680.43
in progress
—Exchange rate fluctuation 22897232.08 9707897.04 649907.10 33255036.22
（3）Decrease in the period 94730580.04 954343874.83 16649925.87 613564523.96 1679288904.70
—Disposal or scrapping 94730580.04 798188876.83 16649925.87 610057847.09 1519627229.83
—Government grants 155843323.13 3506676.87 159350000.00
—Exchange rate fluctuation 311674.87 311674.87
（4）Closing balance 11863699627.91 29066973374.17 289606267.82 10641034843.78 51861314113.68
2．Accumulated depreciation
（1）Balance at the end of last year 3159607410.26 17244065286.31 173224350.11 5509538447.80 26086435494.48
（2）Increase in the period 400227964.41 1812969810.99 8423826.23 592824396.66 2814445998.29
—Provision 396798465.98 1806364170.02 8423826.23 592647741.94 2804234204.17
Notes to the Financial Statements Page69Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Transportation
Items Buildings Machinery and equipment Other Equipment Total
equipment
—Exchange rate fluctuation 3429498.43 6605640.97 176654.72 10211794.12
（3）Decrease in the period 65248843.00 474207927.14 14162451.21 479694630.60 1033313851.95
—Disposal or scrapping 65248843.00 474207927.14 14162451.21 479694630.60 1033313851.95
（4）Closing balance 3494586531.67 18582827170.16 167485725.13 5622668213.86 27867567640.82
3．Provision for impairment
（1）Balance at the end of last year 62245995.84 2046046753.52 1190791.87 273353229.29 2382836770.52
（2）Increase in the period 52938.34 210.51 53148.85
—Provision 52938.34 210.51 53148.85
（3）Decrease in the period 25684861.93 301887609.37 299845.50 110057196.58 437929513.38
—Disposal or scrapping 25684861.93 301887609.37 299845.50 110057196.58 437929513.38
（4）Closing balance 36561133.91 1744212082.49 890946.37 163296243.22 1944960405.99
4．Carrying amount
（1）Closing balance of carrying
8332551962.338739934121.52121229596.324855070386.7022048786066.87
amount
（2）Carrying amount at the end of
8072592413.628936665552.00118414997.824645853100.1121773526063.55
last year
Notes to the Financial Statements Page70Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
3、 Temporarily idle fixed assets
As of December 31 2025 the fixed assets with a book value of RMB
165186236.58 (RMB 136677753.98 as of December 31 2024) were temporarily
idle due to product upgrades and other reasons.
4、 The situation of fixed assets leased out through operating leases
Original carrying Provision for
Items Accumulated depreciation Carrying amount l
amount impairment
Bulidings 3158336270.66 982789752.40 13554778.92 2161991739.34
5、 Fixed assets situation without property rights certificate
As of December 31 2025 the company has no fixed assets with incomplete
property ownership certificates.(XVI) Construction in progress
1、 Construction in progress and construction materials
Closing balance Balance at the end of last year
Items Provision for Provision for
Book balance Carrying amount Book balance Carrying amount
impairment impairment
Construction
1056595927.2127861352.871028734574.341624245622.4727861352.871596384269.60
in progress
Total 1056595927.21 27861352.87 1028734574.34 1624245622.47 27861352.87 1596384269.60
2、 Details of construction in progress
Closing balance Balance at the end of last year
Items Provision for Provision for
Book balance Carrying amount Book balance Carrying amount
impairment impairment
Production line
438511351.27438511351.271070073195.241070073195.24
construction and
Notes to the Financial Statements Page71Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Closing balance Balance at the end of last year
Items Provision for Provision for
Book balance Carrying amount Book balance Carrying amount
impairment impairment
technological
renovation projects
Engineering
173720868.36173720868.36101071006.57101071006.57
construction project
Engine Technical
29931666.4120921684.069009982.3530174549.4220921684.069252865.36
Renovation Project
Others 414432041.17 6939668.81 407492372.36 422926871.24 6939668.81 415987202.43
Total 1056595927.21 27861352.87 1028734574.34 1624245622.47 27861352.87 1596384269.60
Notes to the Financial Statements Page72Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
3、 Movements of significant construction in progress for the period
Accumulated
Of which: amount Interest
Amount transferred Other investment in Project Accumulated
Balance at the end Increase in the of interest capitalized rate
Items Budgeted amount in fixed Assets for decreases for Closing balance project as a progress amount of interest Sources of fund
of last year period capitalized for the for the period
the period the period percentage of （%） capitalized
period （%）
total budget（%）
Production line
construction and
6674709893.50 101071006.57 744253966.26 671604104.47 173720868.36 12.66 12.66 Self-raised fund
technological renovation
projects
Engineering
447175000.00 30174549.42 34793913.39 35036796.40 29931666.41 78.09 78.09 Self-raised fund
construction project
Engine Technical
7807867000.00 1070073195.24 1282195788.45 1913757632.42 438511351.27 30.13 30.13 Self-raised fund
Renovation Project
Self-raised funds
Others 422926871.24 572905317.07 581400147.14 414432041.17
and financing
Total 1624245622.47 2634148985.17 3201798680.43 1056595927.21
Notes to the Financial Statements Page73Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
4、 The movement of impairment for construction in progress
Balance at the changes in the current period
Closing reason for
Items end of last
Provision Write-off Others balance provision
year
Engine
technical
20921684.0620921684.06
transformation
project
Others 6939668.81 6939668.81
Total 27861352.87 27861352.87
(XVII) Right-of-use assets
1、 Details of construction in progress right-of-use assets
Machinery and
Items Buildings Total
equipment
1．Original carrying amount
（1）Balance at the end of last
413229721.6814150442.47427380164.15
year
（2）Increase in the period 270249827.82 217161.30 270466989.12
—Additional lease 269041340.59 217161.30 269258501.89
—Exchange rate
1208487.221208487.22
fluctuation
（3）Decrease in the period 88497964.41 88497964.41
—Disposal 88497964.41 88497964.41
（4）Closing balance 594981585.09 14367603.77 609349188.86
2．Accumulated depreciation
（1）Balance at the end of last
151361083.462721238.94154082322.40
year
（2）Increase in the period 124657493.70 1714178.93 126371672.63
—Provision 124008709.35 1714178.93 125722888.28
—Exchange rate 648784.35 648784.35
Notes to the Financial Statements Page74Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Machinery and
Items Buildings Total
equipment
fluctuation
（3）Decrease in the period 67710065.02 67710065.02
—Disposal 67710065.02 67710065.02
（4）Closing balance 208308512.14 4435417.87 212743930.01
3．Provision for impairment
（1）Balance at the end of last
year
（2）Increase in the period
—Provision
（3）Decrease in the period
—Disposal
（4）Closing balance
4．Carrying amount
（1）Closing balance of
386673072.959932185.90396605258.85
carrying amount
（2）Opening balance of
261868638.2211429203.53273297841.75
carrying amount
Notes to the Financial Statements Page75Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
(XVIII) Intangible assets
1、 Details of construction in intangible assets
Items Land use rights Software use rights Trademark use rights Non-patent technology Patent technology Total
1．Original carrying
amount
（1）Balance at the
2479830234.88901695040.912627770189.9522342708055.0785581514.7028437585035.51
end of last year
（2）Increase in the
4270175.2681512559.8821768104.923745477354.943853028195.00
period
—Purchase 3602115.93 79688064.23 20981023.99 1212532.22 105483736.37
—Internal
research and 1824495.65 3744264822.72 3746089318.37
development
—Exchange
668059.33787080.931455140.26
rate fluctuation
（3）Decrease in the
36302142.25254728.9536556871.20
period
—Disposal 36302142.25 225024.26 36527166.51
Notes to the Financial Statements Page76Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Items Land use rights Software use rights Trademark use rights Non-patent technology Patent technology Total
—Exchange
29704.6929704.69
rate fluctuation
（4）Closing balance 2447798267.89 982952871.84 2649538294.87 26088185410.01 85581514.70 32254056359.31
2．Accumulated
amortization
（1）Balance at the
450762504.72785632082.79674303046.599225868042.4424244146.4311160809822.97
end of last year
（2）Increase in the
54423612.1149501885.88251737692.432998093518.768558151.453362314860.63
period
—Provision 53580175.83 49501885.88 251718455.70 2998093518.76 8558151.45 3361452187.62
—Exchange
843436.2819236.73862673.01
rate fluctuation
（3）Decrease in the
15774883.40914.5415775797.94
period
—Disposal 15774883.40 15774883.40
—Exchange
914.54914.54
rate fluctuation
（4）Closing balance 489411233.43 835133054.13 926040739.02 12223961561.20 32802297.88 14507348885.66
Notes to the Financial Statements Page77Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Items Land use rights Software use rights Trademark use rights Non-patent technology Patent technology Total
3．Provision for
impairment
（1）Balance at the
23617923.1722381216.63458926146.51
end of last year
（2）Increase in the
16683419.81
period
—Provision 16683419.81
（3）Decrease in the
period
—Disposal
（4）Closing balance 23617923.17 22381216.63 475609566.32 521608706.12
4．Carrying amount
（1）Closing balance
1958387034.46124201894.541701116339.2213388614282.4952779216.8217225098767.53
of carrying amount
（2）Opening balance
2029067730.1692445034.951931085926.7312657913866.1261337368.2716771849926.23
of carrying amount
Note: In 2025 after evaluation the company determined that the recoverable amount of the relevant assets was below their book value resulting in an
impairment provision of 1668.34 million yuan for the period.Notes to the Financial Statements Page78Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
2、 The situation of land use rights without property ownership certificates
As of December 312025 the company has no land use rights with incomplete property ownership certificates.Notes to the Financial Statements Page79Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
(XIX) Goodwill
1、 Movements in goodwill
Names of investees or Increase for the period Decrease for the period
Balance at the end
items By business Closing balance
of last year Others Disposal Others
resulting in goodwill combination
Original carrying amount
Nanjing Changan
73465335.0073465335.00
Automobile Co. Ltd.Hebei Changan
9804394.009804394.00
Automobile Co. Ltd.Deep Blue Automotive
1800926049.161800926049.16
Technology Co. Ltd.Subtotal 1884195778.16 1884195778.16
Provision for impairment
Nanjing Changan
73465335.0073465335.00
Automobile Co. Ltd.Subtotal 73465335.00 73465335.00
Carrying amount 1810730443.16 1810730443.16
Note: During the impairment test for goodwill the Company compares the
Carrying amount of the related assets or asset groups (including goodwill) with
their recoverable amounts. If the recoverable amount is lower than the Carrying
amount the relevant difference is recognized in the current period's profit or loss.In 2024 when conducting an impairment test on the goodwill formed from the
business combination of Shenlan Automobile Technology Co. Ltd. our company
regarded the asset group containing the goodwill as a whole. At the end of the year
the present value of the expected future cash flows of such asset group was taken
as its recoverable amount. The management engaged an independent third party
Sichuan Tianjian Huaheng Assets Appraisal Co. Ltd. to assess the recoverable
amount of such asset group. The future cash flows were calculated based on the
financial budgets for the years from 2025 to 2032 approved by the management.The key assumptions used for calculating the present value of the expected future
Notes to the Financial Statements Page80Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
cash flows include: based on the past performance of the asset group and market
expectations the growth rate of sales revenue during the forecast period and the
growth rate of sales revenue during the stable period are both 0%; and the pre-tax
discount rate is 11.37%. According to the relevant assessments and tests at the end
of the year the recoverable amount of such asset group was greater than its
carrying value and there were no indications of impairment.(XX) Long-term deferred expenses
Balance at the
Increase in the Amortisation Other Closing
Items end of last
period for the period decreases balance
year
Premium for
extended 21709036.17 6631516.77 15077519.40
warranty
Others 2453183.89 1022005.83 1178595.41 641665.94 1654928.37
Total 24162220.06 1022005.83 7810112.18 641665.94 16732447.77
(XXI) Deferred tax assets and deferred tax liabilities
1、 Deferred tax assets which are not offset
Closing balance Balance at the end of last year
Deductible Deductible
Items Deferred tax Deferred tax
temporary temporary
assets assets
differences differences
Provision for asset
2470368361.82377963078.082812780308.55427610261.04
impairment
Accrued expenses
and contingent 10862131182.01 1645402612.29 11361903139.00 1720368405.84
liabilities
Unpaid tech
development 26127221.76 3919083.27 201717814.00 30257672.10
expense
Notes to the Financial Statements Page81Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Closing balance Balance at the end of last year
Deductible Deductible
Items Deferred tax Deferred tax
temporary temporary
assets assets
differences differences
andadvertisement
expense
deferred income 3233350682.85 526405634.13 3015492016.33 492368621.35
Unpaid salary and
6598700635.311000772933.936164872452.88936046685.59
bonus and others
Available-for-sale
financial assets on
the changes in fair 4123985.46 1030996.37
value recorded in
capital reserve
Total 23194802069.21 3555494338.07 23556765730.76 3606651645.92
2、 Deferred tax liabilities which are not offset
Closing balance Balance at the end of last year
Taxable Taxable
Items Deferred tax Deferred tax
temporary temporary
liabilities liabilities
differences differences
Available-for-sale
financial assets on
the changes in fair 192090596.72 28813589.51 250964630.18 37644694.53
value recorded in
capital reserve
Fair value
adjustment of
business
7156759800.001073513970.008068028361.061210204254.16
combination not
under common
control
Notes to the Financial Statements Page82Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Closing balance Balance at the end of last year
Taxable Taxable
Items Deferred tax Deferred tax
temporary temporary
liabilities liabilities
differences differences
Long-term equity
1635326272.54245298940.881596988035.55239548205.33
investment
Others 1868672681.02 282840389.55 2572489279.25 389709175.51
Total 10852849350.28 1630466889.94 12488470306.04 1877106329.53
3、 Deferred tax assets or liabilities presented at the net amount after offsetting
Closing balance Balance as at the end of last year
Offset amount of Balance of deferred Offset amount of Balance of deferred
Items
deferred income tax income tax assets or deferred income tax income tax assets or
assets and liabilities liabilities after offset assets and liabilities liabilities after offset
Deferred tax assets 60023567.50 3495470770.57 42391398.35 3564260247.57
Deferred tax
60023567.501570443322.4442391398.351834714931.18
liabilities
4、 Details of unrecognized deferred income tax assets
Balance at the end of
Items Closing balance
last year
The deductible temporary difference 1267396960.13 1537577954.97
The deductible tax loss 9162011203.99 11267351181.99
Total 10429408164.12 12804929136.96
5、 Deductible tax losses that are not recognized as deferred tax assets will expire
in the following years
Balance at the end of
Year Closing balance Notes
last year
20251675980498.87
Notes to the Financial Statements Page83Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Balance at the end of
Year Closing balance Notes
last year
202633027475.402469603797.30
2027166700752.952020139471.49
20286539394.872888007630.83
2029 and beyond 8955743580.77 2213619783.50
Total 9162011203.99 11267351181.99
(XXII) Other non-current assets
Closing balance Balance at the end of last year
Provision Provision
Items
Book balance for Carrying amount Book balance for Carrying amount
impairment impairment
Certificates
of deposit
2141246110.902141246110.903250000000.003250000000.00
and time
deposit
Advance
payment for
450000000.00450000000.00455745345.02455745345.02
project
construction
Total 2591246110.90 2591246110.90 3705745345.02 3705745345.02
Notes to the Financial Statements Page84Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
(XXIII) Assets with restricted ownership or use rights
Closing The end of last year
Items Type of Circumstances of Type of Circumstances of
Book balance Carrying amount Book balance Carrying amount
restriction restriction restriction restriction
Security deposit Security deposit Security deposit Security deposit
Monetary funds 1028564112.54 1028564112.54 907719149.74 907719149.74
and others and others and others and others
Notes
5319644475.35 5319644475.35 Bill pledge Bill pledge 6569473317.00 6569473317.00 Bill pledge Bill pledge
receivable
Total 6348208587.89 6348208587.89 7477192466.74 7477192466.74
Notes to the Financial Statements Page85Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
(XXIV) Short-term loans
1、 Classification of short-term loans
Balance at the end of last
Items Closing balance
year
Credit loan 512275913.93 40036055.69
Total 512275913.93 40036055.69
Note: As of December 31 2025 the annual interest rate for the aforementioned
loan is 2.11%.As of December 31 2025 there are no overdue short-term loans.(XXV) Notes payable
Balance at the end of last
Category Closing balance
year
Bank acceptance bill 43111562471.54 32776976747.35
Commercial acceptance bill 867961309.25 2033628765.26
Total 43979523780.79 34810605512.61
(XXVI) Accounts payable
1、 Accounts payable
Balance at the end of last
Items Closing balance
year
Accounts payable for goods 29841076563.69 43835671129.12
Total 29841076563.69 43835671129.12
Notes：As of December 31 2025 there were no significant accounts payable with
an aging period of more than one year.(XXVII) Advances from customers
1、 Advances from customers
Notes to the Financial Statements Page86Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Balance at the end of last
Items Closing balance
year
Advance rental receipts 408273.22 477390.93
Total 408273.22 477390.93
(XXVIII) Contract liabilities
1、 Contract liabilities
Balance at the end of last
Items Closing balance
year
Advance payment 5356608912.37 9559537581.14
Advance service payment 1552000145.85 1328359414.35
Total 6908609058.22 10887896995.49
(XXIX) Payroll payable
1、 Payroll payable
Balance at the end Increase for Decrease for
Items Closing balance
of last year the period the period
Short-term benefits 3109857464.99 12420329300.82 11411318155.70 4118868610.11
Post-employment
benefits –
94314672.901082597412.551089501214.0587410871.40
defined contribution
scheme
Termination benefits 5608815.98 49563868.87 23950821.80 31221863.05
Total 3209780953.87 13552490582.24 12524770191.55 4237501344.56
2、 Short term salary benefits
Balance at the
Items Increase for Decrease for Closing balance
end of last year
（1）Salary bonus
2535962401.3510059698380.599045620756.653550040025.29
allowance and subsidy
Notes to the Financial Statements Page87Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Balance at the
Items Increase for Decrease for Closing balance
end of last year
（2）Staff welfare 21188802.76 430333326.10 443785082.02 7737046.84
（3）Social insurance 34368576.87 730521919.90 715848852.95 49041643.82
Including: Medical
21589375.01643624970.60643954271.0721260074.54
insurance
Work-related
10725500.7069861484.6370010034.2810576951.05
injury insurance
Maternity
1942068.331976122.351884471.482033719.20
insurance
Others 111632.83 15059342.32 76.12 15170899.03
（4）Housing provident
21145441.67753886082.42686031867.1388999656.96
fund
（5）Labour union
expenses and employee 497192242.34 359164019.49 448959052.29 407397209.54
education expenses
（6）Short-term paid
2966274.652966274.65
absence
（7）Short-term
profit-sharing program
（8）Employee
rewards welfare funds 83759297.67 68106270.01 15653027.66
and labor fees
Total 3109857464.99 12420329300.82 11411318155.70 4118868610.11
3、 Defined contribution scheme
Balance at the Closing
Items Increase for Decrease for
end of last year balance
Basic pension insurance 84945276.46 1049048499.21 1056081849.62 77911926.05
Unemployment
9369396.4433548913.3433419364.439498945.35
insurance
Total 94314672.90 1082597412.55 1089501214.05 87410871.40
Notes to the Financial Statements Page88Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
(XXX) Taxes payable
Balance at the end of last
Items Closing balance
year
Value-added tax 384399469.16 651591146.50
Consumption tax 86908290.34 320098460.23
Corporate income tax 229680979.77 197097687.96
Urban maintenance and construction tax
60392301.6675909710.25
and educational surtax
Others 91612765.90 283885526.69
Total 852993806.83 1528582531.63
(XXXI) Other payables
Balance at the end of last
Items Closing balance
year
Other payables 5871006412.33 6407775538.76
Total 5871006412.33 6407775538.76
1、 Other payables
Presented by nature of the payments
Balance at the end of last
Items Closing balance
year
Purchase and construction of fixed assets
1859466071.621763288908.26
intangible assets and engineering deposits
Customer and supplier margin 583101361.16 919342648.61
Storage fees and freight 667558777.74 740108278.96
Advertisement fees 599206406.43 623231036.19
Maintenance fees 349430390.33 267001396.64
Treasury stock repurchase 3395829.33 169261662.73
Advance appropriation of national subsidies 124313570.00
Notes to the Financial Statements Page89Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Balance at the end of last
Items Closing balance
year
Others 1808847575.72 1801228037.37
Total 5871006412.33 6407775538.76
(XXXII) Non-current liability within 1 year
Balance at the end of last
Items Closing balance
year
Long-term loan within 1 year 36000000.00 36000000.00
A defined benefit plan maturing within 1
789000.00972000.00
year
Commissioned loan maturing within 1
500427777.78
year
Lease liabilities within 1 year 161478036.89 91942461.78
Total 698694814.67 128914461.78
(XXXIII) Other current liabilities
Balance at the end of last
Items Closing balance
year
Accrued commercial discount payable 7580250063.83 7251765781.00
Accrued market development expense 1610436757.73 1931380802.93
Accrued technical transfer and
1661847691.70834962725.87
development fees
Accrued transportation fee 1134888892.69 414807693.98
Tax on Resale Items 938930344.49 1497625575.87
Accrued negative points for fuel
54645400.7063506766.69
consumption
Accrued maintenance cost 60784887.39 56134938.45
Others 115591505.12 457449255.17
Total 13157375543.64 12507633539.96
Notes to the Financial Statements Page90Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
(XXXIV) Long-term Loan
Balance at the end of last
Items Closing balance
year
Credit loan 36000000.00
Total 36000000.00
(XXXV) Bonds Payable
1、 Details of Bonds Payable
Balance at the end of last
Items Closing balance
year
Corporate Bonds 999803773.56 999705660.36
Total 999803773.56 999705660.36
Notes to the Financial Statements Page91Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
2、 Changes in bonds payable
Issue for Whether
Accrue interest Amortization of
Name of Coupon Issue Bond Balance at the the Repayment in Closing there is a
Face value Issue amount based on the face premium or
Bond rate（%） date maturity end of last year current this period balance breach of
value discount
period contract
Science and
Technology
1000000000.00 3.00 2022.12 5years 1000000000.00 999705660.36 30000000.00 98113.20 30000000.00 999803773.56 No
Innovation
Bond
Total 1000000000.00 1000000000.00 999705660.36 30000000.00 98113.20 30000000.00 999803773.56
Notes to the Financial Statements Page92Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
(XXXVI) Lease liabilities
Balance at the end of last
Items Closing balance
year
Lease liabilities 460625265.61 361153870.84
Less：Lease liabilities within 1 year 161478036.89 91942461.78
Total 299147228.72 269211409.06
(XXXVII) Long-term payables
Balance at the end of last
Items Closing balance
year
Long-term payables 2053422868.05 2028479306.93
Special payables 491064477.16 428048564.78
Total 2544487345.21 2456527871.71
1、 Long-term payables
Balance at the end of last
Items Closing balance
year
Accounts payable for entrusted
2053422868.052028479306.93
construction project fees
Total 2053422868.05 2028479306.93
2、 Special payables
Balance at the end of
Items Increase for Decrease for Closing balance
last year
Intelligent
manufacturing 352922438.33 246185853.33 187631824.01 411476467.65
project
Lightweight
1862809.361164464.15282226.802745046.71
design of
Notes to the Financial Statements Page93Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Balance at the end of
Items Increase for Decrease for Closing balance
last year
automobile
structure
Others 73263317.09 75724952.86 72145307.15 76842962.80
Total 428048564.78 323075270.34 260059357.96 491064477.16
(XXXVIII) Long-term payroll payable
1、 Long-term payroll payable
Balance at the end of last
Items Closing balance
year
I. Post-employment benefits- Defined net
22116000.0023599000.00
liabilities of benefit scheme
II. Termination benefits 2463373.29 3094372.65
Total 24579373.29 26693372.65
2、 Defined benefit plan changes
（1）Present Value of Defined Benefit Plan Obligations
Amount for the current Amount for the previous
Items
period period
1．Balance at the end of last year 23599000.00 26880000.00
2．Defined benefit costs recognized in the
678000.00-3310000.00
current period's profit or loss
（1）Current service cost 61000.00
（2）Past service cost 172000.00 -4168000.00
（3）Settlement gains (losses are indicated by
29000.0055000.00
“-”)
（4）Net interest 392000.00 742000.00
（5）cost of severance benefits 85000.00
3．Defined benefit costs recognized in other
-79000.002180000.00
comprehensive income
Notes to the Financial Statements Page94Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Amount for the current Amount for the previous
Items
period period
（1）Actuarial gains (losses are indicated by
-79000.002180000.00
“-”)
4．Other changes -2082000.00 -2151000.00
（1）Benefits paid -472000.00 -2151000.00
5．Closing balance 22116000.00 23599000.00
Note: In addition to participating in the endowment insurance and unemployment
insurance plans managed by the local government our company also provides
extra-plan pensions of varying monthly standards and annual condolence money to
some retired employees until their death; provides hardship subsidies to retired
employees who participated in combat operations; and pays internal early
retirement salaries of varying monthly standards to employees on internal early
retirement and contributes to their social insurance premiums and housing
provident funds until they reach the official retirement age. The contribution
amounts for various social insurances and housing provident funds are determined
according to the contribution base and contribution rate and the enterprise
contribution rate is determined in accordance with the local social insurance
contribution policies.The present value of the obligation of this defined benefit plan as of December 31
2025 was determined by Aon Enterprise Solutions(Shanghai) Co. Ltd. using the
projected unit credit method.
（2）Defined benefit plan net liability (net asset)
Amount for the current Amount for the previous
Items
period period
1．Balance at the end of last year 23599000.00 26880000.00
2．Defined benefit costs included in the current
678000.00-3310000.00
period's profit and loss
3．Defined benefit costs included in Other
-79000.002180000.00
Comprehensive Income
4．Other changes -2082000.00 -2151000.00
Notes to the Financial Statements Page95Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Amount for the current Amount for the previous
Items
period period
5．Closing balance 22116000.00 23599000.00
(XXXIX) Provision
Balance at the end Reasons for
Items Increase for Decrease for Closing balance
of last year formation
Product quality
7411100080.671959894390.651459288870.687911705600.64
assurance
Estimated liability
for contract 293547668.77 21190428.36 81689140.84 233048956.29
performance
Total 7704647749.44 1981084819.01 1540978011.52 8144754556.93
(XL) Deferred income
Balance at the end of
Items Increase for Decrease for Closing balance
last year
Related to assets 52133744.00 159350000.00 159350000.00 52133744.00
Among which: Production and
52133744.00159350000.00159350000.0052133744.00
construction subsidy
Related to gains 132063475.64 22797062.89 126294889.95 28565648.58
Among which: R&D
76294889.9576294889.95
technology subsidy
Other
55768585.6922797062.8950000000.0028565648.58
government subsidies
Total 184197219.64 182147062.89 285644889.95 80699392.58
(XLI) Other non-current liabilities
Balance at the end of last
Items Closing balance
year
Notes to the Financial Statements Page96Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Balance at the end of last
Items Closing balance
year
Advance received for services 1252965662.48 1718489394.88
Entrusted Loan of China South
500000000.00
Industries Group Finance Co. Ltd.Total 1252965662.48 2218489394.88
(XLII) Share capital
Increase(+)/decrease (-) for the period Shares
Balance at the transferred
Items Issue of Bonus Closing balance
end of last year from Others Subtotal
new shares issue
reserve
Total shares 9914086060.00 9914086060.00
(XLIII) Capital reserves
Balance at the
Items Increase for Decrease for Closing balance
end of last year
Share premium 7119416303.03 321269227.56 7440685530.59
other capital reserves 1806382547.11 54909879.88 321269227.56 1540023199.43
Total 8925798850.14 376179107.44 321269227.56 8980708730.02
(XLIV) Treasury stock
Balance at the
Items Increase for Decrease for Closing balance
end of last year
Treasury stock 169261662.73 165865833.40 3395829.33
Total 169261662.73 165865833.40 3395829.33
Note: In 2025 the decrease in treasury stock is due to the unlocking of equity incentives
by the company.Notes to the Financial Statements Page97Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
(XLV) Other comprehensive income
Amount for the current period
Deduct: amounts
Deduct: amounts transferred transferred to
Attributable
Balance at the end of last to income statement which Attributable to retained earnings which
Items Amount before tax for the Less: to minority Closing balance
year were recognized in other the Company were
period Income tax interests
comprehensive income in after tax recognized in other
after tax
prior period comprehensive
income in prior period
1．Other comprehensive income that
will not be reclassified to profit 160857631.69 -8773954.45 -1460127.89 -7313826.56 153543805.13
or loss
Among which: Changes in the re - measurement of the
-1825000.0079000.0079000.00-1746000.00
defined benefit plan
Other comprehensive income that cannot be
-3026120.81-1868092.18-1868092.18-4894212.99
reclassified to profit or loss under the equity method
Changes in the fair value of other equity
165708752.50-6984862.27-1460127.89-5524734.38160184018.12
instrument investments
2． Other comprehensive income that will be reclassified to -153334272.92 -152753065.73 -135006015.43 -17747050.30 -288340288.35
Notes to the Financial Statements Page98Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Amount for the current period
Deduct: amounts
Deduct: amounts transferred transferred to
Attributable
Balance at the end of last to income statement which Attributable to retained earnings which
Items Amount before tax for the Less: to minority Closing balance
year were recognized in other the Company were
period Income tax interests
comprehensive income in after tax recognized in other
after tax
prior period comprehensive
income in prior period
profit or loss
Among which: Other comprehensive income that can be
-5881941.931857177.131857177.13-4024764.80
reclassified to profit or loss under the equity method
Exchange differences on translating foreign
-147452330.99-154610242.86-136863192.56-17747050.30-284315523.55
currency financial statements
Total 7523358.77 -161527020.18 -1460127.89 -142319841.99 -17747050.30 -134796483.22
Notes to the Financial Statements Page99Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
(XLVI) Special reserves
Balance at the
Items Increase for Decrease for Closing balance
end of last year
Safety fund 95013488.38 101499833.93 77149496.61 119363825.70
Total 95013488.38 101499833.93 77149496.61 119363825.70
(XLVII) Surplus reserves
Balance at the
Items Increase for Decrease for Closing balance
end of last year
Statutory surplus 4957043030.00 4957043030.00
Total 4957043030.00 4957043030.00
(XLVIII)Undistributed profits
Amount for the current Amount for the previous
Items
period period
Undistributed profits at end of last year before
52846021500.4349617932431.73
adjustment
Adjustment for undistributed profits at beginning of
year (“+” for plus; “-” for less)
Undistributed profits at beginning of year after
52846021500.4349617932431.73
adjustment
Add: N et profit attributable to owners of the
4075223181.547321363897.24
Company during the period
Less: Withdrawal of statutory surplus reserves 680797165.36
Withdrawal of discretionary surplus reserve
Withdrawal of general risk reserve
Dividend payable on ordinary shares 3418076157.12 3412477663.18
Ordinary shares dividends transferred to share
capital
Notes to the Financial Statements Page100Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Amount for the current Amount for the previous
Items
period period
Undistributed profits at end of period 53503168524.85 52846021500.43
(XLIX) Operating revenue and cost
1、 Operating revenue and cost
Amount for the current period Amount for the previous period
Items
Revenue Costs Revenue Costs
Main
158993495151.21135676267009.91155996379529.44133423991672.62
businesses
Other
5006308724.662837825632.203736654683.812445031398.83
businesses
Total 163999803875.87 138514092642.11 159733034213.25 135869023071.45
Details of operating revenue：
Amount for the current Amount for the previous
Items
period period
Revenue from customer contracts 163945439313.62 159490083620.53
Lease income 54364562.25 242950592.72
Total 163999803875.87 159733034213.25
2、 Revenue situation generated by the contract
The revenue situation generated from customer contracts is as follows：
Operating revenue
Category
Amount for the current period Amount for the previous period
Type of business：
Sales of goods 155739237303.79 152192280870.19
Provision of services and others 8206202009.83 7297802750.34
Total 163945439313.62 159490083620.53
Classification by the time of goods
Notes to the Financial Statements Page101Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Operating revenue
Category
Amount for the current period Amount for the previous period
transfer：
Recognition at a specific point in time 162349582779.38 158046027665.88
Recognition over a specific period of
1595856534.241444055954.65
time
Total 163945439313.62 159490083620.53
Classification by region：
Domestic 130741774255.03 127063702246.58
Overseas 33203665058.59 32426381373.95
Total 163945439313.62 159490083620.53
(L) Tax and surcharges
Amount for the current Amount for the previous
Items
period period
Consumption tax 2656241846.03 3321502858.56
City maintenance and construction tax 319732986.49 383677349.65
Educational surcharge 232057866.97 172951765.77
Others 363300574.74 472339452.42
Total 3571333274.23 4350471426.40
(LI) Operating expenses
Amount for the current Amount for the previous
Items
period period
Sales service fee 4048615611.27 3261764821.64
Promotion advertising fee 3346159053.08 2456180404.33
Payroll and welfare 1107916825.84 985056908.38
Transportation and storage fees 587206533.29 378551852.64
Travelling expenses 350105881.37 172055226.26
Package expenses 288699121.64 84599624.41
Consulting fee 67241965.84 21558374.68
Notes to the Financial Statements Page102Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Amount for the current Amount for the previous
Items
period period
Training fee 7434445.05 11796111.41
Others 189613061.66 166789089.41
Total 9992992499.04 7538352413.16
(LII) General and administrative expenses
Amount for the current Amount for the previous
Items
period period
Payroll and welfare 3000225900.23 3032419886.90
Depreciation and amortization 610659516.66 548417580.78
Administrative expenses 604415350.78 551242661.67
Traffic expenses 60447023.73 54560945.74
Safety production expenses 58079015.52 57072340.66
Travelling expenses 43012389.13 32015557.72
Share-based payments 20066621.43 89968232.48
Others 126136558.19 35528812.31
Total 4523042375.67 4401226018.26
(LIII) Research and development expenses
Amount for the current Amount for the previous
Items
period period
Depreciation and amortization 3366335711.94 2571685965.24
Payroll and welfare 1549780310.18 1975412543.02
Subcontract fee 944744159.89 829642591.23
Material fee 724196680.22 662579044.45
Test fee 162215505.36 153698592.98
Others 410326559.65 312427942.32
Total 7157598927.24 6505446679.24
(LIV) Finance costs
Notes to the Financial Statements Page103Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Amount for the current Amount for the previous
Items
period period
Interest income 106577955.08 118238961.52
Less: Foreign exchange gain or loss 1100271951.60 1160421476.17
Interest expense -1453354241.05 61276842.30
Others 44794059.37 46528359.30
Total -2402254178.20 -934377313.05
(LV) Other income
Items Amount for the current period Amount for the previous period
Government subsidies related to daily
activities
Among which：Production and
760903878.961250740318.87
construction subsidies
Other government
597010926.44874963386.35
subsidies
Total 1357914805.40 2125703705.22
(LVI) Investment income
Amount for the Amount for the
Items
current period previous period
Long-term equity investment gains measured under
-429539756.4136975796.30
equity method
The investment income of financial asset
1353199.702631315.72
held for trading during its holding period
Investment income from disposal of financial assets
1467161.4410810279.99
at fair value through profit and loss of the period
Dividend income from remaining investments
12692880.0031990679.50
in other equity instruments
Others 117423015.01 105250765.95
Notes to the Financial Statements Page104Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Amount for the Amount for the
Items
current period previous period
Total -296603500.26 187658837.46
(LVII) Fair value change
Amount for the Amount for the
The source of gains from changes in fair value
current period previous period
Trading financial assets 36940795.56 -27460945.49
Notes to trading financial items -143200.00
Total 36797595.56 -27460945.49
(LVIII) Impairment loss of credit
Amount for the current Amount for the previous
Items
period period
Bad debt for account receivable 2703755.66 -205095.94
Bad debt for other receivables 2466496.50 818099.96
Total 5170252.16 613004.02
(LIX) Impairment loss on assets
Amount for the current Amount for the previous
Items
period period
Loss on decline in value of inventories
and Loss on impairment of contract 199957352.30 114303418.32
performance costs
Impairment of fixed assets 53148.85 67160848.12
Impairment of contract assets -15836215.39 21810151.17
Impairment of intangible assets 16683419.81 11214517.59
Total 200857705.57 214488935.20
(LX) Gain on disposal of assets
Notes to the Financial Statements Page105Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Amount included in
Amount for the Amount for the
Items non-recurring profit or loss for
current period previous period
the period
Gain on disposal of
103184791.982466246635.27103184791.98
fixed-assets
Gain on disposal of
68647805.76114903423.8168647805.76
intangible assets
Others 1858939.65 -30691738.25 1858939.65
Total 173691537.39 2550458320.83 173691537.39
(LXI) Non-operating income
Amount included in
Amount for the Amount for the
Items non-recurring profit
current period previous period
or loss for the period
Penalty income and others 208504882.00 155290275.84 208504882.00
Total 208504882.00 155290275.84 208504882.00
(LXII) Non-operating expenses
Amount included in
Amount for the Amount for the
Items non-recurring profit
current period previous period
or loss for the period
Donation 14708927.72 11611789.67 14708927.72
Fines and penalties 21165291.49 6451303.37 21165291.49
Compensation expenses 21472229.37 1002418.00 21472229.37
Others 2491248.15 2846754.14 2491248.15
Total 59837696.73 21912265.18 59837696.73
(LXIII) Income tax expense
1、 Table of income tax expenses
Notes to the Financial Statements Page106Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Amount for the current Amount for the previous
Items
period period
Current income tax expense 883499738.78 699569748.76
Deferred income tax expense -193553572.52 -46216369.36
Total 689946166.26 653353379.40
2、 Adjustment of accounting profit and income tax expenses
Amount for the current
Items
period
Total profit 3857438001.41
Tax at the legal [or applicable] tax rate 578615700.21
Impact of different tax rates of subsidiaries 17477892.82
Impact of income tax for the period before adjustment 182659341.80
Impact of non-taxable income -93592087.00
Impact of cost expenses and losses not deductible for tax 133500355.82
Impact of deductible loss of deferred income tax assets not
-119239766.65
recognized at the beginning of the period
Impact of deductible temporary differences and deductible loss of
650138693.18
deferred income tax assets not recognized for the period
Additional deduction for technical development expenses -743707103.57
Others 84093139.65
Income tax expenses 689946166.26
(LXIV) Earnings per share
1、 Basic earnings per share
Basic earnings per share is calculated by dividing the consolidated net profit
attributable to the parent company's ordinary shareholders by the weighted average
number of ordinary shares issued and outstanding by the company.Amount for the current Amount for the previous
Items
period period
Consolidated net profit attributable to holders 4075223181.54 7303882698.84
Notes to the Financial Statements Page107Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Amount for the current Amount for the previous
Items
period period
of ordinary shares of the Company（after adjustment）
Weighted average number of ordinary shares
9914086060.009848634846.83
in issue of the Company（after adjustment）
Basic earnings per share 0.41 0.74
Including: Basic earnings per share relating to
0.410.74
continuing operations
Basic earnings per share relating to
discontinued operations
2、 Diluted earnings per share
Diluted earnings per share is calculated by dividing the consolidated net profit
attributable to the parent company's ordinary shareholders (diluted) by the
weighted average number of ordinary shares outstanding (diluted)：
Amount for the current Amount for the
Items
period previous period
Consolidated net profit attributable to holders
4075223181.547321363897.24
of ordinary shares of the Company (diluted)
Weighted average number of ordinary shares
9914086060.009952993354.12
in issue of the Company (diluted)
Diluted earnings per share 0.41 0.74
Including: Basic diluted earnings per share
0.410.74
relating to continuing operations
Basic diluted earnings per
share relating to discontinued
operations
(LXV) Cash Flow Statement Items
1、 Cash related to operating activities
（1）Other cash received related to operating activities
Notes to the Financial Statements Page108Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Amount for the Current Amount for the Previous
Items
Period Period
Interest Income 1100271951.60 1160421476.17
Government Subsidies 1705299308.82 2045217580.13
Others 262170103.23 337350625.36
Total 3067741363.65 3542989681.66
（2）Other cash paid related to operating activities
Amount for the Current Amount for the Previous
Items
Period Period
Selling Expenses 8840211471.02 6527630896.94
Administrative Expenses 892090337.35 730420318.10
Research and Development Expenses 2241482905.12 1958348170.98
Others 666337138.87 1158959685.17
Total 12640121852.36 10375359071.19
2、 Cash related to investing activities
（1）Other cash received related to investing activities
Amount for the Current Amount for the Previous
Items
Period Period
Time deposits and others 199892777.78 8070026424.80
Total 199892777.78 8070026424.80
（2）Other cash paid related to investing activities
Amount for the Current Amount for the Previous
Items
Period Period
Time deposits and large - value deposits 7430000000.00 3304127222.22
Total 7430000000.00 3304127222.22
Notes to the Financial Statements Page109Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
3、 Cash related to financing activities
（1）Other cash received related to financing activities
Amount for the Current Amount for the Previous
Items
Period Period
Cash received from the recovery of acceptance
36004710.83470003596.92
bill margin
Total 36004710.83 470003596.92
（2）Other cash paid related to financing activities
Amount for the Current Amount for the Previous
Items
Period Period
Cash paid for acceptance bill margin and others 132192998.82 384604266.30
Others 118297309.96 143272005.27
Total 250490308.78 527876271.57
（3）Changes in various liabilities arising from financing activities
Balance at the Increase in the Current Period Decrease in the Current Period
End - of - period
Items end of the Non - cash Non - cash
previous year Cash Chang Cash Chang
balance
Changes Changes
Bank
borrowings
612036055.69
and interest 568473282.00 2082102.71 132473282.00 1414466.69 1048703691.71
Lease
361153870.84
liabilities 217638745.12 118167350.35 460625265.61
(LXVI) Supplementary Information for the Cash Flow Statement
1、 Supplementary Information for the Cash Flow Statement
Amount for the Amount for the
Supplementary Information
Current Period Previous Period
1、Adjusting Net Profit to Cash Flows from Operating
Activities
Net profit 3167491835.15 6104174527.85
Notes to the Financial Statements Page110Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Amount for the Amount for the
Supplementary Information
Current Period Previous Period
Add: Credit impairment losses 5170252.16 613004.02
Asset impairment provisions 200857705.57 214488935.20
Depreciation of fixed assets. 2804234204.17 3020779255.10
Depreciation and amortization of investment property 226711.56 226711.56
Depreciation of right - of - use assets 125722888.28 102643683.09
Amortization of intangible assets 3361452187.62 2682738344.15
Amortization of long -term prepaid expenses 11579265.89 7810112.18
Loss on disposal of fixed assets intangible assets and
other long - term assets (gains are presented with a -173691537.39 -2550458320.83
“-” sign)
Loss on scrapping of fixed assets (gains are presented
217084.91
with a “-” sign)
Loss on fair value changes (gains are presented with a
-36797595.5627460945.49
“-” sign)
Financial expenses (gains are presented with a “-”
106577955.08-85476391.90
sign)
Investment losses (gains are presented with a "_" sign) 296603500.26 -187658837.46
Decrease in deferred income tax assets (increases are
52188304.22-316006189.92
presented with a "_" sign)
Increase in deferred income tax liabilities (decreases
-245741876.74269789820.56
are presented with a "_" sign)
Decrease in inventories (increases are presented with a
-5517957174.36-3218353689.82“_" sign)Decrease in operating receivables (increases are
-1021953107.02-9086489039.97presented with a “_" sign)Increase in operating payables (decreases are
-1300290160.337862898858.93
presented with a "_" sign)
Others
Net cash flow from operating activities 1835673358.56 4849398813.14
2、Significant investment and financing activities not
involving cash receipts and payments
Notes to the Financial Statements Page111Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Amount for the Amount for the
Supplementary Information
Current Period Previous Period
Debt converted into capital
Convertible corporate bonds maturing within one yea!
Obtaining right -of-use assets by assuming lease
liabilities
3、Net changes in cash and cash equivalents
End - of - period balance of cash 52993171152.75 63274376513.00
Less: Beginning -of- period balance of cash 63274376513.00 63925957901.11
Add: End - of - period balance of cash equivalents
Less: Beginning - of - period balance of cash
equivalents
Net increase in cash and cash equivalents -10281205360.25 -651581388.11
2、 Composition of Cash and Cash Equivalents
End - of - period Balance at the end of
Items
balance the previous year
一、Cash 52993171152.75 63274376513.00
Including: Cash on hand 18757.73 17882.93
Digital currency available for immediate payment
Bank deposits available for immediate payment 52976635475.83 63267781756.86
Other monetary funds available for immediate
16516919.196576873.21
payment
Funds deposited with the central bank available for
payment
Deposits with other financial institutions
Loans to other financial institutions
二、Cash Equivalents
Including: Bond investments maturing within three
months
三、End -of _ period balance of cash and cash
52993171152.7563274376513.00
equivalents
Notes to the Financial Statements Page112Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
End - of - period Balance at the end of
Items
balance the previous year
Including: Cash and cash equivalents held but not
available for use by the parent company or
othersubsidiaries within the group
Monetary funds that are not classified as cash and cash equivalents:
Balance at the end of the Reason for not being cash
Items End - of - period balance
previous year or cash equivalents
Restricted funds unable to
Bill margin and others 1028564112.54 907719149.74
be freely withdrawn
Total 1028564112.54 907719149.74
(LXVII) Foreign Currency Monetary Items
1、 Foreign Currency Monetary Items
End - of - period End - of - period RMB
Exchange rate
Items foreign currency balance after conversion
for conversion
balance
Monetary funds 2092193508.10
Including: US dollars 61344773.74 7.0288 431180145.66
Euros 21925374.84 8.2355 180566424.49
British pounds 12807541.91 9.4346 120834034.88
United Arab Emirates
1028404.991.90711961271.16
dirhams
Thai baht 4630089486.21 0.2225 1030194910.68
Russian rubles 991037462.54 0.0881 87310400.45
Japanese yen 196415506.25 0.0448 8799414.68
Mexican pesos 593349335.98 0.3899 231346906.10
Accounts receivable 2057291389.61
Including: US dollars 99239204.61 7.0288 697532521.36
Euros 38619882.98 8.2355 318054046.29
Notes to the Financial Statements Page113Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
End - of - period End - of - period RMB
Exchange rate
Items foreign currency balance after conversion
for conversion
balance
Thai baht 275413557.17 0.2225 61279516.47
Russian rubles 356912820.32 0.0881 31444019.47
Mexican pesos 2433909428.11 0.3899 948981286.02
Other receivables 121525737.39
Including: Euros 3533473.30 8.2355 29099919.34
British pounds 2431387.04 9.4346 22939164.18
United Arab Emirates
26745.001.907151005.03
dirhams
Japanese yen 17408320.00 0.0448 779892.74
Thai baht 307736813.66 0.2225 68471441.04
Mexican pesos 472723.93 0.3899 184315.06
Accounts payable 2755340822.75
Including: Euros 4658414.41 8.2355 38364371.88
Russian rubles 2815802930.52 0.0881 248072238.18
Thai baht 1033940788.25 0.2225 230051825.39
Japanese yen 14205264.06 0.0448 636395.83
Mexican pesos 5740487282.56 0.3899 2238215991.47
Other payables 55459443.98
Including: Euros 475651.54 8.2355 3917228.25
British pounds 2047059.01 9.4346 19313182.91
Thai baht 128141884.27 0.2225 28511569.25
Mexican pesos 9534402.59 0.3899 3717463.57
Other current liabilities 537613798.66
Including: US dollars 76487280.71 7.0288 537613798.66
(LXVIII)Leases
1、 As a Lessee
Amount for the Current Amount for the
Items
Period Previous Period
Notes to the Financial Statements Page114Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Amount for the Current Amount for the
Items
Period Previous Period
Interest expense on lease liabilities 16748919.41 42623899.74
Simplified short - term lease expenses recoanized
in the cost of related assets or current - period 25846804.29 68173260.47
profit or loss
Simplified low - value asset lease expenses
recognized in the cost of related assets or current
2681905.895964651.75
- period profit or loss (excluding short - term
lease expenses for low - value assets)
Total cash outflows related to leases 129302167.04 122150467.13
2、 As a Lessor
（1）Operating Leases
Amount for the Current Amount for the
Period Previous Period
Operating lease income 54364562.25 242950592.72
The following is the amount of undiscounted lease receivables that will be received
after the balance sheet date:
Amount for the Current Amount for the
Remaining lease term
Period Previous Period
Within 1 year 34995242.75 8675240.58
1 - 2 years 32173897.8 17881254.12
2 - 3 years 32144897.8 18120545.58
3 - 4 years 32134847.8 22168456.50
4 - 5 years 30455000.00 24141151.06
More than 5 years 30450000.00 7000144.32
Total 192353886.15 97986792.16
Notes to the Financial Statements Page115Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
VI、 R & D Expenditure
(I) R & D Expenditure
Items Amount for the Current Period Amount for the Previous Period
Employee compensation 3763480281.13 4108202495.09
Depreciation and
3371048425.392577828804.03
amortization
Outsourcing fees 2838474254.14 1436710996.83
Material costs 1005202800.05 818426341.74
Testing fees 311122838.54 592734950.61
Other expenses 1286369321.35 625240648.15
Total 12575697920.60 10159144236.45
Including: Expensed R & D
7157598927.246505446679.24
expenditure
Capitalized R & D
5418098993.363653697557.21
expenditure
(II) Development expenditure
Amount of increase in the Amount of decrease in the current
current period period
Balance at the end End -of - period
Items Internal
of the previous year Recognized as balance
development Others Others
intangible assets
expenditure
Automobile
1729932488.675418098993.363746089318.376267400.193395674763.46
development
Sub - total 1729932488.67 5418098993.36 3746089318.37 6267400.19 3395674763.46
Less:
Impairment
provisions
Total 1729932488.67 5418098993.36 3746089318.37 6267400.19 3395674763.46
VII、 Changes in the Scope of Consolidation
Notes to the Financial Statements Page116Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
None
VIII、 lnterests in Other Entities
(I) Interests in Subsidiaries
1、 Composition of the Enterprise Group
Registered Shareholding Ratio
Capital (in (%)
Main Place of Place of Nature of Method of
Name of Subsidiary ten -
Business Registration Business Acquisition
thousands of Direct Indirect
yuan)
Chongqing Changan
Automobile
142275.64 Chongqing Chongqing Sales 100.00 Establishment
International Sales
&Service Co. Ltd.Chongqing Changan
Vehicle Connectivity 8850.00 Chongqing Chongqing Leasing 100.00 Establishment
Technology Co. Ltd.Chongqing Changan
Special-Purpose 2000.00 Chongqing Chongqing Sales 50.00 Establishment
Vehicle Co. Ltd.Chongqing Changan
Automobile Customer 3000.00 Chongqing Chongqing Sales 99.00 1.00 Establishment
Service Co. Ltd.Chongqing Zhilaidao Research and
2900.00 Chongqing Chongqing 100.00 Establishment
New Energy Co. Ltd. Development
Chongqing Changan
Bologna Research and
European Design 1738 Euros Bologna Italy 100.00 Establishment
Italy Development
Center Co. Ltd.Changan Automobile
2639 Birmingham Birmingham Research and
UK R & D Center Co. 100.00 Establishment
Pounds UK UK Development
Ltd.Beijing Changan 100.00 Beijing Beijing Research and 100.00 Establishment
Notes to the Financial Statements Page117Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Registered Shareholding Ratio
Capital (in (%)
Main Place of Place of Nature of Method of
Name of Subsidiary ten -
Business Registration Business Acquisition
thousands of Direct Indirect
yuan)
Automobile Development
Engineering
TechnologyResearch
Co. Ltd.
1000
Changan Japan Design Hamamatsu Hamamatsu Research and
Japanese 100.00 Establishment
Center Co. Ltd. Japan Japan Development
Yen
Changan USA R & D 154 US Research and
Novi USA Novi USA 100.00 Establishment
Center Inc. Dollars Development
Changan Automobile
Investment (Shenzhen) 76488.95 Shenzhen Shenzhen Sales 100.00 Establishment
Co. Ltd.Nanjing Changan New
Energy Automobile
5000.00 Nanjing Nanjing Sales 100.00 Establishment
Sales & Service Co.Ltd.Chongqing Anyi
Automobile
200.00 Chongqing Chongqing Sales 100.00 Establishment
Technology Service
Co. Ltd.Xiamen Changan New
Energy Automobile 200.00 Xiamen Xiamen Sales 100.00 Establishment
Sales & ServiceCo.Ltd.Shanghai Changan
Intelligent Mobility 400.00 Shanghai Shanghai Sales 100.00 Establishment
Technology Co.Ltd.Chongqing Chehemei
1000.00 Chongqing Chongqing Sales 100.00 Establishment
Technology Co. Ltd.Notes to the Financial Statements Page118Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Registered Shareholding Ratio
Capital (in (%)
Main Place of Place of Nature of Method of
Name of Subsidiary ten -
Business Registration Business Acquisition
thousands of Direct Indirect
yuan)
Chongqing Changan
Kaicheng Automobile 142371.45 Chongqing Chongqing Sales 65.90 Establishment
Technology Co. Ltd.Chongqing Changan
Research and
Automobile Software 9900.00 Chongqing Chongqing 100.00 Establishment
Development
Technology Co. Ltd.Chongqing Xingzhi
4900.00 Chongqing Chongqing Sales 100.00 Establishment
Technology Co. Ltd.Chongqing Changan Research and
9000.00 Chongqing Chongqing 100.00 Establishment
Technology Co. Ltd. Development
Chongqing
Changanxing 2000.00 Chongqing Chongqing Leasing 100.00 Establishment
Automobile Co. Ltd.Business
Nanjing Changan combination under
60181.00 Nanjing Nanjing Manufacturing 84.73
Automobile Co. Ltd. non - common
control
Business
Chongqing Lingyao combination under
133764.00 Chongqing Chongqing Manufacturing 100.00
Automobile Co. Ltd. non - common
control
Business
Deep Blue Automobile combination under
32810.83 Chongqing Chongqing Manufacturing 50.9960
Technology Co. Ltd. non - common
control
Business
Hefei Changan
227500.00 Hefei Hefei Manufacturing 100.00 combination under
Automobile Co. Ltd.common control
Notes to the Financial Statements Page119Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
2、 Important non - wholly - owned subsidiaries
Profit or Loss Dividends Declared
Balance of Minority
Minority Attributable to and Distributed to
Shareholders' Equity
Name of Subsidiary Shareholding Minority Minority
at the End ofthe
Ratio Shareholders in the Shareholders in the
Period
Current Period Current Period
Deep Blue Automobile Technology
49.0040%-814308592.373790254534.56
Co. Ltd
Notes to the Financial Statements Page120Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
3、 Key financial information of important non - wholly - owned subsidiaries
End - of - Period Balance Previous Year - end Balance
Name of
Non -current Non -current Non -current Non -current
Subsidiary Current Assets Total Assets Current Liabilities Total Liabilities Current Assets Total Assets Current Liabilities Total Liabilities
Assets Liabilities Assets Liabilities
Deep Blue
Automobile
40015417271.204847423958.0544862841229.2539865397306.383261469025.8343126866332.2130719707226.073575291477.0034294998703.0735434906672.982362782481.7837797689154.76
Technology
Co. Ltd
Amount for the Current Period Amount for the Previous Period
Total Cash Flow from Total Cash Flow from
Name of Subsidiary
Operating Revenue Net Profit Comprehensive Operating Operating Revenue Net Profit Comprehensive Operating
lncome Activities lncome Activities
Deep Blue Automobile
50287588821.34-898723020.83-898723020.83-2108498446.6737224879706.79-1571558701.01-1571558701.014535241604.75
Technology Co. Ltd
(II) Interests in Joint Arrangements or Associated Enterprises
1、 lmportant Joint Ventures or Associated Enterprises
Notes to the Financial Statements Page121Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Shareholding Ratio (%) Accounting Treatment for
Whether It Has a Strategic
Main Place of Place of Nature of Investments in Joint
Name of Joint Venture or Associated Enterprise Impact on the Company's
Operation Registration Business Direct Indirect Ventures or Associated
Activities
Enterprises
Automobile
Changan Ford Automobile Co. Ltd. Chongqing Chongqing manufacturing and 50.00 Equity Method Yes
sales
Notes to the Financial Statements Page122Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
2、 Key Financial Information of lmportant Joint ventures Enterprises
End-of-Period Balance/Current Period Previous Year-end Balance/Previous Period
Amount Amount
Changan Ford Automobile Co. Ltd. Changan Ford Automobile Co. Ltd.Current Assets 13229796476.83 16377739563.80
Non -current Assets 9799477103.13 11762860932.34
Total Assets 23029273579.96 28140600496.14
Current Liabilities 17164149707.34 20644064530.01
Non-current Liabilities 3244020964.12 5834665675.53
Total Liabilities 20408170671.46 26478730205.54
Minority Shareholders'
Equity 153148103.41 132045405.31
Shareholders' Equity
Attributable to Parent 2467954805.09 1529824885.29
Company
Share of Net Assets
Calculated Based on 1233977402.55 764912442.65
Shareholding Ratio
Adjustment Items -56409324.36 -52697418.08
Carrying Value of Equity
Investment in Joint 1177568078.19 712215024.57
ventures Enterprises
Fair Value of Equity
Investment in Joint
ventures Enterprises with
Public Quotations
Net Profit 952478678.35 2089573046.44
Net Profit from
Discontinued Operations
Other Comprehensive
Income
Total Comprehensive
Income 952478678.35 2089573046.44
Dividends Received from
Joint ventures Enterprises
during the Current Period
3、 Aggregated Financial Information of Insignificant Joint Ventures and
Associated Enterprises
End-of-Period Balance/Current Previous Year-end
Period Amount Balance/Previous PeriodAmount
Joint Ventures:
Total Carrying Value of Investments 4110478645.75 3961228297.16
Total Amounts Calculated Based on
Notes to the Financial Statements Page123Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
End-of-Period Balance/Current Previous Year-end
Period Amount Balance/Previous PeriodAmount
Shareholding Ratiofor the Following
ltems
-Net Profit 151118440.77 170583425.51
-Other Comprehensive Income -1868092.18 1193152.92
-Total Comprehensive lncome 149250348.59 171776578.43
Associated Enterprises:
Total Carrying Value of Investments 11452335506.12 8954364227.40
Total Amounts Calculated Based on
Shareholding Ratiofor the Following
ltems
-Net Profit 453794161.69 844880455.37
-Other Comprehensive Income 1505344.19 -5967137.61
-Total Comprehensive lncome 455299505.88 838913317.76
4、 Excess Losses Incurred by Joint Ventures or Associated Enterprises
Our company has no obligation to bear additional losses for Jiangling Holdings Co.Ltd. Therefore when excess losses occur only the long - term equity investments
are written down to zero and the excess losses related to the investments in the
above - mentioned companies are not recognized.IX、 Government Grants
1、 Government Grants Recognized in Current - Period Profit or Loss
ltems Current - Period Amount Prior - Period Amount
Government grants related to assets 286082132.44 270036139.20
grants related to income 1231751590.39 1538672866.69
Total 1517833722.83 1808709005.89
Notes to the Financial Statements Page124Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
2、 Liability ltems Involving Government Grants
Amount
Amount Amount Offset
Amount of New Recognized in
Previous Year - Transferred to Against Cost and End - of - Period Related to Assets/
Liability ltems Grants in Current Non -operating Other Changes
end Balance Other Income in Expenses in Balance Related to Income
Period Income in
Current Period Current Period
Current Period
Deferred Income 52133744.00 192260000.00 192260000.00 52133744.00 Related to Assets
Deferred Income 132063475.64 22797062.74 126294889.81 28565648.58 Related to Income
Notes to the Financial Statements Page125Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
X、 Risks Related to Financial Instruments
(I) Types of Risks Arising from Financial Instruments
Our company faces various financial risks in the course of its operations: credit risk
liquidity risk and market risk (including foreign exchange risk interest rate risk and
other price risks). The above - mentioned financial risks and the risk management policies
adopted by our company to mitigate these risks are described as follows:
1、 Credit Risk
Credit risk refers to the risk that a counter - party fails to fulfill its contractual
obligations resulting in financial losses for our company. Our company's credit
risk mainly stems from monetary funds notes receivable accounts receivable
receivables financing other receivables as well as debt instrument investments
measured at fair value through profit or loss that are not included in the scope of
impairment assessment.Most of our company's monetary funds are bank deposits placed in state - owned
banks and other large - and medium - sized listed banks with good reputations and
high credit ratings. We believe that there are no significant credit risks and there is
almost no chance of significant losses caused by bank defaults.In addition for notes receivable accounts receivable receivables financing
contract assets and other receivables our company has established relevant
policies to control credit risk exposure. We assess the creditworthiness of
customers based on their financial conditions the likelihood of obtaining
guarantees from third parties credit records and other factors such as the current
market situation and set appropriate credit periods. We regularly monitor
customers' credit records. For customers with poor credit records we will take
measures such as sending written collection letters shortening credit periods or
canceling credit periods to ensure that the overall credit risk of our company
remains within a controllable range.
2、 Liquidity Risk
Liquidity risk refers to the risk that an enterprise may experience a shortage of
funds when fulfilling its obligations to settle in the form of delivering cash or other
financial assets.Notes to the Financial Statements Page126Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Our company's policy is to ensure that there is sufficient cash to repay maturing
debts. Liquidity risk is centrally controlled by our company's finance department.The finance department ensures that the company has sufficient funds to repay
debts under all reasonably foreseeable circumstances by monitoring cash
balancesmarketable securities that can be readily liquidated and a rolling forecast
of cash flows over the next 12months. At the same time it continuously monitors
whether the company complies with the provisions of borrowing agreements and
obtains commitments from major financial institutions to provide sufficient standby
funds to meet short - term and long - term funding requirements.The financial liabilities of our company are presented below by due date based
on undiscounted contractual cash flows:
End - of - Period Balance
Total
ltems Repayable
Within 1 Year 1 -2 Years 2 -5 Years Over 5 Years Undiscounted Carrying Amount
lmmediately
Contract Amount
Short -term
521483356.21521483356.21512275913.93
Loans
Notes Payable 43979523780.79 43979523780.79 43979523780.79
Accounts
29841076563.6929841076563.6929841076563.69
Payable
Other Payables 5871006412.33 5871006412.33 5871006412.33
Non -current
Liabilities Due
222600708.18222600708.18698694814.67
within One
Year
Lease
104056295.6261703700.69180017411.31345777407.62299147228.72
Liabilities
Long -term
2170485209.922170485209.922544487345.21
Payables
Bonds Payable 30000000.00 1030000000.00 1060000000.00 999803773.56
Total 80465690821.20 1134056295.62 61703700.69 2350502621.23 84011953438.74 84746015832.90
ltems Previous Year - end Balance
Notes to the Financial Statements Page127Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Total
Repayable Within 1 Over 5 Undiscounted Carrying
1 -2 Years 2 -5 Years
lmmediately Year Years Contract Amount
Amount
Short -term Loans 40442694.58 40442694.58 40036055.69
Notes Payable 34810605512.61 34810605512.61 34810605512.61
Accounts Payable 43835671129.12 43835671129.12 43835671129.12
Other Payables 6238513876.03 6238513876.03 6407775538.76
Non -current
Liabilities Due 188983976.87 188983976.87 128914461.78
within One Year
Long -term Loans 451000.00 36065000.00 36516000.00 36000000.00
Lease Liabilities 137414287.00 89386322.61 226800609.61 269211409.06
Long -term
2998964516.852998964516.852028479306.93
Payables
Bonds Payable 30000000.00 30000000.00 1030000000.00 1090000000.00 999705660.36
Total 85144668189.21 203479287.00 1119386322.61 2998964516.85 89466498315.67 88556399074.31
3、 Market Risk
Market risk of financial instruments refers to the risk that the fair value or future
cash flows of financial instruments fluctuate due to changes in market prices
including foreign exchange risk interest rate risk and other price risks.
（1）Interest Rate Risk
Interest rate risk refers to the risk that the fair value or future cash flows of
financial instruments fluctuate due to changes in market interest rates.Interest - bearing financial instruments with fixed and floating interest rates expose
our company to fair - value interest - rate risk and cash - flow interest - rate risk
respectively. Our company determines the proportion of fixed - and floating - rate
instruments based on market conditions and maintains an appropriate mix of fixed -
and floating - rate instruments through regular reviews and monitoring. When
necessary our company uses interest - rate swap instruments to hedge interest - rate
risk.Notes to the Financial Statements Page128Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
The income and operating cash flows of our company are basically unaffected by
fluctuations in market interest rates. As of December 31 2024 all of our company's
bank borrowings and bonds payable accrue interest at fixed interest rates. Our
company does not currently hedge interest - rate risk.
（2）Foreign Exchange Risk
Foreign exchange risk refers to the risk that the fair value or future cash flows of
financial instruments fluctuate due to changes in foreign exchange rates.Our company continuously monitors the scale of foreign currency transactions
foreign currency assets and liabilities to minimize the foreign exchange risks it
faces. In addition the company may enter into forward foreign exchange contracts
or currency swap contracts to hedge foreign exchange risks. During the current and
previous periods our company did not enter into any forward foreign exchange
contracts or currency swap contracts.The foreign exchange risks faced by our company mainly stem from financial
assets and liabilities denominated in US dollars. The amounts of foreign currency
financial assets and liabilities translated into RMB are shown as follows:
End - of - Period Balance Previous Year - end Balance
ltems Other Foreign Other Foreign
US Dollar Total US Dollar Total
Currencies Currencies
Monetary Funds 431180145.66 1661013362.44 2092193508.10 207403382.74 1817492961.31 2024896344.05
Accounts
697532521.361359758868.252057291389.61218123595.9817480634.95235604230.93
Receivable
Other Receivables 121525737.39 121525737.39 18402.30 95509535.16 95527937.46
Total 1128712667.02 3142297968.08 4271010635.11 425545381.02 1930483131.42 2356028512.44
Accounts Payable 2755340822.75 2755340822.75 15663.81 433127807.93 433143471.74
Other Payables 55459443.98 55459443.98 25375.05 59877652.92 59903027.97
other current
537613798.66537613798.66
Liabilities
Total 537613798.66 2810800266.73 3348414065.39 41038.86 493005460.85 493046499.71
As of December 31 2025 assuming all other variables remain unchanged if the
RMB appreciates or depreciates against the US dollar by 5% the company's net
Notes to the Financial Statements Page129Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
profit will increase or decrease by25121701.91yuan (as of December 31 2024:
18087422.85 yuan).Management believes that 5% reasonably reflects the
reasonable range within which the RMB may fluctuate against the US dollar in the
next fiscal year.
（3）Other Price Risks
Other price risks refer to the risks that the fair value or future cash flows of
financial instruments fluctuate due to market price changes other than foreign
exchange rate risks and interest rate risks.The other price risks of our company mainly stem from various equity instrument
investments and there is a risk of price fluctuations in equity instruments.XI、 Disclosure of Fair Value
The inputs used in fair - value measurement are classified into three levels:
Level 1 inputs are unadjusted quoted prices in active markets for identical assets or
liabilities available at the measurement date.Level 2 inputs are inputs other than Level 1 inputs that are directly or indirectly
observable for the related assets or liabilities.Level 3 inputs are unobservable inputs for the related assets or liabilities.The level to which a fair - value measurement result belongs is determined by the lowest -
level input that is significant to the fair - value measurement as a whole.(I) The ending fair values of assets and liabilities measured at fair value
Ending Fair Value
Level 1 Fair - Level 2 Fair - Level 3 Fair -
ltems
Value Value Value Total
Measurement Measurement Measurement
一、Continuous Fair -Value
Measurement
◆Other Equity Instrument
692201858.72692201858.72
Investments
Assets measured at fair value 692201858.72 692201858.72
Notes to the Financial Statements Page130Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Ending Fair Value
Level 1 Fair - Level 2 Fair - Level 3 Fair -
ltems
Value Value Value Total
Measurement Measurement Measurement
on a continuing basis
Notes to the Financial Statements Page131Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
(II) For items measured at fair value on a continuous basis at Level 3 reconciliation information between the carrying amounts at the end of the
previous year and the end of the current period and sensitivity analysis of unobservable parameters.
1、 Reconciliation Information for ltems Measured at Fair Value on a Continuous Basis at Level 3
Total Gains or Losses in the For assets
Purchase lssuance Sale and Settlement
Current Period held at the end
of the
reporting
period
Previous Year - Transfer to Transfer from Included in End - of - Period
ltems Included in unrealized
end Balance Level 3 Level 3 Other Balance
Profit or Purchase lssuance Sale Settlement gains or losses
Comprehensive
Loss recognized in
Income
profit or loss
in the current
period
◆Other equity
496524273.53-6984862.27202662447.46692201858.72
instrument investments
Notes to the Financial Statements Page132Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
XII、 Related Parties and Related -Party Transactions
(I) Information about the Parent Company of Our Company
Equity - Voting -
Holding Right
Proportion Proportion
Name of Parent Registered Registered of Parent of Parent
Business Nature
Company Place Capital Company Company in
in Our Our
Company Company
(%)(%)
Manufacturing
Chenzhi
and sales of
Automobile
Beijing automobiles their 6092273400.00 20.84 20.84
Technology Group
enginesand spare
Co. Ltd.parts
Note: The ultimate controlling party of our company is China Changan Automobile
Group Co. Ltd.(II) Information about Subsidiaries of Our Company
Details about the subsidiaries of our company can be found in Note "VIII. interests in
Other Entities".(III) Information about Joint Ventures and Associates of Our Company
Details about the significant joint ventures and associates of our company can be found in
Note "VIII. Interests in Other Entities".(IV) Information about Other Related Parties
Name of Other Related Party Relationship with Our Company
Under the control of the same ultimate
Chongqing Qingshan Industrial Co. Ltd.holding company
Chongqing Changan Minsheng Logistics Co. Ltd. Under the control of the same ultimate
Notes to the Financial Statements Page133Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Name of Other Related Party Relationship with Our Company
holding company
Under the control of the same ultimate
Sichuan Jian'an Industrial Co. Ltd.holding company
Under the control of the same ultimate
Chenzhi (Chongqing) Braking System Co. Ltd.holding company
Under the control of the same ultimate
Harbin Dongan Engine Manufacturing Co. Ltd.holding company
Under the control of the same ultimate
Sichuan Ningjiang Shanchuan Machinery Co. Ltd.holding company
Under the control of the same ultimate
South Nightstar Air Conditioning Co. Ltd.holding company
Under the control of the same ultimate
Chengdu Huachuan Electrical Equipment Co. Ltd.holding company
Under the control of the same ultimate
South Faurecia Automotive Parts Co. Ltd.holding company
Under the control of the same ultimate
Harbin Dongan Auto Engine Co. Ltd.holding company
Under the control of the same ultimate
Chongqing Wanyou Economic Development Co. Ltd.holding company
Chengdu Wanyou Xiangyu Auto Sales & Service Co. Under the control of the same ultimate
Ltd. holding company
Under the control of the same ultimate
Ya'an Wanyou Auto Sales & Service Co. Ltd.holding company
Under the control of the same ultimate
Beijing Zhongbing Insurance Brokers Co. Ltd.holding company
Chongqing Wanyou Zunda Auto Sales & Service Co. Under the control of the same ultimate
Ltd. holding company
Under the control of the same ultimate
Yunnan Wanyou Auto Sales & Service Co. Ltd.holding company
Under the control of the same ultimate
Guizhou Wanyou Auto Sales & Service Co. Ltd.holding company
Jiangsu Wanyou Auto Sales & Service Co. Ltd. Under the control of the same ultimate
Notes to the Financial Statements Page134Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Name of Other Related Party Relationship with Our Company
holding company
Under the control of the same ultimate
Chongqing Fuji Supply Chain Management Co. Ltd.holding company
Under the control of the same ultimate
Chengdu Wanyou Auto Trade & Service Co. Ltd.holding company
Under the control of the same ultimate
China Changan Auto Group Tianjin Sales Co. Ltd.holding company
Under the control of the same ultimate
Anhui Wanyou Auto Sales & Service Co. Ltd.holding company
Chongqing Wanyou Chengxing Auto Sales & Service Under the control of the same ultimate
Co. Ltd. holding company
Under the control of the same ultimate
Beijing North Changfu Auto Sales Co. Ltd.holding company
Under the control of the same ultimate
Wanyou Auto Investment Co. Ltd.holding company
Under the control of the same ultimate
Chengdu Wanyou Auto Sales & Service Co. Ltd.holding company
Chongqing Wanyou Ducheng Auto Sales & Service Co. Under the control of the same ultimate
Ltd. holding company
Chongqing Wanyou Xingjian Auto Sales & Service Co. Under the control of the same ultimate
Ltd. holding company
Chongqing Wanyou Zhicheng Auto Sales & Service Co. Under the control of the same ultimate
Ltd. holding company
Under the control of the same ultimate
Panzhihua Wanyou Auto Sales & Service Co. Ltd.holding company
Under the control of the same ultimate
Chengdu Wanyou Trade Co. Ltd.holding company
Chongqing Changxiang Supply Chain Technology Co. Under the control of the same ultimate
Ltd. holding company
Under the control of the same ultimate
Chongqing Saimei Digital Technology Co. Ltd.holding company
Luzhou Wanyou Auto Service Co. Ltd. Under the control of the same ultimate
Notes to the Financial Statements Page135Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Name of Other Related Party Relationship with Our Company
holding company
Under the control of the same ultimate
Chenzhi (Chongqing) Lightweight Technology Co. Ltd.holding company
Under the control of the same ultimate
Chongqing Jianshe Vehicle Air Conditioner Co. Ltd.holding company
Under the control of the same ultimate
Hunan Tianyan Machinery Co. Ltd.holding company
Under the control of the same ultimate
Chenzhi (Chengdu) Intelligent Suspension Co. Ltd.holding company
Under the control of the same ultimate
Longchang Shanchuan Machinery Co. Ltd.holding company
Under the control of the same ultimate
Chenzhi Technology Co. Ltd.holding company
Under the control of the same ultimate
Chongqing Qingshan Transmission Sales Co. Ltd.holding company
Under the control of the same ultimate
Dali Wanfu Auto Sales & Service Co. Ltd.holding company
Under the control of the same ultimate
Chongqing Anfu Auto Marketing Co. Ltd.holding company
Under the control of the same ultimate
Ordnance Equipment Group Finance Co. Ltd.holding company
China Ordnance Equipment Group Commercial Under the control of the same ultimate
Factoring Co. Ltd. holding company
Under the control of the same ultimate
Changan Financing Leasing Co. Ltd.holding company
Under the control of the same ultimate
Harbin Hafei Auto Industry Group Co. Ltd.holding company
Companies in which the ultimate holding
GKN Driveline (Chongqing) Co. Ltd.company holds shares
Benteler Jian'an Automotive Systems (Chongqing) Co. Companies in which the ultimate holding
Ltd. company holds shares
Hafei Motor Co. Ltd. Companies in which the ultimate holding
Notes to the Financial Statements Page136Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Name of Other Related Party Relationship with Our Company
company holds shares
Beijing Wutong Chelian Technology Co. Ltd. Other related party
Shanghai Jiaxing Auto Service Co. Ltd. Other related party
Shenzhen Yinwang Intelligent Technology Co. Ltd. Other related party
Avita (Chongqing) Auto Sales & Service Co. Ltd. Other related party
Taizhou Lingxing Zhixiang Technology Co. Ltd. Other related party
Hangzhou Lingxing Yuexiang Auto Service Co. Ltd. Other related party
Jiangling Motors Co. Ltd. Other related party
Nanjing Linghang Technology Co. Ltd. Other related party
Chongqing Zhichuang Guoli Precision Machinery Company formerly with equity participation
Manufacturing Co. Ltd. from Ordnance Equipment Group
Company formerly controlled by Ordnance
Hubei Huazhong Marelli Automotive Lighting Co. Ltd.Equipment Group
Company formerly controlled by Ordnance
Chongqing Jianshe Transmission Technology Co. Ltd.Equipment Group
Company formerly controlled by Ordnance
Chongqing Shangfang Auto Parts Co. Ltd.Equipment Group
Company formerly controlled by Ordnance
Chengdu Wanyou Filter Co. Ltd.Equipment Group
Company formerly controlled by Ordnance
Hubei Huazhong Auto Lamp Co. Ltd.Equipment Group
Chongqing Changan Intelligent Industry Technology Company formerly controlled by Ordnance
Service Co. Ltd. Equipment Group
Company formerly controlled by Ordnance
China Ordnance News
Equipment Group
Chongqing Changan Smart City Operation Management Company formerly controlled by Ordnance
Co. Ltd. Equipment Group
Southwest Ordnance Industry Chongqing Environmental Company formerly controlled by Ordnance
Protection Research Institute Co. Ltd. Equipment Group
Company formerly controlled by Ordnance
Chongqing Southwest Inspection & Testing Co. Ltd.Equipment Group
Xi'an Ordnance Industry Special Equipment Inspection Company formerly controlled by Ordnance
Notes to the Financial Statements Page137Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Name of Other Related Party Relationship with Our Company
Co. Ltd. Equipment Group
Company formerly controlled by Ordnance
China Ordnance Equipment Group Research Institute
Equipment Group
China Ordnance Equipment Group Human Resources Company formerly controlled by Ordnance
Development Center Equipment Group
China Ordnance Equipment Group Information Center Company formerly controlled by Ordnance
Co. Ltd. Equipment Group
China Ordnance Equipment Group Automation Research Company formerly controlled by Ordnance
Institute Co. Ltd. Equipment Group
Company formerly controlled by Ordnance
Zhejiang Zhongbing Health Care Co. Ltd.Equipment Group
Company formerly controlled by Ordnance
Chengde Sulian Yinhe Auto Parts Co. Ltd.Equipment Group
Company formerly controlled by Ordnance
Chengdu Lingchuan Vehicle Fuel Tank Co. Ltd.Equipment Group
Company formerly controlled by Ordnance
Chongqing Dajiang Jiexin Forging Co. Ltd.Equipment Group
Company formerly controlled by Ordnance
Chongqing Yihong Defense Technology Co. Ltd.Equipment Group
China Ordnance Equipment Group No. 59 Research Company formerly controlled by Ordnance
Institute Co. Ltd. Equipment Group
Company formerly controlled by Ordnance
Jianshe Industry Group (Yunnan) Co. Ltd.Equipment Group
Company formerly controlled by Ordnance
Nanyang Lida Optoelectronics Co. Ltd.Equipment Group
Chengdu Jialing Huaxi Optical Precision Machinery Co. Company formerly controlled by Ordnance
Ltd. Equipment Group
Chongqing Zhujiang Optoelectronic Technology Co. Company formerly controlled by Ordnance
Ltd. Equipment Group
Company formerly controlled by Ordnance
Chongqing Dajiang Yuqiang Plastic Products Co. Ltd.Equipment Group
Beijing Beiji Electromechanical Industry Co. Ltd. Company formerly controlled by Ordnance
Notes to the Financial Statements Page138Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Name of Other Related Party Relationship with Our Company
Equipment Group
Company formerly controlled by Ordnance
South Industries Asset Management Co. Ltd.Equipment Group
Company formerly controlled by Ordnance
China Ordnance Equipment Group Co. Ltd.Equipment Group
Company formerly controlled by Ordnance
Chongqing Hongyu Precision Industry Group Co. Ltd.Equipment Group
Company formerly controlled by Ordnance
Chongqing Jianshe Industry (Group) Co. Ltd.Equipment Group
Company formerly controlled by Ordnance
Zhongguang Group Co. Ltd.Equipment Group
Southwest Ordnance Industry (Chongqing) Smart Company formerly controlled by Ordnance
Technology Co. Ltd. Equipment Group
Hubei Huazhong Changjiang Optoelectronic Technology Company formerly controlled by Ordnance
Co. Ltd. Equipment Group
Company formerly controlled by Ordnance
Chongqing Changan Industry (Group) Co. Ltd.Equipment Group
Company formerly controlled by Ordnance
Chengdu Lingchuan Special Industry Co. Ltd.Equipment Group
Chongqing Changjiang Electrician Industry Group Co. Company formerly controlled by Ordnance
Ltd. Equipment Group
Company formerly controlled by Ordnance
Harbin Botong Auto Parts Manufacturing Co. Ltd.Equipment Group
Changan Reis (Chongqing) Robot Intelligent Equipment Company formerly controlled by Ordnance
Co. Ltd. Equipment Group
Company formerly controlled by Ordnance
Hangzhou Zhiyuan Research Institute Co. Ltd.Equipment Group
Company formerly controlled by Ordnance
Baoding Tianwei Group Special Transformer Co. Ltd.Equipment Group
China Ordnance Equipment Group Ordnance Equipment Company formerly controlled by Ordnance
Research Institute Equipment Group
Chongqing Nexteer Steering Systems Co. Ltd. Company formerly with equity participation
Notes to the Financial Statements Page139Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Name of Other Related Party Relationship with Our Company
from Ordnance Equipment Group
United Automotive Electronic Systems (Chongqing) Co. Company formerly with equity participation
Ltd. from Ordnance Equipment Group
Company formerly with equity participation
Chongqing Dajiang Dongyang Plastic Products Co. Ltd.from Ordnance Equipment Group
Company formerly with equity participation
Chongqing Dajiang Yapu Auto Parts Co. Ltd.from Ordnance Equipment Group
Company formerly with equity participation
Chongqing Wanyou Talent Service Co. Ltd.from Ordnance Equipment Group
Lear Changan (Chongqing) Automotive Systems Co. Company formerly with equity participation
Ltd. from Ordnance Equipment Group
Chengdu Zhongzi Guangming Catalytic Technology Co. Company formerly with equity participation
Ltd. from Ordnance Equipment Group
Chongqing Lingchuan Auto Parts Manufacturing Company formerly with equity participation
Technology Co. Ltd. from Ordnance Equipment Group
Tenneco Lingchuan (Chongqing) Exhaust Systems Co. Company formerly with equity participation
Ltd. from Ordnance Equipment Group
Chongqing Jianshe Hanon Automotive Thermal Company formerly with equity participation
Management Systems Co. Ltd. from Ordnance Equipment Group
Company formerly with equity participation
Henan Du’bang Optoelectronics Co. Ltd.from Ordnance Equipment Group
(V) Related -Party Transaction Information
1、 Related - Party Transactions of Purchasing and Selling Goods and Providing
and Receiving Labor Services
Table of Goods Purchased/Labor Services Received
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Purchase components and parts
Chongqing Qingshan Industrial Co. Ltd. 8739750220.22 8629997498.38
and Receive labor services
Times Changan Power Battery Co. Ltd. Purchase components and parts 6971698295.25 5053358710.82
Notes to the Financial Statements Page140Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Chongqing Changan Minsheng Logistics Purchase components and parts
4727971223.034804682273.47
Co. Ltd. and Receive labor services
Purchase components and parts
Jiangling Holdings Co. Ltd. 3486949951.31 5553351208.06
and Receive labor services
Chongqing Wutong Chelian Technology Purchase components and parts
1440426792.51565801798.21
Co. Ltd. and Receive labor services
Hubei Huazhong Marelli Automotive Purchase components and parts
1356608887.091491140208.55
Lighting Co. Ltd. and Receive labor services
Chongqing Nexteer Steering Systems Purchase components and parts
1310990840.481167443271.72
Co. Ltd. and Receive labor services
Purchase components and parts
Sichuan Jian'an Industrial Co. Ltd. 1126939032.34 1176754243.23
and Receive labor services
Shenzhen Yinwang Intelligent
Purchase components and parts 1046501403.08
Technology Co. Ltd.Chenzhi (Chongqing) Braking System Purchase components and parts
1008226776.081216704909.45
Co. Ltd. and Receive labor services
Harbin Dongan Engine Manufacturing Purchase components and parts
846655491.95954360785.84
Co. Ltd. and Receive labor services
Chenzhi (Chongqing) Lightweight
Purchase components and parts 738294149.66
Technology Co. Ltd.Avita (Chongqing) Auto Sales & Service
Purchase components and parts 686794016.28 110515542.23
Co. Ltd.Sichuan Ningjiang Shanchuan Machinery Purchase components and parts
671013905.58734780452.06
Co. Ltd. and Receive labor services
Lear Changan (Chongqing) Automotive
Purchase components and parts 635580695.83 250856034.67
Systems Co. Ltd.South Nightstar Air Conditioning Co. Purchase components and parts
623473019.56840457740.62
Ltd. and Receive labor services
Chengdu Huachuan Electrical Equipment Purchase components and parts
617756296.07680243436.60
Co. Ltd. and Receive labor services
South Faurecia Automotive Parts Co. Purchase components and parts 594639343.17 657155505.27
Notes to the Financial Statements Page141Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Ltd. and Receive labor services
Chongqing Changxian Intelligent Purchase components and parts
581939659.92392912027.47
Technology Co. Ltd. and Receive labor services
United Automotive Electronic Systems Purchase components and parts
570298490.92963566695.41
(Chongqing) Co. Ltd. and Receive labor services
Purchase components and parts
GKN Driveline (Chongqing) Co. Ltd. 447449563.47 412259857.54
and Receive labor services
Chongqing Dajiang Dongyang Plastic Purchase components and parts
400510587.58688184221.32
Products Co. Ltd. and Receive labor services
Chongqing Zhichuang Guoli Precision Purchase components and parts
319629828.31444406535.18
Machinery Manufacturing Co. Ltd. and Receive labor services
Chongqing Jianshe Vehicle Air
Purchase components and parts 319000979.01 171970343.84
Conditioner Co. Ltd.Chongqing Jianshe Transmission Purchase components and parts
315507921.08303926171.40
Technology Co. Ltd. and Receive labor services
Chengdu Zhongzi Guangming Catalytic
Purchase components and parts 286268805.58 419639817.19
Technology Co. Ltd.Purchase components and parts
Harbin Dongan Auto Engine Co. Ltd. 267294021.49 269628465.00
and Receive labor services
Hunan Tianyan Machinery Co. Ltd. Purchase components and parts 265711723.52 157002932.22
Chongqing Dajiang Yapu Auto Parts Co. Purchase components and parts
249177086.96354395826.81
Ltd. and Receive labor services
Chongqing Lingchuan Auto Parts
Purchase components and parts 187683497.71 193123964.60
Manufacturing Technology Co. Ltd.Chongqing Anda Semiconductor Co.Purchase components and parts 179456123.00
Ltd.Chongqing Shangfang Auto Parts Co. Purchase components and parts
175991787.50174460101.56
Ltd. and Receive labor services
Purchase components and parts
Chengdu Wanyou Filter Co. Ltd. 145289480.28 123078320.69
and Receive labor services
Hubei Huazhong Auto Lamp Co. Ltd. Purchase components and parts 143235579.28 155709252.63
Notes to the Financial Statements Page142Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
and Receive labor services
Purchase components and parts
Changan Ford Automobile Co. Ltd. 126685841.03 3449926.34
and Receive labor services
Chenzhi (Chengdu) Intelligent
Purchase components and parts 113569766.75 23358495.90
Suspension Co. Ltd.Chengde Sulian Yinhe Auto Parts Co.Purchase components and parts 111570441.53
Ltd.Tenneco Lingchuan (Chongqing) Exhaust Purchase components and parts
107730064.0890654991.96
Systems Co. Ltd. and Receive labor services
Chongqing Changan Industry (Group)
Utilities Payment 75027088.26 67891580.56
Co. Ltd.Chengdu Lingchuan Vehicle Fuel Tank
Purchase components and parts 61304624.48 57515999.70
Co. Ltd.Chongqing Wanyou Economic Purchase components and parts
58209640.1046102199.93
Development Co. Ltd. and Receive labor services
Chongqing Dajiang Jiexin Forging Co.Purchase components and parts 52675472.69 29589566.67
Ltd.Yunnan Wanyou Auto Sales & Service
Receive labor services 50340637.99 34796059.38
Co. Ltd.Chongqing Changan Intelligent Industry Purchase components and parts
49549192.7742151655.08
Technology Service Co. Ltd. and Receive labor services
Guizhou Wanyou Auto Sales & Service
Receive labor services 48822975.26 24755324.21
Co. Ltd.Jiangsu Wanyou Auto Sales & Service
Receive labor services 47844732.69 23344020.90
Co. Ltd.Chongqing Yihong Defense Technology
Purchase components and parts 44621954.90 58913150.80
Co. Ltd.Beijing Wutong Chelian Technology Co. Purchase components and parts
37783973.0554401495.14
Ltd. and Receive labor services
Chengdu Wanyou Xiangyu Auto Sales & Purchase components and parts
36871465.1128224481.68
Service Co. Ltd. and Receive labor services
Notes to the Financial Statements Page143Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Purchase components and parts
Avita Technology (Chongqing) Co. Ltd. 33889113.30 45560794.65
and Receive labor services
Chongqing Jianshe Hanon Automotive
Purchase components and parts 26629532.07 93176772.64
Thermal Management Systems Co. Ltd.Purchase components and parts
China Automotive Innovation Corp. 26228500.00 11628.90
and Receive labor services
Chongqing Fuji Supply Chain
Receive labor services 24283459.26 76965.09
Management Co. Ltd.Chengdu Wanyou Auto Trade & Service
Receive labor services 16434464.55 10356719.32
Co. Ltd.Longchang Shanchuan Machinery Co.Purchase components and parts 15756806.11 19656326.97
Ltd.China Changan Auto Group Tianjin Sales
Receive labor services 14259132.41 12114410.55
Co. Ltd.Anhui Wanyou Auto Sales & Service
Receive labor services 11950034.91 10385865.27
Co. Ltd.Chenzhi Automotive Technology Group Purchase components and parts
10809371.56254893589.14
Co. Ltd. and Receive labor services
Chongqing Changan Smart City
Receive labor services 9133202.59 9208950.03
Operation Management Co. Ltd.Chongqing Wanyou Chengxing Auto
Receive labor services 8785409.26 3860376.79
Sales & Service Co. Ltd.Beijing North Changfu Auto Sales Co.Receive labor services 7860409.72 723218.80
Ltd.Wanyou Auto Investment Co. Ltd. Receive labor services 7255089.89 3780185.72
Southwest Ordnance Industry Chongqing
Environmental Protection Research Receive labor services 7096208.93 17758031.18
Institute Co. Ltd.Purchase components and parts
Nanjing Lingxing Technology Co. Ltd. 7030047.36 86621.45
and Receive labor services
Chengdu Wanyou Auto Sales & Service Receive labor services 6561322.07 2581405.61
Notes to the Financial Statements Page144Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Co. Ltd.Chenzhi Technology Co. Ltd. Purchase components and parts 6549772.38 12923678.84
Chongqing Wanyou Ducheng Auto Sales
Receive labor services 6424813.10 3812996.54
& Service Co. Ltd.Chongqing Changan Kuayue Vehicles Purchase components and parts
6386199.61983394.36
Co. Ltd. and Receive labor services
China Ordnance Equipment Group No.Purchase components and parts 4430477.23
59 Research Institute Co. Ltd.
Chongqing Wanyou Talent Service Co.Receive labor services 2298902.23 31062986.46
Ltd.Chongqing Changan Intelligent Industry Purchase engineering materials
1987075.80
Technology Service Co. Ltd. and supplies
Jianshe Industry Group (Yunnan) Co.Purchase components and parts 1887880.01 147187109.84
Ltd.Purchase components and parts
Changan Mazda Engine Co. Ltd. 1819921.60 13983620.07
and Receive labor services
Chongqing Wanyou Xingjian Auto Sales
Receive labor services 1801193.02 2874074.26
& Service Co. Ltd.Chongqing Saimei Digital Technology Purchase engineering materials
1674788.50
Co. Ltd. and supplies
Nanyang Lida Optoelectronics Co. Ltd. Purchase components and parts 1157640.00 482340.66
Chongqing Southwest Inspection &
Receive labor services 1139694.19 1800862.37
Testing Co. Ltd.Ya'an Wanyou Auto Sales & Service Co. Purchase components and parts
900750.022360293.73
Ltd. and Receive labor services
Xi'an Ordnance Industry Special
Receive labor services 630215.74
Equipment Inspection Co. Ltd.Beijing Zhongbing Insurance Brokers Purchase components and parts
560719.00247724.61
Co. Ltd. and Receive labor services
Changan Auto Finance Co. Ltd. Receive labor services 440614.07 20382386.87
Chongqing Qingshan Transmission Sales Purchase components and parts 428159.38 44442269.68
Notes to the Financial Statements Page145Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Co. Ltd.Chongqing Wanyou Zunda Auto Sales & Purchase components and parts
399038.89954339.01
Service Co. Ltd. and Receive labor services
Chongqing Wanyou Zhicheng Auto Sales
Receive labor services 353217.46
& Service Co. Ltd.Panzhihua Wanyou Auto Sales & Service
Receive labor services 307036.11 745707.44
Co. Ltd.Chengdu Jialing Huaxi Optical Precision
Purchase components and parts 271091.37 275250.53
Machinery Co. Ltd.China Ordnance Equipment Group
Receive labor services 61320.75 42358.49
Research Institute
Chongqing Zhujiang Optoelectronic
Purchase components and parts 13380.36
Technology Co. Ltd.Chengdu Wanyou Trade Co. Ltd. Receive labor services 4577.18 36741.44
China Ordnance Equipment Group
Receive labor services 1792.45 41971.70
Human Resources Development Center
Harbin Hafei Auto Industry Group Co.Receive labor services 59136548.68
Ltd.Chongqing Changan Industry (Group) Purchase components and parts
12988800.43
Co. Ltd. and Receive labor services
Chongqing Changxiang Supply Chain
Receive labor services 719921.32
Technology Co. Ltd.Chongqing Saimei Digital Technology
Receive labor services 355000.00
Co. Ltd.Changan Mazda Automobile Co. Ltd. Receive labor services 212576.11
China Ordnance Equipment Group
Receive labor services 159245.28
Information Center Co. Ltd.Luzhou Wanyou Auto Service Co. Ltd. Receive labor services 139830.99
Chongqing Dajiang Yuqiang Plastic
Purchase components and parts 90868.64
Products Co. Ltd.Chongqing Qingshan Industrial Co. Ltd. Purchase engineering materials 36186.02
Notes to the Financial Statements Page146Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
and supplies
Beijing Beiji Electromechanical Industry
Purchase components and parts 24494.80
Co. Ltd.Purchase components and parts
China Ordnance News 12311.32
and Receive labor services
Shanghai Jiaxing Auto Service Co. Ltd. Receive labor services 11151.69
China Ordnance Equipment Group
Receive labor services 1698.11
Automation Research Institute Co. Ltd.Zhejiang Zhongbing Health Care Co.Receive labor services 849.06
Ltd.Statement of Goods Sold/ Labor Services Provided
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Sell complete vehicle parts and
Avita Technology (Chongqing) Co. Ltd. components and provide labor 3590872713.26 3545912925.84
services
Chongqing Wanyou Zunda Auto Sales & Sell parts and components and
3325009583.223044511084.13
Service Co. Ltd. provide labor services
Sell complete vehicle parts and
Chengdu Wanyou Xiangyu Auto Sales &
components and provide labor 2610554462.83 2560954240.83
Service Co. Ltd.services
Sell complete vehicle parts and
Chongqing Wanyou Economic
components and provide labor 2479737890.75 1669176840.92
Development Co. Ltd.services
Sell complete vehicle parts and
Wanyou Auto Investment Co. Ltd. components and provide labor 1956642338.98 691951708.66
services
Guizhou Wanyou Auto Sales & Service Sell complete vehicle parts and 1626555078.64 1703466813.81
Notes to the Financial Statements Page147Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Co. Ltd. components and provide labor
services
Sell complete vehicle parts and
Master Changan Automobile Co. Ltd. components and provide labor 1178250746.02 685011995.56
services
Chongqing Wanyou Zhicheng Auto Sales
Sell complete vehicles 869837584.20 1135629281.78
& Service Co. Ltd.Sell complete vehicle parts and
Jiangsu Wanyou Auto Sales & Service
components and provide labor 809177036.54 1287150633.14
Co. Ltd.services
Sell complete vehicle parts and
Changan Mazda Automobile Co. Ltd. components and provide labor 799322856.30 442265277.20
services
Sell complete vehicle parts and
Yunnan Wanyou Auto Sales & Service
components and provide labor 682444223.84 1228151892.06
Co. Ltd.services
Changan Auto Finance Co. Ltd. Provide labor services 473823707.35 74923741.22
Sell complete vehicle parts and
Anhui Wanyou Auto Sales & Service
components and provide labor 360030927.42 405366552.77
Co. Ltd.services
Sell parts and components and
Changan Mazda Engine Co. Ltd. 188152380.62 31823562.00
provide labor services
Sell parts and components and
Changan Ford Automobile Co. Ltd. 180070169.69 291965933.06
provide labor services
Sell complete vehicle parts and
China Changan Auto Group Tianjin
components and provide labor 164119529.33 225284281.97
Sales Co. Ltd.services
Chongqing Changan Kuayue Vehicles Sell parts and components and
127008569.0189649785.62
Co. Ltd. provide labor services
Chengdu Wanyou Auto Trade & Service Sell complete vehicle parts and
60858471.9169393399.93
Co. Ltd. components and provide labor
Notes to the Financial Statements Page148Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
services
Sell parts and components and
Jiangling Holdings Co. Ltd. 59574764.09 79780337.37
provide labor services
Taizhou Lingxing Zhixiang Technology
Sell complete vehicles 51106193.60
Co. Ltd.Sell complete vehicle parts and
Chongqing Anfu Auto Marketing Co.components and provide labor 45120838.99 47716725.76
Ltd.services
Ordnance Equipment Group Finance Co.Provide labor services 35595662.26 19485773.58
Ltd.Sell parts and components and
Chongqing Qingshan Industrial Co. Ltd. 35559128.20 16224015.54
provide labor services
Chenzhi Automotive Technology Group Sell parts and components and
27656413.20
Co. Ltd. provide labor services
Chongqing Changxian Intelligent
Provide labor services 26360649.97 5095395.18
Technology Co. Ltd.Sell complete vehicle parts and
Beijing North Changfu Auto Sales Co.components and provide labor 24538729.36 1906219.88
Ltd.services
Provide personnel and technical
Changan Mazda Automobile Co. Ltd. 22260468.68 53908116.64
support
Provide personnel and technical
Changan Ford Automobile Co. Ltd. 16651540.18 14796508.84
support
Chenzhi (Chongqing) Lightweight
Provide labor services 16300477.13
Technology Co. Ltd.Provide personnel and technical
Changan Mazda Engine Co. Ltd. 13966829.36 12315939.07
support
China Ordnance Equipment Group
Provide labor services 13207547.16
Commercial Factoring Co. Ltd.China Changan Automotive Group Co. Sell parts and components and
10964575.31
Ltd. provide labor services
Notes to the Financial Statements Page149Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Changan Financing Leasing Co. Ltd. Provide labor services 9160566.04 6745494.75
Changan Ford New Energy Vehicle Provide personnel and technical
5653223.186198392.30
Technology Co. Ltd. support
Chongqing Changxian Intelligent Provide personnel and technical
5073227.131738755.43
Technology Co. Ltd. support
Avita (Chongqing) Auto Sales & Service
Provide labor services 4804577.32 13132.10
Co. Ltd.Hangzhou Lingxing Yuexiang Auto
Sell complete vehicles 4159292.00
Service Co. Ltd.Chongqing Wanyou Chengxing Auto Sell parts and components and
3058301.032203892.78
Sales & Service Co. Ltd. provide labor services
Provide personnel and technical
Times Changan Power Battery Co. Ltd. 3000000.00 1853256.70
support
Sell complete vehicle parts and
Chengdu Wanyou Auto Sales & Service
components and provide labor 2845748.71 19512442.80
Co. Ltd.services
Chongqing Changan Intelligent Industry
Provide labor services 2784521.98 12658659.67
Technology Service Co. Ltd.Chongqing Changan Minsheng Logistics
Provide labor services 2485522.05 3498850.35
Co. Ltd.Chongqing Changan Kuayue Vehicles Provide personnel and technical
2389358.982379061.74
Co. Ltd. support
Sell complete vehicle parts and
Chongqing Wanyou Ducheng Auto Sales
components and provide labor 2218935.66 4204247.18
& Service Co. Ltd.services
South Industries Asset Management Co.Provide labor services 2182789.63
Ltd.Chongqing Wutong Chelian Technology
Provide labor services 1841061.24 706691.17
Co. Ltd.Chongqing Wutong Chelian Technology Provide personnel and technical
980275.80550738.60
Co. Ltd. support
Notes to the Financial Statements Page150Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Provide personnel and technical
Avita Technology (Chongqing) Co. Ltd. 844105.34
support
Chenzhi Anqi (Chongqing) Circular Provide personnel and technical
800000.00
Technology Co. Ltd. support
Chongqing Wanyou Xingjian Auto Sales Sell parts and components and
770329.241428543.28
& Service Co. Ltd. provide labor services
Chongqing Changan Kuayue Vehicle
Sell parts and components 713749.47 552228.25
Marketing Co. Ltd.Guizhou Wanyou Auto Sales & Service Interest income from deferred
677653.781944074.93
Co. Ltd. payment of funds
Chongqing Changan Minsheng Logistics Provide personnel and technical
589912.76868472.64
Co. Ltd. support
Sell complete vehicle parts and
Ya'an Wanyou Auto Sales & Service
components and provide labor 577904.72 2064820.56
Co. Ltd.services
Chengdu Wanyou Xiangyu Auto Sales & Interest income from deferred
485371.211639633.40
Service Co. Ltd. payment of funds
Jiangsu Wanyou Auto Sales & Service Interest income from deferred
460035.132883287.51
Co. Ltd. payment of funds
Chenzhi Technology Co. Ltd. Provide labor services 443396.22 438207.54
Chengdu Wanyou Auto Trade & Service Interest income from deferred
419660.18226030.61
Co. Ltd. payment of funds
Chongqing Wanyou Economic Interest income from deferred
414046.28652912.22
Development Co. Ltd. payment of funds
China Ordnance Equipment Group Co.Provide labor services 339622.64 656603.77
Ltd.Chenzhi Automotive Technology Group Provide personnel and technical
260456.8159003.39
Co. Ltd. support
Chengdu Huachuan Electrical Equipment
Provide labor services 230716.97 95928.49
Co. Ltd.Chongqing Hongyu Precision Industry Provide labor services 193300.00
Notes to the Financial Statements Page151Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Group Co. Ltd.Yunnan Wanyou Auto Sales & Service Interest income from deferred
159106.03693090.36
Co. Ltd. payment of funds
Sell complete vehicle parts and
Panzhihua Wanyou Auto Sales & Service
components and provide labor 154309.76 834324.62
Co. Ltd.services
Interest income from deferred
Wanyou Auto Investment Co. Ltd. 148614.51 4141.59
payment of funds
Changan Ford New Energy Vehicle
Provide labor services 148500.00 1905273.58
Technology Co. Ltd.Chongqing Fuji Supply Chain
Sell complete vehicles 120300.88 109212762.45
Management Co. Ltd.Anhui Wanyou Auto Sales & Service Interest income from deferred
119412.27333282.09
Co. Ltd. payment of funds
Chongqing Jianshe Industry (Group) Co.Provide labor services 108490.57
Ltd.Interest income from deferred
Changan Auto Finance Co. Ltd. 108253.25
payment of funds
Henan Du’bang Optoelectronics Co.Provide labor services 89141.51
Ltd.Chongqing Jianshe Transmission
Provide labor services 88307.11 5882.83
Technology Co. Ltd.Zhongguang Group Co. Ltd. Provide labor services 84905.66 84905.66
Hubei Huazhong Marelli Automotive
Provide labor services 78600.00
Lighting Co. Ltd.Chenzhi (Chongqing) Braking System
Provide labor services 71239.03 30081.15
Co. Ltd.Provide personnel and technical
Jiangling Motors Co. Ltd. 53029.62 3293728.39
support
Provide personnel and technical
Jiangling Holdings Co. Ltd. 50292.50 10914746.19
support
Notes to the Financial Statements Page152Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Lear Changan (Chongqing) Automotive
Provide labor services 46371.69 5886.79
Systems Co. Ltd.Tenneco Lingchuan (Chongqing)
Sell parts and components 27066.00
Exhaust Systems Co. Ltd.Nanjing Lingxing Technology Co. Ltd. Provide labor services 23728.14 140962.77
Southwest Ordnance Industry
Provide labor services 19839.00
(Chongqing) Smart Technology Co. Ltd.
Hubei Huazhong Auto Lamp Co. Ltd. Provide labor services 12264.15 9433.96
Chongqing Zhichuang Guoli Precision
Provide labor services 10513.27 62135.77
Machinery Manufacturing Co. Ltd.Dali Wanfu Auto Sales & Service Co.Sell parts and components 9223.10 143213.28
Ltd.South Nightstar Air Conditioning Co.Provide labor services 7023.06 14063.55
Ltd.Chongqing Shangfang Auto Parts Co.Provide labor services 2867.26 35221.24
Ltd.Chengdu Lingchuan Vehicle Fuel Tank
Provide labor services 1911.50 30053.10
Co. Ltd.Chongqing Wanyou Talent Service Co.Provide labor services 1886.79
Ltd.Sichuan Jian'an Industrial Co. Ltd. Provide labor services 1324.37 147924.52
Sichuan Ningjiang Shanchuan Machinery
Provide labor services 1296.86 139211.60
Co. Ltd.Ordnance Equipment Group Finance Co. Interest income from deferred
2419885.65
Ltd. payment of funds
Southwest Ordnance Industry Chongqing
Environmental Protection Research Provide labor services 2299226.01
Institute Co. Ltd.Western Car Network (Chongqing) Co.Provide labor services 297054.72
Ltd.Chongqing Nexteer Steering Systems Sell parts and components and 226415.09
Notes to the Financial Statements Page153Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Co. Ltd. provide labor services
Sell complete vehicle parts and
Chengdu Wanyou Trade Co. Ltd. components and provide labor 154902.13
services
China Ordnance Equipment Group
Provide labor services 141509.43
Information Center Co. Ltd.Times Changan Power Battery Co. Ltd. Provide labor services 112400.00
Hubei Huazhong Changjiang
Provide labor services 84905.66
Optoelectronic Technology Co. Ltd.Sell complete vehicle parts and
Luzhou Wanyou Auto Service Co. Ltd. components and provide labor 54476.22
services
Chongqing Changan Smart City
Provide labor services 32839.77
Operation Management Co. Ltd.Chongqing Dajiang Dongyang Plastic Sell parts and components and
31710.52
Products Co. Ltd. provide labor services
Chengdu Lingchuan Vehicle Fuel Tank Interest income from deferred
17969.51
Co. Ltd. payment of funds
China Ordnance Equipment Group
Provide labor services 13207.55
Human Resources Development Center
South Faurecia Automotive Parts Co.Provide labor services 5886.80
Ltd.Chongqing Dajiang Yapu Auto Parts Co.Provide labor services 5554.41
Ltd.China Changan Auto Group Tianjin Interest income from deferred
4846.90
Sales Co. Ltd. payment of funds
Chongqing Lingchuan Auto Parts Sell parts and components and
2588.62
Manufacturing Technology Co. Ltd. provide labor services
Chongqing Jianshe Vehicle Air Sell parts and components and
1083.60
Conditioner Co. Ltd. provide labor services
Chongqing Dajiang Yuqiang Plastic provide labor services 17.94
Notes to the Financial Statements Page154Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Content of Related - Party Current - Period Prior - Period
Related Party
Transaction Amount Amount
Products Co. Ltd.
2、 Related lease situation
Our company acts as the lessor:
Lease income
Types of leased Lease income recognized
Name of the lessee recognized in the
assets in the previous period
current period
Chongqing Wanyou Development Buildings and
702112.27674311.92
Co. Ltd. lands
AVATR (Chongqing) Automobile
Vehicle 589263.87
Sales Service Co. Ltd.Chongqi Changan Mingshen
Building 543540.72 672559.62
Logistics Co. Ltd.Avatr Technology (Chongqing) Co.Vehicle 41075.17 245268.68
Ltd.Shanghai Jiaxing Automobile
Vehicle 14030159.79
Service Co. Ltd.Chongqing changan Industry
Building 6566747.42
(Group) Co. Ltd.Notes to the Financial Statements Page155Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Our company acts as the lessee:
Amount for the current period Amount for the previous period
Rental expenses for Interest
Variable lease Rent expense for short Variable lease
short - term leases Interest expense
Type of payments not - term leases and low - payments not Increased
Name of the lessor and low - value expense on Increased right - incurred on
leased asset included in the Rent paid value asset leases included in the Rent paid right - of -
asset leases that are lease liabilities of - use asset the lease
measurement of accounted for under measurement of use asset
simply accounted assumed liability
lease liabilities the simplified approach lease liabilities.for assumed
Chongqing Chang an Min 12749740.warehouse 13860539.07 14513769.09 343368.19 19688242.43 10059282.58 23575546.64 1159658.59
sheng Logistics Co. Ltd. 81
Chongqing Chang an
Intelligent City Operation and Lands 4479448.66 4882599.04 5955322.40 5955322.40
Management Co. Ltd.Chongqing Wan you Zhicheng
Automobile Sales and Service Vehical 400833.84 401964.59 177300.00 177300.00
Co. Ltd.Notes to the Financial Statements Page156Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
3、 Compensation of key management personnel
Amount for Amount for
item
the current period the previous period
Compensation of key management
29286526.0031737855.00
personnel
4、 Other related-party transactions
（1）Matters regarding deposits and loans with China South Industries Group Finance Co.
Ltd.:
Related party Contents of related - partytransactions 2025.12.31/2025.1-12
China South Industries Group Finance Co. Ltd. Deposit in the bank 13180865840.46
China South Industries Group Finance Co. Ltd. Receive interest 342041611.06
China South Industries Group Finance Co. Ltd. Commercial acceptance bill 1941308791.12
China South Industries Group Finance Co. Ltd. Fixed deposit 6800000000.00
China South Industries Group Finance Co. Ltd. Short-term borrowing 12000000.00
China South Industries Group Finance Co. Ltd. Entrusted loan 500000000.00
China South Industries Group Finance Co. Ltd. Long - term loans due withinone year 36000000.00
China South Industries Group Finance Co. Ltd. Pay interest and handling fees 30297413.50
（2）Matters regarding deposits and loans with Changan Automobile Finance Co. Ltd.:
Related party Contents of related - partytransactions 2025.12.31/2025.1-12
Chang an Auto Finance Co. Ltd. Deposit in the bank 11260000000.00
Chang an Auto Finance Co. Ltd. Receive interest 306125000.00
(VI) Related party unsettled items such as accounts receivable and accounts payable
1、 Receivable Items
The balance at the
Project Name Related party Ending balance
end of last year
Accounts
Notes to the Financial Statements Page157Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
The balance at the
Project Name Related party Ending balance
end of last year
receivable
AVATR Technology (Chongqing) Co. Ltd. 1270441118.13 777209315.29
Changan Mazda Automobile Co. Ltd. 489818149.57 394684921.38
Changan Ford Automobile Co. Ltd. 72068853.21 309006186.36
Changan Mazda Engine Co. Ltd. 67208668.30 37151442.58
Master Changan Automobile Co. Ltd. 39068423.29 66120525.00
Chongqing Changan Kuayue Vehicle Co. Ltd. 28133895.43 41454930.04
Chongqing Changxian Intelligent Technology Co. Ltd. 18316422.57 4140425.78
Jiangling Holdings Co. Ltd. 12819563.72 10737001.40
Yunnan Wanyou Automobile Sales Service Co. Ltd. 11314945.40 100070.00
AVATR (Chongqing) Automobile Sales Service Co.
5549429.38
Ltd.Chenzhi Automotive Technology Group Co. Ltd. 4748610.84 62543.59
Chongqing Wanyou Zhicheng Automobile Sales
2065371.18
Service Co. Ltd.Times Changan Power Battery Co. Ltd. 1530000.00 530000.00
Chongqing Wutong Cheilian Technology Co. Ltd. 1250000.00 271992.26
Chongqing Changan Minsheng Logistics Co. Ltd. 1222115.79 1032148.06
Chenzhi Anqi (Chongqing) Recycling Technology Co.
800000.00
Ltd.Changan Ford New Energy Vehicle Technology Co.
778294.122019590.00
Ltd.Times FAW Power Battery Co. Ltd. 477000.00 477000.00
Chongqing Fuji Supply Chain Management Co. Ltd. 224215.89
Chongyo Qingshan Industrial Co. Ltd. 155000.00 40000.00
Chongqing Hongyu Precision Industry Group Co. Ltd. 143428.60 -
Chongqing Jianshe Industry (Group) Co. Ltd. 115000.00 -
Chongqing Changan Kuayue Vehicle Marketing Co.
72545.83170712.14
Ltd.Changan Automotive Finance Co. Ltd. 66718.80 9540270.17
Nanjing Lingxing Technology Co. Ltd. 66389.36 336623.98
Notes to the Financial Statements Page158Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
The balance at the
Project Name Related party Ending balance
end of last year
China Ordnance Equipment Group No. 59 Research
4320.00-
Institute Co. Ltd.Guizhou Wanyou Automobile Sales Service Co. Ltd. 398.00
Chengdu Wanyou Automobile Sales Service Co. Ltd. 50.00
China South Industries Group Finance Co. Ltd. 8410150.94
Jiangling Motors Co. Ltd. 2400000.00
Changan Financial Leasing Co. Ltd. 455400.00
Western Vehicle Network (Chongqing) Co. Ltd. 314878.00
Chongqing Changan Intelligent Industrial Technology
276804.16
Service Co. Ltd.China Ordnance Equipment Group Co. Ltd. 260000.00
Jiangsu Wanyou Automobile Sales Service Co. Ltd. 88001.63
Chengdu Wanyou Xiangyu Automobile Sales Service
55328.00
Co. Ltd.South Faurecia Automotive Parts Co. Ltd. 3120.00
Chongqing Wanyou Economic Development Co. Ltd. 350.00
Notes
Receivable
Wanyou Automotive Investment Co. Ltd. 2551100000.00 3547990000.00
AVATR Technology (Chongqing) Co. Ltd. 1453315665.60 781817170.73
Chongqing Wanyou Economic Development Co. Ltd. 280000000.00
Guizhou Wanyou Automobile Sales Service Co. Ltd. 240000000.00 165080000.00
Chengdu Wanyou Xiangyu Automobile Sales Service
140000000.0060000000.00
Co. Ltd.Chongqing Changan Kuayue Vehicle Marketing Co.
39362933.1110800000.00
Ltd.Chongqing Qingshan Industrial Co. Ltd. 11652674.47 9798141.24
Jiangling Holdings Co. Ltd. 79557.88
Jiangsu Wanyou Automobile Sales Service Co. Ltd. 455000000.00
Chongqing Changan Minsheng Logistics Co. Ltd. 790456.20
Harbin Dongan Automotive Engine Manufacturing 142620.83
Notes to the Financial Statements Page159Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
The balance at the
Project Name Related party Ending balance
end of last year
Co. Ltd.Other
receivables
Chongqing Changxin Zhiqi Private Equity Investment
12982140.822100000.00
Fund Partnership (Limited Partnership)
Anhe Chongqing Dingfeng Automotive Contract-based
617440.00
Private Equity Investment Fund
Chongqing Wanyou Economic Development Co. Ltd. 183750.00
AVATR (Chongqing) Automobile Sales Service Co.
47591.42
Ltd.Prepaid
Accounts
Beijing Wutong Cheilian Technology Co. Ltd. 598369.42
Beijing Zhongbing Insurance Brokers Co. Ltd. 143832.00
AVATR (Chongqing) Automobile Sales Service Co.
42425.64
Ltd.Chongqing Wanyou Zunda Automobile Sales Service
4643.00
Co. Ltd.Benteler Jian'an Automotive Systems (Chongqing) Co.
180.00
Ltd.
2、 Items Payable
The balance at the end
Project Name Related party Ending balance
of last year
Accounts
Payable
Times Changan Power Battery Co. Ltd. 2519052360.07 3678801613.64
Chongqing Qingshan Industrial Co. Ltd. 1468049625.71 1470629556.19
Jiangling Holdings Co. Ltd. 457192515.37 2478593080.08
Chenzhi (Chongqing) Lightweight Technology Co. 320506825.72
Notes to the Financial Statements Page160Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
The balance at the end
Project Name Related party Ending balance
of last year
Ltd.Hubei Huazhong Marelli Automotive Lighting Co.
280176609.53506902783.87
Ltd.Lear Changan (Chongqing) Automotive Systems Co.
275355076.9682691521.99
Ltd.Chongqing Nexteer Steering Systems Co. Ltd. 265248181.97 540536765.59
South Faurecia Automotive Parts Co. Ltd. 189247048.62 171077248.65
Sichuan Ningjiang Shanchuan Machinery Co. Ltd. 179208240.58 149468056.13
AVATR (Chongqing) Automobile Sales Service Co.
169848698.911338148.04
Ltd.South YTE Air Conditioning Co. Ltd. 155311164.28 286068717.64
Chenzhi (Chongqing) Brake Systems Co. Ltd. 150880885.56 287792573.82
Sichuan Jian'an Industrial Co. Ltd. 132027650.33 202374745.73
Chongqing Changan Minsheng Logistics Co. Ltd. 131362395.58 34393559.10
Chongqing Dajiang Dongyang Plastic Products Co.
129528919.61171950496.78
Ltd.Chongqing Wutong Chelian Technology Co. Ltd. 99418495.36 90746489.67
Chongqing Jianshe Vehicle Air Conditioner Co. Ltd. 92373439.43 76171906.33
GKN Driveline (Chongqing) Co. Ltd. 83830554.09 157896846.84
Chongqing Zhichuang Guoli Precision Machinery
83097454.09182319446.38
Manufacturing Co. Ltd.Chongqing Jianshe Drive Technology Co. Ltd. 77570902.89 105518975.57
Hunan Tianyan Machinery Co. Ltd. 73806737.54 57356290.41
Chengdu Huachuan Electric Parts Co. Ltd. 73350307.68 170985575.26
Harbin Dongan Automotive Engine Manufacturing
63683197.47204125073.84
Co. Ltd.Chongqing Anda Semiconductor Co. Ltd. 51711529.84
Chengdu Zhongzi Guangming Catalytic Technology
51381344.83263138498.64
Co. Ltd.Chongqing Dajiang YAPP Automotive Parts Co. Ltd. 46462288.18 149388962.40
Chengdu Wanyou Filter Co. Ltd. 40054476.35 40463626.12
Notes to the Financial Statements Page161Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
The balance at the end
Project Name Related party Ending balance
of last year
Chongqing Lingchuan Automotive Parts
36949048.8163969231.26
Manufacturing Technology Co. Ltd.Hubei Huazhong Auto Lamp Co. Ltd. 36924298.33 39519253.31
Chenzhi (Chengdu) Intelligent Suspension Co. Ltd. 34664284.48 24669839.13
Chongqing Shangfang Auto Parts Co. Ltd. 34420344.53 75558624.60
Harbin Dongan Automotive Engine Power Co. Ltd. 34365293.06 38544239.61
United Automotive Electronic Systems (Chongqing)
24815109.89134936529.32
Co. Ltd.Shenzhen Yinwang Intelligent Technology Co. Ltd. 20010735.96
Chengde Sukan Yinhe Auto Parts Co. Ltd. 17297067.71
Chengdu Lingchuan Vehicle Fuel Tank Co. Ltd. 14132224.87 21860214.71
Tenneco Lingchuan (Chongqing) Exhaust Systems
8901575.8516641882.81
Co. Ltd.Chongqing Yihong Defense Technology Co. Ltd. 8882622.79 16396833.50
Chongqing Dajiang Jiexin Forging Co. Ltd. 6993115.96 14617501.70
Beijing Wutong Chelian Technology Co. Ltd. 3263596.94 8158071.16
Chongqing Wanyou Economic Development Co. Ltd. 2283835.00 4441680.85
Chongqing Jianshe Hanon Automotive Thermal
1666216.2023380378.94
Management Systems Co. Ltd.China Ordnance Equipment Group No. 59 Research
1648414.77
Institute Co. Ltd.Nanjing Lingxing Technology Co. Ltd. 1634432.50
Longchang Shanchuan Machinery Co. Ltd. 1094139.85 4276276.97
Chenzhi Technology Co. Ltd. 1063880.66 13309661.05
Chenzhi Automotive Technology Group Co. Ltd. 655689.19 261353608.25
Chongqing Jianshe Industry (Group) Co. Ltd. 575587.79 575587.79
Changan Mazda Engine Co. Ltd. 252693.00 9404278.40
Chongqing Changan Industry (Group) Co. Ltd. 218468.87 477500.98
Chengdu Jialing Huaxi Optical Precision Machinery
136625.67276099.19
Co. Ltd.Chongqing Qingshan Transmission Sales Co. Ltd. 133928.83 2516240.52
Notes to the Financial Statements Page162Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
The balance at the end
Project Name Related party Ending balance
of last year
Chengdu Lingchuan Special Industry Co. Ltd. 101585.16 101585.16
Nanyang Lida Optoelectronics Co. Ltd. 48895.00 105044.95
Chongqing Changjiang Electrician Industry Group Co.
40143.7940143.79
Ltd.Jianshe Industry Group (Yunnan) Co. Ltd. 18798.73 32673654.73
Hangzhou Che Lizi Intelligent Technology Co. Ltd. 12350.00 12350.00
AVATR Technology (Chongqing) Co. Ltd. 6859.51 3404083.46
Chengdu Wanyou Xiangyu Automobile Sales Service
2700.00
Co. Ltd.China Changan Automobile Group Tianjin Sales Co.
1800.00
Ltd.Chongqing Dajiang Yuqiang Plastic Products Co. Ltd. 3520886.79
Chongqing Changan Intelligent Industrial Technology
1443978.00
Service Co. Ltd.Hafei Automobile Co. Ltd. 287996.57
Chongqing Wanyou Talent Service Co. Ltd. 142239.90
Chongqing Changxiang Supply Chain Technology Co.
118377.21
Ltd.Harbin Botong Automobile Parts Manufacturing Co.
6222.12
Ltd.Notes Payable
Times Changan Power Battery Co. Ltd. 2942318849.83 658593414.62
Jiangling Holdings Co. Ltd. 1168985198.42 2508252356.10
Chongqing Qingshan Industrial Co. Ltd. 828756707.82 1536670062.86
Chongqing Changan Minsheng Logistics Co. Ltd. 495189780.65 411048880.83
Hubei Huazhong Marelli Automotive Lighting Co.
401019281.55163506022.00
Ltd.South YTE Air Conditioning Co. Ltd. 194397790.26 212005855.60
GKN Driveline (Chongqing) Co. Ltd. 158555586.28 114248089.68
Hunan Tianyan Machinery Co. Ltd. 148756855.34 106130000.00
South Faurecia Automotive Parts Co. Ltd. 107121575.53 39579745.73
Notes to the Financial Statements Page163Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
The balance at the end
Project Name Related party Ending balance
of last year
Chongqing Anda Semiconductor Co. Ltd. 106110908.41
Chongqing Dajiang Dongyang Plastic Products Co.
95699689.14223260000.00
Ltd.Chongqing Dajiang YAPP Automotive Parts Co. Ltd. 92942388.71 172602914.11
Chengdu Zhongzi Guangming Catalytic Technology
87450311.1234844697.82
Co. Ltd.Chenzhi (Chongqing) Brake Systems Co. Ltd. 81882526.12 40529388.36
Tenneco Lingchuan (Chongqing) Exhaust Systems
80359502.7349811353.74
Co. Ltd.Harbin Dongan Automotive Engine Manufacturing
70342619.2285330000.00
Co. Ltd.Chenzhi (Chengdu) Intelligent Suspension Co. Ltd. 56213167.59
Chenzhi (Chongqing) Lightweight Technology Co.
49018599.24
Ltd.Sichuan Jian'an Industrial Co. Ltd. 45560000.00 2170000.00
Chongqing Shangfang Auto Parts Co. Ltd. 44319796.09 36905405.68
Harbin Dongan Automotive Engine Power Co. Ltd. 41164010.46 18120000.00
Chongqing Lingchuan Automotive Parts
34258031.4572490000.00
Manufacturing Technology Co. Ltd.Chongqing Dajiang Jiexin Forging Co. Ltd. 34206541.87 15470000.00
Sichuan Ningjiang Shanchuan Machinery Co. Ltd. 29932721.08 91509988.21
Chongqing Jianshe Drive Technology Co. Ltd. 27492312.38 20065137.06
Chengdu Wanyou Filter Co. Ltd. 24641534.71 33120000.00
Chongqing Yihong Defense Technology Co. Ltd. 20307787.77 18460000.00
Hubei Huazhong Auto Lamp Co. Ltd. 19135621.64 37590000.00
Chenzhi Automotive Technology Group Co. Ltd. 17801268.06
Chongqing Jianshe Hanon Automotive Thermal
7478788.7728230000.00
Management Systems Co. Ltd.Chengdu Huachuan Electric Parts Co. Ltd. 5625504.00 2380000.00
China Ordnance Equipment Group No. 59 Research
2222495.38
Institute Co. Ltd.Notes to the Financial Statements Page164Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
The balance at the end
Project Name Related party Ending balance
of last year
Nanyang Lida Optoelectronics Co. Ltd. 1348790.75 440000.00
AVATR Technology (Chongqing) Co. Ltd. 1221863.37
Longchang Shanchuan Machinery Co. Ltd. 1209670.71 4800000.00
Chengdu Lingchuan Vehicle Fuel Tank Co. Ltd. 961311.52 8200000.00
Chongqing Jianshe Vehicle Air Conditioner Co. Ltd. 782839.01 71180000.00
Chengdu Jialing Huaxi Optical Precision Machinery
80121.59
Co. Ltd.Chongqing Nexteer Steering Systems Co. Ltd. 75120000.00
Southwest Ordnance Industry Chongqing
7431987.51
Environmental Protection Research Institute Co. Ltd.Changan Reis (Chongqing) Robot Intelligent
6985797.37
Equipment Co. Ltd.Chongqing Zhichuang Guoli Precision Machinery
5413950.00
Manufacturing Co. Ltd.Chongqing Wanyou Economic Development Co. Ltd. 377400.96
Chongqing Changan Intelligent Industrial Technology
327000.49
Service Co. Ltd.Other
#N/A
Payables
Chongqing Changan Minsheng Logistics Co. Ltd. 834089329.59 852862018.72
Chongqing Changxian Intelligent Technology Co. Ltd. 71122203.75 55384464.59
Changan Ford Automobile Co. Ltd. 69791577.55 459267.98
Times Changan Power Battery Co. Ltd. 19342287.18 42857507.55
Shenzhen Yinwang Intelligent Technology Co. Ltd. 15935987.44
Chongqing Qingshan Industrial Co. Ltd. 12829021.25 22153385.89
AVATR Technology (Chongqing) Co. Ltd. 9913578.31 1898924.58
Jiangsu Wanyou Automobile Sales Service Co. Ltd. 6091338.00 10001282.00
Chongqing Wanyou Economic Development Co. Ltd. 4275792.00 6499209.00
Chongqing Changan Smart City Operation
4003530.513815050.70
Management Co. Ltd.United Automotive Electronic Systems (Chongqing) 3956563.83 56500.00
Notes to the Financial Statements Page165Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
The balance at the end
Project Name Related party Ending balance
of last year
Co. Ltd.Yunnan Wanyou Automobile Sales Service Co. Ltd. 3382108.00 7371200.00
Chongqing Changan Intelligent Industrial Technology
2758053.434021249.68
Service Co. Ltd.Sichuan Jian'an Industrial Co. Ltd. 2326580.42 3939084.64
China Automotive Innovation Corporation Co. Ltd. 2231088.00
Harbin Dongan Automotive Engine Manufacturing
1819795.77290749.00
Co. Ltd.Chongqing Saimei Digital Intelligence Technology
1514008.8040115.00
Co. Ltd.Wanyou Automotive Investment Co. Ltd. 1290929.00 778154.00
Harbin Dongan Automotive Engine Power Co. Ltd. 994371.75
Chengdu Wanyou Xiangyu Automobile Sales Service
967508.008774856.00
Co. Ltd.Chongqing Changan Industry (Group) Co. Ltd. 933552.33 1074923.61
Chenzhi Automotive Technology Group Co. Ltd. 911597.56 4697870.54
Chenzhi (Chongqing) Lightweight Technology Co.
864775.44
Ltd.China Changan Automobile Group Tianjin Sales Co.
831683.005452253.10
Ltd.Southwest Ordnance Industry Chongqing
824234.022500147.84
Environmental Protection Research Institute Co. Ltd.Lear Changan (Chongqing) Automotive Systems Co.
794855.74
Ltd.Hangzhou Zhiyuan Research Institute Co. Ltd. 747500.00
Guizhou Wanyou Automobile Sales Service Co. Ltd. 727500.00 4624832.00
South YTE Air Conditioning Co. Ltd. 704965.20 1963075.46
Chengdu Wanyou Automobile Trade Service Co. Ltd. 682028.00 792364.00
Anhui Wanyou Automobile Sales Service Co. Ltd. 618529.00 748157.00
Hubei Huazhong Marelli Automotive Lighting Co.
517280.0042810.00
Ltd.Notes to the Financial Statements Page166Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
The balance at the end
Project Name Related party Ending balance
of last year
Shanghai Jiaxing Automobile Service Co. Ltd. 443272.50 448272.50
Chengdu Wanyou Automobile Sales Service Co. Ltd. 349366.00 3130000.00
GKN Driveline (Chongqing) Co. Ltd. 313658.96 415865.99
Xi'an Ordnance Industry Special Equipment Inspection
257458.98
Co. Ltd.Beijing Beifang Changfu Automobile Sales Co. Ltd. 200000.00 300000.00
Chongqing Southwest Inspection & Testing Co. Ltd. 161621.43 12425.01
Chongqing Wanyou Zhicheng Automobile Sales
150932.29250174.50
Service Co. Ltd.Chengdu Wanyou Filter Co. Ltd. 120000.00 873484.00
Chongqing Shangfang Auto Parts Co. Ltd. 112642.92 115745.90
Chongqing Nexteer Steering Systems Co. Ltd. 109360.11 3670690.24
Changan Mazda Engine Co. Ltd. 66838.01 20982.88
Chongqing Wutong Chelian Technology Co. Ltd. 66732.76 173532.45
Chongqing Wanyou Chengxing Automobile Sales
56277.00117097.00
Service Co. Ltd.Chenzhi (Chengdu) Intelligent Suspension Co. Ltd. 33499.20 16624.56
Chongqing Wanyou Zunda Automobile Sales Service
30640.192333117.83
Co. Ltd.Chengdu Huachuan Electric Parts Co. Ltd. 28137.00
Chongqing Dajiang YAPP Automotive Parts Co. Ltd. 13225.52 27653.36
Chongqing Fuji Supply Chain Management Co. Ltd. 6000.00
Chongqing Wanyou Ducheng Automobile Sales
2814.00336100.00
Service Co. Ltd.Chongqing Wanyou Xingjian Automobile Sales
100470000.00
Service Co. Ltd.Chongqing Wanyou Talent Service Co. Ltd. 7338194.24
Chongqing Zhichuang Guoli Precision Machinery
6617050.00
Manufacturing Co. Ltd.Chenzhi (Chongqing) Brake Systems Co. Ltd. 459501.90
Ya'an Wanyou Automobile Sales Service Co. Ltd. 314830.00
Notes to the Financial Statements Page167Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
The balance at the end
Project Name Related party Ending balance
of last year
Jiangling Holdings Co. Ltd. 232185.41
Chenzhi Technology Co. Ltd. 203400.00
China Ordnance News Agency 150000.00
Baoding Tianwei Group Special Transformer Co. Ltd. 150000.00
Luzhou Wanyou Automobile Service Co. Ltd. 100000.00
Sichuan Ningjiang Shanchuan Machinery Co. Ltd. 89719.30
Chongqing Changxiang Supply Chain Technology Co.
60000.00
Ltd.China Ordnance Equipment Group Automation
54000.00
Research Institute Co. Ltd.Dali Wanfu Automobile Sales Service Co. Ltd. 47538.00
Hubei Huazhong Auto Lamp Co. Ltd. 4483.80
Contract
#N/A
Liabilities
Chongqing Wanyou Economic Development Co. Ltd. 188226536.62 135302227.62
Wanyou Automotive Investment Co. Ltd. 168512424.89 256445461.50
Chongqing Wanyou Zunda Automobile Sales Service
104306920.9793816530.50
Co. Ltd.Chengdu Wanyou Xiangyu Automobile Sales Service
92030844.48330410033.39
Co. Ltd.Guizhou Wanyou Automobile Sales Service Co. Ltd. 54348387.54 266786932.64
Yunnan Wanyou Automobile Sales Service Co. Ltd. 37893132.10 80298461.05
Anhui Wanyou Automobile Sales Service Co. Ltd. 29364968.26 31250458.31
Jiangsu Wanyou Automobile Sales Service Co. Ltd. 28757008.91 460178281.28
China Changan Automobile Group Co. Ltd. 16968311.32
Chongqing Wanyou Zhicheng Automobile Sales
11577578.21
Service Co. Ltd.China Changan Automobile Group Tianjin Sales Co.
11409714.3821790090.23
Ltd.Master Changan Automobile Co. Ltd. 10784533.95 9876498.33
Beijing Beifang Changfu Automobile Sales Co. Ltd. 6918517.43 233663.00
Notes to the Financial Statements Page168Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
The balance at the end
Project Name Related party Ending balance
of last year
Chengdu Wanyou Automobile Trade Service Co. Ltd. 5866177.17 4566319.93
Chenzhi (Chongqing) Lightweight Technology Co.
1140830.32
Ltd.Chenzhi Anqi (Chongqing) Recycling Technology Co.
848000.00
Ltd.China Ordnance Equipment Group Ordnance Research
759366.75672005.97
Institute
Changan Automotive Finance Co. Ltd. 606371.69 2174120.64
Chongqing Changan Minsheng Logistics Co. Ltd. 439504.23 180446.22
Chongqing Wanyou Chengxing Automobile Sales
165943.0879366.08
Service Co. Ltd.Chongqing Wanyou Ducheng Automobile Sales
147300.89188446.30
Service Co. Ltd.Chengdu Wanyou Automobile Sales Service Co. Ltd. 135054.95
Chongqing Changan Industry (Group) Co. Ltd. 14221.90 12585.75
Chongqing Shangfang Auto Parts Co. Ltd. 3980.00 3522.12
Chongqing Fuji Supply Chain Management Co. Ltd. 602.65 8940530.23
Panzhihua Wanyou Automobile Sales Service Co. Ltd. 93.51 25980.39
Dali Wanfu Automobile Sales Service Co. Ltd. 9.69 2914.20
Changan Ford Automobile Co. Ltd. 1.84 0.32
AVATR Technology (Chongqing) Co. Ltd. 5060580.84
Chengdu Wanyou Trading Co. Ltd. 392425.29
Chongqing Wanyou Xingjian Automobile Sales
71314.96
Service Co. Ltd.Ya'an Wanyou Automobile Sales Service Co. Ltd. 10596.14
Changan Mazda Automobile Co. Ltd. 5595.44
Luzhou Wanyou Automobile Service Co. Ltd. 4678.56
Notes to the Financial Statements Page169Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
XIII、 Share-based Payment
(I) Overall Situation of Share - based Payment
The equity instruments granted in All types of equity instruments All equity instruments exercised in All equity instruments that became
Grantee the current period unlocked in the current period the current period invalid in the current period
Quantity Amount Quantity Amount Quantity Amount Quantity Amount
Employee 49785081.00 165865833.40
Total 49785081.00 165865833.40
Notes to the Financial Statements Page170Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
(II) Share - based payment expense
Amount for the current period Amount for the previous period
Grant Equity - settled Cash-settled Equity - settled Cash-settled
recipient share - based share-based Total share - based share-based Total
payment payment payment payment
Employee 20066621.43 20066621.43 89968232.48 89968232.48
Total 20066621.43 20066621.43 89968232.48 89968232.48
XIV、 Commitments and Contingencies
(I) Material Commitment Items
1、 Significant commitments as of the balance sheet date
contracted but not provisioned
Ending balance Balance at the end of theprevious year
Capital commitment 7580145740.71 9375924598.30
Investment commitment 2486000000.00 1326750000.00
Total 10066145740.71 10702674598.30
Notes to the Financial Statements Page171Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
XV、 Events occurring after the balance sheet date
(I) Profit distribution situation
The Company's 2025 profit distribution proposal approved at the 56th meeting of the 9th
Board of Directors is as follows: Based on the total share capital of 9912924112 shares
as of April 8 2026 the Company will distribute a cash dividend of RMB 1.15 (tax
inclusive) for every 10 shares held by all shareholders. The total cash dividend to be
distributed by the Company is RMB 1139986272.88 (tax inclusive). No bonus shares
will be issued and no capital reserves will be converted into share capital...(II) Matters regarding the proposed change of the controlling shareholder
1、 Plan for Share Repurchase by Centralized Bidding
Based on the Company's confidence in its strategic development and intrinsic value and
to safeguard the legitimate rights and interests of all shareholders the Company plans to
use its own funds to repurchase its A shares and B shares through the Shenzhen Stock
Exchange trading system by means of centralized bidding taking into account its current
financial position and operational plans. The repurchase price for A shares shall not
exceed 17.16 yuan per share and for B shares shall not exceed 6.17 Hong Kong dollars
per share. The total repurchase amount shall be no less than RMB 1000 million (inclusive)
and no more than RMB 2000 million (inclusive). Based on the maximum repurchase price
the aggregate shares to be repurchased represent approximately 0.97% to 1.93% of the
Company's total issued share capital. The specific number of shares to be repurchased
shall be determined based on the actual number of shares repurchased upon the expiry or
completion of the repurchase period. The implementation period of this share repurchase
shall not exceed twelve months commencing from the date on which the repurchase plan
is approved by the shareholders' meeting.
2、 Capital increase in Chongqing Chang’an Technology Co. Ltd. a
wholly-owned subsidiary of the Company
To support the implementation of its intelligent strategy and accelerate technology and
product development Chongqing Changan Automobile Co. Ltd. China Changan
Automobile Group Co. Ltd. and Chenzhi Automotive Technology Group Co. Ltd. intend
to enter into a Capital Increase Agreement with Chongqing Chang’an Technology Co.Ltd. (the “Capital Increase Agreement”). The total capital increase amount for Chongqing
Chang’an Technology Co. Ltd. is RMB 3000 million of which Chongqing Changan
Automobile Co. Ltd. will contribute RMB 600 million ultimately holding 75% equity;
Notes to the Financial Statements Page172Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
China Changan Automobile Group Co. Ltd. will contribute RMB 2100 million
ultimately holding 22% equity; and Chenzhi Automotive Technology Group Co. Ltd. will
contribute RMB 300 million ultimately holding 3% equity. Upon completion the
registered capital of Chongqing Chang’an Technology Co. Ltd. will increase to RMB
1300 million (subject to final registration with the market regulatory authority).
Chongqing Chang’an Technology Co. Ltd. will remain a controlling subsidiary of the
Company and the scope of consolidated financial statements will remain unchanged. As
of the date of this report the capital increase has not yet been completed.XVI、 Other Important matters
(I) The indirect controlling shareholder has changed from the Weapons and Equipment
Group to China Changan Automobile Group Co. Ltd.The industrial and commercial registration in connection with the demerger of China
South Industries Group Corporation (the “CSGC”) the former indirect controlling
shareholder of Changan Automobile into CSGC (as the surviving entity) and China
Changan Automobile Group Co. Ltd. (the “China Changan Automobile”) (as the newly
established entity) was completed on July 27 2025. On July 27 2025 the Arms andEquipment Group signed the “Separation Agreement of China Arms and EquipmentGroup Co. Ltd.” (hereinafter referred to as the “Separation Agreement”) with China
Changan Automobile. Under the Separation Agreement the Arms and Equipment Group
will fully transfer its 14.23% stake in Changan Automobile and 100% ownership ofChenzhi Automobile Technology Group Co. Ltd. (hereinafter referred to as “ChenzhiGroup”) to China Changan Automobile. This separation does not involve the payment of
any consideration. Following the separation the main entity of the Military Equipment
Group will be retained while a new state-owned central enterprise China Changan
Automobile will be established. Its automotive business and related assets will be
incorporated into the new company. This separation resulted in Changan Automobile’s
indirect controlling shareholder changing from the Weapons and Equipment Industry
Group to China Changan Automobile The actual controller remains the State-owned
Assets Supervision and Administration Commission of the State Council.(II) Issuance of A-share shares to a specific entity – the controlling shareholder China
Changan Automobile Group Co. Ltd.The company plans to issue shares to specific entities and raise funds of up to 5.267
billion yuan to be used for the development of new energy vehicle models and digital
Notes to the Financial Statements Page173Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
platforms the construction of global research and development centers and core
capability enhancement projects. The proposed number of shares to be issued is
553256302 which does not exceed 30% of the company’s total share capital. These
shares will be fully cash-redeemed by the indirect controlling shareholder China Changan
Automobile. Prior to the issuance China Changan Automobile and its controlled entities
collectively held 35.07% of the company’s shares; after the issuance the shareholding
percentage will increase to 38.53%.This issuance plan was approved at the 50th meeting of the Company’s Ninth Board of
Directors held on December 29 2025 and at the 2026 First Extraordinary Shareholders’
Meeting held on January 16 2026. It was accepted by the Shenzhen Stock Exchange on
January 23 2026. As of the date of the report it is still under review.XVII、Notes to the main items in the financial statements of the parent company
(I) Accounts receivable
1、 Accounts receivable disclosure by age of accounts
Balance at the end of the
Account age Ending balance
previous year
Less than 1 year (including 1 year) 23856071074.50 13241984905.86
1 to 2 years (including 2 years) 172874324.08 6270173.42
2 to 3 years (including 3 years) 844754.52 440347.77
Over 3 years 243748449.85 653299180.59
Subtotal 24273538602.95 13901994607.64
Less：Provision 70362828.48 66843763.12
Total 24203175774.47 13835150844.52
Notes to the Financial Statements Page174Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
2、 Accounts receivable disclose according to the classification of bad debt provision methods
Ending balance Balance at the end of the previous year
Balance Provision Balance Provision
Category
Provision Provision Carrying value Provisio Provisio Carrying value
Amount Amount Amount Amount
（%） （%） n（%） n（%）
Make provisions
on an individual
47086808.460.1937652846.2079.969433962.2647165801.180.3437652846.2079.839512954.98
item
basisProvision
Provision for
bad debts is
made by
24226451794.4999.8132709982.280.1424193741812.2113854828806.4699.6629190916.920.2113825637889.54
combining credit
risk
characteristics
Total 24273538602.95 100.00 70362828.48 24203175774.47 13901994607.64 100.00 66843763.12 13835150844.52
Notes to the Financial Statements Page175Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Provision for bad debts is made by combining according to the characteristics of
credit risk
Ending balance
Name
Accounts receivable bad debt provision provision ratio（%）
Less than 1 year
23846637112.2445790.22
(including 1 year)
1 to 2 years (including 2
172874324.084308.04
years)
2 to 3 years (including 3
844754.522146.370.25
years)
Over 3 years 206095603.65 32657737.65 15.85
Total 24226451794.49 32709982.28
3、 The provision reversal or recovery of bad debt provisions in the current
period
Balance at the Amount of change in the current period
Category end of the Recover or Write - off or Other Ending balance
Provide for
previous year reverse cancel changes
Make provisions
on an individual
37652846.2037652846.20
item basis
Provision
Make provisions
for bad debts
based on
29190916.923519065.3632709982.28
combinations of
credit risk
characteristics.Total 66843763.12 3519065.36 70362828.48
Notes to the Financial Statements Page176Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
4、 The information on the accounts receivable and contract assets of the top five
debtors in terms of the ending balance by debtor - by - debtor aggregation is
as follows:
As of December 31 2025 the total balance of the top five accounts receivable
amounted to 20380214579.69 yuan accounting for 83.34% of the total ending
balance of accounts receivable.(II) Other receivables
Balance at the end of
Item Ending balance
the previous year
Other receivables item 222763091.21 1487531844.07
Total 222763091.21 1487531844.07
1、 Other receivables item
（1）disclosure by age of accounts
Balance at the end of the
Account age Ending balance
previous year
Less than 1 year (including 1 year) 207731911.19 1466768959.69
1 to 2 years (including 2 years) 9841659.18 19739543.35
2 to 3 years (including 3 years) 4346177.90
Over 3 years 8112192.38 8089565.38
Subtotal 230031940.65 1494598068.42
Less：Provision 7268849.44 7066224.35
Total 222763091.21 1487531844.07
Notes to the Financial Statements Page177Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
（2）disclose according to the classification of bad debt provision methods
Ending balance Balance at the end of the previous year
Balance Provision Balance Provision
Category
Provision Provision Carrying value Provision Provision Carrying value
Amount Amount Amount Amount
（%）（%）（%）（%）
Make provisions on
an individual item 6842932.77 2.97 6842932.77 100.00 6842932.77 0.46 6842932.77 100.00
basisProvision
Provision for bad
debts is made by
combining according 223189007.88 97.03 425916.67 0.19 222763091.21 1487755135.65 99.54 223291.58 0.02 1487531844.07
to the characteristics
of credit risk
Total 230031940.65 100.00 7268849.44 222763091.21 1494598068.42 100.00 7066224.35 1487531844.07
Notes to the Financial Statements Page178Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Provision for bad debts is made by combining according to the characteristics of
credit risk
Ending balance
Name Other receivables
bad debt provision provision ratio（%）
item
Less than 1 year
207160866.888221.48
(including 1 year)
1 to 2 years (including 2
9841659.1834065.050.35
years)
2 to 3 years (including 3
4346177.9052099.641.20
years)
Over 3 years 1840303.92 331530.50 18.01
Total 223189007.88 425916.67
（3）The provisioning situation for bad debts
Stage 1 Stage 2 Stage 3
Expected credit
Expected credit
losses over the
Expected credit losses over the
Provision entire expected life Total
losses in the next entire expected life
(no credit
12 months (credit impairment
impairment has
has occurred)
occurred)
Balance at the end of the
223291.586842932.777066224.35
previous year
Balance at the end of the
previous yearin this period
--Transfer to Stage 2
--Transfer to Stage 3
--Reverse to Stage 2
-Reverse to Stage 1
Provision made in this 202625.09 202625.09
Notes to the Financial Statements Page179Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Stage 1 Stage 2 Stage 3
Expected credit
Expected credit
losses over the
Expected credit losses over the
Provision entire expected life Total
losses in the next entire expected life
(no credit
12 months (credit impairment
impairment has
has occurred)
occurred)
period
Reversal in this period
Write - off in this period
Write-off during the current
period
Other changes
Ending balance 425916.67 6842932.77 7268849.44
（4）The situation of provision reversal or recovery of bad debt provisions in the
current period
Amount of change in the current period
Balance at the end
Category recovery or Write - off or Ending balance
of the previous year provide for Other changes
reversal cancel
Make
provisions on
an individual 6842932.77 6842932.77
item basis
Provision
Provide for
bad debts by
combining
according to 223291.58 202625.09 425916.67
the
characteristics
of credit risk
Notes to the Financial Statements Page180Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Amount of change in the current period
Balance at the end
Category recovery or Write - off or Ending balance
of the previous year provide for Other changes
reversal cancel
Total 7066224.35 202625.09 7268849.44
（5）Classification of amounts according to their nature
Book balance at the end of the
Nature of the funds Ending balance of the account
previous year
Pre - paid equity investment
3112440.001276200803.10
funds
Subsidy receivable 71382934.00 76563193.00
Petty cash 46884458.39 44505591.24
Internal transactions 5444971.04 16535272.55
others 103207137.22 80793208.53
Total 230031940.65 1494598068.42
（6）Information on the top five other receivables by ending balance grouped by
debtors at the end of the period.As of December 31 2025 the total ending balance of the top five other receivables
amounted to 123667675.26 yuan accounting for 53.76% of the total ending
balance of other receivables.(III) long - term equity investment
Ending balance Balance at the end of the previous year
Item impairment impairment
Balance Carrying value Balance Carrying value
provision provision
Investment in subsidiaries 12614133927.68 49194195.00 12564939732.68 9021409139.12 49194195.00 8972214944.12
Investment in associated
and joint venture 18236929191.74 18236929191.74 16410122824.34 16410122824.34
enterprises
Total 30851063119.42 49194195.00 30801868924.42 25431531963.46 49194195.00 25382337768.46
Notes to the Financial Statements Page181Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
1、 Investment in associated and joint venture enterprises
impairment
Increase or decrease changes in the impairment provisionEnding
Investee Balance at the end of the previous year provisionBalance at the end Ending balance
current period balance
of the previous year
1、Joint venture
Nanchang Jiangling Investment Co. Ltd. 2420750943.20 242152464.18 2662903407.38
Changan Mazda Automobile Corporation Ltd. 733965602.46 -95953584.47 638012017.99
Chang'an Mazda Engine Co. Ltd. 806511751.50 3051468.88 809563220.38
Changan Ford Motor Co. Ltd. 712215024.57 465353053.62 1177568078.19
Subtotal 4673443321.73 614603402.21 5288046723.94
2、Associated enterprise
Changan Auto Finance Co.ltd. 3299303386.01 2304417728.13 5603721114.14
Nanjing Lingxing Equity Investment Partnership Enterprise (Limited Partnership) 3118918021.61 4634068.63 3123552090.24
Zhongqi Chuangzhi Technology Co. Ltd. 429748700.86 -9452144.75 420296556.11
Chongqing Chang'an Kuayue Vehicles Co. Ltd. 241095703.97 17902702.25 258998406.22
Chongqing Changxin Zhiqi Private Equity Investment Fund Partnership Enterprise
276234416.11-11483469.62264750946.49
(Limited Partnership)
Era Chang'an Power Battery Co. Ltd. 190253138.30 16542297.60 206795435.90
Chongqing Changxian Intelligent Technology Co. Ltd. 113913983.02 9108093.90 123022076.92
Notes to the Financial Statements Page182Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
impairment
Increase or decrease changes in the impairment provisionEnding
Investee Balance at the end of the previous year provisionBalance at the end Ending balance
current period balance
of the previous year
Chongqing Chang'an Innovation Private Equity Investment Fund Partnership
163022540.124668612.00167691152.12
Enterprise (Limited Partnership)
Changan Ford New Energy Vehicle Technology Co. Ltd. 132045405.31 21102698.10 153148103.41
Anhe(Chongqing) Private Equity Investment Management Co.Ltd. 62062151.97 959.64 62063111.61
Hunan Guoxin Semiconductor Technology Co. Ltd. 28169167.08 41994.11 28211161.19
Nanjing Lingxing Equity Investment Management Co. Ltd. 1100720.88 -5910.88 1094810.00
Nanjing Chelai Chuxing Technology Co. Ltd. 326813.01 18.46 326831.47
Avita Technology (Chongqing) Co. Ltd. 3601007135.51 -1163682130.64 2437325004.87
Chongqing Changyu Private Equity Investment Fund Partnership Enterprise (Limited
68673494.126359897.9475033392.06
Partnership)
Chongqing Chang'an Kuayue Vehicles Marketing Co. Ltd. 1239482.34 1239482.34
Chenzhi Anqi (Chongqing) Recycling Technology Co. Ltd. 10804724.73 10808067.98 21612792.71
Jiangling MOTOR Holding Co. Ltd. 11736679502.61 1212202965.19 12948882467.80
Subtotal 16410122824.34 1826806367.40 18236929191.74
Notes to the Financial Statements Page183Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
(IV) Operating revenue and cost
1、 The situation of operating revenue and operating cost
Amount for the current periodt Amount for the previous periodt
Item
Revenue Cost Revenue Cost
Primary
99236165722.2288797079670.71103756091138.7793855900221.80
Operation
Other
9601221750.685330253404.218152625537.244199262930.20
Operation
Total 108837387472.90 94127333074.92 111908716676.01 98055163152.00
(V) Investment income
Amount for the current Amount for the
Item
periodt previous periodt
Investment income from long - term equity investments
1188000000.00594000000.00
accounted for under the cost method
Investment income from long - term equity - accounted
-542225495.08133847483.26
investments
Investment income obtained during the holding period
1353199.702631315.72
of transactional financial assets
Interest income obtained during the holding period of
111661458.1786581319.40
time deposits
Dividend income from other equity instrument
12692880.0031990679.50
investments that are still held
Others -88087.00 2188460.37
Total 771393955.79 851239258.25
XVIII、 Supplementary Information
(一) Schedule of Non - recurring Gains and Losses for the Current Period
Item Amount Explanation
Gain or loss on disposal of non - current assets including the
173260859.00
reversal of the provision for asset impairment that has been
Notes to the Financial Statements Page184Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Item Amount Explanation
made.Government subsidies recognized in the current profit and
loss excluding those government subsidies that are closely
related to the company's normal business operations comply
559489368.71
with the provisions of national policies are enjoyed
according to certain standards and have a continuous impact
on the company's profit and loss.Except for the effective hedging operations related to the
company's normal business operations the fair value change
gains and losses arising from the non - financial enterprise's
38264757.00
holding of financial assets and financial liabilities as well as
the gains and losses arising from the disposal of financial
assets and financial liabilities.Fund occupation fees charged to non - financial enterprises
92464724.76
recognized in the current profit and loss.Reversal of impairment provision for accounts receivable
23385576.84
that is tested for impairment individually.Other non - operating income and expenses other than the
149097863.66
above items
Other profit and loss items that meet the definition of non -
515858846.21
recurring profit and loss.Subtotal 1551821996.18
The amount of impact from income tax 113524549.02
The impact amount of minority shareholders' equity (after
158099520.90
tax)
Total 1280197926.26
(I) Return on Net Assets and Earnings per Share
Profit for the reporting period Weighted average Earnings per Share (yuan)
return on net assets
Notes to the Financial Statements Page185Chongqing Changan Automobile Co. Ltd.Notes to the Financial Statements
For the Year 2024
Diluted
Basic Earnings
Earnings per
per Share (EPS)
Share (EPS)
Net profit attributable to common
5.300.410.41
shareholders of the company
Deduct non - recurring gains and Losses
net profit attributable to common 3.67 0.28 0.28
shareholders of the company
Chongqing Changan Automobile Company Limited
（Affix the official seal）
2026.4.9
Notes to the Financial Statements Page186
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