[Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement details the company's financial performance, including revenue, costs, and loss for the six months ended June 30, 2025 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30, 2025) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 2,072,472 | 2,112,181 | | Cost of Sales | (1,933,730) | (1,964,841) | | Gross Profit | 138,742 | 147,340 | | Other Income | 132,110 | 136,709 | | Loss Before Tax | (26,124) | (4,686) | | Income Tax Expense | (5,225) | (3,456) | | Loss and Total Comprehensive Expense for the Period | (31,349) | (8,142) | | Loss and Total Comprehensive Expense for the Period Attributable to Owners of the Company | (35,530) | (12,290) | | Basic Loss Per Share (RMB cents) | (1.43) | (0.50) | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement provides a snapshot of the company's assets, liabilities, and equity as of June 30, 2025 Condensed Consolidated Statement of Financial Position (as of June 30, 2025) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Non-current Assets | 2,759,013 | 4,568,427 | | Current Assets | 7,291,419 | 5,615,501 | | Current Liabilities | 2,550,037 | 2,657,623 | | Net Current Assets | 4,741,382 | 2,957,878 | | Total Equity | 7,488,756 | 7,520,105 | | Non-current Liabilities | 11,639 | 6,200 | | Total Assets Less Current Liabilities | 7,500,395 | 7,526,305 | [Notes to the Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements [1. Basis of Preparation](index=5&type=section&id=1.%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and applicable disclosure requirements of the HKEX Listing Rules - The financial statements comply with Hong Kong Accounting Standard 34 and Appendix D2 of the Listing Rules disclosure requirements[7](index=7&type=chunk) [2. Significant Accounting Policies](index=5&type=section&id=2.%20Significant%20Accounting%20Policies) The financial statements are prepared on a historical cost basis, with consistent accounting policies and no material impact from new HKFRS standards - The financial statements are prepared on a historical cost basis, with accounting policies consistent with the previous year[8](index=8&type=chunk) - The first-time application of revised HKFRS accounting standards, such as HKAS 21 (Revised) Lack of Exchangeability, had no material impact on financial position or performance during this interim period[9](index=9&type=chunk) [3. Revenue / Segment Information](index=6&type=section&id=3.%20Revenue%20%2F%20Segment%20Information) Group revenue primarily derives from vehicle and parts sales, with a slight year-on-year decrease, and is reviewed across four operating segments [i. Disaggregation of Revenue from Contracts with Customers](index=6&type=section&id=i.%20Disaggregation%20of%20Revenue%20from%20Contracts%20with%20Customers) Total revenue for H1 2025 was RMB 2.072 billion, a 1.88% decrease, with growth in light commercial vehicles and pickups, but declines in medium/heavy vehicles and exports Disaggregation of Revenue from Contracts with Customers (RMB thousands) | Type of Goods | 2025 | 2024 | Year-on-year change | | :--- | :--- | :--- | :--- | | Sales of Light Commercial Vehicles | 932,672 | 902,670 | +3.32% | | Sales of Pickup Trucks | 261,801 | 227,963 | +14.80% | | Sales of Medium and Heavy-Duty Vehicles | 489,612 | 511,302 | -4.24% | | Sales of Chassis | 170,909 | 298,421 | -42.73% | | Sales of Auto Parts, Components and Others | 217,478 | 171,825 | +26.57% | | **Total** | **2,072,472** | **2,112,181** | **-1.88%** | - Excluding export sales to countries outside China of **RMB 71,728,000** (H1 2024: RMB 181,712,000), all other sales were to customers within China, with a significant year-on-year decrease in export sales[10](index=10&type=chunk) [ii. Segment Information](index=7&type=section&id=ii.%20Segment%20Information) The Group operates in four reportable segments, with the auto parts segment profitable in H1 2025, while pickup and medium/heavy vehicle segments recorded losses - The Group's operating and reportable segments include: light commercial vehicles and chassis, pickup trucks and chassis, medium and heavy-duty vehicles and chassis, and auto parts, components, and others[17](index=17&type=chunk) Overview of Segment Profit (Loss) (RMB thousands) | Segment | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Light Commercial Vehicles and Chassis | 10,620 (Profit) | (17,710) (Loss) | | Pickup Trucks and Chassis | (25,160) (Loss) | (20,267) (Loss) | | Medium and Heavy-Duty Vehicles and Chassis | (48,575) (Loss) | 692 (Profit) | | Auto Parts, Components and Others | 60,841 (Profit) | 25,714 (Profit) | | **Total Segment Profit (Loss)** | **(2,274)** | **(11,571)** | - In H1 2025, the auto parts, components, and others segment reported assets of **RMB 1,331,393 thousand** and liabilities of **RMB 97,755 thousand**[21](index=21&type=chunk) [4. Loss Before Tax Has Been Arrived At After Charging (Crediting)](index=12&type=section&id=4.%20Loss%20Before%20Tax%20Has%20Been%20Arrived%20At%20After%20Charging%20%28Crediting%29) This section details expenses and income affecting loss before tax, including increased staff costs and depreciation, and significant government grants for hydrogen fuel cell R&D Key Expense and Income Items (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Total Staff Costs | 170,387 | 156,909 | | Amortization of Intangible Assets | 21,135 | 19,174 | | Total Depreciation | 50,291 | 40,590 | | Interest Income from Fixed Deposits and Bank Balances | (59,653) | (69,808) | | Government Grants | (23,268) | (12,241) | - In H1 2025, the Group recognized **RMB 22,500,000** in subsidies related to hydrogen fuel cell vehicle R&D and production, with no such subsidy in H1 2024[24](index=24&type=chunk) - No subsidies related to special funds for innovation and development projects were recognized in H1 2025, compared to **RMB 10,870,000** in H1 2024[24](index=24&type=chunk) [5. Income Tax Expense](index=13&type=section&id=5.%20Income%20Tax%20Expense) Income tax expense increased to RMB 5.225 million in H1 2025, with the company and Qingling Mould enjoying a preferential 15% corporate income tax rate Income Tax Expense (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current Tax | 804 | 3,441 | | Under (Over) Provision in Prior Years | 654 | (542) | | Deferred Tax | 3,767 | 557 | | **Total** | **5,225** | **3,456** | - The Company and Qingling Mould enjoy a preferential corporate income tax rate of **15%** due to qualifying for Western Development encouraging industry policies[26](index=26&type=chunk) - The tax rate for other Chinese subsidiaries is **20%** (H1 2024: 20% and 25%)[27](index=27&type=chunk) [6. Dividends](index=14&type=section&id=6.%20Dividends) The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the prior year - No dividends were paid, declared, or proposed during the interim period[28](index=28&type=chunk) - The Board resolved not to distribute an interim dividend[29](index=29&type=chunk) [7. Loss Per Share](index=14&type=section&id=7.%20Loss%20Per%20Share) Basic loss per share attributable to owners of the company expanded to RMB 1.43 cents for H1 2025, with no diluted loss per share presented due to absence of potential ordinary shares Basic Loss Per Share Calculation (RMB thousands) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Loss and Total Comprehensive Expense for the Period Attributable to Owners of the Company | (35,530) | (12,290) | | Number of Shares for Basic Loss Per Share Calculation (thousands) | 2,482,268 | 2,482,268 | | **Basic Loss Per Share (RMB cents)** | **(1.43)** | **(0.50)** | - No diluted loss per share is presented as there were no outstanding potential ordinary shares during either presented period[31](index=31&type=chunk) [8. Property, Plant and Equipment](index=14&type=section&id=8.%20Property%2C%20Plant%20and%20Equipment) The Group acquired RMB 66.117 million in property, plant, and equipment, primarily construction in progress, and disposed of RMB 0.641 million in assets during the interim period - The Group acquired new property, plant, and equipment totaling **RMB 66,117,000** (H1 2024: RMB 77,650,000), primarily for construction in progress[32](index=32&type=chunk) - Property, plant, and equipment with a total carrying amount of **RMB 641,000** (H1 2024: RMB 1,000,000) were disposed of[32](index=32&type=chunk) [9. Trade and Bills Receivables and Other Receivables and Prepayments](index=15&type=section&id=9.%20Trade%20and%20Bills%20Receivables%20and%20Other%20Receivables%20and%20Prepayments) Total trade and bills receivables, other receivables, and prepayments increased to RMB 2.251 billion as of June 30, 2025, driven by higher bills receivables and long-term trade receivables Trade and Bills Receivables and Other Receivables and Prepayments (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Receivables less Credit Loss Provision | 1,240,288 | 1,163,549 | | Bills Receivables | 642,749 | 337,650 | | Other Receivables less Credit Loss Provision | 84,546 | 24,999 | | Prepayments for Raw Materials | 54,958 | 140,039 | | Receivables for Subsidies less Credit Loss Provision | 228,989 | 228,852 | | **Total** | **2,251,530** | **1,895,089** | - The credit period for goods sold is primarily **3 to 6 months**, except for subsidiaries of Qingling Motors (Group) Co., Ltd., which have a **1-year** credit period[34](index=34&type=chunk) - Since last year, the Company has entered into structured installment payment contracts with some customers, with a fixed term of **five years**[35](index=35&type=chunk) Aging Analysis of Trade Receivables (RMB thousands) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 3 months | 186,624 | 601,284 | | 3 to 6 months | 326,062 | 202,744 | | 7 to 12 months | 438,144 | 316,342 | | Over 1 year | 289,458 | 43,179 | - All bills receivables are bank-guaranteed and mature within **12 months**[36](index=36&type=chunk) [10. Fixed Deposits](index=17&type=section&id=10.%20Fixed%20Deposits) The Group's fixed deposits have maturities ranging from 3 to 36 months, with annual interest rates between 1.60% and 3.45% - Fixed deposits mature within **3 to 36 months**[37](index=37&type=chunk) - The annual interest rate for deposits ranges from **1.60% to 3.45%** (December 31, 2024: 1.50% to 3.55%)[37](index=37&type=chunk) [11. Trade and Bills Payables and Other Payables](index=17&type=section&id=11.%20Trade%20and%20Bills%20Payables%20and%20Other%20Payables) Total trade and bills payables and other payables decreased slightly to RMB 2.352 billion as of June 30, 2025, with trade and bills payables forming the largest component Trade and Bills Payables and Other Payables (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade and Bills Payables | 2,006,507 | 2,126,249 | | Payables for Selling Expenses | 148,249 | 124,660 | | Other Taxes Payable | 34,912 | 28,169 | | Other Payables | 163,234 | 161,133 | | **Total** | **2,352,902** | **2,440,211** | Aging Analysis of Trade and Bills Payables (RMB thousands) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 3 months | 1,775,400 | 1,853,310 | | 3 to 6 months | 227,463 | 268,300 | | 7 to 12 months | 275 | 940 | | Over 12 months | 3,369 | 3,699 | [Management Discussion and Analysis](index=18&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's operational and financial performance, market conditions, and strategic initiatives for the period [Results for the Six Months Ended 30 June 2025](index=18&type=section&id=Results%20for%20the%20Six%20Months%20Ended%2030%20June%202025) The Group sold 16,842 vehicles, a 1.82% decrease, with sales revenue of RMB 2.072 billion, and an expanded loss attributable to owners of RMB 35.53 million - The Group sold **16,842 vehicles**, a year-on-year decrease of **1.82%**[39](index=39&type=chunk) - Sales revenue was **RMB 2.072 billion**, a year-on-year decrease of **1.88%**[39](index=39&type=chunk) - Loss and total comprehensive expense for the period attributable to owners of the Company was **RMB 35,530,000**, compared to RMB 12,290,000 in the prior period[39](index=39&type=chunk) [Performance Review](index=18&type=section&id=Performance%20Review) Despite a challenging market with price wars, the company achieved sales growth in pickups and new energy vehicles, maintaining a 4.51% R&D intensity and launching new products - Domestic commercial vehicle production and sales increased by **4.7%** and **2.6%** respectively, but overall market demand was weak, consumer confidence was insufficient, and price wars led to a decline in average industry profit margins[40](index=40&type=chunk) - H1 pickup sales increased by **20%** year-on-year, medium and heavy-duty truck sales increased by **3%** year-on-year, and new energy vehicle sales increased by **10.39%** year-on-year[41](index=41&type=chunk) - R&D intensity reached **4.51%**, with new products like Lingjie, Lingkun, and VAN/mini-truck launched on schedule, and the H47 Xinjiang coal transport tractor successfully developed[41](index=41&type=chunk) - The company will focus on strategies including stabilizing fuel vehicles, advancing electric vehicles, expanding overseas, stabilizing hydrogen energy, seizing market share, reducing costs, accelerating transformation, activating vitality, and improving efficiency[42](index=42&type=chunk) [Financial Performance](index=20&type=section&id=Financial%20Performance) Group revenue decreased by 1.88% to RMB 2.072 billion due to reduced overseas demand, gross profit declined by 5.84%, and loss attributable to owners expanded to RMB 35.53 million - The Group's revenue was **RMB 2,072,472,000**, a **1.88%** decrease compared to the prior period, primarily due to reduced overseas commercial vehicle demand[43](index=43&type=chunk) - Gross profit for the period was **RMB 138,742,000**, a **5.84%** decrease compared to the prior period; gross profit margin was **6.69%** (prior period: 6.98%)[43](index=43&type=chunk) - Loss and total comprehensive expense for the period attributable to owners of the Company was **RMB 35,530,000**, compared to RMB 12,290,000 in the prior period[43](index=43&type=chunk) - Other income was **RMB 132,110,000**, a **3.36%** decrease compared to the prior period, mainly due to reduced government grants and interest income[43](index=43&type=chunk) - Basic loss per share was **RMB 1.43 cents**[44](index=44&type=chunk) [Financial Position](index=20&type=section&id=Financial%20Position) As of June 30, 2025, total assets were RMB 10.05 billion and total liabilities were RMB 2.56 billion, with net current assets increasing by 60.30% to RMB 4.74 billion - The Group's total assets and total liabilities were **RMB 10,050,432,000** and **RMB 2,561,676,000** respectively[45](index=45&type=chunk) - Non-current assets amounted to **RMB 2,759,013,000**, primarily comprising fixed deposits, property, plant and equipment, interests in joint ventures, trade receivables, and intangible assets[45](index=45&type=chunk) - Net current assets increased by **60.30%** from **RMB 2,957,878,000** as of December 31, 2024, to **RMB 4,741,382,000** as of June 30, 2025[46](index=46&type=chunk) [Liquidity and Capital Structure](index=21&type=section&id=Liquidity%20and%20Capital%20Structure) The Group funds operations through internal cash flow, with the gearing ratio decreasing to 34.21% as of June 30, 2025, and no significant changes in financing strategy or share capital - The Group's gearing ratio was **34.21%** (December 31, 2024: 35.42%)[47](index=47&type=chunk) - The Company's issued share capital remained at **RMB 2,482,268,000**, with no new shares issued during the interim period[47](index=47&type=chunk) - The Group's financing strategy remained unchanged, with no new bank borrowings or non-current liabilities added[47](index=47&type=chunk) - Total equity attributable to owners of the Company was **RMB 7,307,176,000**, with net asset value per share at **RMB 2.94**[48](index=48&type=chunk) [Material Investments](index=21&type=section&id=Material%20Investments) As of June 30, 2025, the Group's interests in joint ventures totaled RMB 492.723 million, primarily in Isuzu (China) Engine Co., Ltd., with no material acquisitions or disposals during the period - The Group's interests in joint ventures amounted to **RMB 492,723,000**, primarily comprising an interest of **RMB 428,288,000** in Isuzu (China) Engine Co., Ltd[49](index=49&type=chunk) - Interests in associates amounted to **RMB 7,333,000**[49](index=49&type=chunk) - There were no material acquisitions or disposals by the Group during the interim period[50](index=50&type=chunk) [Segment Information](index=21&type=section&id=Segment%20Information) Light commercial vehicles and chassis, along with medium and heavy-duty vehicles and chassis, collectively represent 76.87% of total revenue, making them the Group's largest product contributors - Light commercial vehicles and chassis, and medium and heavy-duty vehicles and chassis, collectively contributed **76.87%** of total revenue[51](index=51&type=chunk) - Pickup trucks and chassis contributed **RMB 261,801,000** to revenue, representing **12.63%** of total revenue[51](index=51&type=chunk) - Light commercial vehicles and chassis, and medium and heavy-duty vehicles and chassis are currently the Group's primary products with the largest revenue contribution rates[52](index=52&type=chunk) [Impact of Exchange Rate Fluctuations](index=22&type=section&id=Impact%20of%20Exchange%20Rate%20Fluctuations) The Group's primary foreign currency transactions involve JPY-denominated auto parts procurement, but exchange rate fluctuations have not materially impacted operations or liquidity due to small balances - The Group holds foreign currency bank balances of **RMB 2,059,000** and foreign currency trade and bills receivables and other receivables and prepayments of **RMB 1,028,000**[54](index=54&type=chunk) - The Group's primary foreign currency transactions involve JPY-denominated procurement of auto parts[54](index=54&type=chunk) - The Group's operating condition or liquidity has not experienced difficulties or been materially affected by currency exchange rate fluctuations[54](index=54&type=chunk) [Commitments](index=22&type=section&id=Commitments) As of June 30, 2025, the Group had capital commitments of RMB 161.53 million, primarily for property, plant, and equipment, expected to be funded by internal cash flows - The Group had capital commitments contracted but not provided for in the condensed consolidated financial statements amounting to **RMB 161,530,000**[55](index=55&type=chunk) - These primarily include outstanding consideration payable for the acquisition of property, plant, and equipment[55](index=55&type=chunk) - The Group expects to fund these capital requirements through its own cash flows[55](index=55&type=chunk) [Interim Dividends](index=22&type=section&id=Interim%20Dividends) The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[56](index=56&type=chunk) [Employees and Remuneration Policy](index=22&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 2,984 employees with total staff costs of RMB 170.387 million, and remuneration is determined by performance, qualifications, and industry practice - The Group's total number of employees was **2,984**[57](index=57&type=chunk) - Staff costs for the six months ended June 30, 2025, amounted to **RMB 170,387,000**[57](index=57&type=chunk) - The Group determines employee remuneration based on performance, qualifications, and prevailing industry practices, incentivizing employees through bonuses and awards[57](index=57&type=chunk) [Other Information](index=23&type=section&id=Other%20Information) This section covers details regarding the company's share capital, major shareholders, directors' interests, corporate governance, and financial information publication [Share Capital](index=23&type=section&id=Share%20Capital) As of June 30, 2025, the company's total share capital comprised 2,482,268,268 shares, with domestic shares accounting for approximately 50.10% and H shares for 49.90% Share Capital Structure (as of June 30, 2025) | Share Class | Number of Shares | Percentage of Total Issued Shares | | :--- | :--- | :--- | | Domestic Shares | 1,243,616,403 shares | Approximately 50.10% | | H Shares | 1,238,651,865 shares | Approximately 49.90% | [Major Shareholders](index=23&type=section&id=Major%20Shareholders) As of June 30, 2025, Qingling Motors (Group) Co., Ltd. held 50.10% of domestic shares, and Isuzu Motors Limited held 20.00% of H shares, making them the company's major shareholders Major Shareholders' Shareholdings (as of June 30, 2025) | Shareholder Name | Share Class | Number of Shares Held | Percentage of Total Share Capital | | :--- | :--- | :--- | :--- | | Qingling Motors (Group) Co., Ltd. | Domestic Shares | 1,243,616,403 shares | 50.10% | | Isuzu Motors Limited | H Shares | 496,453,654 shares | 20.00% | [Directors', Former Supervisors' and Chief Executive's Interests in Shares](index=24&type=section&id=Directors%27%2C%20Former%20Supervisors%27%20and%20Chief%20Executive%27s%20Interests%20in%20Shares) As of June 30, 2025, no directors or chief executive held any registrable interests or short positions in the company's shares, related shares, or debentures - None of the Company's directors or chief executive held any registrable interests or short positions in the shares, underlying shares, or debentures of the Company or its associated corporations[61](index=61&type=chunk) - None of the Company's directors, former supervisors, chief executive, or their spouses or children under 18 years of age held or exercised any rights to subscribe for equity or debt securities of the Company[61](index=61&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=24&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, redeemed, or cancelled any of its listed securities, nor held any treasury shares - Neither the Company nor its subsidiaries purchased, sold, redeemed, or cancelled any of the Company's listed securities[62](index=62&type=chunk) - As of June 30, 2025, the Company held no treasury shares[62](index=62&type=chunk) [Corporate Governance](index=24&type=section&id=Corporate%20Governance) The company maintains high corporate governance standards, complying with all applicable code provisions of the HKEX Listing Rules, with Mr. Chen Daijin currently serving as acting General Manager - The Company has complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the HKEX Listing Rules[63](index=63&type=chunk) - Since Mr. Yasuda Tatsuya's retirement as the Company's General Manager on June 27, 2024, his duties are currently being performed by Mr. Chen Daijin, the Company's Executive Deputy General Manager[63](index=63&type=chunk) [Standard Code for Securities Transactions by Directors and Former Supervisors](index=24&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors%20and%20Former%20Supervisors) The company adopted the Standard Code for securities transactions by directors and supervisors, confirming compliance by all directors and former supervisors, with all supervisors having retired on June 27, 2025 - The Company has adopted the Standard Code as set out in Appendix C3 of the Listing Rules for securities transactions by its directors and supervisors[64](index=64&type=chunk) - The Company confirms that all directors and former supervisors complied with the standards set out in the Standard Code for the six months ended June 30, 2025 (or for former supervisors, up to June 27, 2025)[64](index=64&type=chunk) - All supervisors of the Company retired from their positions on June 27, 2025, immediately following the abolition of the Company's supervisory committee on the same date[64](index=64&type=chunk) [Publication of Financial Information](index=25&type=section&id=Publication%20of%20Financial%20Information) The 2025 interim results are unaudited but reviewed by auditors and the audit committee, with the interim report to be dispatched to shareholders and published online - The interim results for the six months ended June 30, 2025, are unaudited but have been reviewed by the Company's auditors in accordance with Hong Kong Standard on Review Engagements 2410[65](index=65&type=chunk) - The interim results have also been reviewed by the Company's Audit Committee[65](index=65&type=chunk) - The Company's 2025 interim report will be dispatched to shareholders and published on the HKEX website www.hkexnews.hk and the Company's website www.qingling.com.cn in due course[66](index=66&type=chunk) [Directors](index=25&type=section&id=Directors) As of the announcement date, the Board of Directors comprises eleven directors, including seven executive directors and four independent non-executive directors - The Board of Directors consists of **eleven directors**, including Mr. Luo Yuguang, Mr. Nakamura Koji, Mr. Kijima Katsuya, Mr. Tsukui Mikio, Mr. Xu Song, Mr. Li Juxing, and Mr. Li Xiaodong as executive directors[67](index=67&type=chunk) - Mr. Long Tao, Mr. Song Xiaojiang, Mr. Liu Tianni, and Ms. Chen Yanyun are independent non-executive directors[67](index=67&type=chunk)

Group 1: Hydrogen Corridor Development - The "Chengyu Hydrogen Corridor" is facilitating the transformation of hydrogen-powered commercial vehicles, with the lifecycle cost of Qingling's hydrogen trucks now comparable to diesel trucks [2] - Qingling has developed a series of electric new products, ready for mass production, targeting 85% of electric logistics vehicle transport scenarios [2] - The hydrogen supply capacity in the Sichuan-Chongqing region has reached 60,000 tons annually, sufficient for 4,000 heavy trucks, with 34 hydrogen refueling stations established and over 1,500 hydrogen fuel cell vehicles promoted [2] Group 2: Industrial Collaboration - The collaboration between Sichuan and Chongqing has evolved from simple component supply to a full industrial chain synergy, including core technology collaboration and shared application scenarios [3] Group 3: Smart City Governance - Chongqing's digital city operation and governance center showcases advanced smart city solutions, such as the "Yuxiaozhi" intelligent system, which allows online processing of newborn registration with minimal requirements [4] - The center processes nearly 30,000 events daily, demonstrating effective urban governance through data integration [4] Group 4: Technological Innovation - The emphasis on technological innovation is evident in various sectors, with companies like VisionLink participating in the development of a national digital transformation framework using domestic V2V technology [5] - The focus on artificial intelligence and digital cooperation between Sichuan and Chongqing is expected to create new opportunities in data spaces and high-quality datasets [6]

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） 修訂持續關連交易年度上限 修訂持續關連交易年度上限 茲提述(i)本 公 司 日 期 為 二 零 二 二 年 十 二 月 三 十 日 的 公 告，內 容 有 關（其 中 包 括） 本公司與重慶慶鈴鑄鋁訂立現有重慶慶鈴鑄鋁協議及其項下之持續關連交易， 有 效 期 為 二 零 二 三 年 一 月 一 日 至 二 零 二 五 年 十 二 月 三 十 一 日；以 及(ii)本公司 日 期 為 二 零 二 三 年 三 月 三 十 一 日 的 通 函，內 容 有 關（其 中 包 括）該 持 續 關 連 交 易。 董 事 會 謹 此 宣 佈，董 事 會 已 審 閱 ...

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 之 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） 控股股東股權劃轉進展 完成工商變更登記 茲 提 述 慶 鈴 汽 車 股 份 有 限 公 司（「本公司」）日 期 為 二 零 二 五 年 六 月 十 二 日 的 公 告（「該 公 告」），內 容 有 關（其 中 包 括）重 慶 渝 富 控 股 集 團 有 限 公 司（「渝富控股」）通 過 國 有 股 權 無 償 劃 轉 的 方 式 取 得 本 公 司 控 股 股 東 慶 鈴 汽 車（集 團）有 限 公 司（「慶鈴集團」） 80%的 股 權（「股權劃轉」）。除 文 義 另 有 所 指 外，本 公 告 所 用 詞 彙 與 該 公 告 所 界 定 者 具 ...

代表 慶鈴汽車股份有限公司 董事長兼執行董事 羅宇光 中華人民共和國，重慶，二零二五年八月十八日 於本公告日期，董事會由十一名董事組成，其中羅宇光先生、中村幸滋先生、木島克哉 先生、津久井干雄先生、徐松先生、李巨星先生及李小東先生為執行董事，以及龍濤先 生、宋小江先生、劉天倪先生及陳燕雲女士為獨立非執行董事。 （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） 董事會召開日期 慶鈴汽車股份有限公司（「本公司」）謹此公佈，本公司將於二零二五年八月二十八日 （星期四）舉行董事（「董事」）會（「董事會」）會議，以（其中包括）考慮及批准本公 司及其附屬公司截至二零二五年六月三十日止六個月之中期業績，以及處理本公司其他 事務（如有）。 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。 ...

Group 1 - The State Intellectual Property Office of China granted a patent for a "steering fork clamp" to Qingling Motors (Group) Co., Ltd. and Chongqing Qingling Automotive Chassis Parts Co., Ltd. The patent was announced with the authorization number CN223186052U, and the application date was July 2024 [1] - The patent describes a utility model involving a steering fork clamp that includes a base, a directional mechanism, and a clamping mechanism. The clamping mechanism consists of a first fixed block and a second fixed block symmetrically arranged on both sides of the directional mechanism [1] - The steering fork is fixed in a determined direction through the directional mechanism, and the clamping mechanism applies pressure to secure the steering fork to the base [1] Group 2 - Qingling Motors (Group) Co., Ltd. was established in 1994 and is located in Chongqing. The company primarily engages in the automotive manufacturing industry with a registered capital of 410 million RMB [2] - The company has invested in 20 enterprises, participated in 552 bidding projects, and holds 63 trademark records and 943 patent records, along with 15 administrative licenses [2] - Chongqing Qingling Automotive Chassis Parts Co., Ltd. was founded in 2009, also located in Chongqing, with a registered capital of 40 million RMB. The company has participated in 35 bidding projects and holds 60 patent records, along with 12 administrative licenses [2]

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7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8月1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 | | ...

Core Viewpoint - The launch of the first batch of 49-ton hydrogen fuel cell tractors by Qingling Motors marks a significant step towards green transformation in coal transportation in Xinjiang, leveraging government policies and technological advancements in hydrogen energy [1][5][7]. Industry Developments - Xinjiang, rich in coal resources, is promoting the green transformation of coal transportation through the large-scale application of new energy heavy trucks, as outlined in the "Three-Year Action Plan for Hydrogen Energy Industry Development (2023-2025)" [3]. - Hami City has been selected as one of the second batch of demonstration application cities for fuel cell vehicles, accelerating the implementation of hydrogen energy [3]. Company Initiatives - Qingling Motors has signed a contract for the first batch of 52 customized 49-ton hydrogen fuel cell tractors, aimed at addressing pollution issues in traditional resource transportation [5][10]. - The company has established a dedicated R&D and production team to customize vehicles for Hami's extreme climate conditions, ensuring operational stability in temperatures ranging from -30°C to 70°C [8][10]. Technological Advancements - The tractors feature a 6×4 drive system and are equipped with a 190KW Bosch fuel cell system, enabling strong power output even under full load [11]. - The vehicles have a large 2200L hydrogen storage tank, achieving a range of over 600 kilometers and allowing for quick refueling in just 10 minutes [13]. Economic Benefits - The hydrogen fuel cost is estimated to be 30%-35% lower than traditional diesel, with maintenance costs reduced to about 30% of those for fuel vehicles, significantly lowering overall operational costs [15]. - The fuel cell's lifespan exceeds 10 years, reducing the frequency of replacements and maintenance time [15]. Future Outlook - Qingling Motors aims to accelerate hydrogen technology research and product innovation, contributing to the construction of a green transportation system in China and promoting the large-scale application of hydrogen-powered commercial vehicles [17].

Core Viewpoint - The 40th anniversary of the partnership between Qingling Motors and Isuzu marks a significant milestone, showcasing a long-standing collaboration that has contributed to the commercial vehicle industry in China [1][3]. Group 1: Historical Development - Qingling Motors manufactured the first heavy-duty truck in Chongqing in 1969, marking the beginning of its journey in the automotive industry [3]. - The establishment of the first Sino-Japanese joint venture in 1985 with Isuzu positioned Qingling to capitalize on the rapid development of China's automotive sector [3]. - Over the past 40 years, Qingling has introduced various Isuzu products, significantly impacting the Chinese commercial vehicle market and establishing itself as a high-end brand [3]. Group 2: Technological Advancements - The automotive industry is undergoing rapid transformation driven by the "new four modernizations," with Qingling focusing on both independent innovation and open collaboration [5]. - Qingling and Isuzu have signed a new strategic cooperation agreement to deepen collaboration in areas such as electric vehicles, intelligent driving, and connected vehicles [8][10]. - Qingling has developed new products, including the KV800 fuel vehicle and the "Lingkun" pure electric light truck, showcasing advancements in fuel efficiency and electric vehicle technology [13][15]. Group 3: Market Position and Partnerships - Qingling has established itself as a trusted supplier for major clients, such as Jiuzhoutong Pharmaceutical Group, with a significant fleet of vehicles in operation [7]. - The company emphasizes the importance of its dealers as strategic partners, contributing to its sales and service success over the years [7]. - Qingling's commitment to high-quality products and advanced technology has earned it a strong reputation in the commercial vehicle sector [11]. Group 4: Future Outlook - Qingling aims to achieve an annual sales target of 100,000 units, supported by Isuzu's continued backing [10]. - The company plans to leverage opportunities in Chongqing's development of intelligent connected new energy vehicles and the establishment of an inland open comprehensive hub [21].

Core Viewpoint - The medium truck market in China has experienced a significant decline, with a cumulative sales drop of 15% in the first half of 2025, and a year-on-year decrease of 30% in June, marking the fourth consecutive month of decline [1][22]. Sales Performance - In June 2025, the medium truck market sold 10,100 units, representing a month-on-month increase of 31% but a year-on-year decrease of 30% [4][10]. - Cumulatively, from January to June 2025, the medium truck market sold 59,500 units, which is approximately 10,600 units less than the same period last year [6][20]. Market Trends - The medium truck market has shown a fluctuating trend over the past five years, with June 2025 sales being the second lowest in this period [6]. - The market has experienced a pattern of increase and decrease, with notable sales peaks and troughs in June of previous years [6]. Company Performance - In June 2025, among the top ten companies in the medium truck market, five experienced sales growth while five saw declines [11]. - Leading companies such as Heavy Truck, Qingling, BYD, Shaanxi Automobile, and Yuchai reported significant year-on-year growth rates of 66%, 12%, 105%, 263%, and 443% respectively [11]. - Conversely, some companies faced severe declines, with one company experiencing a 75% drop in sales [11]. Market Share - In June 2025, the top ten companies held a combined market share of 98.13%, with the top five companies accounting for 81.56% [14]. - The leading company, Jiefang, sold 3,818 units, capturing a market share of 37.96% [14]. - The cumulative market shares for the first half of 2025 showed that Jiefang, Jianghuai, Dongfeng, and Heavy Truck each held over 10% of the market [20]. Future Outlook - The medium truck market is currently facing challenges, with questions surrounding when it will regain growth and whether there is potential for a turnaround in 2025 [22].