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]

Core Viewpoint - The domestic new energy light truck market has shown remarkable growth, achieving a record monthly sales of 17,700 units in August 2025, marking a 91% year-on-year increase and extending a continuous growth streak to 20 months [4][6][33]. Sales Performance - From March 2025, new energy light truck sales have consistently exceeded 10,000 units monthly, with June recording the highest single-month sales of 16,600 units [1][2]. - In August 2025, the total sales of new energy light trucks reached 17,700 units, representing a 21% month-on-month increase and a 91% year-on-year increase [4][6]. - The overall light truck market sold 56,600 units in August, with new energy light trucks accounting for 31.27% of the total, up from 27.00% the previous month [9]. Market Trends - The new energy light truck market has seen a cumulative sales figure of 105,300 units from January to August 2025, reflecting a 94% year-on-year growth [26][31]. - The penetration rate of new energy light trucks in the overall light truck market reached 23.11% in the first eight months of 2025, significantly higher than the 17.73% recorded for the entire year of 2024 [9]. Regional Insights - All 31 provincial-level administrative regions in China have seen new energy light truck registrations, with Guangdong leading with over 35,300 units, accounting for 33.48% of the national total [12][14]. - The top cities for new energy light truck registrations include Shenzhen, Guangzhou, Zhengzhou, and Chengdu, among others [14]. Company Performance - The leading companies in the new energy light truck market for August 2025 include: - Yuan Cheng with 3,252 units sold (18.36% market share) - Foton with 2,908 units (16.41% market share) - SAIC Yuejin with 2,779 units (15.69% market share) - Jianghuai with 2,177 units (12.29% market share) [3][23]. - Notably, Chery Commercial Vehicles achieved a staggering 10,400% year-on-year growth in sales [3]. Fuel Type Analysis - Pure electric vehicles remain the dominant technology in the new energy light truck market, accounting for 92.31% of sales from January to August 2025, an increase from the previous year [17]. - In contrast, fuel cell light trucks have seen a decline in sales, with only 664 units sold, a 46% decrease year-on-year [20]. Conclusion - The new energy light truck market has demonstrated strong growth, with significant increases in both sales and market penetration. The trend is expected to continue, raising questions about the sustainability of this growth and the potential for future sales targets [33].

Group 1 - The cement stocks in Hong Kong experienced a collective decline, with Dongwu Cement falling over 12%, the weakest performer [1] - According to the National Bureau of Statistics, the national cement production in August was 14.802 million tons, a year-on-year decrease of 6.2% [1] - From January to August, the national cement production totaled 110.457 million tons, reflecting a year-on-year decline of 4.8% [1] Group 2 - Data indicates that the total cement production for the first eight months of 2024 was 115.907 million tons, resulting in a reduction of 5.450 million tons compared to the same period last year, a decrease of 4.7% [1] - CICC's report states that the average cement shipment rate in August 2025 is projected to be 45.2%, down from 48.8% in the same month last year [1] - The single-month cement production in August saw a year-on-year decline of 6.2%, amounting to 14.8 million tons, indicating continued weak demand during the off-season [1]

Core Viewpoint - The strategic partnership between Qingling Motors and Guangdong Yuntao Hydrogen Energy Technology marks a significant step towards the commercialization of hydrogen fuel cell cold chain logistics in China, with an initial contract for 300 units of the Qingling M600 hydrogen fuel cell refrigerated truck [1][3]. Group 1: Partnership Details - The collaboration follows a multi-dimensional cooperation model involving "vehicle manufacturers - system manufacturers - distributors," integrating core advantages across the entire industry chain from R&D to market operation [3]. - Qingling Motors will leverage its decades of experience in commercial vehicle manufacturing to ensure quality and lifecycle management, while Yuntao Hydrogen Energy will focus on fuel cell technology and certification [3][5]. Group 2: Vehicle Advantages - The Qingling M600 hydrogen fuel cell refrigerated truck features four key advantages: zero emissions aligning with national carbon neutrality goals, a comprehensive range of 551 km suitable for medium to long-distance cold chain transport, strong power output for stable performance in complex conditions, and low hydrogen consumption to reduce operational costs [3][6]. - These advantages meet the current demands for environmental sustainability, efficiency, and economic viability in urban cold chain logistics, positioning the vehicle as a mainstream choice in the industry [3]. Group 3: Future Outlook - Qingling Motors aims to deepen collaboration with Yuntao Hydrogen Energy to promote large-scale operations of hydrogen fuel cell commercial vehicles, contributing to the transportation sector's carbon neutrality goals [5]. - The partnership is expected to create a replicable benchmark case for the demonstration and commercialization of hydrogen vehicles, enhancing the green transportation industry in China [6].

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8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） 第 1 頁 共 10 頁 v 1.1.1 FF301 呈交日期: 2025年9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 | | | 1,243,616,40 ...

Core Viewpoint - Qingling Motors Co., Ltd. reported a revenue of 2.072 billion RMB for the first half of 2025, representing a year-on-year decrease of 1.88% [1] - The company recorded a loss attributable to equity holders of 35.53 million RMB, which is an increase of 189.1% compared to the previous year [1] - The basic loss per share was 1.43 cents [1] Financial Performance - Revenue for the period was 2.072 billion RMB, down 1.88% year-on-year [1] - Loss attributable to equity holders was 35.53 million RMB, a significant increase of 189.1% year-on-year [1] - Basic loss per share was reported at 1.43 cents [1]

Core Viewpoint - Qingling Motors Co., Ltd. reported a significant increase in losses for the first half of 2025, indicating financial challenges despite a slight decrease in revenue [1] Financial Performance - The company achieved revenue of 2.072 billion RMB, representing a year-on-year decrease of 1.88% [1] - The loss attributable to equity holders amounted to 35.53 million RMB, which is an increase of 189.1% compared to the previous year [1] - Basic loss per share was reported at 1.43 cents [1]

[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 ...