Group 1 - The company has entered into a repurchase agreement with a financing leasing company and a dealer for a batch of 300 new energy vehicles, which includes leasing rights and related collateral rights [1] - The repurchase obligation under the agreement serves as a performance guarantee for the company's product sales, rather than purely providing financing guarantees for third parties [2] - The company is actively exploring technological innovation and business model transformation in the new energy commercial vehicle sector to align with national policies and government requirements [2] Group 2 - The sales volume of the company's new energy commercial vehicles is growing rapidly within the light commercial vehicle industry, although overall sales remain low [2] - The shift from purchasing to leasing models for new energy commercial vehicles is becoming a significant driver for sales growth [2] - The company is enhancing cooperation with financial institutions to provide financing solutions for customers or dealers purchasing its new energy vehicles [2]

Core Viewpoint - The announcement highlights a leasing agreement between Qingling Motors and Isuzu Engine for equipment rental, which is expected to enhance the operational efficiency of the company [1]. Group 1: Leasing Agreement Details - The leasing agreement is set to commence on December 19, 2025, with a monthly rental fee of RMB 797,500, totaling RMB 9,569,800 annually, excluding VAT [1]. - Isuzu Engine is required to pay the rental fee by the last day of each month for the previous month [1]. Group 2: Operational Benefits - The leasing of equipment is aimed at supporting the production and testing of Qingling Motors' products, thereby optimizing resource utilization and centralizing management within the company [1].

Core Viewpoint - The company has entered into a repurchase agreement to enhance its financing leasing model for new energy vehicles, which is expected to boost sales and market share in the automotive industry [1][2]. Group 1: Repurchase Agreement Details - The repurchase agreement involves the repurchase of 300 new energy vehicles leased by dealers from a financing leasing company [1]. - The agreement includes leasing rights related to unpaid rents, remaining value of the vehicles, and buyback prices, along with corresponding collateral rights [1]. Group 2: Strategic Benefits - The repurchase obligation serves as a performance guarantee for the company's product sales, aligning with common practices in the automotive financing leasing sector [2]. - The company plans to utilize vehicle networking technology to monitor leased vehicles, reducing risks of damage and non-return by dealers [2]. - A digital monitoring platform will be established to oversee asset conditions, rental rates, usage efficiency, and payment recovery [2]. - The company aims to expand its used vehicle leasing or sales business, as well as after-market services, to enhance revenue [2]. - Dealers are required to pay a repurchase deposit, which can offset any outstanding payments owed to the company [2]. - The agreement allows the company to receive full sales proceeds in advance, improving liquidity and operational flexibility [2].

Core Viewpoint - The company is actively exploring technological innovation and business model transformation in the new energy commercial vehicle sector to align with national policies and government requirements, aiming to enhance the integration of the industry chain, innovation chain, and capital chain [1][2] Group 1: Repurchase Agreement - The company entered into a repurchase agreement on December 19, 2025, with Chongqing Mingde Financing Leasing Co., Ltd. and Sichuan Zhongtai Cheyu Automobile Sales Service Co., Ltd. for a total of 300 new energy vehicles [1] - The repurchase agreement includes leasing assets and leasing debts, which consist of unpaid rent, remaining value of the repurchased vehicles, and the buyout price [1] Group 2: Market Strategy - The company is adopting a financing leasing model, commonly used by domestic automotive enterprises, to strengthen cooperation with financial institutions, providing a buyback obligation for financing the purchase of its new energy vehicles [2] - The buyback obligation serves as a performance guarantee for the company's product sales rather than a pure financing guarantee for third parties [2] Group 3: Sales Growth and Market Trends - Although the company's sales of new energy commercial vehicles are growing rapidly within the light commercial vehicle sector, the overall sales volume remains low [1] - The shift from purchasing to leasing models is becoming a significant driver for increasing sales of new energy commercial vehicles due to the generally higher purchase costs [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 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。 於二零二五年十 二 月 十 九 日，本 公 司 與 五 十 鈴 發 動 機 就 五 十 鈴 發 動 機 向 本 公 司 租 用 租 賃 設 備 訂 立 設 備 租 約。 於 本 公 告 日 期，慶 鈴 集 團 為 本 公 司 之 控 股 股 東，持 有 本 公 司 全 部 已 發 行 股 本 約 50.10%，而 五 十 鈴 為 本 公 司 之 主 要 股 東，持 有 本 公 司 全 部 已 發 行 股 本 約20%。 於 本 公 告 日 期，五 十 鈴 發 動 機 由 五 十 鈴、慶 鈴 集 團 及 本 公 司 分 別 擁 有50.61%、 30.06%及19.33%股 權，故五十鈴發動機為 本 公 司 之 關 連 人 ...

須予披露交易 訂立回購協議 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。 回購協議 （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） 董 事 會 謹 此 宣 佈，於 二 零 二 五 年 十 二 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。 由 於 回 購 協 議 及 其 項 下 擬 進 行 之 交 易（按 回 購 協 議 項 下 之 預 計 回 購 價 款 之 最 高 總 額 計 算，連 同 過 往 回 購 協 議 項 下 之 交 易 之 預 計 回 購 價 款 之 最 高 總 額 合 併 計算）的一項適用百分比率超過5%但全部均低於25%，故根據上市規則第十四章， 該 等 交 易 ...

Core Insights - The delivery of the first batch of 200 "Lingjie Super Charging Heavy Trucks" marks a significant milestone in the commercialization of supercharging technology and supports the green transformation of heavy-duty transportation in Chongqing [1][2] Group 1: Company Developments - Qingling Motors has integrated top global technology resources to innovate products and enhance industrial collaboration, showcasing its achievements in the new energy and intelligent sectors with the mass delivery of the "Lingjie Super Charging Heavy Truck" [1] - The vehicle features breakthroughs in power endurance, addressing industry challenges of slow charging and short range by utilizing Huawei's supercharging technology, allowing for "300 kWh in 15 minutes" [1][2] - The truck inherits a reliable and durable design from 40 years of commercial vehicle manufacturing experience, ensuring stable performance and high attendance rates in demanding operational environments [2] Group 2: Technological Advancements - The vehicle is equipped with Qingling's self-developed intelligent networking platform, enabling remote diagnostics, energy consumption management, and optimized scheduling, while integrating multiple active safety technologies for enhanced driver safety [2] - The truck achieves zero-emission operation and demonstrates excellent energy efficiency of "1 kWh per 1.2 kilometers," significantly reducing lifecycle costs and contributing to societal green development [2] Group 3: Strategic Goals - Qingling aims to collaborate with partners to build an integrated supercharging ecosystem for heavy trucks, focusing on technology, scenarios, and mutual benefits, thereby contributing to the green transformation and high-quality development of China's commercial vehicle industry [2]

Core Insights - The "Light Truck First Influence Index" for November 2025 shows a total score of 1350 for nine major light truck companies, a decrease of 20.7% from October 2025 and a 3.6% decline year-on-year from November 2024 [1][15]. Market Activity - The light truck market remains vibrant with multiple new products launched, highlighted during the 2025 China International Commercial Vehicle Exhibition [4][5]. - The "2025 First Commercial Vehicle Network Annual Awards" recognized several significant light truck awards, enhancing visibility in the light truck communication sector [5]. New Product Launches - Jianghuai's new model, Kunpeng ET9, was launched at the exhibition, featuring innovations in design, battery, motor, control, and thermal management to address current operational pain points for users [7]. - Dongfeng launched a new high-end light truck brand, "Dongfeng Qiankun," focusing on enhancing driver experience with features like onboard kitchenware and smart health cabins [9]. - China National Heavy Duty Truck HOWO won the "2025 Annual Recommended High-end Light Truck" award, showcasing advanced configurations and a 12-speed transmission for improved efficiency [11]. - Qingling's EVM2026 pure electric light truck was introduced, boasting a system efficiency of 95%, significantly reducing energy costs for urban delivery scenarios [14]. Brand Rankings - Jianghuai maintained its lead in the "Light Truck First Influence Index," while Dongfeng and Jiefang remained in the top three. Qingling made notable progress, rising three places to enter the top five [15][19]. - The rankings for November 2025 showed Jianghuai at 1st, Dongfeng at 2nd, and Jiefang at 3rd, with Qingling at 5th [16]. Industry Developments - Jianghuai hosted the eighth "Xiao Zhi Cup" New Energy Maintenance Skills Competition, enhancing service quality and technician skills across its service stations [15]. - Dongfeng Light Engine celebrated its 17th anniversary with the rollout of its 300,000th engine, emphasizing its commitment to providing efficient and reliable power solutions [17].

Core Viewpoint - The article highlights the successful delivery of 500 hydrogen fuel cell commercial vehicles by Qingling, marking a significant step in the commercialization and large-scale development of hydrogen fuel cell vehicles in China [1][8]. Group 1: Project Overview - Qingling launched the world's largest hydrogen fuel cell commercial vehicle demonstration project in Hami, Xinjiang, delivering the first batch of 500 vehicles equipped with Bosch's latest 300Kw hydrogen fuel cell engine [1]. - The project aligns with China's "14th Five-Year Plan" to promote the large-scale application of new technologies and products, integrating Qingling's innovations with Xinjiang's resources [5]. Group 2: Technological Advancements - Qingling's R&D team has overcome 12 core technologies and secured 108 patents, resulting in commercial vehicles that exhibit significant advantages such as high power, low hydrogen consumption, long lifespan, and enhanced safety [7]. - The vehicles are customized for Xinjiang's climate and operational scenarios, making them the only hydrogen fuel cell heavy trucks capable of meeting the demands of coal transportation across the Tianshan Mountains [7]. Group 3: Market and Resource Advantages - Xinjiang boasts significant energy advantages with over 100 billion kilowatt-hours of annual electricity generation from wind and solar resources, providing a low-cost foundation for green hydrogen production [8]. - The region's extensive road transport network and the high volume of coal transportation (over 70% of total freight) create a robust market demand for clean and efficient hydrogen fuel cell vehicles [8]. - Supportive government policies in Xinjiang, including measures to promote the hydrogen energy industry, are fostering a favorable environment for the development of the hydrogen supply chain and industry [8]. Group 4: Future Implications - The mass delivery of hydrogen fuel cell commercial vehicles by Qingling is seen as a new starting point for the commercialization and large-scale development of hydrogen fuel cell vehicles in China, aiming to establish a replicable national model for hydrogen energy transportation [8].

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11月30日 狀態: 新提交 | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01122 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,238,651,865 | RMB | | 1 RMB | | 1,238,651,865 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,238,651,865 | RMB | | 1 RMB | | 1,238,651,865 | 本月底法定/註冊股本總額： RMB 2,482,268,268 FF301 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 慶鈴汽 ...