股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 慶鈴汽車股份有限公司 (在中華人民共和國註冊成立之中外合資股份有限公司） 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,243,616,403 RMB | | 1 | RMB | | 1,243,616,403 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,243,616,403 RMB | | 1 | RMB | | 1,2 ...

Core Insights - The "Light Truck First Influence Index" for major domestic light truck brands reached a total score of 1403 in September 2025, marking a 7.2% increase from August 2025 and a 0.6% increase year-on-year from September 2024 [1][3]. Brand Rankings - The top three brands in the "Light Truck First Influence Index" for September 2025 are: 1. JAC 1 Truck with a score of 297 2. Dongfeng Light Truck with a score of 236 3. FAW Jiefang Light Truck with a score of 224 [2][15]. Market Trends - The light truck market showed signs of recovery in September, with increased marketing activities from various brands, leading to a natural rise in scores [3][6]. - New products and electric vehicles emerged as the biggest trends, with significant visibility during the "September 3rd Military Parade" [3]. Key Events and Product Launches - JAC 1 Truck launched the L9 PLUS version, featuring a new generation of National VI engine with 170 horsepower and 450 Nm torque, emphasizing performance, reliability, and comfort [7]. - The launch of the Farizon Star Intelligent F3E aimed to address key pain points in urban logistics, boasting a range of 360 kilometers and fast charging capabilities [10]. - China National Heavy Duty Truck (CNHTC) signed a contract for 100 units of HOWO electric light trucks, enhancing their market presence in urban and intercity logistics [12]. - Qingling Motors partnered with Yunwei Hydrogen Energy to promote 300 units of hydrogen fuel cell refrigerated trucks, marking a significant step in the commercialization of hydrogen energy in logistics [12]. Competitive Landscape - JAC 1 Truck maintained a clear lead in the rankings, while Farizon Light Commercial Vehicles moved up three places to fourth [14][20]. - Dongfeng Light Truck continued to hold the second position, actively engaging in promotional activities including a self-produced micro-drama [18]. - FAW Jiefang Light Truck retained its third position, launching a live event to enhance brand engagement [20]. Future Outlook - As the light truck market continues to recover, brands are expected to introduce more innovative products and marketing strategies in October 2025 [21].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 呈交日期: 2025年9月30日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,243,616,403 RMB | | 1 | RMB | | 1,243,616,403 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,243,616,403 RMB | | 1 | RMB | | 1,243,616,403 | | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | -- ...

有關訂立回購協議之須予披露交易 茲 提 述 慶 鈴 汽 車 股 份 有 限 公 司（「本公司」）於 二 零 二 五 年 九 月 十 九 日 就 訂 立 回 購 協 議 所 作 之 公 告（「該公告」）。除 另 有 界 定 外，本 公 告 所 用 詞 彙 與 該 公 告 所 界 定 者 具 相 同 涵 義。 本公告旨在就融資租賃公司及經銷商的最終實益擁有人之身份及背景提供補充 資 料。 融資租賃公司及經銷商的最終實益擁有人資料 據董事經作出一切合理查詢後所深知，融資租賃公司由重 慶 城 市 交 通 開 發 投 資（集 團）有 限 公 司 擁 有99.2%股 權、重 慶 高 速 公 路 投 資 控 股 有 限 公 司 擁 有0.8%股 權。融 資租賃公司的最終實益擁有人為重慶市國有資產監督管理委員會，其 為一家重 慶市政府直屬正局級特設機構，主要從事根據重慶市政府授權，履行出資人職責， 監管市屬企業國有資產，加強國有資產管理。其擁有重慶城市交通開發投資（集 團） 有限公司91%股 權。 – 1 – 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 ...

Core Viewpoint - The "Light Truck First Influence Index" in August 2025 shows a significant decline in scores compared to both the previous month and the same month last year, indicating a downward trend in market influence among major light truck brands in China [1]. Group 1: Influence Index Scores - The total score for the "Light Truck First Influence Index" in August 2025 was 1309, a decrease of 21.8% from July 2025's score of 1674 and a 27.8% decline from August 2024's score of 1812 [1]. - The average weekly score for August indicates a consistent decline compared to both the previous month and the same month last year [1]. Group 2: Brand Rankings - The top three brands in the August 2025 "Light Truck First Influence Index" were: 1. Jianghuai 1 Card with a score of 256 2. Dongfeng Light Truck with a score of 254 3. FAW Jiefang Light Truck with a score of 212 [3][12]. - Other notable brands included China National Heavy Duty Truck HOWO at fourth with 156 points, and Foton Aoling at fifth with 123 points [3][12]. Group 3: Market Activities - Despite being a traditionally slow season, light truck sales continued to grow in August 2025, with various brands actively engaging in marketing activities [4]. - Jianghuai delivered a record 2470 units of 4.2-meter new energy box trucks to KuaYue Express, marking a significant collaboration in green logistics [5]. - Dongfeng Light Truck launched a series of promotional events, including a large-scale tour and product showcases, enhancing brand visibility [9][14]. Group 4: Brand Innovations and Collaborations - Jianghuai 1 Card held multiple solution release events across ten cities, focusing on innovative transport solutions for various market segments [13]. - China National Heavy Duty Truck HOWO promoted its new energy models and organized a fuel efficiency competition to engage customers [16]. - Qingling Light Truck signed a strategic cooperation agreement for its new electric refrigerated trucks, enhancing its position in the cold chain logistics market [18].

Core Viewpoint - The company has entered into a repurchase agreement to enhance its sales of new energy commercial vehicles through a leasing model, responding to national policies and market demands [1][2] Group 1: Repurchase Agreement Details - The repurchase agreement involves a total of 51 new energy vehicles leased by a dealer from a financing leasing company [1] - The agreement includes leasing rights and obligations, covering unpaid and due rental payments, but excludes other fees and penalties [1] Group 2: Market Strategy and Trends - The company is actively exploring technological innovation and business model transformation in the new energy commercial vehicle sector [1] - There is a notable shift from purchasing to leasing models among customers, driven by the high initial costs of new energy commercial vehicles [1] - The leasing model is becoming a significant driver for increasing sales in the new energy commercial vehicle market [1][2] Group 3: Financial Collaboration - The company is strengthening partnerships with commercial banks and financial leasing companies to provide financing for customers and dealers purchasing its new energy vehicles [2] - The repurchase obligation serves as a performance guarantee for the company's product sales rather than a pure financing guarantee for third parties [2]

Core Viewpoint - The company, Qingling Motors, has entered into a repurchase agreement to enhance its sales of new energy commercial vehicles through a leasing model, responding to national policies and market demands [1][2] Group 1: Repurchase Agreement Details - The repurchase agreement involves a total of 51 new energy vehicles leased by a dealer from a financing leasing company [1] - The agreement includes leasing rights and obligations, covering unpaid and due rental payments, but excludes other fees and penalties [1] Group 2: Market Strategy and Trends - The company is actively exploring technological innovation and business model transformation in the new energy commercial vehicle sector [1] - There is a notable shift from purchasing to leasing new energy commercial vehicles, driven by high acquisition costs [1] - The leasing model is becoming a significant driver for increasing sales in the new energy commercial vehicle market [1][2] Group 3: Financial Collaboration - The company is strengthening partnerships with financial institutions to provide financing solutions for customers and dealers purchasing its new energy vehicles [2] - The repurchase obligation serves as a performance guarantee for the company's product sales rather than a pure financing guarantee for third parties [2]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 （在中華人民共和國註冊成立之中外合資股份有限公司） （股份代號：1122） 須予披露交易 訂立回購協議 回購協議 董 事 會 謹 此 宣 佈，於 二 零 二 五 年 九 月 十 九 日，本 公 司、融 資 租 賃 公 司 及 經 銷 商 訂 立 了 一 份 回 購 協 議。 上市規則之涵義 基於經銷商為 遵 義 回 購 協 議 及 回 購 協 議 項 下 的 同 一 訂 約 方，且融資租賃公司 為 鋅 智 回 購 協 議 及 回 購 協 議 項 下 的 同 一 訂 約 方，而過往回購協議各自項下的 交易均於訂立回購協議前12個 月 內 進 行，且 過 往 回 購 協 議 及 回 購 協 議 項 下 的 交 易 均 屬 於 ...

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 2,072,472 thousand, a decrease of 1.9% compared to RMB 2,112,181 thousand in the same period of 2024[5] - Gross profit for the same period was RMB 138,742 thousand, down 6.0% from RMB 147,340 thousand year-over-year[5] - The net loss attributable to equity holders for the period was RMB 35,530 thousand, compared to a loss of RMB 12,290 thousand in the prior year, representing a significant increase in losses[5] - Basic loss per share for the period was RMB 1.43, compared to RMB 0.50 in the previous year, indicating a worsening financial performance[5] - The company reported a pre-tax loss of RMB 26,124 thousand for the six months ended June 30, 2025, compared to a pre-tax loss of RMB 4,686 thousand in the same period of 2024[23][24] - The company reported a basic loss attributable to equity holders of RMB 35,530,000 for the six months ended June 30, 2025, compared to a loss of RMB 12,290,000 for the same period in 2024[35] Assets and Liabilities - Total assets as of June 30, 2025, were RMB 7,500,395 thousand, slightly down from RMB 7,526,305 thousand at the end of 2024[7] - Current liabilities decreased to RMB 2,550,037 thousand from RMB 2,657,623 thousand, reflecting improved short-term financial management[7] - The equity attributable to the company's owners was RMB 7,307,176 thousand, a slight decrease from RMB 7,342,706 thousand at the end of 2024[7] - For the six months ended June 30, 2025, total revenue reached RMB 2,072,472 thousand, a decrease from RMB 2,112,181 thousand for the same period in 2024, representing a decline of approximately 1.9%[20][24] - Total assets as of June 30, 2025, were RMB 10,050,432 thousand, with total liabilities amounting to RMB 2,561,676 thousand[26] Cash Flow - The net cash used in operating activities for the six months ended June 30, 2025, was RMB 303,325,000, compared to RMB 49,577,000 for the same period in 2024[10] - The net cash generated from investing activities was RMB 304,996,000 for the six months ended June 30, 2025, compared to RMB 49,572,000 in the same period of 2024[11] - The company experienced a significant increase in inventory reduction, which amounted to RMB 184,451,000 compared to RMB 198,117,000 in the previous year[10] - The company’s financing activities resulted in a net cash outflow of RMB 11,095,000, compared to RMB 8,472,000 in the same period of 2024[11] - The cash and cash equivalents decreased to RMB 678,938,000 as of June 30, 2025, down from RMB 1,027,775,000 at the beginning of the year[11] Sales and Revenue Breakdown - Sales of light commercial vehicles amounted to RMB 932,672,000, an increase of 3.1% from RMB 902,670,000 in the previous year[16] - The company reported a decrease in sales of chassis, which fell to RMB 170,909,000 from RMB 298,421,000, representing a decline of 42.8%[16] - Vehicle sales for the first half of 2025 reached 16,842 units, a year-on-year decrease of 1.82%[64] - Sales revenue for the same period was RMB 2.072 billion, down 1.88% year-on-year[64] - Revenue contributions from light commercial vehicles and chassis, and medium and heavy vehicles and chassis were RMB 1,092,978,000 and RMB 500,215,000, respectively, accounting for 76.87% of total revenue[76] Inventory and Receivables - Inventory levels decreased to RMB 1,092,057 thousand from RMB 1,276,508 thousand, indicating a reduction in stock[6] - Accounts receivable, notes receivable, and other receivables totaled RMB 2,251,530,000 as of June 30, 2025, an increase of 18.8% from RMB 1,895,089,000 at the end of 2024[37] - The aging analysis of accounts receivable showed that RMB 186,624,000 was within 3 months, while RMB 438,144,000 was between 7 to 12 months[40] - The company reported notes receivable of RMB 642,749,000 as of June 30, 2025, significantly up from RMB 337,650,000 at the end of 2024[41] Corporate Governance and Compliance - The company has complied with all applicable provisions of the Corporate Governance Code as of June 30, 2025[86] - The interim results for the six months ending June 30, 2025, were not audited but reviewed by the company's auditors[89] - All directors and former supervisors complied with the standard code for securities trading during the reporting period[87] - The company has maintained high standards of corporate governance to enhance investor confidence and protect shareholder rights[86] Research and Development - Research and development expenditure intensity reached 4.51% in the first half of 2025, indicating a strong commitment to innovation[65] - New product launches included the H47 coal transportation vehicle and high-cost performance products T28 and KV800, with a hybrid pickup research project completed[66] - The company aims to enhance product competitiveness and expand its product lineup, focusing on electric vehicles and hydrogen energy[67] Future Plans - The company plans to continue focusing on the production and sales of light commercial vehicles, pickup trucks, medium and heavy trucks, and automotive parts, components, and others as part of its operational strategy[21] - The company plans to strengthen its market presence by building localized teams and expanding its sales and service network overseas[67] - The company is committed to reducing overall vehicle costs and enhancing operational efficiency through digital transformation[68]

Domestic News - The Ministry of Industry and Information Technology is soliciting public opinions on the mandatory national standard for "Intelligent Connected Vehicles Combination Driving Assistance System Safety Requirements," aiming to enhance safety in the intelligent connected vehicle industry [6] - The Ministry of Commerce has announced the establishment of five industry standardization technical committees, including those for the automotive circulation and resource recovery industries [7] - The Horgos Port in Xinjiang has achieved a record high in automobile exports, with 258,000 vehicles exported from January to August 2025, marking an 8.5% year-on-year increase, including 102,000 electric vehicles, which saw a 45.2% increase [8] - Dongfeng Group has formed a new joint venture with local state-owned assets in Xiangyang, with a registered capital of 8.47 billion RMB, focusing on the development and sales of intelligent vehicles [9] - Leap Motor has announced the restart of its automobile manufacturing plans in Europe, with plans to launch two new models to meet market demand starting in 2026 [10] - GAC International has launched the AION UT in Indonesia, with prices ranging from 32.5 to 36.3 million Indonesian Rupiah (approximately 140,600 to 157,000 RMB) [11] - Hello Robotaxi has received strategic investment from Alibaba, indicating a deepening collaboration in the fields of intelligent driving models and commercializing Robotaxi services [12] - CATL's sodium-ion battery can provide over 500 kilometers of pure electric range, with a density of 175Wh/kg, meeting over 40% of the domestic passenger vehicle market demand [13] International News - South Korea's electric vehicle sales from January to August 2025 reached 142,456 units, a 48.4% increase from 95,998 units in the same period last year, with electric vehicles accounting for 12.7% of new registrations [15] - Japan's exports to the U.S. have declined for five consecutive months, with an August drop of 13.8% due to decreased exports of automobiles and machinery [16] - BMW will begin production of the iX3 model in Hungary next month, with the first mass-produced vehicle expected to roll off the line by the end of 2025 [17] - Waymo has received permission to test its autonomous taxi service at San Francisco International Airport, with plans to gradually roll out commercial services [18] Commercial Vehicles - FAW Jiefang has been nominated for the fifth China Quality Award for its "12347-E2E Excellent Operation Quality Management Model," highlighting advancements in quality management within the commercial vehicle sector [20] - JD Automotive and ZF have signed a memorandum to deepen their strategic cooperation in the commercial vehicle aftermarket, aiming to create an efficient and intelligent service ecosystem [21] - China National Heavy Duty Truck Group showcased nine core products at the Liangshan Special Vehicle Exhibition, emphasizing its leadership in the transition to new energy and intelligent vehicles [22] - Qingling Group has had three products selected as major industrial technology innovation products in Chongqing, showcasing advancements in hydrogen fuel cell and specialized vehicle technology [23][24]