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 GREAT WALL MOTOR COMPANY LIMITED* (a joint stock company incorporated in the People ’s Republic of China with limited liability) Stock code: 02333 (HKD counter) and 82333 (RMB counter) 2025 THIRD QUARTERLY REPORT The Board hereby announces the 2025 Third Quarterly Report of the Company. This report was prepared in accordance with China Accounting Standards for Business Enterprises and has not been audited. This announcement is made pursuant to Rule 13.09 of the Listing Rules and Part XIVA of the Securities and Futures Ordinance. The board of directors (the “Board”) of Great Wall Motor Company Limited (the “Company ”) hereby announces the unaudited results of the Company and its subsidiaries (collectively the “Group”) for the nine months ended 30 September 2025 (the “Third Quarterly Report ”), which were prepared in accordance with China Accounting Standards for Business Enterprises. This announcement is made pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules ”) and Part XIVA of the Securities and Futures Ordinance. The contents of this announcement are consistent with the announcement published on the Shanghai Stock Exchange. This announcement is published simultaneously in Hong Kong and Shanghai. IMPORTANT NOTICE The Board and the directors, senior management of the Company warrant that the information in this quarterly report is true, accurate and complete, and does not contain any false representations, misleading statements or material omissions, and jointly and severally take legal responsibility for its contents. Wei Jian Jun, person-in-charge of the Company, Li Hong Shuan, person-in-charge of accounting affairs and Wang Hai Ping, person-in-charge of the accounting department (head of the accounting department) warrant the truthfulness, accuracy and completeness of the financial statements in this quarterly report.
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2 Whether the financial statements for the third quarter have been audited ½ Yes ✓ No DEFINITIONS In this report, the following expressions shall, unless the context otherwise requires, have the following meanings: “Reporting Period ” or “Current Period ” refers to the period commencing from 1 July 2025 and ending on 30 September 2025. 1. KEY FINANCIAL DATA 1.1 Key accounting data and financial indicators Unit: RMB Currency: RMB Item For the Reporting Period For the corresponding period last year Increase/ decrease for the Reporting Period as compared with the corresponding period last year (%) From the beginning of the year to the end of the Reporting Period For the corresponding period last year Increase/ decrease from the beginning of the year to the end of the Reporting Period as compared with the corresponding period last year (%) Before adjustment After adjustment After adjustment Before adjustment After adjustment After adjustment Total operating income 61,247,242,358.13 50,825,333,117.34 50,824,647,737.34 20.51 153,581,875,551.64 142,254,290,211.98 142,252,336,280.94 7.96 Operating income 61,247,242,358.13 50,825,333,117.34 50,824,647,737.34 20.51 153,581,875,551.64 142,254,290,211.98 142,252,336,280.94 7.96 Total profit 2,944,849,374.07 3,750,249,079.65 3,739,623,126.12 -21.25 9,948,895,516.85 12,039,707,871.02 12,001,088,010.57 -17.10 Net profit attributable to shareholders of the listed company 2,298,023,897.52 3,349,565,682.10 3,341,696,000.51 -31.23 8,634,963,010.77 10,428,115,115.09 10,399,269,305.52 -16.97 Net profit attributable to shareholders of the listed company after non-recurring gains/losses 1,893,767,021.69 2,722,241,600.81 2,714,140,411.79 -30.23 5,475,190,264.89 8,373,581,436.19 8,344,507,067.18 -34.39 Net cash flow from operating activities N/A N/A N/A N/A 21,386,307,349.86 14,198,435,099.85 14,172,525,070.64 50.90 Basic earnings per share (RMB per share) 0.27 0.39 0.39 -30.77 1.01 1.23 1.22 -17.21 Diluted earnings per share (RMB per share) 0.27 0.39 0.39 -30.77 1.01 1.22 1.22 -17.21 Weighted average return on net assets (%) 2.70 4.42 4.41 Decreased by 1.71 percentage points 10.36 14.27 14.23 Decreased by 3.87 percentage points
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3 As at the end of the Reporting Period As at the end of last year Increase/decrease as at the end of the Reporting Period over the end of last year (%) Before adjustment After adjustment After adjustment Total assets 220,944,857,684.52 217,266,223,746.47 217,720,295,344.69 1.48 Owner ’s equity attributable to shareholders of the listed company 86,426,348,979.46 78,987,824,127.06 78,984,764,827.50 9.42 Explanation on reasons for retrospective adjustment or restatement 1. During the Reporting Period, the Company had a business combination under common control, and therefore, in accordance with the relevant requirements of the Accounting Standards for Business Enterprises No. 33 – Consolidated Financial Statements, the Company included the consolidated entity, Wuxi Xindong Semiconductor Technology Co., Ltd.* (ʮ̡ ), into the scope of the Company ’s consolidated statements for the Current Period, and retrospectively adjusted the data as at the beginning of the Reporting Period and for the corresponding period last year. 2. The Ministry of Finance issued the Interpretation No. 18 of the Accounting Standards for Business Enterprises in December 2024, the Article 2 of which provides that for the assurance-type warranties which are not separate performance obligations, the amount of provisions determined shall be credited to “principal operating costs ” or “other operating costs ”, and presented under “operating costs ” in the income statement. When the interpretation is initially applied, companies shall make a retrospective adjustment if such assurance-type warranties were included in “selling expenses ”. Since the Company ’s assurance-type warranties were included in “selling expenses ”, and therefore it retrospectively adjusted the data on operating costs and selling expenses for the first three quarters of 2024, which did not involve the adjustments to major accounting data and financial indicators.
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4 1.2 Items and amounts of non-recurring gains/losses: ✓ Applicable ½ Not applicable Unit: RMB Currency: RMB Item of non-recurring gains/losses Amount for the Current Period Amount from the beginning of the year to the end of the Reporting Period Profit or loss from disposal of non-current assets (including the portion written off for provision for impairment on assets) 66,568,095.46 97,955,499.26 Government grants accounted for in profit and loss for the Current Period, except for government grants closely related to the Company ’s normal operations and granted at a fixed standard amount or quantity in accordance with the State ’s policies and regulations and have a continuous impact on the Company ’s profit or loss 197,958,382.01 3,042,117,903.75 Profit or loss of subsidiaries from the beginning of the period to the consolidation date arising from business combination under common control – -10,967,472.01 Gain or loss from changes in fair value arising from the disposal of financial assets and financial liabilities held by subsidiaries and non-financial enterprises, and gain or loss arising from the disposal of financial assets and financial liabilities 69,671,408.59 -54,593,683.24 Gains on changes in fair values 46,971,469.77 106,984,599.75 Non-operating income and expenses other than the above items 29,848,899.93 69,736,963.91 Other profit and loss items that meet the definition of non-recurring profit and loss 11,559,672.87 18,625,136.13 Less: Effect of income tax -18,321,052.80 -110,086,201.67 Total 404,256,875.83 3,159,772,745.88 Explanation on defining items not illustrated in the Notice on Explanation of Information Disclosure of Companies Publicly Issuing Securities No. 1 – Extraordinary Gain or Loss ( ʮ ʮѓୋ 1ฦू) as extraordinary gain or loss items with significant amounts and defining extraordinary gain or loss items illustrated in the Notice on Explanation of Information Disclosure of Companies Publicly Issuing Securities No. 1 – Extraordinary Gain or Loss (ʮѓ ୋ1ฦू) as recurring gain or loss items. ½ Applicable ✓ Not applicable
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5 1.3 Changes in the key accounting data and financial indicators and reasons for the changes ✓ Applicable ½ Not applicable Item Change in percentage (%) Main reasons Net profit attributable to shareholders of the Company_for the Reporting Period -31.23 During the Reporting Period, the Company achieved year-on-year growth in both sales volume and operating income. Meanwhile, it stepped up efforts to build the new direct-to-user channel model and expand the launch promotion and brand enhancement for new models and new technologies. The consequential increase in investments led to fluctuations in net profits. Net profit attributable to shareholders of the Company after deducting non-recurring gains/losses_for the Reporting Period -30.23 Net profit attributable to shareholders of the Company after deducting non-recurring gains/losses_from the beginning of the year to the end of the Reporting Period -34.39 Basic earnings per share (RMB per share)_for the Reporting Period -30.77 Diluted earnings per share (RMB per share)_for the Reporting Period -30.77 Net cash flow from operating activities_from the beginning of the year to the end of the Reporting Period 50.90 This was mainly due to the increase in cash receipts primarily generated from the Company ’s corporate-owned model and the resulting differences in fund repatriation due to the adoption of varying bill strategies. 2. SHAREHOLDER INFORMATION 2.1 Total number of ordinary shareholders and shareholders holding preference shares with restored voting rights and shareholding of the top 10 shareholders Total number of ordinary shareholders as at the end of the Reporting Period 137,540 Total number of shareholders holding preference shares with restored voting rights as at the end of the Reporting Period (if any) 0
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6 Shareholding of the top 10 shareholders (excluding the shares lent through refinancing) Name of shareholder Type of shareholder Number of shares held Percentage of shareholding (%) Number of shares with selling restrictions held Pledged, earmarked or frozen State of shares Number of shares Baoding Innovation Great Wall Asset Management Company Limited (ʮ̡ ) Domestic non- state-owned legal person 5,115,000,000 (A Shares) 59.77 0 (A Share) Pledged 617,000,000 (A Shares) HKSCC NOMINEE LIMITED Overseas legal person 2,305,219,511 (H Shares) 26.94 – Unknown – China Securities Finance Corporation Limited State-owned legal person 196,889,089 (A Shares) 2.30 – Unknown – Hong Kong Securities Clearing Company Limited Overseas legal person 58,095,498 (A Shares) 0.68 – Unknown – National Social Security Fund Portfolio 103 (ɓཧɧଡ଼Υ ) Other 53,500,000 (A Shares) 0.63 – Unknown – Agricultural Bank of China Co., Ltd. – E Fund Consumer Industry Equity Securities Investment Fund (ʮ̡ Ñ ږ) Other 42,605,664 (A Shares) 0.50 – Unknown – Industrial and Commercial Bank of China Limited – Huatai-Pinebridge CSI 300 Exchange-Traded Open-End Index Securities Investment Fund (ʮ̡ Ñ လଉ 300 ό ږ) Other 21,352,293 (A Shares) 0.25 – Unknown – China Construction Bank Corporation – E Fund CSI 300 Exchange- Traded Open-End Index Initiated Securities Investment Fund (ʮ̡ Ñ ˙༺လଉ 300 ᅰ ږ) Other 15,359,298 (A Shares) 0.18 – Unknown – Industrial and Commercial Bank of China – ChinaAMC CSI 300-Traded Open- End Index Securities Investment Fund (ʮ̡ Ñ လଉ 300 ᅰᗇՎ ږ) Other 11,461,851 (A Shares) 0.13 – Unknown – Bank of China Limited – Harvest CSI 300 Exchange-Traded Open-End Index Securities Investment Fund ( ʕვБ ʮ̡ Ñ ྗྼလଉ 300 ږ) Other 9,881,623 (A Shares) 0.12 – Unknown –
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7 Shareholding of the top 10 shareholders holding shares without selling restrictions (excluding the shares lent through refinancing) Name of shareholder Number of tradable shares without selling restrictions held Class and number of shares Class of shares Number of shares Baoding Innovation Great Wall Asset Management Company Limited (ʮ̡ ) 5,115,000,000 (A Shares) RMB-denominated ordinary shares 5,115,000,000 (A Shares) HKSCC NOMINEE LIMITED 2,305,219,511 (H Shares) Overseas listed foreign shares 2,305,219,511 (H Shares) China Securities Finance Corporation Limited 196,889,089 (A Shares) RMB-denominated ordinary shares 196,889,089 (A Shares) Hong Kong Securities Clearing Company Limited 58,095,498 (A Shares) RMB-denominated ordinary shares 58,095,498 (A Shares) National Social Security Fund Portfolio 103 (ɓཧɧଡ଼Υ ) 53,500,000 (A Shares) RMB-denominated ordinary shares 53,500,000 (A Shares) Agricultural Bank of China Co., Ltd. – E Fund Consumer Industry Equity Securities Investment Fund ( ʕุ༵ვБ ږ) 42,605,664 (A Shares) RMB-denominated ordinary shares 42,605,664 (A Shares) Industrial and Commercial Bank of China Limited – Huatai Pinebridge CSI 300 Exchange-Traded Open- End Index Securities Investment Fund (လଉ 300 ږ) 21,352,293 (A Shares) RMB-denominated ordinary shares 21,352,293 (A Shares) China Construction Bank Corporation – E Fund CSI 300 Exchange- Traded Open-End Index Initiated Securities Investment Fund (˙༺လଉ 300 ږ) 15,359,298 (A Shares) RMB-denominated ordinary shares 15,359,298 (A Shares) Industrial and Commercial Bank of China –ChinaAMC CSI 300- Traded Open-End Index Securities Investment Fund (လଉ 300 ږ) 11,461,851 (A Shares) RMB-denominated ordinary shares 11,461,851 (A Shares) Bank of China Limited – Harvest CSI 300 Exchange-Traded Open- End Index Securities Investment Fund (ʮ̡ Ñ ྗྼလଉ 300 ږ) 9,881,623 (A Shares) RMB-denominated ordinary shares 9,881,623 (A Shares) Description of the related party relationship or acting in concert relationship among the above shareholders There is no related party relationship between Baoding Innovation Great Wall Asset Management Company Limited (ʮ̡ ), the controlling shareholder of the Company, and other shareholders. In addition, the Company is not aware of any related party relationship among other shareholders mentioned above. Details of the top 10 shareholders and the top 10 shareholders holding shares without selling restrictions participating in securities margin trading and refinancing (if any) N/A Shares lent through refinancing business involved in by the shareholders holding 5% or above of the shares, the top 10 shareholders and the top 10 shareholders holding tradable shares without selling restrictions ½ Applicable ✓ Not applicable
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8 Changes in the top 10 shareholders and the top 10 shareholders holding tradable shares without selling restrictions due to the shares lent or returned through refinancing as compared with the corresponding period last year ½ Applicable ✓ Not applicable 3. OTHER CAUTIONS Other important information on the operations of the Company during the Reporting Period that needs to be brought to the attention of investors ✓ Applicable ½ Not applicable Events relating to the Company ’s A Share equity incentive, A Share employee stock ownership and A Share convertible corporate bonds Event summary Inquiry index Announcement of Great Wall Motor Company Limited on Conversion of Convertible Corporate Bonds and Independent Exercise Results and Share Changes of the 2021 Share Option Incentive Scheme Details were published in the announcements dated 2 January 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-003) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on Grant of Restricted Shares under Reserved Grant to Participants of the 2023 Restricted Shares Incentive Plan and Grant of Share Options under Reserved Grant to Participants of the 2023 Share Option Incentive Scheme Details were published in the announcements dated 24 January 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-010) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) List of Participants under the Reserved Grant of the 2023 Restricted Share Incentive Scheme and the 2023 Share Option Incentive Scheme of Great Wall Motor Company Limited Details were published in the announcements dated 24 January 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on Conversion of Convertible Corporate Bonds and Independent Exercise Results and Share Changes of the 2021 Share Option Incentive Scheme Details were published in the announcements dated 5 February 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-013) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn)
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9 Event summary Inquiry index Announcement of Great Wall Motor Company Limited on Repurchase and Cancellation of Certain Restricted Shares under the First Grant of the 2023 Restricted Share Incentive Scheme Details were published in the announcements dated 14 February 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn)(announcement No.: 2025-016) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on Notice to Creditors on Repurchase and Cancellation of Certain Restricted Shares Details were published in the announcements dated 14 February 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-017) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on Results of the Reserved Grant under the 2023 Restricted Share Incentive Scheme and the 2023 Share Option Incentive Scheme Details were published in the announcements dated 25 February 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-021) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on Conversion of Convertible Corporate Bonds and Independent Exercise Results and Share Changes of the 2021 Share Option Incentive Scheme Details were published in the announcements dated 4 March 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-024) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on Cancellation of Certain Share Options under First Grant of the 2023 Share Option Incentive Scheme Details were published in the announcements dated 31 March 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-039) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on Conversion of Convertible Corporate Bonds and Independent Exercise Results and Share Changes of the 2021 Share Option Incentive Scheme Details were published in the announcements dated 2 April 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-041) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on Completion of Cancellation of Certain Share Options under the First Grant of the 2023 Share Option Incentive Scheme Details were published in the announcements dated 8 April 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-043) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn)
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10 Event summary Inquiry index Announcement of Great Wall Motor Company Limited on Implementation of Repurchase and Cancellation of Certain Restricted Shares under the First Grant of 2023 Restricted Share Incentive Scheme Details were published in the announcements dated 9 April 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-044) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on the Achievement of the Unlocking Conditions of the First Tranche of Restricted Shares under the First Grant of the 2023 Restricted Share Incentive Scheme Details were published in the announcements dated 16 April 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-048) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on the Fulfilment of the Exercise Conditions of First Exercise Period of Share Options under the First Grant of the 2023 Share Option Incentive Scheme Details were published in the announcements dated 16 April 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-049) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Indicative Announcement of Great Wall Motor Company Limited on Expiration of the First Lock-up Period and the Achievement of the Unlocking Conditions of the 2023 Second ESOP Details were published in the announcements dated 16 April 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-050) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on Repurchase and Cancellation of Certain Restricted Shares under the First Grant of the 2023 Restricted Share Incentive Scheme Details were published in the announcements dated 16 April 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-051) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on Notice to Creditors on Repurchase and Cancellation of Certain Restricted Shares Details were published in the announcements dated 16 April 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-052) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on the Cancellation of Certain Share Options under the First Grant of the 2023 Share Option Incentive Scheme of the Company Details were published in the announcements dated 16 April 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-053) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn)
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11 Event summary Inquiry index Indicative Announcement of Great Wall Motor Company Limited on the Extended Restriction of the Exercise Period of Share Options of the Company Details were published in the announcements dated 16 April 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-054) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on Unlocking and Listing of the First Tranche of Restricted Shares under the First Grant of the 2023 Restricted Share Incentive Scheme Details were published in the announcements dated 22 April 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-055) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on Completion of Cancellation of Certain Share Options under the First Grant of the 2023 Share Option Incentive Scheme Details were published in the announcements dated 22 April 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-056) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on the Completion of Non-trading Transfer of the First Lock-up Period of Shares under the 2023 Second ESOP Satisfying Unlocking Conditions Details were published in the announcements dated 30 April 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-059) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on the Implementation of Independent Exercise for the First Exercise Period of Share Options under the First Grant of the 2023 Share Option Incentive Scheme Details were published in the announcements dated 6 May 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-061) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on Conversion of Convertible Corporate Bonds and Independent Exercise Results and Share Changes of the 2021 Share Option Incentive Scheme Details were published in the announcements dated 6 May 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-062) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on Conversion of Convertible Corporate Bonds and Independent Exercise Results and Share Changes of the 2021 Share Option Incentive Scheme Details were published in the announcements dated 3 June 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-067) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn
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12 Event summary Inquiry index Announcement of Great Wall Motor Company Limited on Implementation of Repurchase and Cancellation of Certain Restricted Shares under the First Grant of 2023 Restricted Share Incentive Scheme Details were published in the announcements dated 11 June 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-068) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Indicative Announcement of Great Wall Motor Company Limited on Restriction of the Exercise Period of Share Options of the Company Details were published in the announcements dated 27 June 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-072) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on Conversion of Convertible Corporate Bonds and Independent Exercise Results and Share Changes of the 2021 Share Option Incentive Scheme Details were published in the announcements dated 2 July 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-074) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on the Adjustments to the Exercise Price of the Share Options under the First Grant of the 2021 Share Option Incentive Scheme of the Company Details were published in the announcements dated 9 July 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-080) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on the Adjustments to the Repurchase Price of Restricted Shares under the First Grant of the 2023 Restricted Share Incentive Scheme and the Exercise Price of the Share Options under the First Grant of the 2023 Share Option Incentive Scheme of the Company Details were published in the announcements dated 9 July 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-081) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on the Adjustments to the Repurchase Price of Restricted Shares under the Reserved Grant of the 2023 Restricted Share Incentive Scheme and the Exercise Price of the Share Options under the Reserved Grant of the 2023 Share Option Incentive Scheme of the Company Details were published in the announcements dated 9 July 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-082) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn)
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13 Event summary Inquiry index Announcement of Great Wall Motor Company Limited on the Repurchase and Cancellation of Certain Restricted Shares under the First Grant and Reserved Grant of the 2023 Restricted Share Incentive Scheme of the Company Details were published in the announcements dated 9 July 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-083) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on Notice to Creditors on Repurchase and Cancellation of Certain Restricted Shares Details were published in the announcements dated 9 July 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-084) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Indicative Announcement of Great Wall Motor Company Limited on Restriction of the Exercise Period of Share Options of the Company Details were published in the announcements dated 18 July 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-092) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on Conversion of Convertible Corporate Bonds and Independent Exercise Results and Share Changes of the 2021 Share Option Incentive Scheme and 2023 Share Option Incentive Scheme Details were published in the announcements dated 1 August 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-103) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Indicative Announcement of Great Wall Motor Company Limited on Expiration of the Second Lock-up Period and the Achievement of the Unlocking Conditions of the 2023 ESOP Details were published in the announcements dated 29 August 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-111) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn)
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14 Event summary Inquiry index Announcement of Great Wall Motor Company Limited on Conversion of Convertible Corporate Bonds and Independent Exercise Results and Share Changes of the 2023 Share Option Incentive Scheme Details were published in the announcements dated 1 September 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-113) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on Implementation of Repurchase and Cancellation of Certain Restricted Shares under the First Grant and Reserved Grant of the 2023 Restricted Share Incentive Scheme Details were published in the announcements dated 11 September 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-115) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Indicative Announcement of Great Wall Motor Company Limited on Restriction of the Exercise Period of Share Options of the Company Details were published in the announcements dated 24 September 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-118) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on the Completion of Non-trading Transfer of the Second Lock- up Period of Shares under the 2023 ESOP Satisfying Unlocking Conditions Details were published in the announcements dated 25 September 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-119) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Announcement of Great Wall Motor Company Limited on Conversion of Convertible Corporate Bonds and Independent Exercise Results and Share Changes of the 2023 Share Option Incentive Scheme Details were published in the announcements dated 9 October 2025 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2025-121) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn)
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15 4. QUARTERLY FINANCIAL STATEMENTS 4.1 Type of auditor ’s opinion ½ Applicable ✓ Not applicable 4.2 Financial statements Consolidated Balance Sheet As at 30 September 2025 Prepared by: Great Wall Motor Company Limited Unit: Yuan Currency: RMB Audit status: Unaudited Item 30 September 2025 31 December 2024 Current assets: Cash and bank balances 23,201,252,056.87 30,768,672,688.70 Balances with clearing companies Placements with banks and other financial institutions Held-for-trading financial assets 28,047,794,995.73 14,181,400,741.40 Derivative financial assets 77,279,427.37 10,163,635.81 Notes receivable 1,561,199,452.81 2,365,113,198.10 Accounts receivable 8,987,639,497.58 7,273,039,567.69 Financing with receivables 31,850,806,835.20 41,099,767,102.54 Prepayments 2,166,852,767.29 1,943,718,995.24 Premiums receivable Reinsurance accounts receivable Deposits receivable from reinsurance contracts Other receivables 4,183,592,978.91 3,384,864,663.89 Including: Interests receivable 68,745.26 175,222.79 Dividends receivable Financial assets purchased under agreements to resell Inventories 29,557,403,265.86 25,440,034,524.55 Including: Data resources Contract assets – 26,480,562.00 Assets held-for-sale Non-current assets due within one year 1,548,291,987.18 1,594,787,210.60 Other current assets 3,800,322,281.85 5,449,877,008.59 Total current assets 134,982,435,546.65 133,537,919,899.11
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16 Item 30 September 2025 31 December 2024 Non-current assets: Loans and advances to customers Debt investment Other debt investment Long-term receivables 1,590,080,829.26 1,754,348,195.73 Long-term equity investments 12,035,960,173.97 11,548,960,627.61 Other equity instrument investments 1,402,781,013.63 1,545,977,894.51 Other non-current financial assets 236,883,876.47 225,393,657.46 Investment properties 444,899,871.88 431,901,081.34 Fixed assets 29,253,760,810.24 30,200,341,280.37 Construction in progress 4,745,354,415.81 4,009,324,009.35 Biological assets for production Oil and gas assets Right-of-use assets 3,338,095,749.16 1,833,265,023.34 Intangible assets 11,813,315,838.76 12,367,362,495.97 Including: Data resources Development expenses 12,230,335,974.14 12,385,673,330.20 Including: Data resources Goodwill 27,763,359.77 27,763,359.77 Long-term deferred expenses 741,776,303.58 570,358,302.14 Deferred income tax assets 6,494,548,694.20 5,488,582,086.25 Other non-current assets 1,606,865,227.00 1,793,124,101.54 Total non-current assets 85,962,422,137.87 84,182,375,445.58 Total assets 220,944,857,684.52 217,720,295,344.69
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17 Item 30 September 2025 31 December 2024 Current liabilities: Short-term borrowings 5,607,559,031.38 6,684,584,370.91 Borrowings from central bank Placements from banks and other financial institutions Held-for-trading financial liabilities Derivative financial liabilities 83,840,169.16 51,491,477.50 Notes payable 29,394,932,629.27 36,031,984,694.94 Accounts payable 43,690,127,256.97 43,619,604,688.73 Receipts in advance Contract liabilities 14,389,232,489.12 11,711,286,675.94 Financial assets sold under agreements to repurchase Deposits and amounts due to banks Customer deposits for securities trading Customer deposits for securities underwriting Salaries payable 1,296,976,801.50 4,911,991,410.74 Taxes payable 9,371,602,215.06 3,646,827,544.15 Other payables 5,675,528,629.59 5,954,868,727.69 Including: Interests payable Dividends payable Handling charges and commission payable Reinsurance accounts payable Liabilities held-for-sale Non-current liabilities due within one year 5,386,932,022.77 3,688,743,950.36 Other current liabilities 7,020,818,369.02 6,268,841,482.52 Total current liabilities 121,917,549,613.84 122,570,225,023.48
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18 Item 30 September 2025 31 December 2024 Non-current liabilities: Deposits for insurance contracts Long-term borrowings 2,190,121,937.84 6,525,975,839.33 Bonds payable 3,728,116,855.58 3,674,795,129.52 Including: Preference shares Perpetual bonds Lease liabilities 1,968,032,556.09 1,373,280,767.57 Long-term payables 3,702,464.00 11,871,342.39 Long-term employee benefits payable Provisions Deferred income 3,458,647,287.07 3,523,979,955.29 Deferred income tax liabilities 1,131,443,196.86 992,376,130.10 Other non-current liabilities 120,894,793.78 54,621,637.87 Total non-current liabilities 12,600,959,091.22 16,156,900,802.07 Total liabilities 134,518,508,705.06 138,727,125,825.55 Owners ’ equity (or shareholders ’ equity): Paid up share capital (or share capital) 8,557,871,961.00 8,556,164,379.00 Other equity instruments 335,537,834.93 335,554,731.55 Including: Preference shares Perpetual bonds Capital reserves 3,895,347,114.94 3,665,847,438.66 Less: Treasury shares 529,372,929.97 950,845,326.57 Other comprehensive income 310,081,827.22 -1,299,163,945.22 Special reserves 534,427,414.77 344,662,183.20 Surplus reserves 6,944,180,748.57 6,944,280,309.94 General risks reserve Undistributed profit 66,378,275,008.00 61,388,265,056.94 Total owners ’ equity (or shareholders ’ equity) attributable to the parent company 86,426,348,979.46 78,984,764,827.50 Minority interests – 8,404,691.64 Total owners ’ equity (or shareholders ’ equity) 86,426,348,979.46 78,993,169,519.14 Total liabilities and owners ’ equity (or shareholders ’ equity) 220,944,857,684.52 217,720,295,344.69 Legal Representative of Person-in-charge of Person-in-charge of the the Company: accounting affairs: accounting department: Wei Jian Jun Li Hong Shuan Wang Hai Ping
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19 Consolidated Income Statement January to September 2025 Prepared by: Great Wall Motor Company Limited Unit: Yuan Currency: RMB Audit status: Unaudited Item The first three quarters of 2025 (January to September) The first three quarters of 2024 (January to September) I. Total operating revenue 153,581,875,551.64 142,252,336,280.94 Including: Operating income 153,581,875,551.64 142,252,336,280.94 Interest income Premiums earned Handling charges and commission income II. Total operating costs 147,227,185,432.34 133,579,958,855.74 Including: Operating costs 125,326,875,302.76 113,854,432,611.77 Interest expenses Handling charges and commission expenses Payments on surrender Net claim expenses Net provision for insurance contract reserves Policyholder dividend expenses Reinsurance costs Tax and levies 5,994,771,686.90 5,145,951,485.19 Selling expenses 7,947,931,437.51 5,110,451,571.69 Administrative expenses 2,884,357,403.32 3,020,230,462.70 R&D expenses 6,635,528,152.72 6,209,630,481.80 Financial expenses -1,562,278,550.87 239,262,242.59 Including: Interest expenses 555,313,937.68 689,650,751.63 Interest income 536,134,950.93 748,505,358.80 Add: Other income 3,218,565,114.77 2,754,483,806.24 Investment income (losses are indicated with “-”) 402,661,054.61 776,228,249.50 Including: Gains from investment in associated companies and joint ventures 488,391,236.01 659,905,527.51 Gains from derecognition of financial assets measured at amortised cost Exchange gains (losses are indicated with “-”) Gains from net exposure to hedging (losses are indicated with “-”)
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20 Item The first three quarters of 2025 (January to September) The first three quarters of 2024 (January to September) Gains from changes in fair value (losses are indicated with “-”) 106,984,599.75 -9,206,361.13 Credit impairment losses (losses are indicated with “-”) -26,903,657.47 -3,867,369.23 Asset impairment losses (losses are indicated with “-”) -379,195,156.08 -351,846,809.27 Gains from disposal of assets (losses are indicated with “-”) 97,955,499.26 -18,106,271.53 III. Operating profit (losses are indicated with “-”) 9,774,757,574.14 11,820,062,669.78 Add: Non-operating income 249,544,822.31 236,850,667.33 Less: Non-operating expenses 75,406,879.60 55,825,326.54 IV. Total profits (total losses are indicated with “-”) 9,948,895,516.85 12,001,088,010.57 Less: Income tax expenses 1,313,932,506.08 1,600,764,934.57 V. Net profits (net losses are indicated with “-”) 8,634,963,010.77 10,400,323,076.00 (I) Classified by the continuity of operation 1. Net profit from continuing operations (net losses are indicated with “-”) 8,634,963,010.77 10,400,323,076.00 2. Net profit from discontinued operations (net losses are indicated with “-”) (II) Classified by the ownership attribution 1. Net profit attributable to shareholders of the parent company (net losses are indicated with “-”) 8,634,963,010.77 10,399,269,305.52 2. Profit and loss attributable to minority interests (net losses are indicated with “-”) – 1,053,770.48
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21 Item The first three quarters of 2025 (January to September) The first three quarters of 2024 (January to September) VI. Net other comprehensive income after taxes 1,609,245,772.44 -263,679,089.86 (I) Net other comprehensive income attributable to owners of the parent company after taxes 1,609,245,772.44 -263,679,089.86 1. Other comprehensive income that may not be reclassified to profit or loss 36,217,242.47 – (1) Amount of changes as a result of remeasurement of defined benefit plan (2) Other comprehensive income under the equity method that cannot be reclassified to profit or loss (3) Changes in fair value of other equity instruments investment 36,217,242.47 – (4) Changes in fair value of the enterprise ’s own credit risk 2. Other comprehensive income that will be reclassified to profit or loss 1,573,028,529.97 -263,679,089.86 (1) Other comprehensive income under the equity method that can be reclassified to profit or loss (2) Changes in fair value of other debt investment (3) Amount of financial assets reclassified to other comprehensive income (4) Provision for credit impairment of other debt investment (5) Cash flow hedging reserve (6) Exchange differences from retranslation of financial statements 1,492,031,782.29 -250,327,798.38 (7) Others (8) Changes in the fair value of financial assets classified as measured at fair value with changes recognized in other comprehensive income 80,996,747.68 -13,351,291.48 (II) Net other comprehensive income attributable to minority interests after taxes
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22 Item The first three quarters of 2025 (January to September) The first three quarters of 2024 (January to September) VII. Total comprehensive income 10,244,208,783.21 10,136,643,986.14 (I) Total comprehensive income attributable to owners of the parent company 10,244,208,783.21 10,135,590,215.66 (II) Total comprehensive income attributable to minority interests 1,053,770.48 VIII. Earnings per share: (I) Basic earnings per share (RMB per share) 1.01 1.22 (II) Diluted earnings per share (RMB per share) 1.01 1.22 For business combination under common control occurred in the Current Period, the net profit of the acquiree before the combination was RMB-13,709,340.01, and the net profit of the acquiree for the previous period was RMB-29,322,152.64. Legal Representative of Person-in-charge of Person-in-charge of the the Company: accounting affairs: accounting department: Wei Jian Jun Li Hong Shuan Wang Hai Ping
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23 Consolidated Cash Flow Statement January to September 2025 Prepared by: Great Wall Motor Company Limited Unit: Yuan Currency: RMB Audit status: Unaudited Item The first three quarters of 2025 (January to September) The first three quarters of 2024 (January to September) I. Cash flows from operating activities: Cash received from the sale of goods and rendering of services 177,808,438,512.59 165,611,806,446.56 Net increase in deposits from customers and placements from banks and other financial institutions Net increase in borrowings from central bank Net increase in borrowings from other financial institutions Cash received from premiums of original insurance contracts Net cash received from reinsurance operations Net increase in policyholders ’ deposits and investments Cash received from interest, handling charges and commission Net increase in placements from banks and other financial institutions Net increase in capital for repurchase Net cash received from securities trading agency services Tax rebate received 5,779,637,400.94 5,795,287,708.61 Cash received from other operating activities 5,742,270,680.51 4,822,321,264.97 Subtotal of cash inflow from operating activities 189,330,346,594.04 176,229,415,420.14
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24 Item The first three quarters of 2025 (January to September) The first three quarters of 2024 (January to September) Cash paid for goods purchased and services received 131,150,703,815.50 128,663,280,783.67 Net increase in loans and advances to customers Net increase in placements with central bank and other financial institutions Cash paid for claims on original insurance contracts Net increase in placements with banks and other financial institutions Cash paid for interest, handling charges and commission Cash paid for policyholders ’ dividend Cash paid to and for employees 14,160,710,631.23 12,335,602,436.35 Taxes paid 13,275,314,285.81 11,261,978,097.34 Cash paid for other operating activities 9,357,310,511.64 9,796,029,032.14 Subtotal of cash outflow from operating activities 167,944,039,244.18 162,056,890,349.50 Net cash flow from operating activities 21,386,307,349.86 14,172,525,070.64 II. Cash flow from investing activities: Cash received from redemption of investments 89,373,952,990.12 36,360,038,219.75 Cash received from investment income 424,251,948.91 156,432,534.95 Net cash received from disposal of fixed assets, intangible assets and other long- term assets 373,254,737.68 196,394,958.42 Net cash received from disposal of subsidiaries and other business units Cash received from other investing activities 52,690,560.00 3,500,000.00 Subtotal of cash inflow from investing activities 90,224,150,236.71 36,716,365,713.12
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25 Item The first three quarters of 2025 (January to September) The first three quarters of 2024 (January to September) Cash paid to purchase and construct fixed assets, intangible assets and other long- term assets 7,325,222,658.00 6,823,955,574.36 Cash paid for investments 100,797,384,065.83 34,510,000,000.00 Net increase in pledged loans Net cash paid for acquisition of subsidiaries and other business units 3,792,157.77 Cash paid for other investing activities 242,389,953.70 – Subtotal of cash outflow from investing activities 108,368,788,835.30 41,333,955,574.36 Net cash flow from investing activities -18,144,638,598.59 -4,617,589,861.24 III. Cash flow from financing activities: Cash received from investments 112,603,457.07 711,398,873.05 Including: Cash received by subsidiaries from minority interests ’ investments Cash received from borrowings 8,090,765,004.06 12,188,311,465.58 Cash received from issuing bonds 481,000,000.00 887,000,000.00 Cash received from other financing activities 866,292,983.40 77,980,000.00 Subtotal of cash inflow from financing activities 9,550,661,444.53 13,864,690,338.63 Cash paid for debt repayment 13,009,753,134.72 14,700,500,909.01 Cash paid for dividend, profit distribution or interest payments 4,034,210,390.13 3,007,353,738.06 Including: Dividend and profit paid to minority interests by subsidiaries Cash paid for bond repayment 603,305,200.00 751,482,300.00 Cash paid for other financing activities 1,606,947,149.36 3,002,871,236.66 Subtotal of cash outflow from financing activities 19,254,215,874.21 21,462,208,183.73 Net cash flow from financing activities -9,703,554,429.68 -7,597,517,845.10
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26 Item The first three quarters of 2025 (January to September) The first three quarters of 2024 (January to September) IV. Effects of changes in exchange rates on cash and cash equivalents -186,551,410.02 -87,295,925.64 V. Net increase in cash and cash equivalents -6,648,437,088.43 1,870,121,438.66 Add: Balance of cash and cash equivalents at the beginning of the period 27,233,274,462.30 35,277,490,752.99 VI. Balance of cash and cash equivalents at the end of the period 20,584,837,373.87 37,147,612,191.65 Legal Representative of Person-in-charge of Person-in-charge of the the Company: accounting affairs: accounting department: Wei Jian Jun Li Hong Shuan Wang Hai Ping 4.3 Adjustment to the financial statements at the beginning of the year related to implementation of new accounting standards or interpretations of standards for the first time since 2025 ½ Applicable ✓ Not applicable Great Wall Motor Company Limited Legal Representative Wei Jian Jun Baoding, Hebei Province, the PRC, 24 October 2025 As at the date of this announcement, members of the Board comprise: Executive Directors: Mr. Wei Jian Jun, Mr. Zhao Guo Qing and Ms. Li Hong Shuan. Employee Director: Ms.Lu Cai Juan. Non-executive Director: Mr. He Ping. Independent Non-executive Directors: Ms. Yue Ying, Mr. Fan Hui and Mr. Tom Siulun Chau. * For identification purpose only