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. ʮ̡ BAIC MOTOR CORPORATION LIMITED * (A joint stock company incorporated in the People ’s Republic of China with limited liability) (Stock Code: 1958) ANNOUNCEMENT THE OPERATING RESULTS OF THE COMPANY FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2025 This announcement is made pursuant to Rules 13.09(2) and 13.10B of the Rules Governing the Listing of Securities (the “Listing Rules”) on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) and Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). Pursuant to the relevant laws and regulations of the People’s Republic of China (the “ PRC ”), the operating results attached hereto are the unaudited operating results (the “ Operating Results for the third quarter”) of BAIC Motor Corporation Limited (the “Company”, and its subsidiaries, collectively the “ Group ”) for the nine months ended September 30, 2025 prepared in accordance with the Accounting Standards for Business Enterprises of the PRC, which have been publicly disclosed on the designated media and/or stock exchanges or otherwise in the PRC. This announcement and the attached Operating Results for the third quarter were originally prepared in Chinese and published in both Chinese and English. In the case of any discrepancy, the Chinese text shall prevail over the English text.
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2 CONSOLIDATED BALANCE SHEET Unit: RMB Yuan September 30, 2025 December 31, 2024 (Unaudited) (Audited) Assets Current assets: Monetary assets 26,295,135,443.96 34,641,558,605.30 Notes receivables 146,054,319.68 2,863,845.88 Trade receivables 10,296,861,200.20 11,061,861,227.91 Receivables financing 8,282,917,927.38 5,735,551,674.29 Prepayments 421,618,564.74 154,246,627.19 Other receivables 588,227,687.63 885,228,222.93 Inventories 25,287,895,338.24 27,912,589,886.89 Other current assets 1,684,082,482.32 1,292,335,108.93 Total current assets 73,002,792,964.15 81,686,235,199.32 Non-current assets: Long-term equity investments 8,243,868,479.86 8,073,048,206.80 Investment in other equity instruments 8,375,724,737.33 8,312,628,452.80 Other non-current financial assets 150,000,000.00 – Investment properties 211,465,144.87 222,137,811.53 Fixed assets 32,505,159,914.23 35,549,252,162.92 Construction in progress 11,485,410,012.63 9,648,199,972.97 Right-of-use assets 307,679,521.96 375,552,306.51 Intangible assets 11,756,745,027.98 12,464,015,166.51 Development expenditures 6,714,510,707.71 6,111,980,497.02 Goodwill 901,945,451.41 901,945,451.41 Long-term deferred expenses 15,847,635.96 16,707,712.73 Deferred income tax assets 7,813,180,984.78 7,863,476,289.13 Other non-current assets 349,454,458.46 819,089,174.57 Total non-current assets 88,830,992,077.18 90,358,033,204.90 Total assets 161,833,785,041.33 172,044,268,404.22
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3 September 30, 2025 December 31, 2024 (Unaudited) (Audited) Liabilities Current liabilities: Short-term borrowings 4,186,969,388.88 2,993,611,624.95 Notes payables 9,804,361,667.12 7,274,629,723.35 Trade payables 26,806,457,530.90 32,033,789,290.90 Contract liabilities 1,181,086,653.98 1,403,686,548.68 Payroll payable 1,637,153,324.08 1,798,310,424.14 Tax payables 1,301,469,604.00 3,150,843,503.75 Other payables 23,044,298,840.43 29,069,902,809.05 Non-current liabilities due within one year 3,855,955,931.57 6,304,320,266.73 Other current liabilities 98,341,632.91 260,642,823.25 Total current liabilities 71,916,094,573.87 84,289,737,014.80 Non-current liabilities: Long-term borrowings 3,045,000,000.00 2,271,010,000.00 Bonds payables – – Long-term payables – – Lease liabilities 199,128,024.27 262,337,195.99 Accrued liabilities 5,023,464,232.15 4,217,520,778.68 Deferred income 1,818,790,935.82 1,788,507,121.53 Deferred income tax liabilities 339,568,989.55 329,156,008.86 Other non-current liabilities 268,033,781.55 404,527,027.37 Total non-current liabilities 10,693,985,963.34 9,273,058,132.43 Total liabilities 82,610,080,537.21 93,562,795,147.23 Shareholders’ equity: Share capital 8,015,338,182.00 8,015,338,182.00 Other equity instruments – – Capital reserves 18,452,791,829.43 18,452,791,829.43 Other comprehensive income 925,677,950.62 715,109,151.47 Surplus reserve 4,691,250,060.94 4,691,250,060.94 Undistributed profits 25,491,614,369.37 25,440,328,568.62 Total equity attributed to shareholders of the parent 57,576,672,392.36 57,314,817,792.46 Minority interests 21,647,032,111.76 21,166,655,464.53 Total shareholders’ equity 79,223,704,504.12 78,481,473,256.99 Total liabilities and shareholders’ equity 161,833,785,041.33 172,044,268,404.22 CONSOLIDATED BALANCE SHEET (CONTINUED) Unit: RMB Yuan
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4 CONSOLIDATED INCOME STATEMENT Unit: RMB Yuan January to September in 2025 January to September in 2024 (Unaudited) (Unaudited) Items I. Total operating income 120,798,589,538.50 144,020,790,320.54 II. Total operating costs 113,393,361,149.04 128,342,031,842.17 Including: Operating costs 99,365,086,088.06 109,922,173,802.85 Business tax and surcharges 5,779,106,259.57 7,278,578,202.99 Selling expenses 5,833,348,110.14 8,325,357,905.83 Administrative expenses 1,090,501,550.67 1,346,293,893.01 Research and development costs 1,051,282,502.21 1,081,294,077.08 Financial expenses 274,036,638.39 388,333,960.41 Add: Other gains 242,076,382.45 281,357,363.65 Investment loss (183,436,178.05) (450,246,376.29) Including: g ain from investment in associated companies and joint ventures (183,436,178.05) (451,502,902.71) Gain from changes in fair value 129,257,085.27 25,270,891.38 Credit impairment (losses)/gains (24,853,073.02) 1,199,588.09 Asset impairment gain/(losses) 96,939.35 (280,760,809.45) Gain/(Loss) on disposal of assets 478,382.68 (31,354,645.18) III. Operating profit 7,568,847,928.14 15,224,224,490.57 Add: Non-operating income 9,378,144.20 19,339,782.87 Less: Non-operating expenses 10,086,332.54 7,037,759.44 IV. Total profit 7,568,139,739.80 15,236,526,514.00 Less: Income tax expenses 3,091,321,116.53 4,946,373,350.69 V. Net profit 4,476,818,623.27 10,290,153,163.31 Net profit attributable to owners of the parent 51,285,800.75 3,101,731,228.83 Minority interests 4,425,532,822.52 7,188,421,934.48
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5 January to September in 2025 January to September in 2024 (Unaudited) (Unaudited) Items VI. Net amount of other comprehensive income after tax 332,412,623.86 1,604,275,164.06 Net amount of other comprehensive income after tax attributable to shareholders of the parent 210,568,799.15 1,672,506,222.51 (I) Other comprehensive income not to be reclassified into profit or loss 52,683,303.84 1,708,330,622.42 Changes in fair value of investment in other equity instruments 52,683,303.84 1,708,330,622.42 (II) Other comprehensive income/(loss) to be reclassified into profit or loss subsequently 157,885,495.31 (35,824,399.91) Other comprehensive loss that can be transferred to profit or loss under equity method – (1,452,128.32) Effective portion of profit or loss from cash flows hedges 108,307,324.23 (63,388,550.87) Foreign currency translation differences 49,578,171.08 29,016,279.28 Net amount of other comprehensive income/(loss) after tax attributable to minority shareholders 121,843,824.71 (68,231,058.45) VII. Total comprehensive income 4,809,231,247.13 11,894,428,327.37 Total comprehensive income attributable to shareholders of the parent 261,854,599.90 4,774,237,451.34 Total comprehensive income attributable to minority shareholders 4,547,376,647.23 7,120,190,876.03 CONSOLIDATED INCOME STATEMENT (CONTINUED) Unit: RMB Yuan
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6 CONSOLIDATED CASH FLOWS STATEMENT Unit: RMB Yuan January to September in 2025 January to September in 2024 (Unaudited) (Unaudited) Items I. Cash flows from operating activities: Cash received from sales of goods and provision of labor services 129,183,656,675.68 164,457,266,353.64 Tax refunds received 1,091,514,958.74 437,678,257.57 Cash received relating to other operating activities 4,138,788,042.29 4,651,956,969.52 Sub-total of cash inflows from operating activities 134,413,959,676.71 169,546,901,580.73 Cash paid for purchase of goods and engagement of labor services 93,827,691,889.51 110,567,138,840.98 Cash paid to and on behalf of employees 3,397,710,578.01 3,439,521,837.70 Payments of all types of taxes 19,166,196,567.73 22,354,831,518.30 Cash paid relating to other operating activities 15,621,158,580.34 15,120,764,183.28 Sub-total of cash outflows from operating activities 132,012,757,615.59 151,482,256,380.26 Net cash flows from operating activities 2,401,202,061.12 18,064,645,200.47 II. Cash flows from investing activities: Cash received from return of investment – – Cash received from investment gain 606,357,254.45 885,981,442.52 Net cash received from disposal of fixed assets, intangible assets and other long-term assets 9,706,322.32 36,018,250.71 Net cash received from disposal of subsidiaries and other operating units – – Sub-total of cash inflows from investing activities 616,063,576.77 921,999,693.23 Cash paid for acquisition of fixed assets, intangible assets and other long-term assets 5,198,400,125.79 6,227,464,568.80 Cash paid for investment 2,118,798,881.85 – Net cash paid for acquisition of subsidiaries and other operating units – – Cash paid relating to other investing activities – – Sub-total of cash outflows from investing activities 7,317,199,007.64 6,227,464,568.80 Net cash flows used in investing activities (6,701,135,430.87) (5,305,464,875.57)
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7 January to September in 2025 January to September in 2024 (Unaudited) (Unaudited) Items III. Cash flows from financing activities: Cash received from investors – 12,151,670.08 Cash received from borrowings 7,703,882,688.57 2,953,216,998.47 Cash received relating to other financing activities – – Sub-total of cash inflows from financing activities 7,703,882,688.57 2,965,368,668.55 Cash paid for repayment of debts 7,903,012,387.87 6,125,932,425.32 Cash paid for distribution of dividends, profits or payment of interests 4,339,571,029.28 6,318,036,873.24 Cash paid relating to other financing activities – – Sub-total of cash outflows from financing activities 12,242,583,417.15 12,443,969,298.56 Net cash flows used in financing activities (4,538,700,728.58) (9,478,600,630.01) IV. Effect of changes in exchange rate on cash and cash equivalents 24,590,816.79 51,853,416.30 V. Net (decrease)/increase in cash and cash equivalents (8,814,043,281.54) 3,332,433,111.19 Add: B alance of cash and cash equivalents at the beginning of the period 33,598,355,299.82 31,124,229,131.77 VI. Balance of cash and cash equivalents at the end of the period 24,784,312,018.28 34,456,662,242.96 CONSOLIDATED CASH FLOWS STATEMENT (CONTINUED) Unit: RMB Yuan
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8 BALANCE SHEET OF THE COMPANY Unit: RMB Yuan September 30, 2025 December 31, 2024 (Unaudited) (Audited) Assets Current assets: Monetary assets 2,656,134,222.90 5,263,228,491.00 Notes receivables – – Trade receivables 14,397,033,281.89 10,628,177,180.21 Receivables financing 3,540,774,969.90 2,403,419,420.60 Prepayments 290,786,077.96 47,759,089.35 Other receivables 18,123,842,811.38 19,027,011,607.07 Inventories 623,956,799.19 240,826,295.51 Other current assets 683,491,983.02 2,853,823.16 Total current assets 40,316,020,146.24 37,613,275,906.90 Non-current assets: Long-term trade receivables 321,947,951.06 318,772,594.48 Long-term equity investments 43,364,318,010.01 41,847,011,615.84 Investment in other equity instruments 6,209,844,199.57 6,168,192,276.80 Other non-current financial assets 150,000,000.00 – Fixed assets 3,278,010,748.00 3,452,606,422.84 Construction in progress 578,181,301.62 519,881,683.13 Right-of-use assets 216,985,783.63 289,314,378.18 Intangible assets 4,316,555,585.73 4,666,548,394.10 Development expenditures 6,347,262,238.32 5,859,112,205.56 Long-term deferred expenses 9,809,118.03 10,157,094.71 Other non-current assets – 407,945,205.88 Total non-current assets 64,792,914,935.97 63,539,541,871.52 Total assets 105,108,935,082.21 101,152,817,778.42
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9 September 30, 2025 December 31, 2024 (Unaudited) (Audited) Liabilities Current liabilities: Short-term borrowings 1,200,574,388.91 200,255,555.59 Notes payables 6,651,125,155.65 3,666,521,141.68 Trade payables 5,703,283,389.20 4,983,855,711.15 Contract liabilities 1,225,046,720.24 4,519,380.53 Payroll payables 16,142,034.20 23,632,176.61 Tax payables 12,209,718.70 41,059,943.63 Other payables 2,692,004,106.25 4,359,312,059.55 Non-current liabilities due within one year 1,306,408,796.59 3,564,332,526.96 Other current liabilities – 587,519.47 Total current liabilities 18,806,794,309.74 16,844,076,015.17 Non-current liabilities: Long-term borrowings 3,045,000,000.00 2,271,010,000.00 Bonds payables – – Lease liabilities 123,664,564.57 195,484,216.09 Accrued liabilities 572,207,031.89 350,376,309.59 Deferred income 403,580,807.27 410,081,703.29 Deferred income tax liabilities 331,990,325.59 321,577,344.90 Total non-current liabilities 4,476,442,729.32 3,548,529,573.87 Total liabilities 23,283,237,039.06 20,392,605,589.04 Shareholders’ equity: Share capital 8,015,338,182.00 8,015,338,182.00 Other equity instruments – – Capital reserves 21,578,553,963.21 21,578,553,963.21 Other comprehensive income 995,970,976.78 964,732,034.70 Surplus reserves 4,007,669,091.00 4,007,669,091.00 Unallocated profits 47,228,165,830.16 46,193,918,918.47 Total shareholders’ equity 81,825,698,043.15 80,760,212,189.38 Total liabilities and shareholders’ equity 105,108,935,082.21 101,152,817,778.42 BALANCE SHEET OF THE COMPANY (CONTINUED) Unit: RMB Yuan
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10 INCOME STATEMENT OF THE COMPANY Unit: RMB Yuan January to September in 2025 January to September in 2024 (Unaudited) (Unaudited) Items I. Total operating income 13,968,041,030.66 6,149,707,780.55 II. Total operating costs 17,460,740,731.94 8,788,994,201.72 Including: Operating costs 15,946,177,539.42 7,782,656,487.21 Business tax and surcharges 170,844,501.76 136,424,004.19 Selling expenses 824,118,584.49 390,832,202.87 Administrative expenses 324,295,598.72 409,027,061.21 Research and development costs 244,021,943.06 52,752,539.97 Financial expenses (48,717,435.51) 17,301,906.27 Add: Other gains 7,757,241.13 28,838,433.57 Investment gain 4,511,354,380.13 5,584,866,282.32 Including: g ain from investment in associated companies and joint ventures 278,354,380.13 382,866,282.32 Gain from changes in fair value – – Credit impairment returns 11,808,400.00 63,315,305.22 Asset impairment losses – (39,762,859.55) Gain on disposal of assets 357,039.93 2,619,121.68 III. Operating profit 1,038,577,359.91 3,000,589,862.07 Add: Non-operating income 227,919.58 16,129,993.02 Less: Non-operating expenses 4,558,367.80 6,441,136.57 IV. Total profit 1,034,246,911.69 3,010,278,718.52 Less: Income tax expenses – – V. Net profit 1,034,246,911.69 3,010,278,718.52 Classified by continuity of operations: – – Net profit from continuing operations 1,034,246,911.69 3,010,278,718.52 VI. Net amount of other comprehensive income after tax 31,238,942.08 1,186,852,727.12 (I) Other comprehensive income not to be reclassified into profit or loss 31,238,942.08 1,188,304,855.44 Changes in fair value of investment in other equity instruments 31,238,942.08 1,188,304,855.44 (II) Other comprehensive income to be reclassified into profit or loss – (1,452,128.32) Other comprehensive loss that can be transferred to profit or loss under equity method – (1,452,128.32) Effective portion of profit or loss from cash flows hedges – – Foreign currency translation differences – – VII. Total comprehensive income 1,065,485,853.77 4,197,131,445.64
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11 CASH FLOWS STATEMENT OF THE COMPANY Unit: RMB Yuan January to September in 2025 January to September in 2024 (Unaudited) (Unaudited) Items I. Cash flows from operating activities: Cash received from sales of goods and provision of labor services 9,024,725,583.22 3,247,973,788.23 Tax refunds received – 129,238,344.70 Cash received relating to other operating activities 1,374,278,580.84 991,833,375.77 Sub-total of cash inflows from operating activities 10,399,004,164.06 4,369,045,508.70 Cash paid for purchase of goods and engagement of labor services 9,460,228,958.19 5,509,468,569.30 Cash paid to and on behalf of employees 377,957,104.10 462,007,180.09 Payments of all types of taxes 198,566,699.35 166,729,426.87 Cash paid relating to other operating activities 3,832,432,960.39 1,855,208,341.52 Sub-total of cash outflows from operating activities 13,869,185,722.03 7,993,413,517.78 Net cash flows used in operating activities (3,470,181,557.97) (3,624,368,009.08) II. Cash flows from investing activities: Cash received from return of investment – – Cash received from investment gain 4,794,047,985.96 6,036,357,938.45 Net cash received from disposal of fixed assets, intangible assets and other long-term assets 8,107,434.32 23,393,284.32 Net cash received from disposal of subsidiaries and other operating units – – Cash received relating to other investing activities – – Sub-total of cash inflows from investing activities 4,802,155,420.28 6,059,751,222.77 Cash paid for acquisition of fixed assets, intangible assets and other long-term assets 1,923,341,304.34 1,974,259,589.27 Cash paid for investment 1,950,000,000.00 – Net cash paid for acquisition of subsidiaries and other operating units – – Cash paid relating to other investing activities – – Sub-total of cash outflows from investing activities 3,873,341,304.34 1,974,259,589.27 Net cash flows from investing activities 928,814,115.94 4,085,491,633.50
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12 January to September in 2025 January to September in 2024 (Unaudited) (Unaudited) Items III. Cash flows from financing activities: Cash received from investors – – Cash received from borrowings 3,015,000,000.00 225,000,000.00 Cash received relating to other financing activities – – Sub-total of cash inflows from financing activities 3,015,000,000.00 225,000,000.00 Cash paid for repayment of debts 3,476,100,000.00 3,488,500,000.00 Cash paid for distribution of dividends, profits or payment of interests 125,580,878.06 1,207,811,631.18 Cash paid relating to other financing activities – – Sub-total of cash outflows from financing activities 3,601,680,878.06 4,696,311,631.18 Net cash flows used in financing activities (586,680,878.06) (4,471,311,631.18) IV. Effect of changes in exchange rate on cash and cash equivalents (47,665.64) (40,163.14) V. Net decrease in cash and cash equivalents (3,128,095,985.73) (4,010,228,169.90) Add: B alance of cash and cash equivalents at the beginning of the period 5,260,632,544.19 6,819,622,328.61 VI. Balance of cash and cash equivalents at the end of the period 2,132,536,558.46 2,809,394,158.71 Note: The financial information contained in this operating results update is prepared in accordance with the Accounting Standards for Business Enterprises of the PRC and has not been audited. By Order of the Board of Directors BAIC Motor Corporation Limited Yu Dan Secretary to the Board of Directors and Company Secretary Beijing, the PRC, October 28, 2025 As at the date of this announcement, the board of directors comprises Mr. Wang Hao, as Chairman of the Board and executive director; Mr. Hu Hanjun and Mr. Chen Hongliang, as non-executive directors; Mr. Song Wei, as executive director; Mr. Peng Jin, Mr. Ye Qian, Mr. Paul Gao, Mr. Kevin Walter Binder, Mr. Gu Tiemin and Mr. Sun Li, as non-executive directors; and Ms. Yin Yuanping, Mr. Xu Xiangyang, Mr. Tang Jun, Mr. Edmund Sit and Mr. Ji Xuehong, as independent non-executive directors. * For identification purpose only CASH FLOWS STATEMENT OF THE COMPANY (CONTINUED) Unit: RMB Yuan