Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Chongqing Changan Automobile Company Limited 2025 Annual Report April 2026Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Chapter 1 Important Notice Contents and Definitions 1. The Board of Directors (or the “Board”) the Supervisory Board as well as the directors supervisors and senior managers of Chongqing Changan Automobile Co. Ltd. hereby guarantee the factuality accuracy and completeness of the contents of this Report and its summary and shall be jointly and severally liable for any misrepresentations misleading statements or material omissions therein. 2. Zhu Huarong the Company’s legal representative Ni Erke the Company’s Chief Financial Officer and Shi Haifeng the person-in-charge of the accounting organ hereby guarantee that the financial statements carried in this Report are factual accurate and complete. 3. Except the following directors all the directors have attended the board meeting for reviewing this Report.Names of directors who Failure to personally Reasons for not attending Name of the did not attend in person. attend a board meeting. the meeting in person. Entrusted Person Jia Lishan Director Reason for work Deng Wei 4. Any prospective description such as future business plans and development strategies in this Report shall not be considered as the Company’s commitment to investors. Investors and relevant persons shall be sufficiently mindful of risks and undertake the difference in plans predictions and commitment. 5. Chapter III “Management Discussion and Analysis” of this Report describes the possible risks and countermeasures of the Company and investors shall pay attention to the relevant content. 6. The Board has approved a final dividend plan as follows: Based on 9912924112 shares a cash dividend of RMB 1.15 (tax included) per 10 shares is to be distributed to all shareholders without transferring capital reserve to share capital.This Report have been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings between the two versions the Chinese version shall prevail. 1Chongqing Changan Automobile Co. Ltd. 2025 Annual Report CONTENTS Chapter 1 Important Notice Contents and Definition... 1 Chapter 2 Company Profile and Main Financial Index... 4 Chapter 3 Management Discussion and Analysis ........ 9 Chapter 4 Corporate Governance Environment and Social Responsibility ..43 Chapter 5 Important Matters ........................ 69 Chapter 6 Share Changes and Shareholder Informatio.. 82 Chapter 7 Bonds .................................... 89 Chapter 8 Financial Report ......................... 93 2Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Documents Available for Reference I. Financial statements carrying the signatures and seals of the Company’s legal representative the Chief Financial Officer and the person-in-charge of the accounting organ.Ⅱ. The 2024 Auditor’s Report stamped by the accounting firm signed and stamped by chartered accountants.Ⅲ. During the reporting period the original copies of all company documents and announcements publicly disclosed by the Company in China Securities Journal Securities Times Securities Daily Shanghai Securities News and Hong Kong Commercial Daily.IV. Annual Reports disclosed in other securities markets.Definitions Definition item Content of the definition Changan Automobile Refers to Chongqing Changan Automobile Co. Ltd.ChangAn the Company China South Industries Group Corporation Ltd. the Company's former CSG Refers to indirect controlling shareholder.Changan Automobile of Changan Automobile Group Co. Ltd. the company's indirect controlling Refers to China shareholder.Chenzhi Automotive Technology Group Co. Ltd. formerly known as Chenzhi Group Refers to China Changan Automobile Group Co. Ltd. is the controlling shareholder of the company.Nanjing Changan Refers to Nanjing Changan Automobile Co. Ltd. a subsidiary of the company.Hebei Changan Refers to Hebei Changan Automobile Co. Ltd. a subsidiary of the company.Hefei Changan Refers to Hefei Changan Automobile Co. Ltd. a subsidiary of the company.Chongqing Changan Kaicheng Automotive Technology Co. Ltd. a Changan Kaicheng Refers to subsidiary of the company.Changan Ford Refers to Changan Ford Automobile Co. Ltd. a joint venture of the company.Changan Mazda Refers to Changan Mazda Automobile Co. Ltd. a joint venture of the company.Changma Engine Refers to Changan Mazda Engine Co. Ltd. a joint venture of the company.Deepal Automotive Technology Co. Ltd. a subsidiary company of the Deepal Auto Refers to Company.Avatr Technology (Chongqing) Co. Ltd. an associate company of the Avatr Refers to entity. 3Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Chapter 2 Company Profile and Main Financial Indexes I. Basic Information Stock abbreviation Changan Automobile Changan B Stock ticker symbol 000625 200625 Listed on Shenzhen Stock Exchange Company name in Chinese 重庆长安汽车股份有限公司 Chinese abbreviation 长安汽车 Company name in English Chongqing Changan Automobile Company Limited Legal representative Zhu Huarong Registered address No. 260 Jianxin East Road Jiangbei District Chongqing Municipality Post code of the registered 400023 address No. 260 Jianxin East Road Jiangbei District Chongqing City / No. 61 Dongshengmen Road Office address Jiangbei District Chongqing City Financial City No. 2 Building T2.Post code of the office address 400023 Website http://www.changan.com.cn E-mail address cazqc@changan.com.cn II. Contact Information Secretary of the Board of Directors Securities affairs representative Name Ni Erke Jie Zhonghua Building T2 Financial City No. 2 No. 61 Building T2 Financial City No. 2 No. 61 Contact Address Dongshengmen Road Jiangbei District Dongshengmen Road Jiangbei District Chongqing Chongqing Municipality. Municipality.Telephone 023-67594008 023-67594008 Facsimile 023-67870261 023-67870261 Electronic mailbox cazqc@changan.com.cn jiezh@changan.com.cn III. Information Disclosure and Filing Site Stock exchange website where this Report is disclosed http://www.szse.cn China Securities Journal Securities Times Securities Daily Shanghai Media and website where this Report is disclosed Securities News Hong Kong Commercial Daily and www.cninfo.com.cn Place where this Report is lodged Board of Directors Office IV. Registration Change Status Organization Code 9150000020286320X6 Changes in the main business since the Not applicable. 4Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Company’s listing 1. In December 2005 pursuant to the restructuring plan for the automotive-related businesses of the actual controller of the Company the China North Industries Group Corporation (NORINCO Group) transferred all state-owned legal person shares held by Changan Automobile (Group) Co. Ltd. (hereinafter referred to as "Changan Group") in the Company as a partial capital contribution to China South Industries Automotive Co. Ltd. In March 2006 Changan Group transferred its equity holdings in the Company to China South Industries Automotive Co. Ltd.China Southern Industries Automotive Co. Ltd. has become the controlling shareholder of the Company while Changan Group no longer holds shares in the Company. 2. In July 2009 upon approval by the State Administration for Industry and Commerce the name of "China Southern Industry Automobile Co. Ltd." was changed to "China Changan Automobile Group Co. Ltd." Following the name change the company's nature ownership and its control relationship with our company remain unchanged. 3. In February 2019 upon approval by the Beijing Administration for Industry and Commerce the name of "China Changan Automobile Group Co. Ltd." was changed to "China Changan Automobile Group Co. Ltd." (Note: The Chinese text implies a change from a company limited by shares to a limited liability company Changes in controlling shareholders if any.but the English translation of the name provided in the source text appears identical; a precise translation of the legal entity type change would be "China Changan Automobile Group Co. Ltd." to "China Changan Automobile Group Co. Ltd." if the Chinese characters distinguish the legal form otherwise it reflects the official name update). Following the name change the company type was converted from a joint-stock limited company to a limited liability company with no other changes. 4. In June 2025 upon approval by the Beijing Municipal Administration for Market Regulation the name of "China Changan Automobile Group Co. Ltd." was changed to "Chenzhi Automotive Technology Group Co. Ltd.". Following the name change the company's nature ownership and its control relationship with our company remain unchanged. 5. In July 2025 with the approval of the State Council China North Industries Group Corporation Limited underwent a corporate division into two separate entities: China North Industries Group Corporation Limited and China Changan Automobile Group Corporation Limited. Upon completion of the separation China Changan Automobile became the indirect controlling shareholder of the Company while Chenzhi Group remains the controlling shareholder with no other changes.V. Other Relevant Information The audit firm employed by the Company Name Lixin Certified Public Accountants (Special General Partnership) Office address of the accounting firm 4th Floor No. 61 East Nanjing Road Huangpu District Shanghai.Name of the Signing Accountant Zhu Yuqin Gu Xin The independent sponsor employed by the Company to exercise constant supervision over the Company in the reporting period √ Applicable □ Not Applicable Name of the During the period of continuous Name of the Sponsor Address of the Sponsor Institution Sponsor supervision.Representative 5Chongqing Changan Automobile Co. Ltd. 2025 Annual Report 21st Floor CITIC Securities Building CITIC Securities Company He Yang Liu October 26 2020 – December 31 No. 48 Liangmaqiao Road Chaoyang Limited Mengdi 2021 District Beijing Note: CITIC Securities Co. Ltd. serves as the sponsor institution for the ongoing supervision of the Company's 2020 private placement of shares.The independent financial advisor employed by the Company to exercise constant supervision over the Company in the reporting period □ Applicable √ Not Applicable VI. Key Accounting Data and Financial Indexes Does the company need to retrospectively adjust or restate prior-year accounting data □ Yes √ No YoY change 202520242023 (%) Operating Revenue (RMB) 163999803875.87 159733034213.25 2.67% 151297706646.97 Net profit attributable to shareholders of the listed 4075223181.54 7321363897.24 -44.34% 11327463013.15 company (in RMB) Net profit attributable to shareholders of the listed company after deducting non- 2795025255.28 2587271652.90 8.03% 3781846729.11 recurring gains and losses (in RMB) Net cash flow from operating 1835673358.564849398813.14-62.15%19861466237.56 activities (in RMB) Basic earnings per share 0.410.74-44.59%1.15 (RMB/share) Diluted earnings per share 0.410.74-44.59%1.13 (RMB/share) Weighted average ROE (%) 5.30% 9.69% -4.39% 16.55% YoY change End of 2025 End of 2024 At the end of 2023 (%) Total Assets (RMB) 202961073175.76 208168160960.86 -2.50% 190171127138.27 Net assets attributable to shareholders of the listed 77336177858.02 76576224624.99 0.99% 71853119985.49 company (in RMB) The lower of the net profits before and after deducting non-recurring gains and losses for each of the Company's last three accounting years has been negative and the audit report for the most recent year indicates uncertainty regarding the Company's ability to continue as a going concern.□ Yes √ No The lowest value among the total profit audited during the reporting period net profit and net profit after deducting non-recurring gains and losses is negative.□ Yes √ No 6Chongqing Changan Automobile Co. Ltd. 2025 Annual Report VII. Differences in Accounting Data under Domestic and International Accounting Standards 1. Differences in net profit and net asset attributable to shareholders in financial report disclosed in accordance with International Financial Reporting Standards and Chinese Accounting Standards □ Applicable √ Not Applicable No difference during the reporting period. 2. Differences of net profit and net assets disclosed in financial reports prepared under Overseas Financial Reporting Standards and Chinese Accounting Standards □ Applicable √ Not Applicable No difference during the reporting period. 3. Reasons for differences in accounting data under Chinese Accounting Standards and International Financial Reporting Standards □ Applicable √ Not Applicable VIII. Key Financial Indexes by Quarter Unit: RMB First quarter Second quarter Third quarter Fourth quarter Operating Revenue 34160587096.72 38530723290.36 42236176229.90 49072317258.89 Net profit attributable to 764004922.30 1352699415.80938511838.871020007004.57 shareholders of the listed company Net profit attributable to shareholders of the listed company 783358022.64693348492.31541594337.92776724402.41 after deducting non-recurring gains and losses.Net cash flow from operating -3500712348.16-5106484442.1110162003839.52280866309.31 activities Whether there are significant differences between the above-mentioned financial indexes or its total number and the relevant financial indexes disclosed in the Company’s quarterly report and semi-annual report □ Yes √ No IX. Items and Amounts of Non-Recurring Gains and Losses √ Applicable □ Not Applicable Unit: RMB Items 2025 2024 2023 Instructions Gains or losses on disposal of non-current assets (inclusive of impairment allowance 173260859.00 2550458320.83 441000628.40 write-offs) Government subsidies charged to current 559489368.711627457923.141463381979.58 gains or losses (exclusive of government 7Chongqing Changan Automobile Co. Ltd. 2025 Annual Report subsidies given in the Company’s ordinary course of business at fixed quotas or amounts as per the government’s uniform standards) In addition to the effective hedging business related to the normal operation of the company the fair value change gains and losses arising from the holding of 38264757.00-16650665.50-955029.68 financial assets and financial liabilities by non-financial enterprises and the gains and losses arising from the disposal of financial assets and financial liabilities Income generated from mergers of 5021482128.74 enterprises not under the same control Capital occupation fees charged to non- financial enterprises through profit or loss 92464724.76 91188204.08 66074620.29 for the current period Reversal of impairment provision for accounts receivable subject to separate 23385576.84 4068950.07 21286713.50 impairment testing Gains from remeasuring remaining equity at fair value after losing control Other non operating income and expenses 149097863.66133244432.31141715255.35 other than the above items Other profit and loss items that meet the definition of non recurring gains and losses 515858846.21 1014345065.86 673232447.45 (note) Minus: influenced amount of income tax 113524549.02 592833534.16 255466128.30 Non-controlling interests effects 158099520.9077186452.2926136331.29 (after tax) Total 1280197926.26 4734092244.34 7545616284.04 Details of other profit and loss items that conform to the definition of non-recurring gains and losses: √ Applicable □ Not Applicable In accordance with Interpretive Announcement No. 1 on Information Disclosure by Companies Offering Securities to the Public Regarding Non-recurring Gains and Losses non-recurring gains and losses attributable to the Company's share of investees under the equity method of accounting are recognized.Explanation of the Circumstances Regarding the Reclassification of Non-recurring Profit and Loss Items Listed in the "Interpretative Announcement No. 1 on Information Disclosure by Companies Offering Securities to the Public" as Recurring Profit and Loss Items.□ Applicable √ Not Applicable The Company has no instances where items of non-recurring gains and losses listed in the "Interpretive Announcement No. 1 on Information Disclosure by Companies Offering Securities to the Public—Non-recurring Gains and Losses" are classified as recurring gains and losses. 8Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Chapter 3 Management Discussion and Analysis I. Industry Overview in 2025 1. The industry analysis The world today is facing intertwined changes and turmoil. China's development has been going through profound complex evolution with rising uncertainties. Faced with a complex and challenging domestic and international environment China remains unswervingly committed to a path of high-quality development. The national economy has forged ahead against challenges showing a momentum of sound progress with new results achieved. Over the past year China accomplished its major economic and social development goals marking a successful conclusion to its 14th Five-Year Plan.The year 2025 marks the final lap of China's 14th Five-Year Plan. Despite drastic international changes and mounting domestic challenges China's automotive industry has continued to deliver with resilience and vitality. The industry registered a yearly total production and sales volume of 34.531 million and 34.4 million vehicles with a year-on-year growth of 10.4% and 9.4% respectively.The sales volume has ranked first in the world for 17 consecutive years a testament to the successful conclusion of the 14th Five-Year Plan. During the year the automotive industry has been focused on the goal of high-quality development and strengthened its competitiveness in spite of challenges such as protectionism global supply chain restructuring technological bottlenecks and intensified competition. The first batch of Level 3 autonomous driving models were approved for road pilot operations. Breakthroughs were also made in the R&D and application of cutting-edge technologies such as hydrogen fuel cell vehicles and solid-state batteries.These developments catalyzed quality improvement and innovation in the automotive industry. Meanwhile with robust and expanded policy incentives on equipment renewal and consumer goods trade-in the industry witnessed intensive new product roll-outs and surging end-user demand driving better-than-expected growth of automotive production and sales. The key drivers behind the industry's outstanding performance of the year include: 1. The policy incentives strongly boosted domestic demand effectively stimulating the vitality of market consumption. The policy expanded the scope and impact of large-scale equipment renewals and the trade-ins of consumer goods. In the automotive sector more than 11.5 million vehicles were traded in for new ones. For every two new household vehicles sold one was eligible for the subsidy strongly supporting China's automotive market size to exceed 30 million units for three consecutive years. The policy also guided quality improvement and industrial upgrade. A total of 18.3 million vehicles were traded in for new ones from 2024 to 2025 with new energy vehicles (NEVs) accounting for nearly 60%. In 2025 the retail market share of new energy passenger vehicles exceeded 50% for 11 consecutive months peaking at 61.1% in November. 2. The transition towards new energy vehicles became a new growth driver promoting the high-quality development of the industry. The NEVs accounted for over 50% of China's total domestic auto sales. Among the passenger vehicles sold Chinese brands represented 69.5% an increase of 4.3 percentage points year-on-year. The commercial vehicle segment has been recovering with production and sales returning to over 4 million units. In particular the sales of new energy commercial vehicles increased by more than 65% year-on-year accounting for 26.9% of the domestic sales of commercial vehicles. At the same time foreign trade demonstrated strong resilience with an annual export volume of over seven million units among which 2.615 million units were NEVs. 3. The call for "anti-involution" ensured a healthy and fair competition ecosystem. At the national level a transparent national market has been taking shape to further regulate disorderly low-price competition among enterprises in accordance with laws and regulations guiding the improvement of product quality and encouraging the orderly exit of backward production capacity. At the industry level industrial associations have issued initiatives to automakers opposing the practice of releasing weekly sales rankings that do not reflect the rules of the market and give rise to vicious "involution-style" competition prohibiting mudslinging and negative comparison. At the enterprise level businesses were focusing on value competition. Auto makers have been exploring new growth opportunities and achieving volume and profit growth through technological innovation model innovation service improvement and expanding new business frontiers. 9Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Sales Volume and Growth Rate of China's Automotive Industry (2004-2025) Sales volume Growth Rate 50.0%46.1%4000 3440 3500 40.0%3144 3009 32.4%2803288828083000 25772627 2686 30.0%25.1%2460 2531 23492500 21.8%2198 1931 20.0%185115.5%18062000 13.5%13.9%13.7% 12.0% 13649.4%1500 10.0%6.7%6.9% 4.3%4.7%9384.5%8792.5%3.0% 3.8% 2.1% 7221000 576 0.0%507-2.8% -1.9% 500 -8.2% -10.0%0 2004200520062007200820092010201120122013201420152016201720182019202020212022202320242025 Source: The above data/information is sourced from the “China Automobile Industry Production and Sales Express” published by the China Association of Automobile Manufacturers(CAAM) and its industry information releases 2. ChangAn’s performance In 2025 confronted with a complex fluctuating domestic and international economic environment Changan Automobile fully accurately and comprehensively implemented a new development philosophy to focus on the goal of "building a world-class automotive brand" to follow through the Third Strategic Transformation Plan and to accelerate in building new advantages to support the high- quality development of the Company. Continuous breakthroughs have been made with the "Three Major Plans" namely the Green Plan for NEVs the Intelligent Plan for intelligent transformation and the Vast Ocean Plan for globalization effectively addressing the challenges from market fluctuations industrial upgrading and technological disruptions while demonstrating strong resilience and vitality. The Company achieved steady growth in its independent operations and positive growth for two consecutive years in the joint venture business segment boasting a historic leap in NEV sales and a record high in export volume gaining steady momentum.In 2025 Changan Automobile achieved an annual sales volume of 2.913 million vehicles a new record over the past nine years with a year-on-year growth of 8.5% and positive growth for six consecutive years. The Company's NEV business unit in particular achieved a milestone with annual sales exceeding 1.11million vehicles a year-on-year growth of 51.1%. Changan Automobile's overseas market continued to maintain rapid growth with an annual sales volume of 637000 vehicles a year-on-year growth of 18.9%. 3. Industrial policies In 2025 China's automotive industry achieved historic progress in production and sales NEV proliferation intelligent breakthroughs and export growth. Meanwhile the market competition was intensifying and the industry started to transform from "scale expansion" to "quality improvement". In January 2025 the National Development and Reform Commission (hereafter referred to as "NDRC") and the Ministry of Finance issued the Notice on Intensifying and Expanding the Implementation of Policies on Large- Scale Equipment Renewal and Consumer Goods Trade-in in 2025 and eight ministries and commissions including the Ministry of Commerce jointly issued the Notice on Effective Implementation of the Automotive Trade-in Policy in 2025 emphasizing the effective application of the automotive trade-in policy expanding the scope of incentives for vehicle scrappage and replacement which further included eligible fuel passenger vehicles compliant with the China IV emission standards in the scope of subsidies. In June 2025 five ministries and commissions including the Ministry of Industry and Information Technology (hereafter referred to as "MIIT") issued the Notice on Carrying Out the NEV Going to the Countryside Campaign in 2025 actively boosting the consumption of NEVs in rural areas. In September 2025 eight ministries and commissions including the MIIT issued the Work Plan for Stabilizing Growth in the Automotive Industry (2025-2026) to consolidate the sound development of the industry and further enhance industrial scale and efficiency. In October 2025 three ministries and commissions including the MIIT issued the Announcement on the Technical Requirements for NEVs Eligible for Vehicle Purchase Tax Reduction and Exemption for 2026-2027 moderately raising the technical requirements for vehicle purchase tax reduction and exemption for NEVs. 10Chongqing Changan Automobile Co. Ltd. 2025 Annual Report In terms of the development of charging and battery swapping infrastructure in July 2025 four ministries and commissions including the NDRC issued the Notice on Promoting the Scientific Planning and Construction of High-Power Charging Facilities which specified by the end of 2027 China will build more than 100000 high-power charging facilities with a single-gun charging power of over 250 kW nationwide. In October 2025 six ministries and commissions including the NDRC issued the Three-Year Doubling Action Plan for the Service Capacity of Electric Vehicle Charging Facilities (2025-2027) which stipulated that China will establish 28 million charging facilities nationwide by the end of 2027 providing a public charging capacity of over 300 million kW to meet the demand of more than 80 million electric vehicles and doubling the growth rate of service capacity.With respect to industry governance in February 2025 the MIIT and the State Administration for Market Regulation jointly issued the Notice on Further Strengthening the Administration of Product Access Recall and Software Over-the-Air Upgrade of Intelligent Connected Vehicles strengthening the administration of business activities. In April 2025 the MIIT issued a mandatory standard—Safety Requirements for Power Batteries for Electric Vehicles (GB38031-2025) requiring "no fire and no explosion" which will take effect on July 1 2026. In September 2025 six ministries and commissions including the MIIT and the Ministry of Public Security issued the Notice on Carrying Out a Special Rectification Campaign against Online Chaos in the Automotive Industry focusing on cracking down online activities such as illegal profit-making exaggerated and false publicity malicious slander and verbal attacks improving the quality and efficiency of online promotion involving automotive enterprises urging businesses to standardize marketing and publicity behaviors to create a healthy public opinion environment and support the high-quality development of the automotive industry.II. Core Businesses in 2025 The Company operates in the automobile manufacturing industry with its main businesses covering the R&D manufacturing and sales of complete vehicles as well as the R&D and production of engines. The Company is actively developing key EV technologies represented by batteries motors and electric control systems intelligent technologies such as intelligent cockpit and pilot as well as new businesses including automotive lifestyle services new marketing and battery swapping services accelerating exploration in industrial finance and used cars and making forward-looking moves in emerging fields such as embodied intelligence and low-altitude economy boosting the transformation of Changan Automobile into an intelligent low-carbon mobility technology company.Adhering to its mission to lead sustainable mobility and benefit human life Changan Automobile has been firmly advancing the Third Strategic Transformation Plan accelerating the transformation into an intelligent low-carbon mobility technology company and a world-class automotive brand. The Company has been actively developing intelligent connected NEVs and established three brands: CHANGAN DEEPAL and AVATR. Among them the CHANGAN brand has three series: CHANGAN CHANGAN NEVO and CHANGAN LCV forming a differentiated brand matrix. The Company also maintains joint venture brands such as Changan Ford and Changan Mazda. In the traditional fuel vehicle sector Changan Automobile launched a series of classic proprietary models including the CS series EADO series and the UNI series and joint venture models among which a number of well-known products include the all-new Mondeo the all-new Nautilus CX-5 and Axela. In the NEV sector the Company rolled out a number of new energy models including CHANGAN NEVO Q07 CHANGAN NEVO A07 CHANGAN NEVO A06 the all-new CHANGAN NEVO Q05 DEEPAL S09 DEEPAL S07 DEEPAL L06 DEEPAL S05 DEEPAL G318 AVATR 12 AVATR 11 AVATR 07 AVATR 06 MAZDA EZ-60 CHANGAN V919 HUNTER and LUMIN. It underscores Changan's commitment to delivering optimal products and services for its customers.The Company firmly adheres to a coordinated development of independent operations and joint venture businesses. The Company is dedicated to delivering classic products for its customers with the development of homegrown brands including CHANGAN CHANGAN NEVO CHANGAN LCV DEEPAL and AVATR. Through joint ventures including Changan Ford and Changan Mazda the Company continues to deepen partnerships and explore new cooperation opportunities on a global scale. 1. ChangAn’s business development in 2025 (1) Consistent Strategic Execution with Progress Made in the Three Major Plans Changan Automobile has been advancing its Green Plan for NEVs steadily. The Company completed the capital increase for the CATL-Changan EV Battery Co. Ltd. and the Changan Deepal Automobile Technology Co. Ltd. In cooperation with the Talent New Energy Co. Ltd. the Company finalized the verification of oxygen composite prototype solid-state battery cells with an energy density of 400 Wh/kg. The Company advanced the Phase I capacity expansion project and the Phase II capacity expansion in the Sichuan- Chongqing-Gaozhu New Area adding 50 GWh power battery production capacity. The first CTP (Cell to Pack)-6 battery pack equipped with the self-developed Golden Shield Battery technology was officially rolled off the production line at the Nanjing Changan 11Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Automobile Co. Ltd. a milestone for Changan Automobile's proprietary capabilities in cell assembly-battery packaging-complete vehicle assembly. The six CTP battery pack production lines at Changan Automobile's New Powertrain Factory were fully completed and put into operation a strategic leap from conventional engines to NEV key electric systems.The Company expedited the execution of the Intelligent Plan. With the release of the Intelligent Plan 2.0 the Company started four digital and intelligent upgrading initiatives covering products operations manufacturing and ecosystem. The Company launched the intelligent brand "SDA Intelligence" aiming to provide users with ultra-safe intelligent mobility solutions. AVATR has carried out in-depth cooperation with Shenzhen Yinwang Intelligent Technologies Co. Ltd. giving full play to their respective advantages and realizing the integrated development featuring "one team one goal one strategy and shared success" through integrated execution across user insight product strategy product launch and marketing. DEEPAL a subsidiary of Changan Automobile obtained the first permit for intelligent connected vehicles equipped with Level 3 autonomous driving functions and was awarded China's first license plate dedicated to Level 3 putting China's first large-scale Level 3 autonomous driving vehicles on the road which was a solid step forward for Chinese automotive brands in intelligence and safety. Changan Automobile's Intelligent Connected Vehicle Test Center successfully obtained the internationally recognized TMMi Test Maturity Model Integration Professional Level 3 certification.The Company has entered a phase of full-speed acceleration for its Vast Ocean Plan of globalization. Changan Automobile has completed its global mega-seller product planning improved its global brand structure and expanded its sales network to cover more than 100 countries and regions. The Company's first overseas NEV factory—the Rayong Factory in Thailand—was officially put into production achieving a production volume of over 1000 units of DEEPAL S05 in the first month with the first batch of 500 DEEPAL S05 units shipped to the UK at the end of the year. In addition Changan Automobile opened flagship or first stores in Norway Portugal Greece Serbia and established a sales and service network in the Netherlands in cooperation with Emil Frey Europe's largest automotive dealer group a solid step into the European market. AVATR entered into a contract with the Kasrawy Group to enter the Egyptian market and the brand launched AVATR 11 in Hong Kong China officially entering the market. (2) Continuously Expanding Product Portfolio and Determined in Building Mega-sellers The Company further expanded its product portfolio completed the mass production and delivery of new products including CHANGAN NEVO Q07 CHANGAN NEVO A06 the all-new CHANGAN NEVO Q05 AVATR 06 DEEPAL S09 DEEPAL S07 facelift DEEPAL L06 CS75 PRO MAZDA EZ-60 and CHANGAN V919; the upgrade and launch of the third-generation EADO PHEV and CS55PLUS PHEV and the launch of the third-generation EADO the third-generation CS55PLUS and the second- generation UNI-V with the 500 bar ultra-high pressure direct injection New BlueCore engine. Among them as the first product of the Intelligent Plan 2.0 CHANGAN NEVO Q07 empowered by the SDA Model is equipped with three core digital and intelligent technologies: SDA Pilot SDA Cockpit and SDA Chassis bringing users an all-round top intelligent experience with the product strength of "class-defying value." DEEPAL L06 is equipped with a magnetorheological (MR) suspension the same technology used in super cars with an adjustment frequency of 1000 times per second and a response speed 10 to 20 times faster than CDC. DEEPAL S09 a family-oriented six-seater smart flagship SUV is equipped with the HarmonySpace 5 cockpit and Huawei ADS 3.3 creating a third space that is functional attractive and fun for families.The Company pursued a strategy of reinforcing its ICE lineup while driving rapid growth in NEVs rigorously focusing on developing mega-sellers. In the traditional power segment the EADO series through product upgrade and optimization ranked among the front-running Chinese brands of traditional power compact cars in terms of sales in 2025 with a year-on-year growth rate outperforming the industry. The CS75 series achieved a monthly sales volume of over 18000 units maintaining a leading position among the Chinese brands in the compact SUV segment. With NEVs DEEPAL S05 registered a monthly sales volume of over 10000 units ranking among the top ten of all brands in the compact new energy SUV market; through continuous facelifts and optimizations.CHANGAN NEVO A07 secured a top-five spot in NEV midsize car sales among Chinese brands. In 2025 Changan Automobile's 30 millionth vehicle of its homegrown brand rolled off the production line the fastest automaker to achieve this milestone. DEEPAL also witnessed a historic moment with its global cumulative delivery volume breaking the record of 500000 units in 2025. (3) Strengthening Marketing Excellence to Further Advance the Changan Premium Service Experience The Company carried out in-depth marketing actions to quickly respond to market demand taking full advantage of the opportunities and timing such as the withdrawal of the NEV subsidies and the holiday season to roll out extensive product promotion events. The Company has deepened its new marketing reform by releasing the CA-GPMS global marketing system and standardizing business processes and execution specifications. The Company believed that traffic is crucial in digital marketing. With the empowerment of new media the quality and efficiency of marketing was highly improved and traffic operation and user conversion were strengthened. The Company joined the Brand Power Project and carried out communication activities such as the drone show themed "New Rhyme Chongqing Changan with You" to celebrate the National Day and the Mid-Autumn Festival continuously enhancing brand influence and exposure to boost conversion and transactions. With marketing innovation and efficiency improvement in 2025 among the three global digital and intelligent NEV brands AVATR's sales volume exceeded 10000 units for five consecutive 12Chongqing Changan Automobile Co. Ltd. 2025 Annual Report months exceeding 120000 units for the whole year. DEEPAL achieved an annual sales volume of over 325000 units a year-on-year growth of 44.4%. CHANGAN NEVO achieved an annual sales volume of over 410000 units a year-on-year growth of 42.6%.The Company kept updating its channel network constantly promoting the "Thousands of Stores and Tens of Thousands of Touchpoints" plan driving the transformation of channels from "traditional 4S stores" to "omnichannel touchpoints" to make it more convenient for users to buy and use vehicles. The omnichannel network has been continuously improved to cover all the core business regions with more than 750 new overseas outlets established. The Southeast Asian right-hand drive spare parts central warehouse was completed. The global marketing system (GPMS) was introduced and a localized service network covering the entire processes of "order-delivery-maintenance" was built up enabling global users to enjoy a convenient and efficient channel experience.The Company remains customer-centric and constantly puts users first. Committed to delivering a customer experience defined by intelligence warmth professionalism convenience and transparency the Company addressed customers' pain points in car purchase maintenance and repair through intelligent proactive and professional services. Changan Automobile expanded its service network in 2025 with 750 service centers and five key EV technologies super maintenance centers and a dedicated NEV outlet network covering 90% of prefecture-level cities. The Company implemented intelligent and proactive experience projects such as one-click maintenance and intelligent charging services rolling out the "Intelligent Service System 2.0" to satisfy the iteration demand of business customers and factories. The Company simultaneously upgraded its services in overseas markets. The Thai technical maintenance system was piloted and implemented. The European "one network three pillars" service mechanism was established creating a service network that "covers all regions and adapts to all scenarios." 2. Blockbuster products launched in 2025 AVATR 06 is the fourth model under the AVATR brand positioned as a smart premium sports sedan. Integrating leading-edge technologies from three industry leaders—Changan Automobile Huawei and CATL—it is a premium sedan tailored to younger consumers.Centered on future-oriented sporty aesthetics a premium cabin designed for comfort and relaxation Huawei ADS 4 and HarmonyOS Cockpit 5 the model is equipped with a range of premium features including ultra-clear electronic rearview mirrors dual front zero-gravity seats and a Meridian sound system. In addition it features the Taihang Chassis Kunlun AVATR 06 Extended-Range System and CATL's dual 5C ultra-fast charging technology marking the beginning of a new era of intelligent and premium mobility.DEEPAL S09 is the first smart flagship six-seat SUV of the brand.All variants come standard with Huawei ADS 4 supporting point- to-point navigation assistance and featuring HarmonyOS Cockpit 5 delivering a smooth and responsive user experience supported by a comprehensive in-vehicle digital ecosystem.The model offers a spacious interior and a large-capacity trunk and is equipped with an integrated movable center console and laterally adjustable dual zero-gravity seats in the second row enabling flexible space configurations. It is also equipped with a split-type CDC air suspension system and an active "magic carpet" function along with eight hydraulic bushings and a front double wishbone and rear multi-link independent suspension DEEPAL S09 system ensuring a smooth ride and enhanced comfort.In terms of range performance the pure electric range reaches up to 310 km with a combined range of up to 1210 km. The model also supports 5C ultra-fast charging enabling rapid recharging comparable to the time required for a coffee break. 13Chongqing Changan Automobile Co. Ltd. 2025 Annual Report DEEPAL L06 is positioned as a long-range intelligent sports coupe featuring magnetorheological (MR) suspension and LiDAR-based technologies integrating advanced driving dynamics and intelligent capabilities. Equipped with a MR suspension system comparable to those used in premium models it delivers enhanced ride stability and handling performance ensuring minimal body movement over undulating road surfaces and stable cornering.The model adopts a single-stage end-to-end algorithm architecture and is equipped as standard across all variants with LiDAR delivering a smooth and human-like assisted driving experience. It is also equipped with a 3 nm automotive-grade cockpit chip ensuring a smooth and responsive in-vehicle user DEEPAL L06 experience.All variants are equipped with the Golden Shield Battery using CATL battery cells providing a high level of safety and reliability.The pure electric range reaches up to 670 km supporting reliable and worry-free travel.DEEPAL G318 SVP is positioned as a technology-driven off-road SUV. Leveraging three core strengths—dual-motor four-wheel drive with dual differential locks an air suspension system with CDC and "magic carpet" functionality and a pioneering "armor- inspired" design language—the model delivers robust all-terrain capability and a comfortable driving experience across diverse road conditions.It offers a versatile mobility experience characterized by strong off-road performance ride comfort and visual appeal providing reliable and comfortable mobility across all scenarios for users DEEPAL G318 SVP seeking quality and an outdoor-oriented lifestyle.CHANGAN NEVO Q07 represents the culmination of the Company's 40 years of vehicle manufacturing expertise and is positioned as an intelligent SUV for family use. It is equipped with the New BlueCore 3.0 plug-in hybrid system offering a pure electric range of up to 215 km and delivering enhanced energy efficiency over extended usage.In terms of intelligent features the model is equipped with SDA driving assistance with LiDAR an SDA cockpit powered by the AI foundation model and an SDA chassis featuring a CDC "magic carpet" suspension system. With a wide range of advanced configurations and a spacious interior it delivers a high-quality CHANGAN NEVO Q07 mobility experience. 14Chongqing Changan Automobile Co. Ltd. 2025 Annual Report CHANGAN NEVO A06 is the first strategic all-new family sedan introduced under the Company's new development positioning and is branded as a premium comfort-oriented family sedan. Built on a design philosophy inspired by light and featuring a full- width signature lighting system the model presents a distinctive and refined exterior design.With a spacious interior comfort seating across all rows a premium suspension system comprising a front double wishbone and rear five-link independent suspension as well as an 800 V platform with 6C fast charging capability the model delivers CHANGAN NEVO A06 strong overall product competitiveness. In addition enhanced safety is supported by SDA Intelligence further reinforcing its suitability as a high-quality new energy vehicle for family use.The all-new CHANGAN NEVO Q05 was developed from the outset for global markets and is positioned as a high-quality urban all-electric SUV. The model is equipped with comfort front seats delivering an enhanced in-cabin experience. With a trunk capacity of 540 L (including a 90 L underfloor storage compartment) it offers a spacious and practical interior. All variants are equipped as standard with CATL battery cells and support 3C fast charging with a pure electric range of up to 506 km effectively addressing range concerns. In addition the model is equipped with LiDAR The all-new CHANGAN NEVO Q05 and a 4 nm automotive-grade cockpit chip enhancing intelligent driving safety and user experience and delivering strong overall value for global users.The fourth-generation CS55PLUS is positioned as a global intelligent SUV. It is equipped with a New BlueCore engine featuring 500 bar high-pressure direct injection delivering strong fuel efficiency and meeting diverse mobility needs across various driving scenarios.The model is equipped with SDA Pilot (vision-based) and is further enhanced by 18 active safety features. All variants come standard with a driving recorder and a 540° high-definition panoramic imaging system providing comprehensive safety protection for both drivers and passengers.The fourth-generation CS55PLUS 15Chongqing Changan Automobile Co. Ltd. 2025 Annual Report The third-generation UNI-V is positioned as an intelligent sports coupe. All variants are equipped as standard with an active rear spoiler and a power tailgate enhancing both driving dynamics and practicality.The model is powered by a New BlueCore next-generation 2.0T engine paired with an Aisin 8-speed automatic transmission and the iEM intelligent energy management system delivering strong performance and efficiency. It is also equipped with an 18-speaker audio system featuring Dolby Atmos providing an immersive in- vehicle audio experience.In addition the model features a one-touch SUPER RACE 3.0 driving mode offering an enhanced performance-oriented driving The third-generation UNI-V experience. All variants are equipped as standard with Level 2 ADAS and an "Ark Cage" safety body structure ensuring a high level of safety performance.The fourth-generation EADO is powered by the New BlueCore engine with 500-bar ultra-high-pressure direct injection. All trims come standard with full-width front and rear LED digital waterfall light bars and an illuminated emblem. With a larger body size and a spacious rear cabin it delivers enhanced comfort for family use.A foundation model is standard across the range enabling AI- powered voice interaction driven by DeepSeek. In terms of safety all trims are equipped with an "Ark Cage" body structure six airbags a 540° panoramic imaging system and a high-definition onboard recorder. Built on five core strengths—All-Compass Design Philosophy New BlueCore 3.0 SDA Cockpit a spacious The fourth-generation EADO and comfortable interior and all-dimensional safety—the vehicle sets a new benchmark for global intelligent family sedans.CHANGAN LCV V919 is positioned as a next-generation intelligent van defined by three core value propositions: generous cargo space high payload capacity enabled by rear-wheel drive and low operating cost with strong returns. With a 5.5-meter body length it delivers a 3.38-meter cargo bay and a space utilization rate of 61.51%. Built on a 3.5-ton all-electric rear-wheel-drive platform it offers an effective payload of 1.5 tons. The operating cost is only a bit over RMB 0.10 per kilometer enabling savings of approximately RMB 25000 per year compared with a fuel- powered van based on an annual mileage of 50000 kilometers— helping users carry more haul more and earn more.CHANGAN LCV V919 (III) Key models planed for launch in 2026 In 2026 with a focus on covering the entire NEV market upgrading the iconic internal combustion engine (ICE) models and accelerating global expansion Changan Automobile will launch more than ten new and refreshed models throughout the year to further consolidate its market position. 1. Strengthening market position through multi-brand NEV initiatives. In 2026 focusing on enhancing user experience the Company will launch a series of refreshed models including the CHANGAN NEVO Q06 the new DEEPAL S05 and AVATR 06T to continuously enhance product competitiveness.CHANGAN NEVO Q06—Positioned as Changan's most aesthetically striking SUV this all-new model leads its segment in design space utilization and ride comfort. The full lineup is equipped with Changan's latest generation intelligent technologies establishing segment-leading product capabilities. 16Chongqing Changan Automobile Co. Ltd. 2025 Annual Report The New DEEPAL S05—Upgraded across the powertrain cabin and comfort dimensions this refreshed model expands the product lineup maintains market positioning and broadens the target customer base.AVATR 06T—Positioned as an intelligent and stylish sport sedan this model features comprehensive enhancement in design intelligent technologies safety and space catering to the diverse mobility needs of a new generation of discerning consumers across urban and off-road scenarios.In addition AVATR will launch the first strategic model of its second-generation product line: a brand-new flagship six-seat SUV for families targeting the mid- to high-end market. Designed to meet both aesthetic and functional needs of large families this model further elevates brand positioning. 2. Steady progress in ICE vehicles under a multi-energy strategy. In 2026 CHANGAN UNI will continue to focus on its core ICE markets and key customer segments. Key models including the CS75PLUS CS55PLUS and EADO will receive comprehensive upgrades in electrification and intelligent technologies. Through this balanced approach Changan Automobile aims to steadily transition toward smart and electrified mobility creating a new ecosystem that meets users' everyday mobility expectations. 3. Driving global expansion with the implementation of the Vast Ocean Plan. Changan Automobile is shifting from a primarily domestic focus with overseas outreach to a fully integrated global product strategy. In 2026 multiple models—including the fourth- generation EADO the all-new CHANGAN NEVO Q05 DEEPAL S09 and AVATR 06—will be launched across various overseas markets covering Europe Southeast Asia the Middle East and Africa and Latin America thereby establishing a new framework for global development.Note: Features and specifications mentioned in the "Key Models Planned for Launch in 2026" section do not constitute a commitment that they will be included in production vehicles. Actual vehicle configurations and functionalities are subject to the officially published product specification sheets.Vehicle manufacturing production and operation during the reporting period √ Applicable □ Not Applicable Production and sales of vehicles Unit: vehicles Production Volume Sales volume Year-over-year Year-over-year 2025202420252024 change change By region.Domestic regions 2756817 2625658 5.00% 2275762 2147602 6.00% Overseas regions 9485 0 - 637280 536196 18.85% Total 2766302 2625658 5.36% 2913042 2683798 8.54% Production Capacity Status: The full-vehicle design capacity for 2025 is 2.25 million units with a capacity utilization rate reaching 88.2%. By the end of 2025 1.73 million units of new energy vehicle production capacity (including new energy capacity shareable with internal combustion engine vehicle lines) 580000 units of new energy battery PACK capacity 750000 units of electric drive capacity and 500000 units of electronic control capacity will have been established effectively supporting the implementation of the "Shangri-La" strategic plan.Cause description of over 30% year-on-year increase/decrease √ Applicable □ Not Applicable The increase in overseas production is primarily attributed to the commissioning of the Thailand factory in 2025. 17Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Construction of parts supply chain system I. The Company adheres to the development philosophy of "self-sufficiency and resilience collaboration and shared success" building an industry ecosystem led by core enterprises and driven by integrated growth. It has established long-term partnerships with over 900 high-quality suppliers creating a partner ecosystem that covers the full value chain of intelligent electric vehicles.To support the launch of core strategies such as the Golden Shield Battery brand and the SDA Intelligence technology brand Changan Automobile has engaged in deep collaboration with leading industry players forming a model of equity binding joint development and co-creation of ecosystems: CATL—Through the joint venture CATL-Changan EV Battery Co. Ltd. the Company has deployed 75 GWh of power battery production capacity and jointly advanced frontier solid-state battery technologies.Huawei—Comprehensive strategic cooperation in intelligent technologies enables strategic models under AVATR and DEEPAL to be equipped with the Huawei Qiankun ADS system achieving a leading position among mass-produced high-level ADAS solutions.Tencent—Through the joint venture TINNOVE the Company co-develops integrated hardware and software solutions for intelligent interaction platforms.Horizon Robotics—The joint venture Changxian Intelligent Technology provides users with a wide range of ADAS solutions.StarPower Semiconductor—Through the joint venture Anda Semiconductor the IGBT product installation volume exceeded 300000 units in 2025 ensuring greater autonomy and control over power semiconductor supply. Yinwang Intelligent Technology—Investment in this company enables the integration of intelligent driving intelligent cockpit and intelligent vehicle control building core capabilities for the future.In 2025 Changan Automobile fully overhauled its supplier quality capability assessment system and launched QCA 3.0 enabling precise quantitative evaluation of supplier capabilities and a closed-loop focus on problem areas. This establishes a management approach that emphasizes "quality empowering operational performance and certification driving capability development." The Company adheres to the supply chain design principle of "vertical integration of technology and division of manufacturing expertise" comprehensively promoting modular and standardized architecture design. By leveraging its proprietary technologies Changan Automobile achieves an optimal balance between cost competitiveness and product quality reliability.Changan Automobile has also advanced its digital and intelligent supply chain transformation. In 2025 it successfully established a unified Global Purchasing Management (GPM) platform embedding advanced AI technologies to ensure full transparency across the supply process streamline business operations and optimize delivery efficiency. This milestone marks the transition of the Company's supply chain into a fully digital and intelligent purchasing management stage.In line with China's Belt and Road Initiative Changan Automobile has adopted a global supply chain strategy guided by "global footprint regional operations and local symbiosis." A systematic overseas supply chain support system has been established and the Company now maintains stable partnerships with over 330 leading international suppliers. Strategic collaborations with partners such as CATL and Continental are advancing the Vast Ocean Plan for global expansion accelerating localized production capacity and supply chain capabilities abroad. These initiatives provide a solid foundation for overseas product launches while enhancing supply resilience and responsiveness in global markets.The production and operation of auto parts during the reporting period □ Applicable √ Not Applicable The company conducts auto finance business □ Applicable √ Not Applicable The company conducts NEV-related business √ Applicable □ Not Applicable Production and operation of new energy vehicles and parts Product Category Production Capacity (Units) Production Volume (Units) Sales Volume (Units) New energy passenger vehicles 1560000 999089 992608 New energy commercial 170000118933117371 vehicles 18Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Total 1730000 1118022 1109979 Note: New energy vehicle production capacity includes capacity produced on shared assembly lines with internal combustion engine vehicles; during the reporting period the company's consolidated financial statements recorded new energy vehicle sales revenue of 80.276 billion RMB. III. Core Competence Analysis 1. Cultural leadership. The Company has consistently adhered to its historical cultural values and core spirit characterized by being innovative and adaptive open and inclusive scientific and rational resilient and unyielding. The Company continues to strengthen its role as a cultural leader within the organization.In 1981 responding to the national initiative to convert military technology for civilian use the Company entered the automotive industry from scratch laying the foundation for its future development. The second transformation phase began in 2003 during which the Company successfully expanded the passenger vehicle market and accelerated its globalization achieving significant growth in both scale and technology. In 2017 the Company launched its third transformation phase transforming into an intelligent low-carbon mobility technology company and sequentially introducing its three major strategic initiatives: the Green Plan the Intelligent Plan and the Vast Ocean Plan.With the establishment of intelligent EV brands including DEEPAL and AVATR the Company is on its way to becoming a world- class automotive brand. Currently the Company is implementing the "Changan Automobile Corporate Culture Development Plan (2026–2030)" updating the "Changan Automobile Leading Culture Philosophy 5.0" and developing the Changan Automobile Museum to further promote and preserve the Company's cultural legacy.The consistent corporate culture and core values continue to drive the Company as a leading Chinese automotive brand guiding its upward trajectory and global ambitions. 2. Strategic planning and execution. The Company adheres to a strategic management framework guided by a ten-year vision five-year plans three-year programs and annual budgets. Through systematic planning of the 15th Five-Year Plan the Company continuously optimizes its strategic planning and strengthens the effectiveness of strategic execution.In the NEV sector the Company completed capital increase for CATL-Changan EV Battery and DEEPAL Automobile. In collaboration with Talent New Energy the Company successfully validated a prototype oxygen-polymer composite solid-state battery cell achieving an energy density of 400 Wh/kg. The capacity expansion project at CATL-Changan EV Battery resulted in an additional 50 GWh of power battery production capacity. With regard to intelligent mobility the Intelligent Plan 2.0 continues to advance while the Company actively promotes strategic financing rounds for Changan Technology. AI empowerment is central to the "11811" digital transformation plan under which 11 transformation teams drive six major intelligent and digital initiatives. The Company released the Enterprise Data Architecture Blueprint 2.0 and established the Global Data Security Management Guidelines reinforcing governance across its data ecosystem and accelerating digital transformation. The Changan SDA Intelligence technology brand was launched extending safety from physical protection to a full-spectrum security approach. The Company obtained the first batch of Level 3 autonomous driving product permits and China's first dedicated Level 3 autonomous vehicle license plate.The Company is also actively developing strategic emerging technologies. It completed prototype verification of automotive ecosystem robots finalized registration of an eVTOL joint venture completed the development of a prototype test bench for in-vehicle optical communication and a prototype vehicle equipped with NearLink standard digital key.Globally the Company's sales network now spans 117 countries and regions worldwide. It has established seven tiered parts centers at different levels five service engineering centers and four self-operated call centers covering over 100 countries and regions.Over ten KD projects have entered mass production with a dedicated KD project management system ensuring robust global production. The global logistics system has been continuously enhanced and the Global Logistics One-Network 2.0 plan now covers major shipping routes and ports improving domestic delivery efficiency by over 20%.The digital and intelligent supply chain is steadily taking shape with supplier onboarding strategy and pricing processes restructured to increase efficiency by 45%. The Global Purchasing Platform is fully operational embedding AI agents to enhance supply transparency streamline workflows and maximize delivery efficiency.Through the continuous advancement of its three major strategic initiatives the Company has entered a new phase of transformation. 3. Talent and organizational capability. The Company leverages its industrial chain synergies to strengthen the organizational foundation for developing new quality productive forces. It is systematically advancing the transformation of its global talent and organizational systems to unlock innovation and enhance organizational vitality.The Company's indirect controlling shareholder China Changan Automobile Group operates across the full automotive value chain including research and development manufacturing trading logistics and ecosystem services and possesses strong end-to-end automotive solution capabilities. By building integrated operating units that combine vehicle manufacturing components and service 19Chongqing Changan Automobile Co. Ltd. 2025 Annual Report ecosystems China Changan Automobile Group has established a collaborative system that supports both manufacturing and operational ecosystems. It has also developed a deeply integrated model featuring "vertical integration of technology division of manufacturing expertise and shared capacity platforms" enabling all business segments to evolve in a coordinated manner strengthening internal synergies and supporting the Company's ambition to become a world-class automotive brand.At the same time China Changan Automobile Group continues to foster an open collaborative and mutually beneficial ecosystem for sustainable development. It is building a supply chain that is independent secure and reliable while actively promoting the application of forward-looking technologies industrial chain integration and collaborative innovation across the supply chain.Strategic partnerships with leading global enterprises continue to deepen providing a solid organizational foundation for the ongoing advancement of the Company's three major strategic initiatives.Internally the Company is optimizing its organizational structure under the principle of "lean headquarters business units independent brands and shared development." It is building group-level efficiency platforms and refining its organizational structure to better align with business needs. Overseas team development has been strengthened to enable localized operations in key markets.The Company continues to integrate internal platform resources to improve efficiency through shared services.The Company has also reformed its compensation incentive and accountability mechanisms optimizing compensation structures and salary frameworks. It continues to strengthen its global talent pipeline through ongoing external recruitment while enhancing support for international employees by improving policies related to overseas leave safety allowances and overall employee well- being. 4. Technology and R&D capabilities. The Company remains committed to innovation-driven development continuously strengthening the supply of key and core technologies to support high-quality industrial growth.In vehicle and platform development the Company completed the development of 14 new safety features including extreme gradient climbing capability and an active crosswind stabilization system with the latter achieving advanced performance levels within the industry.In new energy vehicle technologies the Company completed validation of multi-layer stacked solid-state batteries. It also independently developed its first-generation 70 kW fuel cell stack achieving industry-leading performance in volumetric power density and cold-start capability at -30°C. In addition the Company developed end-of-charge pulse charging technology reducing charging time from 80% to 100% state of charge (SOC) by 30%.The Company mass-produced a new generation 200 kW Force highly-integrated electric drive system reducing costs by 23% and achieving a CLTC efficiency of 92.3% an industry-leading performance. It also completed the development of an A0 prototype intelligent central zonal controller based on the SDA 2.0 platform and mass-produced a new generation battery management system reducing costs by 27%.In intelligent technologies the Company was among the first in the industry to obtain approval for Level 3 autonomous driving product permit. It successfully hosted the Fifth Technology Ecosystem Conference unveiling 82 core technologies across cockpit autonomous driving and chassis systems. The Company also introduced its first App Agent upgrading AI-enabled full-scenario in- vehicle services.The Company independently developed a single-stage end-to-end foundation model for assisted driving enabling navigation on autopilot (NOA) functions under both low-map-dependency and map-free conditions. It has achieved in-house mastery of key chassis technologies including electro-mechanical braking steer-by-wire rear-wheel steering and active hydraulic suspension.In forward-looking technologies the Company completed prototype development of three technologies including low earth orbit (LEO) satellite navigation enhancement and unveiled China's first prototype vehicle equipped with a perovskite transparent photovoltaic roof.In testing capabilities the Changan SDA Lab has been put into operation with all core testing tools developed in-house. The system supports over 400000 virtual simulation test scenarios with testing capabilities reaching internationally advanced levels.In terms of scientific and technological achievements the Company has been awarded three Second Prizes of the National Science and Technology Progress Award and two Grand Prizes of the China Society of Automotive Engineers Science and Technology Progress Award demonstrating its strong innovation capabilities.As of the end of 2025 the Company held 12683 valid patents including 4879 invention patents.IV. Analysis of Main Business 1. Overview Compared to 2024 the company's operating revenue amounted to 164.00 billion RMB representing a year-on-year increase of 2.67% while the net cash flow from operating activities was 1.836 billion RMB reflecting a year-on-year decrease of 62.15%. During the reporting period the net profit attributable to shareholders of the listed company amounted to 4.075 billion RMB representing a year-on-year decrease of 44.34% while the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 2.795 billion RMB reflecting a year-on-year increase of 8.03%. 20Chongqing Changan Automobile Co. Ltd. 2025 Annual Report For details please refer to Section 3 "Management Discussion and Analysis" subsection II "Main Businesses Engaged in by the Company During the Reporting Period." 2. Revenue and Costs (1) Composition of Operating Revenue Unit: RMB 2025 2024 Year- Proportion of Proportion of on-year Amount Amount operating revenue operating revenue change Total Operating 163999803875.87100%159733034213.25100%2.67% Revenue By industry Automotive 163999803875.87100%159733034213.25100%2.67% business Sub-product Vehicles 155739237303.79 94.96% 152192280870.19 95.28% 2.33% Services and others 8260566572.08 5.04% 7540753343.06 4.72% 9.55% Sub-region China 130796138817.28 79.75% 127306652839.30 79.70% 2.74% Overseas 33203665058.59 20.25% 32426381373.95 20.30% 2.40% Distribution sales model Dealer model 147890277118.75 90.18% 141742229183.09 88.74% 4.34% Direct selling 7848960185.04 4.79% 10450051687.10 6.54% -24.89% Other modes 8260566572.08 5.04% 7540753343.06 4.72% 9.55% Note: The Company has 3258 dealers at the end of the reporting period. (2) The business products regions and sales model accounting for over 10% of the Company’s operating revenue or operating profit √ Applicable □ Not Applicable Unit: RMB YoY YoY YoY Operating Revenue Operating Cost Gross increase/decrease increase/decrease increase/decrease (RMB) (RMB) margin of operating of operating cost of gross margin income (%) (%) (%) By industry Automotive 163999803875.87138514092642.1115.54%2.67%1.95%0.60% business By product Selling 155739237303.79131787246325.9815.38%2.33%1.21%0.94% goods By region China 130796138817.28 108057364768.64 17.38% 2.74% -3.47% 5.31% 21Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Overseas 33203665058.59 26732133191.00 19.49% 2.40% 11.70% -6.71% By sales model Distribution 147890277118.75 124699726846.66 15.68% 4.34% 3.32% 0.83% Where the statistical caliber of the main business data of the Company is adjusted the data is subject to the main business data after adjustment according to the caliber of the end of the report period in the latest year.□ Applicable √ Not Applicable (3) Whether revenue from physical sales is higher than service revenue√ Yes □ No Unit: vehicles Year-on-year change By business Item 2025 2024 (%) Sales volume 2913042 2683798 8.54% Automotive Production volume 2766302 2625658 5.36% manufacturing industry Inventory level 96621 61811 56.32% Note: The above sales production and inventory volume includes vehicles produced and sold by the Company and its JVs and associates. The analysis over market share is based on the data from China Automobile Industry Association.Cause description of over 30% year-on-year increase/decrease √ Applicable □ Not Applicable The company's inventory for the fiscal year 2025 increased by 56.32% year-on-year primarily due to the following reasons: 1.Policy adjustments have triggered market caution. The 2026 policy on exemption of purchase tax for new energy vehicles is being phased out shifting from a full exemption to a 50% levy while the clarity of the 2026 "Two New" policy subsidies remains uncertain prompting market caution and delayed purchases thereby hindering sales growth and impeding inventory clearance. 2. Impact of product structure adjustment. In line with the product launch schedule multiple products are scheduled for release in the second half of the year; the preparation of inventory for new products has temporarily elevated the enterprise's inventory levels. 3. The impact of market capacity in the industry sector. The market capacity for traditional internal combustion engine vehicles in the industry is declining; given that the company's current sales are predominantly internal combustion engine vehicles which account for over 60% of its total sales the insufficient market demand has led to an increase in inventory levels. (4) Performance of major sales and purchase contracts as of the end of the reporting period □ Applicable √ Not Applicable (5) Costs Unit: RMB 20252024 Industry Year-on- Classificatio Project Proportion Proportion n Amount of operating Amount of operating year change costs costs Automotiv Products 131787246325.98 95.14% 130209923466.53 95.83% 1.21% e business Services and others 6726846316.13 4.86% 5659099604.92 4.17% 18.87% Total 138514092642.11 100.00% 135869023071.45 100.00% 1.95% 22Chongqing Changan Automobile Co. Ltd. 2025 Annual Report (6) Whether the scope of consolidation was changed during the reporting period □ Applicable √ Not applicable (7) Major changes or adjustment in business product or service of the Company in the reporting period □ Applicable √ Not Applicable (8) Major Customers and Major Suppliers Major customers Total sales amount (in RMB) for the top five customers 16862891152.28 The proportion of the combined sales amount of the top five 10.28% customers to the total annual sales.The proportion of sales to related parties within the sales revenue 5.80% of the top five customers relative to the total annual sales.The top 5 customers No. Customer Name Sales Volume (RMB) Proportion of the total annual sales 1 Customer One 3847030657.54 2.35% 2 Customer Two 3591757893.77 2.19% 3 Customer Three 3488053183.71 2.13% 4 Customer Four 3325009583.22 2.03% 5 Customer Five 2611039834.04 1.58% Total -- 16862891152.28 10.28% Other information regarding major customers √ Applicable □ Not Applicable One of the above customers is a joint venture of the Company and two customers are controlled by the same ultimate holding company. Please refer to item 5 of Note 12 “Related Party Relationships and Transactions” in Chapter 10.Major suppliers Top five suppliers Total Procurement Amount (RMB) 25739716299.05 Proportion of total purchase amount from top five suppliers in 18.58% annual total purchase amount (%) Proportion of total purchase amount from affiliated parties of the 17.29% top five suppliers in total annual total purchase amount (%) Top 5 suppliers Proportion of the total annual No. Supplier Name Procurement Amount (RMB) procurement amount. 1 Supplier One 8739750220.22 6.31% 2 Supplier Two 6971698295.25 5.03% 3 Supplier Three 4745687770.22 3.43% 4 Supplier Four 3486949951.31 2.52% 5 Supplier Five 1795630062.05 1.29% Total -- 25739716299.05 18.58% 23Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Other information regarding major suppliers √ Applicable □ Not Applicable Two of these suppliers are associated enterprises of the company and two suppliers are controlled by the same ultimate holding company. Please refer to item 5 of note 12 “Related Party Relationships and Transactions” in Chapter 10.During the reporting period the proportion of trade business revenue in operating revenue exceeded 10%.□ Yes □ No √ Not Applicable 3. Expenses Unit: RMB Item 2025 2024 Year-over-year change Selling expenses 9992992499.04 7538352413.16 32.56% Administrative expenses 4523042375.67 4401226018.26 2.77% Financial expenses -2402254178.20 -934377313.05 -157.10% R&D expenses 7157598927.24 6505446679.24 10.02% In 2025 the fluctuation in "selling expenses" was primarily driven by increased new energy vehicle sales as well as the launch of new products and brand promotion activities while the change in "financial expenses" was mainly attributable to exchange gains. 4. R&D investment √ Applicable □ Not Applicable Projected impact on the Name of the Main R&D Objectives to be Project Objective Project progress company's future Project achieved development Enrich the CHANGAN Upholding the strategic NEVO brand's product mission of expanding the Complete the product matrix strengthen Changan foundation we Complete the annual speed-up development on competitiveness in the Global Urban Premium are positioning the development tasks and schedule and launch for mainstream pure electric All-Electric SUV Changan CHANGAN successfully launch the sales according to the vehicle market and NEVO brand to enter the product.plan. support the growth of mainstream pure electric sales volume and brand SUV market.influence.Enhance the coverage of the CHANGAN NEVO Develop products that Successfully complete the brand in the family balance scale and Complete the annual development of the vehicle market A smart compact SUV profitability solidify the development tasks and family-oriented intelligent strengthen user for the whole family. foundation for the new successfully launch the compact SUV on schedule stickiness and facilitate energy era and meet the product. and launch it for sales as the scaled growth of needs of household users. planned.new energy vehicle sales.Upholding the strategic Establish the premium mission of brand elevation Complete the vehicle image of the Deepal Complete the annual Family-oriented six- we are positioning the model development on brand enhance its brand development tasks and seater smart flagship Deepal brand to capture the schedule and launch it for premium capability and successfully launch the SUV 200000 to 300000 RMB sales according to the expand its market share product.smart flagship mid-to-large plan. in the mid-to-large SUV market. electric SUV segment. 24Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Seize the 200000 to Complete the 300000 RMB new As Avatr's fourth model it Complete the annual development of the energy sedan market Intelligent and stylish aims to solidify the brand's development tasks and intelligent and stylish optimize the Avatr sport sedan positioning and increase successfully launch the sport sedan on schedule product portfolio and sales volume. product. and launch it for sales as boost brand influence planned.and market share.Reforging the core value Solidify the fuel-based proposition of entry-level Complete the foundation break premium SUVs the brand Complete the annual development of the next- through joint venture Global Intelligent enters the 80000 to development tasks and generation fuel vehicle competition develop Compact SUV 110000 RMB entry-level successfully launch the models on schedule and global strategic models compact SUV market product. launch them for sales and enhance the brand's through a diversified according to the plan. international powertrain layout. competitiveness.Achieve a breakthrough from zero to one in Upholding the strategic Complete the R&D of intelligent assisted mission of the company's end-to-end large model- driving within urban intelligent driving assisted driving areas contributing to the Complete the annual assistance we are tackling technology achieve NOA company's development R&D tasks and ensure Intelligent Driving End- the end-to-end large-scale functionality across all of the "Tianshu the implementation and to-End 1.0 Project model solution based on urban scenarios and Intelligent" and application of the big data to support the ensure stable deployment "Tianshu Smart results.product requirements for and operation on the Thor Driving" brand identity urban intelligent driving mass-production domain to deliver an ultra-safe assistance. controller platform. ultra-comfortable and ultra-smart driving experience.To create an intelligent Focusing on the three core mobility experience that is value propositions of Foster innovative comprehensive across all ultra-safety ultra-comfort functionalities through domains dimensions and The annual R&D tasks and ultra-driving pleasure technological Research on Three-Way time effectively close the have been completed we continuously develop convergence to Six-Domain Cross- loop on user value and with multiple functions and deliver over 80 high- empower vehicle Domain Integration provide core support for successfully deployed experience features while products thereby Technology brands to implement a "1 and applied. simultaneously advancing strengthening product (common foundation) + 1 the widespread differentiation and (core value attribute) + X application development leading user experience.(differentiated attributes)" of these functionalities.brand labeling system.By leveraging advanced Develop a high- stack assemblies and Master the independent performance self- key technologies we development capabilities of humidifying stack aim to enhance the Research Project on Key fuel cell stacks and key assembly with advanced Complete the annual company's brand Technologies for 70kW- components while metrics to achieve R&D tasks. accumulate core Class Fuel Cell Stacks strategically positioning in breakthroughs in the technologies and ensure forward-looking energy development capabilities a sustained long-term technologies. of the stack assembly and competitive advantage its critical components.in technology.Independently develop Establish a technical Develop the core core technologies for system centered on Key Technology technology stack and embodied intelligence Complete the annual intelligent ubiquitous Research on Embodied testing and evaluation construct a common R&D tasks. mobility expand new Humanoid Robots 1.0 system for embodied technology system for growth drivers for intelligent robots to robotics and deploy robotics business and 25Chongqing Changan Automobile Co. Ltd. 2025 Annual Report strategic emerging achieve demonstration enhance the company's industries. applications. influence within the technology ecosystem.Conduct feasibility Empower the "Golden studies on multiple Bell" battery brand to Conduct research on next- technical pathways enhance the Research on Key generation solid-state centered on materials and competitiveness of next- Complete the annual Technologies of Solid- batteries and demonstrate cells to achieve generation battery R&D tasks.State Battery Systems the feasibility of multiple breakthroughs in high technology and support technical pathways. specific energy and high the company's safety for solid-state electrification and "Dual batteries. Carbon" strategies.R&D staff 2025 2024 Change over the previous year (%) Number of R&D staff (person) 12417 12141 2.27% Proportion of R&D personnel 21.3% 22.03% -0.73% Education background -- -- -- High School diploma or below 138200-31.00% (person) Bachelor’s degree (person) 8440 8273 2.02% Master’s degree (person) 3695 3550 4.08% Doctor’s degree (person) 144 118 22.03% Age structure -- -- -- Aged below 30 (person) 4334 4051 6.99% Aged 30 - 40 (person) 6370 6596 -3.43% Aged above 40 (person) 1713 1494 14.66% Company R&D Investment Status 2025 2024 Change over the previous year (%) Amount of R&D Input (RMB) 12575697920.60 10159144236.45 23.79% Proportion of R&D Input in 7.67%6.36%1.31% Operating Revenue (%) Amount of Capitalized R&D 5418098993.363653697557.2148.29% Expenditure (RMB) Proportion of Capitalized R&D 43.08%35.96%7.12% Expenditure in R&D Input (%) Cause and effects of significant changes in composition of the R&D staff □ Applicable √ Not Applicable Cause for significant changes in the proportion of total R&D investment in operating revenue from the previous year □ Applicable √ Not Applicable Cause and Reasonable Explanation of the major changes of the capitalization rate of R&D investment □ Applicable √ Not Applicable 5. Cash Flow Unit: RMB 26Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Project 2025 2024 Year-on-year change Subtotal of cash inflows from 177884951555.86184043125806.47-3.35% operating activities Subtotal of cash outflows from 176049278197.30179193726993.33-1.75% operating activities Net cash flows from operating 1835673358.564849398813.14-62.15% activities Subtotal of cash inflows from 1496226938.289789745640.05-84.72% investing activities Subtotal of cash outflows from 13719914441.5414103043252.27-2.72% investing activities Net cash flows from investing -12223687503.26-4313297612.22-183.40% activities Subtotal of cash inflows from 3666477992.833141384510.6016.72% financing activities Subtotal of cash outflows from 3860596340.834532782453.05-14.83% financing activities Net cash flows from financing -194118348.00-1391397942.4586.05% activities Net increase in cash and cash -10281205360.25-651581388.11-1477.89% equivalents Description of major influence factors of significant change of relevant data on a year-on-year basis √ Applicable □ Not Applicable In 2025 the change in net cash flow from operating activities was primarily due to the implementation of national policies that shortened payment terms for suppliers; the change in net cash flow from investing activities was mainly attributable to fluctuations in time deposits; the change in net cash flow from financing activities was primarily driven by external investments absorbed by non- wholly-owned subsidiaries; and the change in net increase in cash and cash equivalents was mainly caused by the reduction in net cash flow from investing activities during the current period.Cause for the significant difference between net cash flows from operating activities and net profit in the reporting period √ Applicable □ Not Applicable The reasons for the differences are detailed in Note V Section (66) "Supplementary Information to the Cash Flow Statement" of the Notes to the Financial Statements in the financial report.V. Analysis of Non-Main Business √ Applicable □ Not Applicable Unit: RMB Proportion of profits Amount Explanation Whether it is sustainable or not (%) Please refer to "Note 56: Investment Income" in Return on investment -296603500.26 -7.69% Yes.Note V of the Financial Report.Profits or losses of fair 36797595.56 0.95% No. value change 27Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Please refer to "Note (59) Impairment losses on Impairment Loss on Assets" -200857705.57 -5.21% No.assets in Note V of the Financial Report.Non-operating income 208504882.00 5.41% No.Non-operating expenses 59837696.73 1.55% No.VI. Analysis of Assets and Liabilities 1. Major Changes in Asset Composition Unit: RMB 31 December 2025 31 December 2024 Increase or decrease in Proportion of total Proportion of total Amount Amount specific assets assets gravity.Monetary funds 54021735265.29 26.62% 64182095662.74 30.83% -4.21% Accounts 4196844647.152.07%3398477724.751.63%0.44% Receivable Contractual assets 155271537.07 0.08% 592426824.74 0.28% -0.20% Inventory 22518286370.64 11.09% 17081370658.58 8.21% 2.88% Other current 11797921098.675.81%2174955833.011.04%4.77% assets Investment real 5742580.360.00%5969291.920.00%0.00% estate Long-term equity 20426682382.9010.06%18525675882.508.90%1.16% investment Fixed assets 22048786066.87 10.86% 21773526063.55 10.46% 0.40% Construction in 1028734574.340.51%1596384269.600.77%-0.26% progress Right-of-use 396605258.850.20%273297841.750.13%0.07% assets Development 3395674763.461.67%1729932488.670.83%0.84% expenditure Other non-current 2591246110.901.28%3705745345.021.78%-0.50% assets Short-term 512275913.930.25%40036055.690.02%0.23% borrowing Accounts payable 29841076563.69 14.70% 43835671129.12 21.06% -6.36% Contractual 6908609058.223.40%10887896995.495.23%-1.83% liabilities Payroll payable 4237501344.56 2.09% 3209780953.87 1.54% 0.55% Long-term loan - 0.00% 36000000.00 0.02% -0.02% Lease liabilities 299147228.72 0.15% 269211409.06 0.13% 0.02% Minority equity 4648549150.65 2.29% 2504374617.11 1.20% 1.09% As of the end of the reporting period the changes in "Inventories" were primarily driven by an increase in overseas inventory; the changes in "Other Current Assets" were mainly due to the addition of time deposits in the current period; the changes in "Development Expenditures" were primarily attributable to increased R&D investment; the changes in "Other Non-Current Assets" were mainly caused by the transfer of time deposits to current maturities; the changes in "Accounts Payable" were primarily due to the implementation of national policies to shorten payment terms for suppliers; the changes in "Contract Liabilities" were mainly driven by distributors issuing invoices to offset advance payments; the changes in "Employee Benefits Payable" were primarily influenced by the timing of salary disbursements; and the changes in "Minority Interest" were mainly due to external investments absorbed by non- 28Chongqing Changan Automobile Co. Ltd. 2025 Annual Report wholly-owned subsidiaries.Foreign assets account for a relatively high proportion □ Applicable √ Not Applicable 2. Assets and liabilities measured at fair value √ Applicable □ Not Applicable Unit: RMB Impairmen Profit or loss from Cumulative fair t accrued Purchase Other changes in fair value changes Sales amount Item Opening balance for the amount for this change Ending balance value for the recognized in for this period current period s current period. equity period.Financial assets Financial assets held for trading (excluding 155013154.4536940795.56191953950.01 derivative financial assets) Investments in other 496524273.53-6984862.27202662447.46692201858.72 equity instruments Subtotal financial 651537427.9836940795.56-6984862.27191953950.01692201858.72 assets Total 651537427.98 36940795.56 -6984862.27 202662447.46 191953950.01 692201858.72 Financial liabilities -143200.00 143200.00Note: The trading financial assets and investments in other equity instruments in the table above are detailed in “2. Trading FinancialAssets” and “13. Investments in Other Equity Instruments” in Note 5 of Auditor’s Report .Whether there were any significant changes in the measurement attributes of the Company's major assets during the reporting period □ Yes √ No 3. Limitation of asset rights as of the end of the reporting period Unit: RMB Item Book Value at the End of Period Limitation Reason Cash and cash equivalents 1028564112.54 Security deposit and other related items.Notes Receivable 5319644475.35 Pledge of bills of exchange Intangible assets 19331.18 Mortgage Total 6348227919.07 29Chongqing Changan Automobile Co. Ltd. 2025 Annual Report VII. Analysis of Investments 1. General Overview √ Applicable □ Not Applicable Investment amount for the reporting period Investment amount for the same period of Fluctuation magnitude (in RMB) the previous year (in RMB) 9769477468.3714917272291.63-34.51% 2. The major equity investment obtained in reporting period √ Applicable □ Not Applicable Unit: RMB Is This ther peri e Progres Pro od's any Inves Inves Pro s as of ject inve inv Invested Shareh Disclosure tment Investment Source of Partner tmen duct the ed stme olv Disclosure Index (if Company Core Business olding date (if meth amount funds organization t Typ balance ear nt em applicable) Name ratio applicable) ods term e sheet nin prof ent date. gs it in and liti loss. gati on For details please Research and refer to the development Chongqing Announcement on production Yufu Capital Increase processing Holding Co and Share Deepal Capit Own funds Group Co. Not Not sales and mpl Comple Expansion of the Automobile al plus Ltd. and Long app appl December Controlling consulting 3122000000 51.00% ete te the No.Technology incre intangible CMB -term lica icab 13 2025 Subsidiary via services for vehiclosing.Co. Ltd. ase assets Financial ble. le. Public Listing and new energy Assets cle Related Party vehicles and Investment Transaction their Co. Ltd. (Announcement components. No. 2025-79) on the CNINFO website.For details please refer to the Announcement on Capital Increase Changan and Share Products such Approv Automobile Aut Expansion of the as intelligent Chongqing Capit Group Co.ed by om Not Not Wholly-owned driving Ltd. and the Changan al Long otiv app appl December Subsidiary and intelligent 600000000 74.55% Own funds Chenzhi shareho No.Technology incre Automotive -term e lica icab 13 2025 Related Party cockpits and lders' Co. Ltd. ase Technology part ble. le. Transactions intelligent meeting Group Co. s (Announcement vehicle control. .Ltd. No. 2025-80) on the China Securities Information Network (CNINFO). 30Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Total -- -- 3722000000 -- -- -- -- -- -- -- -- -- -- -- 3. The ongoing major non-equity investment in reporting period □ Applicable √ Not Applicable 4. Investment in Financial Assets (1) Securities Investment Status √ Applicable □ Not Applicable Unit: RMB Cumulative Book value at the Profit or loss Profit or loss Initial Accounting fair value Purchase Sales Ending Sourc Securit Stock beginning of the from changes in for the Accountin Abbreviation i nvestmen measuremen changes amount for amount for book e of y type code reporting period fair value for the reporting g subjects t cost t model recognized this period. this period value funds（RMB） current period. period in equity China Fair value Trading Automotive 9899999 191432350. Own Stock 301215 measuremen 155013154.45 36419195.56 0.00 0.00 37772395.26 0 financial Group Co. 7.80 01 funds t assets Ltd 9899999191432350. Total -- 155013154.45 36419195.56 0.00 0.00 37772395.26 0 -- -- 7.8001 (2) Derivative Investment Status √ Applicable □ Not Applicable 1) Derivative investments held for hedging purposes during the reporting period √ Applicable □ Not Applicable Unit: 10000 RMB Proportion of Profit and loss Investment investment Initial Accumulated Amount of Amount of Initial from changes amount at the amount at the Investment type of derivatives changes in fair purchase in the sales in the investment in fair value in end of the end of the derivatives investment value included in reporting reporting amount the current reporting reporting period amount equity period period period period to net assets of the Company Forward foreign exchange --381923432434324-- – USD Forward foreign exchange ----8300300-- - Japanese yen Total - - 38 184 34624 34624 - - Explanation of the Not applicable accounting policies and 31Chongqing Changan Automobile Co. Ltd. 2025 Annual Report specific principles for accounting treatment of hedging business during the reporting period and whether there have been any material changes compared to the previous reporting period.Explanation of the Actual Profit and Loss Situation Sales during the reporting period amounted to 346.24 million RMB with actual transaction profits totaling 1.47 million RMB.During the Reporting Period Changan Automobile adheres to the principle of risk neutrality in its forward foreign exchange settlement and sales business basing its operations Explanation of Hedging on normal production and management activities; by utilizing foreign exchange forward transactions to lock in revenues and costs the company Effectiveness mitigates exchange rate fluctuation risks reduces the uncertainty of operating profits and ensures the achievement of its operational objectives.Sources of Funding for Own funds Derivative Investments (I) Risk analysis 1. Market Risk: In scenarios where exchange rates fluctuate significantly the discrepancy between the forward exchange rate and the actual spot rate at maturity may result in foreign exchange losses for the company. 2. Liquidity Risk: Due to inaccurate forecasting the settlement date of the forward foreign exchange contract diverged from the actual settlement date resulting in insufficient available funds at the time of settlement thereby triggering liquidity risk and leading to a failure to settle as scheduled. 3. Operational Risk: Risks may arise due to inadequate internal control mechanisms and unprofessional personnel. Explanation of risk 4. Bank default risk: In the case of forward foreign exchange transactions if the bank fails during the contract period the company may be unable analysis and control to execute the foreign exchange contract at the agreed price thereby exposing itself to the risk that the risk exposure cannot be effectively hedged.measures regarding (II) Risk Control Measures derivative positions held 1. The Company and its subsidiaries will monitor fluctuations in the foreign exchange market strengthen research on exchange rates forecast future during the reporting period exchange rate trends enhance their judgment capabilities regarding exchange rates and mitigate the impact of exchange rate volatility on the (including but not limited Company.to market risk liquidity 2. To prevent failure in the settlement of forward foreign exchange transactions the company and its subsidiaries' business management departments risk credit risk will monitor the progress of payments and receipts to avoid overdue situations and minimize risks to the greatest extent possible.operational risk and legal 3. The Company and its subsidiaries have established an FX research team and an FX trading risk control team and have set up a forward FX trading risk). working mechanism covering FX research trading risk control and scheme approval. The foreign exchange trading function shall be structured with a clear separation of front middle and back-office roles and personnel accompanied by a regular rotation mechanism. 4. The company has formulated the "Interim Measures for the Administration of Forward Foreign Exchange Trading Business" which clearly stipulates management principles management systems operational procedures and risk control measures and all operations must be strictly conducted in accordance with these regulatory requirements. 5. The counterparties for the company and its subsidiaries' forward foreign exchange trading activities are selected from financial institutions with legal qualifications good credit standing and established long-term business relationships with the company thereby presenting a low risk of default.The changes in market prices or fair values of derivative products during the reporting period of investments and the The Company recognizes and measures financial instruments in accordance with the "Measurement of Financial Instruments" section of Accounting analysis of the fair value Standard for Business Enterprises No. 22—Recognition and Measurement of Financial Instruments with fair value measurements and recognition of derivatives shall primarily based on bank pricing. During the reporting period the gain or loss from changes in the fair value of foreign exchange forward contracts disclose the specific amounted to 380000 RMB.methods used as well as the settings of relevant assumptions and parameters.Litigation status None Disclosure date of the board resolution approving February 15 2025 derivative investments.Disclosure date of the May 28 2025 shareholders' meeting 32Chongqing Changan Automobile Co. Ltd. 2025 Annual Report announcement regarding the approval of derivative investments. 2) Derivative investments held for speculative purposes during the reporting period □ Applicable √ Not Applicable During the reporting period the Company did not engage in derivative investments for speculative purposes.VIII. Sale of significant Assets and Equity 1. Sale of significant assets □ Applicable √ Not Applicable 2. Sale of significant equity □ Applicable √ Not Applicable IX. Analysis of Major Holding and Participating Companies √ Applicable □ Not Applicable Status of major subsidiaries and associated companies whose impact on net profit exceeds 10% Unit: 10000 RMB Company Main Registered Total Net Operating Operating Company Name Net profit Type businesses Capital Assets Assets Revenue profit Chongqing Business Changan operations Automobile subsidiary related to 3000 244088 93494 549452 135574 115227 Customer Service automotive Co. Ltd. spare parts.Export and Chongqing Xingzhi service of Technology Co. subsidiary automobiles 4900 1015734 73149 1676770 75011 63819 Ltd. parts and technologies.Chongqing Export and Changan service of Automobile subsidiary automobiles 142276 1355315 263218 1061540 51881 43652 International Sales parts and & Service Co. Ltd. technologies.Manufacturing Chongqing Lingyao and sales of Automobile Co. subsidiary 133764 762890 214473 1369447 41482 46900 automobiles Ltd.and auto parts.Manufacturing Deepal Automobile and sales of Technology Co. subsidiary 46616 4486284 173597 5024464 -90437 -89872 automobiles Ltd.and auto parts.Changan Ford Equity Manufacturing USD Automobile Co. investment and sales of 2302927 262110 3629232 102173 95248 24100 Ltd. company automobiles 33Chongqing Changan Automobile Co. Ltd. 2025 Annual Report and their components.Subsidiaries acquired and sold in the reporting period □ Applicable √ Not Applicable Description of Major Holding and Participating Companies During the reporting period Chongqing Changan Automobile Customer Service Co. Ltd. experienced growth in overall spare parts sales volume and improved year-on-year profitability driven by the steady increase in automobile sales and the subsequent rise in the terminal vehicle fleet over recent years which concurrently expanded demand for vehicle maintenance servicing and related aftermarket services. Chongqing Xingzhi Technology Co. Ltd. and Chongqing Changan Automobile International Sales Service Co.Ltd. which are responsible for export operations have increased resource allocation in response to intense market competition resulting in a year-on-year decline in overall profits; Chongqing Lingyao Automobile Co. Ltd. achieved a year-on-year improvement in net profit excluding non-recurring gains and losses benefiting from the expansion of sales volume and the optimization of its product mix. Deepal Automobile Technology Co. Ltd. has seen year-on-year sales growth and improved operational quality due to the continuous optimization of its product structure. Changan Ford Automobile Co. Ltd. primarily experienced a year-on-year decline in profit due to the year-on-year decrease in sales volume of the Ford and Lincoln brands.X. Information of main shareholding and joint stock companies □ Applicable √ Not Applicable XI. Future Outlook 1. Industrial Landscape and Trends In 2025 after several years of profound transformation China's automotive industry entered a new phase in which the second stage of intelligent mobility and deeper globalization are unfolding in parallel. The industry landscape is characterized by the following trends: 1. Market Competition: The market is increasingly characterized by fierce competition for market share and a "winner-takes- most" dynamic. Market concentration continues to increase. In the wake of aggressive price competition during 2023 and 2024 market share rapidly consolidated around leading players in 2025. Weaker and marginal automakers have been progressively phased out giving rise to a more polarized multi-tiered industry structure comprising established leaders NEV startups state-owned OEMs and joint ventures. Chinese brands have solidified their dominance in the domestic market capturing over 60% share granting them significant pricing power and technological leadership. While ICE vehicles still account for a substantial installed base they have transitioned fully into a niche segment. Meanwhile NEV penetration has stabilized at over 50%. 2. Technological trends: Intelligent mobility defines competition and elevates consumer experience. In 2025 end-to-end AI models entered mass adoption making advanced driver-assistance systems like urban NOA common and map-free driving standard on premium models. Consequently purchase drivers have shifted from driving range to computing power algorithmic capability and cockpit experience. The business model is also evolving from hardware sales to software subscriptions and lifecycle services making in-house software capability a core value enabler in the software-defined vehicle (SDV) era. 3. Going global strategy: From product trade to localized operation. Faced with trade barriers in Europe and the U.S. Chinese OEMs' overseas strategy fundamentally shifted in 2025. Moving beyond vehicle exports companies accelerated the establishment of plants and R&D centers in Southeast Asia Europe and South America to localize supply chains and build stronger brand affinity. 2. Corporate Growth Strategy The 15th Five-Year Plan period marks a critical phase in China's transition from an automotive manufacturing hub to a global automotive power. Changan Automobile will continue to follow the guidance of the 20th National Congress of the CPC and its successive plenary sessions bearing in mind General Secretary Xi Jinping's call to "strengthen our national automotive brands." We remain steadfast on the path of independent innovation and are committed to developing a world-class automotive group with global competitiveness and homegrown core technologies aiming to build a world-class automotive brand. By 2030 we aim to achieve total 34Chongqing Changan Automobile Co. Ltd. 2025 Annual Report sales of 5 million vehicles including 4 million from our homegrown brands 3 million digital intelligent vehicles and 1.5 million from overseas markets.Leveraging the integrated strengths of China Changan Automobile Group we are driving forward our three core strategic initiatives—the Green Plan the Intelligent Plan and the Vast Ocean Plan—to systematically build future-ready core competencies solidify our foundation for sustainable growth and ensure the high-quality achievement of our strategic goals.Advancing the Green Plan: We are building differentiated competitive edges around our three digital intelligent electric vehicle brands—AVATR DEEPAL and CHANGAN NEVO—and plan to launch 43 new models over the next three years. We are also accelerating next-generation product development to fill gaps in key segments strengthening our product foundation for sales growth over the next three years and aim to achieve a comprehensive product portfolio across all markets by 2028 with a focus on developing global mega-sellers. In parallel we are building a world-class NEV platform targeting annual production and sales of one million units per mainstream platform. We are also building the industrial ecosystem in key areas such as next-generation batteries and IGBTs to establish an independent and secure NEV supply chain system.Implementing the Intelligent Plan: We are focusing on core technologies to build the SDA Intelligence brand systematically advancing frontier areas such as end-to-end autonomous driving and multimodal large models and establishing a national-level innovation platform to continuously expand innovative businesses. Guided by a strategy that places AI at the core of our development we are comprehensively enhancing product performance and user experience. During the 15th Five-Year Plan period Changan will maintain annual R&D investment at no less than 5% of revenue. We will recruit over 10000 core talents and more than 400 top industry experts in key areas including AI software core EV technologies and design and launch more than 160 new technologies in fields such as intelligent driving AI cockpit and next-generation batteries. We are also accelerating the layout and industrialization of emerging sectors including embodied intelligence humanoid robots and eVTOLs with targets to achieve mass production of humanoid robots by 2028 and launch commercial eVTOLs by 2030.Accelerating the Vast Ocean Plan: Devoted to long-term growth and local operations we are committed to strengthening our systematic capabilities and ESG development. Our "152" global market strategy is accelerating overseas expansion and localization across the entire value chain leveraging our integrated supply chain strengths. We are building a globally recognized brand IP and establishing an integrated global brand identity that spans technology products and design. This is supported by the launch of 26 new models over the next three years with the goal of covering all major global markets by 2030. Concurrently we are implementing a "1542" global governance system to lay a solid foundation for sustainable development and will actively participate in shaping international standards contributing Chinese wisdom and Changan's expertise.Under the Group's continued strategic support we are driving toward the key objective of building an independent and secure industrial and supply chain ecosystem. Our focus is on integrating and upgrading the entire automotive value chain. Internally we are strengthening OEM-supplier coordination to foster ecosystem-wide partnerships. Externally we are expanding global cooperation to actively integrate into international supply chains. Through this integrated approach we are building long-term stable alliances and systematically strengthening risk resilience. This provides a robust foundation for our strategic evolution from "Changan Manufacturing" to "Changan Intelligent Manufacturing" and advances our vision of an open collaborative secure and sustainable industrial ecosystem. 3. Operation Plan In 2025 we delivered sales of 2.913 million vehicles achieving the Board's target. Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and anchored in our Third Strategic Transformation Plan our 2026 agenda is defined by the core principles of strategic focus structural reform product excellence marketing innovation determined execution and operational efficiency. To translate this into action we will prioritize the following: Accelerating our three key strategic initiatives; driving market expansion and segment growth; sustaining innovation and R&D breakthroughs; optimizing our global production footprint; strengthening supply chain resilience and resource security; elevating our brand through marketing excellence; enhancing global customer-centric service; revitalizing our organization and talent globally; pursuing high-quality sustainable growth; deepening international partnerships and joint ventures; integrating AI and driving digital-intelligent transformation; strengthening enterprise risk management and governance; and upholding our mission and responsibility as a central state-owned enterprise under the Party's leadership. 4. Capital Expenditure Plan for 202 To support our strategic objectives the Company has planned total investments of RMB 14.47 billion for 2026. This comprises RMB 4.47 billion in fixed assets and RMB 10 billion in long-term equity investments (including funds). Fixed-asset investments will be directed toward strengthening core R&D capabilities in styling forward-looking technologies and solid-state battery testing; continuously adjusting our NEV product mix and capacity; advancing digital transformation; and expanding overseas operations. Long- term equity investments will focus on consolidating foundational intelligent technology capabilities to scale Changan Technology; 35Chongqing Changan Automobile Co. Ltd. 2025 Annual Report allocating sustained resources to build our NEV brands and enhance power battery manufacturing; solidifying our overseas investment platform; and expanding into emerging sectors such as eVTOLs and humanoid robotics to drive our transformation into a technology company. 5. Possible Risks (1) In terms of the domestic market China's economy maintains a stable trajectory with upward momentum reaching new heights in scale. The accelerated implementation of new macroeconomic policies alongside existing measures is effectively steering the economy towards higher- quality development. The policy push for large-scale equipment renewal and consumer goods trade-ins is yielding results unlocking consumer potential and boosting market confidence. The overall automotive market remains stable further supported by the trade-in subsidy policy which is steadily reviving consumer demand. However challenges persist. The ICE vehicle market continues to shrink while NEV product cycles accelerate intensifying competitive pricing pressures.Countermeasures: In response the Company is executing its Third Strategic Transformation Plan actively advancing the Green Plan and Intelligent Plan. We are positioning NEVs and intelligent mobility as our new growth engines. Our strategy centers on building next-generation product platforms driving technological innovation enhancing product quality and elevating our brand. This integrated approach aims to continuously launch a series of highly competitive products that resonate with evolving consumer preferences. (2) In terms of markets overseas The global political and economic landscape is undergoing profound and complex shifts marked by growing uncertainty and instability. This is evident in two key areas: heightened geopolitical tensions that challenge regional stability and the rise of tariff and non-tariff barriers which are testing the resilience and security of global trade and supply chains.Cost Control Risk First trade frictions and protectionist policies may raise tariffs or impose restrictions on imported components increasing procurement costs. Second greater uncertainty in international trade rules and tariffs is making suppliers more cautious in their global capacity planning and long-term investments potentially undermining supply chain stability. Third prolonged geopolitical tensions are driving volatility in commodity prices threatening the security of global energy (e.g. oil natural gas) and critical mineral supplies (e.g. lithium cobalt nickel—key raw materials for NEVs) while also disrupting international logistics and pushing up transportation costs.Countermeasures: The Company is committed to strengthening its self-sufficiency in core technologies. We are increasing R&D investment in key areas such as automotive chips and key EV technologies to accelerate breakthroughs and reduce reliance on imported components from high-risk regions. Simultaneously we are building a more diversified agile and resilient global supply ecosystem.By optimizing our supplier geography establishing strategic reserves and deepening collaboration with core partners we aim to create a complete sustainable and risk-resistant supply chain that can systematically mitigate cost and supply risks from external shocks.Overseas Market Volatility Risk Tariffs and technical trade barriers in certain countries and regions have to some extent weakened the export competitiveness of Chinese vehicles. Meanwhile rising regional geopolitical conflicts and social instability in certain countries could negatively impact household income consumer confidence and purchasing power leading to market volatility or contraction. In addition diverging global monetary policies are increasing volatility. Although the U.S. Federal Reserve has entered a rate-cutting cycle the timing and magnitude of adjustments remain highly uncertain. Combined with monetary policy shifts in other major economies key global currencies are experiencing heightened exchange rate volatility. These fluctuations could affect the foreign exchange gains or losses of our overseas operations influence local consumer credit costs and purchasing power and ultimately impact end-market demand for vehicles.Countermeasures: We have established a structured monitoring and analysis framework covering global political economic social technological environmental and legal (PESTEL) factors with daily tracking weekly summaries and monthly deep-dive reviews. To strengthen our responsiveness we have also set up cross-functional teams—including the Global Political and Economic Environment Task Force and the Overseas Operations Quality Improvement Project Team—drawing expertise from strategy overseas operations and other key units. This mechanism enables us to promptly detect policy shifts public sentiment changes and macroeconomic anomalies across regional markets. Once potential risks are identified we swiftly organize cross-departmental reviews to develop and adjust integrated countermeasures. These include market strategy adaptations localized production planning foreign exchange optimization and contingency plans—all designed to ensure our overseas business continues to advance steadily amid external uncertainties.XII. Reception Research Communication Interviews and Other Activities during the Reporting Period √ Applicable □ Not Applicable 36Chongqing Changan Automobile Co. Ltd. 2025 Annual Report The main topics Reception Reception Reception Type of discussed Reception guests Index of Basic Survey Conditions hours venue methods Recipient and the materials provided.For details please refer to the Corporate "Changan Automobile: Investor Southwest operating Relations Activity Record Sheet Company Securities and status and January Field dated January 15 2025" published conference Institution two other strategic 15 2025 survey on the Shenzhen Stock Exchange's room institutional planning Interactive Easy platform investors. among other (http://irm.cninfo.com.cn) on matters.January 15 2025.For details please refer to the Three Company "Changan Automobile: Investor institutional operating Relations Activity Record Form Company January Field investors status and dated January 17 2025" published conference Institution 17 2025 survey including strategic on the Shenzhen Stock Exchange's room Changjiang planning Interactive Easy platform Securities. etc. (http://irm.cninfo.com.cn) on January 17 2025.For details please refer to the Three Company "Changan Automobile: Investor institutional operating Relations Activity Record Sheet Company investors January Field status and dated January 24 2025" published conference Institution including China 24 2025 research strategic on the Shenzhen Stock Exchange's room Securities Co.planning Interactive Easy platform Ltd. (CSC) and etc. (http://irm.cninfo.com.cn) on others.January 24 2025.For details please refer to the Company "Changan Automobile: Investor operating Relations Activity Record Sheet Company February Field status and dated February 5 2025" published conference Institution Manulife Fund 5 2025 research strategic on the Shenzhen Stock Exchange's room planning Interactive Easy platform etc. (http://irm.cninfo.com.cn) on February 5 2025.For details please refer to the Company "Changan Automobile: Investor operating Relations Activity Record Form Company February Field LinRMB status and dated February 12 2025" published conference Institution 12 2025 research Investment strategic on the Shenzhen Stock Exchange's room planning Interactive Easy platform etc. (http://irm.cninfo.com.cn) on February 12 2025.For details please refer to the Corporate "Changan Automobile: Investor Four institutional operating Relations Activity Record Form Company investors status and February Field dated February 18 2025" published conference Institution including strategic 18 2025 research on the Shenzhen Stock Exchange's room Changjiang planning Interactive Easy platform Securities. among other (http://irm.cninfo.com.cn) on matters.February 18 2025.For details please refer to the Corporate "Changan Automobile: Investor operating Wanjia Fund and Relations Activity Record Form Company status and February Field two other dated February 27 2025" published conference Institution strategic 27 2025 research institutional on the Shenzhen Stock Exchange's room planning investors. Interactive Easy platform among other (http://irm.cninfo.com.cn) on matters.February 27 2025.March 5 Company Field Institution Three Corporate For details please refer to the 37Chongqing Changan Automobile Co. Ltd. 2025 Annual Report 2025 conference research institutional operating "Changan Automobile: Investor room investors status and Relations Activity Record Sheet including strategic dated March 5 2025" published on Dongwu planning the Shenzhen Stock Exchange's Securities. among other Interactive Easy platform matters. (http://irm.cninfo.com.cn) on March 52025. For details please refer to the Corporate "Changan Automobile: Investor operating Relations Activity Record Form Company GF Securities status and March 11 Field dated March 11 2025" published conference Institution and 13 other strategic 2025 research on the Shenzhen Stock Exchange's room institutions planning Interactive Easy platform among other (http://irm.cninfo.com.cn) on March matters. 112025. For details please refer to the Field Company "Changan Automobile: Investor research operating Relations Activity Record Sheet April 11 Network and online Open to public status and dated April 11 2025" published on Others 2025 platform exchanges investors strategic the Shenzhen Stock Exchange's via digital planning Interactive Easy platform platforms. etc. (http://irm.cninfo.com.cn) on April 142025. For details please refer to the The "Cloud Company "Changan Automobile: Investor Interview" Online operating Relations Activity Record Sheet column on interaction April 28 Open to public status and dated April 28 2025" published on the on Others 2025 investors strategic the Shenzhen Stock Exchange's "Interactive network planning Interactive Easy platform Easy" platforms.etc. (http://irm.cninfo.com.cn) on April platform. 302025. For details please refer to the Company "Changan Automobile: Investor Five institutional operating Relations Activity Record Form Company investors May 22 Field status and dated May 22 2025" published on conference Institution including BNP 2025 research strategic the Shenzhen Stock Exchange's room Paribas of planning Interactive Easy platform France.etc. (http://irm.cninfo.com.cn) on May 222025. For details please refer to the Corporate "Changan Automobile: Investor operating Relations Activity Record Sheet Company UBS and 14 status and June 18 Field dated June 18 2025" published on conference Institution other institutional strategic 2025 research the Shenzhen Stock Exchange's room investors. planning Interactive Easy platform among other (http://irm.cninfo.com.cn) on June matters. 182025. For details please refer to the Corporate Seven "Changan Automobile: Investor operating institutional Relations Activity Record Form Company status and July 4 Field investors dated July 4 2025" published on conference Institution strategic 2025 research including the Shenzhen Stock Exchange's room planning Changjiang Interactive Easy platform among other Securities. (http://irm.cninfo.com.cn) on July 4 matters. 2025. For details please refer to the The "Cloud Corporate "Changan Automobile: Investor Interview" Online operating Relations Activity Record Form column on interaction status and July 30 Targeting public dated July 30 2025" published on the on Others strategic 2025 investors the Shenzhen Stock Exchange's "Interactive network planning Interactive Easy platform Easy" platforms. among other (http://irm.cninfo.com.cn) on July platform. matters. 312025. The "Cloud Online Corporate For details please refer to the August Targeting public Interview" interaction Others operating "Changan Automobile: Investor 25 2025 investors column on on status and Relations Activity Record Sheet 38Chongqing Changan Automobile Co. Ltd. 2025 Annual Report the network strategic dated August 25 2025" published "Interactive platforms. planning on the Shenzhen Stock Exchange's Easy" among other Interactive Easy platform platform. matters. (http://irm.cninfo.com.cn) on August 26 2025.For details please refer to the Company "Changan Automobile: Investor August Fortune Fund and operating Relations Activity Record Sheet 27 2025 – Shanghai Roadshow 41 other status and dated September 1 2025" Institution August online. event institutional strategic published on the Shenzhen Stock 29 2025 investors. planning Exchange's Interactive Easy etc. platform (http://irm.cninfo.com.cn) on September 1 2025.For details please refer to the Four institutional Company "Changan Automobile: Investor investors operating Relations Activity Record Sheet Company September Field including status and dated September 4 2025" conference Institution 4 2025 research Guolian strategic published on the Shenzhen Stock room Minsheng planning Exchange's Interactive Easy Securities. etc. platform (http://irm.cninfo.com.cn) on September 4 2025.For details please refer to the Company "Changan Automobile: Investor Pengyang Fund operating Relations Activity Record Sheet Company September Field and two other status and dated September 9 2025" conference Institution 9 2025 research institutional strategic published on the Shenzhen Stock room investors. planning Exchange's Interactive Easy etc. platform (http://irm.cninfo.com.cn) on September 10 2025.For details please refer to the Company "Changan Automobile: Investor Shanghai September Cinda-Australia operating Relations Activity Record Sheet Guangzhou 8 2025 – Roadshow Fund and 18 status and dated September 11 2025" Shenzhen Institution September event other institutional strategic published on the Shenzhen Stock and online 11 2025 investors. planning Exchange's Interactive Easy channels.etc. platform (http://irm.cninfo.com.cn) on September 12 2025.For details please refer to the Company "Changan Automobile: Investor Guan Cheng operating Relations Activity Record Sheet Company September Field Fund and 12 status and dated September 18 2025" conference Institution 18 2025 research other institutional strategic published on the Shenzhen Stock room investors. planning Exchange's Interactive Easy etc. platform (http://irm.cninfo.com.cn) on September 18 2025.For details please refer to the Panorama Company "Changan Automobile: Investor Online Network's operating Relations Activity Record Sheet interaction September Investor Open to public status and dated September 25 2025" via Others 25 2025 Relations investors strategic published on the Shenzhen Stock network Interaction planning Exchange's Interactive Easy platforms.Platform etc. platform (http://irm.cninfo.com.cn) on September 26 2025.For details please refer to the Company "Changan Automobile: Investor Four institutional operating Relations Activity Record Sheet Company October Field investors status and dated October 18 2025" published conference Institution 18 2025 research including strategic on the Shenzhen Stock Exchange's room Yongying Fund. planning Interactive Easy platform etc. (http://irm.cninfo.com.cn) on October 19 2025.Corporate For details please refer to the October Penghua Fund operating "Changan Automobile: Investor 20 2025 – Beijing Roadshow and 22 other Institution status and Relations Activity Record Form October online. event institutional strategic dated October 24 2025" published 24 2025 investors planning on the Shenzhen Stock Exchange's 39Chongqing Changan Automobile Co. Ltd. 2025 Annual Report among other Interactive Easy platform matters. (http://irm.cninfo.com.cn) on October 26 2025.For details please refer to the The "Cloud Corporate "Changan Automobile: Investor Interview" Online operating Relations Activity Record Form column on interaction status and October Targeting public dated October 27 2025" published the via Others strategic 27 2025 investors on the Shenzhen Stock Exchange's "Interactive network planning Interactive Easy platform Easy" platforms. among other (http://irm.cninfo.com.cn) on platform. matters.October 27 2025.For details please refer to the Corporate "Changan Automobile: Investor operating Chengyang Relations Activity Record Form status and October Roadshow Investment and dated October 28 2025" published Beijing Institution strategic 28 2025 event Runhui on the Shenzhen Stock Exchange's planning Investment Interactive Easy platform among other (http://irm.cninfo.com.cn) on matters.October 28 2025.For details please refer to the Company "Changan Automobile: Investor November Enbao Assets and operating Relations Activity Record Sheet (I) 3 2025 – Hangzhou Roadshow 30 other status and dated November 7 2025" Institution November Shanghai event institutional strategic published on the Shenzhen Stock 7 2025 investors. planning Exchange's Interactive Easy etc. platform (http://irm.cninfo.com.cn) on November 7 2025.For details please refer to the Company "Changan Automobile: Investor CITIC Asset operating Relations Activity Record Sheet (II) Company Management and November Field status and dated November 7 2025" conference Institution three other 7 2025 survey strategic published on the Shenzhen Stock room institutional planning Exchange's Interactive Easy investors.etc. platform (http://irm.cninfo.com.cn) on November 7 2025.For details please refer to the Company "Changan Automobile: Investor operating Activity Record Form dated E Fund and four November Roadshow status and November 12 2025" published on Shenzhen Institution other institutional 12 2025 event strategic the Shenzhen Stock Exchange's investors planning Interactive Easy platform etc. (http://irm.cninfo.com.cn) on November 12 2025.For details please refer to the Corporate "Changan Automobile: Investor Industrial operating Activity Record Form dated Company Securities and status and November Field November 20 2025" published on conference Institution eight other strategic 20 2025 survey the Shenzhen Stock Exchange's room institutional planning Interactive Easy platform investors. among other (http://irm.cninfo.com.cn) on matters.November 20 2025.For details please refer to the Corporate Changan "Changan Automobile: Investor 22 institutional operating Automobile's Activity Record Form dated investors status and November VIP Lounge Field November 23 2025" published on Institution including China strategic 23 2025 at the survey the Shenzhen Stock Exchange's Reform Holdings planning Guangzhou Interactive Easy platform Corporation. among other Auto Show. (http://irm.cninfo.com.cn) on matters.November 23 2025.Rongtong Fund Corporate For details please refer to the and three other operating "Changan Automobile: Investor institutional status and Activity Record Form dated November Guangzhou Roadshow investors Institution strategic November 27 2025" published on 27 2025 Shenzhen event planning the Shenzhen Stock Exchange's among other Interactive Easy platform matters. (http://irm.cninfo.com.cn) on 40Chongqing Changan Automobile Co. Ltd. 2025 Annual Report November 27 2025.For details please refer to the Corporate 101 institutional "Changan Automobile: Investor Online operating investors Relations Activity Record Sheet interaction status and November Jinmen including dated November 30 2025" on Institution strategic 30 2025 Finance Guolian published on the Shenzhen Stock network planning Minsheng Exchange's Interactive Easy platforms. among other Securities. platform (http://irm.cninfo.com.cn) matters.on December 1 2025.Company For details please refer to the operating "Changan Automobile: Investor December Changxin Fund status and Relations Activity Record Sheet 9 2025 – Roadshow and 19 other Shanghai Institution strategic dated December 11 2025" December event institutional planning published on the Shenzhen Stock 10 2025 investors. among other Exchange's Interactive Easy matters. platform (http://irm.cninfo.com.cn).Company For details please refer to the Online operating "Changan Automobile: Investor 214 institutional interaction status and Relations Activity Record Sheet December Online investors via Institution strategic dated December 16 2025" 16 2025 meeting including Anxin network planning published on the Shenzhen Stock Fund.platforms. among other Exchange's Interactive Easy matters. platform (http://irm.cninfo.com.cn).Company For details please refer to the State-owned New operating "Changan Automobile: Investor December Investment and status and Relations Activity Record Form 22 2025 – Beijing Roadshow Institution other 23 strategic dated December 26 2025" December online. event institutional planning published on the Shenzhen Stock 252025 investors. among other Exchange's Interactive Easy matters. platform (http://irm.cninfo.com.cn).XIII Implementation status of market value management system and valuation enhancement plan Has the company established a market capitalization management system √ Yes □ No Has the company disclosed its valuation enhancement plan □ Yes √ No On April 9 2025 the 40th meeting of the 9th Board of Directors of the Company deliberated and approved the proposal entitled "On Formulating the Market Value Management System." To strengthen the company's market value management further standardize its market value management practices and effectively enhance the company's investment value and ability to return value to shareholders in accordance with relevant provisions of the "Company Law of the People's Republic of China" the "Securities Law of the People's Republic of China" the "Several Opinions of the State Council on Strengthening Supervision Preventing Risks and Promoting High-Quality Development of the Capital Market" the "Several Opinions on Improving and Strengthening the Market Value Management of Central Enterprise Holding Listed Companies" the "Regulatory Guidelines for Listed Companies No. 10— Market Value Management" and other laws regulations normative documents and the "Articles of Association" the Company has formulated the "Market Value Management System of Chongqing Changan Automobile Co. Ltd." XIV Implementation of the “Dual Improvement in Quality and Returns” Initiative Whether the company has disclosed the “Dual Improvement in Quality and Returns” Initiative.√ Yes □ No To implement the guiding principle of "vitalizing the capital market and boosting investor confidence" proposed at the meeting of the Political Bureau of the CPC Central Committee to better fulfill the "three roles" of central enterprises in technological innovation industrial control and security support to safeguard the interests of all shareholders enhance investor confidence and promote the company's long-term healthy and sustainable development the company has formulated a "Dual Improvement in Quality and Returns" action plan with specific measures including firmly adhering to strategic guidance to accelerate the transformation into an intelligent and low-carbon mobility technology company improving the level of standardized corporate governance strengthening information 41Chongqing Changan Automobile Co. Ltd. 2025 Annual Report disclosure to enhance transparency and prioritizing shareholder returns to increase investor satisfaction. For specific details please refer to the "Announcement on the Action Plan for 'Dual Improvement of Quality and Returns'" disclosed by the Company on the CNINFO website (www.cninfo.com.cn) on March 7 2024 (Announcement No. 2024-13). Furthermore the company disclosed the "Progress Announcement on the 'Quality and Return Dual Improvement' Action Plan" (Announcement No. 2024-26) on April 18 2024.The Company attaches great importance to shareholder returns increases the frequency of dividend distributions and optimizes the dividend rhythm to share development achievements with investors. The Company strictly formulates its profit distribution plans in accordance with the relevant provisions of the Company Law and the Articles of Association and on the basis of fully considering the needs of operation and development. In 2025 the Company implemented an interim profit distribution paying a total cash dividend of RMB 495704303.00 (tax inclusive) to all shareholders. On April 9 2026 the Company held the 56th meeting of the 9th Board of Directors which reviewed and adopted the 2025 Profit Distribution Proposal. Based on the existing total share capital of 9912924112 shares the Company plans to distribute a cash dividend of RMB 1.15 per 10 shares (tax inclusive) to all shareholders with a total cash dividend of RMB 1139986272.88 (tax inclusive). No bonus shares will be issued and no capital reserve will be converted into share capital.If the aforementioned profit distribution proposal is approved by the general meeting of shareholders the total cash dividends for the 2025 fiscal year (including the interim dividend of RMB 495704303.00 already distributed in 2025) will amount to RMB 1635690575.88 (tax inclusive) accounting for 40% of the net profit attributable to shareholders of the listed company in the consolidated financial statements for the current year.In addition to effectively boost investor confidence and demonstrate firm recognition of the Company's long-term value some directors and senior executives of the Company and its indirect controlling shareholder China Changan Group Co. Ltd. cumulatively increased their holdings of the Company's shares by 473600 shares through centralized bidding trading from August 12 to September 9 2025 accounting for 0.0048% of the Company's total share capital.Through practical measures including cash dividends and senior management shareholding increases the Company has effectively safeguarded the legitimate rights and interests of investors.The company actively carries out investor relations management in strict adherence to the principles of openness fairness and impartiality and strives to maintain a positive relationship between the company and its investors by establishing a multi-level mechanism for constructive interaction. First we will enhance investors' understanding and recognition of the company's key strategic areas including new energy intelligence and globalization through diverse online and offline interaction channels such as on-site receptions site visits research surveys telephone conferences and the "Interactive Easy" platform of the Shenzhen Stock Exchange.Secondly by integrating with the company's major brand activities we organize investors to participate in thematic exchanges and exclusive test-drive experiences thereby helping them understand the company's long-term investment value. Third we will hold regular performance briefing sessions; the company is scheduled to convene the "2025 Annual Performance Briefing" via remote online platform on Monday April 13 2026 from 15:00 to 16:00 and warmly invites all investors to actively participate. 42Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Chapter 4 Corporate Governance Environment and Social Responsibility I. Basic Overview of Corporate Governance During the reporting period the Company has strictly adhered to the requirements of the Company Law the Securities Law and the relevant normative documents issued by the China Securities Regulatory Commission and the Shenzhen Stock Exchange; it has continuously monitored and analyzed the regulatory requirements for listed company governance timely improved its corporate governance system refined its corporate legal governance structure established and perfected internal management and control systems and consistently promoted the enhancement of its standardized operations with the actual state of the Company's corporate legal governance fully complying with the requirements of the relevant normative documents issued by the China Securities Regulatory Commission for listed company governance.During the reporting period in accordance with newly promulgated normative documents from the China Securities Regulatory Commission and the Shenzhen Stock Exchange and considering actual circumstances the Company continuously optimized its corporate governance system and management processes steadily advanced their implementation and focused on enhancing the efficiency of corporate decision-making and the effectiveness of governance.The Board of Directors makes scientific decisions all directors perform their duties diligently and responsibly and they are promptly informed of the company's production and operation status. In accordance with the company's "System of Independent Director Work" the on-site service duration for all independent directors has reached 15 days; based on the "Articles of Association" and considering the expiration of director terms the company has precisely profiled independent directors to rapidly match connect with and introduce professional talents from innovative fields to serve as independent directors; furthermore by taking into account the primary responsibilities and areas of expertise of all directors the composition of various special committees has been promptly adjusted to ensure the effective implementation of the board's powers and duties. The system integrates the responsibilities division of labor and qualification requirements of various special committees refines the composition of committee personnel and their primary duties thereby ensuring stable and standardized corporate governance and facilitating the steady and healthy development of production and operations.The Company has established an effective internal control system for financial reporting strictly implements the Accounting Standards for Business Enterprises and in light of its operational and management characteristics has improved basic accounting management established and perfected a comprehensive financial system framework continuously optimized accounting calculation and financial statement preparation processes strengthened financial supervision and deepened financial control. The Company has established financial management systems covering basic accounting work management financial management authorization cash and bank fund management guarantees liabilities financing procurement and payment fixed assets construction in progress accounting policies accounting estimates consolidated financial statement preparation cost and expense management inventory management and financial analysis thereby ensuring the safety of the Company's assets and the quality of accounting information. In accordance with the criteria for identifying internal control deficiencies in financial reporting the Company had no material or significant deficiencies in internal control over financial reporting during the reporting period. The full text of the Internal Control Evaluation Report was published on the CNINFO website (http://www.cninfo.com.cn) on April 11 2026.Whether there are any material differences between the actual state of corporate governance and the provisions on the corporate governance of listed companies issued by laws administrative regulations and the China Securities Regulatory Commission.□ Yes √ No The actual state of corporate governance does not differ materially from the provisions on the corporate governance of listed companies stipulated by laws administrative regulations and those issued by the China Securities Regulatory Commission.II. The Independence of the Company in Terms of Assets Personnel Finance Organization And Business Relative to Controlling Shareholders and Actual Controllers The Company is fully independent from its controlling shareholder and actual controller in terms of business assets personnel organizational structure and financial management. 1. Business: Changan Automobile's operations are independent of its controlling shareholder and actual controller featuring independent decision-making autonomous management and self-responsibility for profits and losses; it possesses a complete business 43Chongqing Changan Automobile Co. Ltd. 2025 Annual Report and industrial system encompassing procurement production sales and R&D with no instances of direct or indirect interference by the controlling shareholder or actual controller in Changan Automobile's production and business activities. 2. Personnel: The controlling shareholder and the actual controller maintain complete independence from Changan Automobile in terms of personnel labor and human resources relationships; they each possess an independent workforce have established comprehensive systems and compensation structures for labor-management relations and performance appraisal and have independently entered into "Labor Contracts" with their respective employees in accordance with the law. 3. Assets: Controlling shareholder and actual controller. Assets are strictly separated from Changan Automobile property rights are clearly defined and there is no direct or indirect interference in Changan Automobile's production and operations. Changan Automobile possesses an independent production system auxiliary production systems supporting facilities land use rights and other assets legally owns land real estate machinery and equipment trademarks and other assets related to production and operations and maintains independent raw material procurement and product sales systems. 4. Institutional Structure: The controlling shareholder and actual controller possess independent production operation and office premises relative to Changan Automobile with no instances of mixed operations. 5. Finance: The controlling shareholder and the actual controller each maintain independent financial accounting departments with dedicated personnel have established independent accounting systems and financial management regulations conduct financial decisions independently and open bank accounts and handle tax payments independently with no instances of shared bank accounts.Changan Automobile independently handles tax registration and fulfills its tax obligations in accordance with the law.III. Competition Situation □ Applicable √ Not Applicable IV. Directors and Senior Management Personnel 1. Basic information Number of End-of- Initial Number of Other shares term Emplo Expiration shareholdi shares changes in Reasons for Term Start increased shareholdi Name Gender Age Position yment date of the ng reduced in number of changes in Date in this ng Status term (number this period shares share capital period Number of shares) (shares) (shares) (shares) (strands) Chairman of Executive Zhu Incum June 22 July 27 Male 60 the Board and 500864 25300 526164 share Huarong bent 2020 2026 Party Secretary buyback Director President and Executive Deputy Incum July 27 July 27 share Zhao Fei Male 51 213613 25000 238613 Secretary of the bent 2023 2026 accumulatio Party n Committee Executive Incum July 27 July 27 share Jia Lishan Male 55 Director 25000 25000 bent 2023 2026 accumulatio n Executive Incum September July 27 Deng Wei Male 54 Director 24400 24400 share bent 15 2023 2026 accumulatio 44Chongqing Changan Automobile Co. Ltd. 2025 Annual Report n Directors Chief Accountant Incum February July 27 Ni Erke Male 53 and Secretary bent 12 2026 2026 of the Board of Directors.Yang Independent Incum September July 27 Male 64 30000 30000 Xinmin Director bent 17 2021 2026 Tang Independent Incum June 15 July 27 Male 62 Guiliang Director bent 2022 2026 Independent Incum September July 27 Li Zhenyu Male 48 Director bent 19 2024 2026 Deputy Executive Tan Secretary of the Incum October July 27 share Male 50 353080 24300 377380 Benhong Party bent 24 2023 2026 accumulatio Committee n Secretary of the Executive Pu Commission for Incum March 3 July 27 share Male 54 24500 24500 Xingchuan Discipline bent 2023 2026 accumulatio Inspection n Executive Executive Vice Incum July 13 July 27 Ye Pei Male 50 353080 23700 376780 share President bent 2020 2026 buyback Executive Yang Executive Vice Incum December July 27 Male 51 252200 25000 277200 share Dayong President bent 28 2022 2026 buyback Executive Executive Vice Incum December July 27 Peng Tao Male 47 248612 24200 272812 share President bent 28 2022 2026 buyback Klaus Incum October 7 July 27 Male 64 Vice President Zyciora bent 2023 2026 Executive Zhang Executive Vice Incum December July 27 Male 46 248612 27000 275612 share Xiaoyu President bent 1 2023 2026 buyback Executive Wang Executive Vice Incum January July 27 Male 43 171990 23200 195190 share Xiaofei President bent 12 2022 2026 buyback Executive Executive Vice Incum September July 27 Wang Hui Male 44 171990 28100 200090 share President bent 22 2022 2026 buyback Executive Zhang Incum January 5 July 27 Male 43 Vice President 248612 24400 273012 share Fatiao bent 2023 2026 buyback Deng Male 39 Vice President Incum December July 27 25100 25100 Executive 45Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Chenghao bent 1 2023 2026 share buybacks Executive Incum January 3 July 27 He Gang Male 40 Vice President 47684 25000 72684 share bent 2025 2026 buybacks Mi Incum August 22 July 2026 Male 44 Vice President Month 103360 103360 Mengdong bent 2025 27th January Depart Executive Li Executive Vice ure 2022 November Male 44 353080 24500 377580 share Mingcai President from The 28th 10 2025 buybacks office of the month Depart Director ure June 22 April 9 Wang Jun Male 53 364000 364000 President from 2020 2025 office Directors Chief Depart Accountant Executive Zhang ure June 22 February Male 50 and Secretary 353080 24900 377980 share Deyong from 2020 28 2026 of the Board of buybacks office Directors.Depart Li Independent ure June 15 July 18 Male 62 Keqiang Director from 2022 2025 office Depart Independent ure June 15 August 7 Ding Wei Male 65 Director from 2022 2025 office Depart Zhang Independent ure June 15 December Male 47 Ying Director from 2022 28 2025 office Total -- -- -- -- -- -- 4013857 423600 4437457 -- Did any directors leave office or senior management personnel get dismissed during the reporting period √ Yes □ No For details please refer to Section 4 Subsection IV Item 1 "Changes in Company Directors and Senior Management Personnel." Changes in the Company's Directors and Senior Management Personnel √ Applicable □ Not Applicable Name Position held Type Date Reason He Gang Vice President Appointment January 3 2025 Appointed due to work requirements.Wang Jun President Termination of April 9 2025 Job change 46Chongqing Changan Automobile Co. Ltd. 2025 Annual Report employment Departure from Wang Jun Director April 9 2025 Job change office Mi Mengdong Vice President Appointment August 22 2025 Appointed due to work requirements.Termination of Li Mingcai Executive Vice President November 10 2025 Job change employment Termination of Wang Hui Vice President November 18 2025 Job change employment Wang Hui Executive Vice President Appointment November 18 2025 Appointed due to work requirements.Departure from Shi Yaoxiang Director July 30 2025 Job change office Departure from Li Keqiang Independent Director July 18 2025 Job change office Departure from Ding Wei Independent Director August 7 2025 Job change office Zhao Fei President Appointment December 12 2025 Appointed due to work requirements.Departure from Zhang Ying Independent Director December 28 2025 Personal reasons office Departure from Zhang Deyong Director February 28 2026 Job change office Chief Accountant and Termination of Zhang Deyong Secretary of the Board of February 28 2026 Job change employment Directors Chief Accountant and Ni Erke Secretary of the Board of Appointment February 12 2026 Appointed due to work requirements.Directors Ni Erke Director Appointment March 19 2026 Appointed due to work requirements. 2. Incumbency Professional background work experience and duties and responsibilities of incumbent Directors Supervisors and Senior Manager Personnel 1. Director Mr. Zhu Huarong Chairman and Party Secretary of China Changan Automobile Group Co. Ltd. serving concurrently as Party Secretary and Chairman of the same entity. Born in 1965 holds a master's degree and is a senior chief engineer. Previously served as Deputy Minister of the Technology Department of Changan Company Chief Engineer of the Automobile Manufacturing Plant Assistant to the Company President and Director of the Technology Center Director of the Science and Technology Committee Deputy General Manager of the Company Dean of the Engineering Research Institute Vice President and Party Secretary of Changan Automobile Deputy Party Secretary and Director of China Changan (renamed Chenzhi Automotive Technology Group Co. Ltd. in July 2025) and President of Changan Automobile.Mr. Zhao Fei Director President and Deputy Secretary of the Party Committee; Director General Manager and Deputy Secretary of the Party Committee of China Changan Automobile Group Co. Ltd.; and Chairman of Changan Ford. Born in 1974 holds a master's degree and is a senior chief engineer. Previously served as Director of the Engine Process Department at the Automotive Research Institute of Changan Company Deputy Factory Director of Engine Plant No. 4 Deputy General Manager of the Technology Development Department of China Changan Group Director and General Manager of Harbin Dongan Automotive Engine Manufacturing Co. Ltd. Party Secretary Chairman and General Manager; Assistant to the President of Changan Automobile and Head of the Strategic Planning Department Party Branch Secretary; Vice President and Executive Vice President of the company; 47Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Party Secretary and Executive Vice President of Changan Ford; President and Deputy Party Secretary of China Changan (renamed Chenzhi Automotive Technology Group Co. Ltd. in July 2025); and Chairman and Party Secretary of Chenzhi Automotive Technology Group Co. Ltd.Mr. Jia Lishan Director. Born in 1970 he holds a Doctor of Engineering degree and the title of Senior Engineer (Positive Senior Level) currently serving as Deputy General Manager of China Changan Automobile Group Co. Ltd. while concurrently holding the position of Chairman of Jinan Qingqi Suzuki Motorcycle Co. Ltd. Previous positions include: Deputy Director of the Development Planning Department and Deputy Director of the Industrial Promotion Department at China South Industries Group followed by Director of the Industrial Promotion Department; Vice President (seconded) at Chongqing Changan Automobile Co. Ltd.; Chairman of Chongqing Dajiang Xinda Vehicle Co. Ltd.; and Party Secretary and Chairman of Chongqing Dajiang Industry Co. Ltd.Mr. Deng Wei Director. Born in 1971 holds a master's degree and is a senior chief engineer. Currently serves as a Standing Committee Member of the Party Leadership Group and Deputy General Manager of China Changan Automobile Group Co. Ltd.Previously served as Director of the Strategic Development Department Director of the Science Technology and Informationization Department and Deputy Director of the Development and Planning Department of the China Ordnance Equipment Group; concurrently held the position of Standing Committee Member of the Party Committee and Vice Governor of Honghe Hani and Yi Autonomous Prefecture Yunnan Province; served as a Director of Chongqing Changan Wangjiang Industrial Group Co. Ltd. a Director of Xi'an Kunlun Industrial (Group) Co. Ltd. and an Executive Director of China Ordnance Equipment Group Information Center Co. Ltd.; currently serves as Chairman of Fujian Chenguang Qiming Technology Co. Ltd. and Chairman of the Board of the China Ordnance Equipment Group-Fuzhou University Advanced Technology Innovation Research Institute.Mr. Ni Erke Director Chief Financial Officer and Secretary of the Board of Directors; Chairman of the Board of Changan Mazda Automobile Co. Ltd. and Changan Mazda Engine Co. Ltd.; Director of Changan Ford Automobile Co. Ltd. China South Industries Group Finance Co. Ltd. and Changan Automobile Finance Co. Ltd. Born in 1973 holding a Master of Business Administration degree and possessing the professional titles of Senior Economist and Senior Accountant. Previously served as Deputy Director of the Accounting and Finance Department and Director of the Budget Management Department at Changan Automobile (Group) Co. Ltd.; Deputy Minister and Minister of the Finance Department at Chongqing Changan Automobile Co. Ltd.; Assistant to the General Manager Director of the Asset and Finance Department of the Motorcycle Division and Deputy General Manager of the Sales Branch at Chongqing Nanfang Motorcycle Co. Ltd.; Director Chief Accountant and Director of the Financial Audit Department at Nanfang Motorcycle Company; and Chairman of the Supervisory Board Deputy Party Secretary and Secretary of the Commission for Discipline Inspection at Changan Automobile Finance Co. Ltd.Mr. Yang Xinmin Independent Director. Born in 1960 holding a Ph.D. in Applied Mathematics. He currently serves as a Professor at the School of Mathematical Sciences Chongqing Normal University Director of the Chongqing National Center for Applied Mathematics and Director of the Key Laboratory of Optimization and Control Ministry of Education while also holding the position of Council Member at the Chongqing Mashang Technology Development Foundation. Engaged primarily in systematic research in the field of operations research (mathematics) he was awarded the title of National Outstanding Science and Technology Worker in 2012 recognized as a National Distinguished Professional and Technical Talent in 2014 and elected as an Academician of the International Academy of Systems and Cybernetics Sciences in 2016. Served as the principal investigator for more than ten National Natural Science Foundation of China projects including one major project two key projects and one international (regional) project and has received multiple awards such as the Second Prize of the National Natural Science Award the First Prize of the Ministry of Education Natural Science Award and the Chongqing Highest Science and Technology Contribution Award. Previously served as Vice President of the Chinese Mathematical Society and Vice President of the Chinese Society for Systems Engineering.Mr. Tang Guiliang Independent Director. Born in 1962 holding a Ph.D. in Finance. Currently serves as a Professor in the Department of Finance at the International Business School University of International Business and Economics; concurrently holds the position of Independent Director at listed companies Tongzhou Group (600998) and Easpring Material Technology Co. Ltd. (300073). Primarily engaged in the teaching and research of management accounting and financial management with distinctive achievements and significant influence in budget management group control performance evaluation financial strategy and capital operations. Four monographs and forty other works have been published with over 120 research papers appearing in top-tier academic journals such as The Accounting Review (TAR) and Management World. Previously served as an independent director for listed companies including Minmetals Development (600058) Changjiang Securities (000783) Appotronics (688007) and Fosun Pharma (600196). Mr. Li Zhenyu Independent Director. Born in 1976 holding a Master of Engineering degree. Currently serves as Chairman of Shanghai Tashizhihang Technology Co. Ltd. Previously served as Executive Vice President General Manager and President of the Intelligent Driving Business Group at Baidu Online Network Technology (Beijing) Co. Ltd.; General Manager of the Autonomous Driving Division at Baidu Online Network Technology (Beijing) Co. Ltd.; and Vice President Senior Vice President and Assistant to the CEO at Baidu Online Network Technology (Beijing) Co. Ltd. 2. Non-director Senior Executives Mr. Tan Benhong Deputy Secretary of the Party Committee and Chairman of the Trade Union and Director and Deputy Secretary of the Party Committee of China Changan Automobile Group Co. Ltd. Born in 1975 holds a master's degree and is a senior engineer.Previously served as Director of the Technical Planning Institute at the Automotive Engineering Research Institute of Changan 48Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Company Deputy Chief Engineer and Director of the Technical Planning Institute at the Automotive Engineering Research Institute Vice President of the Changan Automotive Engineering Research General Institute and President of the Beijing Research Institute Head of the Marketing Department Head of the Brand Public Relations Department Head of the Product Planning Department Executive Vice President and Party Secretary of the Changan Automotive Research General Institute Company Spokesperson and General Manager of the Styling Design Institute Executive Vice President of the Company and CEO of Avatr Technology (Chongqing) Co. Ltd.Mr. Pu Xingchuan Secretary of the Commission for Discipline Inspection Director of the Office of the Inspection Work Leading Group member of the Standing Committee of the Party Committee and Vice General Manager of China Changan Automobile Group Co. Ltd. Born in 1971 holds a master's degree and is a senior economist (positive senior title). Previously served as Deputy Secretary of the Party Committee Secretary of the Discipline Inspection Commission and Chairman of the Trade Union at Chongqing Qingshan Industry Co. Ltd.; Director of the General Office of the Southwest Ordnance Bureau; Secretary of the Party Committee Secretary of the Discipline Inspection Commission and Chairman of the Trade Union at Southwest Ordnance Industry Co. Ltd.; Director General Manager and Deputy Secretary of the Party Committee at Wanyou Automobile Investment Co. Ltd.; and Chairman of the Party Committee and Chairman of the Board at Southwest Ordnance Industry Co. Ltd.Mr. Ye Pei Executive Vice President Chief Customer Officer and Director of Nanchang Jiangling Investment Co. Ltd. Born in 1975 holds a master's degree and works as an engineer. Previously served as Assistant General Manager of Nanjing Changan Deputy Minister of the Quality Department of Changan Automobile Deputy Director of the Company Office General Manager and Party Secretary of Nanjing Changan Deputy General Manager of the Commercial Vehicle Division Assistant to the President Head of the Strategic Planning Department and Party Branch Secretary of Changan Automobile General Manager and Party Secretary of the Sedan Sales Division General Manager and Party Secretary of the Passenger Vehicle Marketing Division Vice President of Changan Automobile and Executive Vice President of Changan Automobile.Mr. Yang Dayong Executive Vice President General Manager of the Changan Brand Business Division and Director of Changan Ford Automobile Co. Ltd. Born in 1974 holding a bachelor's degree. Previously served as Deputy Minister of the Marketing Department Deputy Minister and Minister of the Commercial Vehicle Business Management Department Minister of the Brand Public Relations Department Party Branch Secretary and Corporate Spokesperson for Changan Automobile; Senior Project Director for the Premium Vehicle Brand Project and the Intelligent Industry Development Project; General Manager and Party Secretary of Chongqing Changan New Energy Vehicle Technology Co. Ltd.; Vice President of Changan Automobile; Executive Vice President and Party Secretary of Changan Ford Motor Company; and Chairman President and Vice President of Product at Changan Ford New Energy Vehicle Technology Co. Ltd.Mr. Peng Tao Executive Vice President. Born in 1978 holds a bachelor's degree and is a senior engineer. Previously served as Deputy Minister of Product Planning Department Executive Deputy General Manager and Party Branch Secretary at Changan Automobile; Executive Deputy General Manager General Manager and Party Committee Secretary of the Passenger Vehicle Marketing Division; Vice President of Changan Automobile; and Chairman of Chongqing Changan Kaito Automotive Technology Co. Ltd. Chongqing Changan Kuayue Vehicle Co. Ltd. and Chongqing Changan Kuayue Vehicle Marketing Co. Ltd.Mr. Klaus Zyciora Vice President and General Manager of Changan's Global Design Center. Born in 1961 German. Previously served as interior designer exterior director head of design at Volkswagen and head of design at the Volkswagen Group.Mr. Zhang Xiaoyu Executive Vice President Director of the National Key Laboratory of Intelligent Vehicle Safety Technology Director of Changan Foton Intelligent Technology Co. Ltd. Director of Changan Ford Automobile Co. Ltd. and Board Member of Shenzhen Yinwang Intelligent Technology Co. Ltd. Born in 1979 holds a Ph.D. and is a Senior Engineer (Positive Grade). Previously served as Deputy General Manager and General Manager of the UK R&D Center of Changan Automobile Power Research Institute Deputy General Manager of the Power Research Institute Director of the H13T Project Director of the NE Series Powertrain Project General Manager of the Power Research Institute General Manager of the Second Department of Product Development General Manager of Changan Advanced Technology Research Institute and Vice President of Changan Automobile.Mr. Wang Xiaofei Executive Vice President Chairman of the Board of Chongqing Changan Kaicheng Automotive Technology Co. Ltd. Chairman of the Board of Chongqing Changan Kuayue Vehicle Co. Ltd. Chairman of the Board of Chongqing Changan Kuayue Vehicle Marketing Co. Ltd. Chairman of the Board of Jiangling Holdings Co. Ltd. and Director of Nanchang Jiangling Investment Co. Ltd. Born in 1982 holds a bachelor's degree and works as an engineer. Previously served as Deputy Director of Product Department at Changan Commercial Vehicle Division Deputy Director of Product Department at Oshan Automotive Division Deputy General Manager and Director of Product Marketing at Passenger Vehicle Marketing Division Deputy General Manager of Product Planning Department General Manager of Oshan Automotive Division Vice President of Changan Automobile and Chairman President and Vice President of Product at Changan Ford New Energy Vehicle Technology Co. Ltd.Mr. Wang Hui Executive Vice President and Chairman of the Board of Changan Avatr Technology (Chongqing) Co. Ltd. Born in 1981 holds a bachelor's degree and works as an engineer. Previously served as Director of the New Business Coordination Project Team at Changan Automobile Director of the Company Office and Party Branch Secretary Executive Vice President and Party Secretary of Changan Mazda Engine Head of the Changan Mazda New Energy Cooperation Project Executive Vice President and Party Secretary of Changan Mazda General Manager of the Overseas Business Development Department and General Manager of the Southeast Asia Business Division Vice President of Changan Automobile and Chairman of Jiangling Holdings Co. Ltd.Mr. Zhang Fatao Vice President Director of Corporate Safety Production and Chairman of the Board of Changan Times New 49Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Energy Battery Co. Ltd. Born in 1982 holding a bachelor's degree. Previously served as Deputy Director of the Office of Changan Automobile Company General Manager of the Technology and Project Management Department Party Branch Secretary Executive Vice Chairman of the Science and Technology Association and PDS Project Director; subsequently held positions including Director of the Company Office Party Branch Secretary Director of the Party Committee Office Director of the Board of Directors Office General Manager of the Human Resources Department Head of the Party Committee Organization Department and Director of the Talent Management Department at the Changan Learning Center.Mr. Deng Chenghao Vice President Chairman of the Board Party Secretary and Chief Product Officer of Deepal Automobile Technology Co. Ltd. Born in 1986 holds a Ph.D. and is a Senior Engineer (Positive Senior Title). Previously served as Assistant to the General Manager Deputy General Manager of the Power Development Department and Project Director of the C385EV-E Series at Chongqing Changan New Energy Vehicle Technology Co. Ltd.; subsequently held the positions of General Manager and Party Secretary of Chongqing Changan New Energy Vehicle Technology Co. Ltd. and President of Deepal Automotive Technology Co.Ltd.Mr. He Gang Vice President Chairman of the Company's Association for Science and Technology Chief Cybersecurity Officer and Chief Digital Officer; Director and President of Chongqing Changan Technology Co. Ltd.; Director of Chongqing Wutong Vehicle Connectivity Technology Co. Ltd.; Director of Nanjing Lingxing Equity Investment Management Co. Ltd.; and Director of Nanjing Lingxing Technology Co. Ltd. Born in 1985 holds a master's degree and is a senior chief engineer. Previously served as Deputy General Manager of Beijing Wutong Automotive Connectivity Technology Co. Ltd. Deputy General Manager Executive Deputy General Manager Director of the Level 3 Limited Autonomous Driving Technology Research Project and General Manager of the Intelligent Research Institute at Changan Automobile General Manager of Chongqing Wutong Automotive Connectivity Technology Co. Ltd. and Chief Operating Officer (COO) and Operations General Manager of Chongqing Changan Technology Co. Ltd.Mr. Mi Mengdong Vice President General Counsel Chief Compliance Officer Corporate Spokesperson and Executive Deputy General Manager of Changan Global Design Center. Born in 1981 holds a master's degree and is a senior engineer.Previously served as Deputy General Manager Executive Deputy General Manager and General Manager of the Changan Automobile Styling Design Institute General Manager of the Global Design Center General Manager of the Brand Public Relations Department and Party Branch Secretary.Employment in shareholders’ work unit √ Applicable □ Not Applicable Whether having Expiration renumeration or Position held at a shareholder Term Start Name Name of the Shareholder Unit date of the allowance in entity. Date term shareholders’ work unit Changan Automobile Group Chairman of the Board and Zhu Huarong Yes.Co. Ltd. of China Party Secretary Director General Manager and Changan Automobile Group Zhao Fei Deputy Secretary of the Party Yes.Co. Ltd. of China Committee Changan Automobile Group Director and Deputy Secretary Tan Benhong Yes.Co. Ltd. of China of the Party Committee Member of the Standing Changan Automobile Group Committee of the Party Jia Lishan Yes.Co. Ltd. of China Committee and Vice General Manager Member of the Standing Changan Automobile Group Committee of the Party Deng Wei Yes.Co. Ltd. of China Committee and Vice General Manager Changan Automobile Group Member of the Standing Pu Xingchuan Yes.Co. Ltd. of China Committee of the Party 50Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Committee and Vice General Manager Statement Mr. Zhao Fei has committed that during his tenure as General Manager of Changan Automobile and concurrently as Regarding President of Changan Automobile he will diligently and responsibly fulfill his duties properly manage the relationship between Changan Automobile and China Changan Automobile prioritize his responsibilities as Employment President of Changan Automobile and ensure that his concurrent positions do not compromise the interests of History at Other Changan Automobile and its minority shareholders thereby effectively safeguarding the legitimate rights and Organizations interests of Changan Automobile and its minority shareholders.Employment status in other units √ Applicable □ Not Applicable Have you Expirati Term received Name of the Names of other on date Positions held in other organizations. Start remuneration or Appointee units of the Date allowances from term other units Professor at the School of Mathematical Sciences Chongqing Normal University; Director of the Chongqing Normal Yang Xinmin Chongqing National Center for Applied Mathematics; Yes.University and Director of the Key Laboratory of Optimization and Control Ministry of Education.University of Professor of Finance at the School of International International Tang Guiliang Business and Economics University of International Yes.Business and Business and Economics.Economics Shanghai Tanshi Zhihang Chairman of Shanghai Tanshi Zhihang Technology Co.Li Zhenyu Yes.Technology Co. Ltd.Ltd.Explanation of employment in None other units Securities regulator’s punishment to the current and former directors supervisors and senior management during the reporting period in recent three years.□ Applicable √ Not Applicable 3. Compensation of Directors and Senior Management The decision-making procedures basis for determination and actual payment status of remuneration for directors and senior management personnel Remuneration of directors and senior management personnel during the reporting period.Unit: RMB Total pre-tax Do you receive compensation remuneration from Full Name Gender Age Position Employment Status received from the related parties of company. the company Chairman of the Zhu Huarong Male 60 Board and Party Current 2108965 Yes Secretary 51Chongqing Changan Automobile Co. Ltd. 2025 Annual Report President and Zhao Fei Male 51 Deputy Secretary of Current Yes the Party Committee Jia Lishan Male 55 Director Current Yes Deng Wei Male 54 Director Current Yes Directors Chief Accountant and Ni Erke Male 53 Current No Secretary of the Board of Directors.Independent Yang Xinmin Male 64 Current 200000 No Director Independent Tang Guiliang Male 62 Current 200000 No Director Independent Li Zhenyu Male 48 Current 200000 No Director Deputy Secretary of Tan Benhong Male 50 Current 1747578 Yes the Party Committee Secretary of the Commission for Pu Xingchuan Male 54 Current 1773370 Yes Discipline Inspection Executive Vice Ye Pei Male 50 Current 1766686 No President Executive Vice Yang Dayong Male 51 Current 1868051 No President Executive Vice Peng Tao Male 48 Current 1864076 No President KLAUS Male 64 Vice President Current 2110000 No.ZYCIORA Executive Vice Zhang Xiaoyu Male 47 Current 1874873 No President Executive Vice Wang Xiaofei Male 43 Current 1704240 No President Executive Vice Wang Hui Male 44 Current 1916215 No President Zhang Fatiao Male 43 Vice President Current 1947202 No Deng Male 39 Vice President Current 1881426 No Chenghao He Gang Male 40 Vice President Current 677600 No Executive Vice Mi Mengdong Male 44 President and Current 249734 No General Counsel President and Wang Jun Male 53 Deputy Secretary of Outgoing 1492965 No the Party Committee Directors Chief Accountant and Zhang Deyong Male 52 Outgoing 1938226 No Secretary of the Board of Directors.Executive Vice Li Mingcai Male 44 President and Outgoing 1765319 No General Counsel Total -- -- -- -- 29286526 -- The assessment criteria for the actual remuneration received by The basis for determining the remuneration of directors and 52Chongqing Changan Automobile Co. Ltd. 2025 Annual Report all directors and senior management personnel as of the end of senior management personnel is the company's performance the reporting period. appraisal results and individual evaluation outcomes.The assessment of compensation for directors and senior Assessment of the actual compensation received by all management personnel is proceeding in accordance with the directors and senior management personnel at the end of the prescribed procedures and the relevant evaluation results and reporting period. final compensation confirmation will be finalized upon approval by the Board of Directors.Directors and senior management personnel As of 2025 the Deferred payment arrangements for the actual remuneration performance-based compensation component of accrued received by all directors and senior management personnel as salaries remains undetermined and unpaid pending completion of the end of the reporting period. following the Board of Directors' approval of the performance evaluation and compensation plan.The status of clawback and recovery of actual compensation During the reporting period no cases of directors and senior received by all directors and senior management personnel as management personnel having their payments stopped or of the end of the reporting period. claims pursued were recorded.Other situation descriptions □ Applicable √ Not Applicable V. Performance of Directors during the reporting period 1. Attendance of directors at board meetings and shareholders' meeting Attendance at BOD meetings and shareholders' meeting Number of BOD Number of Attendance meetings that Absent from Attendance at BOD meeting by means of Attendanc Name should be Absence meetings for shareholders’ attendance at communicat e by proxy attended in this two consecutive times meetings spot ion reporting period Zhu Huarong 17 11 5 1 No. 3 Deng Wei 17 6 9 2 No. 3 Shi Yaoxiang 9 1 7 1 No. 1 Jia Lishan 17 4 10 3 No. 3 Zhao Fei 17 7 10 0 No. 2 Zhang Deyong 17 11 6 0 No. 3 Yang Xinmin 17 2 15 0 No. 3 Li Keqiang 9 0 7 2 No. 1 Ding Wei 9 0 8 1 No. 1 Tang Guiliang 17 3 13 1 No. 3 Zhang Ying 16 0 14 2 No. 2 Li Zhenyu 17 1 14 2 No. 3 Wang Jun 6 0 3 3 No. 0 Explanation for failing to personally attend the board meeting on two consecutive occasions.Not applicable. 2. Instances where directors raised objections regarding matters concerning the company. Whether the directors raised any objections regarding the company's relevant matters. 53Chongqing Changan Automobile Co. Ltd. 2025 Annual Report □ Yes √ No During the reporting period the directors raised no objections to any matters concerning the company. 3. Other explanations regarding the performance of directors' duties. Whether the board of directors has adopted the company's relevant proposals.√ Yes □ No Explanation by the Board of Directors regarding the adoption or non-adoption of proposals submitted to the company.During the reporting period the company's directors diligently fulfilled their duties strictly conducted their work in accordance with relevant regulations such as the Company Law and the Articles of Association paid close attention to the company's standardized operations and business performance made scientific and prudent decisions on various matters under deliberation and offered valuable professional opinions and suggestions in areas including technological innovation brand building and talent development all of which were adopted or addressed thereby effectively enhancing the company's level of standardized operations and scientific decision-making while safeguarding the legitimate rights and interests of the company and all shareholders.VI. Duty Performance of Specialized Committees of the Board of Directors during the Report Period Details of Number Proposed Other any Committee Member of Meeting significant circumstances Meeting content objections Name status meetings date opinions and of fulfilling (if held suggestions. duties.applicable) January 26 2024 Annual Internal Audit Report; Unanimously 2025 2025 Audit Plan approved. Communication on Significant Matters March 13 Unanimously During the 2024 Annual Financial 2025 approved. Statement Audit Proposals regarding the accrual reversal and write-off of asset impairment provisions; the 2024 annual financial report; the 2024 annual Tang internal control evaluation report; the Guiliang 2024 annual audit results and Shi communication on significant matters; Yaoxiang April 9 Unanimously the report on the Board Audit Yang 2025 approved. Committee's assessment of the Xinmin Audit Nine accounting firm's performance and Committee times. fulfillment of supervisory duties in 2024; and the proposal regarding the appointment of the 2025 annual financial report and internal control audit firms. 2024 Internal Audit Work Quality April 25 Assessment Report; 2025 First Quarter Unanimously 2025 Internal Audit Work Report; 2025 First approved. Quarter Report Proposal on the accrual reversal and Tang write-off of asset impairment Guiliang provisions; Semi-annual financial Deng August 22 Unanimously report for 2025; Report on audit work in Wei and 2025 approved.the second quarter of 2025; Report on Yang the rectification of the "2024 Xinmin Management Recommendation Letter". 54Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Proposal on Amending the "Rules of September Unanimously Procedure for the Board Audit 25 2025 approved. Committee" Internal Audit Work Report for the October 24 Unanimously Third Quarter of 2025 Financial 2025 approved. information in the Q3 2025 report Work plan for the Audit Committee to assume the functions and powers of the December Unanimously Supervisory Board; Proposal on 11 2025 approved. Formulating the "Administrative Measures for Internal Audit Work".Overall audit strategy and key audit matters for the fiscal year 2025; Proposal on terminating the 2024 issuance of shares to specific investors; Proposal on the Company's eligibility for the issuance of A-shares to specific investors; Proposal on related-party transactions involved in the 2025 issuance of A-shares to specific investors; Proposal on the 2025 issuance of A-shares to specific investors; Proposal on the "Chongqing Changan Automobile Co. Ltd. 2025 Plan for Issuing A-shares to Specific Investors"; Proposal on the "Feasibility Analysis Report on the Use of Raised Funds from the 2025 Issuance of A- shares to Specific Investors by Chongqing Changan Automobile Co.Ltd."; Proposal on the "Argumentation and Analysis Report on the 2025 Issuance of A-shares to Specific December Investors by Chongqing Changan Unanimously 29 2025 Automobile Co. Ltd."; Proposal to approved. request the Shareholders' General Meeting to approve China Changan Automobile's exemption from the obligation to make a mandatory offer; Proposal on the "Report on the Use of Raised Funds from the Previous Issuance by Chongqing Changan Automobile Co. Ltd."; Proposal on the "Conditional Effective Share Subscription Agreement for the Issuance of A-shares to Specific Investors" signed between the Company and the Subscription Counterparty; Proposal on the dilution of immediate returns by the 2025 issuance of A-shares to specific investors the measures taken to fill such dilution and the commitments by relevant parties; Proposal on the "Chongqing Changan Automobile Co.Ltd. Shareholder Return Plan for the Next Three Years (2025-2027)"; 55Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Proposal to request the Shareholders' General Meeting to authorize the Board of Directors to handle all matters related to the current issuance of A-shares to specific investors.January 3 Proposal on the Appointment of Senior Unanimously 2025 Management Personnel approved. Proposal on the Achievement of Unlocking Conditions for the Third February Unanimously Tranche of the Restricted Stock 21 2025 approved. Incentive Plan for A-Share Listed Companies Proposal on the Performance Assessment Results for the Tenure March 12 System and Contractual Management Unanimously 2025 of the Company's Senior Management approved. for the 2024 Annual Period and the Zhang 2022-2024 Tenure Period. Ying Tang Proposal on the appointment of the Guiliang General Counsel and Chief Compliance Ding Wei Officer; Proposal on the assessment ratings for the comprehensive performance evaluation of the leadership team for the 2024 fiscal year and the 2022-2024 term; Proposal on April 29 Unanimously Nomination the incentive and distribution plan for 2025 approved. and Nine the leadership team for the 2024 fiscal Remuneration times. year and the 2022-2024 term; Proposal Committee on the implementation plan for the term system and contract-based management for the members of the company's executive management for the 2025- 2027 term. August 22 Proposal on the Appointment of Senior Unanimously 2025 Management Personnel approved. Proposal on Adjusting the Repurchase Price of Restricted Stock under the A- September Unanimously Share Restricted Stock Incentive Plan 25 2025 approved. and Repurchasing and Cancelling a Zhang Portion of the Restricted Stock Ying November Proposal regarding the change of senior Unanimously Tang 7 2025 management personnel approved.Guiliang Proposal on Adjusting the Repurchase November and Cancellation Price of Restricted Unanimously 28 2025 Stock; Proposal on Appointing Senior approved. Management Personnel.Proposal regarding the appointment of December Unanimously Mr. Zhao Fei as President of the 11 2025 approved. Company.January 3 Proposal on Establishing Changan Unanimously Strategic Wang 2025 Automobile's Middle East Company approved. Investment Jun 2025 Financing Plan; Proposal on and Deng Ten Initiating Bill Pool Business; Proposal Sustainable Wei times. February Unanimously on the Company and Its Subsidiaries Development Li 14 2025 approved.Engaging in Foreign Exchange Committee Keqiang Hedging Business; 2025 Investment 56Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Plan; Proposal on Participating in the Professional Integration Plan for the Power Battery Sector.Proposal on the 2025 Financial and March 12 Securities Operation Plan and the Unanimously 2025 Disposal of Trading Financial Assets at approved. an Appropriate Time Explanation of the 2024 Annual Financial Report and the 2025 Financial Deng April 9 Budget; Proposal Regarding the Unanimously Wei Li 2025 Capitalization of Capital Reserve of approved. Keqiang Changan Mazda Automobile Co. Ltd.to Increase Registered Capital.Proposal on the Disposal of Hebei August 22 Changan Assets and the Signing of a Unanimously 2025 Compensation Agreement; Medium- approved. and Long-Term Development Plan.Proposal on establishing overseas subsidiaries; Proposal on establishing a September flying car joint venture with Changan Unanimously 25 2025 Automobile Investment (Shenzhen) approved. Co. Ltd.; 2025 Financial Securities Investment Plan.Proposal on Participating in the Establishment of Chongqing October 24 Unanimously Changyuxinhe Private Equity 2025 approved. Investment Fund Partnership (Limited Partnership) (Provisional Name) Proposal regarding the establishment of November a robotics company. Proposal regarding Unanimously 28 2025 capital increase in the associate approved. enterprise.Proposal on establishing a Sustainable Development Committee and revising Deng the "Rules of Procedure for the Board's Wei Li Strategy and Investment Committee"; Zhenyu Proposal on increasing the registered capital of a holding subsidiary via December public listing; Proposal on injecting Unanimously 11 2025 capital into a holding subsidiary; approved. Proposal on transferring assets to a wholly-owned subsidiary; Proposal on increasing the registered capital of a wholly-owned subsidiary; Proposal on injecting capital into a wholly-owned subsidiary.Proposal on terminating the 2024 issuance of shares to specific objects; Proposal on the Company's compliance with the conditions for issuing A-shares to specific objects; Proposal on the December Unanimously related-party transactions involved in 29 2025 adopted. the 2025 issuance of A-shares to specific objects; Proposal on the plan for the 2025 issuance of A-shares to specific objects; Proposal on the "Chongqing Changan Automobile Co. 57Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Ltd. 2025 Plan for Issuing A-shares to Specific Objects"; Proposal on the "Feasibility Analysis Report on the Use of Raised Funds from the 2025 Issuance of A-shares to Specific Objects by Chongqing Changan Automobile Co.Ltd."; Proposal on the "Argumentation and Analysis Report on the Plan for the 2025 Issuance of A-shares to Specific Objects by Chongqing Changan Automobile Co. Ltd."; Proposal to request the Company's Shareholders' General Meeting to approve China Changan Automobile's exemption from the obligation to make a mandatory offer; Proposal on the "Report on the Use of Raised Funds from the Previous Issuance by Chongqing Changan Automobile Co. Ltd."; Proposal on the Company signing the "Conditional Effective Share Subscription Agreement for the Issuance of A-shares to Specific Objects" with the subscription objects; Proposal on the dilution of immediate returns by the 2025 issuance of A-shares to specific objects the measures taken to fill the gap and the commitments by relevant entities; Proposal on the "Chongqing Changan Automobile Co. Ltd.Shareholder Return Plan for the Next Three Years (2025-2027)"; Proposal to request the Company's Shareholders' General Meeting to authorize the Board of Directors to handle all matters related to the current issuance of A-shares to specific objects.VII. Work of the Audit Committee The audit committee identified whether the company was exposed to risks during its supervisory activities within the reporting period.□ Yes √ No The Audit Committee has no objections to the supervision matters during the reporting period.VIII. The Employees of the Company 1. The number of employees professional field and education level Number of incumbent employees in the parent company 38218 Number of incumbent employees in major subsidiaries 20056 Total number of incumbent employees 58274 Total number of incumbent salaried employees 58274 Number of retired employees for whom parent company and 1632 58Chongqing Changan Automobile Co. Ltd. 2025 Annual Report major subsidiary bear the costs Professional Composition Categories of Professional Composition Number of Personnel by Professional Composition (Person) Production 33761 Sales 2670 Technology 16302 Finance 536 Administration 1476 Management personnel 3529 Total 58274 Educational attainment Educational Attainment Categories Quantity (number of persons) PhD 182 Master 5874 Bachelor 19758 Junior college 17439 Technical secondary school and high school 13949 Middle school and below 1072 Total 58274 2. Compensation Policy The Company is committed to the principle of value co-creation and value sharing driving continuous reform and innovation in our compensation system. Guided by a performance-driven and results-oriented approach we have strengthened the linkage between compensation and company performance optimized the allocation of human capital resources and enhanced overall business efficiency and quality. We are also focused on building robust medium- and long-term incentive and retention mechanisms that align the interests of our core talent with the Company's long-term growth thereby providing strong support for strategic execution and sustainable development. 3. Training Plan In 2026 our talent development strategy is built on six core pillars: strategic execution AI transformation mega-seller development global market expansion operational excellence and industry leadership. This approach will directly support our transformation into an intelligent low-carbon mobility technology company. A central priority is accelerating our Vast Ocean Plan to enhance our global organizational and market capabilities. To achieve this we are implementing targeted role-based development programs in key domains including AI digitalization mega-seller development and forward-looking R&D while simultaneously establishing a dedicated strategic talent pipeline for our core business segments: new vehicles new powertrains intelligent manufacturing and intelligent marketing. At the production level we are also rolling out training programs in manufacturing excellence intelligent mobility and NEV technologies to develop multi-skilled technical experts equipped to drive operational innovation and solve complex business challenges. 4. Outsourcing of services □ Applicable √ Not Applicable IX. Distribution of Profits and capital reserve The formulation implementation or adjustment of the profit distribution policy during the reporting period particularly the cash dividend policy.√ Applicable □ Not Applicable In accordance with the relevant regulations of the China Securities Regulatory Commission and the Shenzhen Stock Exchange 59Chongqing Changan Automobile Co. Ltd. 2025 Annual Report and considering the company's actual circumstances the Articles of Association explicitly stipulate the scope of distributable profits dividend distribution methods principles forms conditions and ratios for cash dividends conditions for stock dividends procedures for formulating and deliberating proposals implementation of distribution plans as well as the conditions and decision-making procedures for adjusting the distribution policy thereby strengthening the institutional guarantee for investor dividend returns; the company's specific distribution policy is detailed in the Articles of Association. The proposed profit distribution plan for the reporting period of the Company complies with relevant regulations including the Company's Articles of Association.Special statement for cash dividend policy Whether it comply with the Articles of Association or the resolutions of the Yes.shareholders' general meeting: Are the standard and the proportion of distribution clear: Yes.Are the related decision-making process and mechanism thorough: Yes.Have independent directors fulfilled their duties and performed their due roles: Yes.If the company does not distribute cash dividends specific reasons should be disclosed Not applicable.as well as the measures to be taken next to enhance investor returns: Whether medium and minority shareholders have the chance to fully express their Yes.views and demands and whether the legitimate rights and interests are fully protected: Whether cash dividend policy is adjusted or changed and whether the conditions and Not applicable.procedures are compliant and transparent: The company recorded a profit during the reporting period and the parent company's distributable profits available to shareholders are positive yet no cash dividend distribution proposal has been presented.□ Applicable √ Not Applicable Distribution of profits and capitalization of capital reserves for conversion into share capital during the reporting period.√ Applicable □ Not Applicable Profit Distribution Proposal This Profit Distribution Proposal 2025 Interim Profit Distribution Plan Number of bonus shares per ten shares (share) 0 0 Dividend per ten shares (RMB) (tax included) 1.15 0.5 Increased shares through transfer for per 10 shares 00 (shares) Equity base of distribution plan (shares) 9912924112 9914086060 Cash dividends (RMB) (tax included) 1139986272.88 495704303.00 Cash dividend (RMB) of other means (such as 00 repurchase) Total cash dividend (RMB) (including other means) 1139986272.88 495704303.00 Distributable profits (RMB) 48548118724.39 45323240563.75 Proportion (%) of cash dividends (including other means) 100%100% to total profit distribution This cash dividend distribution situation Others Detailed explanation of the proposal for profit distribution or capitalization of capital reserve.X. Implementation status of the company's equity incentive plan employee stock ownership plan or other employee incentive measures.√ Applicable □ Not Applicable 60Chongqing Changan Automobile Co. Ltd. 2025 Annual Report 1. Equity incentive plan On July 13 2020 the Company's Eighth Board of Directors Second Meeting and the Eighth Supervisory Board Second Meeting deliberated and approved resolutions including the "Proposal on Reviewing the Draft of the Company's A-Share Restricted Stock Incentive Plan and Its Summary" and the "Proposal on Reviewing the Implementation Assessment Management Measures for the Company's A-Share Restricted Stock Incentive Plan." The company's independent directors issued a favorable independent opinion on the incentive plan.On February 1 2021 the Company's 8th Board of Directors 11th Meeting and the 8th Supervisory Board 7th Meeting deliberated and approved resolutions including the "Proposal on Reviewing the and its Summary" and the "Proposal on Reviewing the ." The company's independent directors issued a favorable independent opinion on the revision of the incentive plan.On February 18 2021 the Company convened its first extraordinary general meeting of shareholders for 2021 at which the following resolutions were adopted: "Proposal on Reviewing the and its Summary" "Proposal on Reviewing the " and "Proposal to Request the Shareholders' General Meeting to Authorize the Board of Directors to Handle All Matters Related to the Equity Incentive Plan in Full." On February 22 2021 the Company convened its 8th Board of Directors' 12th Meeting and its 8th Supervisory Board's 8th Meeting to deliberate and approve resolutions including the "Proposal on Adjusting the List of A-Share Restricted Stock Incentive Plan Initial Grant Recipients and the Grant Quantity" and the "Proposal on Granting Restricted Stocks to the Recipients of the A-Share Restricted Stock Incentive Plan Initial Grant" among others. The company's independent directors issued their independent opinions expressing concurrence.On March 3 2021 the Company disclosed the Announcement on the Completion of Registration for the Initial Grant of the A- Share Restricted Stock Incentive Plan. A total of 1247 actual recipients were granted 76.1954 million restricted shares with the listing date of the restricted shares set for March 5 2021.On August 30 2021 the Company convened the 25th meeting of the 8th Board of Directors and the 12th meeting of the 8th Board of Supervisors at which the resolutions on the "Proposal to Adjust the Repurchase Price of the A-Share Restricted Stock Incentive Plan" and the "Proposal to Repurchase and Cancel the Restricted Stocks Granted to Certain Incentive Objects but Not Yet Released from Lock-up" were deliberated and approved. The company's independent directors issued their independent opinions expressing concurrence.On September 17 2021 the Company convened its second extraordinary general meeting of shareholders for 2021 at which the proposal regarding the repurchase and cancellation of restricted shares granted to certain incentive recipients but not yet released from lock-up was deliberated and approved.On November 19 2021 the Company convened the 29th meeting of the 8th Board of Directors and the 15th meeting of the 8th Board of Supervisors at which the resolutions on the "Proposal to Adjust the Number of Reserved Restricted Shares under the A-Share Restricted Share Incentive Plan" and the "Proposal to Grant Reserved Restricted Shares to the Incentive Objects under the A-Share Restricted Share Incentive Plan" were deliberated and approved. The company's independent directors issued their independent opinions expressing concurrence.On December 21 2021 the Company completed the repurchase and cancellation of a total of 1.036 million restricted shares that had been granted to certain original incentive recipients but remained subject to vesting restrictions.On December 30 2021 the Company disclosed the Announcement on the Completion of the Grant of the Reserved Portion of the A-Share Restricted Stock Incentive Plan. A total of 356 actual recipients were granted awards with 17.7612 million restricted shares allocated to the reserved portion which commenced trading on December 31 2021.On August 2 2022 the Company convened the 43rd meeting of the 8th Board of Directors and the 18th meeting of the 8th Board of Supervisors at which the proposal titled "Regarding the Adjustment of the Repurchase Price for Restricted Shares under the A-Share Restricted Share Incentive Plan and the Repurchase and Cancellation of Certain Restricted Shares" was deliberated and approved. The company's independent directors issued their independent opinions expressing concurrence.On August 18 2022 the Company convened its 2022 Third Extraordinary General Meeting of Shareholders which deliberated and approved the proposal titled "Regarding the Adjustment of the Repurchase Price for A-Share Restricted Stock Incentive Plan and the Repurchase and Cancellation of Certain Restricted Stocks." On February 17 2023 the Company convened the 52nd meeting of the 8th Board of Directors and the 21st meeting of the 8th Board of Supervisors at which the proposal regarding the achievement of unlocking conditions for the first unlocking period of the initial grant portion of the A-share restricted stock incentive plan was deliberated and approved. The company's independent directors issued their independent opinions expressing concurrence.On March 3 2023 the Company disclosed the "Notice on the Listing and Circulation of Restricted Shares in the First Unlocking Period of the Initial Grant of the A-Share Restricted Stock Incentive Plan" with the listing and circulation date of the unlocked shares set for March 6 2023. 61Chongqing Changan Automobile Co. Ltd. 2025 Annual Report On June 20 2023 the Company completed the repurchase and cancellation of a total of 2.476422 million restricted shares that had been granted to certain original incentive recipients but had not yet met the unlocking conditions.On July 27 2023 the Company convened the first meetings of the Ninth Board of Directors and the Ninth Board of Supervisors at which the proposal entitled "Regarding the Revision of the Company's A-Share Restricted Stock Incentive Plan" was deliberated and approved. The company's independent directors issued their independent opinions expressing concurrence.On August 30 2023 the Company convened the Third Meeting of the Ninth Board of Directors and the Second Meeting of the Ninth Board of Supervisors at which the proposal titled "Regarding the Adjustment of the Repurchase Price and the Repurchase and Cancellation of Certain Restricted Shares under the A-Share Restricted Share Incentive Plan" was deliberated and approved. The company's independent directors issued their independent opinions expressing concurrence.On September 15 2023 the Company convened its second extraordinary general meeting of shareholders for 2023 at which the resolutions on the "Proposal to Amend the A-Share Restricted Stock Incentive Plan" and the "Proposal to Adjust the Repurchase Price and Repurchase and Cancel Certain Restricted Stocks under the A-Share Restricted Stock Incentive Plan" were deliberated and approved.On December 5 2023 the Company completed the repurchase and cancellation of 2.033967 million restricted shares that had been granted to certain original incentive recipients but had not yet met the unlocking conditions.On December 8 2023 the Company convened the 12th meeting of the 9th Board of Directors and the 4th meeting of the 9th Board of Supervisors at which the proposal regarding the achievement of unlock conditions for the A-share restricted stock incentive plan was deliberated and approved. The Nomination and Remuneration Committee of the Company has expressed its consent.On December 27 2023 the Company disclosed the "Announcement on the Listing and Circulation of Restricted Shares Subject to the A-Share Restricted Stock Incentive Plan" with the listing and circulation date for the released shares set for January 2 2024.On February 22 2024 the Company convened the 17th meeting of the 9th Board of Directors and the 5th meeting of the 9th Board of Supervisors at which the proposal entitled "Regarding the Achievement of Unlocking Conditions for the Second Tranche of the A-Share Restricted Stock Incentive Plan" was deliberated and approved. The Nomination and Remuneration Committee of the Company has expressed its consent.On March 2 2024 the Company disclosed the "Notice on the Listing and Circulation of Restricted Shares in the Second Unlocking Period of the Initial Grant of the A-Share Restricted Stock Incentive Plan" with the listing and circulation date of the unlocked shares set for March 5 2024.On August 30 2024 the Company convened the 26th meeting of the 9th Board of Directors and the 8th meeting of the 9th Board of Supervisors at which the proposal titled "Regarding the Adjustment of the Repurchase Price and the Repurchase and Cancellation of Certain Restricted Shares under the A-Share Restricted Share Incentive Plan" was deliberated and approved. The Nomination and Remuneration Committee of the Company has expressed its consent.On September 19 2024 the Company convened its 2024 Third Extraordinary General Meeting of Shareholders which deliberated and approved the proposal titled "Regarding the Adjustment of the Repurchase Price for A-Share Restricted Stock Incentive Plan and the Repurchase and Cancellation of Certain Restricted Stocks." On December 20 2024 the Company completed the repurchase and cancellation of 3.202973 million restricted shares that had been granted to certain original incentive recipients but had not yet met the unlocking conditions.On December 26 2024 the Company disclosed the "Announcement on the Circulation of Restricted Shares in the Second Unlocking Period of the Reserved Portion of the A-Share Restricted Stock Incentive Plan" with the circulation date of the unlocked shares set for December 31 2024.On February 21 2025 the Company convened the 38th meeting of the 9th Board of Directors and the 11th meeting of the 9th Board of Supervisors at which the proposal regarding the achievement of unlocking conditions for the third unlock period of the A- share restricted stock incentive plan was deliberated and approved. The Nomination and Remuneration Committee of the Company has expressed its consent.On March 4 2025 the Company disclosed the "Notice on the Listing and Circulation of Restricted Shares in the Third Unlocking Period of the Initial Grant of the A-Share Restricted Stock Incentive Plan" with the listing and circulation date of the unlocked shares set for March 5 2025.On September 26 2025 the Company convened its 45th meeting of the 9th Board of Directors which deliberated and approved the proposal titled "Regarding the Adjustment of the Repurchase Price for Restricted Shares under the A-Share Restricted Share Incentive Plan and the Repurchase and Cancellation of Certain Restricted Shares." The Nomination and Remuneration Committee of the Company has expressed its consent.On October 24 2025 the Company convened its first extraordinary general meeting of shareholders for 2025 at which the proposal titled "Regarding the Adjustment of the Repurchase Price for Restricted Shares under the A-Share Restricted Share Incentive Plan and the Repurchase and Cancellation of Certain Restricted Shares" was deliberated and approved.On November 28 2025 the Company convened its 48th meeting of the 9th Board of Directors at which the proposal titled "Regarding the Adjustment of the Repurchase Price for the A-Share Restricted Stock Incentive Plan" was deliberated and approved.The Nomination and Remuneration Committee of the Company has expressed its consent.On December 30 2025 the Company disclosed the "Announcement on the Listing and Circulation of Restricted Shares under the A-Share Restricted Stock Incentive Plan That Have Been Released from Lock-up" with the listing and circulation date for the released 62Chongqing Changan Automobile Co. Ltd. 2025 Annual Report shares set for January 5 2026.On January 15 2026 the Company completed the repurchase and cancellation of 1.161948 million restricted shares that had been granted to certain original incentive recipients but had not yet met the vesting conditions.Equity incentives for directors and senior management √ Applicable □ Not Applicable Unit: Shares Market price Number of Number of Number of Number of at the end of restricted shares restricted shares Grant price of shares restricted shares Name Position the reporting held at the newly granted restricted stock unlocked in held at the end period (RMB beginning of the during the (RMB/share) this period. of the term.per share) period. reporting period.Zhu Chairman of the Board and Party 11.86 154700 154700 0 2.39 0 Huarong Secretary Tan Deputy Secretary of 11.8612004812004802.390 Benhong the Party Committee Executive Vice Ye Pei 11.86 120048 120048 0 2.39 0 President Yang Executive Vice 11.86857488574806.540 Dayong President Executive Vice Peng Tao 11.86 84528 84528 0 2.39 0 President Zhang Executive Vice 11.86845288452802.390 Xiaoyu President Wang Executive Vice 11.86584765847602.390 Xiaofei President Executive Vice Wang Hui 11.86 58476 58476 0 2.39 0 President Zhang Vice President 11.86 84528 84528 0 2.39 0 Fatiao He Gang Vice President 11.86 38984 38984 0 2.39 0 Mi Vice President 11.86 38984 38984 0 2.39 0 Mengdong Director President and Deputy Secretary Wang Jun of the Party 11.86 123760 123760 0 2.39 0 Committee (Resigned) Li Executive Vice 11.8612004812004802.390 Mingcai President (Former) Directors Chief Zhang Accountant and Secretary of the 11.86 120048 120048 0 2.39 0 Deyong Board of Directors (resigned) Total -- -- 1292904 1292904 0 -- 0 Evaluation mechanisms and incentive schemes for senior management personnel.Please refer to Section IV Subsection 3 "Compensation of Directors and Senior Executives" in the fourth chapter of this Annual 63Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Report. 2. Implementation status of the employee stock ownership plan □ Applicable √ Not Applicable 3. Other Employee Incentive Measures □ Applicable √ Not Applicable XI. Internal Control System and Implementation during the Reporting Period 1. Internal Control System and Implementation During the reporting period the Company advanced a comprehensive upgrade of its internal control system strengthening governance effectiveness and reinforcing risk resilience across four key dimensions: organizational structure institutional framework overseas operations and closed-loop evaluation.The Company refined its management mechanisms and strengthened the integration of human oversight with system- based controls. At the organizational level a matrix-based corporate-level internal control specialist team was established and oversight was embedded into key business processes. This has created a clearly defined and well-aligned operating structure with responsibilities clearly assigned and coordination ensured across functions enabling comprehensive coverage and deeper engagement of internal controls. In parallel with the ongoing redesign of business systems the Company introduced enhanced monitoring mechanisms at key control points. By further integrating human oversight with system-based controls it ensures that control capabilities continue to strengthen in step with increasing business scale and complexity.The Company continued to strengthen its governance standards and advance a global management system. Management standards were further refined supported by reviews of secondary-level entities and the introduction of policies guiding global operations. An initial management framework has been established aligned with modern corporate governance and covering the full value chain from business development to resource support. It provides a structured foundation for stable and efficient operations supported by mechanisms that are practical scalable and subject to continuous improvement.The Company strengthened its focus on overseas risks and accelerated the development of its overseas internal control framework. It conducted management system reviews across international operations combined with targeted capability-building and pilot support for selected subsidiaries. Specialist teams were deployed to perform internal control reviews and on-site assessments driving remediation and ongoing system improvement and strengthening risk controls across overseas businesses.The Company enhanced its internal control evaluation process to support closed-loop improvement. All entities conducted effectiveness assessments against unified standards identifying gaps implementing corrective actions and tracking remediation to ensure controls operate as intended. Targeted reviews of policies and procedures were also carried out focusing on regulatory alignment internal consistency and clarity of roles and responsibilities addressing issues such as non-compliance overlap and redundancy and improving overall management efficiency. 2. Details of significant defects in internal control during the reporting period □ Yes √ No XII. Management and Control of Subsidiaries by the Company During the Reporting Period Integration Issues encountered Measures already Progress on Follow-up Company Name Integration Plan progress during integration. taken for resolution. resolution resolution plan Not applicable. Not applicable. Not applicable. Not applicable. Not applicable. Not applicable. Not applicable.Abnormalities exist in the management control of subsidiaries.□ Yes √ No 64Chongqing Changan Automobile Co. Ltd. 2025 Annual Report XIII. Internal control self-evaluation report or internal control audit report 1. Self-evaluation report of internal control Date of Full-text disclosure of internal April 11 2026 control evaluation report Inquiry index of internal control evaluation CNINFO (http://www.cninfo.com.cn) report full text disclosure The proportion of the total assets of units included in the evaluation scope to the total 100% assets in the company's consolidated financial statements The proportion of the operating income of the unit in the evaluation scope to the total 100% operating income of the company's consolidated financial statements Criteria for Defect Identification Category Financial report Non-financial report 1. Fraudulent acts committed by the 1. Lack of democratic decision-making company's directors and senior procedures or violation of such procedures; management personnel; 2. Violation of national laws and regulations 2. The company corrects previously issued resulting in severe penalties; financial statements to rectify material 3. Significant loss of middle-to-senior misstatements resulting from fraud or error management personnel and senior technical or material misstatements in the current experts; Qualitative criteria period's financial statements identified by 4. Media frequently report severe negative the auditor but not detected by the news with a broad scope of involvement; company's internal control; 5. Critical business processes lack 3. The audit committee's supervision over institutional controls or the institutional the company's external financial reporting framework has failed.and internal control over financial 6. Significant internal control deficiencies reporting is ineffective. have not been rectified.The misstatement amount in the financial Identification shall be made in accordance Quantitative criteria statements falls within the following range: with the quantitative criteria for internal misstatement ≥ 1% of total assets. control deficiencies in financial reporting.Financial report Number of Major Defects 0 (Units) Number of Significant Deficiencies in 0 Non-Financial Reporting (Units) Number of Significant Deficiencies in 0 Financial Reporting (Units) Number of Significant Deficiencies in 0 Non-Financial Reporting (Units) 2. Internal Control Audit Report √ Applicable □ Not Applicable The Deliberation Opinion Section in the Internal Control Audit Report The audit opinion in the internal control audit report issued by Lixin Certified Public Accountants (Special General Partnership) is as follows: Chongqing Changan Automobile Co. Ltd. maintained effective internal control over financial reporting in all material aspects as of December 31 2025 in accordance with the Basic Standards for Enterprise Internal Control and relevant regulations.Disclosure status of internal control Disclosure audit reports 65Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Full disclosure date of the internal April 11 2026 control audit report Index for Full Disclosure of the CNINFO (http://www.cninfo.com.cn) Internal Control Audit Report Types of opinions in internal Standard unqualified opinion control audit reports Are there material weaknesses in No.the non-financial reporting Whether the accounting firm issues a non-standard opinion internal control audit report □ Yes √ No Whether the opinions expressed in the internal control audit report issued by the accounting firm are consistent with those in the board of directors' self-assessment report.√ Yes □ No Whether a non-standard audit opinion on internal control was issued for the reporting period or the preceding fiscal year.□ Yes √ No XIV. Rectification of self-inspection problems in the Special Action of Listed Companies According to the company’s self-inspection the company’s overall compliance operation shows that there are no issues requiring rectification.XV. Environmental Information Disclosure Whether the listed company and its major subsidiaries are included in the list of enterprises required to disclose environmental information in accordance with the law √ Yes □ No Number of enterprises included in the list of enterprises subject to mandatory environmental 13 information disclosure (units) Query Index for the Report on Mandatory Disclosure of Environmental NO. Enterprise Name Information Changan Automobile Co. Ltd. For details please refer to the Enterprise Environmental Information 1 Yangfan Manufacturing Plant Disclosure System (Chongqing) (formerly the Yubei Plant) (http://183.66.66.47:10001/eps/index/enterprise-search).Chongqing Changan Automobile For details please refer to the Enterprise Environmental Information Co. Ltd. Digital Intelligence 2 Disclosure System (Chongqing) Factory (formerly the new site of (http://183.66.66.47:10001/eps/index/enterprise-search).the Yubei Factory) Chongqing Changan Automobile For details please refer to the Enterprise Environmental Information 3 Co. Ltd. Liangjiang Factory Plant Disclosure System (Chongqing) Area No. 1 (http://183.66.66.47:10001/eps/index/enterprise-search).Chongqing Changan Automobile For details please refer to the Enterprise Environmental Information 4 Co. Ltd. Liangjiang Factory Phase Disclosure System (Chongqing) II Plant (http://183.66.66.47:10001/eps/index/enterprise-search).Chongqing Changan Automobile For details please refer to the Enterprise Environmental Information 5 Co. Ltd. Liangjiang Factory Plant Disclosure System (Chongqing) No. 3 (http://183.66.66.47:10001/eps/index/enterprise-search). 66Chongqing Changan Automobile Co. Ltd. 2025 Annual Report For details please refer to the Enterprise Environmental Information Chongqing Changan Automobile 6 Disclosure System (Chongqing) Co. Ltd. New Power HE Plant (http://183.66.66.47:10001/eps/index/enterprise-search).For details please refer to the Enterprise Environmental Information Chongqing Changan Automobile 7 Disclosure System (Chongqing) Co. Ltd. New Power NE Plant (http://183.66.66.47:10001/eps/index/enterprise-search).For details please refer to the Enterprise Environmental Information Mold Division Chongqing 8 Disclosure System (Chongqing) Changan Automobile Co. Ltd.(http://183.66.66.47:10001/eps/index/enterprise-search).Chongqing Changan Automobile For details please refer to the Corporate Environmental Information 9 Co. Ltd. Beijing Changan Mandatory Disclosure System (Beijing) Automobile Company (https://hjxxpl.bevoice.com.cn:8002/home).For details please refer to the Enterprise Environmental Information Chongqing Lingyao Automobile 10 Disclosure System (Chongqing) Co. Ltd.(http://183.66.66.47:10001/eps/index/enterprise-search).For details please refer to the Enterprise Environmental Information Disclosure System (Anhui) Hefei Changan Automobile Co. (https://39.145.37.16:8081/zhhb/yfplpub_html/#/home) or the Anhui 11 Ltd. Department of Ecology and Environment (https://sthjt.ah.gov.cn/). Special column link: "Mandatory Disclosure of Corporate Environmental Information" For details please refer to the Enterprise Environmental Information Disclosure System (Jiangsu) Nanjing Changan Automobile Co. 12 (http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive- Ltd.webapp/web/viewRunner.htmlviewId=http://ywxt.sthjt.jiangsu.gov.cn:1818 1/spsarchive-webapp/web/sps/views/yfpl/views/yfplHomeNew/index.js). Hebei Changan Automobile Co. For details please refer to the Enterprise Environmental Information 13 Ltd. Disclosure System (Hebei) (http://121.29.48.71:8080/).XVI. Social Responsibility Situation The full text of the Company's 2025 Environmental Social and Governance (ESG) Report was published on the same day as the Annual Report on the CNINFO website (http://www.cninfo.com.cn).XVII. Consolidating and expanding the achievements of poverty alleviation and rural revitalization.Changan Automobile adheres to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era comprehensively implements the spirit of the 20th National Congress of the Communist Party of China and all plenary sessions of the 20th Central Committee deeply studies and comprehends the new viewpoints and new propositions put forward by the Party Central Committee and the State Council regarding the comprehensive revitalization of rural areas accelerates the construction of ESG firmly fulfills social responsibilities and writes a vivid answer sheet of central enterprises assisting the high-quality development of local characteristic industries through empowering production and sales brand building management upgrading and ecological innovation.(I) Strengthen organizational leadership.The company convened the leading group meeting for targeted assistance five times throughout the year resulting in phased targeted and systematic work deployment. Organized 12 promotion meetings on targeted assistance for rural revitalization regularly studied and advanced implementation plans formulated concrete measures for execution and prioritized key initiatives. Company leaders conducted on-site inspections and research in Youyang Chongqing to advance the implementation of designated assistance projects.(II) Ensure the security of assistance funds.A total of 11.6 million RMB in assistance funds was allocated and distributed in a coordinated manner comprising 3.5 million RMB for Luxi County Yunnan (including 1 million RMB from Changan Mazda) and 8.1 million RMB for Yanshan County Yunnan to support comprehensive revitalization in the two counties across rural industries talent development cultural advancement 67Chongqing Changan Automobile Co. Ltd. 2025 Annual Report ecological conservation and organizational strengthening thereby facilitating the realization of thriving rural industries ecologically livable environments civilized rural customs effective governance and affluent living conditions.(III) Promote industrial assistance.The company has persistently advanced the targeted assistance project for Youyang tea oil. First it aims to boost sales revenue.Fully leverage Changan Automobile's sales channels to expand sales pathways for Youyang tea oil achieving sales of 31.25 million RMB for Youzhou Tea Oil Technology Company which represents 104% of the annual assistance target and effectively driving the company's annual tea oil sales to surpass 200 million RMB. Secondly it helps enhance the brand and corporate image. Changan Automobile promoted Youyang tea oil through brand activities and its tea oil product series participated in the Chongqing Marathon the Greater Bay Area Auto Show the Hong Kong International Motor Show and Supply Chain Expo the Chongqing Auto Show and the Changan Automobile Technology Ecosystem Conference while launching the "Tianshu Intelligence + Tea Oil Craftsmanship + CHANGAN NEVO A06" new vehicle brand promotion campaign further integrating the tea oil industry ecosystem with the Changan Automobile brand and expanding its influence. Third it assists in optimizing the business management system. Support Youzhou Camellia Oil Technology Company in refining the "2026-2030 Camellia Industry Development Plan" coordinate with Lianche Technology to formulate the "Fixed Assistance Innovation Model Plan for Youyang" clarify the planning for the second phase of assistance innovation and promote the innovation and upgrading of the management system. Fourth it facilitates the sustainable development of enterprises. In collaboration with the Ministry of Ecology and Environment of the People's Republic of China and Beijing Forestry University we conducted methodological research on carbon sink mechanisms for Camellia oleifera establishing a new green and low-carbon development track for the industry with related practices recognized as an "Excellent Rural Revitalization Practice Case for Listed Companies." (IV) Implement consumption-based assistance.Resolutely implement the major decisions and deployments of the Party Central Committee and the State Council focusing on continuously assisting the sales of assisted products and stimulating the economy of characteristic products actively participate in events such as the "Striving for 2025 · Spring Festival Market" and the "Central Enterprise Consumption Assistance for the Spring Festival" designate assisted products as souvenirs for union activities and consolation items for the National Day and Mid-Autumn Festival guide all units and employees across the entire company to purchase characteristic agricultural products from assisted regions achieving a cumulative consumption assistance of 1.434 million RMB including 1.074 million RMB for two counties in Yunnan 150000 RMB for Youyang Chongqing and 210000 RMB for Fengjie Chongqing. (5) Promote skills assistance. Leverage the leading role of flagship enterprises to explore new models of skills assistance coordinate a delegation from the Education and Sports Bureau of Yanshan County Yunnan Province to visit Changan Automobile and Chongqing Industry and Trade Technician College for inspection and exchange and conduct in-depth discussions on industry-education integration projects. Campus recruitment events were successfully held at the Chongqing Youyang Vocational Education Center and the Yunnan Yanshan Ethnic Vocational School for the Class of 2026 resulting in the recruitment of 222 candidates. 68Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Chapter 5 Important Matters I. The implementation status of commitments 1. Commitment items that have been fulfilled during the reporting period and those that remain unfulfilled as of the end of the reporting period made by relevant commitment parties such as the company's actual controllers shareholders related parties acquirers and the company itself.√ Applicable □ Not Applicable Type of Undertakings Undertaking party Description Date Duration Performance undertaking Zhu Huarong; Zhao Fei; Jia Lishan; Deng Wei; Deng Chenghao; Complete a share increase of no Zhang Xiaoyu; Deng less than RMB 300000 within Yueming; He Gang; six months starting from August Li Mingcai; Peng Commitment 12 2025 and refrain from In normal Others Tao; Pu Xingchuan; to Increase August 2025 Six months reducing holdings of Changan performance.Tan Benhong; Wang Shareholding Automobile shares during the Hui; Wang Kun; increase period and within the Wang Xiaofei; Yang statutory restriction period.Dayong; Ye Pei; Zhang Deyong; Zhang Fatao; Following this acquisition the shares of Changan Automobile held by the Company and its concert parties shall not be transferred within 18 months after the completion of this Commitment acquisition. Transfers of shares November In normal on Lock-up of 18 months in Changan Automobile held by 2025 performance.Shares the Company and its concert parties among different entities under the control of the same actual controller shall not be Commitments subject to the aforementioned made in the Changan Automobile 18-month restriction.Acquisition Report Group Co. Ltd. of 1. Our Company our directors or the Report on China senior management personnel Changes in Equity and other enterprises controlled Interests.Commitments by our Company (hereinafter regarding collectively referred to as "Our competitive Company and its Affiliates") business shall minimize related-party Valid for an November In normal related-party transactions with the listed extended 2025 performance. transactions company. In the event that period.and related-party transactions are misappropriat strictly necessary the Company ion of funds. and its related parties guarantee that such transactions will be conducted fairly in accordance with market-oriented principles 69Chongqing Changan Automobile Co. Ltd. 2025 Annual Report and fair pricing principles that relevant approval procedures for related-party transactions and information disclosure obligations will be fulfilled in compliance with applicable regulations and that the legitimate rights and interests of the listed company and its minority shareholders will not be compromised by such related-party transactions. 2. Neither the Company nor its affiliates shall occupy the listed company's funds or assets through loans debt repayment on its behalf advance payments or other means nor shall they require the listed company to provide illegal guarantees for the Company or its affiliates and they shall not utilize related-party transactions to illegally transfer the listed company's funds or profits. 3. During the period in which the Company serves as an indirectly controlling shareholder of the listed company the aforementioned commitments shall be binding upon the Company. 4. In the event of a breach of the aforementioned commitments the Company shall bear corresponding legal liabilities including but not limited to liability for compensation for all losses incurred by the listed company as a result thereof. 1. The Company undertakes that upon completion of this acquisition neither the Company nor other enterprises under its control shall utilize its status as the controlling shareholder of the listed company to affect the listed Valid for an Other company's independence and November In normal extended commitments shall guarantee the listed 2025 performance.period.company's independence in terms of business assets organizational structure personnel and finance. 2. During the period in which the Company serves as an indirectly controlling shareholder of the listed 70Chongqing Changan Automobile Co. Ltd. 2025 Annual Report company the aforementioned commitments shall be binding upon the Company. Should the Company violate the aforementioned commitments it shall bear corresponding legal liabilities in accordance with the law and compensate the listed company and investors for any actual losses incurred thereby in accordance with the law.Whether the commitment has Yes.been fulfilled on schedule. 2. Explanation on whether assets or projects reach the earnings forecast and reasons when there is earning forecast for asset or projects and the reporting period is within the forecast period.□ Applicable √ Not Applicable 3. The company is subject to performance commitments. □ Applicable √ Not Applicable II. Non-operating funds the listed company occupied by controlling shareholders and their related parties □ Applicable √ Not Applicable During the reporting period the Company had no non-operating misappropriation of funds by the controlling shareholder or other related parties.III. Irregular external guarantee □ Applicable √ Not Applicable The Company has no irregular external guarantee during the reporting period.IV. Explanation by the Board of Directors Regarding the Recent "Non-Standard Audit Report" □ Applicable √ Not Applicable 71Chongqing Changan Automobile Co. Ltd. 2025 Annual Report V. Explanation of the “Non-Standard Audit Report” issued by the accounting firm during the reporting period by the BOD BOS and independent directors (if any) □ Applicable √ Not Applicable VI. Explanation of changes in accounting policies accounting estimates and remedies for significant accounting errors √ Applicable □ Not Applicable Please refer to Note III "Significant Accounting Policies and Accounting Estimates" in the financial statements of the financial report specifically subsection (31) "Changes in Significant Accounting Policies and Accounting Estimates".VII. Explanation of changes in the consolidated statement scope compared to the last annual report □ Applicable √ Not Applicable During the reporting period the company's consolidated financial statement scope remained unchanged.VIII. Appointment and Dismissal of Accounting Firms The currently appointed accounting firm.The name of the domestic accounting firm Lixin Certified Public Accountants (Special General Partnership) Payment (RMB: 10000) 324.90(Excluding tax) Years of audit services 3 Names of Certified Public Accountants Zhu Yuqin Gu Xin Years of services provided by Certified Public Accountants 3 Whether to re-appoint the accounting firms □ Yes √ No Description of hiring the internal control accounting firm financial adviser or sponsor √ Applicable □ Not Applicable Following the approval by the 40th meeting of the 9th Board of Directors and the 2024 Annual General Meeting of the Shareholders on the proposal regarding the appointment of the 2025 financial reporting and internal control audit firm the Company has engaged BDO China Shu Lun Pan Certified Public Accountants LLP as its internal control report auditor for the year 2025. The internal control audit fee paid by the Company in 2025 to Lixin Certified Public Accountants (Special General Partnership) for internal control audit services amounted to 949800 RMB (excluding tax).IX. Facing delisting after annual report disclosure □ Applicable √ Not Applicable X. Bankruptcy and restructuring □ Applicable √ Not Applicable 72Chongqing Changan Automobile Co. Ltd. 2025 Annual Report During the report period there is no bankruptcy or restructuring.XI. Crucial litigation and arbitration □ Applicable √ Not Applicable During the reporting period the company has no crucial litigation and arbitration.XII. Penalties and Rectification □ Applicable √ Not Applicable During the reporting period there’s no punishment and rectification.XIII. The integrity of company its controlling shareholder and actual controller □ Applicable √ Not Applicable XIV. Significant related-party transactions 1. Related-party transactions related to daily operations. For details please refer to Note 12 “Related Party Relationships and Transactions” under the Chapter 10. 2. Related-party transactions of acquisition or sales of assets or equity □ Applicable √ Not Applicable 3. Related-party transactions of common foreign investment □ Applicable √ Not Applicable 4. Related rights and debt relations √ Applicable □ Not Applicable For details please refer to Note 12 “Related Party Relationships and Transactions” under the Chapter 10.Whether there is any non-business related credits and debts □ Yes √ No There is no non-operating associated credits and debts during the reporting period. 5. Transactions with associated financial companies √ Applicable □ Not Applicable 73Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Deposit Daily Current period amount maximum Opening Total Deposit Total amount Closing Correlation deposit limit Deposit interest balance (in Related parties Amount for This withdrawn in this balance relationship (in ten rate range ten thousand Period (in Ten period (in 10000 (10000 RMB) thousand RMB) Thousand RMB) RMB) RMB) Financial Co. Controlled by Ltd. of the the same Ordnance ultimate 2000000 0.1%-3.5% 1997870 15063615 15063398 1998087 Equipment holding Group company.Controlled by Changan the same Automobile ultimate 2000000 1.7%-2.25% 1365000 1176000 1415000 1126000 Finance Co.holding Ltd.company.Loan Current period amount Opening Total Loan Total Repayment Closing Correlation Loan limit Loan interest balance (in Related parties Amount for This Amount for This balance relationship (10000 RMB) rate range ten thousand Period (in Ten Period (in 10000 (10000 RMB) RMB) Thousand RMB) RMB) Financial Co. Controlled by Ltd. of the the same Ordnance ultimate 100000 1%-2.8% 58200 2703 6103 54800 Equipment holding Group company.Credit granting or other financial services Total Amount (in 10000 Actual Amount (in Related parties Correlation Business Type RMB) 10000 RMB) Financial Co. Ltd. of Controlled by the same the Ordnance ultimate holding Credit approval 1700000 194131 Equipment Group company.Financial Co. Ltd. of Controlled by the same the Ordnance ultimate holding Discounting — 1194365 Equipment Group company. 6. Transactions between the financial company controlled by the company and related parties □ Applicable √ Not Applicable 7. Other Significant Related-Party Transactions √ Applicable □ Not Applicable Interim announcement of major related-party transactions on the website Interim announcement Interim announcement date Wsebsite Announcement on the Estimated Forecast of Daily Related Party Transactions for the Fiscal Year April 11 2025 CNINFO 2025 (http://www.cninfo.com.cn) Announcement on Capital Increase and Share December 13 2025 74Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Expansion of a Subsidiary via Public Listing and the Associated Transaction Announcement on Capital Increase and Share Expansion of a Wholly-Owned Subsidiary and December 13 2025 Related-Party Transaction Announcement on the Conditional Effectiveness of the Share Subscription Agreement Signed December 30 2025 between the Company and the Subscription Target and the Related Party Transaction XV. Major Contracts and Their Performance 1. Status of entrusted management contracting and leasing matters. (1) Custody Status □ Applicable √ Not Applicable During the reporting period the company had no entrustment arrangements. (2) Contracting Status □ Applicable √ Not Applicable The Company had no contracting arrangements during the reporting period. (3) Leasing Status √ Applicable □ Not Applicable Details regarding related party leases are provided in Note XII "Related Parties and Related Party Transactions" Item 5(2) of the financial statements.Projects whose profit or loss impact on the company exceeds 10% of the company's total profit for the reporting period.□ Applicable √ Not Applicable During the reporting period the Company had no lease projects that contributed to profit or loss exceeding 10% of the Company's total profit for the period. 2. Major Guarantees □ Applicable √ Not Applicable During the reporting period the Company had no significant guarantee arrangements. 3. Entrusting others with cash asset management (1) Entrusted Wealth Management Situation □ Applicable √ Not Applicable The company did not engage in entrusted wealth management during the reporting period. 75Chongqing Changan Automobile Co. Ltd. 2025 Annual Report (2) Entrusted Loan Situation □ Applicable √ Not Applicable The company had no entrusted loans during the reporting period. 4. Other Material Contracts □ Applicable √ Not Applicable During the reporting period the Company had no other material contracts.XVI. Utilization of Raised Funds √ Applicable □ Not Applicable 1. Overall utilization of raised funds √ Applicable □ Not Applicable Unit: 10000 RMB The The The The Total cumulati purpos amoun proporti Total amoun ve e and t of on of amount of t of Total proporti The destin raised Total raised raised raised amo Total on of total ation funds Net amount funds funds funds Fun Fundr Securi unt amount of the total amount of the that proceeds of raised utilized whose whose drais aising ties of raised amount of raised raised have from funds as of the purpose purpos ing metho Listin fund funds of raised funds funds been fundraisin utilized end of was e has Year d g Date s utilized to funds has not have idle g (1) in this the changed been raise date (2) whose yet been not for period. reporting during the cumul d purpose utilized. yet more period reporting atively has been been than (3) = (2) period. chang changed utilize two / (1). ed.. d. years.Depos ited in a Privat Octob 600 specia e 1605 2020 er 26 000. 598608.41 3566.27 607621.34 101.51% 0.00 26.82% 4116.63 l 0 place 45.86 2020 00 accou ment nt for raised funds. 600 Tota 1605 ----000.598608.413566.27607621.34101.51%0.0026.82%4116.63--0 l 45.86 00 Explanation of the Overall Utilization of Raised Funds 1. The Board of Directors of the Company believes that the Company has timely truthfully accurately and completely disclosed the deposit and actual usage of its raised funds in accordance with the relevant provisions of the "Guidelines for Standard Operation of Listed Companies on the Shenzhen Stock Exchange" and related format guidelines and there is no situation of non-compliance in the management of raised funds. The Company has fulfilled its disclosure obligations regarding the allocation and progress of raised funds in a truthful and accurate manner. 2. The net amount of raised funds after deducting other issuance expenses amounts to RMB 59860.841 million while the adjusted actual net raised funds amount to RMB 60392.976 million. In 2020 the Company utilized raised funds amounting to RMB 3252.0793 million; in 2021 RMB 747.2198 76Chongqing Changan Automobile Co. Ltd. 2025 Annual Report million; in 2022 RMB 693.3016 million; and in 2023 RMB 1278.6662 million. In 2024 RMB 69.2838 million of raised funds were utilized. In 2025 RMB 35.6627 million of raised funds were utilized. As of December 31 2025 the Company has cumulatively utilized raised funds amounting to RMB 60762.134 million. 3. During the reporting period the fundraising investment projects "H Series Phase V and NE1 Series Phase I Engine Production Capacity Construction Project" and "New Generation Energy-Saving Product Transformation and Upgrading Project" met the conditions for project completion and the Company has concluded these projects. Meanwhile to enhance the efficiency of fund utilization the company has allocated the surplus raised funds amounting to 5.6864 million RMB (including interest income etc.) to permanently supplement working capital thereby supporting the development of the company's main business. In accordance with relevant regulations including the "Shenzhen Stock Exchange Listed Company Self-Regulatory Guidelines No. 1—Standardized Operations of Main Board Listed Companies (2025 Revision)" if the remaining funds (including interest income) from a single or all funded investment projects are less than RMB 5 million or less than 1% of the net amount of raised funds after the completion of such projects the company may use the remaining raised funds to permanently supplement working capital without being subject to the relevant deliberation procedures. 2. Status of Committed Projects for Fundraising √ Applicable □ Not Applicable Unit: 10000 RMB Has The Has the date there proje when been Investme ct the Have a nt Finan Committed been Total Amount Cumulative project The Accumulated the signif progress cing investment projects modi Committed Adjusted invested investment reaches benefits benefits expecte icant Securities as of the Proje and the allocation Project fied Investment total during amount as the realized realized as of d chan Listing end of ct of funds raised in Nature (incluAmount of investment the of the end predete during this the end of the benefit ge in Date the Nam excess of the ding Raised (1) reporting of the rmined reporting reporting s been the period e planned amount. partiaFunds period. period (2) state of period. period. achieveproje (3)=(2) l readine d ct /(1) modi ss for feasi ficati intende bility ons) d use. Committed investment projects H-Series Phase V and NE1-Series Production Phase I Engine and Production Yes. 141568.38 103313.68 - 103922.78 100.59% Yes. 236471.50 1141385.75 Yes. No.constructio Capacity n Construction Project Issua Upgrade Project Not nce for Collision R&D Not Not Yes. 11505.75 8251.85 - 8342.63 101.10% Yes. applica No.of Testing Laboratory project applicable. applicable.ble.share Capabilities s to October Production CD569 Production speci 26 2020 and Line Construction Yes. 15576.22 9418.59 - 9616.70 102.10% Yes. 20497.58 102432.77 Yes. No.fic constructio Project objec n ts in Hefei Changan Production 2020 Automobile Co. and Ltd. Adjustment Yes. 249958.06 142399.78 3566.27 142980.10 100.41% Yes. 16959.3 174788.78 No. No.constructio and Upgrade n Project Not Not Supplement Supplemen Not Not No. 180000.00 180000.00 - 180000.00 100.00% applica applica No.working capital tary flow applicable. applicable.ble. ble.Project for the R&D No. - 160545.86 - 162759.13 101.38% Yes. Not Not Not No. 77Chongqing Changan Automobile Co. Ltd. 2025 Annual Report transformation and project applicable. applicable. applica upgrading of new- ble.generation energy- saving products.Subtotal of committed investment projects -- 598608.41 603929.76 3566.27 607621.34 -- -- -- -- -- -- Provide a breakdown by project detailing the status and reasons for any delays in planned progress and projected returns The adjustment and upgrade project of Hefei Changan Automobile Co. Ltd. has not been achieved. The reasons for the projected earnings including the are as follows: In 2025 the penetration rate of new energy vehicles continues to rise while sales of traditional fuel-powered passenger cars rationale for decline intensifying industry competition.selecting "Not Applicable" regarding whether projected benefits were achieved.Explanation of Significant Changes in This situation did not occur during the reporting period.Project Feasibility The amount purpose and progress of the Not applicable.utilization of the over-raised funds.There exist circumstances of unauthorized changes to the use of raised This situation did not occur during the reporting period.funds and irregular occupation of raised funds.Changes in the Implementation Locations of This situation did not occur during the reporting period.Fundraising Investment Projects Adjustments to the Implementation Mode of This situation did not occur during the reporting period.Fundraising Investment Projects Status of On November 18 2020 the Ninth Meeting of the Eighth Board of Directors of the Company approved the "Proposal on Using Raised Funds Preliminary to Replace Prior Self-Funded Investments" authorizing the replacement of self-raised funds totaling RMB 1378818553.05 which were 78Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Investment and initially invested in the raised fund projects with the raised funds. The situation regarding the replacement of raised funds has been verified Subsequent by the special report No. 60662431_D05 issued by Ernst & Young Hua Ming LLP (Special General Partnership).Replacement in Fundraising Investment Projects Situation regarding the temporary use of This situation did not occur during the reporting period.idle raised funds to supplement working capital.The actual capital expenditure for the company's four originally planned fundraising projects—the Phase V H-series and Phase I NE1- series engine production capacity construction the collision laboratory capability upgrade the CD569 production line construction and the Hefei Changan Automobile Co. Ltd. adjustment and upgrade project—exhibits partial savings compared to the initial planning primarily due to the company's adoption of domestic substitution for imported equipment during project implementation which reduced actual investment costs; concurrently to continuously enhance operational quality the company optimized project schemes throughout the construction phase and implemented lean investment process management thereby achieving effective control over investment scale and pace. In accordance with the company's long-term strategic planning and current development requirements and following a comprehensive The amount of assessment by the company to further enhance the efficiency of the use of raised funds the company has adjusted the investment scale of surplus raised the original raised fund investment projects and allocated the surplus funds amounting to 1605458600 RMB to the company's new funds in project generation energy-saving product transformation and upgrading project.implementation During the reporting period the fundraising investment projects "H Series Phase V and NE1 Series Phase I Engine Production Capacity and the reasons Construction Project" and "New Generation Energy-Saving Product Transformation and Upgrading Project" met the conditions for project therefor.completion and the Company has formally concluded these projects. Meanwhile to enhance the efficiency of fund utilization the Company will permanently allocate the surplus raised funds amounting to 5.6864 million RMB (including interest income etc.) to working capital to support the development of its main business. In accordance with relevant regulations including the "Shenzhen Stock Exchange Listed Company Self-Regulatory Guidelines No. 1 — Standardized Operations of Main Board Listed Companies (2025 Revision)" if the surplus of raised funds (including interest income) remaining after the completion of a single or all raised fund investment projects is less than RMB 5 million or less than 1% of the net amount of the raised funds for the project the relevant deliberation procedures may be exempted when such surplus funds are permanently used to supplement working capital.Purpose and The surplus raised funds amounting to 5.6864 million RMB (including interest income etc.) have been transferred to the company's basic destination of account (3100022409022101134) to permanently supplement working capital for supporting the development of the company's main unutilized raised business; as of December 31 2025 there are no remaining unused raised funds.funds.Issues or other circumstances regarding the use This situation did not occur during the reporting period.and disclosure of raised funds. 3. Changes in the Use of Raised Funds √ Applicable □ Not Applicable Unit: 10000 RMB Total The date Has the amount of Actual Investme when the feasibil raised amount Actual nt project The ity of Have the funds investe cumulative progress reaches benefits the expected proposed d investment as of the the realized project Financing Fundraisin The modified The corresponding original benefits for during amount as end of predeter during underg Project Name g method project commitment project. been investment the of the end the mined this one achieved in the reporti of the period state of reporting signific project ng period (2) (3) = (2) readiness period. ant after the period / (1) for change change (1) intended s 79Chongqing Changan Automobile Co. Ltd. 2025 Annual Report use. followi ng the modific ations 1. H-Series Phase V and NE1- Series Phase I Engine Production Capacity Project for the Construction Project transformation Issuance of 2. Upgrade Project for and upgrading Not Not shares to Private Collision Testing Laboratory of new- 160545.86 - 162759.13 101.38% 2024 applicabl applicabl No.specific objects placement Capabilities generation e e in 2020 3. CD569 Production Line energy-saving Construction Project products. 4. Adjustment and Upgrade Project of Hefei Changan Automobile Co. Ltd.Total -- -- -- 160545.86 - 162759.13 101.38% -- -- -- -- 1. Reasons for Change: The company's originally planned projects including the H-series Phase V and NE1- series Phase I engine production capacity construction projects the collision laboratory capability upgrade construction project the CD569 production line construction project and the Changan Automobile Hefei Co.Ltd. adjustment and upgrade project etc. The actual capital expenditure for the four fundraising projects is partially lower than the initial plan primarily due to the company's adoption of domestic substitution for imported equipment during project implementation which reduced actual investment amounts; concurrently to continuously enhance operational quality the company optimized project schemes throughout the construction phase and implemented lean investment process management thereby achieving effective control Explanation of Reasons for Changes over investment scale and pacing. In accordance with the company's long-term strategic planning and current Decision-Making Procedures and development requirements and following a comprehensive assessment by the company to further enhance the Information Disclosure (Categorized by efficiency of the use of raised funds the company has adjusted the investment scale of the original raised fund Specific Projects) investment projects and allocated the surplus funds of 1605458600.00 RMB to the company's new generation energy-saving product transformation and upgrading project. 2. Decision-making procedure: The Company convened the 38th meeting of the 8th Board of Directors on April 26 2022 and the 2021 Annual General Meeting of Shareholders on June 15 2022 at which the proposal entitled "Regarding the Adjustment and Change of the Use of Part of the Raised Funds" was deliberated and approved. 3. Information Disclosure: Please refer to the "Announcement on Adjusting and Changing the Use of Part of the Raised Funds" on the CNINFO website (Announcement No. 2022-23).Circumstances and reasons for failing to meet planned progress or projected returns Not applicable.(categorized by specific projects).Explanation of Significant Changes in Project Feasibility Following Project Not applicable.Modifications 4. Intermediary's Verification Opinion on the Storage and Utilization of Raised Funds √ Applicable □ Not Applicable XVII. Explanations Regarding Other Significant Matters √ Applicable □ Not Applicable With the approval of the State Council China Ordnance Equipment Group Co. Ltd. has implemented a survival split wherein its automotive business has been separated into the newly established China Changan Automobile Group Co. Ltd.; pursuant to the "Separation Agreement of China Ordnance Equipment Group Co. Ltd." the 14.23% equity stake in Changan Automobile and 100% equity interest in Chenzhi Automotive Technology Group Co. Ltd. held by China Ordnance Equipment Group Co. Ltd. prior to the 80Chongqing Changan Automobile Co. Ltd. 2025 Annual Report split have been transferred to China Changan Automobile Group Co. Ltd. Upon completion of the separation Changan Automobile Group Co. Ltd. directly and indirectly holds a total of 35.04% of Changan Automobile's shares thereby becoming its indirect controlling shareholder. For specific details please refer to the "Announcement on the Progress of the Restructuring of China Ordnance Equipment Group Co. Ltd. and the Change of the Company's Controlling Shareholder" (Announcement No. 2025-42) and the "Announcement on the Completion of Industrial and Commercial Registration Changes for the Controlling Shareholder's Equity and the Change of the Indirect Controlling Shareholder" (Announcement No. 2025-73) which were disclosed by the Company on July 29 2025 and November 28 2025 on the CNINFO website (www.cninfo.com.cn). XVIII. Material Matters Concerning Subsidiaries of the Company □ Applicable √ Not Applicable 81Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Chapter 6 Share Changes and Shareholder Information I. Changes in Share Capital 1. Changes in shareholding structure Unit: Shares Prior to this change Net increase or decrease in this change (+ -) Following this change Conversion of Stock Issuing new provident Quantity Ratio divide Others Subtotal Quantity Ratio shares fund into nd shares I. Shares with Restricted 531592550.54%-47895383-4789538352638720.05% Conditions 1. State-owned legal entity shareholding 2. Other domestic 529689310.54%-47705059-4770505952638720.05% shareholdings Among them: shares held by domestic legal entities.Shareholding by 529689310.54%-47705059-4770505952638720.05% domestic natural persons 3. Foreign equity 1903240.00%-190324-19032400.00% holdings Among them: shareholding by foreign legal entities.Shareholding by natural persons from 190324 0.00% -190324 -190324 0 0.00% outside the territory.II. Shares with No Lock-up 986092680599.46%4789538347895383990882218899.95% Restrictions 1. RMB ordinary shares 8219312028 82.90% 47895383 47895383 8267207411 83.39% 2. Foreign shares listed 164161477716.56%164161477716.56% domestically III. Total Number of Shares 9914086060 100.00% 0 0 9914086060 100.00% Reasons for changes in shareholding √ Applicable □ Not Applicable (1) Listing and circulation of restricted stock incentive plan shares in A-shares upon release of lock-up restrictions. On March 5 2025 the company's restricted shares subject to unlocking were listed for trading with a total volume of 41323353 shares; for further details please refer to the "Announcement on the Listing and Trading of Restricted Shares Unlocked During the Third Unlocking Period of the Initial Grant of the A-Share Restricted Stock Incentive Plan." On December 31 2025 the company's restricted shares became eligible for transfer with a total quantity of 8461728 shares; for further details please refer to the "Notice on the Listing and Circulation of Shares under the A-Share Restricted Stock Incentive Plan." The incentive recipients whose lock-up restrictions have been lifted as mentioned above include certain directors and senior management personnel of the Company and the shares they have received shall be subject to lock-up in accordance with relevant laws and regulations. (2) Other causes of changes The other changes in the company's restricted shares with trading restrictions were caused by fluctuations in the locked-in shares held by senior executives.Approval status of share changes 82Chongqing Changan Automobile Co. Ltd. 2025 Annual Report √ Applicable □ Not Applicable The listing and circulation of restricted shares under the A-share restricted stock incentive plan were approved at the 38th meeting of the 9th Board of Directors and the 11th meeting of the 9th Supervisory Board of the Company on February 21 2025.Transfer records of share changes.√ Applicable □ Not Applicable For details please refer to Section 6 Subsection I Item 1 "Reasons for Changes in Share Capital." The impact of changes in share capital on financial indicators such as basic and diluted earnings per share for the most recent year and the most recent reporting period as well as net assets per share attributable to ordinary shareholders of the company.√ Applicable □ Not Applicable The changes in share capital have no material impact on financial indicators such as basic and diluted earnings per share for the most recent year and the most recent period as well as net assets per share attributable to ordinary shareholders of the company.Other matters deemed necessary by the Company or required to be disclosed by securities regulatory authorities.□ Applicable √ Not Applicable 2. Changes in Restricted Shares √ Applicable □ Not Applicable Unit: Shares Number of shares Number of with sales Number of restricted Increase during Name of restriction restricted shares at Reasons for Date of removal of sales shares at the the reporting shareholders removed during the end of the restrictions restriction beginning of period the reporting period the period period 1. On March 5 2025 41323353 listed shares became tradable; A-share 50965593 0 49785081 1180512 Equity incentive 2. On December 31 2025 restricted stock 8461728 shares shall be released from lock-up restrictions.Lock-up shares held by directors senior executives Unlock the restrictions in Other 2193662 1930719 41021 4083360 and former senior accordance with the relevant shareholders executives regulations.excluding restricted stock.Total 53159255 1930719 49826102 5263872 -- -- II. Issuing and listing of securities 1. Securities issuance (excluding preference shares) during the reporting period □ Applicable √ Not Applicable 83Chongqing Changan Automobile Co. Ltd. 2025 Annual Report 2. Changes in the company’s total shares and shareholding structure and changes in the company's asset and liability structure √ Applicable □ Not Applicable During the reporting period details regarding changes in the total number of the Company's ordinary shares and the shareholder structure are provided in Section VI Part I Item 1 "Reasons for Changes in Share Capital." The total assets at the beginning of the reporting period amounted to RMB X total liabilities were RMB X and the asset-liability ratio was X%; at the end of the reporting period total assets reached RMB X total liabilities were RMB X and the asset-liability ratio stood at X%. 3. Existing employee shares □ Applicable √ Not Applicable III. Shareholders and Actual Controllers 1. Number of shareholders and shareholding Unit: Shares Number of shareholders Number of shareholders Number of ordinary holding preference holding preference shares shareholders at the At the end of the report period the shares with with restored voting 608316 month-end prior to the 607317 0 0 total number of shareholders restored voting rights at the month-end disclosure date of this rights at the end of prior to the disclosure Report the reporting date of this Report period Shareholding situation of shareholders holding more than 5% of shares or the top 10 shareholders (excluding shares lent out through the securities lending and borrowing mechanism).Increase/ Condition of Number of Number of Number of shares held as decrease shares (pledged Percenta shares held shares held Name Nature of the end of labeled or frozen) during the ge the reporting with sales without sales Reporting Share period restrictions restrictions Amount status Period Chenzhi Automotive Technology State-owned 17.99%178309014301783090143 Group Co. Ltd. legal person China Changan Automobile Group State-owned 14.23%141074715514107471551410747155 Co. Ltd. legal person Southern Industry Asset State-owned 4.60%4562532570456253257 Management Co. Ltd. legal person China Securities Finance Co. Ltd. Domestic Not general legal 4.30% 426362905 0 426362905 pledged person labeled or United Prosperity Investment Co. Foreign legal 2.85% 282874877 2376045 282874877 frozen Ltd. person Hong Kong Securities Clearing Foreign legal 1.00%98795958-2047587698795958 Co. Ltd. person Industrial and Commercial Bank of Funds wealth China Limited – Huatai-PineBridge management 0.83%82008626-366031882008626 CSI 300 Exchange-Traded Open- products and Ended Index Fund similar 84Chongqing Changan Automobile Co. Ltd. 2025 Annual Report financial instruments.China Construction Bank Co. Ltd. Funds wealth – E Fund CSI 300 Exchange- management Traded Open-Ended Index Fund products and 0.59%58482817-64178858482817 (Initiated) similar financial instruments.China Reform Investment Holdings State-owned 0.48%473906004739060047390600 Limited legal person Industrial and Commercial Bank of Funds wealth China Limited – Huaxia CSI 300 management Exchange-Traded Open-Ended products and 0.45%44621226531593444621226 Index Fund similar financial instruments.Among the top ten shareholders China Changan Automobile Group Co. Ltd. the indirect controlling shareholder its wholly-owned subsidiary Chenzhi Automotive Technology Group Explanation of the aforementioned shareholder Co. Ltd. and Chenzhi Automotive Technology Group Co. Ltd.'s wholly-owned subsidiary relationships or concerted actions.Zhonghui Futong Investment Co. Ltd. constitute acting-in-concert parties as stipulated in the "Administrative Measures for the Acquisition of Listed Companies." Explanation regarding the aforementioned shareholders' involvement in entrusted or entrusted None voting rights and the waiver of voting rights.The top ten with no lock-up conditions. Shareholding status of shareholders (excluding shares lent via securities lending and refinancing and shares locked for senior executives) Number of unrestricted shares held Types of shares Shareholder Name at the end of the reporting period. Types of shares Quantity Chenzhi Automotive Technology Group Co. Ltd. 1783090143 RMB ordinary shares 1783090143 Changan Automobile Group Co. Ltd. (China) 1410747155 RMB ordinary shares 1410747155 Southern Industry Asset Management Co. Ltd. 456253257 RMB ordinary shares 456253257 China Securities Finance Co. Ltd. 426362905 RMB ordinary shares 426362905 United Prosperity Investment Co. Ltd. Domestic-listed foreign 282874877282874877 shares Hong Kong Securities Clearing Co. Ltd. 98795958 RMB ordinary shares 98795958 Industrial and Commercial Bank of China Limited – Huatai-PineBridge CSI 300 Exchange-Traded 82008626 RMB ordinary shares 82008626 Open-Ended Index Fund China Construction Bank Co. Ltd. – E Fund CSI 300 Exchange-Traded Open-Ended Index Fund 58482817 RMB ordinary shares 58482817 (Initiated) China Reform Investment Holdings Limited 47390600 RMB ordinary shares 47390600 Industrial and Commercial Bank of China Limited – Huaxia CSI 300 Exchange-Traded Open-Ended 44621226 RMB ordinary shares 44621226 Index Fund Explanation of the relationships or concerted Among the top ten shareholders China Changan Automobile Group Co. Ltd. the indirect actions among the top ten shareholders with controlling shareholder its wholly-owned subsidiary Chenzhi Automotive Technology Group unrestricted tradable shares as well as between the Co. Ltd. and Chenzhi Automotive Technology Group Co. Ltd.'s wholly-owned subsidiary top ten shareholders with unrestricted tradable Zhonghui Futong Investment Co. Ltd. constitute acting-in-concert parties as stipulated in the shares and the top ten shareholders. "Administrative Measures for the Acquisition of Listed Companies." Description of the Participation of the Top Ten Ordinary Shareholders in Margin Trading and Short None Selling Business (If Applicable) Status of shares lent by shareholders holding more than 5% the top 10 shareholders and the top 10 shareholders of tradable non- restricted shares participating in the securities lending business via the securities financing transaction platform.□ Applicable √ Not Applicable 85Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Changes in the top ten shareholders and the top ten shareholders of tradable shares without lock-up restrictions occurred due to securities lending and borrowing activities under the securities financing and lending mechanism.□ Applicable √ Not Applicable The top ten ordinary shareholders and the top ten shareholders with unrestricted tradable shares of the company. Did common shareholders engage in agreed repurchase transactions during the reporting period □ Yes √ No During the reporting period the top ten ordinary shareholders and the top ten ordinary shareholders with unrestricted tradable shares did not engage in agreed repurchase transactions. 2. Information on the controlling shareholder of the company Nature of Controlling Shareholder: Central State-owned Holding Type of Controlling Shareholder: Legal Entity Legal Representativ Name of the Controlling Date of e/Person in Organization Code Core business operations Shareholder Establishment Charge of the Unit Design development manufacturing and sales of automobiles motorcycles automotive and motorcycle engines and automotive and motorcycle parts; sales of optical products electronic and optoelectronic products night vision Chenzhi Automotive equipment and information and Technology Group Co. Ltd.Chen Wei December 26 2005 911100007109339484 communication devices; technology (formerly China Changan development technology transfer Automotive Group Co. Ltd.) technical consulting and technical services related to the aforementioned businesses; import and export operations; asset acquisition and asset restructuring consulting; operation of telecommunications services; bookkeeping agency services.Equity holdings in other domestic and foreign listed companies held by the As of the end of the reporting period the listed companies under control include: Harbin Dongan controlling shareholder during Automotive Power Co. Ltd. (Stock Code: 600178); Hunan Tianyan Machinery Co. Ltd. (Stock Code: the reporting period including 600698); and Chongqing Changan Minsheng Logistics Co. Ltd. (Stock Code: 01292).both controlling and equity investments.Change in the controlling shareholder during the reporting period.□ Applicable √ Not Applicable During the reporting period there was no change in the controlling shareholder of the company. 3. The actual controller and its parties acting in concert Nature of the actual controller: Central state-owned asset management authority.Type of Actual Controller: Legal Person Name of the Actual Controller Legal Representative/Person Date of Organization Code Core business 86Chongqing Changan Automobile Co. Ltd. 2025 Annual Report in Charge of the Unit Establishment operations State-owned Assets Supervision and Administration Commission of the Zhang Yuzhuo / / / State Council Details regarding the equity holdings in other domestic and foreign listed companies controlled by the actual / controller during the reporting period.Change in the actual controller during the reporting period.□ Applicable √ Not Applicable The actual controller of the Company has not changed during the reporting period.Block diagram illustrating the property rights and control relationship between the company and its actual controller.The actual controller controls the company through trusts or other asset management arrangements.□ Applicable √ Not Applicable 4. Pledged shares held by controlling shareholder or the largest shareholder and its parties acting in concert account for 80% of the shares.□ Applicable √ Not Applicable 5. Other corporate shareholders holding over 10% shares. □ Applicable √ Not Applicable 6. Shareholding restriction and reduction of controlling shareholder actual controller restructuring party and other commitment entities □ Applicable √ Not Applicable 87Chongqing Changan Automobile Co. Ltd. 2025 Annual Report IV. Share repurchase during the reporting period Progress on the implementation of share repurchase □ Applicable √ Not Applicable Implementation progress regarding the reduction of repurchased shares through centralized bidding trading.□ Applicable √ Not Applicable V. Relevant Information on Preferred Shares □ Applicable √ Not Applicable During the reporting period the Company had no outstanding preferred shares. 88Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Chapter 7 Bonds √ Applicable □ Not Applicable I. Enterprise Bonds □ Applicable √ Not Applicable During the reporting period the company had no outstanding corporate bonds.II. Corporate Bonds √ Applicable □ Not Applicable 1. Basic Information on Corporate Bonds Unit: 10000 RMB Bond Principal and Tradi Release Value Maturity Bond Interes Bond Name Short Bond Code interest repayment ng date date date balance t rate Name method venue Simple interest is calculated annually Chongqing without Changan compounding.Automobile Co.Interest is paid Ltd. publicly Shenz annually the issued science and 22 Decemb Decemb Decemb hen principal is repaid in technology Changa 148147.SZ er 19 er 20 er 20 100000 3.00% Stock a lump sum at innovation n K1 2022 2022 2027 Excha maturity and the corporate bonds to nge final interest professional payment is made investors in 2022 concurrently with ( Phase I ) the principal repayment.The issuance target for this bond is professional institutional investors who have opened A-share securities accounts at the Shenzhen Branch of China Securities Investor suitability arrangements (if any) Depository and Clearing Limited Company except for those prohibited by laws and regulations from purchasing.Applicable trading mechanisms Auction trading and block trading Is there a risk of delisting (if applicable) and what are the corresponding mitigation Does not exist.measures Overdue bonds that remain unpaid.□ Applicable √ Not Applicable 89Chongqing Changan Automobile Co. Ltd. 2025 Annual Report 2. The Trigger and Execution of the Option Clause of the Issuers or Investors and the Investor Protection Clause □ Applicable √ Not Applicable 3. Intermediary Signature Contact person of Bond Intermediary Office address Contact number accountant intermediary 22nd Floor CITIC Lead underwriter Securities and bond trustee: Building No. 48 Jiang Haotian 010-60837490 CITIC Securities Liangmaqiao Jiang Jiarong Co. Ltd. Road Chaoyang District Beijing.Joint Lead Rooms 27 and 28 Underwriter: Tower 2 China China World Trade Qi Qin Yan Runan International Center No. 1 010-65051166 Li Cong Capital Jianguomenwai Corporation Avenue Chaoyang Chongqing Limited District Beijing.Changan Floors 8-10 Automobile Co.Building A Ltd. 2022 Public Law Firm: Zhong Rongchao Offering of Lun Law Firm Business Center Hu Yan Qiao Xu Zhigang 0755-33256902 Technology Beijing No. 6003 Yitian Chun RMB Yong Innovation Road Futian Corporate Bonds District Shenzhen.for Professional Accounting Firm: 17th Floor Ernst Investors (Tranche Ernst & Young & Young Tower 1) Hua Ming Oriental Plaza No.Qiao Chun RMB Certified Public 1 East Changan 023-62736177 Yong Accountants Avenue (Special General Dongcheng Partnership) District Beijing. 17th Floor PICC Property and Rating Agency: Casualty Company China Lianhe Sun Changzheng Building No. 2 010-85679696 Credit Rating Co. Li Jingyun Jianguomenwai Ltd.Avenue Chaoyang District Beijing Have the aforementioned institutions undergone any changes during the reporting period □ Yes √ No 4. List of the Usage of the Raised Funds Unit: 10000 RMB Total Actual use of Operation Rectificatio Is it Agreed Actual Unuse Bond amount raised funds status of n of illegal consistent Bond purpose of Used use of d abbreviatio of (classified by the special use of with the code raised amount funds amoun n raised purpose account raised funds purpose funds for each t funds excluding for (if any) usage 90Chongqing Changan Automobile Co. Ltd. 2025 Annual Report temporary categor fundraisin plan and replenishment y g (if any) other ) agreement s promised in the prospectus The Exchange relevant fundraisin the relevant Exchange the g special funds relevant funds accounts previously There is no 22 previously are being 148147.S 10000 10000 invested in illegal use Changan 100000 0.00 used correct Z 0 invested in 0 Avatr of raised K1 normally Avatr Technology funds in (Chongqing) Technology accordanc Co. Ltd (Chongqing e with ) Co. Ltd regulation s The raised funds were used for project construction □ Applicable √ Not Applicable The Company changed the usage of above funds raised from bonds during the Reporting Period.□ Applicable √ Not Applicable 5. Adjustments to credit rating results during the reporting period □ Applicable √ Not Applicable 6. Execution and Changes of Guarantee Repayment Plan and Other Repayment Guarantee Measures as well as Influence on Equity of Bond Investors during the Reporting Period □ Applicable √ Not Applicable III. Debt Financing Instruments of Non-Financial Enterprises □ Applicable √ Not Applicable No such cases in the Reporting Period.IV. Convertible Corporate Bonds □ Applicable √ Not Applicable During the reporting period the Company had no outstanding convertible corporate bonds.V. Losses of Scope of Consolidated Financial Statements during the Reporting Period Exceeding 10% of Net Assets up the Period-end of Last Year □ Applicable √ Not Applicable 91Chongqing Changan Automobile Co. Ltd. 2025 Annual Report VI. Status of Overdue Interest-Bearing Debt Other Than Bonds as of the End of the Reporting Period □ Applicable √ Not Applicable VII. Whether there was any Violation of Rules and Regulations during the Reporting Period □ Yes √ No VIII. The Major Accounting Data and the Financial Indicators of the Recent 2 Years of the Company up the Period-end Unit: 10000 RMB Items 31 December 2025 31 December 2024 Increase/decrease Current ratio 1.21 1.20 0.83% Debt-to-Asset Ratio 59.61% 62.01% -2.40% Quick Ratio 1 1.05 -4.76% 31 December 2025 31 December 2024 Increase/decrease Net profit attributable to shareholders of the parent company 279502.53258727.178.03% after deducting non-recurring gains and losses.EBITDA-to-total-debt ratio 8.41% 9.75% -1.34% Interest Coverage Ratio 13.17 49.25 -73.26% Cash Interest Coverage Ratio 16.61 41.01 -59.50% EBITDA interest coverage ratio 92.11 106.45 -13.47% Loan repayment rate 100% 100% 0.00% Interest Coverage Ratio 100% 100% 0.00% 92Chongqing Changan Automobile Co. Ltd. 2025 Annual Report Chapter 8 Financial Report Types of audit opinions Standard unqualified opinion Date of Signature of the Audit Report April 9 2026 Name of the Audit Firm Lixin Certified Public Accountants (Special General Partnership) Audit Report Reference Number Letter No. ZG10913 [2026] of the Xinhui Conference Report.Name of the Certified Public Accountant Zhu Yuqin Gu Xin 930Chongqing Changan Automobile Company Limited Audit Report and Financial Statements 2025 Xin Kuai Shi Bao Zi [2026]No. ZG10689 1Chongqing 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 5-6 Statement 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 1-207 0Audit 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 Changan Automobile may of 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 events or conditions may cause Changan Automobile to no longer be able to continue as a going concern.Audit Report page6(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 Assets Closing Balance XVIII of 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 Assets Closing Balance XVIII of the Previous Year Total Non-current Assets 61934638236.60 58058756193.42 142395624237.8 Total Assets 149408342416.49 8 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 Liabilities and Owners' Equity Closing Balance XVIII of 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 Liabilities and Owners' Equity Closing Balance XVIII of 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) Amount for the Amount for the Items Notes V 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 -1868092.181193152.92 under 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 1857177.13-5806125.95 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 -136863192.56-97486514.44 Statements 7．Others Net Amount of Other Comprehensive Income after Tax Attributable to Minority -17747050.301136834.10 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： Financial Statements Page9Amount for the Amount for the Items Notes V Current Period Previous Period (I)Basic Earnings per Share (Yuan per Share) (LXIV) 0.41 0.74 (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 from Associates 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 351832.94161011.66 under 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) Notes Amount for the Current Amount for the Items V 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 792180369.761575204509.73 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 4678988656.084868110296.05 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 3062000000.001610958613.68 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 Financial Statements Page13Notes Amount for the Current Amount for the Items V Period Previous Period Net Cash Flow from Financing Activities -194118348.00 -1391397942.45 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 291110528.41790788347.59 other 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 3129554242.203576390245.19 assets 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 3476673505.583444300329.83 interest 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 Financial Statements Page15Amount for the Current Amount for the Previous Items Notes Period Period VI. Ending balance of cash and cash equivalents 22291778931.83 34681359143.17 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 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 20066621.4320066621.4320066621.43 Payments 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.Financial Statements Page17Person in charge of the company： Person in charge of the accounting work： Head of the accounting department： Financial Statements Page18Chongqing 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 Page19Person in charge of the company： Person in charge of the accounting work： Head of the accounting department： Financial Statements Page20Chongqing 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 - -165865833.40-3843004.5320561677.111389371878.26168895963.77 indicated by a “-” sign) 1403060420.47 (1) Total Comprehensive Income -3843004.53 4807448035.38 4803605030.85 - (2) Capital Contributed by and Reduced by Owners -165865833.40 -1237194587.07 1403060420.47 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 -165865833.40 -1257261208.50 1423127041.90 (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 Financial Statements Page21Amount 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 - 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 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 Page22Chongqing 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 Page23Person in charge of the company： Person in charge of the accounting work： Head of the accounting department： Financial Statements Page24重庆长安汽车股份有限公司（合并） 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 Page1重庆长安汽车股份有限公司（合并） 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 adjusted.Business Combinations under the Same Control: The assets and liabilities (including the Notes to the Financial Statements Page2重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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 Notes to the Financial Statements Page3重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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.Notes to the Financial Statements Page4重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 （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 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 Notes to the Financial Statements Page5重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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.(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 Notes to the Financial Statements Page6重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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.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 Notes to the Financial Statements Page7重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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.Notes to the Financial Statements Page8重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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 Notes to the Financial Statements Page9重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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; － 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.Notes to the Financial Statements Page10重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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)).Notes to the Financial Statements Page11重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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. 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 Notes to the Financial Statements Page12重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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.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 Notes to the Financial Statements Page13重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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.Notes to the Financial Statements Page14重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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 Notes to the Financial Statements Page15重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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 Notes to the Financial Statements Page16重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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 Notes to the Financial Statements Page17重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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.Notes to the Financial Statements Page18重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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 Notes to the Financial Statements Page19重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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 Notes to the Financial Statements Page20重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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.Notes to the Financial Statements Page21重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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: Estimated residual Category Service life Annual depreciation rate value 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% 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 Notes to the Financial Statements Page22重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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 Notes to the Financial Statements Page23重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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 Notes to the Financial Statements Page24重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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 Notes to the Financial Statements Page25重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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 Notes to the Financial Statements Page26重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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 Notes to the Financial Statements Page27重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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 Notes to the Financial Statements Page28重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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 Notes to the Financial Statements Page29重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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 Notes to the Financial Statements Page30重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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 Notes to the Financial Statements Page31重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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 Notes to the Financial Statements Page32重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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.Notes to the Financial Statements Page33重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 * 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 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 Notes to the Financial Statements Page34重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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 Notes to the Financial Statements Page35重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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 Notes to the Financial Statements Page36重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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.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 Notes to the Financial Statements Page37重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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: * 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 Notes to the Financial Statements Page38重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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 Notes to the Financial Statements Page39重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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 Notes to the Financial Statements Page40重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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 Notes to the Financial Statements Page41重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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." Notes to the Financial Statements Page42重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 （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 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 Investment income under the equity method accounting for over 10% of Significant joint ventures and associates the Company’s consolidated net profit Single write-off amount exceeding 5% of the total bad debt provision Significant write-offs of receivables for receivables 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 Single amount exceeding 5% of total prepayments or exceeding RMB 15 Significant prepayments aged over 1 year million 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 Notes to the Financial Statements Page43重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 adjusts the accounting policy change. The main impact of adopting this interpretation from 2024 is as follows: Content and Affected financial Consolidated Parent Company reason for statement items accounting policy 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 rate Tax type Tax basis （%） 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 Notes to the Financial Statements Page44重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 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 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 Page45重庆长安汽车股份有限公司（合并） 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 Balance at the end of last Items Closing balance 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 Page46重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 Notes to the Financial Statements Page47重庆长安汽车股份有限公司（合并） 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 Page48重庆长安汽车股份有限公司（合并） 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 Page49重庆长安汽车股份有限公司（合并） 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 Page50重庆长安汽车股份有限公司（合并） 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 Page51重庆长安汽车股份有限公司（合并） 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: Notes to the Financial Statements Page52重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 Name of Entity Nature of Write-off Reason for Write- Write-off Whether the Accounts Amount off Procedures Amount 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 Notes to the Financial Statements Page53重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 Item Ending balance Beginning balance Other receivables 882272960.21 2386898598.92 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 Page54重庆长安汽车股份有限公司（合并） 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 Page55重庆长安汽车股份有限公司（合并） 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 74225094.04162443.970.22 (inclusive) 2–3 years 7617463.19172279.692.26 (inclusive) 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 credit- loss (credit- loss impaired) impaired) Beginning balance 1110755.69 7376768.78 8487524.47 -Transfers to Stage2 -Transfers to Stage3 -Return to Stage2 -Return to Stage1 3223987.6860864.533284852.21 Provision 640464.11177891.60818355.71 Recoveries or reversals Write-offs Other changes 3694279.267259741.7110954020.97 Ending balance （4）Changes in bad debt provision during the period Notes to the Financial Statements Page56重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 Changes during the period Beginning Ending Category Recoveries Write- Other balance Provision balance or reversals offs 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 Page57重庆长安汽车股份有限公司（合并） 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 Page58重庆长安汽车股份有限公司（合并） 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 Page59重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2025 (VIII) Contract Assets 1、 Contract assets Ending balance Beginning balance Item Carrying Impairment Carrying Carrying Impairment Carrying value amount provision value amount 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 Page60重庆长安汽车股份有限公司（合并） 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 Carrying amount Impairment provision Carrying value Amount % Amount % value 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 Page61重庆长安汽车股份有限公司（合并） 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 write- Others 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 Page62重庆长安汽车股份有限公司（合并） 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 Changes in this period Ending balance Year end balance of the provision at end previous year 1．Joint ventures Notes to the Financial Statements Page63重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 provision for impairment Impairment Investee Beginning balance Changes in this period Ending balance Year end balance of the provision at end previous year Nanchang Jiangling Holding Co. Ltd. 2420750943.20 242152464.18 2662903407.38 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 Notes to the Financial Statements Page64重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 provision for impairment Impairment Investee Beginning balance Changes in this period Ending balance Year end balance of the provision at end previous year Chongqing Changxin Zhiqi Private Equity Investment Fund 276234416.11-11483469.62264750946.49 Partnership (Limited Partnership) Anhe (Chongqing) Equity Investment Fund Management 62062151.97959.6462063111.61 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 Notes to the Financial Statements Page65重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 provision for impairment Impairment Investee Beginning balance Changes in this period Ending balance Year end balance of the provision at end previous year 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 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 Page66重庆长安汽车股份有限公司（合并） 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 cumulative gains The cumulative losses The dividend Reasons for designating as included in other included in other Balance at the Items Gains included in Losses included in Closing income financial assets at fair value comprehensive income comprehensive end of last year Additional other comprehensive other comprehensive balance recognized in this through other comprehensive as of the end of this income as of the end income for the income for the current period income period of this period current period period investment China South Industries Unlisted equity instruments Group Finance Co. Ltd. 351900000.00 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 Unlisted equity instruments Investment Co. Ltd. 14801858.72 14801858.72 12692880.00 6198141.28 CAERI(Beijing) automobile Lightweight Unlisted equity instruments Technology Research 3252414.81 1147585.19 4400000.00 1400000.00 Institution Co. Ltd.China South Industries Unlisted equity instruments Group Finance Co. Ltd. 91538462.00 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 Page67重庆长安汽车股份有限公司（合并） 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 Page68重庆长安汽车股份有限公司（合并） 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 631700050.541747101291.5211970429.96811026908.413201798680.43 construction 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 Page69重庆长安汽车股份有限公司（合并） 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 Page70重庆长安汽车股份有限公司（合并） 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 Page71重庆长安汽车股份有限公司（合并） 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 construction 173720868.36 173720868.36 101071006.57 101071006.57 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 Page72重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 3、 Movements of significant construction in progress for the period Accumulated Other investment in Of which: amount Interest Amount transferred Project Accumulated Balance at the end Increase in the decreases project as a of interest capitalized rate Items Budgeted amount in fixed Assets for Closing balance progress amount of interest Sources of fund of last year period for the percentage of capitalized for the for the period the period （%） capitalized period total budget period （%） （%） 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 Page73重庆长安汽车股份有限公司（合并） 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 Write- Provision Others balance provision year off 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 413229721.6814150442.47427380164.15 last 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 151361083.462721238.94154082322.40 last year （2）Increase in the period 124657493.70 1714178.93 126371672.63 —Provision 124008709.35 1714178.93 125722888.28 Notes to the Financial Statements Page74重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Machinery and Items Buildings Total equipment —Exchange rate 648784.35648784.35 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 Page75重庆长安汽车股份有限公司（合并） 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 Page76重庆长安汽车股份有限公司（合并） 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 2447798267.89982952871.842649538294.8726088185410.0185581514.7032254056359.31 balance 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 Notes to the Financial Statements Page77重庆长安汽车股份有限公司（合并） 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 （4）Closing 489411233.43835133054.13926040739.0212223961561.2032802297.8814507348885.66 balance 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 23617923.1722381216.63475609566.32521608706.12 balance 4．Carrying amount （1）Closing balance of carrying 1958387034.46 124201894.54 1701116339.22 13388614282.49 52779216.82 17225098767.53 amount Notes to the Financial Statements Page78重庆长安汽车股份有限公司（合并） 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 （2）Opening balance of carrying 2029067730.16 92445034.95 1931085926.73 12657913866.12 61337368.27 16771849926.23 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. 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 Page79重庆长安汽车股份有限公司（合并） 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 Notes to the Financial Statements Page80重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 key assumptions used for calculating the present value of the expected future 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 2470368361.82377963078.082812780308.55427610261.04 asset impairment Accrued expenses and contingent 10862131182.01 1645402612.29 11361903139.00 1720368405.84 liabilities Unpaid tech 26127221.763919083.27201717814.0030257672.10 development Notes to the Financial Statements Page81重庆长安汽车股份有限公司（合并） 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 expense 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 4123985.461030996.37 fair 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 192090596.7228813589.51250964630.1837644694.53 fair value recorded in capital reserve Fair value adjustment of 7156759800.00 1073513970.00 8068028361.06 1210204254.16 business Notes to the Financial Statements Page82重庆长安汽车股份有限公司（合并） 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 combination not under common control 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 income tax assets or deferred income tax income tax assets or tax assets and liabilities after assets and liabilities liabilities after offset liabilities 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 Notes to the Financial Statements Page83重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Balance at the end of Year Closing balance Notes last year 20251675980498.87 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 Page84重庆长安汽车股份有限公司（合并） 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 Page85重庆长安汽车股份有限公司（合并） 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 Page86重庆长安汽车股份有限公司（合并） 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 5608815.9849563868.8723950821.8031221863.05 benefits Total 3209780953.87 13552490582.24 12524770191.55 4237501344.56 2、 Short term salary benefits Notes to the Financial Statements Page87重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 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 （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 21145441.67753886082.42686031867.1388999656.96 provident fund （5）Labour union expenses and 497192242.34359164019.49448959052.29407397209.54 employee education expenses （6）Short-term paid 2966274.652966274.65 absence （7）Short-term profit-sharing program （8）Employee rewards welfare 83759297.67 68106270.01 15653027.66 funds 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 Notes to the Financial Statements Page88重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Balance at the Closing Items Increase for Decrease for end of last year balance Unemployment 9369396.4433548913.3433419364.439498945.35 insurance Total 94314672.90 1082597412.55 1089501214.05 87410871.40 (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 60392301.6675909710.25 tax 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 Notes to the Financial Statements Page89重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Balance at the end of last Items Closing balance year 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 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 789000.00972000.00 1 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 Notes to the Financial Statements Page90重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Balance at the end of last Items Closing balance year 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 (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 Page91重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 2、 Changes in bonds payable Issue for Whether Coupon Accrue interest Amortization of Name of Issue Bond Balance at the the Repayment in Closing there is a Face value rate Issue amount based on the face premium or Bond 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 Page92重庆长安汽车股份有限公司（合并） 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 Page93重庆长安汽车股份有限公司（合并） 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 22116000.0023599000.00 net 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 29000.0055000.00 by “-”) （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 Page94重庆长安汽车股份有限公司（合并） 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 678000.00-3310000.00 current period's profit and loss 3．Defined benefit costs included in Other -79000.002180000.00 Comprehensive Income 4．Other changes -2082000.00 -2151000.00 5．Closing balance 22116000.00 23599000.00 Notes to the Financial Statements Page95重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 (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 Advance received for services 1252965662.48 1718489394.88 Entrusted Loan of China South 500000000.00 Industries Group Finance Co. Ltd.Notes to the Financial Statements Page96重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Balance at the end of last Items Closing balance year 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 1806382547.1154909879.88321269227.561540023199.43 reserves 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 Page97重庆长安汽车股份有限公司（合并） 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 Notes to the Financial Statements Page98重庆长安汽车股份有限公司（合并） 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 2． Other comprehensive income that will be reclassified to -153334272.92-152753065.73-135006015.43-17747050.30-288340288.35 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 Page99重庆长安汽车股份有限公司（合并） 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 Page100重庆长安汽车股份有限公司（合并） 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 Notes to the Financial Statements Page101重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Operating revenue Category Amount for the current period Amount for the previous period Classification by the time of goods 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 Notes to the Financial Statements Page102重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Amount for the current Amount for the previous Items period period Consulting fee 67241965.84 21558374.68 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 Notes to the Financial Statements Page103重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 (LIV) Finance costs 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 Notes to the Financial Statements Page104重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Amount for the Amount for the Items current period previous period Others 117423015.01 105250765.95 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 Notes to the Financial Statements Page105重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 (LX) Gain on disposal of assets Amount included in non- Amount for the Amount for the Items recurring profit or loss for the current period previous period 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 non-recurring profit Items 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 Notes to the Financial Statements Page106重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 1、 Table of income tax expenses 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.Notes to the Financial Statements Page107重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Amount for the current Amount for the previous Items period period Consolidated net profit attributable to holders 4075223181.547303882698.84 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 Amount for the Items current 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 Notes to the Financial Statements Page108重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 （1）Other cash received related to operating activities 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 Page109重庆长安汽车股份有限公司（合并） 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 132192998.82384604266.30 others 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 - Items end of the Non - cash Non - cash period balance previous year Cash Chang Cash Chang Changes Changes Bank borrowings and 612036055.69 568473282.00 2082102.71 132473282.00 1414466.69 1048703691.71 interest Lease 361153870.84217638745.12118167350.35460625265.61 liabilities (LXVI) Supplementary Information for the Cash Flow Statement 1、 Supplementary Information for the Cash Flow Statement Notes to the Financial Statements Page110重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 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 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 226711.56226711.56 property 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 217084.91 presented with a “-” sign) Loss on fair value changes (gains are presented with -36797595.5627460945.49 a “-” sign) Financial expenses (gains are presented with a “-” 106577955.08-85476391.90 sign) Investment losses (gains are presented with a "_" 296603500.26-187658837.46 sign) 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 -5517957174.36-3218353689.82a “_" sign)Decrease in operating receivables (increases are -1021953107.02-9086489039.97presented with a “_" sign)Notes to the Financial Statements Page111重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Amount for the Amount for the Supplementary Information Current Period Previous Period 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 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 Notes to the Financial Statements Page112重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 End - of - period Balance at the end of Items balance the previous year 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 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 Bill margin and others Restricted funds unable 1028564112.54907719149.74 to 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 Notes to the Financial Statements Page113重庆长安汽车股份有限公司（合并） 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 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 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 Notes to the Financial Statements Page114重庆长安汽车股份有限公司（合并） 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 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 Interest expense on lease liabilities 16748919.41 42623899.74 Simplified short - term lease expenses recoanized in the cost of related assets or current 25846804.29 68173260.47 - period 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: Notes to the Financial Statements Page115重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 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 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 Notes to the Financial Statements Page116重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 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 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 Direct Indirect of 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.Notes to the Financial Statements Page117重庆长安汽车股份有限公司（合并） 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 Direct Indirect of yuan) 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 Automobile Research and Engineering 100.00 Beijing Beijing 100.00 Establishment Development 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.Notes to the Financial Statements Page118重庆长安汽车股份有限公司（合并） 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 Direct Indirect of yuan) 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.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 Notes to the Financial Statements Page119重庆长安汽车股份有限公司（合并） 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 Direct Indirect of yuan) 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 2、 Important non - wholly - owned subsidiaries Notes to the Financial Statements Page120重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Dividends Profit or Loss Declared and Balance of Minority Minority Attributable to 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 49.0040%-814308592.373790254534.56 Technology Co. Ltd Notes to the Financial Statements Page121重庆长安汽车股份有限公司（合并） 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 Page122重庆长安汽车股份有限公司（合并） 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 Page123重庆长安汽车股份有限公司（合并） 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' 153148103.41132045405.31 Equity 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 952478678.352089573046.44 Income Dividends Received from Joint ventures Enterprises during the Current Period 3、 Aggregated Financial Information of Insignificant Joint Ventures and Associated Enterprises Previous Year-end End-of-Period Balance/Current Balance/Previous Period Period Amount Amount Joint Ventures: Total Carrying Value of Investments 4110478645.75 3961228297.16 Notes to the Financial Statements Page124重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Previous Year-end End-of-Period Balance/Current Balance/Previous Period Period Amount Amount Total Amounts Calculated Based on 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 286082132.44270036139.20 Government grants related to assets 1231751590.391538672866.69 grants related to income 1517833722.831808709005.89 Total Notes to the Financial Statements Page125重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Notes to the Financial Statements Page126重庆长安汽车股份有限公司（合并） 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 Page127重庆长安汽车股份有限公司（合并） 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.Our company's policy is to ensure that there is sufficient cash to repay maturing debts.Notes to the Financial Statements Page128重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 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 43979523780.7943979523780.7943979523780.79 Payable Accounts 29841076563.6929841076563.6929841076563.69 Payable Other 5871006412.335871006412.335871006412.33 Payables Non -current Liabilities 222600708.18222600708.18698694814.67 Due within One Year Lease 104056295.6261703700.69180017411.31345777407.62299147228.72 Liabilities Long -term 2170485209.922170485209.922544487345.21 Payables Bonds 30000000.001030000000.001060000000.00999803773.56 Payable Total 80465690821.20 1134056295.62 61703700.69 2350502621.23 84011953438.74 84746015832.90 Notes to the Financial Statements Page129重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Previous Year - end Balance Total ltems Repayable Within 1 1 -2 Over 5 Undiscounted Carrying 2 -5 Years lmmediately Year Years Years Contract Amount Amount Short -term 40442694.5840442694.5840036055.69 Loans Notes Payable 34810605512.61 34810605512.61 34810605512.61 Accounts 43835671129.1243835671129.1243835671129.12 Payable Other 6238513876.036238513876.036407775538.76 Payables Non -current Liabilities Due 188983976.87188983976.87128914461.78 within One Year Long -term 451000.0036065000.0036516000.0036000000.00 Loans Lease 137414287.0089386322.61226800609.61269211409.06 Liabilities 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.Notes to the Financial Statements Page130重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 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.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 431180145.661661013362.442092193508.10207403382.741817492961.312024896344.05 Funds Accounts 697532521.361359758868.252057291389.61218123595.9817480634.95235604230.93 Receivable Notes to the Financial Statements Page131重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 End - of - Period Balance Previous Year - end Balance ltems Other Foreign Other Foreign US Dollar Total US Dollar Total Currencies Currencies Other 121525737.39121525737.3918402.3095509535.1695527937.46 Receivables Total 1128712667.02 3142297968.08 4271010635.11 425545381.02 1930483131.42 2356028512.44 Accounts 2755340822.752755340822.7515663.81433127807.93433143471.74 Payable 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 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 Notes to the Financial Statements Page132重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 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 692201858.72692201858.72 value on a continuing basis Notes to the Financial Statements Page133重庆长安汽车股份有限公司（合并） 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 unrealized ltems Included in end Balance Level 3 Level 3 Other Balance gains or Profit or Purchase lssuance Sale Settlement Comprehensive losses Loss Income recognized in profit or loss in the current period ◆Other equity 496524273.53-6984862.27202662447.46692201858.72 instrument investments Notes to the Financial Statements Page134重庆长安汽车股份有限公司（合并） 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 Our in Our Company Company (%)(%) Manufacturing Chenzhi and sales of Automobile Beijing automobiles 6092273400.00 20.84 20.84 Technology their enginesand Group Co. Ltd.spare 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 Notes to the Financial Statements Page135重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Name of Other Related Party Relationship with Our Company Under the control of the same ultimate Chongqing Changan Minsheng Logistics Co. Ltd.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 Notes to the Financial Statements Page136重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Name of Other Related Party Relationship with Our Company Under the control of the same ultimate Jiangsu Wanyou Auto Sales & Service Co. Ltd.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 Under the control of the same ultimate Co. Ltd. holding company Chongqing Wanyou Xingjian Auto Sales & Service Under the control of the same ultimate Co. Ltd. holding company Chongqing Wanyou Zhicheng Auto Sales & Service Under the control of the same ultimate Co. 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 Notes to the Financial Statements Page137重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Name of Other Related Party Relationship with Our Company Under the control of the same ultimate Luzhou Wanyou Auto Service Co. Ltd.holding company Chenzhi (Chongqing) Lightweight Technology Co. Under the control of the same ultimate 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 Notes to the Financial Statements Page138重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Name of Other Related Party Relationship with Our Company Companies in which the ultimate holding Hafei Motor Co. Ltd.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 Company formerly with equity Chongqing Zhichuang Guoli Precision Machinery participation from Ordnance Equipment Manufacturing Co. Ltd.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 Company formerly controlled by Ordnance Management Co. Ltd. Equipment Group Southwest Ordnance Industry Chongqing Company formerly controlled by Ordnance Environmental Protection Research Institute Co. Ltd. Equipment Group Notes to the Financial Statements Page139重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Name of Other Related Party Relationship with Our Company 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 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 Company formerly controlled by Ordnance Research 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 Company formerly controlled by Ordnance Co. Ltd. Equipment Group Chongqing Zhujiang Optoelectronic Technology Co. Company formerly controlled by Ordnance Ltd. Equipment Group Notes to the Financial Statements Page140重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Name of Other Related Party Relationship with Our Company Company formerly controlled by Ordnance Chongqing Dajiang Yuqiang Plastic Products Co. Ltd.Equipment Group Company formerly controlled by Ordnance Beijing Beiji Electromechanical Industry Co. Ltd.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 Company formerly controlled by Ordnance Technology 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 Company formerly controlled by Ordnance Equipment 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 Notes to the Financial Statements Page141重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Name of Other Related Party Relationship with Our Company China Ordnance Equipment Group Ordnance Company formerly controlled by Ordnance Equipment Research Institute Equipment Group Company formerly with equity Chongqing Nexteer Steering Systems Co. Ltd. participation from Ordnance Equipment Group Company formerly with equity United Automotive Electronic Systems (Chongqing) participation from Ordnance Equipment Co. Ltd.Group Company formerly with equity Chongqing Dajiang Dongyang Plastic Products Co.participation from Ordnance Equipment Ltd.Group Company formerly with equity Chongqing Dajiang Yapu Auto Parts Co. Ltd. participation from Ordnance Equipment Group Company formerly with equity Chongqing Wanyou Talent Service Co. Ltd. participation from Ordnance Equipment Group Company formerly with equity Lear Changan (Chongqing) Automotive Systems Co.participation from Ordnance Equipment Ltd.Group Company formerly with equity Chengdu Zhongzi Guangming Catalytic Technology participation from Ordnance Equipment Co. Ltd.Group Company formerly with equity Chongqing Lingchuan Auto Parts Manufacturing participation from Ordnance Equipment Technology Co. Ltd.Group Company formerly with equity Tenneco Lingchuan (Chongqing) Exhaust Systems Co.participation from Ordnance Equipment Ltd.Group Company formerly with equity Chongqing Jianshe Hanon Automotive Thermal participation from Ordnance Equipment Management Systems Co. Ltd.Group Notes to the Financial Statements Page142重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Name of Other Related Party Relationship with Our Company Company formerly with equity Henan Du’bang Optoelectronics Co. Ltd. participation 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 Chongqing Qingshan Industrial Co. Purchase components and parts 8739750220.228629997498.38 Ltd. and Receive labor services Times Changan Power Battery Co. Ltd. Purchase components and parts 6971698295.25 5053358710.82 Chongqing Changan Minsheng Purchase components and parts 4727971223.034804682273.47 Logistics 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 Purchase components and parts 1440426792.51565801798.21 Technology 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 Notes to the Financial Statements Page143重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Content of Related - Party Current - Period Prior - Period Related Party Transaction Amount Amount Chenzhi (Chongqing) Lightweight Purchase components and parts 738294149.66 Technology Co. Ltd.Avita (Chongqing) Auto Sales & Purchase components and parts 686794016.28 110515542.23 Service Co. Ltd.Sichuan Ningjiang Shanchuan Purchase components and parts 671013905.58734780452.06 Machinery 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 Purchase components and parts 617756296.07680243436.60 Equipment Co. Ltd. and Receive labor services South Faurecia Automotive Parts Co. Purchase components and parts 594639343.17657155505.27 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.Notes to the Financial Statements Page144重庆长安汽车股份有限公司（合并） 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 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 Purchase components and parts 249177086.96354395826.81 Co. 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 Purchase components and parts Hubei Huazhong Auto Lamp Co. Ltd. 143235579.28 155709252.63 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) Purchase components and parts 107730064.0890654991.96 Exhaust 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.Notes to the Financial Statements Page145重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Content of Related - Party Current - Period Prior - Period Related Party Transaction Amount Amount 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 Purchase components and parts 44621954.90 58913150.80 Technology Co. Ltd.Beijing Wutong Chelian Technology Purchase components and parts 37783973.0554401495.14 Co. Ltd. and Receive labor services Chengdu Wanyou Xiangyu Auto Sales Purchase components and parts 36871465.1128224481.68 & Service Co. Ltd. and Receive labor services Avita Technology (Chongqing) Co. Purchase components and parts 33889113.3045560794.65 Ltd. and Receive labor services Chongqing Jianshe Hanon Automotive Thermal Management Systems Co. Purchase components and parts 26629532.07 93176772.64 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 & Receive labor services 16434464.55 10356719.32 Service Co. Ltd.Longchang Shanchuan Machinery Co.Purchase components and parts 15756806.11 19656326.97 Ltd.China Changan Auto Group Tianjin Receive labor services 14259132.41 12114410.55 Sales Co. Ltd.Anhui Wanyou Auto Sales & Service Receive labor services 11950034.91 10385865.27 Co. Ltd.Notes to the Financial Statements Page146重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Content of Related - Party Current - Period Prior - Period Related Party Transaction Amount Amount 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 Receive labor services 7096208.93 17758031.18 Research 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 Co. Ltd.Chenzhi Technology Co. Ltd. Purchase components and parts 6549772.38 12923678.84 Chongqing Wanyou Ducheng Auto Receive labor services 6424813.10 3812996.54 Sales & 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 Notes to the Financial Statements Page147重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Content of Related - Party Current - Period Prior - Period Related Party Transaction Amount Amount Chongqing Wanyou Xingjian Auto Receive labor services 1801193.02 2874074.26 Sales & 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 Purchase components and parts 900750.022360293.73 Co. 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 Purchase components and parts 428159.38 44442269.68 Sales 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 Receive labor services 353217.46 Sales & Service Co. Ltd.Panzhihua Wanyou Auto Sales & Receive labor services 307036.11 745707.44 Service Co. Ltd.Chengdu Jialing Huaxi Optical Purchase components and parts 271091.37 275250.53 Precision 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 Notes to the Financial Statements Page148重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Content of Related - Party Current - Period Prior - Period Related Party Transaction Amount Amount 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. Purchase engineering materials 36186.02 Ltd. and supplies Beijing Beiji Electromechanical Purchase components and parts 24494.80 Industry 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 Notes to the Financial Statements Page149重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Content of Related - Party Current - Period Prior - Period Related Party Transaction Amount Amount Sell complete vehicle parts Avita Technology (Chongqing) Co.and components and provide 3590872713.26 3545912925.84 Ltd.labor services Chongqing Wanyou Zunda Auto Sales Sell parts and components and 3325009583.223044511084.13 & Service Co. Ltd. provide labor services Sell complete vehicle parts Chengdu Wanyou Xiangyu Auto Sales and components and provide 2610554462.83 2560954240.83 & Service Co. Ltd.labor services Sell complete vehicle parts Chongqing Wanyou Economic and components and provide 2479737890.75 1669176840.92 Development Co. Ltd.labor services Sell complete vehicle parts Wanyou Auto Investment Co. Ltd. and components and provide 1956642338.98 691951708.66 labor services Sell complete vehicle parts Guizhou Wanyou Auto Sales & Service and components and provide 1626555078.64 1703466813.81 Co. Ltd.labor services Sell complete vehicle parts Master Changan Automobile Co. Ltd. and components and provide 1178250746.02 685011995.56 labor services Chongqing Wanyou Zhicheng Auto Sell complete vehicles 869837584.20 1135629281.78 Sales & Service Co. Ltd.Sell complete vehicle parts Jiangsu Wanyou Auto Sales & Service and components and provide 809177036.54 1287150633.14 Co. Ltd.labor services Sell complete vehicle parts Changan Mazda Automobile Co. Ltd. and components and provide 799322856.30 442265277.20 labor services Sell complete vehicle parts Yunnan Wanyou Auto Sales & Service and components and provide 682444223.84 1228151892.06 Co. Ltd.labor services Notes to the Financial Statements Page150重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Content of Related - Party Current - Period Prior - Period Related Party Transaction Amount Amount Changan Auto Finance Co. Ltd. Provide labor services 473823707.35 74923741.22 Sell complete vehicle parts Anhui Wanyou Auto Sales & Service and components and provide 360030927.42 405366552.77 Co. Ltd.labor 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 China Changan Auto Group Tianjin and components and provide 164119529.33 225284281.97 Sales Co. Ltd.labor services Chongqing Changan Kuayue Vehicles Sell parts and components and 127008569.0189649785.62 Co. Ltd. provide labor services Sell complete vehicle parts Chengdu Wanyou Auto Trade & and components and provide 60858471.91 69393399.93 Service Co. Ltd.labor 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 Chongqing Anfu Auto Marketing Co.and components and provide 45120838.99 47716725.76 Ltd.labor services Ordnance Equipment Group Finance Provide labor services 35595662.26 19485773.58 Co. Ltd.Chongqing Qingshan Industrial Co. Sell parts and components and 35559128.2016224015.54 Ltd. provide labor services Chenzhi Automotive Technology Sell parts and components and 27656413.20 Group Co. Ltd. provide labor services Chongqing Changxian Intelligent Provide labor services 26360649.97 5095395.18 Technology Co. Ltd.Notes to the Financial Statements Page151重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Content of Related - Party Current - Period Prior - Period Related Party Transaction Amount Amount Sell complete vehicle parts Beijing North Changfu Auto Sales Co.and components and provide 24538729.36 1906219.88 Ltd.labor services Provide personnel and Changan Mazda Automobile Co. Ltd. 22260468.68 53908116.64 technical support Provide personnel and Changan Ford Automobile Co. Ltd. 16651540.18 14796508.84 technical support Chenzhi (Chongqing) Lightweight Provide labor services 16300477.13 Technology Co. Ltd.Provide personnel and Changan Mazda Engine Co. Ltd. 13966829.36 12315939.07 technical 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 Changan Financing Leasing Co. Ltd. Provide labor services 9160566.04 6745494.75 Changan Ford New Energy Vehicle Provide personnel and 5653223.186198392.30 Technology Co. Ltd. technical support Chongqing Changxian Intelligent Provide personnel and 5073227.131738755.43 Technology Co. Ltd. technical support Avita (Chongqing) Auto Sales & Provide labor services 4804577.32 13132.10 Service 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 Times Changan Power Battery Co. Provide personnel and 3000000.001853256.70 Ltd. technical support Sell complete vehicle parts Chengdu Wanyou Auto Sales & and components and provide 2845748.71 19512442.80 Service Co. Ltd.labor services Notes to the Financial Statements Page152重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Content of Related - Party Current - Period Prior - Period Related Party Transaction Amount Amount Chongqing Changan Intelligent Provide labor services 2784521.98 12658659.67 Industry Technology Service Co. Ltd.Chongqing Changan Minsheng Provide labor services 2485522.05 3498850.35 Logistics Co. Ltd.Chongqing Changan Kuayue Vehicles Provide personnel and 2389358.982379061.74 Co. Ltd. technical support Sell complete vehicle parts Chongqing Wanyou Ducheng Auto and components and provide 2218935.66 4204247.18 Sales & Service Co. Ltd.labor services South Industries Asset Management Provide labor services 2182789.63 Co. Ltd.Chongqing Wutong Chelian Provide labor services 1841061.24 706691.17 Technology Co. Ltd.Chongqing Wutong Chelian Provide personnel and 980275.80550738.60 Technology Co. Ltd. technical support Avita Technology (Chongqing) Co. Provide personnel and 844105.34 Ltd. technical support Chenzhi Anqi (Chongqing) Circular Provide personnel and 800000.00 Technology Co. Ltd. technical support Chongqing Wanyou Xingjian Auto Sell parts and components and 770329.241428543.28 Sales & 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 Provide personnel and 589912.76868472.64 Logistics Co. Ltd. technical support Sell complete vehicle parts Ya'an Wanyou Auto Sales & Service and components and provide 577904.72 2064820.56 Co. Ltd.labor services Notes to the Financial Statements Page153重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Content of Related - Party Current - Period Prior - Period Related Party Transaction Amount Amount 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 & Interest income from deferred 419660.18226030.61 Service 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 Provide personnel and 260456.8159003.39 Group Co. Ltd. technical support Chengdu Huachuan Electrical Provide labor services 230716.97 95928.49 Equipment Co. Ltd.Chongqing Hongyu Precision Industry Provide labor services 193300.00 Group Co. Ltd.Yunnan Wanyou Auto Sales & Service Interest income from deferred 159106.03693090.36 Co. Ltd. payment of funds Sell complete vehicle parts Panzhihua Wanyou Auto Sales & and components and provide 154309.76 834324.62 Service Co. Ltd.labor 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 Notes to the Financial Statements Page154重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Content of Related - Party Current - Period Prior - Period Related Party Transaction Amount Amount Chongqing Jianshe Industry (Group) Provide labor services 108490.57 Co. 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 Jiangling Motors Co. Ltd. 53029.62 3293728.39 technical support Provide personnel and Jiangling Holdings Co. Ltd. 50292.50 10914746.19 technical support 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 (Chongqing) Smart Technology Co. Provide labor services 19839.00 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.Notes to the Financial Statements Page155重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Content of Related - Party Current - Period Prior - Period Related Party Transaction Amount Amount 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 Provide labor services 1296.86 139211.60 Machinery Co. Ltd.Ordnance Equipment Group Finance Interest income from deferred 2419885.65 Co. Ltd. payment of funds Southwest Ordnance Industry Chongqing Environmental Protection Provide labor services 2299226.01 Research 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 Co. Ltd. provide labor services Sell complete vehicle parts Chengdu Wanyou Trade Co. Ltd. and components and provide 154902.13 labor services China Ordnance Equipment Group Provide labor services 141509.43 Information Center Co. Ltd.Times Changan Power Battery Co.Provide labor services 112400.00 Ltd.Hubei Huazhong Changjiang Provide labor services 84905.66 Optoelectronic Technology Co. Ltd.Notes to the Financial Statements Page156重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Content of Related - Party Current - Period Prior - Period Related Party Transaction Amount Amount Sell complete vehicle parts Luzhou Wanyou Auto Service Co. Ltd. and components and provide 54476.22 labor 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 Provide labor services 5554.41 Co. 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 Products Co. Ltd. 2、 Related lease situation Our company acts as the lessor: Notes to the Financial Statements Page157重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 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) Vehicle 41075.17 245268.68 Co. Ltd.Shanghai Jiaxing Automobile Vehicle 14030159.79 Service Co. Ltd.Chongqing changan Industry Building 6566747.42 (Group) Co. Ltd.Notes to the Financial Statements Page158重庆长安汽车股份有限公司（合并） 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 Rent expense for short Variable lease Variable lease Interest short - term leases Interest - term leases and low - payments not Type of payments not expense Increased Name of the lessor and low - value expense on Increased right - value asset leases included in the leased asset included in the Rent paid Rent paid incurred on the right - of - asset leases that are lease liabilities of - use asset accounted for under measurement measurement of lease liability use asset simply accounted assumed the simplified of lease lease liabilities assumed for approach liabilities.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 Page159重庆长安汽车股份有限公司（合并） 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.: Contents of related - party Related party 2025.12.31/2025.1-12 transactions 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 Long - term loans due within China South Industries Group Finance Co. Ltd. 36000000.00 one year 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.: Contents of related - party Related party 2025.12.31/2025.1-12 transactions 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 Notes to the Financial Statements Page160重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 The balance at the Project Name Related party Ending balance end of last year Accounts 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. 18316422.574140425.78 Ltd.Jiangling Holdings Co. Ltd. 12819563.72 10737001.40 Yunnan Wanyou Automobile Sales Service Co. Ltd. 11314945.40 100070.00 AVATR (Chongqing) Automobile Sales Service 5549429.38 Co. 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 800000.00 Co. 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. 143428.60- Ltd.Chongqing Jianshe Industry (Group) Co. Ltd. 115000.00 - Notes to the Financial Statements Page161重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 The balance at the Project Name Related party Ending balance end of last year 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 China Ordnance Equipment Group No. 59 Research 4320.00- Institute Co. Ltd.Guizhou Wanyou Automobile Sales Service Co. 398.00 Ltd.Chengdu Wanyou Automobile Sales Service Co. 50.00 Ltd.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 276804.16 Technology 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 55328.00 Service Co. Ltd.South Faurecia Automotive Parts Co. Ltd. 3120.00 Chongqing Wanyou Economic Development Co. 350.00 Ltd.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. 280000000.00 Ltd.Guizhou Wanyou Automobile Sales Service Co. 240000000.00165080000.00 Ltd.Notes to the Financial Statements Page162重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 The balance at the Project Name Related party Ending balance end of last year Chengdu Wanyou Xiangyu Automobile Sales 140000000.0060000000.00 Service 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 Co. Ltd.Other receivables Chongqing Changxin Zhiqi Private Equity 12982140.822100000.00 Investment Fund Partnership (Limited Partnership) Anhe Chongqing Dingfeng Automotive Contract- 617440.00 based Private Equity Investment Fund Chongqing Wanyou Economic Development Co. 183750.00 Ltd.AVATR (Chongqing) Automobile Sales Service 47591.42 Co. Ltd.Prepaid Accounts Beijing Wutong Cheilian Technology Co. Ltd. 598369.42 Beijing Zhongbing Insurance Brokers Co. Ltd. 143832.00 AVATR (Chongqing) Automobile Sales Service 42425.64 Co. Ltd.Chongqing Wanyou Zunda Automobile Sales 4643.00 Service Co. Ltd.Benteler Jian'an Automotive Systems (Chongqing) 180.00 Co. Ltd.Notes to the Financial Statements Page163重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 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 Ltd.Hubei Huazhong Marelli Automotive Lighting Co. 280176609.53506902783.87 Ltd.Lear Changan (Chongqing) Automotive Systems 275355076.9682691521.99 Co. 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 169848698.911338148.04 Co. 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. 92373439.4376171906.33 Ltd.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 Notes to the Financial Statements Page164重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 The balance at the end Project Name Related party Ending balance of last year 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. 46462288.18149388962.40 Ltd.Chengdu Wanyou Filter Co. Ltd. 40054476.35 40463626.12 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. 2283835.004441680.85 Ltd.Chongqing Jianshe Hanon Automotive Thermal 1666216.2023380378.94 Management Systems Co. Ltd.Notes to the Financial Statements Page165重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 The balance at the end Project Name Related party Ending balance of last year 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 Chengdu Lingchuan Special Industry Co. Ltd. 101585.16 101585.16 Nanyang Lida Optoelectronics Co. Ltd. 48895.00 105044.95 Chongqing Changjiang Electrician Industry Group 40143.7940143.79 Co. 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 2700.00 Service Co. Ltd.China Changan Automobile Group Tianjin Sales 1800.00 Co. Ltd.Chongqing Dajiang Yuqiang Plastic Products Co. 3520886.79 Ltd.Chongqing Changan Intelligent Industrial 1443978.00 Technology Service Co. Ltd.Hafei Automobile Co. Ltd. 287996.57 Chongqing Wanyou Talent Service Co. Ltd. 142239.90 Chongqing Changxiang Supply Chain Technology 118377.21 Co. Ltd.Notes to the Financial Statements Page166重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 The balance at the end Project Name Related party Ending balance of last year Harbin Botong Automobile Parts Manufacturing 6222.12 Co. 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 Chongqing Anda Semiconductor Co. Ltd. 106110908.41 Chongqing Dajiang Dongyang Plastic Products Co. 95699689.14223260000.00 Ltd.Chongqing Dajiang YAPP Automotive Parts Co. 92942388.71172602914.11 Ltd.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 Notes to the Financial Statements Page167重庆长安汽车股份有限公司（合并） 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 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.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. 782839.0171180000.00 Ltd.Chengdu Jialing Huaxi Optical Precision Machinery 80121.59 Co. Ltd.Chongqing Nexteer Steering Systems Co. Ltd. 75120000.00 Southwest Ordnance Industry Chongqing Environmental Protection Research Institute Co. 7431987.51 Ltd.Changan Reis (Chongqing) Robot Intelligent 6985797.37 Equipment Co. Ltd.Chongqing Zhichuang Guoli Precision Machinery 5413950.00 Manufacturing Co. Ltd.Notes to the Financial Statements Page168重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 The balance at the end Project Name Related party Ending balance of last year Chongqing Wanyou Economic Development Co. 377400.96 Ltd.Chongqing Changan Intelligent Industrial 327000.49 Technology Service Co. Ltd.Other #N/A Payables Chongqing Changan Minsheng Logistics Co. Ltd. 834089329.59 852862018.72 Chongqing Changxian Intelligent Technology Co. 71122203.7555384464.59 Ltd.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. 4275792.006499209.00 Ltd.Chongqing Changan Smart City Operation 4003530.513815050.70 Management Co. Ltd.United Automotive Electronic Systems (Chongqing) 3956563.8356500.00 Co. Ltd.Yunnan Wanyou Automobile Sales Service Co. Ltd. 3382108.00 7371200.00 Chongqing Changan Intelligent Industrial 2758053.434021249.68 Technology 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 Notes to the Financial Statements Page169重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 The balance at the end Project Name Related party Ending balance of last year Harbin Dongan Automotive Engine Power Co. Ltd. 994371.75 Chengdu Wanyou Xiangyu Automobile Sales 967508.008774856.00 Service 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 831683.005452253.10 Co. Ltd.Southwest Ordnance Industry Chongqing Environmental Protection Research Institute Co. 824234.02 2500147.84 Ltd.Lear Changan (Chongqing) Automotive Systems 794855.74 Co. Ltd.Hangzhou Zhiyuan Research Institute Co. Ltd. 747500.00 Guizhou Wanyou Automobile Sales Service Co. 727500.004624832.00 Ltd.South YTE Air Conditioning Co. Ltd. 704965.20 1963075.46 Chengdu Wanyou Automobile Trade Service Co. 682028.00792364.00 Ltd.Anhui Wanyou Automobile Sales Service Co. Ltd. 618529.00 748157.00 Hubei Huazhong Marelli Automotive Lighting Co. 517280.0042810.00 Ltd.Shanghai Jiaxing Automobile Service Co. Ltd. 443272.50 448272.50 Chengdu Wanyou Automobile Sales Service Co. 349366.003130000.00 Ltd.GKN Driveline (Chongqing) Co. Ltd. 313658.96 415865.99 Xi'an Ordnance Industry Special Equipment 257458.98 Inspection Co. Ltd.Beijing Beifang Changfu Automobile Sales Co. Ltd. 200000.00 300000.00 Notes to the Financial Statements Page170重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 The balance at the end Project Name Related party Ending balance of last year Chongqing Southwest Inspection & Testing Co. 161621.4312425.01 Ltd.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 30640.192333117.83 Service Co. Ltd.Chengdu Huachuan Electric Parts Co. Ltd. 28137.00 Chongqing Dajiang YAPP Automotive Parts Co. 13225.5227653.36 Ltd.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 Jiangling Holdings Co. Ltd. 232185.41 Chenzhi Technology Co. Ltd. 203400.00 China Ordnance News Agency 150000.00 Notes to the Financial Statements Page171重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 The balance at the end Project Name Related party Ending balance of last year Baoding Tianwei Group Special Transformer Co. 150000.00 Ltd.Luzhou Wanyou Automobile Service Co. Ltd. 100000.00 Sichuan Ningjiang Shanchuan Machinery Co. Ltd. 89719.30 Chongqing Changxiang Supply Chain Technology 60000.00 Co. 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. 188226536.62135302227.62 Ltd.Wanyou Automotive Investment Co. Ltd. 168512424.89 256445461.50 Chongqing Wanyou Zunda Automobile Sales 104306920.9793816530.50 Service Co. Ltd.Chengdu Wanyou Xiangyu Automobile Sales 92030844.48330410033.39 Service Co. Ltd.Guizhou Wanyou Automobile Sales Service Co. 54348387.54266786932.64 Ltd.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 11409714.3821790090.23 Co. 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 Page172重庆长安汽车股份有限公司（合并） 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. 5866177.174566319.93 Ltd.Chenzhi (Chongqing) Lightweight Technology Co. 1140830.32 Ltd.Chenzhi Anqi (Chongqing) Recycling Technology 848000.00 Co. Ltd.China Ordnance Equipment Group Ordnance 759366.75672005.97 Research 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. 135054.95 Ltd.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. 93.5125980.39 Ltd.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 Page173重庆长安汽车股份有限公司（合并） 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 Page174重庆长安汽车股份有限公司（合并） 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 - Cash-settled Equity - settled Cash-settled recipient settled share - share-based Total share - based share-based Total based 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 Balance at the end of the Ending balance previous year Capital commitment 7580145740.719375924598.30 Investment commitment 2486000000.001326750000.00 Total 10066145740.7110702674598.30 Notes to the Financial Statements Page175重庆长安汽车股份有限公司（合并） 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 Page176重庆长安汽车股份有限公司（合并） 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 and Equipment Group signed the “Separation Agreement of China Arms and Equipment Group 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 of Chenzhi Automobile Technology Group Co. Ltd. (hereinafter referred to as “Chenzhi Group”) 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 platforms the construction of global research and development centers and core capability Notes to the Financial Statements Page177重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 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 Page178重庆长安汽车股份有限公司（合并） 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 Page179重庆长安汽车股份有限公司（合并） 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 37652846.2037652846.20 individual item basis Provision Make provisions for bad debts based 29190916.923519065.3632709982.28 on combinations of credit risk characteristics.Total 66843763.12 3519065.36 70362828.48 4、 The information on the accounts receivable and contract assets of the top five Notes to the Financial Statements Page180重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 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 Page181重庆长安汽车股份有限公司（合并） 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 Page182重庆长安汽车股份有限公司（合并） 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 losses over the Expected credit Provision entire expected entire expected Total losses in the next life (no credit life (credit 12 months impairment has impairment 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 Notes to the Financial Statements Page183重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Stage 1 Stage 2 Stage 3 Expected credit Expected credit losses over the losses over the Expected credit Provision entire expected entire expected Total losses in the next life (no credit life (credit 12 months impairment has impairment has occurred) occurred) Provision made in this 202625.09202625.09 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 Balance at the end Amount of change in the current period Category of the previous recovery or Write - off or Ending balance provide for Other changes year reversal cancel Make provisions on an individual 6842932.77 6842932.77 item basis Provision Provide for bad debts by combining 223291.58 202625.09 425916.67 according to the Notes to the Financial Statements Page184重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Balance at the end Amount of change in the current period Category of the previous recovery or Write - off or Ending balance provide for Other changes year reversal cancel characteristics of credit risk 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 12614133927.6849194195.0012564939732.689021409139.1249194195.008972214944.12 subsidiaries Notes to the Financial Statements Page185重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Ending balance Balance at the end of the previous year Item impairment impairment Balance Carrying value Balance Carrying value provision provision 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 Page186重庆长安汽车股份有限公司（合并） 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 Page187重庆长安汽车股份有限公司（合并） 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 Page188重庆长安汽车股份有限公司（合并） 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 Amount for the Item current periodt previous periodt Investment income from long - term equity 1188000000.00594000000.00 investments 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 Notes to the Financial Statements Page189重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Item Amount Explanation Gain or loss on disposal of non - current assets including the reversal of the provision for asset impairment that has 173260859.00 been 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 559489368.71 comply 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 38264757.00 enterprise's 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 92464724.76 enterprises 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 Notes to the Financial Statements Page190重庆长安汽车股份有限公司（合并） Notes to the Financial Statements For the Year 2024 Earnings per Share (yuan) Weighted average Diluted Profit for the reporting period return on net assets 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 Page191