Earnings release
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– 1 – Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Yadea Group Holdings Ltd. (Incorporated in the Cayman Islands with limited liability) (Stock Code: 1585) ʮ̡ ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026 The board (the “ Board”) of directors (the “ Directors”) of Yadea Group Holdings Ltd. (the “Company” or “ Yadea”) hereby presents the unaudited consolidated interim results of the Company and its subsidiaries (collectively, the “ Group”) for the six months ended 30 June 2026 (the “ Reporting Period ”), together with the comparative figures for the corresponding period in 2025 as follows: FINANCIAL HIGHLIGHTS For the Reporting Period: • Revenue decreased by approximately 5.0% to RMB18,236.1 million as compared with the corresponding period in 2025. • Gross profit decreased by approximately 14.0% to RMB3,235.9 million as compared with the corresponding period in 2025. • Profit attributable to the owners of the Company decreased by approximately 27.2% to RMB1,200.9 million as compared with the corresponding period in 2025. • Basic earnings per share decreased by approximately 27.4% to RMB39.4 cents per share as compared with the corresponding period in 2025.
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– 2 – CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS For the six months ended 30 June 2026 Six months ended 30 June 2026 2025 Notes RMB’000 RMB’000 (Unaudited) (Unaudited) Revenue 5 18,236,095 19,185,861 Cost of sales 7 (15,000,200) (15,422,696) Gross profit 3,235,895 3,763,165 Selling and distribution expenses 7 (876,913) (818,563) Administrative expenses 7 (447,626) (532,373) Research and development costs 7 (681,127) (624,245) Other income and gains — net 6 226,649 329,218 Operating profit 1,456,878 2,117,202 Finance costs (16,289) (21,508) Share of losses of investments accounted for using the equity method (217) (5,290) Profit before income tax 1,440,372 2,090,404 Income tax expense 8 (239,964) (441,374) Profit for the period 1,200,408 1,649,030 Profit/(loss) attributable to: — Owners of the Company 1,200,896 1,649,030 — Non-controlling interests (488) – 1,200,408 1,649,030 Earnings per share — Basic (in RMB cents per share) 10(a) 39.4 54.3 — Diluted (in RMB cents per share) 10(b) 39.4 54.3
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– 3 – CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the six months ended 30 June 2026 Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Profit for the period 1,200,408 1,649,030 Other comprehensive loss Item that will not be reclassified subsequently to profit or loss: Exchange difference on translation from functional currency to presentation currency (24,256) (27,455) Item that may be reclassified subsequently to profit or loss: Exchange differences arising on translation of foreign operations (11,196) (18,038) Other comprehensive loss for the period, net of tax (35,452) (45,493) Total comprehensive income for the period 1,164,956 1,603,537 Total comprehensive income /(loss) attributable to: — Owners of the Company 1,165,444 1,603,537 — Non-controlling interests (488) – 1,164,956 1,603,537
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– 4 – CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2026 As at 30 June 2026 As at 31 December 2025 Notes RMB’000 RMB’000 (Unaudited) (Audited) ASSETS Non-current assets Property, plant and equipment 11 5,330,054 5,280,622 Right-of-use assets 1,046,118 1,033,386 Intangible assets 972,907 993,150 Investments accounted for using the equity method 267 484 Equity instruments at fair value through other comprehensive income (“ FVTOCI”) 338 352 Prepayments, deposits and other receivables 777,011 777,452 Prepayment for acquisition of property, plant and equipment and right-of-use assets 68,981 109,988 Deferred income tax assets 267,658 218,949 Pledged bank deposits 1,598,960 1,456,041 Term deposits 3,292,115 3,131,441 Total non-current assets 13,354,409 13,001,865 Current assets Inventories 12 1,795,580 1,426,556 Trade receivables 13 1,007,278 470,286 Prepayments, deposits and other receivables 695,151 730,335 Financial assets at fair value through profit or loss (“FVTPL”) 4,472,936 4,765,986 Debt instruments at FVTOCI 46,422 15,091 Pledged bank deposits 1,958,289 2,903,764 Term deposits 41,567 691,440 Cash and cash equivalents 7,122,812 5,991,384 Total current assets 17,140,035 16,994,842 Total assets 30,494,444 29,996,707
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– 5 – CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) As at 30 June 2026 As at 30 June 2026 As at 31 December 2025 Notes RMB’000 RMB’000 (Unaudited) (Audited) LIABILITIES Non-current liabilities Deferred income tax liabilities 90,021 137,351 Lease liabilities 94,967 94,598 Deferred income 78,035 64,342 Other non-current liabilities 272,123 361,104 Other payables and accruals 11,249 4,876 Total non-current liabilities 546,395 662,271 Current liabilities Borrowings 796,782 1,462,379 Trade and bills payables 14 13,670,430 14,099,472 Other payables and accruals 3,008,654 2,601,684 Contract liabilities 492,582 317,773 Lease liabilities 60,453 34,102 Income tax liabilities 203,508 357,105 Dividends payable 9 1,407,952 – Total current liabilities 19,640,361 18,872,515 Total liabilities 20,186,756 19,534,786 Net assets 10,307,688 10,461,921 EQUITY Share capital 15(a) 195 195 Share premium and reserves 10,306,737 10,461,482 Equity attributable to Owners of the Company 10,306,932 10,461,677 Non-controlling interests 756 244 Total equity 10,307,688 10,461,921
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– 6 – CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the six months ended 30 June 2026 Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Cash flows from operating activities Cash generated from operations 2,081,601 4,936,389 Income tax paid (455,592) (209,802) Net cash generated from operating activities 1,626,009 4,726,587 Cash flows from investing activities Proceeds from sale of financial assets at FVTPL 10,595,491 12,983,202 Payment for financial assets at FVTPL (10,250,542) (15,937,386) Interest received from bank deposits 40,156 91,912 Purchases of property, plant and equipment and other long-term assets (316,275) (554,058) Proceeds from disposal of property, plant and equipment 25,772 31,348 Purchases of intangible assets (3,644) (1,026) Payment for term deposits and pledged bank deposits (300,000) (3,270,000) Proceeds from maturity of term deposits 371,431 280,000 Proceeds from government grants relating to the purchase of property, plant and equipment 17,780 – Proceeds from reduction of investment accounted for using the equity method disposed 6,000 – Net cash generated from/(used in) investing activities 186,169 (6,376,008)
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– 7 – CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) For the six months ended 30 June 2026 Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Cash flows from financing activities Proceeds from borrowings and other non-current liabilities 786,650 2,614,474 Repayment of borrowings and other non-current liabilities (1,493,639) (907,980) Payment for pledged bank deposits – (28,960) Proceeds from pledged bank deposits – 60,000 Interest paid (3,313) (13,453) Capital injection by a non-controlling interest 1,000 – Proceeds from exercise of restricted share units 113,185 – Repayments of lease liabilities (27,098) (41,953) Repurchase of shares (26,496) (19,450) Net cash (used in)/generated from financing activities (649,711) 1,662,678 Net increase in cash and cash equivalents 1,162,467 13,257 Effect of foreign exchange rate changes on cash and cash equivalent (31,039) (6,610) Cash and cash equivalents at beginning of the period 5,991,384 7,868,883 Cash and cash equivalents at end of the period 7,122,812 7,875,530
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– 8 – NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION 1 GENERAL INFORMATION Yadea Group Holdings Ltd. (the “ Company”) is an exempted company incorporated in the Cayman Islands with limited liability under the Companies Law of the Cayman Islands. The registered office address of the Company is Windward 3, Regatta Office Park, P.O. Box 1350, Grand Cayman KY1-1108, Cayman Islands. The principal place of business of the Company is 31/F, Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong. The Company’s shares have been listed on The Stock Exchange of Hong Kong Limited (the “ Hong Kong Stock Exchange ”) with effect from 19 May 2016. The Company is an investment holding company. The Company and its subsidiaries (collectively referred to as the “ Group”) are principally engaged in the research and development, manufacture and sale of electric vehicles, batteries and related accessories in the People’s Republic of China (the “PRC”). In the opinion of the directors of the Company (the “ Directors”), the ultimate holding company of the Company is DQ Prosperity Group Limited, which is incorporated in the British Virgin Islands, and the ultimate controlling shareholders of the Company are Mr. Dong Jinggui and Ms. Qian Jinghong (collectively the “ Controlling Shareholders ”). The condensed consolidated financial information has been approved for issue by the Board of Directors on 25 August 2026. 2 BASIS OF PREPARATION The condensed consolidated financial information has been prepared in accordance with Hong Kong Accounting Standard 34 (“ HKAS 34 ”) Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants as well as with the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange. The condensed consolidated financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2025 and any public announcements made by the Company during the six months ended 30 June 2026. 3 ACCOUNTING POLICIES The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2025, as described in those annual financial statements, except for the estimation of income tax using the tax rate that would be applicable to expected total annual earnings (Note 8) and the adoption of new and amended standards (Note 3.1) as set out below.
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– 9 – 3 ACCOUNTING POLICIES (Continued) 3.1 Application of amendments to Hong Kong Financial Reporting Standards (“HKFRS”) Accounting Standards In the current interim period, the Group has applied the following amendments to HKFRS Accounting Standards issued by the HKICPA, for the first time, which are mandatorily effective for the Group’s annual period beginning on 1 January 2026 for the preparation of the Group’s condensed consolidated financial information: Amendments to HKFRS 9 and HKFRS 7 Amendments to the Classification and Measurement of Financial Instruments Amendments to HKFRS 9 and HKFRS 7 Contracts Referencing Nature-dependent Electricity Amendments to HKFRS Accounting Standards Annual Improvements to HKFRS Accounting Standards — Volume 11 The application of the amendments to HKFRS Accounting Standards in the current interim period has had no material impact on the Group’s financial position and performance for the current and prior periods and/or on the disclosures set out in these condensed consolidated financial information. 3.2 New standards and amendments to standards that have been issued but not effective A number of new standards and amendments to standards have not come into effect for the financial year beginning 1 January 2026 and have not been early adopted by the Group in preparing the condensed consolidated financial information. None of these is expected to have a significant effect on the condensed consolidated financial information of the Group, except for HKFRS 18 which will mainly impact the presentation of statement of profit or loss. 4 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The preparation of the condensed consolidated financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. The resulting accounting estimates will, by definition, seldom equal the related actual results. In preparing the condensed consolidated financial information, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements for the year ended 31 December 2025.
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– 10 – 5 REVENUE AND SEGMENT INFORMATION 5.1 Disaggregation of revenue from contract with customers Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Types of goods Electric bicycles 6,262,533 9,297,605 Electric scooters 6,427,787 3,808,547 Batteries and chargers 4,729,555 5,712,664 Electric two-wheeled vehicle parts 816,220 367,045 18,236,095 19,185,861 Timing of revenue recognition At point in time 18,236,095 19,185,861 Information about major customers Since no revenue from sale to a single customer amounted to 10% or more of the Group’s revenue for the Reporting Period, no major customer information is presented in accordance with HKFRS 8 Operating Segments . 5.2 Segment information The Group’s business activities, for which discrete financial information is available, are regularly reviewed and evaluated by the chief operating decision maker (the “ CODM”). The CODM, who is responsible for allocating resources and assessing performance of the operating segment, has been identified as the executive directors of the Company that make strategic decisions. The CODM considers the business primarily from product perspective. The Group’s operation has following reportable segments for the six months ended 30 June 2026 and 2025: — Electric two-wheeled vehicles and related accessories, and; — Batteries and electric drive. The “Electric two-wheeled vehicles and related accessories” segment is mainly engaged in the development, manufacture and sales of electric two-wheeled vehicles and related accessories. “Batteries and electric drive” segment is mainly engaged in the production and sales of batteries and electric drive. The CODM assess the performance of the operating segments mainly based on segment revenue and gross profit of each operating segment. The revenues from inter-segment and external customers reported to the CODM are measured in a manner consistent with that applied in the condensed consolidated statement of profit or loss.
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– 11 – 5 REVENUE AND SEGMENT INFORMATION (Continued) 5.2 Segment information (Continued) Other information, together with the segment information, provided to CODM, is measured in a manner consistent with that applied in this condensed financial information. There were no segment assets and segment liabilities information provided to the CODM, as the CODM does not use this information to allocate resources to or evaluate the performance of the operating segments. The segment information provided to the CODM for the reportable segments for the six months ended 30 June 2026 and 2025 is as follows: Six months ended 30 June 2026 Six months ended 30 June 2025 Electric two-wheeled vehicles and related accessories Batteries and electric drive Elimination Total Electric two-wheeled vehicles and related accessories Batteries and electric drive Elimination Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Total segment revenue 17,252,280 3,936,718 (2,952,903) 18,236,095 18,648,461 3,740,722 (3,203,322) 19,185,861 Total segment cost (14,210,364) (3,740,167) 2,950,331 (15,000,200) (15,274,988) (3,347,697) 3,199,989 (15,422,696) Gross profit 3,041,916 196,551 3,235,895 3,373,473 393,025 3,763,165 Other material expense items Raw materials and consumables used 13,683,393 3,602,346 (2,950,331) 14,335,408 14,956,060 3,024,970 (3,212,253) 14,768,777 Employee benefits expenses 1,062,041 113,245 – 1,175,286 1,252,100 146,973 – 1,399,073 Depreciation of property, plant and equipment 203,928 30,767 – 234,695 182,005 17,301 – 199,306 Geographical information Since over 90% of the Group’s total consolidated revenue was generated in the PRC and over 90% of the Group’s non-current assets (not including financial assets and deferred income tax assets) were located in the PRC, no geographical information is presented in accordance with HKFRS 8 Operating Segments .
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– 12 – 6 OTHER INCOME AND GAINS — NET Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Other income Bank interest income 79,861 96,325 Government grants 85,105 89,543 Super-deduction of value-added-tax (“ VAT”)(i) 38,381 81,700 Others 920 1,165 204,267 268,733 Other gains — net Gains from financial assets at FVTPL 51,899 54,689 Net gains/(loss) on disposal of property, plant and equipment and intangible assets 702 (16,616) Net foreign exchange (loss)/gains (36,864) 2,202 Others 6,645 20,210 22,382 60,485 226,649 329,218 (i) This represents the additional input VAT which is allowed by tax authorities for further VAT output deduction.
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– 13 – 7 EXPENSE BY NATURE Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Raw materials and consumables used 14,335,408 14,768,777 Employee benefits expenses 1,175,286 1,399,073 Outsourcing labour fee 285,972 279,511 Advertising expenses 267,022 174,989 Depreciation of property, plant and equipment 234,695 199,306 Mould costs 167,215 88,984 Travelling expenses 141,385 150,969 Freight expenses 113,445 78,122 Depreciation of right-of-use assets 35,601 33,960 Consulting and professional service expenses 35,468 33,050 Amortisation of intangible assets 23,415 25,226 Product design fee 11,704 13,317 Auditor’s remuneration 3,046 3,349 — Audit services 2,900 3,150 — Non-audit services 146 199 Other expenses 176,204 149,244 Total cost of sales, selling and distribution expenses, administrative expenses and research and development expenses 17,005,866 17,397,877 8 INCOME TAX EXPENSE Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Current PRC Enterprise Income Tax 336,078 468,198 Deferred income tax (96,114) (26,824) Income tax expense for the period 239,964 441,374
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– 14 – 9 DIVIDENDS Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Final dividends for the year ended 31 December 2025 of 53 HK cents (2024 — a final dividend of 22 HK cents and a special dividend of 23 HK cents) per fully paid share 1,407,952 1,249,905 10 EARNINGS PER SHARE (a) Basic Basic earnings per share (“ EPS”) is calculated by dividing the profit of the Group attributable to the Owners of the Company by the weighted average number of ordinary shares in issue during each interim period. Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Profit attributable to Owners of the Company (RMB’000) 1,200,896 1,649,030 Weighted average number of ordinary shares in issue (thousand shares) 3,045,705 3,038,972 Basic EPS (in RMB cents/share) 39.4 54.3
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– 15 – 10 EARNINGS PER SHARE (Continued) (b) Diluted Diluted EPS is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Profit attributable to Owners of the Company arising from (RMB’000): 1,200,896 1,649,030 Weighted average number of ordinary shares in issue (thousand shares) 3,045,705 3,038,972 Adjustments for share based compensation — RSUs (thousand shares) 5,449 – Weighted average number of ordinary shares for the calculation of diluted EPS (thousand shares) 3,051,154 3,038,972 Diluted EPS (in RMB cents/share) 39.4 54.3 11 PROPERTY, PLANT AND EQUIPMENT During the six months ended 30 June 2026, the Group acquired property, plant and equipment with cost of RMB335,795,000 (the six months ended 30 June 2025: RMB518,735,000). Property, plant and equipment with a net book value of RMB24,326,000 were disposed of by the Group during the six months ended 30 June 2026 (the six months ended 30 June 2025: RMB22,896,000). As at 30 June 2026, certain of the Group’s buildings and construction in progress with an aggregate net carrying amount of RMB674,907,000 (31 December 2025: RMB730,095,000) were pledged to secure the Group’s government financing. 12 INVENTORIES As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (Unaudited) (Audited) Raw materials 792,508 537,379 Work in progress 335,864 279,010 Finished goods 667,208 610,167 1,795,580 1,426,556
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– 16 – 13 TRADE RECEIVABLES As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (Unaudited) (Audited) Trade receivables 1,033,227 486,732 Less: allowance for credit losses (25,949) (16,446) 1,007,278 470,286 The following is an ageing analysis of trade receivables, presented based on the invoice dates: As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (Unaudited) (Audited) Within 6 months 956,928 425,164 Over 6 months 50,350 45,122 1,007,278 470,286
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– 17 – 14 TRADE AND BILLS PAYABLES As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (Unaudited) (Audited) Trade payables 6,812,219 4,246,981 Bills payables 6,858,211 9,852,491 13,670,430 14,099,472 An ageing analysis of the trade payables as at the end of Reporting Period, based on the invoice date, is as follows: As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (Unaudited) (Audited) Within 3 months 6,759,509 4,212,346 3 to 12 months 40,222 19,073 Over 12 months 12,488 15,562 6,812,219 4,246,981 Trade payables are no n-interest-bearing and generally have a credit term of 30 to 90 days.
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– 18 – 15 SHARE CAPITAL (a) Share capital Number of shares Share capital USD’000 Authorised: 5,000,000,000 ordinary shares of USD0.00001 each 5,000,000,000 50 Issued and fully paid At 30 June 2026 and 31 December 2025 3,112,647,294 31 Equivalent to RMB’000 195 (b) Treasury shares For the six months ended 30 June 2026 and 2025: Number of shares RMB’000 2026 2025 2026 2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Treasury shares At beginning of period 76,500,339 72,154,339 349,619 300,661 Share repurchase for share award scheme 2,782,000 1,646,000 26,496 19,450 Vested and transferred to employees (21,633,100) – (127,570) – At end of period 57,649,239 73,800,339 248,545 320,111
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– 19 – 15 SHARE CAPITAL (Continued) (c) Share based payment The Company historically adopted the share award schemes to recognise the contributions by certain participants and to give incentive to them in order to retain them for the continual operation and development of the Group, to attract suitable personnel for further development of the Group and to provide certain participants with a direct economic interest in attaining a long-term relationship between the Group and certain participants. A trust or equivalent entity (i.e. limited partnership) was established under a trust deed/partnership entered into by the Company to administer the schemes, and for the purchase or subscription of the shares of the Company, based on financial support given by the Group. Any shares subsequently awarded by the Company to the qualifying employees will be settled with the shares held by these entities on behalf of the Company. The Directors have determined that the Company controls the trust or equivalent entity through the trust deed/partnership agreement and therefore consolidates these entities. RSUs The following table summarises certain information in respect of RSUs activity for the six months ended 30 June 2026 and 2025: Number of awards Weighted average grant date fair value per share 2026 2025 2026 2025 RMB RMB (Unaudited) (Unaudited) (Unaudited) (Unaudited) RSUs outstanding, beginning of period 74,035,000 16,394,000 5.47 5.67 Granted – 75,015,000 – 5.40 Vested (21,633,100) – 5.48 – Forfeited (1,034,400) (15,604,000) 5.40 5.39 RSUs outstanding, end of period 51,367,500 75,805,000 5.47 5.47 In 2022 and 2025, the Group has granted RSUs to certain employees under the share award schemes. The RSUs granted would vest in different schedules from the grant date. The fair value of RSUs granted was determined by reference to the market price and exercise price of the ordinary share of the Company. Vesting of the RSUs is subject to certain performance measures and continued employment with the Group.
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– 20 – 15 SHARE CAPITAL (Continued) (c) Share based payment (Continued) Share options The following table summarises certain information in respect of share options activity for the six months ended 30 June 2026 and 2025: Number of share options Weighted average exercise price per share option 2026 2025 2026 2025 RMB RMB (Unaudited) (Unaudited) (Unaudited) (Unaudited) Share options outstanding, beginning of period 15,777,500 25,174,500 13.89 13.89 Forfeited (11,545,400) (9,261,000) 13.89 13.89 Share options outstanding, end of period 4,232,100 15,913,500 13.89 13.89 Exercisable at the end of the period 4,232,100 4,489,500 13.89 13.89
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– 21 – 15 SHARE CAPITAL (Continued) (c) Share based payment (Continued) Expenses arising from share-based payment transactions Total expenses arising from share-based payment transactions recognised during the period as part of employee benefit expense were as follows: Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) RSUs granted (i) 1,163 92,005 (i) The Company reversed share-based compensation expenses of RMB47,259,000 recognised in prior periods during the six months ended 30 June 2026 because the related performance conditions of the awards granted were not expected to be met. 16 CAPITAL COMMITMENTS As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (Unaudited) (Audited) Capital expenditure in respect of acquisition of property, plant and equipment contracted for but not provided in the condensed consolidated financial statement 279,166 443,876
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– 22 – 17 FINANCIAL INSTRUMENTS BY CATEGORY As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (Unaudited) (Audited) Financial assets Financial assets at FVTPL 4,472,936 4,765,986 Financial assets at amortised cost 15,071,438 14,695,042 — Cash and cash equivalents 7,122,812 5,991,384 — Pledged bank deposits 3,557,249 4,359,805 — Term deposits 3,333,682 3,822,881 — Trade receivables 1,007,278 470,286 — Other receivables 50,417 50,686 Debt instruments at FVTOCI 46,422 15,091 Equity instruments at FVTOCI 338 352 19,591,134 19,476,471 As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (Unaudited) (Audited) Financial liabilities At amortised cost: — Trade and bills payable 13,670,430 14,099,472 — Other payables and accruals (i) 1,903,802 1,572,459 — Dividends payable 1,407,952 – — Borrowings 796,782 1,462,379 — Other non-current liabilities 272,123 361,104 18,051,089 17,495,414 (i) Excluding staff costs and welfare accruals, warranty, accruals and other taxes.
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– 23 – 17 FINANCIAL INSTRUMENTS BY CATEGORY (Continued) Fair Value Measurements of Financial Instruments The following table presents the Group’s financial assets which are measured at fair value as at 30 June 2026 and 31 December 2025. Level 1 Level 2 Level 3 Total RMB’000 RMB’000 RMB’000 RMB’000 As at 30 June 2026 Financial assets at FVTPL — Wealth management products and structured deposits at FVTPL – 4,317,014 – 4,317,014 — Listed equity investment 65,431 – – 65,431 — Unlisted equity investment – – 83,724 83,724 — Bond investment – 6,767 – 6,767 Equity instrument at FVTOCI – – 338 338 Debt instruments at FVTOCI – 46,422 – 46,422 Total 65,431 4,370,203 84,062 4,519,696 Level 1 Level 2 Level 3 Total RMB’000 RMB’000 RMB’000 RMB’000 As at 31 December 2025 Financial assets at FVTPL — Wealth management products and structured deposits at FVTPL – 4,600,791 – 4,600,791 — Listed equity investment 74,722 – – 74,722 — Unlisted equity investment – – 83,724 83,724 — Bond investment – 6,749 – 6,749 Equity instrument at FVTOCI – – 352 352 Debt instruments at FVTOCI – 15,091 – 15,091 Total 74,722 4,622,631 84,076 4,781,429 (a) Financial instruments in level 1 The fair value of financial instruments traded in active markets (such as publicly traded equity securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in level 1. (b) Financial instruments in level 2 The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. The valuation technique is discounted cash flows that reflects the credit risk of various counterparties.
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– 24 – 17 FINANCIAL INSTRUMENTS BY CATEGORY (Continued) Fair Value Measurements of Financial Instruments (Continued) (c) Financial instruments in level 3 If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3. Specific valuation techniques used to value financial instruments include: • Quoted market prices or dealer quotes for similar instruments. • Market approach by benchmarking to enterprise value to sales ratio of comparable companies. • Other techniques, such as discounted cash flow analysis, are used to determine fair value for financial instruments. Level 3 instruments of the Group’s assets and liabilities include equity instruments at FVTOCI and FVTPL. The following table presents the changes in level 3 items for the six months ended 30 June 2026 and 2025: Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) At the beginning of the period 84,076 82,608 Currency translation difference (14) (5) At the end of the period 84,062 82,603 18 RELATED PARTY TRANSACTIONS AND BALANCES There were no significant related party transactions and balances for the six months ended 30 June 2026 and 2025 and as of 30 June 2026 and 31 December 2025.
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– 25 – MANAGEMENT DISCUSSION AND ANALYSIS Business Review The first half of 2026 represented a period of adjustment for the electric two-wheeled vehicle industry in China following the full transition to the new national standards. The implementation of the new national standards accelerated the upgrading and restructuring of the industry, while also resulting in short-term pressure on market demand and changes in consumer preferences. In particular, consumer demand increasingly shifted towards electric scooters, while demand for electric bicycles experienced short-term pressure during the transition period. Against this backdrop, the Group continued to focus on its long-term development strategy and remained committed to enhancing its product competitiveness and operational capabilities. For the six months ended 30 June 2026, the Group recorded revenue of RMB18,236.1 million, representing a decrease of approximately 5.0% as compared with the corresponding period in 2025, which was primarily attributable to the lower sale volume of electric bicycles and batteries and chargers. In particular, the decrease in the sale volume of electric bicycles reflected short-term pressure on industry demand and the shift in consumer preferences towards electric scooters following the full transition to the new national standards. Also, due to the late Chinese New Year, the sales volume of electric scooters and electric bicycles was relatively low in the first quarter of 2026, but gradually picked up in May and June 2026. The sales volume of electric scooters increased by approximately 63.7%, from 2,128,000 units for the six months ended 30 June 2025 to 3,484,200 units for the same period in 2026, while the sales volume of electric bicycles decreased by approximately 37.8%, from 6,665,500 units to 4,148,100 units over the same period. Gross profit decreased by approximately 14.0% to RMB3,235.9 million, while gross profit margin decreased from approximately 19.6% to approximately 17.7%. While the domestic market underwent a period of adjustment, the Group’s overseas business continued to demonstrate strong growth momentum during the Reporting Period. Demand for Yadea’s products increased across a number of overseas markets, particularly in Southeast Asia, supported by increasing adoption of electric two-wheeled vehicles and the enhanced economic attractiveness of electric mobility amid higher fuel prices in certain markets. During the Reporting Period, the Group continued to expand its overseas sales and distribution network and strengthen its localised manufacturing capabilities, including through its new manufacturing base in Vietnam, further enhancing its ability to serve growing regional demand and supporting the development of overseas markets as an important long-term growth driver. Looking ahead to the second half of 2026, the Group expects domestic demand to gradually recover as the market further adapts to the new national standards and consumer acceptance of new-standard products improves. The Group will continue to strengthen product innovation, optimise its product portfolio and improve operational efficiency, while further developing its overseas business through deeper market penetration, broader distribution coverage and enhanced localised manufacturing and supply chain capabilities. These initiatives are expected to reinforce the Group’s competitive position and support sustainable long-term growth.
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– 26 – Financial Review Revenue For the six months ended 30 June 2026, the Group recorded revenue of RMB18,236.1 million, representing a decrease of approximately 5.0% compared with the corresponding period in 2025 of RMB19,185.9 million, which was primarily due to the lower sale volume of electric bicycles and batteries and chargers. In particular, the decrease in the sale volume of electric bicycles reflected short-term pressure on industry demand on electric bicycles and a shift in consumption towards electric scooters following the full transition to the new national standards. The sales volume of electric two-wheeled vehicles for six months ended 30 June 2026 and 2025 is as follows: For the six months ended 30 June 2026 For the six months ended 30 June 2025 Revenue Volume Revenue Volume RMB’000 % of total ’000 units RMB’000 % of total ’000 units Product Type Electric bicycles 6,262,533 34.3 4,148.1 9,297,605 48.5 6,665.5 Electric scooters 6,427,787 35.3 3,484.2 3,808,547 19.8 2,128.0 Subtotal 12,690,320 69.6 7,632.3 13,106,152 68.3 8,793.5 Batteries and chargers 4,729,555 25.9 Batteries: 9,032.4 5,712,664 29.8 Batteries: 9,383.5 Chargers: 7,494.8 Chargers: 9,029.3 Electric two-wheeled vehicle parts 816,220 4.5 N/A 367,045 1.9 N/A Total 18,236,095 100.0 – 19,185,861 100.0 –
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– 27 – Segment Information For management purpose, the Group is organised into two operating segments from a product perspective. The electric two-wheeled vehicles and related accessories segment is mainly engaged in the development, manufacture and sales of electric two-wheeled vehicles and related accessories, and the batteries and electric drive segment is mainly engaged in the production and sales of batteries and electric drive products. The segment information for the reportable segments for six months ended 30 June 2026 and 2025 is as follows: Six months ended 30 June 2026 Six months ended 30 June 2025 Electric two-wheeled vehicles and related accessories Batteries and electric drive Elimination Total Electric two-wheeled vehicles and related accessories Batteries and electric drive Elimination Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Total segment revenue 17,252,280 3,936,718 (2,952,903) 18,236,095 18,648,461 3,740,722 (3,203,322) 19,185,861 Total segment cost (14,210,364) (3,740,167) 2,950,331 (15,000,200) (15,274,988) (3,347,697) 3,199,989 (15,422,696) Gross profit 3,041,916 196,551 3,235,895 3,373,473 393,025 3,763,165 Other material expense items Raw materials and consumables used 13,683,393 3,602,346 (2,950,331) 14,335,408 14,956,060 3,024,970 (3,212,253) 14,768,777 Employee benefits expenses 1,062,041 113,245 – 1,175,286 1,252,100 146,973 – 1,399,073 Depreciation of property, plant and equipment 203,928 30,767 – 234,695 182,005 17,301 – 199,306 Cost of sales Cost of sales decreased by approximately 2.7% from RMB15,422.7 million for the six months ended 30 June 2025 to RMB15,000.2 million for the six months ended 30 June 2026, primarily due to the decrease in sales volume of electric bicycles.
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– 28 – Gross profit and gross profit margin As a result of the foregoing, the Group’s gross profit decreased by approximately 14.0% from RMB3,763.2 million for the six months ended 30 June 2025 to RMB3,235.9 million for the six months ended 30 June 2026. Gross profit margin was 17.7% for the six months ended 30 June 2026, lower than the gross profit margin of 19.6% for the six months ended 30 June 2025, mainly reflecting the lower gross profit margin of the batteries and electric drive segment and changes in the Group’s product mix. Other income and gains — net Other income and gains, net decreased by approximately 31.2% from RMB329.2 million for the six months ended 30 June 2025 to RMB226.6 million for the six months ended 30 June 2026. The decrease was primarily due to (i) that the Group recorded net foreign exchange loss as compared with gain in the first half of 2025, (ii) super-deduction of value-added-tax decreased, and (iii) bank interest income decreased. Profit for the Reporting Period As a result of the cumulative effect of the foregoing, the Group’s profit decreased by approximately 27.2% from RMB1,649.0 million for the six months ended 30 June 2025 to RMB1,200.4 million for the six months ended 30 June 2026. LIQUIDITY AND CAPITAL RESOURCES Cash flow As at 30 June 2026, cash and cash equivalents amounted to RMB7,122.8 million, increased by approximately 18.9% from RMB5,991.4 million as at 31 December 2025. As at 30 June 2026, the cash and cash equivalents of the Group were substantially denominated in RMB. The Group’s primary uses of cash were daily operating expenses, payment for marketing and advertising expenses and funding of working capital. The Group financed its liquidity requirements through operating cash flows and existing cash and cash equivalents. Net cash inflow generated from operating activities was RMB1,626.0 million for the six months ended 30 June 2026, as compared with net cash inflow generated from operating activities of RMB4,726.6 million for the six months ended 30 June 2025, which was primarily due to lower operating profit and higher working capital requirements, including increases in trade receivables and inventories, together with an increase in income tax paid.
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– 29 – Net cash inflow generated from investing activities was RMB186.2 million for the six months ended 30 June 2026, as compared with net cash outflow used in investing activities of RMB6,376.0 million for the six months ended 30 June 2025. Net cash outflow used in financing activities was RMB649.7 million for the six months ended 30 June 2026, as compared with net cash inflow generated from financing activities of RMB1,662.7 million for the six months ended 30 June 2025. The Group’s primary source of funding comes from cash flows generated from its operating activities and existing cash and cash equivalents. As at 30 June 2026, the Group recorded borrowings of RMB796.8 million with fixed interests ranging from 0.6% to 1.25%. Taking into account the Group’s existing cash and cash equivalents, anticipated cash flow from its operating activities, the Board believes that the Group’s liquidity needs will be satisfied. Financial assets at FVTPL The financial assets at FVTPL held by the Group mainly consist of wealth management products and structured deposits with relatively low level of risk purchased from the PRC state-owned banks and the PRC large-scale commercial banks, with variable returns linked to gold price or foreign exchange rates or floating interest rates and investment terms/maturity dates within six months after the purchasing date. The aggregated value of the financial assets at FVTPL decreased by approximately 6.1% from RMB4,766.0 million as at 31 December 2025 to RMB4,472.9 million as at 30 June 2026, which was primarily attributable to the redemption of the wealth management products and structured deposits held by the Group at the end of their investment terms/maturity dates. As at 30 June 2026, each of such investments (both on a standalone and an aggregated basis by each bank) has a value of less than 5% of the total assets of the Group and none of such investments constituted a notifiable transaction of the Company. There was no disposal of the Company’s financial assets at FVTPL for the six months ended 30 June 2026. The changes in financial assets at FVTPL, other than wealth management products and structured deposits, are not significant and mainly due to fair value changes. The Company’s subscription for the wealth management products and structured deposits is for treasury management purpose in order to maximise the utilisation of its surplus cash received from its business operations, with a view to achieving balanced yields whilst maintaining high liquidity and a low level of risk. For the six months ended 30 June 2026, the Company recorded a gain in fair value of the
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– 30 – financial assets at FVTPL of approximately RMB51.9 million in the consolidated statement of profit or loss and other comprehensive income. The breakdown for the financial assets at FVTPL for the six months ended 30 June 2026 and the year ended 31 December 2025 is as follows: As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 Wealth management products and structured deposits 4,317,014 4,600,791 Listed equity investment 65,431 74,722 Unlisted equity investment 83,724 83,724 Bond investment 6,767 6,749 4,472,936 4,765,986 Net current liabilities As at 30 June 2026, the Group had net current liabilities of RMB2,500.3 million, as compared with net current liabilities of RMB1,877.7 million as at 31 December 2025, mainly attributable to term deposits of RMB3,292.1 million and pledged bank deposits of RMB1,599.0 million, both with maturities exceeding one year, which have been classified as non-current assets. Taking into consideration the Company’s current level of cash and cash equivalents, management undertook proactive treasury management measures by placing more bank deposits with maturities over one year to capture higher interest rates. Inventory Inventory primarily consisted of raw materials, work in progress and finished goods. Inventory increased by approximately 25.9% from RMB1,426.6 million as at 31 December 2025 to RMB1,795.6 million as at 30 June 2026, primarily due to stocks of raw materials. The average inventory turnover days for the six months ended 30 June 2026 increased to 19.3 days from 15.1 days for the corresponding period in 2025. Gearing ratio Gearing ratio is calculated by borrowings and other non-current liability divided by total equity. As at 30 June 2026, the gearing ratio of the Group is 10.4% (31 December 2025: 17.4%). The change of gearing ratio as at 30 June 2026 mainly due to the decrease in borrowings.
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– 31 – Human resources As at 30 June 2026, the Group had 11,339 employees (31 December 2025: 11,245). Total staff costs, including labour outsourcing cost but excluding the Directors’ remuneration, were RMB1,457.4 million (the six months ended 30 June 2025: RMB1,674.3 million). The remuneration of employees was based on their performance, skills, knowledge, experience and market trend. The Group will regularly review its remuneration policy and wages and benefits to its employees with reference to market practice and the performance of individual employees. Contingent liabilities As of 30 June 2026, the Group did not have any material contingent liabilities or guarantees. Pledge of the Group’s assets The Group pledged its assets as securities for bills payable and government financing. As at 30 June 2026, the Group had pledged bank deposits of RMB3,557.2 million (31 December 2025: RMB4,359.8 million) as security for bills payable used to finance its daily business operations. In addition, certain of the Group’s buildings and construction in progress with an aggregate net carrying amount of RMB674.9 million (31 December 2025: RMB730.1 million) were pledged to secure the Group’s government financing. Currency risk The Group operates in the PRC with most of the transactions settled in RMB except for certain sales to international market and certain wealth management products that are conducted in USD. Foreign currency risk arises when commercial transactions or recognised assets or liabilities are denominated in currency other than the entities’ functional currency. The Group is exposed to foreign currency risk primarily with respect to USD. The Group manages its foreign currency risk by performing regular reviews of the Group’s net foreign currency exposures and may enter into currency forward contracts, when necessary, to manage its foreign exchange exposure. As at 30 June 2026, substantially all of the Group’s assets and liabilities were denominated in RMB. The Group did not use any derivative financial instruments to hedge its exposure to the foreign exchange rate risks during the Reporting Period.
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– 32 – SIGNIFICANT INVESTMENT, MATERIAL ACQUISITIONS AND DISPOSAL OF SUBSIDIARIES AND ASSOCIATED COMPANIES There was no significant investment, material acquisition and disposal of subsidiaries and associated companies by the Group, nor was there any plan authorised by the Board for other material investments or additions of capital assets, during the Reporting Period. EVENTS AFTER REPORTING PERIOD The Group did not have any material subsequent events after the Reporting Period. PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES Pursuant to the rules of share award scheme adopted by the Company on 23 July 2019 (the “ Scheme”), the delegated administrators for the administration of the Scheme purchased on the Hong Kong Stock Exchange a total of 2,782,000 shares at a total consideration of approximately HK$30.17 million (highest price per share: HK$12.0, lowest price per share HK$8.95) during the Reporting Period. Save as disclosed above, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities (including sale of treasury shares) during the Reporting Period. There were no treasury shares held by the Company as at 30 June 2026 and the date of this announcement. COMPLIANCE WITH CORPORATE GOVERNANCE CODE The Company has adopted the code provisions set out in the Corporate Governance Code (the “ CG Code ”) as set out in Part 2 of Appendix C1 to the Listing Rules. The Company has fully complied with the code provisions set out in the CG Code throughout the Reporting Period. The Board will continue to review and monitor the corporate governance status of the Company for the purpose of complying with the CG Code and maintaining a high standard of corporate governance of the Company. COMPLIANCE WITH THE MODEL CODE FOR SECURITIES TRANSACTIONS The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the “ Model Code ”) as set out in Appendix C3 to the Listing Rules as its own code of conduct regarding securities transactions by the Directors. Specific enquiry has been made to all the Directors who have confirmed that they have complied with the Model Code during the six months ended 30 June 2026.
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– 33 – The Board has also adopted the Model Code as guidelines for its relevant employees who are likely to be in possession of unpublished inside information of the Company in respect of their dealings in the securities of the Company. No incident of non-compliance of the Model Code by the relevant employees was noted by the Company. INTERIM DIVIDEND The Board resolved not to declare any payment of interim dividend for the six months ended 30 June 2026 (the six months ended 30 June 2025: nil). AUDIT COMMITTEE REVIEW Pursuant to the requirement of the CG Code and the Listing Rules, the Company has established an audit committee (the “ Audit Committee ”). The Audit Committee comprised of four independent non-executive Directors, being Mr. Chen Mingyu (chairman of the Audit Committee), Ms. Ma Chenguang, Ms. Liang Qin and Mr. He Ping. The Audit Committee and the Company’s management have considered and reviewed the accounting principles and practices adopted by the Group and have discussed matters in relation to risk management, internal control and financial reporting, including the review of the unaudited condensed consolidated interim financial information of the Group for the Reporting Period. PUBLICATION OF INTERIM RESULTS ON THE WEBSITES OF THE HONG KONG STOCK EXCHANGE AND THE COMPANY This announcement will be published on the websites of the Hong Kong Stock Exchange (www.hkexnews.hk) and the Company (www.yadea.com.cn). The interim report of the Company for the Reporting Period will be dispatched to the Shareholders and made available on the same websites in due course. By order of the Board Yadea Group Holdings Ltd. Dong Jinggui Chairman Hong Kong, 25 August 2026 As at the date of this announcement, Mr. Dong Jinggui, Ms. Qian Jinghong and Mr. Shen Yu are the executive Directors; and Mr. Chen Mingyu, Ms. Ma Chenguang and Ms. Liang Qin and Mr. He Ping are the independent non-executive Directors.