Earnings release
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Hong Kong Exchange s and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibilit y for the contents of this announcement , make no representatio n as to its accuracy or completenes s and expressly disclai m any liability whatsoeve r for any loss howsoeve r arising from or in reliance upon the whole or any part of the content s of this announcement. 長 城 汽 車 股 份 有 限 公 司 GREAT WALL MOTOR COMPANY LIMITED * (a joint stock company incorporate d in the People’ s Republic of China with limited liability) Stock Code: 02333 (HKD counter) and 82333 (RMB counter) ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026 The board of directors (the “ Board”) of Great Wall Motor Company Limited (the “ Company”) is pleased to announce the unaudited interim results of the Company and its subsidiaries for the six months ended 30 June 2026. This announcement , containing the full text of the 2026 Interim Report of the Company, is prepared with reference to the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited in relation to preliminary announcemen ts of interim results. Printed version of the Company’s 2026 Interim Report will be delivered to the Company’s shareholders and will also be available for viewing on the websites of Hong Kong Exchanges and Clearing Limited at www.hkexnews.hk and of the Com pany at www.gwm.com.cn . By order of the Board Great Wall Motor Company Limited Yuan Yuan Joint Company Secretary
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I. The Board and the directors, senior management of the Company warrant that the information in this interim report is true, accurate and complete and does not contain any false representations, misleading statements or material omissions, and severally and jointly take legal liability for its contents. II. All members of the Board of Directors attended the board meeting. III. This interim report has not been audited. IV. Wei Jian Jun, person-in-charge of the Company, Li Hong Shuan, person-in-charge of the accounting affairs and Wang Hai Ping, person-in-charge of the accounting department (head of the accounting department), declare that they warrant the truthfulness, accuracy and completeness of the financial report in this interim report. V. Proposal of profit distribution or capitalisation of capital reserve during the Reporting Period considered and approved by the Board No VI. Risks relating to forward-looking statements √ Applicable ½ Not applicable Forward-looking statements, such as future plans described in this report, do not constitute an actual commitment of the Company to investors. Investors should be aware of the relevant investment risks. VII. Was there any non-operational appropriation of the Company ’s funds by its controlling shareholders and other related parties No VIII. Was there any provision of guarantee to external parties in violation of the stipulated decision-making procedures No IX. Was there over half of the directors unable to guarantee the truthfulness, accuracy, and completeness of the interim report disclosed by the Company No X. Reminder of material risks During the Reporting Period, there were no material risks resulting in any material impact on the production and operation of the Company. Risks that the Company may encounter in the course of its production and operation and its corresponding measures have been detailed in “Other Disclosures ” under Item V of Section 3 headed “Management Discussion and Analysis ” of this report. XI. Others ½ Applicable √ Not applicable IMPORTANT NOTICE
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CONTENTS Index of Documents Available for Inspection Financial statements signed and sealed by the legal representative, the person in charge of the accounting affairs and the person in charge of the accounting department. The original auditors ’ review report with the seal of the accounting firm and signatures and seals of the certified public accountants. SECTION 4 Corporate Governance, Environmental and Society 53 SECTION 5 Significant Events 94 SECTION 6 Changes in Shares and Shareholders 109 SECTION 7 Description of Corporate Bonds 121 SECTION 8 Financial Report 132 SECTION 1 Definitions 8 SECTION 2 Corporate Profile and Key Financial Indicators 10 SECTION 3 Management Discussion and Analysis 19
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Interim Report 2026 I 8 SECTION 1 DEFINITIONS In this report, the following expressions shall, unless the context otherwise requires, have the following meanings: Definitions for commonly used terms “A Share(s) ” domestic shares with a nominal value of RMB1.00 each in the share capital of the Company which are listed on the Shanghai Stock Exchange and traded in Renminbi (Stock Code: 601633); “A Shareholder(s) ” holder(s) of A Share(s); “Articles of Association ” Articles of Association of Great Wall Motor Company Limited; “Board ” the board of directors of the Company; “Company ” or “Great Wall Motor ” Great Wall Motor Company Limited (ʮ̡ ), a joint stock company incorporated in the PRC with limited liability, the H Shares and A Shares of which are listed on the Hong Kong Stock Exchange and the Shanghai Stock Exchange, respectively; “Company Law ” Company Law of the People ’s Republic of China; “Competing Business ” a business that is identical with or similar to the principal business and other businesses of Great Wall Motor Company Limited; “CSRC” China Securities Regulatory Commission; “Great Wall Holdings ” Baoding Great Wall Holdings Co., Ltd. (ʮ̡ ); “Group ” Great Wall Motor Company Limited and its subsidiaries; “Guiding Opinions ” Guiding Opinions on the Implementation of Pilot Employee Stock Ownership Plan of Listed Companies (ྌ༊ ኬจԈ); “H Share(s) ” the overseas-listed foreign shares with a nominal value of RMB1.00 each in the share capital of the Company which are listed on the Main Board of the Hong Kong Stock Exchange and traded through HKD or RMB counter (HKD counter Stock Code: 02333; RMB counter Stock Code: 82333); “H Shareholder(s) ” holder(s) of H Share(s); “Hong Kong Listing Rules ” the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited as amended from time to time;
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Interim Report 2026 I 9 Definitions “Hong Kong Stock Exchange ” The Stock Exchange of Hong Kong Limited; “Management Measures ” Management Measures for Share Incentives of Listed Companies; “Model Code ” Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Hong Kong Listing Rules; “PRC” the People ’s Republic of China; “Regulatory Guidelines ” Guidelines No. 1 of the Shanghai Stock Exchange for Self-regulation of Listed Companies – Standardized Operation (ɪ̹ʮ̡І ˏୋ 1 Ñᇍ༶Ъ); “Reporting Period ” or “Current Period ” six months ended 30 June 2026; “Securities Law ” Securities Law of the People ’s Republic of China; “SFC” the Securities and Futures Commission in Hong Kong; “SFO” Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) as amended from time to time; “Shanghai Stock Exchange ” Shanghai Stock Exchange; “Spotlight Automotive ” Spotlight Automotive Limited (ʮ̡ ); “Shareholder(s) ” holder(s) of the Company ’s shares including A Share(s) and H Share(s); and “SSE Listing Rules ” Rules Governing the Listing of Stocks on the Shanghai Stock Exchange.
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Interim Report 2026 I 10 SECTION 2 CORPORATE PROFILE AND KEY FINANCIAL INDICATORS I. CORPORATE INFORMATION Chinese name of the Companyʮ̡ Abbreviation of Chinese name of the Companyӛԓ English name of the Company Great Wall Motor Company Limited Abbreviation of English name of the Company Great Wall Motor Legal representative of the Company Wei Jian Jun II. CONTACT PERSONS AND CONTACT METHODS Secretary to the Board Representative of Securities Affairs Name Li Hong Shuan (Ceased to serve as the Secretary to the Board upon the expiry of her term of office on 26 June 2026 and resigned from the Company Secretary on 24 July 2026) Yuan Yuan (Joint Company Secretary) (Appointed on 24 July 2026) Chen Yong Jun and Jiang Li Address No. 2166 Chaoyang Road South, Lianchi District, Baoding, Hebei Province, the PRC No. 2166 Chaoyang Road South, Lianchi District, Baoding, Hebei Province, the PRC Telephone 86(312)-2197813 86(312)-2197813 Fax 86(312)-2197812 86(312)-2197812 E-mail address zqb@gwm.com.cn zqb@gwm.com.cn III. CHANGE IN BASIC INFORMATION Registered address of the Company No. 2266 and No. 2299 Chaoyang Road South, Lianchi District, Baoding, Hebei Province, the PRC Previous changes of the registered address of the Company Not applicable Office address of the Company No. 2166 Chaoyang Road South, Lianchi District, Baoding, Hebei Province, the PRC Postal code of the office address of the Company 071000 Company ’s website www.gwm.com.cn E-mail address zqb@gwm.com.cn Principal place of business in Hong Kong 31/F, Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong
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Interim Report 2026 I 11 Corporate Profile and Key Financial Indicators IV. INFORMATION DISCLOSURE AND CHANGE IN PLACE OF DOCUMENT INSPECTION Designated newspapers for information disclosure China Securities Journal, Shanghai Securities News, Securities Daily Website for publishing this interim report www.sse.com.cn Place for inspection of the Company ’s interim report Securities Investment Department of Great Wall Motor Company Limited No. 2166 Chaoyang Road South, Lianchi District, Baoding, Hebei Province, the PRC Website designated by the Hong Kong Stock Exchange for publishing this interim report www.hkexnews.hk The Company ’s website for publishing this interim report www.gwm.com.cn V. INFORMATION ON THE COMPANY ’S SHARES Stock classes Stock exchanges for the listing of the Company ’s shares Stock abbreviation Stock code Previous stock abbreviation A Shares Shanghai Stock Exchange Great Wall Motor 601633 – H Shares (HKD counter) Hong Kong Stock Exchange GWMOTOR 02333 – H Shares (RMB counter) Hong Kong Stock Exchange GWMOTOR-R 82333 – Stock classes Stock exchanges for the listing of the Company ’s shares Listing date Number of shares Board lot A Shares Shanghai Stock Exchange 28 September 2011 6,234,640,671 A Shares note 100 shares H Shares (HKD counter) Hong Kong Stock Exchange 15 December 2003 H Shares (RMB counter) Hong Kong Stock Exchange 19 June 2023 2,318,776,000 H Shares note 500 shares Note: As of 30 June 2026, the Company had 8,553,416,671 shares in total, including 6,234,640,671 A Shares and 2,318,776,000 H Shares, of which 11,080,000 H Shares were repurchased and held by the Company as treasury shares.
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Interim Report 2026 I 12 Corporate Profile and Key Financial Indicators VI. OTHER RELEVANT INFORMATION √ Applicable ½ Not applicable Domestic accounting firm appointed by the Company Name Deloitte Touche Tohmatsu Certified Public Accountants LLP Office address 30/F, 222 Yan An Road East, Huangpu District, Shanghai Names of the signing accountants Liu Yu Fu Wen Ting Sponsoring institution assuming the role of continuous supervision during the Reporting Period Name Guotai Haitong Securities Co., Ltd. (formerly known as “Guotai Junan Securities Co., Ltd. ”) Office address 36/F, Bohua Plaza, No. 669 Xinzha Road, Jing ’an District, Shanghai Names of signing representatives of the sponsor Chen Liang, Wu Tong Xin Period for continuous supervision From 8 July 2021 to 31 December 2022 (if the conversion of convertible corporate bonds was not yet completed upon the expiry of the period for continuous supervision, the period shall be extended to the date of completion of such matters) Legal adviser to the Company (as to Hong Kong law) Tian Yuan Law Firm LLP Legal adviser to the Company (as to the PRC law) Jincheng Tongda & Neal Law Firm, Beijing
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Interim Report 2026 I 13 Corporate Profile and Key Financial Indicators H Share registrar and transfer office in Hong Kong Computershare Hong Kong Investor Services Limited Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen ’s Road East, Wanchai, Hong Kong A Share registrar and transfer office Shanghai Branch of China Securities Depository and Clearing Corporation Limited No. 188 South Yanggao Road, Pudong New Area, Shanghai Investor and media relations consultant (H Shares) CorporateLink Limited Unit 1802, 18/F, 3 Lockhart Road, Wanchai, Hong Kong Principal bankers Bank of China Limited, Baoding Yuhua sub-branch The Industrial and Commercial Bank of China, Baoding Yonghua sub-branch China Construction Bank Corporation, Baoding Hengxiang South Street sub-branch China Everbright Bank Corporation Limited, Shijiazhuang branch China CITIC Bank Corporation Limited, Baoding branch China Merchants Bank Co., Ltd., Shijiazhuang branch Ping An Bank Co., Ltd., Guangzhou branch Shanghai Pudong Development Bank Co., Ltd. China Minsheng Banking Corporation Limited Baoding branch Authorised representatives Ms. Li Hong Shuan Ms. Yuan Yuan (Appointed on 24 July 2026) Mr. Zhao Guo Qing (Resigned on 24 July 2026) Financial year-end date 31 December Executive Directors Mr. Wei Jian Jun (Chairman) Mr. Zhao Guo Qing (Vice Chairman) Ms. Li Hong Shuan Employee Director Zhao Gai (Appointed on 26 June 2026) Ms. Lu Cai Juan (Resigned on 26 June 2026) Non-Executive Director Mr. He Ping
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Interim Report 2026 I 14 Corporate Profile and Key Financial Indicators Independent Non-Executive Directors Mr. Fan Hui Mr. Tom Siulun Chau Ms. Tian Ya Juan (Appointed on 26 June 2026) Ms. Yue Yin (Resigned on 26 June 2026) Audit Committee Mr. Fan Hui Mr. He Ping Mr. Tom Siulun Chau Ms. Tian Ya Juan (Appointed on 26 June 2026) Ms. Yue Yin (Resigned on 26 June 2026) Remuneration Committee Mr. Wei Jian Jun Mr. Fan Hui Ms. Tian Ya Juan (Appointed on 26 June 2026) Ms. Yue Ying (Resigned on 26 June 2026) Nomination Committee Mr. Wei Jian Jun Mr. Tom Siulun Chau Ms. Tian Ya Juan (Appointed on 26 June 2026) Ms. Yue Ying (Resigned on 26 June 2026) Strategy and Sustainable Development Committee Mr. Wei Jian Jun Ms. Li Hong Shuan Mr. He Ping Mr. Fan Hui Mr. Tom Siulun Chau (Appointed on 26 June 2026) Ms. Yue Ying (Resigned on 26 June 2026)
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Interim Report 2026 I 15 Corporate Profile and Key Financial Indicators VII. KEY ACCOUNTING DATA AND FINANCIAL INDICATORS OF THE COMPANY (I) Key accounting data Unit: Yuan Currency: RMB Key accounting data Reporting Period (January-June) Corresponding period of last year Increase/decrease for the Reporting Period over the corresponding period of last year (%) Total operating revenue 102,101,430,542.57 92,334,633,193.51 10.58 Operating revenue 102,101,430,542.57 92,334,633,193.51 10.58 Total profit 3,281,041,650.53 7,004,046,142.78 -53.16 Net profit attributable to shareholders of the Company 2,464,509,236.10 6,336,939,113.25 -61.11 Net profit attributable to shareholders of the Company after non-recurring profit or loss 1,610,121,352.91 3,581,423,243.20 -55.04 Net cash flow from operating activities 10,436,101,628.67 9,214,751,944.11 13.25 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 (%) Net assets attributable to shareholders of the Company 87,392,904,520.08 87,892,041,477.23 -0.57 Total assets 229,989,822,104.26 225,287,872,883.05 2.09
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Interim Report 2026 I 16 Corporate Profile and Key Financial Indicators (II) Key financial indicators Key financial indicators Reporting Period (January-June) Corresponding period of last year Increase/decrease for the Reporting Period over the corresponding period of last year (%) Basic earnings per share (RMB/share) 0.29 0.74 -60.81 Diluted earnings per share (RMB/share) 0.29 0.74 -60.81 Basic earnings per share after non-recurring gains/losses (RMB/share) 0.19 0.42 -54.76 Weighted average return on net assets (%) 2.76 7.56 Decreased by 4.8 percentage points Weighted average return on net assets after non-recurring profit or loss (%) 1.80 4.26 Decreased by 2.46 percentage points Description of key accounting data and financial indicators of the Company √ Applicable ½ Not applicable During the Reporting Period, the Company achieved year-on-year growth in both sales volume and operating revenue, with continuous improvement of the Company ’s global brand as driven by overseas growth and the development of domestic high-value vehicle models. The year-on-year decrease in net profit attributable to shareholders of the Company for the Current Period was mainly due to the deferred recovery of income from overseas tax policy subsidies, as well as exchange rate fluctuations. VIII. DIFFERENCE IN ACCOUNTING DATA UNDER CHINA ACCOUNTING STANDARDS AND OVERSEAS ACCOUNTING STANDARDS ½ Applicable √ Not applicable
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Interim Report 2026 I 17 Corporate Profile and Key Financial Indicators IX. ITEMS AND AMOUNTS OF NON-RECURRING PROFIT OR LOSS √ Applicable ½ Not applicable Unit: Yuan Currency: RMB Item of non-recurring profit or loss Amount Profit or loss from disposal of non-current assets (including the portion written off for provision for impairment on assets) 74,027,783.10 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 on an ongoing basis at a fixed standard amount or quantity in accordance with the State ’s policies and regulations 438,456,119.51 Except for effective hedging transactions related to the normal business operations of the Company, gains and losses arising from changes in the fair value of financial assets and financial liabilities held by non-financial enterprises, as well as gains and losses from the disposal of financial assets and financial liabilities 423,267,412.16 Non-operating income and expenses other than the above items 59,322,508.25 Other profit or loss items that meet the definition of non-recurring profit or loss 6,609,628.52 Less: Effect of income tax -147,295,568.35 Total 854,387,883.19 An explanation shall be made on defining items not illustrated in the Notice on Explanation of Information Disclosure of Companies Publicly Issuing Securities No. 1 – Non-recurring Profit or Loss (ʮ̡ ʮѓୋ1ฦू) as non-recurring profit or loss items with significant amounts and defining non-recurring profit or loss items illustrated in the Notice on Explanation of Information Disclosure of Companies Publicly Issuing Securities No. 1 – Non-recurring Profit or Loss ( ʮѓୋ1ฦू) as recurring profit or loss items. ½ Applicable √ Not applicable
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Interim Report 2026 I 18 Corporate Profile and Key Financial Indicators X. COMPANIES WITH EQUITY INCENTIVE PLANS OR EMPLOYEE STOCK OWNERSHIP PLANS MAY CHOOSE TO DISCLOSE NET PROFIT AFTER EXCLUDING THE IMPACT OF SHARE-BASED PAYMENTS ½ Applicable √ Not applicable XI. OTHERS ½ Applicable √ Not applicable
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Interim Report 2026 I 19 SECTION 3 MANAGEMENT DISCUSSION AND ANALYSIS I. DESCRIPTION OF THE INDUSTRY IN WHICH THE COMPANY OPERATES AND ITS PRINCIPAL BUSINESS DURING THE REPORTING PERIOD (I) Principal Business of the Company Great Wall Motor is a global intelligent technology company, and its business covers the design, research and development, production and sales of automobiles and related parts and components, as well as the provision of relevant services. Great Wall Motor owns the brands of Haval, WEY, TANK, ORA, GWM Pickup, GWM SOUO and GWM Commercial Vehicles, and has a comprehensive business presence in intelligent, new energy and other related technology industries, to achieve a multi-category and diversified “forest-like ecosystem”, empowering its global expansion. (II) Operating Model Great Wall Motor is committed to serving global users with high-quality products and services. Adhering to a long- term development philosophy, it pursues precise and efficient R&D while continuously innovating technologies and products. The Company has built an intelligent product portfolio that covers all scenarios, all powertrains, all vehicle categories, and global markets. Upholding its brand premiumization strategy and guided by the “ONE GWM” brand strategy, it has innovated and deepened channel transformation and market expansion to foster a mutually beneficial and win-win supply chain system and accelerate its global presence. In respect of technology, Great Wall Motor adhered to its “GWM ONE ” philosophy, built a “forest-like ecosystem”, and achieved full-stack self-development in core areas such as intelligence, power and chassis. The dual VLA large model empowered advanced intelligent driving and the cockpit, and the power and chassis continued to integrate. Great Wall Motor has launched the Hi4 series electric hybrid and off-road architecture and developed an AI-native full power platform to cover various travel scenarios. In respect of supply chain system, Great Wall Motor has achieved vertical integration of core components and built multiple locally rooted and sustainable industrial communities worldwide, thus establishing a comprehensive service system to improve user experience in all aspects. In respect of production layout, Great Wall Motor had 10 full-process vehicle manufacturing bases in China. In addition, through its persistent promotion of “ecosystem globalization ” strategy overseas, Great Wall Motor had established three full-process vehicle manufacturing bases in Thailand and Brazil, as well as multiple KD factories in Ecuador and Pakistan.
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Interim Report 2026 I 20 Management Discussion and Analysis In respect of marketing, Great Wall Motor was committed to establishing a global sales service network. In the first half of 2026, in terms of domestic marketing, the Company focused on a “direct sales + dealership ” dual-channel model, while accelerating the transition into a new model of “omni-channel direct-to-user ”. The development of digital channels has been promoted to connect online and offline marketing chains to achieve coverage of targeted users, efficient conversion and refined operation; in terms of overseas marketing, Great Wall Motor continued to improve its presence in the global market, focusing on core markets such as Eurasia, Australia, the Middle East, South America, ASEAN and the European Union. 200 new stores were opened this year, increasing the number of overseas sales channels to over 1,600 as of June 2026. (III) Industry Overview (1) Production and sales volume of automobiles recorded a year-on-year decline with a month-on-month narrowing in the drop rate of production and sales From January to June 2026, the production and sales volume of automobiles amounted to 14.993 million units and 15.017 million units, representing year-on-year decreases of 4% and 4.1%, respectively. The year-on-year decline in automobile production and sales in June narrowed to 1.2% and 3.2%, respectively. (2) Passenger vehicle market sustained weaker performance than the industry level with the proportion of Chinese brands increased From January to June 2026, cumulative production and sales volume of passenger vehicles totalled 12.721 million units and 12.72 million units, down by 5.9% and 6% year-on-year, respectively. Sales volume of passenger vehicles under Chinese brands amounted to 9.138 million units, accounting for 71.8% of total sales volume, up by 3.3 percentage points year-on-year. (3) Stable growth of new energy vehicles From January to June 2026, cumulative production and sales volume of new energy vehicles totalled 7.438 million units and 7.446 million units, up by 6.7% and 7.3% year-on-year, respectively. Sales volume of new models of new energy vehicles accounted for 49.6% of total sales volume of new vehicles. In particular, the sales volume of pure-electric vehicles amounted to 4.987 million units, up by 13% year-on-year, while plug-in hybrid vehicles amounted to 2.457 million units, down by 2.5% year-on-year.
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Interim Report 2026 I 21 Management Discussion and Analysis (4) Production and sales volume of pickup trucks registered year-on-year growth with high export growth From January to June 2026, both production and sales volume of pickup trucks amounted to 343 thousand units, up by 10.9% and 9.4% year-on-year, respectively. In particular, cumulative exports of pickup trucks amounted to 189 thousand units in the first half, up by 19.8% year-on-year. (5) Automobile exports maintained rapid growth From January to June 2026, automobile exports totalled 5.096 million units, representing a year-on-year increase of 65.3%. In particular, passenger vehicle exports reached 4.432 million units, up by 71.7% year-on-year; commercial vehicle exports reached 664 thousand units, up by 32.5% year-on-year; new energy vehicle exports totalled 2.355 million units, up by 1.2 times year-on-year. Note: The above industry data is sourced from China Association of Automobile Manufacturers. Description of the Company ’s new significant non-principal business during the Reporting Period ½ Applicable √ Not applicable II. DISCUSSION AND ANALYSIS OF THE BUSINESS OPERATION (I) Operating Environment In the first half of the year, China ’s automotive industry remained generally stable. Decline in production and sales gradually narrowed. The market displayed a divergence, with domestic demand under pressure while exports remained robust. From January to June 2026, total automotive production and sales volume amounted to 14,993,000 units and 15,017,000 units, representing year-on-year decreases of 4% and 4.1% respectively. Total domestic sales volume amounted to 9,921,000 units, representing a year-on-year decrease of 21.1%, while total export volume increased by 65.3% year-on-year to 5,096,000 units.
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Interim Report 2026 I 22 Management Discussion and Analysis (II) Financial Review 1. Key Financial Data Unit: Yuan Currency: RMB From 1 January 2026 to 30 June 2026 (Unaudited) From 1 January 2025 to 30 June 2025 (Unaudited) Changes % Total operating revenue 102,101,430,542.57 92,334,633,193.51 10.58 Operating revenue 102,101,430,542.57 92,334,633,193.51 10.58 Revenue generated from the sales of automobiles 88,815,758,742.82 79,751,280,587.24 11.37 Revenue generated from the sales of automotive parts and components 13,285,671,799.75 12,583,352,606.27 5.58 Selling expenses 5,997,857,500.65 5,035,544,588.74 19.11 Administrative expenses 2,049,648,378.97 1,893,915,435.38 8.22 Research and development expenses 4,567,684,187.10 4,239,366,891.75 7.74 Financial expenses (Note 1) 280,201,365.23 -1,691,643,702.68 Gross profit 18,759,273,358.72 16,974,347,952.17 10.52 Income tax expenses 816,532,414.43 667,107,029.53 22.40 Net profit attributable to shareholders of the Company (Note 2) 2,464,509,236.10 6,336,939,113.25 -61.11 Basic earnings per share 0.29 0.74 -60.81 Diluted earnings per share 0.29 0.74 -60.81 Gross profit margin (%) 18.37 18.38 Decreased by 0.01 percentage point Percentage of selling expenses to operating revenue (%) 5.87 5.45 Increased by 0.42 percentage point Percentage of administrative expenses to operating revenue (%) 2.01 2.05 Decreased by 0.04 percentage point (Note 1) Major reasons for the increase in financial expenses were exchange rate fluctuations. (Note 2) Major reasons for the decrease in net profit attributable to shareholders of the Company: the Company ’s sales volume and operating revenue for the Reporting Period increased year-on-year, while growth in overseas business and increase in domestic high-valued vehicle models drove continued enhancement of the Company ’s global brand prowess. The year-on-year decrease in net profit attributable to shareholders of the Company for the Current Period was mainly due to the deferred receipt of overseas tax policy subsidy gains, as well as exchange rate fluctuations.
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Interim Report 2026 I 23 Management Discussion and Analysis 2. Current assets and current liabilities Unit: Yuan Currency: RMB As at 30 June 2026 (Unaudited) As at 31 December 2025 (Audited) Current Assets 140,568,179,109.60 137,647,215,611.51 Including: Cash and bank balances 30,640,657,110.81 28,846,312,373.34 Held-for-trading financial assets 34,096,323,826.59 34,965,900,665.75 Accounts receivable 9,252,898,546.45 9,599,214,511.75 Financing with receivables 17,837,843,075.00 23,847,750,461.49 Prepayments 2,646,400,447.16 2,112,458,427.98 Other receivables 4,494,496,914.59 4,448,971,896.95 Inventories 33,801,691,468.17 26,147,992,041.55 Non-current assets due within one year 1,491,389,333.01 1,514,822,655.26 Other current assets 4,795,459,770.01 4,464,149,535.67 Current Liabilities 136,497,698,631.85 126,215,520,993.53 Including: Short-term borrowings 5,770,479,144.18 6,531,885,229.35 Accounts payable 39,357,237,992.58 45,874,099,847.63 Notes payable 41,713,006,272.12 33,772,664,430.14 Contract liabilities 14,604,837,594.14 13,157,259,156.48 Employee benefits payable 1,436,303,999.46 5,330,549,382.31 Taxes payable 10,282,609,505.88 5,835,261,636.84 Other payables 7,100,560,348.05 4,212,003,601.05 Other current liabilities 9,552,908,810.29 8,282,816,965.83 3. Gearing ratio Unit: Yuan Currency: RMB As at 30 June 2026 (Unaudited) As at 31 December 2025 (Audited) Total liabilities 142,596,917,584.18 137,395,831,405.82 Total equity 87,392,904,520.08 87,892,041,477.23 Gearing ratio 163.17% 156.32% Note: Gearing ratio refers to the proportion of total liabilities to total equity in the consolidated balance sheet.
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Interim Report 2026 I 24 Management Discussion and Analysis 4. Material acquisition and disposal The Group did not have any material acquisitions or disposals of subsidiaries, associates and joint ventures during the Reporting Period. 5. Capital structure The Group primarily finances its day-to-day operations with its own cash and bank borrowings. As at 30 June 2026, the Company secured short-term borrowings of RMB5,770,479,144.18 and long-term borrowings (including long-term borrowings due within one year) of RMB1,289,957,724.03, mainly used for improvement of daily liquidity and equipment purchase. Most of the Group ’s loans are at fixed interest of rates. The Group maintains sufficient liquidity to meet its daily working capital management, repayment of maturing debts and capital expenditure needs. In managing liquidity risk, the Group maintains and monitors cash and cash equivalents that management considers sufficient to meet the Group ’s operational needs and to mitigate the impact of cash flow fluctuations. In addition, the Group obtains sufficient credit support from financial institutions to meet both short-term and long-term funding needs. The Group ’s management monitors the use of bank borrowings and ensures compliance with the borrowing agreements. As of 30 June 2026, the total number of issued shares of the Company was 8,553,416,671 Shares, including 6,234,640,671 A Shares and 2,318,776,000 H Shares (including 11,080,000 H shares repurchased and held as treasury shares by the Company). 6. Exposure to foreign exchange risk Foreign exchange risk represents the risk of loss incurred as a result of changes in exchange rates. In addition, there are current account balances denominated in foreign currencies between companies under the Group, which also exposes the Group to the foreign exchange risk. Foreign currency assets and liabilities (including internal current accounts denominated in foreign currency) which may influence the Group ’s operating results due to foreign exchange risk are set out as below: Unit: Yuan Currency: RMB As at 30 June 2026 (Unaudited) As at 31 December 2025 (Audited) Cash and bank balances 10,120,219,406.24 8,775,269,942.50 Accounts receivable 5,438,534,594.83 1,312,061,317.72 Other receivables 496,391,171.60 1,766,430,619.85 Accounts payable -3,756,774,564.20 -2,236,637,041.42 Other payables -785,561,143.42 -735,312,822.16 The Group paid close attention to the impact of exchange rate changes on the Group ’s foreign exchange risk. Except for the above items, foreign exchange risk is not involved in the Group ’s other financial instruments.
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Interim Report 2026 I 25 Management Discussion and Analysis 7. Employment, training and development As at 30 June 2026, the Group employed a total of 99,630 employees (30 June 2025: 83,976 employees). Employees were remunerated by the Group based on their performance, experience and prevailing industry practices. The Group ’s remuneration policies and packages were reviewed on a regular basis. Bonuses may be awarded based on employees ’ performance evaluations as an incentive. Total staff cost (excluding equity incentive costs) accounted for 9.35% of the Group ’s total operating revenue as at 30 June 2026 (30 June 2025: 8.68%). The Group has an effective training system, including orientation training and continuous on-the-job training, to improve the knowledge and skill levels of its workforce. Its orientation for newly joined employees covers corporate culture and policies, as well as an introduction to its business and daily operational processes. Its periodic on-the-job training encompasses subjects ranging from day-to-day operations to general management skills, consistently enhancing employees ’ overall professional capabilities. The Company has adopted share incentive schemes and employee stock ownership plans to provide incentives to employees. See III Share Incentive Scheme, Employee Stock Ownership Plan or Other Incentives for Employees and Their Effects in Section 4 Corporate Governance, Environmental and Society of this report for details. 8. Segment information The Group is mainly engaged in the manufacture and sales of automobiles and automotive parts and components in the PRC, and the majority of its assets are located in the PRC. The management determined the reporting segments according to the internal organization structure, management requirements and internal reporting system of the Group for the purposes of resource allocation and performance evaluation. As the resource allocation and performance evaluation of the Group are carried out based on the overall operation of the production and sales of automobiles and automotive parts and components, the Group has only one business segment for internal reporting purpose.
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Interim Report 2026 I 26 Management Discussion and Analysis Revenue from external transactions by location of revenue sources and non-current assets classified by location of assets: Unit: Yuan Currency: RMB From 1 January 2026 to 30 June 2026 (Unaudited) From 1 January 2025 to 30 June 2025 (Unaudited) Revenue from external transactions in the PRC 45,813,744,288.52 56,444,628,339.57 Revenue from external transactions in other countries 56,287,686,254.05 35,890,004,853.94 Total 102,101,430,542.57 92,334,633,193.51 Unit: Yuan Currency: RMB As at 30 June 2026 (Unaudited) As at 31 December 2025 (Audited) Non-current assets located in the PRC 69,397,352,141.02 69,236,520,098.71 Non-current assets located in other countries 8,208,262,699.90 7,595,823,383.36 Total 77,605,614,840.92 76,832,343,482.07 Non-current assets do not include financial instruments and deferred income tax assets. The Group is not dependent on one or a few major customers. 9. Pledge of shares by controlling shareholder During the Reporting Period, the controlling shareholder has not pledged all or part of its interests in the shares of the Company to secure the Company ’s debts or to secure its guarantees or other support of its obligations.
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Interim Report 2026 I 27 Management Discussion and Analysis 10. Pledge of assets As of 30 June 2026, for details of the Group ’s pledge of assets, please refer to the description of relevant notes to cash and bank balances/notes receivable/financing with receivables under “(VI) Notes to Items in the Consolidated Financial Statements” in “Section 8 Financial Report ”. 11. Advance to an entity provided by the Company As at 30 June 2026, the Company had not provided any advance to an entity pursuant to Rule 13.13 of the Hong Kong Listing Rules that is subject to disclosure requirements under Rule 13.20 of the Hong Kong Listing Rules. 12. Loan facility with covenants relating to specific performance of the controlling shareholder During the Reporting Period, none of the loan agreements entered into by the Group contained any specific performance obligations imposed on the controlling shareholder of the Company, and there were no loan agreements required to be disclosed under Rule 13.18 of the Hong Kong Listing Rules. 13. Breach of loan agreements by the Company During the Reporting Period, there were no instances of loans involved in any breaches of loan agreements that had a material impact on the Group ’s business operations. 14. Financial assistance and guarantees provided by the Company to affiliated companies During the Reporting Period, the Group did not provide any financial assistance or guarantees to its affiliated companies (as defined under the Hong Kong Listing Rules) and there were no matters required to be disclosed under Rules 13.16 and 13.22 of the Hong Kong Listing Rules. 15. Significant investment As at 30 June 2026, the Group had no significant investments accounting for 5% or more of the Group ’s total assets.
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Interim Report 2026 I 28 Management Discussion and Analysis (III) Business Review 1. Product sales Unit: unit(s) Sales volume Production volume Car classification Item Total for the Reporting Period Total for the corresponding period of last year Cumulative year-on-year increase/ decrease (%) Total for the Reporting Period Total for the corresponding period of last year Cumulative year-on-year increase/ decrease (%) Pick-up truck Domestic sales 56,014 66,856 -16.22 Export 34,162 26,793 27.50 Sub-total 90,176 93,649 -3.71 92,478 96,242 -3.91 SUV Domestic sales 194,222 284,218 -31.66 Export 249,695 164,743 51.57 Sub-total 443,917 448,961 -1.12 492,803 454,511 8.42 Sedan and others (mainly NEV) Domestic sales 36,512 19,085 91.31 Export 5,159 7,157 -27.92 Sub-total 41,671 26,242 58.80 41,658 28,384 46.77 Total Domestic sales 286,748 370,159 -22.53 Export 289,016 198,693 45.46 Sub-total 575,764 568,852 1.22 626,939 579,137 8.25 In 2026, Great Wall Motor continued to adhere to its long-term strategic development approach, with customer needs as the core driving force. Through building globalized, intelligent products and technology ecosystem encompassing all scenarios, powertrains and categories, the Group pushed forward continuous product and brand value enhancement. From January to June 2026, Great Wall Motor ’s sales volume of new vehicles amounted to 575,764 units, representing a year-on-year increase of 1.22%. Among which, total overseas new vehicle sales volume amounted to 289,016 units, representing a year-on-year increase of 45.46%. Great Wall Motor accelerated the implementation of its “ecosystem globalization” strategy, with overseas business gradually becoming a core growth driver.
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Interim Report 2026 I 29 Management Discussion and Analysis Guided by the industry ’s foundational principles and a commitment to addressing customer needs and rooted in the true essence of mobility and the founding spirit of innovation, Great Wall Motor delivered intelligent mobility solutions to users around the world, regardless of their markets, regions, or energy conditions, through a single vehicle architecture that offers versatile powertrain options, flexible configurations, and multiple driving modes with full adaptability across all scenarios. Great Wall Motor owns the brands of Haval, TANK, WEY, ORA, GWM Pickup, GWM SOUO, GWM Commercial Vehicles. Its product portfolio covers various categories including SUVs, sedans, pickup trucks, MPVs, motorcycles and heavy-duty trucks. Powertrain options include gasoline, diesel, hybrid, plug-in hybrid, pure electric and hydrogen, with its production and sales network spanning across the globe. The Company continued to step up efforts in smart new energy vehicles, enhance its off-road and pick-up truck competitiveness and accelerated ecosystem globalization, to provide global customers better products and services. (1) Haval brand In the first half of 2026, Haval leveraged Great Wall Motor ’s technology portfolio and global operations system to continuously optimize fuel and new energy product mix, thereby achieving expansion of its global user base. In the first half of 2026, the brand achieved global sales volume of 327,700 units, of which overseas sales volume increased by 45.04% year-on-year to 205,400 units, driving profit structure optimization. Based on Great Wall Motor’s full-stack self-developed technology foundation, Haval leveraged the three major core technologies – Hi4 intelligent electric hybrid four-wheel drive technology, Coffee OS 3 smart cockpit system and Coffee Pilot Plus advanced intelligent driving to strategically expand into three key product categories: urban, light off-road and off-road. It has established a product portfolio covering multiple powertrains, all scenarios to meet the mobility needs of different users. On the product side, the new Raptor PLUS, launched in 2026, achieved favorable market performance with its dual powertrain options (fuel and new energy). It also strategically expanded into the high-end new energy boxy SUV market segment with the introduction of its new flagship model GWM H10. The Dargo series maintained stable sales volume and remained competitive in the versatile off-road SUV market segment. In the second half of the year, the H6, Dargo, Raptor series will complete product iteration and introduce the HEV version, further enriching the product portfolio. Looking forward, Haval will provide strong support to “ONE GWM” global expansion, by driving the transfer of Hi4 technology to external partners and the commercialization of full-scenario intelligent driving technology and continuing to expand new energy product portfolio. (2) TANK brand The TANK brand has positioned itself as a high-end luxury off-road SUV. Adhering to its proposition that combines toughness and soft-riding features and built on a foundation of hardcore off-road capability, TANK has fully leveraged the advantage of “a single vehicle architecture that offers versatile powertrain options ” to meet the diverse needs of global users. It ranked among the industry ’s top tier in luxury, comfort and intelligent technology. While securing its share in the off-road market, TANK achieved new growth by expanding customer
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Interim Report 2026 I 30 Management Discussion and Analysis base through differentiated competition in the urban SUV segment. In the first half of 2026, the TANK brand ’s global sales volume reached 90,200 units, of which 55,800 units were domestic sales, thereby continuing to maintain its leading position in the off-road SUV market. At the same time, leveraging the technology advantage of new energy technology architectures Hi4-T and Hi4-Z, TANK strengthened its full-powertrain portfolio. In the first half of the year, the TANK brand ’s domestic NEV penetration rate reached 58.44%. In addition, the brand ’s pricing power also continued to enhance. In April, the brand introduced the all-new TANK 700 flagship model, effectively elevating the brand ’s premium image. The TANK brand continued to expedite the global expansion of the entire product lineup, with overseas sales in the first half of the year reaching 34,500 units, representing a 57.64% year-on-year growth. (3) WEY brand As the strategic pioneering brand of Great Wall Motor aimed at the high-end market, the WEY brand persevered with the proposition of “Technology for a Better WEY of Life ” and set the standard for high-end travel experiences. In the first half of 2026, the product portfolio had been comprehensively upgraded with the establishment of a multi-category premium lineup including V9X global AI flagship SUV + all-new 6-seat Blue Mountain SUV + High Mountain 7/8/9 luxury MPV, which precisely cater to the diverse needs such as ultra-long range, all-domain smart features, spacious and luxurious interior and ultimate safety of large families and users with business reception purpose. The sales volume of WEY steadily rose in the first half of 2026. A total of 32,148 units of High Mountain were delivered, representing a surge of 186.04% year-on-year, making it the best-selling new energy MPV from January to June 2026 and earning the trust of over 110,000 family users. In the second half of the year, the WEY brand will leverage the three core technologies – GWM ONE S Platform, 800V high-voltage, full-stack self-developed intelligent driving to launch new models such as V8X, implement the global expansion plan, and consolidate its position as a premium Chinese brand! (4) ORA brand In the first half of 2026, the ORA brand repositioning was beginning to show results. It made achievements in “customer base expansion ”, “tech image”, “sales volume growth ” and “overseas expansion”. It has successfully expanded its customer base from predominantly female to including male and family customers, thereby making its customer base more balanced and broader to support new product launches. After ORA 5 BEV model was launched, the brand ’s tech identity has grown stronger, which is expected to elevate the value of subsequent products. The launch of ORA 5 with multiple powertrain options has delivered net incremental growth for the brand. ORA 5 entered several regional markets worldwide, completed with a multiple powertrain portfolio comprising BEV, HEV and ICE. In the second half of the year, ORA will roll out all-new models including ORA 7 and ORA 5 series and carry out a comprehensive upgrade of Good Cat. With launch of new products and upgrade of existing models, coupled with expansion into new markets, ORA aims to increase global sales volume.
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Interim Report 2026 I 31 Management Discussion and Analysis (5) GWM Pickup In the first half of 2026, GWM Pickup strengthened its dual-category and dual-segment strategy. In the fuel vehicle segment, GWM Pickup was extending its 2.4T diesel range with Mountain and High-Cold Editions, to become the leader in high-spec diesel powertrains. In new energy vehicle segment, based on Hi4-T and Coffee OS technology, GWM Pickup launched GWM Cannon Hi4-T, establishing a presence in the mainstream NEV price segment. From January to June, The global sales volume of GWM Pickup reached 90,176 units, with a cumulative sales volume of almost 3 million units, ranking first in market share for 28 consecutive years. In the second half of the year, GWM Pickup will focus on incremental growth opportunities by expanding NEV scenario-specific versions, developing a dedicated commercial vehicle portfolio and expanding the full product lineup into overseas markets, etc. to keep driving incremental growth, strengthen the brand moat and consolidate its leading market position. (6) GWM SOUO In the first half of 2026, the product family matrix was enriched with the launch of the classic GWM SOUO S2000 cruiser motorcycle. The models currently offered for sale by GWM SOUO included two main product types – S2000 touring motorcycle and S2000 cruiser motorcycle – covering five models, with the average selling price reaching RMB200,000. In the first half of 2026, its domestic sales performance ranked among the top in market share in the ultra-large displacement segment. In addition, it showed strong development potential and brand premium. Simultaneously, it expanded into overseas markets. GWM SOUO has commenced market operations in the Middle East and Europe. (7) GWM Commercial Vehicles Parallel development of commercial and passenger vehicle segments is a crucial part of Great Wall Motor ’s strategy to strengthen its competitive edge. GWM Commercial Vehicles offered an extensive product range, comprehensively covering diverse freight scenarios. Moreover, based on 4x2 and 6x4 drivetrain architectures, it deployed a full range of technology pathways including pure electric, hybrid and plug-in hybrid. Its self-developed 9-in-1 power domain control unit specifically for commercial vehicles won the 2025 Automotive Electronics Science and Technology Award – Excellence in Innovation Product Award in June 2026. In terms of commercialization, GWM Commercial Vehicles partnered with industry leaders including SF Express and ZTO Express and complete batch deliveries. It achieved industry ’s first 100-unit delivery of hybrid heavy trucks, driving the large-scale commercial adoption of hybrid vehicles in the express delivery and freight logistics industry. Across diverse core operating scenarios, including TIR cross-border freight, cold-chain transport, mountainous line-haul logistics, and port collection and distribution, it achieved market breakthroughs, continuing to expand market coverage.
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Interim Report 2026 I 32 Management Discussion and Analysis (IV) Review Highlights 1. Intelligentization: Anchored on user experience, completing dimension lifting across the full spectrum — from hardware upgrade and functional advancements to experience evolution In the area of assisted driving, Great Wall Motor insisted on its dual positioning as both a “pioneer” and a “democratizer”. It continued to iterate the Coffee Pilot 3 system. By adhering to the core principles of “lower cost, higher performance ”, it steadily expanded the coverage across different vehicle models and accelerate the mass-market adoption of advanced intelligent driving. In the first half of 2026, Coffee Pilot 3 reached mass production in ORA 5, Raptor PLUS and other vehicle models, enabling a broader user base to benefit from the travel convenience offered by assisted driving. Great Wall Motor launched Coffee Pilot 4, a new-generation assisted driving system, delivering an intelligent driving experience for users that is “understandable, visible, thoughtful and trustworthy ()”. The system has already been installed on models including the 2026 Blue Mountain Intelligent Advanced Edition, the all-new TANK 700, the WEY V9X and other vehicle models, and will be rolled out across premium models under the WEY and TANK brands, further strengthening the technology foundation underpinning brand premiumization. On the other hand, Great Wall Motor continued to make breakthroughs in cutting-edge AI technologies, building a next-generation technology architecture centered on VLA models and world models, advancing the R&D of one-stage end-to-end large models, and comprehensively enhancing intelligent driving safety, traffic efficiency, and personalized user experience. In terms of intelligent cockpit, Great Wall Motor remained user-centric and continued to advance iterative upgrades of Coffee OS 3. The latest Coffee OS 3.4 version can accurately identify user needs and deliver proactive, personalized, and exclusive scenario-based services. It has already been installed on the WEY V9X and will be rolled out across more models via OTA updates in the future. Meanwhile, leveraging next-generation cockpit chips with superb computing power, Great Wall Motor is accelerating the development of Coffee AI OS 4, a native cockpit system which leverages the device-cloud integrated vehicle brain architecture Master-Agent to further expand AI technology application across all scenarios. Based on users ’ habits, changes in environment and scenario requirements, the system will enable device-cloud data synchronization and closed-loop evolution, and provide 7x24 all-weather, full-scenario and end-to-end proactive intelligent services. In addition, Great Wall Motor is also delivering an “ever-improving” experience upgrade for existing car owners, truly ensuring that it “welcomes new friends while never letting old friends down ”.
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Interim Report 2026 I 33 Management Discussion and Analysis 2. Full-powertrain strategy: Deep cultivation of diversified technology roadmaps to deliver the best powertrain solutions to users worldwide Guided by the principles of revisiting the original mission of vehicle manufacturing and returning to technology ’s fundamentals, Great Wall Motor introduced the world ’s first Al-native full-powertrain automotive platform { the GWM ONE Platform ( ᓥʩ̨̻). Developed to target the global market, GWM ONE Platform ( ᓥʩ̨̻) is “a single architecture with full-domain compatibility ”, covering all technological pathways, including gasoline, diesel, pure electric, hybrid, plug-in hybrid and hydrogen. It thus possesses a systematic capability of “a single vehicle architecture with multiple powertrain options and flexible configurations ”, meeting users ’ needs across all scenarios, including daily family commuting, off-road exploration, etc., representing a masterpiece of GWM ’s technological prowess. In the realm of fuel technology, Great Wall Motor successfully overcame challenges in core technologies, including the 3.0T diesel engines and the 4.0T engines. The thermal efficiency of its V8 engine has reached a class-leading level. With respect to hybrid technology, Great Wall Motor has established four technical platforms under the Hi4 technology family: intelligent four-wheel drive electric hybrid architecture Hi4, off-road super hybrid architecture Hi4-T, the versatile off-road super hybrid architecture Hi4-Z and heavy-duty truck super hybrid architecture Hi4-G. In the first half of 2026, the all-new Super Hi4 was officially launched, delivering comprehensive breakthroughs across four key dimensions – performance, range, charging and refueling, energy consumption: 0-100 km/h acceleration enters the 4-second bracket, pure-electric range exceeded 400 km, 5-minute fast charging can add 200 km of range, and the WLTC fuel consumption in charge-sustaining mode on the first equipped model, the WEY V9X, is as low as 6.3 L/100 km. Hi4-Z has been upgraded with an expanded-battery capacity configuration and equipped in the recently launched all-new TANK 700 Hi4-Z and the all-new TANK 300 Hi4-Z. Meanwhile, Great Wall Motor has broadened HEV application scenarios and introduced the next-generation hybrid system Hi2 in the first half of the year, delivering a driving and riding experience that is “fast, smooth, quiet and economical ”. It is already installed on ORA 5 and will be rolled out across more models going forward. In the realm of pure electric, Great Wall Motor focused on four key areas, namely high integration, high efficiency, high rotational speed and intelligence, and completed the development of three multi-in-one e-axle solutions in the first half of 2026. The 100kW/150kW version emphasizes exceptional cost performance and is applied to the ORA and Haval model lineups; the 270 kW/320 kW version adopts a 400V/800V compatible design, with a drive cycle efficiency of up to 92.6%, ranking among the industry ’s top tier, and specifically built for premium high-performance models. In the realm of battery technology, Great Wall Motor insisted on a diversified technology strategy, and has established a comprehensive portfolio across multiple chemical systems, including NMC, lithium iron phosphate, sodium-ion, and solid-state technologies. These come in various designs, such as prismatic and short blade to meet the diverse needs of different vehicle segments.
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Interim Report 2026 I 34 Management Discussion and Analysis 3. Centered around “vehicle manufacturing + supply chain ” system, deepen its global automotive industry ecosystem presence Great Wall Motor has centered around the “Four New Global Localization Strategies ”, which encompass localized production capacity, localized operations, cross cultural branding and secure supply chains, to build an end-to-end local footprint across the entire value chain spanning R&D, production, supply, sales, and services. Leveraging the “ONE GWM ” strategy, Great Wall Motor strengthened brand awareness and, guided by its “GWM ONE ” product philosophy, delivered high-quality products and services tailored for markets worldwide. From January to June 2026, Great Wall Motor ’s sales volume of new vehicles amounted to 575,764 units, representing a year-on-year increase of 1.22%. Among which, total overseas new vehicle sales volume amounted to 289,016 units, representing a year-on-year increase of 45.46%, reaching a new record high. Overseas operations have increasingly become a core engine driving sales growth. Driven by its “ecosystem globalization ” strategy, Great Wall Motor has implemented a comprehensive international expansion strategy. In terms of R&D, Great Wall Motor, with its China headquarters as the core, established a global R&D system, covering automobiles, core components and parts, new energy and intelligent technologies. Regarding production network, Great Wall Motor has established three fully integrated automobile manufacturing bases in countries such as Thailand and Brazil, and possessed several KD factories in Ecuador, Malaysia, Pakistan and other locations. With respect to market expansion, Great Wall Motor ’s products are available in over 170 countries and regions across Europe, Australia, Africa, Central and South America, Southeast Asia, and the Middle East. In terms of distribution network development, nearly 200 new stores have been added, and as of June 2026, the number of overseas sales channels exceeded 1,600. In the first half of 2026, Haval Raptor entered the Middle East, TANK 500 was launched in Pakistan, and TANK 300 PHEV debuted in Australia and New Zealand, and the respective flex-fuel versions of Tank 300 PHEV and Haval H6 PHEV were launched in Brazil. The global model ORA 5 accelerated its overseas rollout, with presence already established in seven countries including Colombia, Brazil, Spain and Italy. Exports ramped up rapidly, evidencing the success of GWM ONE principle of “a single vehicle architecture that offers versatile powertrain options ” global product strategy. GWM Cannon and TANK 300 competed in Brazil ’s Rally Cerapió off-road event as mass-produced vehicle models, securing 1st and 4th place, respectively. ORA 03 received the “Best Resale Value ” award for electric vehicles priced below BRL300,000 from Brazil ’s Quatro Rodas magazine. WEY 07, leveraging its energy-efficiency advantages, won the Large 4WD SUV category award at Brazil ’s 2026 Clean Mobility Award.
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Interim Report 2026 I 35 Management Discussion and Analysis (V) Outlook Looking ahead, Great Wall Motor will continue to adhere to a long-term operating philosophy and uphold the GWM-One values, as defined by a commitment to authenticity. Focused on leveraging the five key capabilities – self-sustaining profitability, sustained R&D momentum, technology integration, industrial leadership and brand growth, Great Wall Motor aims to achieve comprehensive, healthy and sustainable development. The Company will step up efforts in intelligent new energy, strengthen its off-road advantages, and accelerate its ecosystem globalization. With a long-term perspective and global credibility at its core, Great Wall Motor will deliver better products and services to users worldwide. VARIOUS NEW COMPETITIVE MODELS LAUNCHED BY THE GROUP Debuting with a distinctive squared-off “boxy ” design, the GWM H10 is available in five- and six-seat editions, catering to urban commuting, family mobility, and light off-road scenarios. The model features a squared-off “boxy” exterior and an exceptionally spacious, comfortable cockpit. Underpinned by the second-generation Hi4 four- wheel-drive system, it delivers well-rounded, robust performance. Additionally, it is equipped with advanced intelligent assisted driving system and multiple family safety features. As a strategic flagship model signifying Haval ’s upmarket breakthrough, GWM H10 has completed the brand ’s high-end family SUV matrix, reinforcing its leadership in the boxy SUV segment. GWM H10 GWM Raptor PLUS boasts an optional five/seven- seat configurations, delivering a broad view, intelligence and comfort. Equipped with the Hi4 four-wheel-drive system and an electronically controlled mechanical dog-clutch rear differential lock, it delivers robust performance, accelerating from 0 to 100 km/h in just 5.8 seconds. With a CLTC pure electric range of up to 255 km, the vehicle adapts to both urban commuting and outdoor exploration, empowering drivers to embrace a diverse and dynamic lifestyle leveraging its full-scenario capabilities. GWM Raptor PLUS
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Interim Report 2026 I 36 Management Discussion and Analysis Positioned as a “full-domain new-luxury flagship SUV”, the all-new Tank 700 offers two powertrain options of 3.0T Hi4-T and 2.0T Hi4-Z, making it suitable for full-domain mobility scenarios. It features the Coffee Pilot 4.0 assisted driving system with a VLA large model and the Coffee OS intelligent cockpit system. Its full-scenario NOA ensures seamless integration of all driving scenarios from navigation to parking and from highways to urban and rural roads, providing point-to- point navigation to users. It has a high-intensity body structure with over 20 safety configurations, delivering full-chain safety protections for its occupants. All-new Tank 700 Positioned as a “boundary-breaking SUV ”, the all- new Tank 300 incorporates fashion, performance, ultimate reliability and intelligence. It is equipped with the Coffee Pilot 3.0 assisted driving system and Coffee OS 3.0 intelligent cockpit system, offering an exceptionally comfortable experience. It adopts the Hi4-Z super hybrid architecture for the first time, while also offering Hi4-T, gasoline and diesel variants. Every version comes standard with a 4L mode, crawl mode and tank turn features, empowering users to get out of extreme environments and rescue others. With 40 extension points, a traction force of 2.5 tons, external power supply and diverse IoT applications, the all-new Tank 300 allows users to explore freely. All-new Tank 300
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Interim Report 2026 I 37 Management Discussion and Analysis Positioned as a luxury AI six-seat flagship model, the WEY V9X boasts full-dimension space, super Hi4 full-scenario performance and a dual VLA integrated cockpit large model. Empowered by GWM ONE S platform, an in-house full-stack technology platform, the entire WEY V9X lineup offers both family and extended editions, with a complete product matrix covering super Hi4 hybrid system with a choice of 1.5T and 2.0T engines, standard and long wheelbases, catering to diverse application scenarios such as family mobility and business reception, and offering a flagship-level solution for users ’ premium mobility. WEY V9X Guided by a philosophy of user-scenario-driven innovation, the High Mountain 7 SUV is engineered to redefine family mobility, catering to not only off-road trails but also daily urban commutes. By merging the spacious cabin and elevated comfort of an MPV with the superior ground clearance, and responsive handling of an SUV, the High Mountain 7 SUV bridges the functional gaps between vehicle segments, setting a new benchmark for family mobility solutions. All-new High Mountain Guided by the globalization concept of “a single vehicle architecture that offers versatile powertrain options, flexible configurations, and multiple driving modes ”, the ORA 5 offers a multiple powertrain portfolio comprising BEV, HEV and ICE built on the robust GWM ONE technology platform. It is equipped with a third-generation intelligent assisted driving system, breaking through the configuration limitations in its class with outstanding smart driving capabilities, and providing urban young group and family users with superior driving experience characterized by intelligence, convenience, stylish design, premium feel, practicality, and comfort. ORA 5
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Interim Report 2026 I 38 Management Discussion and Analysis The all-new GWM Cannon Hi4-T has set a value benchmark for new energy pickup trucks with robust full-scenario capabilities, a proven and reliable hybrid technology roadmap, a smart and safe driving experience and a versatile powered expansion in the rear cargo area. Leveraging the off-road super hybrid architecture Hi4-T, GWM Cannon has established a dual-category and dual- segment product layout, offering a comprehensive product portfolio that caters to diverse user needs across commercial heavy-duty applications, outdoor operations, extreme off-road adventures and leisure mobility lifestyles. GWM Cannon Hi4-T The GWM SOUO S2000C Cruise Classic Edition carries forward the aesthetic design of Kylin. By removing the side cases and electronic windshield, the whole motorcycle is about 20 kg lighter than the luxury edition. Positioned for a more leisurely, pure and enjoyable ride, it constitutes a dual-edition matrix in the cruiser series with the luxury edition, further expanding the options for users. GWM SOUO S2000C Cruise Classic Edition Tax Incentives for High-tech Enterprises In accordance with the announcement on the Filing of the First Batch of High-tech Enterprises Accredited and Filed by the Hebei Provincial Accreditation Authority in 2025 ዚ 2025 ୋɓҭ৷อ ʮѓ issued by the Administrative Office of the National Leading Group for Accreditation of High-tech Enterprises (܃on 24 November 2025, the Company was re-accredited as a high-tech enterprise in 2025 (valid for three years) and hence was entitled to an applicable income tax rate of 15% from 2025 to 2027. Major changes in the business operation of the Company during the Reporting Period, and events occurring during the Reporting Period that have a major impact on the business operation of the Company and are expected to have a major impact in the future ½ Applicable √ Not applicable
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Interim Report 2026 I 39 Management Discussion and Analysis III. ANALYSIS OF THE CORE COMPETITIVENESS DURING THE REPORTING PERIOD √ Applicable ½ Not applicable 1. A diversified product matrix to meet diverse consumer demands in global markets Based on an analysis of global user scenarios and the global energy structure, and guided by the GWM ONE model, the value philosophy and an optimal value concept of the automotive industry in the new era, Great Wall Motor has further optimized its diversified product matrix by building the GWM ONE Platform ( ᓥʩ̨̻), a native multi-powertrain platform capable of covering petrol, diesel, pure electric, petrol-electric hybrid, plug-in hybrid, and hydrogen-powered vehicles. The systematic capability enables a single vehicle architecture to offer versatile powertrain options, flexible configurations, and multiple driving modes, truly realizing coverage across all powertrains, vehicle categories and price bands to meet the full-scenario user needs of global markets. 2. Deepening expertise in core technologies and committing to in-house R&D and iteration Technology R&D is the cornerstone of the Company ’s sustainable development. Great Wall Motor has consistently prioritized investment in R&D, focusing on the independent development of core technologies to establish a comprehensive technology system. Great Wall Motor launched the world ’s first native AI-enabled all-powertrain automotive platform – the GWM ONE Platform ( ᓥʩ̨̻), which is compatible with various powertrain configurations and seven major vehicle categories, laying the foundation for future product iterations. The next-generation Hi4 intelligent four-wheel-drive hybrid technology derived the Hi4-T architecture suitable for hardcore off-roading and the Hi4-Z architecture for universal off-roading. This not only achieved “four-wheel-drive performance with two-wheel-drive energy consumption ”, but also resolved the industry pain point of high fuel consumption in off-road vehicles. A new generation of technology system centered around the VLA model and world model has been set up, and the Coffee Pilot 4, a new-generation assisted driving system, was officially launched to deliver an intelligent driving experience for users that is “understandable, visible, thoughtful and trustworthy ()”.
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Interim Report 2026 I 40 Management Discussion and Analysis 3. Strengthening the GWM master brand, with a focus on enhancing product quality and user experience Great Wall Motor continued to advance its ONE GWM brand strategy, reinforcing the leading role of the GWM master brand to provide global users with consistent, high-quality products and services. In terms of products, upholding the quality culture of “constantly striving for excellence ”, the Company continuously improved its quality management to drive performance growth and high-quality development. In terms of communication, the Company promoted a user-centric approach, upgrading single-point user experience management to comprehensive experience management. By optimizing the user experience throughout the entire journey and tapping into the incremental value across the user lifecycle, the Company strengthened user experience, enhanced user reputation, and achieved a comprehensive “To C” approach. In terms of channels, the Company aimed to build a global sales and service network. 4. Upgrading globalization strategy With its “ecosystem globalization ” model to replace pure product export, Great Wall Motor engaged in local businesses along the entire process of R&D, production, supply chain, sales, and services. Great Wall Motor has built full-process manufacturing bases in Thailand and Brazil and overseas hub warehouses of spare parts in multiple key markets, to ensure after-sales service quality and accelerate the process of globalization. 5. Talent cultivation Operating on a global scale, Great Wall Motor is committed to building a diverse workforce by recruiting highly skilled cross-disciplinary talent and optimizing its talent structure. The Company prioritizes the long-term development of its employees, values their career growth paths and has established a systematic training system, job rotation mechanism, and promotion channels to enhance employees ’ professional expertise and comprehensive capabilities, driving both personal growth and corporate development. Furthermore, to stimulate employees’ initiative and creativity, the Company has built a comprehensive incentive architecture that implements performance-based incentives, equity incentives, and various forms of honor and recognition. 6. A featured culture of fairness and impartiality Great Wall Motor safeguards sustainable and healthy development through creating a fair, impartial, simple and transparent work environment. With the corporate culture of “Rock the World with Our GIFT (Green Intelligent Future Technology), Anti-corruption, Honesty, Innovation, Changes, Sharing and Improving Little by Little Every Day”, it strives to create a more dynamic work atmosphere that encourages innovation.
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Interim Report 2026 I 41 Management Discussion and Analysis IV. PRINCIPAL OPERATION DURING THE REPORTING PERIOD (I) Analysis of principal business 1. Analysis of changes of relevant items in the financial statements Unit: Yuan Currency: RMB Item Amount for the Current Period Amount for the corresponding period of last year Changes (%) Total operating revenue 102,101,430,542.57 92,334,633,193.51 10.58 Operating revenue 102,101,430,542.57 92,334,633,193.51 10.58 Operating costs 83,342,157,183.85 75,360,285,241.34 10.59 Selling expenses 5,997,857,500.65 5,035,544,588.74 19.11 Administrative expenses 2,049,648,378.97 1,893,915,435.38 8.22 Financial expenses 280,201,365.23 -1,691,643,702.68 – Research and development expenses 4,567,684,187.10 4,239,366,891.75 7.74 Net cash flow from operating activities 10,436,101,628.67 9,214,751,944.11 13.25 Net cash flow from investing activities -4,635,574,669.38 -10,108,981,168.45 – Net cash flow from financing activities -3,303,862,581.09 -4,481,476,538.49 – The change in financial expenses was mainly due to exchange rate fluctuations The change in net cash flow from investing activities was mainly due to the change in the model of purchasing wealth management products during the Reporting Period 2. Detailed description of any significant change in business type, profit composition or source of profit of the Company during the Current Period ½ Applicable √ Not applicable (II) Description of significant changes in profit due to non-principal business ½ Applicable √ Not applicable
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Interim Report 2026 I 42 Management Discussion and Analysis (III) Analysis of assets and liabilities √ Applicable ½ Not applicable 1. Assets and liabilities Currency: RMB Unit: Yuan Item Amount as at the end of the Current Period Proportion to total assets for the amount as at the end of the Current Period (%) Amount as at the end of the corresponding period of last year Proportion to total assets for the amount as at the end of the corresponding period of last year (%) Changes in the amount as at the end of the Current Period as compared with the end of the corresponding period of last year (%) Description Cash and bank balances 30,640,657,110.81 13.32 28,846,312,373.34 12.80 6.22 Derivative financial assets 129,455,102.70 0.06 4,609,095.24 0.00 2,708.69 The change of derivative financial assets was mainly due to the change in fair value of financial derivatives purchased during the Reporting Period Accounts receivable 9,252,898,546.45 4.02 9,599,214,511.75 4.26 -3.61 Inventories 33,801,691,468.17 14.70 26,147,992,041.55 11.61 29.27 Contract assets – – 40,616,928.00 0.02 -100.00 Investment properties 376,184,307.12 0.16 407,747,456.98 0.18 -7.74 Long-term equity investments 12,584,028,092.87 5.47 12,222,010,879.85 5.43 2.96 Fixed assets 29,352,178,296.59 12.76 29,281,846,505.15 13.00 0.24 Construction in progress 5,620,712,941.79 2.44 5,760,111,830.40 2.56 -2.42 Right-of-use assets 3,419,019,039.98 1.49 3,132,655,393.05 1.39 9.14 Short-term borrowings 5,770,479,144.18 2.51 6,531,885,229.35 2.90 -11.66 Derivative financial liabilities 4,403,547.74 0.00 23,663,809.51 0.01 -81.39 The change of derivative financial liabilities was mainly due to the change in fair value of financial derivatives purchased during the Reporting Period Contract liabilities 14,604,837,594.14 6.35 13,157,259,156.48 5.84 11.00 Employee benefits payable 1,436,303,999.46 0.62 5,330,549,382.31 2.37 -73.06 The change of employee benefits payable was mainly due to the payment of employee bonuses during the Reporting Period Taxes payable 10,282,609,505.88 4.47 5,835,261,636.84 2.59 76.22 The change of taxes payable was mainly due to certain taxes having been accrued but not yet due for payment Other payables 7,100,560,348.05 3.09 4,212,003,601.05 1.87 68.58 The change of other payables was mainly due to the increase in payable dividends resulting from the non- payment of declared dividends in the Current Period
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Interim Report 2026 I 43 Management Discussion and Analysis Item Amount as at the end of the Current Period Proportion to total assets for the amount as at the end of the Current Period (%) Amount as at the end of the corresponding period of last year Proportion to total assets for the amount as at the end of the corresponding period of last year (%) Changes in the amount as at the end of the Current Period as compared with the end of the corresponding period of last year (%) Description Non-current liabilities due within one year 6,675,351,417.41 2.90 3,195,316,934.39 1.42 108.91 The change of non-current liabilities due within one year was mainly due to the increase in bonds payable due within one year Long-term borrowings 13,145,267.38 0.01 1,068,504,304.42 0.47 -98.77 The change of long-term borrowings was mainly due to repayment of long-term bank borrowings during the Reporting Period Bonds payable – – 3,690,140,349.67 1.64 -100.00 The change of bonds payable was due to the reclassification of bonds payable to non-current liabilities due within one year Lease liabilities 1,776,185,083.91 0.77 1,882,385,334.99 0.84 -5.64 Other comprehensive income 260,152,627.69 0.11 457,639,577.31 0.20 -43.15 The change of other comprehensive income was mainly due to fluctuations in the translation differences in foreign currency statements during the Reporting Period Contingent Liabilities As of 30 June 2026, the Group had no significant contingent liabilities. 2. Overseas assets √ Applicable ½ Not applicable (1) Asset size Including: overseas assets of 56,298,572,175.99 (unit: Yuan, currency: RMB), accounting for 24.48% of the total assets. (2) Description of high proportion of overseas assets ½ Applicable √ Not applicable
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Interim Report 2026 I 44 Management Discussion and Analysis 3. Restrictions on major assets as at the end of the Reporting Period √ Applicable ½ Not applicable Unit: Yuan Currency: RMB Item Carrying amount at the end of the period Reasons for the restrictions Cash and bank balances 3,008,457,428.82 Security and margin deposits for bank acceptances and L/C, letter of guarantee deposits and others Notes receivable 1,185,892,035.13 Used for issuance of notes payable, endorsed, or discounted Financing with receivables 14,545,666,246.99 Used for issuance of notes payable Long-term receivables 348,116,614.03 Used for asset-backed securities Total 19,088,132,324.97 4. Description of other matters ½ Applicable √ Not applicable (IV) Analysis of investments 1. Overall analysis of external equity investment √ Applicable ½ Not applicable During the Reporting Period, the Group had no significant investment matters. As of 30 June 2026, the balance of the Group ’s long-term equity investments amounted to RMB12,584,028,100, representing an increase of RMB362,017,200 or 2.96% as compared to the beginning of the year. For details, please refer to Note (VI) 10. Long-term equity investments to the Financial Statements. (1) Major equity investment ½ Applicable √ Not applicable
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Interim Report 2026 I 45 Management Discussion and Analysis (2) Major investment in non-equity interest ½ Applicable √ Not applicable (3) Financial assets measured at fair value √ Applicable ½ Not applicable Unit: Yuan Currency: RMB Asset class Amount at the beginning of the period Gains or losses from changes in fair value for the Current Period Accumulated changes in fair value included in equity Impairment provided during the Current Period Purchase amount during the Current Period Sales/redemption amount during the Current Period Other changes Balance at the end of the period Derivative instruments -19,054,714.27 145,308,331.21 – – – – -1,202,061.98 125,051,554.96 Private equity funds 230,453,476.85 8,181,827.05 – – – -12,654,061.61 – 225,981,242.29 Others 60,286,510,740.36 79,481,684.93 -888,716.64 – 83,393,717,837.68 -90,379,446,724.63 -1,371,922.20 53,378,002,899.50 Including: Wealth management products 35,041,939,868.18 79,481,684.93 – – 48,702,420,000.00 -49,652,928,506.78 3,627.63 34,170,916,673.96 Financing with receivables 23,847,750,461.49 – 25,312,993.68 – 34,691,297,837.68 -40,726,518,217.85 – 17,837,843,075.00 Other equity instrument investments 1,396,820,410.69 – -26,201,710.32 – – – -1,375,549.83 1,369,243,150.54 Total 60,497,909,502.94 232,971,843.19 -888,716.64 – 83,393,717,837.68 -90,392,100,786.24 -2,573,984.18 53,729,035,696.75 Securities investment ½ Applicable √ Not applicable Securities investment description ½ Applicable √ Not applicable Privately-offered fund investment √ Applicable ½ Not applicable Privately-offered fund investment represents Advanced Manufacturing Industry Investment Fund Phase II (Limited Partnership) invested by the Company
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Interim Report 2026 I 46 Management Discussion and Analysis Derivative investment √ Applicable ½ Not applicable The Company held the 41st meeting of the eighth session of the Board on 29 August 2025, at which the Resolution on Conducting Foreign Exchange Derivatives Trading Business was considered and approved. Pursuant to the resolution, the Group would conduct foreign exchange derivatives trading business from the date on which the resolution was considered and approved by the Board to the date on which the annual Board meeting for 2025 was convened, with the maximum contract value held at any point during this period not exceeding RMB20 billion or its equivalent in other currencies. The expected transaction margin and premiums (including the value of collateral provided for transactions, the estimated lines of credit from financial institutions to be used, the margin reserved for contingency measures, etc.) to be utilized by the Group from the date on which the resolution was considered and approved by the Board to the date on which the annual Board meeting for 2025 was convened shall not exceed RMB3.5 billion or its equivalent in other currencies at any point during this period. The Company held the 48th meeting of the eighth session of the Board on 27 March 2026, at which the Resolution on Conducting Foreign Exchange Derivatives Trading Business was considered and approved. Pursuant to the resolution, the Group would conduct foreign exchange derivatives trading business from the date on which the resolution was considered and approved by the Board to the date on which the annual Board meeting for 2026 was convened, with the maximum contract value held at any point during this period not exceeding RMB43.5 billion or its equivalent in other currencies. The expected transaction margin and premiums (including the value of collateral provided for transactions, the estimated lines of credit from financial institutions to be used, the margin reserved for contingency measures, etc.) to be utilized by the Group from the date on which the resolution was considered and approved by the Board to the date on which the annual Board meeting for 2026 was convened shall not exceed RMB4.5 billion or its equivalent in other currencies at any point during this period. According to the principle of risk-neutral management, in order to hedge the risk of exchange rate fluctuation, the Company conducted the foreign exchange derivatives trading business, which is highly correlated with the receipt and payment of major foreign currencies, during the period from January to June 2026. (1) Derivative investments for hedging purposes during the Reporting Period ½ Applicable √ Not applicable (2) Derivative investments for speculative purposes during the Reporting Period ½ Applicable √ Not applicable Future plans for material investments or the acquisition of capital assets The Group had no other future plans for material investments or the acquisition of capital assets as at 30 June 2026.
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Interim Report 2026 I 47 Management Discussion and Analysis (V) Disposal of major assets and equity interest ½ Applicable √ Not applicable (VI) Analysis of major subsidiaries and investees √ Applicable ½ Not applicable Information of subsidiaries and investees contributing more than 10% of net profit of the Company √ Applicable ½ Not applicable Company name Company type Principal business Registered capital Total assets Net assets Operating revenue Operating profit Net profit (RMB) (RMB) (RMB) (RMB) (RMB) Nobo Automotive Systems Co., Ltd. ( ፕ௹ӛԓӻ୕Ϟ ʮ̡) Subsidiary Manufacture of automobile parts and components RMB2,283,000,000 10,857,924,576.97 5,938,377,428.60 3,778,200,561.65 1,982,206,405.89 1,925,745,251.43 Jingcheng Engineering Automotive Systems Co., Ltd. (ӛԓӻ୕Ϟ ʮ̡) Subsidiary Manufacture of automobile parts and components RMB1,000,000,000 13,767,139,734.63 8,125,401,287.77 5,331,220,869.40 1,175,775,375.64 1,135,413,715.26 Russia Great Wall Motor Company Limited (ᖯ பʮ̡ ) Subsidiary Sales of automobiles RUB1,890,800,000 8,662,532,117.06 3,222,404,704.48 20,809,674,849.04 1,369,567,651.27 1,047,101,288.51 MIND Electronic & Electrical Co., Ltd. ( ਟᅃཥɿཥኜϞ ʮ̡) Subsidiary Manufacture of automobile parts and components RMB1,663,700,000 10,667,374,807.03 5,912,506,814.15 3,841,403,977.91 763,963,998.62 732,738,072.26 Great Wall Motor Brazil Co., Ltd. (ࠢ ʮ̡) Subsidiary Manufacture and sales of automobiles BRL334,410,000 13,373,016,301.32 1,536,674,976.01 8,388,800,343.95 785,581,880.82 463,433,035.20 HYCET Technology Co., Ltd (ࠢ ʮ̡) Subsidiary Manufacture of automobile parts and components RMB4,540,000,000 5,601,367,258.63 5,310,916,530.00 93,281,432.70 431,479,530.65 428,020,432.37 Tianjin Great Wall Binyin Automotive Finance Company Ltd. (Ᏽ ʮ̡ ) Joint venture Automotive financial services RMB6,600,000,000 55,308,667,870.97 13,243,193,505.28 1,250,931,023.24 493,207,363.71 369,949,311.65 Great Wall Motor South Africa (ࠢ ʮ̡) Subsidiary Sales of automobiles ZAR59,942,266 1,434,468,061.65 356,615,466.64 2,789,563,131.65 371,728,300.13 271,361,659.10 Jingcheng Engineering Automotive Parts (Chongqing) Co., Ltd. (ӛԓཧ (ࠠ ᅅ)ʮ̡ ) Subsidiary Manufacture of automobile parts and components RMB175,000,000 2,366,123,055.08 576,986,931.79 1,688,964,717.23 310,984,291.96 265,757,098.31
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Interim Report 2026 I 48 Management Discussion and Analysis Details of acquisition and disposal of subsidiaries during the Reporting Period √ Applicable ½ Not applicable For the details of acquisition and disposal of subsidiaries during the Reporting Period, please refer to the relevant disclosure in “Section 8 Financial Report – VIII. Changes in Consolidation Scope ” Description of other matters ½ Applicable √ Not applicable (VII) Structured entities under the control of the Company ½ Applicable √ Not applicable
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Interim Report 2026 I 49 Management Discussion and Analysis V. OTHER DISCLOSURES (I) Exposure to potential risks √ Applicable ½ Not applicable The risks and challenges that the Company may face are mainly in the following areas: 1. Potential volatility in the automotive industry caused by uncertainties in international trade arising from shifts in the global environment and rising trade barriers; 2. Intensified homogeneous competition due to the competition for existing market share in the domestic automobile market. In response to the above risks and challenges, the Company will implement the following measures: 1. The Company will deepen the “ONE GWM ” global strategy, focusing on “regional deep cultivation + localized operations ” to expand into high-potential and emerging markets in Europe and other regions, and reduce reliance on any single market; it will promote localized production and supply chain integration in overseas factories to mitigate risks from geopolitical tensions and increasing trade barriers; and guided by the “ONE GWM ” concept, it will develop blockbuster products tailored to the diverse needs of global users, thereby establishing a global product strategy of “a single vehicle architecture that offers versatile powertrain options”. 2. The Company will continuously drive technological and product innovation while optimizing the product portfolio. The Company will build technological advantages by leveraging the GWM ONE platform, the Hi4 hybrid technology system, and the Coffee intelligent driving to achieve multi-power compatibility and AI empowerment, thereby launching more competitive products to the market. Relying on the four core strengths of off-road vehicles, premium MPVs, new energy MPVs and boxy SUVs, the Company will launch high-value-added models and move away from low-price homogeneous competition. The Company will strengthen the ecological barriers of the TANK brand in the off-road segment and cultivate off-road culture to consolidate its position in the premium market. The Wey brand will seek breakthroughs in premiumization and differentiated innovation through a three-pronged strategy comprising the the “GWM ONE S Technology Platform + full-industry-chain ecosystem + trust mindset ”. The ORA brand will support the Company ’s breakthrough growth in its global operations through a new business model and globally adaptable vehicles featuring low costs and high adaptability. 3. The Company will intensified its efforts on core technologies, brand services and product quality, while conducting long-term value communication. It will allocate resources to brand elevation, user services and the long-term development of a digital middle platform. Leveraging its long-term assets in brand, channels and user relationships, the Company aims to navigate industry cycles steadily and achieve sustainable and high-quality growth.
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Interim Report 2026 I 50 Management Discussion and Analysis (II) Other disclosures ✓ Applicable ½ Not applicable 1. Interim Dividend The Board did not recommend the payment of interim dividend for the six months ended 30 June 2026. 2. Purchase, Sale or Redemption of the Company ’s Listed Securities Repurchase of restricted A Shares During the Reporting Period, the Company repurchased its restricted A Shares from the Shanghai Stock Exchange and completed cancellation procedures through the Shanghai Branch of China Securities Depository and Clearing Corporation Limited. For details, please refer to section 6 “Changes in Shares and Shareholders ” of this report. Repurchase of H Shares On 18 June 2025, the Company held 2024 annual general meeting, the first H shareholders class meeting in 2025 and the first A shareholders class meeting in 2025 (the “2024 Annual General Meeting and Class Meetings ”), at which the Resolution on Granting the General Mandate to the Board to Repurchase A Shares and H Shares was considered and approved, pursuant to which the Company was granted to repurchase the Company ’s H Shares during the relevant period with the total par value not exceeding 10% of H Shares in issue (equivalent to 231,877,600 H Shares) as at the date of the 2024 Annual General Meeting and Class Meetings of the Company. On 26 June 2026, the Company held 2025 annual general meeting, the second H shareholders class meeting in 2026 and the second A shareholders class meeting in 2026 (the “2025 Annual General Meeting and Class Meetings”), at which the Resolution on Granting the General Mandate to the Board to Repurchase A Shares and H Shares was considered and approved, pursuant to which the Company was granted to repurchase the Company’s H Shares during the relevant period with the total par value not exceeding 10% of H Shares in issue (excluding treasury shares) (equivalent to 230,769,600 H Shares) as at the date of the 2025 Annual General Meeting and Class Meetings of the Company. In June 2026, the Company repurchased 11,080,000 H Shares from the open market of the Hong Kong Stock Exchange. The highest purchase price was HKD10.62 per share, and the lowest price was HKD10.19 per share with a total amount of funds used of HKD114,347,990 (net of transaction expenses). The above 11,080,000 H Shares repurchased were held as treasury shares by the Company. In July 2026, the Company repurchased 350,500 H Shares from the open market of the Hong Kong Stock Exchange. The highest purchase price was HKD8.7 per share, and the lowest price was HKD8.61 per share with a total amount of funds used of HKD3,036,975 (net of transaction expenses). The above 350,500 H Shares repurchased were held as treasury shares by the Company.
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Interim Report 2026 I 51 Management Discussion and Analysis Save as disclosed above, for the six months ended 30 June 2026, the Company or any of its subsidiaries did not purchase, sell or redeem any listed securities of the Company. Issue for cash of equity securities During the Reporting Period, the Company did not issue for cash any equity securities (including securities convertible into equity securities) or sell treasury shares for cash. 3. Corporate Governance To the knowledge of the Board, the Company has complied with all the principles and code provisions in the Corporate Governance Code as set out in Appendix C1 to the Hong Kong Listing Rules during the Reporting Period. 4. Audit Committee The Company has set up the Audit Committee for the purposes of reviewing and supervising the financial reporting process and internal control of the Group. The Audit Committee comprises three independent non – executive directors and one non-executive director of the Company. At the meeting held on 24 August 2026, the Audit Committee reviewed the 2026 interim results announcement, interim report and interim financial report of the Company and gave its opinions and recommendations to the Board. The Audit Committee is of the opinion that the 2026 interim results announcement, interim report and interim financial report of the Company comply with the applicable accounting standards and the Company has made appropriate disclosure thereof. 5. Remuneration Committee The Remuneration Committee of the Company comprises two independent non-executive directors and one executive director. The Remuneration Committee is responsible for making recommendations on the remuneration policies in relation to the directors and senior management of the Company, and determining the remuneration packages of executive directors and senior management, including benefits in kind, pensions and compensation payments. 6. Nomination Committee The Nomination Committee of the Company comprises two independent non-executive directors and one executive director. The Nomination Committee is responsible for making recommendations to the Board regarding its size and composition based on business activities, asset scale and shareholding structure of the Company and making recommendations to the Board on the standards and procedures for selecting directors and management members.
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Interim Report 2026 I 52 Management Discussion and Analysis 7. Strategy and Sustainable Development Committee The Strategy and Sustainable Development Committee of the Company comprises two executive directors, one non-executive director and two independent non-executive directors. The Strategy and Sustainable Development Committee makes recommendations to the management from time to time in accordance with the prevailing market environment and changes in policies and is responsible for researching and making recommendations on the Company’s long-term development strategies and material investment decisions. 8. Compliance with the Model Code The Company has adopted the Model Code as its own code of conduct regarding securities transactions by all directors. Having made specific enquiry to the directors and based on the information available, the Board is of the opinion that all directors have complied with the provisions under the Model Code during the Reporting Period. 9. Subsequent Significant Events The Group did not experience any other significant events subsequent to the Reporting Period. 10. Changes of Information on Directors or Chief Executives Ms. Yue Ying, an independent non-executive director, ceased to serve as an independent non-executive director of the Company upon the conclusion of the term of office of the eighth session of the Board. Ms. Tian Ya Juan was appointed as an independent non-executive director of the ninth session of the Board of the Company on 26 June 2026, with immediate effect. Ms. Lu Cai Juan, an employee director, ceased to serve as an employee director of the Company upon the conclusion of the term of office of the eighth session of the Board. Ms. Zhao Gai was appointed as an employee director of the ninth session of the Board of the Company on 26 June 2026, with immediate effect. Please refer to the announcement issued by the Company on 26 June 2026 for details of the biographies of Ms. Tian Ya Juan and Ms. Zhao Gai. Save as the above changes, for the six months ended 30 June 2026 and as of the date of this report, the Company is not aware of any other changes of information on directors or chief executives required to be disclosed pursuant to any of the requirements under Rule 13.51B of the Hong Kong Listing Rules. Save as disclosed in this report, information with respect to the Group ’s other matters as set out in paragraph 32 of Appendix D2 to the Hong Kong Listing Rules has not changed materially from that included in the Company ’s 2025 annual report.
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Interim Report 2026 I 53 SECTION 4 CORPORATE GOVERNANCE, ENVIRONMENTAL AND SOCIETY I. CHANGE IN THE COMPANY ’S DIRECTORS AND SENIOR MANAGEMENT √ Applicable ½ Not applicable Name Position held Nature of change Reason for change Explanation of reason for change Wei Jian Jun Chairman and Executive Director Election Re-election { Zhao Guo Qing Vice Chairman, Executive Director and Deputy General Manager Election Re-election { Li Hong Shuan Executive Director and Chief Financial Controller Election Re-election { Lu Cai Juan Employee Director Resignation Re-election Not re-appointed upon the conclusion of the term of office of the eighth session of the Board Zhao Gai Employee Director Election Re-election { He Ping Non-executive Director Election Re-election { Yue Ying Independent Non-executive Director Resignation Re-election Not re-appointed upon the conclusion of the term of office of the eighth session of the Board Tian Ya Juan Independent Non-executive Director Election Re-election { Fan Hui Independent Non-executive Director Election Re-election { Tom Siulun Chau Independent Non-executive Director Election Re-election { Mu Feng General Manager Appointment Re-election { Li Hong Shuan Secretary to the Board Resignation Re-election Not re-appointed upon the expiry of her term of office Yuan Yuan Secretary to the Board Appointment Others { Explanation for changes in the directors and senior management of the Company √ Applicable ½ Not applicable The Company held the fourth meeting of the ninth session of the Board on 24 July 2026, at which the Resolution on the Appointment of Secretary to the Board of the Company and Confirmation of Her Remuneration Plan was considered and approved. Ms. Yuan Yuan was appointed as the secretary to the Board of the Company. For details, please refer to the announcement issued by the Company on 24 July 2026. II. PROPOSAL OF PROFIT DISTRIBUTION OR CAPITALISATION OF CAPITAL RESERVE Profit distribution proposal and proposal on capitalisation of capital reserve for the first half of the year Any distribution or capitalisation No Number of bonus shares for every 10 shares (share) 0 Dividends for every 10 shares (RMB) (tax inclusive) 0 Number of capitalisation shares for every 10 shares (share) 0 Details of proposal of profit distribution or capitalisation of capital reserve Nil
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Interim Report 2026 I 54 Corporate Governance, Environmental and Society III. SHARE INCENTIVE SCHEME, EMPLOYEE STOCK OWNERSHIP PLAN OR OTHER INCENTIVES FOR EMPLOYEES AND THEIR EFFECTS (I) Share incentives disclosed in preliminary announcements without subsequent development or changes √ Applicable ½ Not applicable 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 5 January 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-002) 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 and Progress of 2025 ESOP Details were published in the announcements dated 26 January 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-008) 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 the Impending Expiration of the Term of the 2023 ESOP Details were published in the announcements dated 26 January 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-009) 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 2 February 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-013) 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 Resolution of the First Meeting of the Holders under the 2025 ESOP Details were published in the announcements dated 27 February 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-014) 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 and Progress of 2025 ESOP Details were published in the announcements dated 27 February 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-015) 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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Interim Report 2026 I 55 Corporate Governance, Environmental and Society Event summary Inquiry index Announcement of Great Wall Motor Company Limited on the Cancellation of Certain Share Options under the First Grant and the Reserved Grant of the 2023 Share Option Incentive Scheme of the Company Details were published in the announcements dated 31 March 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-033) 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 and the Reserved Grant of the 2023 Restricted Share Incentive Scheme of the Company Details were published in the announcements dated 31 March 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-032) 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 and Progress of 2025 ESOP Details were published in the announcements dated 31 March 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-035) 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 31 March 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-034) 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 Second ESOP Details were published in the announcements dated 7 April 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-037) 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 Shares Satisfying the Unlocking Conditions for the Second Lock-up Period of the 2023 Second ESOP Details were published in the announcements dated 10 April 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-040) 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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Interim Report 2026 I 56 Corporate Governance, Environmental and Society Event summary Inquiry index Announcement of Summary of the 2026 Restricted Share Incentive Scheme of Great Wall Motor Company Limited (Draft) Details were published in the announcements dated 28 April 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-045) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) 2026 Restricted Share Incentive Scheme of Great Wall Motor Company Limited (Draft) Details were published in the announcements dated 28 April 2026 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) Assessment Measures for 2026 Restricted Share Incentive Scheme of Great Wall Motor Company Limited Details were published in the announcements dated 28 April 2026 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) Review Opinions of the Remuneration Committee of Great Wall Motor Company Limited on the Related Matters of the 2026 Restricted Share Incentive Scheme Details were published in the announcements dated 28 April 2026 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 the Implementation and Progress of 2025 ESOP Details were published in the announcements dated 30 April 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-047) 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 Share Purchase under 2025 ESOP Details were published in the announcements dated 6 May 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-050) 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 Completion of Cancellation of Certain Share Options under the First Grant and the Reserved Grant of the 2023 Share Option Incentive Scheme Details were published in the announcements dated 20 May 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-052) 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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Interim Report 2026 I 57 Corporate Governance, Environmental and Society 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 and the Reserved Grant of the 2023 Restricted Share Incentive Scheme Details were published in the announcements dated 28 May 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-054) 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 Repurchase and Cancellation of Certain Restricted Shares under the First Grant and the Reserved Grant of the 2023 Restricted Share Incentive Scheme of the Company Details were published in the announcements dated 4 June 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-061) 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 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 4 June 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-063) 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 Second Tranche of Restricted Shares under the First Grant and the First Tranche of Restricted Shares under the Reserved Grant of the 2023 Restricted Share Incentive Scheme of the Company Details were published in the announcements dated 4 June 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-064) 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 Second Exercise Period of Share Options under the First Grant and First Exercise Period of Share Options under the Reserved Grant of the 2023 Share Option Incentive Scheme Details were published in the announcements dated 4 June 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-065) 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 Shares of the 2023 ESOP and Termination of the 2023 ESOP Details were published in the announcements dated 4 June 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-066) 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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Interim Report 2026 I 58 Corporate Governance, Environmental and Society Event summary Inquiry index Announcement of Great Wall Motor Company Limited on Unlocking and Listing of the Second Tranche of Restricted Shares under the First Grant and the First Tranche of Restricted Shares under the Reserved Grant of the 2023 Restricted Share Incentive Scheme Details were published in the announcements dated 10 June 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-067) 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 12 June 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-068) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Review and the Public Opinions of the Remuneration Committee under the Board of Great Wall Motor Company Limited on the Participant List of the 2026 Restricted Share Incentive Scheme Details were published in the announcements dated 18 June 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-069) and the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the official website of the Company (https://www.gwm.com.cn) Participant List of the 2026 Restricted Share Incentive Scheme of Great Wall Motor Company Limited Details were published in the announcements dated 26 June 2026 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) Self-examination Report of Great Wall Motor Company Limited on the Inside Information Insiders ’ Trading of Shares of the Company under the 2026 Restricted Share Incentive Scheme Details were published in the announcements dated 26 June 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-074) 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 Grant of Restricted Shares to Participants of the 2026 Restricted Share Incentive Scheme Details were published in the announcements dated 26 June 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-075) 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 Shares of the 2023 ESOP Details were published in the announcements dated 26 June 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-076) 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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Interim Report 2026 I 59 Corporate Governance, Environmental and Society Event summary Inquiry index 2026 Restricted Share Incentive Scheme of Great Wall Motor Company Limited Details were published in the announcements dated 26 June 2026 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 the Adjustments to the Repurchase Price of the 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 6 July 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-083) 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 the Adjustments to the Repurchase Price of the 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 6 July 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-084) 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 Adjustment to the Grant Price of the Restricted Shares of the 2026 Restricted Share Incentive Scheme of the Company Details were published in the announcements dated 6 July 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-085) 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 Grant under the 2026 Restricted Share Incentive Scheme Details were published in the announcements dated 7 August 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-104) 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 Shares of the 2023 ESOP Details were published in the announcements dated 17 August 2026 on the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) (announcement No.: 2026-110) 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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Interim Report 2026 I 60 Corporate Governance, Environmental and Society A Summary of the 2023 Restricted Share Incentive Scheme and 2023 Share Option Incentive Scheme 1. Purpose of the Schemes For future-oriented long-term development and governance, the Company has built an innovative long-term incentive mechanism to turn employees from “workers doing work ” to “partners doing business ” by granting rights and obligations to participants. By doing so, the Company aims to gather a group of fighters and business leaders with common values to promote its long-term and steady development and align the interests of all shareholders. Specifically, the launch of the 2023 Restricted Share Incentive Scheme and 2023 Share Option Incentive Scheme has the following purposes: (1) By establishing and improving its operating mechanism and its incentive and restraint mechanism for senior management, middle management and core technical (business) backbone staff, the Company aims to fully mobilize their enthusiasm, enhance their cohesion, and align the interests of shareholders, the Company and its key personnel, in order to secure “concerted efforts with common interests ” and promote the sustainable, steady and rapid development of the Company. (2) By setting challenging performance targets to bring both pressure and motivation, which not only helps enhance the Company ’s competitiveness but also helps mobilize the enthusiasm and creativity of the Company ’s management and core backbone staff, the Company aims to realize its future development strategies and business objectives, so as to create more sustainable and greater returns for shareholders. (3) The Schemes, which can help attract and retain outstanding management talents and core business staff, are designed to meet the Company ’s huge demand for core technical and management talents through comprehensive and accurate coverage of high-value positions and key talents, so as to enhance the Company ’s cohesion, establish the Company ’s human resources advantages, further stimulate the Company ’s innovation vitality, and inject new power into the Company ’s sustained and rapid development. 2. Participants of the Schemes The participants of the Schemes shall be the senior management of the Company, the directors and senior management of the Company ’s controlled subsidiaries, the middle management and core technical (business) staff of the Company (including its controlled subsidiaries), but excluding the Company ’s independent directors, supervisors, the shareholders individually or in aggregate holding 5% or more of the shares of the Company or the de facto controllers and their spouses, parents or children.
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Interim Report 2026 I 61 Corporate Governance, Environmental and Society 3. Total number of Shares available for issuance under the Schemes and percentage of issued shares that it represents as at the date of the interim report The 2023 Restricted Share Incentive Scheme stipulates that: the total number of share securities available for issuance is 70,000,000 shares, representing 0.82% of the issued shares (excluding treasury shares) as at the date of the interim report; The 2023 Share Option Incentive Scheme stipulates that: the total number of share securities available for issuance is 96,875,000 share options, representing 1.13% of the issued shares (excluding treasury shares) as at the date of the interim report. 4. Maximum entitlements of each participant under the Schemes The total shares to be granted to any participant under the fully effective equity incentive schemes (including the restricted share scheme and the option scheme) will not exceed 1% of the total number of shares of the Company. 5. Period within which the grantees may exercise share options under the Schemes Note: See the table herein of the 2023 Share Option Incentive Scheme – Options under the First Grant/Options under the Reserved Grant 6. Vesting period of the options granted or shares awarded under the Schemes and performance appraisal targets (1) Vesting period Note: See the table herein of the 2023 Share Option Incentive Scheme – Options under the First Grant/Options under the Reserved Grant; 2023 Restricted Share Incentive Scheme – Restricted Shares under the First Grant/Restricted Shares under the Reserved Grant
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Interim Report 2026 I 62 Corporate Governance, Environmental and Society (2) Performance appraisal targets The annual performance appraisal targets of the restricted shares and the share options under the first grant are as follows: Selection of performance indicators Sales volume Net profit Weights of performance indicators 50% 50% Completion rate of performance targets (P) ∑ (actual value of performance indicator/target value of performance indicator) × weight of performance indicator First unlocking/exercise period The sales volume of automobiles of the Company shall not be less than 1.90 million units in 2024 The net profit shall not be less than RMB7.2 billion in 2024 Second unlocking/exercise period The sales volume of automobiles of the Company shall not be less than 2.16 million units in 2025 The net profit shall not be less than RMB8.5 billion in 2025 Third unlocking/exercise period The sales volume of automobiles of the Company shall not be less than 1.80 million units in 2026 The net profit shall not be less than RMB10.0 billion in 2026 If the restricted shares and the share options under the reserved grant are granted before the disclosure of the 2024 third quarterly report (the disclosure date inclusive), the performance appraisal of the reserved grant will be consistent with that of the first grant; if the restricted shares and the share options under the reserved grant are granted after the disclosure of the 2024 third quarterly report (the disclosure date exclusive), the annual performance appraisal targets of the restricted shares and the share options under the reserved grant are as follows: Selection of performance indicators Sales volume Net profit Weights of performance indicators 50% 50% Completion rate of performance targets (P) ∑ (actual value of performance indicator/target value of performance indicator) × weight of performance indicator First unlocking/exercise period The sales volume of automobiles of the Company shall not be less than 2.16 million units in 2025 The net profit shall not be less than RMB8.5 billion in 2025 Second unlocking/exercise period The sales volume of automobiles of the Company shall not be less than 1.80 million units in 2026 The net profit shall not be less than RMB10.0 billion in 2026 Note: The “net profit ” mentioned above refers to the audited net profit attributable to shareholders of the Company. The “sales volume ” mentioned above refers to the annual sales volume as disclosed in the annual report of the Company.
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Interim Report 2026 I 63 Corporate Governance, Environmental and Society 7. The amount payable on application or acceptance of the options or the awards and the period within which payments or calls must be made or loans for application of the options must be repaid Not applicable 8. Basis of determination for the exercise price of the options granted or the purchase price of the shares granted 1. 2023 Restricted Share Incentive Scheme: (1) Method of determination of the grant price of the restricted shares under the first grant The grant price of the restricted shares under the first grant shall be RMB13.61 per share. The grant price of the restricted shares under the first grant shall not be lower than the carrying amount of the shares, and not lower than the higher of the following: Ǻ 50% of the average trading price of the shares of the Company (i.e. RMB13.02 per share) on the trading day preceding the date of the announcement of the draft of the 2023 Restricted Share Incentive Scheme; ǻ 50% of the average trading price of the shares of the Company (i.e. RMB13.61 per share) for 20 trading days preceding the date of the announcement of the draft of the 2023 Restricted Share Incentive Scheme. (2) Method of determination of the grant price of the reserved restricted shares The grant of the reserved restricted shares is subject to the consideration and approval of related resolution by the Board and the disclosure of related information. The grant price of the reserved restricted shares shall not be lower than the carrying amount of the shares, and not lower than the higher of the following: Ǻ 50% of the average trading price of the shares of the Company on the trading day preceding the date of the announcement of the Board resolution on the grant of the reserved restricted shares; ǻ 50% of the average trading price of the shares of the Company for 20, 60 or 120 trading days preceding the date of the announcement of the Board resolution on the grant of the reserved restricted shares. 2. 2023 Share Option Incentive Scheme: (1) Method of determination of the exercise price of the share options under the first grant The exercise price of the share options under the first grant shall be RMB27.22 per share. The exercise price of the share options under the first grant shall not be lower than the carrying amount of the shares, and not lower than the higher of the following: Ǻ the average trading price of the shares (i.e. RMB26.04 per share) on the trading day preceding the date of the announcement of the draft of the 2023 Share Option Incentive Scheme; ǻ the average trading price of the shares (i.e. RMB27.22 per share) for 20 trading days preceding the date of the announcement of the draft of the 2023 Share Option Incentive Scheme.
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Interim Report 2026 I 64 Corporate Governance, Environmental and Society (2) Method of determination of the exercise price of the share options under the reserved grant The grant of the reserved share options is subject to the consideration and approval of related resolution by the Board and the disclosure of related information. The exercise price of the reserved share options shall not be lower than the carrying amount of the shares, and not lower than the higher of the following: Ǻ the average trading price of the shares on the trading day preceding the date of the announcement of the Board resolution on the grant of the reserved share options; ǻ the average trading price of the shares for 20, 60 or 120 trading days preceding the date of the announcement of the Board resolution on the grant of the reserved share options. 9. Remaining validity period of the Schemes The validity period shall commence on the date of the restricted shares/share options under the first grant and end on the date of unlocking all the restricted shares granted to the participants or the repurchase and cancellation of such shares/exercising all the share options granted to the participants or the cancellation of such share options, which shall not exceed 48 months. The validity period of the 2023 Restricted Share Incentive Scheme and 2023 Share Option Incentive Scheme is from 26 January 2024 to 25 January 2028. 10. Fair values of the relevant options and awards as at the grant date and the accounting standards and policies adopted 1. 2023 Restricted Share Incentive Scheme: In accordance with the relevant requirements of the Accounting Standards for Enterprises No. 11 – Share-based Payment and the Accounting Standards for Enterprises No. 22 – Recognition and Measurement of Financial Instruments, the Company shall measure the fair value of the restricted shares based on the market prices of the shares. On the measurement date, the fair value of share-based payment per restricted share = market price of the shares of the Company – grant price. Assuming the first grant of the restricted shares takes place on 26 January 2024, based on the data of the Company on 26 January 2024, the total amount of fair value of the equity instruments first granted by the Company to the participants is RMB458,298,100.
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Interim Report 2026 I 65 Corporate Governance, Environmental and Society As estimated above, the total cost of 54,886,000 restricted shares first granted under the Scheme is RMB458,298,100 and details of amortization from 2024 to 2027 are set out below: Currency: RMB Number of the restricted shares under the first grant (0’000 shares) Total cost to be amortized (RMB0’000) 2024 (RMB0’000) 2025 (RMB0’000) 2026 (RMB0’000) 2027 (RMB0’000) 5,488.60 45,829.81 22,922.74 15,229.60 6,267.32 1,410.15 Notes: (1) For the consideration of prudent accounting principles, the cost estimate and amortization above have not taken into consideration the future locking of the restricted shares. (2) The above results do not represent the final accounting costs. The actual accounting costs are related to the actual grant date, the grant price and the number of grants, as well as the actual effective and lapsed quantities, and the possible dilutive effects are brought to the attention of shareholders. (3) The final result of the above impact on the Company ’s operating results will be subject to the annual audit report issued by the accounting firm. 2. 2023 Share Option Incentive Scheme: In accordance with the relevant requirements of the Accounting Standards for Enterprises No. 11 – Share-based Payment and the Accounting Standards for Enterprises No. 22 – Recognition and Measurement of Financial Instruments, no accounting treatment will be made by the Company to the share options on the grant date. The Company will use the “Black-Scholes” option pricing model to determine the fair value of the share options on the grant date. Assuming the first grant of share options takes place on 26 January 2024, the Company uses the “Black-Scholes” model to measure the fair value of the share options and estimate the fair value of 70,577,000 share options first granted by the Company using such model based on the data as at 26 January 2024, the specific parameters are as follows: a) Current price of subject shares: RMB21.96 per share (being the closing price of shares on 26 January 2024, the grant date); b) Exercise price of the share options: RMB27.22 per share as determined under the Management Measures;
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Interim Report 2026 I 66 Corporate Governance, Environmental and Society c) Valid period: two, three and four years, respectively (based on the period commencing from the grant date and ending on the last trading day of each exercise period); d) Historical volatility: 26.80%, 29.07% and 30.99%, respectively (the volatility of the Wind automobile manufacturing industry index for the latest two, three and four years); e) Risk-free rate: 2.19%, 2.24% and 2.29%, respectively (the yield of PRC treasury bond for two, three and four years); f) Dividend yield: 1.36% (the average dividend yield of the Company for the latest 12 months before the announcement). Note: The calculation results of the value of the share options are subject to the options pricing model adopted and a number of assumptions of the parameters used herein. Therefore, the estimated value of the share options may be subjective and uncertain. As estimated above, the total cost of 70,577,000 share options first granted under the Scheme is RMB192,826,700 and details of amortization from 2024 to 2027 are set out below: Currency: RMB Number of the share options under the first grant (0 ’000) Total cost to be amortized (RMB0 ’000) 2024 (RMB0’000) 2025 (RMB0’000) 2026 (RMB0’000) 2027 (RMB0’000) 7,057.70 19,282.67 8,045.85 6,655.33 3,675.92 905.57 The above results do not represent the final accounting costs. The actual accounting costs are related to the actual grant date, the grant price and the number of grants, as well as the actual effective and lapsed quantities, and the possible dilutive effects are brought to the attention of shareholders. The final result of the above impact on the Company’s operating results will be subject to the annual audit report issued by the accounting firm. The estimate is based on certain parameters, and the Company will disclose specific accounting methods and the impact on the financial data of the Company in the regular reports of the Company.
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Interim Report 2026 I 67 Corporate Governance, Environmental and Society 2023 Restricted Share Incentive Scheme – Restricted Shares under the First Grant Name Position Number of the restricted shares granted during the Reporting Period (shares) Shares unvested at the beginning of the Reporting Period (shares) Shares vested during the Reporting Period (shares) Shares cancelled during the Reporting Period (shares) Shares lapsed during the Reporting Period (shares) Shares unvested at the end of the Reporting Period (shares) Mu Feng General Manager 0 480,000 212,808 27,192 0 240,000 Other management, core technical (business) backbone staff (714 people) 0 24,318,900 8,969,429 3,557,089 217,932 11,574,450 Total 0 24,798,900 9,182,237 3,584,281 217,932 11,814,450 Notes: (1) The grant date of restricted shares under the first grant of the 2023 Restricted Shares Incentive Scheme was 26 January 2024. The number of participants was 786, the number of grants was 54,886,000, and the grant price was RMB13.61 per share. The closing price of A Shares of the Company immediately prior to the date of grant of such restricted shares was RMB22.30. The Company completed the registration for the first grant of the 2023 Restricted Shares Incentive Scheme on 20 February 2024, and the Company granted a total of 45,557,500 restricted shares to 715 participants. The vesting periods for the restricted shares under the first grant were 12 months, 24 months and 36 months from the date of grant, respectively. The unlocking period is from 26 January 2025 to 25 January 2028, and the latest adjusted repurchase price is RMB12.51; (2) During the Reporting Period, the number of the restricted shares unlocked was 9,182,237 shares. The closing price of A Shares of the Company immediately prior to the date on which such restricted shares were vested was RMB17.74; (3) During the Reporting Period, the number of the restricted shares cancelled was 3,584,281 shares, and the repurchase price of the restricted shares cancelled was RMB12.86 per share, plus the interest for bank deposits for the same period based on the benchmark deposit interest rate as issued by the People ’s Bank of China for the same period in accordance with the terms of the 2023 Restricted Share Incentive Scheme; (4) During the Reporting Period, the number of the restricted shares lapsed was 217,932 shares. The first grant of restricted shares under the 2023 Restricted Share Incentive Scheme was completed on 26 January 2024. There were no restricted shares available for grant as at the beginning and end of the Reporting Period.
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Interim Report 2026 I 68 Corporate Governance, Environmental and Society 2023 Restricted Share Incentive Scheme – Restricted Shares under the Reserved Grant Name Position Number of the restricted shares granted during the Reporting Period (shares) Shares unvested at the beginning of the Reporting Period (shares) Shares vested during the Reporting Period (shares) Shares cancelled during the Reporting Period (shares) Shares lapsed during the Reporting Period (shares) Shares unvested at the end of the Reporting Period (shares) Management, core technical (business) backbone staff (94 people) 0 5,054,000 1,737,925 871,464 298,111 2,146,500 Total 0 5,054,000 1,737,925 871,464 298,111 2,146,500 Notes: (1) The grant date of restricted shares under the reserved grant of the 2023 Restricted Shares Incentive Scheme was 24 January 2025. The number of participants was 101, the number of grants was 6,054,000, and the grant price was RMB12.74 per share. The closing price of A Shares of the Company immediately prior to the date of grant of such restricted shares was RMB24.88. The Company completed the registration for the reserved grant of the 2023 Restricted Shares Incentive Scheme on 24 February 2025, and the Company granted a total of 5,575,000 restricted shares to 94 participants. The vesting periods for the restricted shares under the reserved grant were 12 months and 24 months from the date of grant, respectively. The unlocking period is from 24 January 2026 to 23 January 2028, and the latest adjusted repurchase price is RMB11.94; (2) During the Reporting Period, the number of the restricted shares unlocked was 1,737,925 shares. The closing price of A Shares of the Company immediately prior to the date on which such restricted shares were vested was RMB17.74; (3) During the Reporting Period, the number of the restricted shares cancelled was 871,464 shares. The repurchase price of the restricted shares cancelled was RMB12.29 per share, plus the interest for bank deposits for the same period (based on the benchmark deposit interest rate published by the People ’s Bank of China for the same period) in accordance with the provisions of the 2023 Restricted Share Incentive Scheme. (4) During the Reporting Period, the number of the restricted shares lapsed was 298,111 shares. The reserved grant of restricted shares under the 2023 Restricted Share Incentive Scheme was completed on 24 January 2025. There were no restricted shares available for grant as at the beginning and end of the Reporting Period.
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Interim Report 2026 I 69 Corporate Governance, Environmental and Society 2023 Share Option Incentive Scheme – Options under the First Grant Name Position Number of the share options granted during the Reporting Period Outstanding options at the beginning of the Reporting Period Options exercised during the Reporting Period Options cancelled during the Reporting Period Options lapsed during the Reporting Period Outstanding options at the end of the Reporting Period Other management, core technical (business) backbone staff (1,118 people) 0 62,910,758 0 26,300,647 0 36,610,111 Total 0 62,910,758 0 26,300,647 0 36,610,111 Notes: (1) The grant date of options under the first grant of the 2023 Share Option Incentive Scheme was 26 January 2024. The number of participants was 1,131, the number of grants was 70,577,000, and the grant price was RMB27.22 per share. The closing price of A Shares of the Company immediately prior to the date of grant of such options was RMB22.30. The Company completed the registration for the first grant of the 2023 Share Option Incentive Scheme on 20 February 2024, and the Company granted a total of 69,794,000 options to 1,118 participants. The vesting periods for the options under the first grant were 12 months, 24 months and 36 months from the date of grant, respectively. The exercise period is from 26 January 2025 to 25 January 2028, and the latest adjusted exercise price is RMB26.12; (2) During the Reporting Period, the number of the options exercised was 0; (3) During the Reporting Period, the number of the options cancelled was 26,300,647 and the exercise price of options upon cancellation was RMB26.47; (4) During the Reporting Period, the number of the options lapsed was 0. The first grant of options under the 2023 Share Option Incentive Scheme was completed on 26 January 2024. There were no options available for grant as at the beginning and end of the Reporting Period.
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Interim Report 2026 I 70 Corporate Governance, Environmental and Society 2023 Share Option Incentive Scheme – Options under the Reserved Grant Name Position Number of the share options granted during the Reporting Period Outstanding options at the beginning of the Reporting Period Options exercised during the Reporting Period Options cancelled during the Reporting Period Options lapsed during the Reporting Period Outstanding options at the end of the Reporting Period Management, core technical (business) backbone staff (174 people) 0 7,849,000 0 1,704,129 0 6,144,871 Total 0 7,849,000 0 1,704,129 0 6,144,871 Notes: (1) The grant date of options under the reserved grant of the 2023 Share Option Incentive Scheme was 24 January 2025. The number of participants was 178, the number of grants was 8,052,000, and the grant price was RMB25.47 per share. The closing price of A Shares of the Company immediately prior to the date of grant of such options was RMB24.88. The Company completed the registration for the reserved grant of the 2023 Share Option Incentive Scheme on 24 February 2025, and the Company granted a total of 7,849,000 options to 174 participants. The vesting periods for the options under the reserved grant were 12 months and 24 months from the date of grant, respectively. The exercise period is from 24 January 2026 to 23 January 2028, and the latest adjusted exercise price is RMB24.67; (2) During the Reporting Period, the number of the share options exercised was 0; (3) During the Reporting Period, the number of the share options cancelled was 1,704,129 and the exercise price of options upon cancellation was RMB25.02; (4) During the Reporting Period, the number of the share options lapsed was 0. The reserved grant of options under the 2023 Share Option Incentive Scheme was completed on 24 January 2025. There were no options available for grant as at the beginning and end of the Reporting Period. As at 30 June 2026, there were 36,610,111 outstanding A Share options under the first grant of the Company ’s 2023 Share Option Incentive Scheme, representing approximately 0.59% of the total issued A Share capital of the Company; and there were 6,144,871 outstanding A Share options under the reserved grant, representing approximately 0.10% of the total issued A Share capital of the Company.
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Interim Report 2026 I 71 Corporate Governance, Environmental and Society A Summary of the Employee Stock Ownership Plan for 2023 1. Purposes of the Plan (I) To further improve the corporate governance structure, improve the Company ’s long-term incentive and restraint mechanism, and ensure the Company ’s long-term, stable and healthy development; (II) To improve mechanisms for sharing benefits between workers and owners, align the long-term interests of the Company, shareholders, and employees, and promote the Company ’s long-term and sustainable development, so as to bring returns to shareholders; and (III) To attract and to retain outstanding management and business key staff, meet the Company ’s demand for core technical talents and management talents through comprehensive and accurate coverage of high-value positions and key talents, establish the Company ’s human resources advantages, further stimulate the Company ’s innovation vitality, and inject new impetus into the sustained and rapid development of the Company. 2. Participants of the Plan The participants of the Employee Stock Ownership Plan for 2023 (hereinafter referred to as the “ESOP”) are determined by the Company in accordance with the provisions of the Company Law, the Securities Law, the Guiding Opinions, the Regulatory Guidelines and other laws, regulations, normative documents and the Articles of Association, and with consideration of the actual situations. Participants under the ESOP shall be either: (I) directors (excluding independent directors), supervisors and senior management of the Company; or (II) core management and key employees. All participants must enter into labor contracts or employment contracts with the Company or its subsidiaries during the term of the ESOP. Qualified employees ’ participation in the ESOP complies with the principles of lawfulness, voluntary participation and self-bearing of risk. There is no apportionment, forced distribution or other circumstances in which employees are forced to participate in the ESOP. The Company will decide the short list of participants from qualified employees.
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Interim Report 2026 I 72 Corporate Governance, Environmental and Society 3. Total number of shares available for issuance under the Plan and percentage of issued shares that it represents as at the date of the interim report The shares of the ESOP come from the ordinary A Shares of Great Wall Motor in the Company ’s special securities account for repurchase, which is expected to be no more than 40,000,043 shares, representing 0.47% of the issued shares (excluding treasury shares) as at the date of the interim report. The final number of shares held by this ESOP shall be subject to the actual number of shares transferred. 4. Maximum entitlements of each participant under the Plan Upon completion of the implementation of the ESOP, the total number of shares held under all valid the ESOP of the Company will not exceed 10% of the total share capital of the Company in aggregate, and the total number of shares corresponding to the equity interest in shares of any individual participant shall not exceed 1% of the total share capital of the Company in aggregate. 5. Period within which the grantees may exercise share options under the Plan Not applicable 6. Vesting period of the options granted or shares awarded under the Plan and performance appraisal targets (1) Vesting period The lock-up period of the ESOP is 12 months. The equity of underlying shares held shall be unlocked in two tranches. The time point of unlocking is 12 months and 24 months respectively from the date of the Company ’s announcement of the registration of the transfer of the last tranche of the underlying shares to the ESOP, and the proportion of the underlying shares to be unlocked for each tranche is 50% and 50%, respectively. The actual proportion and number of shares to be unlocked for each tranche are determined according to the Company ’s performance and the results of the individual performance of the participants.
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Interim Report 2026 I 73 Corporate Governance, Environmental and Society (2) Performance appraisal targets The performance appraisal targets are as follows: Selection of performance indicators Sales volume Net profit Weights of performance indicators 55% 45% Completion rate of performance targets (P) ∑ (actual value of performance indicator/target value of performance indicator) × weight of performance indicator First unlocking period The sales volume of automobiles of the Company shall not be less than 1.60 million units in 2023 The net profit shall not be less than RMB6.0 billion in 2023 Second unlocking period The sales volume of automobiles of the Company shall not be less than 1.90 million units in 2024 The net profit shall not be less than RMB7.2 billion in 2024 Note: The “net profit ” mentioned above refers to the audited net profit attributable to shareholders of the Company. The “sales volume ” mentioned above refers to the annual sales volume as disclosed in the annual report of the Company. 7. The amount payable on application or acceptance of the options or the awards and the period within which payments or calls must be made or loans for application of the options must be repaid Not applicable 8. Basis of determination for the exercise price of the options granted or the purchase price of the shares granted The ESOP shall transfer the ordinary A Shares repurchased by the Company through non-trading transfer and other methods permitted by laws and regulations. The transfer price is RMB13.82 per share, which is 50% of the average trading price of the Company ’s shares for the 20 trading days preceding the announcement of the ESOP (Revised Draft). The transfer price shall not be lower than the nominal value of the shares and shall not be lower than the higher of the following: (1) 50% of the average trading price of the Company ’s shares on the trading day preceding the announcement of the ESOP (Revised Draft), being RMB13.09 per share; (2) 50% of the average trading price of the Company ’s shares for the 20 trading days preceding the announcement of the ESOP (Revised Draft), being RMB13.82 per share. In the event of any ex-rights or ex-dividend matters of the Company, such as distribution of dividends or shares, conversion of capital reserve into share capital, during the period from the pricing reference date to the date of transferring the underlying shares to the ESOP, the above transfer price shall be adjusted accordingly.
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Interim Report 2026 I 74 Corporate Governance, Environmental and Society 9. Remaining validity period of the Plan The term of the ESOP shall be 36 months commencing from the date on which the ESOP is considered and approved at the general meeting and the Company announces that the last tranche of the underlying shares has been transferred to the ESOP. The term of the ESOP may be extended before the expiry of the term of the ESOP, as agreed by the holders holding more than two-thirds (inclusive) of the total units and attending the holders ’ meeting, and as considered and approved by the Board. The validity term is from 15 August 2023 to 14 August 2026. 10. Fair values of the relevant restricted shares, options and awards as at the grant date and the accounting standards and policies adopted In accordance with the relevant provisions of the Accounting Standard for Business Enterprises No. 11 – Share- based Payments: as to an equity-settled share-based payment in return for services of employees, if the right cannot be exercised until the vesting period comes to an end or until the prescribed performance conditions are met, then on each balance sheet date within the vesting period, the services obtained in the current period should, based on the best estimate of the number of vested equity instruments, be stated in relevant costs or expenses and the capital reserves at the fair value of the equity instruments on the date of grant. Assuming that the ESOP would be considered and approved at the general meeting of the Company to be held at the beginning of June 2023, and then the Company will transfer 40,000,043 shares of the Company held in the Company ’s special securities account for repurchase to the ESOP through non-trading transfer and other methods permitted by laws and regulations. As estimated based on the closing price (RMB26.23 per share) on the day when the Board will consider and approve the ESOP (Draft), it is expected that the Company should recognize the expenses involved in the ESOP of RMB496,400,500, and the amortization of the expenses of the ESOP is calculated as follows: Currency: RMB Unit: 0 ’000 Total expenses expected to be amortized 2023 2024 2025 49,640.05 21,717.52 22,751.69 5,170.84 Note: The final impact on the operating results of the Company shall be subject to the annual audit report issued by the accounting firm. The cost of the ESOP shall be charged to the costs and expenses. Without considering the impact of the ESOP on the Company’s performance, the amortization of expenses under the ESOP has a certain impact on the net profit of each year during the term of the Plan. If the positive effect of the ESOP on the development of the Company is considered, the ESOP will effectively stimulate the enthusiasm of the Company ’s employees and improve operational efficiency.
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Interim Report 2026 I 75 Corporate Governance, Environmental and Society 2023 ESOP Participants Number of the shares granted during the Reporting Period (shares) Shares unvested at the beginning of the Reporting Period (shares) Shares vested during the Reporting Period (shares) Shares cancelled during the Reporting Period (shares) Shares lapsed during the Reporting Period (shares) Awards unvested at the end of the Reporting Period (shares) Li Hong Shuan (executive director, chief financial officer, the secretary to the Board) and Lu Cai Juan (chairman of the Supervisory Committee) 0 6,365 0 0 6,365 0 Core management and key employees 0 6,924,926 0 0 6,924,926 0 Total 0 6,931,291 0 0 6,931,291 0 Notes: (1) In respect of the 2023 ESOP, 34,751,400 ordinary A Shares held in the Company ’s “Specific Securities Account for Repurchase of Great Wall Motor Company Limited ” were transferred to the Company ’s “Great Wall Motor Company Limited – 2023 ESOP ” securities account through non-trading transfer on 15 August 2023. The closing price of A Shares of the Company immediately prior to the date of non-trading transfer of such shares was RMB26.72. (2) During the Reporting Period, the Company held the 53rd meeting of the eighth session of the Board on 4 June 2026, at which the Resolution on the Repurchase and Cancellation of Certain Shares in the 2023 ESOP and Termination of the 2023 ESOP was considered and approved. Shares under the 2023 ESOP have all been unlocked, and a total of 27,820,109 shares have been transferred to holders eligible for unlocking. Certain shares that cannot be unlocked but do not meet the unlocking conditions have been recovered by the management committee. The Company will repurchase and cancel 6,931,291 shares of the 2023 ESOP that have been recovered and cannot be unlocked, which was completed on 20 August 2026, and the 2023 ESOP was terminated. The transfer of shares under the 2023 ESOP was completed in 2023, and there was no transfer of shares during the Reporting Period. There were no shares to be transferred as at the beginning and end of the Reporting Period.
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Interim Report 2026 I 76 Corporate Governance, Environmental and Society A Summary of the Second Employee Stock Ownership Plan for 2023 1. Purposes of the Plan (I) To further improve the corporate governance structure, improve the Company ’s long-term incentive and restraint mechanism, and ensure the Company ’s long-term, stable and healthy development; (II) To improve mechanisms for sharing benefits between workers and owners, align the long-term interests of the Company, shareholders, and employees, and promote the Company ’s long-term and sustainable development, so as to bring returns to shareholders; (III) To attract and to retain outstanding management and business key staff, meet the Company ’s demand for core technical talents and management talents through comprehensive and accurate coverage of high-value positions and key talents, establish the Company ’s human resources advantages, further stimulate the Company ’s innovation vitality, and inject new impetus into the sustained and rapid development of the Company. 2. Participants of the Plan The participants of the second Employee Stock Ownership Plan for 2023 (hereinafter referred to as the “Second ESOP”) are determined by the Company in accordance with the provisions of the Company Law, the Securities Law, the Guiding Opinions, the Regulatory Guidelines and other laws, regulations, normative documents and the Articles of Association, and with consideration of the actual situations. Participants under the Second ESOP shall be either: (I) directors (excluding independent directors), supervisors and senior management of the Company; (II) core management and key employees. All the participants must have entered into labor contracts or employment contracts with the Company or its subsidiaries during the term of the Second ESOP. Qualified employees ’ participation in the Second ESOP complies with the principles of lawfulness, voluntary participation and self-bearing of risk. There is no apportionment, forced distribution or other circumstances in which employees are forced to participate in the Second ESOP. The Company will decide the short list of participants from qualified employees. 3. Total number of shares available for issuance under the Plan and percentage of issued shares that it represents as at the date of the interim report The shares of the Second ESOP come from the ordinary A Shares of Great Wall Motor in the Company ’s special securities account for repurchase, which is expected to be no more than 5,248,643 shares, representing 0.06% of the issued shares (excluding treasury shares) as at the date of the interim report. The final number of shares held by the Second ESOP shall be subject to the actual number of shares transferred.
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Interim Report 2026 I 77 Corporate Governance, Environmental and Society 4. Maximum entitlements of each participant under the Plan Upon completion of the implementation of the Second ESOP, the total number of shares held under all valid the Second ESOP of the Company will not exceed 10% of the total share capital of the Company in aggregate, and the total number of shares corresponding to the equity interest in shares of any individual participant shall not exceed 1% of the total share capital of the Company in aggregate. 5. Period within which the grantees may exercise share options under the Plan Not applicable 6. Vesting period of the options granted or shares awarded under the Plan and performance appraisal targets (1) Vesting period: The lock-up period of the Second ESOP is 12 months. The equity of underlying shares held shall be unlocked in three tranches. The time point of unlocking is 12 months, 24 months and 36 months respectively from the date of the Company ’s announcement of the registration of the transfer of the last tranche of the underlying shares to the Second ESOP, and the proportion of the underlying shares to be unlocked for each tranche is 40%, 30% and 30%, respectively. The actual proportion and number of shares to be unlocked for each tranche are determined according to the Company ’s performance and the results of the individual performance of the participants. (2) Performance appraisal targets The performance appraisal targets are as follows: Selection of performance indicators Sales volume Net profit Weights of performance indicators 50% 50% Completion rate of performance targets (P) ∑ (actual value of performance indicator/target value of performance indicator) × weight of performance indicator First unlocking period The sales volume of automobiles of the Company shall not be less than 1.90 million units in 2024 The net profit shall not be less than RMB7.2 billion in 2024 Second unlocking period The sales volume of automobiles of the Company shall not be less than 2.16 million units in 2025 The net profit shall not be less than RMB8.5 billion in 2025 Third unlocking period The sales volume of automobiles of the Company shall not be less than 1.80 million units in 2026 The net profit shall not be less than RMB10.0 billion in 2026 Note: The “net profit ” mentioned above refers to the audited net profit attributable to shareholders of the Company. The “sales volume ” mentioned above refers to the annual sales volume as disclosed in the annual report of the Company.
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Interim Report 2026 I 78 Corporate Governance, Environmental and Society 7. The amount payable on application or acceptance of the options or the awards and the period within which payments or calls must be made or loans for application of the options must be repaid Not applicable 8. Basis of determination for the exercise price of the options granted or the purchase price of the shares granted The Second ESOP shall transfer the ordinary A Shares repurchased by the Company through non-trading transfer and other methods permitted by laws and regulations. The transfer price is RMB13.61 per share, which is 50% of the average trading price of the Company ’s shares for the 20 trading days preceding the announcement of the Second ESOP (Revised Draft). The transfer price shall not be lower than the nominal value of the shares and shall not be lower than the higher of the following: (1) 50% of the average trading price of the Company ’s shares on the trading day preceding the announcement of the Second ESOP (Revised Draft), being RMB13.02 per share; (2) 50% of the average trading price of the Company ’s shares for the 20 trading days preceding the announcement of the Second ESOP (Revised Draft), being RMB13.61 per share. In the event of any ex-rights or ex-dividend matters of the Company, such as distribution of dividends or shares, conversion of capital reserve into share capital, during the period from the pricing reference date to the date of transferring the underlying shares to the Second ESOP, the above transfer price shall be adjusted accordingly. 9. Remaining validity period of the Plan The term of the Second ESOP shall be 48 months commencing from the date on which the Second ESOP is considered and approved at the general meeting and the Company announces that the last tranche of the underlying shares has been transferred to the Second ESOP. The term of the Second ESOP may be extended before the expiry of the term of the Second ESOP, as agreed by the holders holding more than two-thirds (inclusive) of the total units and attending the holders ’ meeting, and as considered and approved by the Board. The validity term is from 8 February 2024 to 7 February 2028.
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Interim Report 2026 I 79 Corporate Governance, Environmental and Society 10. Fair values of the relevant restricted shares, options and awards as at the grant date and the accounting standards and policies adopted In accordance with the relevant provisions of the Accounting Standard for Business Enterprises No. 11 – Share- based Payments: as to an equity-settled share-based payment in return for services of employees, if the right cannot be exercised until the vesting period comes to an end or until the prescribed performance conditions are met, then on each balance sheet date within the vesting period, the services obtained in the current period should, based on the best estimate of the number of vested equity instruments, be stated in relevant costs or expenses and the capital reserves at the fair value of the equity instruments on the date of grant. Assuming that the Second ESOP would be considered and approved at the general meeting of the Company to be held at the beginning of January 2024, and then the Company will transfer 5,248,643 shares of the Company held in the Company ’s special securities account for repurchase to the Second ESOP through non-trading transfer and other methods permitted by laws and regulations. As estimated based on the closing price (RMB26.88 per share) on the day when the Board will consider and approve the Second ESOP (Draft), it is expected that the Company should recognize the expenses involved in the Second ESOP of RMB69,649,500, and the amortization of the expenses of the Second ESOP is calculated as follows: Currency: RMB Unit: 0 ’000 Total expenses expected to be amortized 2024 2025 2026 2027 6,964.95 3,483.67 2,314.51 952.47 214.31 Note: The final impact on the operating results of the Company shall be subject to the annual audit report issued by the accounting firm. The cost of the Second ESOP shall be charged to the costs and expenses. Without considering the impact of the Second ESOP on the Company ’s performance, the amortization of expenses under the Second ESOP has a certain impact on the net profit of each year during the term of the Plan. If the positive effect of the Second ESOP on the development of the Company is considered, the Second ESOP will effectively stimulate the enthusiasm of the Company’s employees and improve operational efficiency.
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Interim Report 2026 I 80 Corporate Governance, Environmental and Society 2023 Second ESOP Participants Number of the shares granted during the Reporting Period (shares) Shares unvested at the beginning of the Reporting Period (shares) Shares vested during the Reporting Period (shares) Shares cancelled during the Reporting Period (shares) Shares lapsed during the Reporting Period (shares) Awards unvested at the end of the Reporting Period (shares) Mu Feng (general manager), Zhao Guo Qing (vice chairman, deputy general manager), Li Hong Shuan (executive director, chief financial officer, the secretary to the Board) and Lu Cai Juan (chairman of the Supervisory Committee) 0 915,200 402,207 0 0 512,933 Core management and key employees 0 2,131,600 719,822 0 0 1,411,778 Total 0 3,046,800 1,122,029 0 0 1,924,771 Notes: (1) In respect of the 2023 Second ESOP, 4,830,000 ordinary A Shares held in the Company ’s “Specific Securities Account for Repurchase of Great Wall Motor Company Limited ” were transferred to the Company ’s “Great Wall Motor Company Limited – 2023 Second ESOP ” securities account through non-trading transfer on 8 February 2024. The closing price of A Shares of the Company immediately prior to the date of non-trading transfer of such shares was RMB21.81. (2) During the Reporting Period, the management committee of the 2023 Second ESOP recovered a total of 305,971 shares granted but not yet unlocked. As of 30 June 2026, the management committee of the 2023 Second ESOP recovered a total of 634,771 shares granted but not yet unlocked. The transfer of shares under the 2023 Second ESOP was completed on 8 February 2024, and there was no other transfer of shares during the Reporting Period. There were no shares to be transferred as at the beginning and end of the Reporting Period.
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Interim Report 2026 I 81 Corporate Governance, Environmental and Society A Summary of the Employee Stock Ownership Plan for 2025 1. Purposes of the Plan (I) To improve the corporate governance structure, promote the sustainable and healthy development of the Company, gather a group of business partners with consistent values, ensure that the partners are deeply bound to the long-term value of the Company, and enhance the intensity of long-term incentives and constraints; (II) To further stimulate the sense of mission and responsibility of the core management team, unleash their internal drive and creativity, attract, motivate and retain core staff who play a crucial role in the overall performance and long-term strategic realization of the Company, promote joint attention from all parties to the Company ’s long- term development, and create greater value for Shareholders. 2. Participants of the Plan The Participants of the Employee Stock Ownership Plan for 2025 (hereinafter referred to as the “2025 ESOP ”) are determined by the Company in accordance with the provisions of the Company Law, the Securities Law, the Guiding Opinions, the Regulatory Guidelines and other laws, regulations, normative documents and the Articles of Association, and with consideration of the actual situations. Participants under the ESOP shall be either: (I) Directors (excluding independent directors) and senior management of the Company; (II) Other core staff who play a significant role in the overall performance of the Company and the realization of its long-term strategy. All the Participants must have entered into labor contracts or employment contracts with the Company or its subsidiaries during the term of the ESOP. Qualified employees ’ participation in the ESOP complies with the principles of lawfulness, voluntary participation and self-bearing of risk. There is no apportionment, forced distribution or other circumstances in which employees are forced to participate in the ESOP. The Company will decide the short list of Participants from qualified employees. 3. Total number of shares available for issuance under the Plan and percentage of issued shares that it represents as at the date of the interim report The shares of the 2025 ESOP come from the ordinary A Shares of Great Wall Motor in the Company ’s special securities account for repurchase and/or purchase in the secondary market, including 418,643 A Shares to be purchased that have been repurchased in the Company ’s special securities account for repurchase. As of 6 May 2026, the Company has cumulatively purchased 3,134,383 ordinary A Shares of the Company in the secondary market through the “Great Wall Motor Company Limited – 2025 ESOP ” securities account by way of centralized competitive bidding transactions. Therefore, the final number of shares held under the 2025 ESOP is 3,553,026 shares, representing 0.04% of the issued shares (excluding treasury shares) as of the date of the interim report.
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Interim Report 2026 I 82 Corporate Governance, Environmental and Society 4. Maximum entitlements of each participant under the Plan Upon completion of the implementation of the 2025 ESOP, the total number of shares held under all valid the ESOP of the Company will not exceed 10% of the total share capital of the Company in aggregate, and the total number of shares corresponding to the equity interest in shares of any individual participant shall not exceed 1% of the total share capital of the Company in aggregate. 5. Period within which the grantees may exercise share options under the Plan Not applicable 6. Vesting period of the options granted or shares awarded under the Plan and performance appraisal targets (1) Vesting period: The lock-up period of the 2025 ESOP is 12 months. The equity of underlying shares held shall be unlocked in two tranches. The time point of unlocking is 12 months and 24 months respectively from the date on which the Company announces that the last tranche of the underlying shares has been purchased, and the proportion of the underlying shares to be unlocked for each tranche is 50% and 50%, respectively. The actual proportion and number of shares to be unlocked for each tranche are determined according to the Company ’s performance and the results of the individual performance of the Participants. (2) Performance appraisal targets The performance appraisal targets are as follows: Selection of performance indicators Sales volume Net profit Weights of performance indicators 50% 50% Completion rate of performance targets (P) ∑ (actual achievement value of performance indicator target value of performance indicator) × weight of performance indicator First unlocking period The sales volume of automobiles of the Company shall not be less than 1.80 million units in 2026 The net profit shall be not less than RMB10.0 billion in 2026 Second unlocking period The sales volume of automobiles of the Company shall not be less than 2.16 million units in 2027 The net profit shall be not less than RMB15.0 billion in 2027 Note: The “net profit ” mentioned above refers to the audited net profit attributable to shareholders of the Company. The “sales volume ” mentioned above refers to the annual sales volume as disclosed in the annual report of the Company.
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Interim Report 2026 I 83 Corporate Governance, Environmental and Society 7. The amount payable on application or acceptance of the options or the awards and the period within which payments or calls must be made or loans for application of the options must be repaid Not applicable 8. Basis of determination for the exercise price of the options granted or the purchase price of the shares granted The 2025 ESOP intends to purchase 418,643 A Shares that have been repurchased in the Company ’s special securities account for repurchase. The purchase price shall be the closing price of the Shares as at the date of approval of the 2025 ESOP by the Board (3 December 2025), which is RMB21.83 per Share. The purchase price of the underlying shares purchased through the secondary market under the 2025 ESOP is the market price. The purchase of the underlying shares will be completed within 6 months after the ESOP is considered and approved by the general meeting. 9. Remaining validity period of the Plan The term of the 2025 ESOP shall be 36 months commencing from the date on which the 2025 ESOP is considered and approved at the general meeting and the Company announces that the last tranche of the underlying shares has been purchased. The term of the 2025 ESOP may be extended before the expiry of the term of the 2025 ESOP, as agreed by the Holders holding more than two-thirds (inclusive) of the total units and attending the Holders ’ Meeting, and as considered and approved by the Board. As of 6 May 2026, the purchase of the underlying shares under the 2025 ESOP has been completed for a validity term from 6 May 2026 to 5 May 2029.
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Interim Report 2026 I 84 Corporate Governance, Environmental and Society 10. Fair values of the relevant restricted shares, options and awards as at the grant date and the accounting standards and policies adopted The financial and accounting treatment, taxation and other issues incurred in the implementation of the 2025 ESOP by the Company shall be subject to the relevant financial system, accounting standards and tax regulations, and the relevant individual income tax to be paid by the Holders due to the implementation of the 2025 ESOP shall be borne by the employees themselves. 2025 ESOP Participants Number of the shares granted during the Reporting Period (shares) Shares unvested at the beginning of the Reporting Period (shares) Shares vested during the Reporting Period (shares) Shares cancelled during the Reporting Period (shares) Shares lapsed during the Reporting Period (shares) Awards unvested at the end of the Reporting Period (shares) Mu Feng (general manager), Zhao Guo Qing (vice chairman, deputy general manager), Li Hong Shuan (executive Director, chief financial officer, the secretary to the Board) 596,312 596,312 0 0 0 596,312 Other Participants 2,956,714 2,956,714 0 0 0 2,956,714 Total 3,553,026 3,553,026 0 0 0 3,553,026 Notes: (1) In respect of the 2025 ESOP, 418,643 ordinary A Shares held in the Company ’s “Specific Securities Account for Repurchase of Great Wall Motor Company Limited ” were transferred to the Company ’s “Great Wall Motor Company Limited – 2025 ESOP ” securities account through non-trading transfer at a transfer price of RMB21.83 per share on 23 January 2026. The closing price of A Shares of the Company immediately prior to the date of non-trading transfer of such shares was RMB21.50. (2) The shares of the 2025 ESOP come from the ordinary A Shares of Great Wall Motor in the Company ’s special securities account for repurchase and/or purchase in the secondary market. As of 6 May 2026, the Company has cumulatively purchased 3,134,383 ordinary A Shares of the Company in the secondary market through the “Great Wall Motor Company Limited – 2025 ESOP ” securities account by way of centralized competitive bidding transactions, with an average transaction price of approximately RMB19.89 per share and a total transaction amount of RMB62,348,841.51 (exclusive of transaction fees). As of 6 May 2026, the Company has completed the purchase of the Company ’s shares through the 2025 ESOP, holding an aggregate of 3,553,026 shares of the Company. The 2025 ESOP is denominated in “units”, with each unit of RMB1, and the total amount of funds involved shall not exceed RMB80 million. The final number of shares held under the 2025 ESOP shall be subject to the final number of shares held upon the completion of purchase. Therefore, at the beginning of the Reporting Period, the Company had not commenced purchasing its shares through the 2025 ESOP in the secondary market, and the identifiable shares pending transfer came from A Shares of the Company repurchased through its specific securities account for repurchase, amounting to 418,643 shares. As at the end of the Reporting Period, the Company had completed the purchase of the Company ’s shares through the 2025 ESOP, and there were no shares pending transfer.
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Interim Report 2026 I 85 Corporate Governance, Environmental and Society A Summary of the 2026 Restricted Share Incentive Scheme 1. Purpose of the Scheme For future-oriented long-term development and governance, the Company has built an innovative long-term incentive mechanism to turn employees from “workers doing work ” to “partners doing business ” by granting rights and obligations to participants. By doing so, the Company aims to gather a group of fighters and business leaders with common values to promote its long-term and steady development and align the interests of all shareholders. Specifically, the launch of the Incentive Scheme has the following purposes: (1) By establishing and improving its operating mechanism and its incentive and restraint mechanism for the Company’s management and core technical (business) backbone staff, the Company aims to fully mobilize their enthusiasm, enhance their cohesion, and align the interests of shareholders, the Company and its key personnel, in order to secure “concerted efforts with common interests ” and promote the sustainable, steady and rapid development of the Company. (2) By setting challenging performance targets to bring both pressure and motivation, which not only helps enhance the Company ’s competitiveness but also helps mobilize the enthusiasm and creativity of the Company ’s management and core backbone staff, the Company aims to realize its future development strategies and business objectives, so as to create more sustainable and greater returns for shareholders. (3) The Scheme, which can help attract and retain outstanding management talents and core business staff, is designed to meet the Company ’s huge demand for core technical and management talents through comprehensive and accurate coverage of high-value positions and key talents, so as to enhance the Company ’s cohesion, establish the Company ’s human resources advantages, further stimulate the Company ’s innovation vitality, and inject new power into the Company ’s sustained and rapid development. 2. Participants of the Scheme The participants of the Scheme shall be the directors and senior management of the Company ’s controlled subsidiaries, the middle management and core technical (business) staff of the Company (including its controlled subsidiaries), but excluding the Company ’s independent directors, the shareholders individually or in aggregate holding 5% or more of the shares of the Company or the de facto controllers and their spouses, parents or children. 3. Total number of Shares available for issuance under the Scheme and percentage of issued shares that it represents as at the date of the interim report The 2026 Restricted Share Incentive Scheme stipulates that: the total number of share securities available for issuance shall not be more than 37,300,000 shares, representing 0.44% of the issued shares (excluding treasury shares) as at the date of the interim report. 4. Period within which the grantees may exercise share options under the Scheme Not applicable.
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Interim Report 2026 I 86 Corporate Governance, Environmental and Society 5. Maximum entitlements of each participant under the Scheme The total shares to be granted under the fully effective equity incentive schemes (including the restricted share scheme and the option scheme) to any one of the participants will not exceed 1% of the total number of shares of the Company. 6. Vesting period of the options granted or shares awarded under the Scheme and performance appraisal targets (1) Vesting period Note: See the table herein of the 2026 Restricted Share Incentive Scheme (2) Performance appraisal targets The annual performance appraisal targets of the restricted shares under the grant are as follows: Selection of performance indicators Sales volume Net profit Weights of performance indicators 50% 50% Completion rate of performance targets (P) ∑ (actual achievement value of performance indicator target value of performance indicator) × weight of performance indicator First unlocking period The sales volume of automobiles of the Company shall not be less than 1.80 million units in 2026 The net profit shall not be less than RMB10.0 billion in 2026 Second unlocking period The sales volume of automobiles of the Company shall not be less than 2.16 million units in 2027 The net profit shall not be less than RMB15.0 billion in 2027 Note: The “net profit ” mentioned above refers to the audited net profit attributable to shareholders of the Company. The “sales volume ” mentioned above refers to the annual sales volume as disclosed in the annual report of the Company. 7. The amount payable on application or acceptance of the options or the awards and the period within which payments or calls must be made or loans for application of the options must be repaid Not applicable
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Interim Report 2026 I 87 Corporate Governance, Environmental and Society 8. Basis of determination for the exercise price of the options granted or the purchase price of the shares granted Method of determination of the grant price of the restricted shares: The grant price of the restricted shares shall be RMB10.38 per share. The grant price of the restricted shares shall not be lower than the carrying amount of the shares, and not lower than the higher of the following: Ǻ 50% of the average trading price of the shares of the Company (i.e. RMB10.06 per share) on the trading day preceding the date of the announcement of the draft of the 2026 Restricted Share Incentive Scheme; ǻ 50% of the average trading price of the shares of the Company (i.e. RMB10.38 per share) for 20 trading days preceding the date of the announcement of the draft of the 2026 Restricted Share Incentive Scheme. 9. Remaining validity period of the Scheme The validity period shall commence from the date of completion of the registration of the grant of the restricted shares and shall end on the date when all restricted shares granted to the participants have either been fully released from the lock-up period or repurchased and cancelled, which shall not exceed 36 months. The validity period of the 2026 Restricted Share Incentive Scheme is from 6 August 2026 to 5 August 2029. 10. Fair values of the relevant options and awards as at the grant date and the accounting standards and policies adopted In accordance with the relevant requirements of the Accounting Standards for Enterprises No. 11 – Share-based Payment and the Accounting Standards for Enterprises No. 22 – Recognition and Measurement of Financial Instruments, the Company shall measure the fair value of the restricted shares based on the market prices of the shares. On the measurement date, the fair value of share-based payment per restricted share = market price of the shares of the Company – grant price.
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Interim Report 2026 I 88 Corporate Governance, Environmental and Society The Company granted restricted shares on 26 June 2026. Based on the data of the Company on 26 June 2026, the total amount of fair value of the equity instruments granted by the Company to the participants is RMB169,334,700. As estimated above, the total cost of 35,876,000 restricted shares granted under the 2026 Restricted Share Incentive Scheme is RMB169,334,700, and details of amortization from 2026 to 2028 are set out below: Currency: RMB Number of the restricted shares (0 ’000 shares) Total cost to be amortized (RMB0’000) 2026 (RMB0’000) 2027 (RMB0’000) 2028 (RMB0’000) 3,587.6 16,933.47 5,939.74 8,623.04 2,370.69 Notes: (1) For the consideration of prudent accounting principles, the cost estimate and amortization above have not taken into consideration the future locking of the restricted shares. (2) The above results do not represent the final accounting costs. The actual accounting costs are related to the actual grant date, the grant price and the number of grants, as well as the actual effective and lapsed quantities, and the possible dilutive effects are brought to the attention of shareholders. (3) The final result of the above impact on the Company ’s operating results will be subject to the annual audit report issued by the accounting firm. 2026 Restricted Share Incentive Scheme – Restricted Shares under the Grant Name Position Number of the restricted shares granted during the Reporting Period (shares) Shares unvested at the beginning of the Reporting Period (shares) Shares vested during the Reporting Period (shares) Shares cancelled during the Reporting Period (shares) Shares lapsed during the Reporting Period (shares) Shares unvested at the end of the Reporting Period (shares) Management and core technical (business) backbone staff (1,351 people) 31,983,900 31,983,900 0 0 0 31,983,900 Notes: (1) The grant date of the restricted shares under the 2026 Restricted Share Incentive Scheme was 26 June 2026. The number of participants was 1,479, the number of grants was 35,876,000, and the grant price was RMB10.38 per share. The closing price of A Shares of the Company immediately prior to the date of grant of such restricted shares was RMB15.45. On 6 August 2026, the Company completed the registration procedures for the 2026 Restricted Share Incentive Scheme, and a total of 31,983,900 restricted shares were actually granted to 1,351 participants. The vesting periods for the restricted shares under the grant are 12 months and 24 months from the date of completion of grant registration, respectively. The unlocking period is from 6 August 2027 to 5 August 2029, and the grant price after the latest adjustment is RMB10.03.
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Interim Report 2026 I 89 Corporate Governance, Environmental and Society (2) During the Reporting Period, the number of the restricted shares unlocked was 0 share; (3) During the Reporting Period, the number of the restricted shares cancelled was 0 share; (4) During the Reporting Period, the number of the restricted shares lapsed was 0 share. The restricted shares available for grant under the 2026 Restricted Share Incentive Scheme shall not exceed 37,300,000. The grant of restricted shares under the 2026 Restricted Share Incentive Scheme was completed on 26 June 2026, with the actual number of restricted shares granted being 31,983,900, and the remaining portion shall not be further granted. The number of shares available for grant under the 2026 Restricted Share Incentive Scheme was 0. There were no restricted shares available for grant as at the beginning and end of the Reporting Period. Rule 17.07(3) Disclosure The number of shares that may be issued in respect of options and awards granted under all schemes of the Company during the Reporting Period divided by weighted average number of shares of the relevant class in issue (excluding treasury shares) during the Reporting Period is 0.58%. Others Reference is made to the annual report of the Company for the year ended 31 December 2025. The Company would like to provide shareholders of the Company and potential investors of the Company with the following supplemental information: 2023 Restricted Share Incentive Scheme – Restricted Shares under the Reserved Grant The number of restricted shares available for grant under the Reserved Grant of 2023 Restricted Share Incentive Scheme as at the beginning the financial year ended 31 December 2025 was 14,000,000. 2023 Share Option Incentive Scheme – Options under the First Grant The number of share options available for grant under the First Grant of 2023 Share Option Incentive Scheme as at the beginning the financial year ended 31 December 2025 was nil. 2023 Share Option Incentive Scheme – Options under the Reserved Grant The number of share options available for grant under the Reserved Grant of 2023 Share Option Incentive Scheme as at the beginning the financial year ended 31 December 2025 was 19,375,000. Rule 17.07(3) Disclosure The number of shares that may be issued in respect of options and awards granted under all schemes of the Company during the financial year of 2025 divided by weighted average number of shares of the relevant class in issue (excluding treasury shares) for the financial year of 2025 is 0.22%.
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Interim Report 2026 I 90 Corporate Governance, Environmental and Society (II) Incentives undisclosed in preliminary announcements or followed with subsequent development Share Option Incentive Scheme ½ Applicable √ Not applicable Other descriptions ½ Applicable √ Not applicable Employee Stock Ownership Plan ½ Applicable √ Not applicable Other incentives ½ Applicable √ Not applicable IV. ENVIRONMENTAL INFORMATION ON THE LISTED COMPANY AND ITS MAJOR SUBSIDIARIES INCLUDED IN THE LIST OF ENTERPRISES FOR LEGAL DISCLOSURE OF ENVIRONMENTAL INFORMATION √ Applicable ½ Not applicable Number of Enterprises Included in the List of Enterprises for Legal Disclosure of Environmental Information 43 No. Name of the Company or subsidiaries Inquiry index of reports on legal disclosure of environmental information 1 Great Wall Motor Company Limited Hebei enterprise environmental information disclosure system according to law http://121.29.48.71:8080/#/index 2 Vehicle Assembly Workshop No. 2 of Great Wall Motor Company Limited 3 Hebei Changzheng Automobile Manufacturing Co., Ltd. 4 Xushui Branch of Great Wall Motor Company Limited 5 Great Wall Motor Co., Ltd. Dingxing Branch (΅ ጳʱʮ̡ ) 6 Baoding Yixin Automotive Parts Company Limited (ᄂอ ʮ̡ ) 7 Baoding Xushui Branch of Nobo Automotive Systems Co., Ltd. (˥ʱʮ̡ ) 8 Nobo Rubber Production Co., Ltd. (ʮ̡ ) 9 Baoding Nobo Auto Decorations Company Limited (ፕ ʮ̡ ) 10 Jingcheng Engineering Automotive Systems Co., Ltd. ( ၚ༐ ʮ̡ )
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Interim Report 2026 I 91 Corporate Governance, Environmental and Society No. Name of the Company or subsidiaries Inquiry index of reports on legal disclosure of environmental information 11 Baoding Xushui Jinggong Chassis Branch of Jingcheng Engineering Automotive Systems Co., Ltd. (ӛԓӻ ᆵʱʮ̡ ) 12 Baoding Great Machinery Company Limited (ዚ ʮ̡ ) 13 Baoding Great Wall Scrap Car Recycling & Dismantling Co., Ltd. (ʮ̡ ) 14 Shunping Precision Die Casting Branch of Jingcheng Engineering Automotive Systems Co., Ltd. (ӛԓӻ ʮ̡න̻ၚʈᏀᛟʱʮ̡ ) 15 Shunping Precision Casting Branch of Jingcheng Engineering Automotive Systems Co., Ltd. (ʮ̡න ̻ၚʈᛟிʱʮ̡ ) 16 Baoding Xushui Precision Casting Branch of Exquisite Automotive Systems Co., Ltd. (ڭ ˥ၚʈᏀᛟʱʮ̡ ) 17 Baoding Mold Technology Branch of Exquisite Automotive Systems Co., Ltd. (ᅼՈҦஔ ʱʮ̡) 18 Baoding Xushui Precision Punching and Welding Branch of Jingcheng Engineering Automotive Systems Co., Ltd. ( ၚ༐ ˥ၚʈәଔʱʮ̡ ) 19 Great Wall Baoding Huabei Automotive Company Limited (பʮ̡ ) 20 Baoding Xushui Optoelectronics Branch of Mind Electronics Company Limited (˥Έཥʱʮ ̡) 21 Baoding Heating System Branch of Mind Electronics Company Limited (ᆠӻ୕ʱʮ̡ ) 22 Baoding Xushui Thermal System Branch of MIND Electronic and Electrical Co., Ltd. (˥ᆠӻ ୕ʱʮ̡ ) 23 Xushui Branch of Honeycomb Transmission Technology Hebei Co., Ltd. (˥ʱʮ̡ ) 24 Baoding Production Branch of HONEYCOMB Transmission Systems (Jiangsu) Co., Ltd. ( ੫ෂਗӻ୕ (Ϫᘽ)ڭ ͛ପʱʮ̡ )
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Interim Report 2026 I 92 Corporate Governance, Environmental and Society No. Name of the Company or subsidiaries Inquiry index of reports on legal disclosure of environmental information 25 Taizhou Branch of Great Wall Motor Company Limited Jiangsu enterprise environmental information disclosure system according to law http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/ web/viewRunner.html?viewId=http://ywxt.sthjt.jiangsu.gov. cn:18181/spsarchive-webapp/web/sps/views/yfpl/views/ yfplHomeNew/index.js 26 NOBO Automotive Parts (Taizhou) Co., Ltd. ( ፕ௹ӛԓཧ (इψ)ʮ̡ ) 27 NOBO Automotive Parts (Zhangjiagang) Co., Ltd. ( ፕ௹ӛԓ ཧ(ಥ)ʮ̡ ) 28 Jingcheng Engineering Automotive Parts (Yangzhong) Co., Ltd. (ӛԓཧ (౮ʕ)ʮ̡ ) 29 Jingcheng Engineering Automotive Parts (Zhangjiagang) Co., Ltd. (ӛԓཧ (ಥ)ʮ̡ ) 30 Jingcheng Engineering Automotive Parts (Taizhou) Co., Ltd. (ӛԓཧ (इψ)ʮ̡ ) 31 Honeycomb Power System (Jiangsu) Co., Ltd. ( ੫ਗɢӻ୕ (Ϫᘽ)ʮ̡ ) 32 HONEYCOMB Transmission System (Jiangsu) Co., Ltd. ( ੫ ෂਗӻ୕ (Ϫᘽ)ʮ̡ ) 33 HYCET Transmission Technology Pizhou Co., Ltd. ( ੫ෂਗ ʮ̡ ) 34 MIND Auto Parts (Taizhou) Co., Ltd. ( ਟᅃӛԓཧ (इψ) ʮ̡ ) 35 Jingmen Branch of Great Wall Motor Company Limited Hubei enterprise environmental information disclosure system according to law http://219.140.164.18:8007/hbyfpl/frontal/index.html#/home/ index 36 Daye Branch of Great Wall Motor Co., Ltd. 37 Tianjin Haval Branch of Great Wall Motor Company Limited Tianjin enterprise environmental information disclosure system according to law 38 Nobo Automotive Parts (Tianjin) Co., Ltd. ( ፕ௹ӛԓཧ (ݵ)ʮ̡ ) https://hjxxpl.sthj.tj.gov. 39 Chongqing Branch of Great Wall Motor Company Limited Chongqing enterprise environmental information disclosure system according to law http://219.152.238.198:20041/eps/index/enterprise-search 40 Pinghu Branch of Great Wall Motor Company Limited Zhejiang enterprise environmental information disclosure system according to law https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-search 41 NOBO Automotive Rubber & Plastic (Anhui) Co., Ltd. ( ፕ௹ ӛԓዖ෧ (τᏏ)ʮ̡ ) Anhui enterprise environmental information disclosure system according to law https://39.145.37.16:8081/zhhb/yfplpub_html/#/home 42 Rizhao Weipai Automobile Co., Ltd. (ʮ̡ ) Shandong enterprise environmental information disclosure system according to law http://221.214.62.226:8090/EnvironmentDisclosure/
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Interim Report 2026 I 93 Corporate Governance, Environmental and Society No. Name of the Company or subsidiaries Inquiry index of reports on legal disclosure of environmental information 43 NOBO Automotive Parts (Rizhao) Co., Ltd. ( ፕ௹ӛԓཧ (˚)ʮ̡ ) It was included in the List of Enterprises for Legal Disclosure of Environmental Information in 2026, and therefore it has not made disclosure temporarily in accordance with laws Note: Baoding Production Branch of HONEYCOMB Transmission Systems (Jiangsu) Co., Ltd. was deregistered on 26 December 2025. Other descriptions ½ Applicable √ Not applicable V. DETAILED INFORMATION ON INITIATIVES INCLUDING CONSOLIDATION AND EXPANSION OF ACHIEVEMENTS IN POVERTY ALLEVIATION AND RURAL VITALIZATION ½ Applicable √ Not applicable
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Interim Report 2026 I 94 SECTION 5 SIGNIFICANT EVENTS I. PERFORMANCE OF UNDERTAKINGS (I) Undertakings of the de facto controller, shareholders, related parties, acquiring parties of the Company and the Company and other parties involved during the Reporting Period or subsisting to the Reporting Period √ Applicable ½ Not applicable Background of undertakings Type of undertakings Undertaking party Description of undertakings Date of undertakings Any time frame for performance (yes/no) Duration of undertakings Strict and timely performance (yes/no) Specific reasons for failure to perform timely Next step taken due to failure to perform timely Undertakings relating to the initial public offering Resolving related party transactions Great Wall Motor Company Limited Since 1 January 2012, Great Wall Motor Company Limited (ӛԓ ʮ̡ ) has ceased to enter into any transactions relating to automotive parts and components with Hebei Baoding Tai Hang Group Company Limited (˄Б பʮ̡ ) and Baoding Tai Hang Pump Manufacturing Company Limited (ݿ ʮ̡ ). From 1 January 2012, permanent No From 1 January 2012, permanent Yes / /
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Interim Report 2026 I 95 Significant Events Background of undertakings Type of undertakings Undertaking party Description of undertakings Date of undertakings Any time frame for performance (yes/no) Duration of undertakings Strict and timely performance (yes/no) Specific reasons for failure to perform timely Next step taken due to failure to perform timely Resolving business competition in the same industry Baoding Innovation Great Wall Asset Management Company Limited (֛ڭ ༟ପ ʮ̡ ) 1. Baoding Innovation Great Wall From Asset Management Company Limited (௴อ ʮ̡ ) is not directly or indirectly engaged in any Competing Business. 2. As long as Baoding Innovation Great Wall Asset Management Company Limited (௴ ʮ̡ ) remains a related party that has control over Great Wall Motor Company Limited (ӛԓ ʮ̡ ), its directly or indirectly controlled subsidiaries would not in any way, directly or indirectly, engage in any existing or potential Competing Business. 3. Subject to the same conditions, Great Wall Motor Company Limited (ʮ ̡) shall have the right of first refusal on the investment or other business opportunities relating to Competing Businesses that Baoding Innovation Great Wall Asset Management Company Limited (ʮ ̡) will pursue or may get in the future. From 10 December 2010, permanent No From 10 December 2010, permanent Yes / /
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Interim Report 2026 I 96 Significant Events Background of undertakings Type of undertakings Undertaking party Description of undertakings Date of undertakings Any time frame for performance (yes/no) Duration of undertakings Strict and timely performance (yes/no) Specific reasons for failure to perform timely Next step taken due to failure to perform timely Resolving business competition in the same industry Wei Jian Jun 1. The subsidiaries directly or indirectly controlled by Mr. Wei Jian Jun are not directly or indirectly engaged in any Competing Business. 2. As long as Mr. Wei Jian Jun remains a related party who has control over Great Wall Motor Company Limited, the subsidiaries directly or indirectly controlled by him would not in any way, directly or indirectly, engage in any existing or potential Competing Business. 3. Subject to the same conditions, Great Wall Motor Company Limited shall have the right of first refusal on the investment or other business opportunities relating to the Competing Businesses that the subsidiaries directly or indirectly controlled by Mr. Wei Jian Jun will pursue or may get in the future. From 10 December 2010, permanent No From 10 December 2010, permanent Yes / /
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Interim Report 2026 I 97 Significant Events Background of undertakings Type of undertakings Undertaking party Description of undertakings Date of undertakings Any time frame for performance (yes/no) Duration of undertakings Strict and timely performance (yes/no) Specific reasons for failure to perform timely Next step taken due to failure to perform timely Undertakings relating to refinancing Others Baoding Innovation Great Wall Asset Management Company Limited (֛ڭ ༟ପ ʮ̡ ), Wei Jian Jun 1. Undertake to exercise its rights as a shareholder in accordance with the relevant laws, regulations and the relevant provisions of the Articles of Association of the Company, not to interfere with the Company ’s operation or management activities beyond its authority, and not to infringe on the Company ’s interests. 2. Undertake to effectively perform relevant compensation recovery measures developed by Great Wall Motor and any undertaking made by the undertaking party thereon in relation to the compensation recovery measures. If the undertaking party violates such undertakings and consequently causes any loss to Great Wall Motor or any investor, the undertaking party is willing to assume relevant legal liabilities to Great Wall Motor or the investor. 3. If China Securities Regulatory Commission (the “ CSRC ” ) puts forth new regulatory requirements on compensation recovery measures or the relevant undertakings in the period from the date of these undertakings to the completion of the public issuance of A Share convertible corporate bonds, and the undertakings above cannot meet such new regulatory requirements of the CSRC, the undertaking party undertakes to make additional undertakings in accordance with the latest requirements of the CSRC. From 6 November 2020, permanent No From 6 November 2020, permanent Yes / /
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Interim Report 2026 I 98 Significant Events Background of undertakings Type of undertakings Undertaking party Description of undertakings Date of undertakings Any time frame for performance (yes/no) Duration of undertakings Strict and timely performance (yes/no) Specific reasons for failure to perform timely Next step taken due to failure to perform timely Others All directors and senior management 1. Undertake to perform my duties as a director and/or a senior management of the Company and uphold the legitimate rights and interests of the Company and all shareholders of the Company faithfully and diligently. 2. Undertake not to convey any benefits to other entities or individuals for free or under unfair terms or otherwise jeopardise the interests of the Company. 3. Undertake to limit my spending when performing my duties as a director and/or a senior management. 4. Undertake not to use the assets of the Company in making investments or expenditures other than in relation to the performance of my duties. 5. Within the duties and scope of lawful authorisation, I undertake to fully procure that the remuneration system formulated by the Board or the remuneration committee under the Board will correspond to the implementation of the recovery measures of the Company, and I will vote in favour of the relevant proposals considered by the Board and at the shareholders ’ general meeting (if voting rights are applicable). From 6 November 2020, permanent No From 6 November 2020, permanent Yes / /
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Interim Report 2026 I 99 Significant Events Background of undertakings Type of undertakings Undertaking party Description of undertakings Date of undertakings Any time frame for performance (yes/no) Duration of undertakings Strict and timely performance (yes/no) Specific reasons for failure to perform timely Next step taken due to failure to perform timely 6. If the Company adopts any share incentive scheme in the future, within my duties and scope of my lawful authorisation, I undertake to fully procure that the conditions for the exercise of the right of the share incentive scheme will correspond to the implementation of the recovery measures of the Company, and I will vote in favour of the relevant proposals considered by the Board and at the shareholders ’ general meetings (if voting rights are applicable). 7 . From the date of this undertaking letter to the completion of implementation of the Public Issuance of Convertible Corporate Bonds of the Company, if the CSRC promulgates other new regulatory provisions on the recovery measures and the relevant undertakings, and the above undertakings cannot satisfy such new regulatory provisions as promulgated by the CSRC, I undertake to issue supplementary undertakings then according to the latest stipulations of the CSRC.
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Interim Report 2026 I 100 Significant Events Background of undertakings Type of undertakings Undertaking party Description of undertakings Date of undertakings Any time frame for performance (yes/no) Duration of undertakings Strict and timely performance (yes/no) Specific reasons for failure to perform timely Next step taken due to failure to perform timely 8. Undertake to fully execute the relevant recovery measures formulated by the Company and each undertaking I made in relation to recovery measures. If I breach such undertakings and cause any loss to the Company or investors, I am willing to bear the relevant legal responsibility to the Company or investors in accordance with the laws. II. NON-OPERATING FUNDS OCCUPIED BY CONTROLLING SHAREHOLDERS AND OTHER RELATED PARTIES DURING THE REPORTING PERIOD ½ Applicable √ Not applicable III. ILLEGAL GUARANTEES ½ Applicable √ Not applicable
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Interim Report 2026 I 101 Significant Events IV. AUDIT FOR THE INTERIM REPORT ½ Applicable √ Not applicable V. CHANGES AND REMEDIES FOR MATTERS SUBJECT TO NON-STANDARD AUDIT OPINIONS IN LAST YEAR’S ANNUAL REPORT ½ Applicable √ Not applicable VI. BANKRUPTCY AND RESTRUCTURING ½ Applicable √ Not applicable VII. MATERIAL LITIGATIONS AND ARBITRATIONS ½ The Company had material litigations and arbitrations during the Reporting Period √ The Company had no material litigations and arbitrations during the Reporting Period VIII. ALLEGED VIOLATION OF LAWS AND REGULATIONS AND PUNISHMENT AND CORRECTION OF THE LISTED COMPANY AND ITS DIRECTORS, SENIOR MANAGEMENT, CONTROLLING SHAREHOLDERS AND DE FACTO CONTROLLER ½ Applicable √ Not applicable
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Interim Report 2026 I 102 Significant Events IX. INTEGRITY OF THE COMPANY, ITS CONTROLLING SHAREHOLDERS AND DE FACTO CONTROLLER DURING THE REPORTING PERIOD ½ Applicable √ Not applicable X. MATERIAL RELATED PARTY TRANSACTIONS (I) Related party transactions relating to daily operations 1. Matters disclosed in preliminary announcements without subsequent development or changes ½ Applicable √ Not applicable 2. Matters disclosed in preliminary announcements with subsequent development or changes √ Applicable ½ Not applicable (1) The Group and Baoding Great Wall Holdings Company Limited (including companies controlled directly or indirectly by it and other companies in which the de facto controllers of Great Wall Holdings serve as directors or controlled by such persons) The Company (for itself and on behalf of its subsidiaries) entered into a framework agreement (the “Framework Agreement”) with Mr. Wei Jian Jun (for himself and on behalf of his associates) on 31 October 2024, in relation to certain continuing connected transactions under the Hong Kong Listing Rules, including (i) purchase of products by the Group from Mr. Wei Jian Jun and his associates; (ii) sales of products by the Group to Mr. Wei Jian Jun and his associates; (iii) leasing (long-term) by the Group from Mr. Wei Jian Jun and his associates; (iv) leasing (short- term) by the Group from Mr. Wei Jian Jun and his associates; (v) purchase of services by the Group from Mr. Wei Jian Jun and his associates; (vi) provision of services by the Group to Mr. Wei Jian Jun and his associates, which was considered and approved at the extraordinary general meeting held by the Company on 17 January 2025. For specific terms of the framework agreement, please refer to the announcement titled continuing connected transactions on the website of the Hong Kong Stock Exchange (https://www.hkex.com.hk) and the Company ’s official website (https://www.gwm.com.cn) published by the Company on 31 October 2024. The Company entered into the Framework Agreement with Mr. Wei Jian Jun on 31 October 2024, pursuant to which the Company estimated the amount of ordinary related party transactions with Mr. Wei Jian Jun and companies directly or indirectly controlled by him, as well as the companies in which he serves as a director ( “Mr. Wei Jian Jun and his related companies ”) from 2025 to 2027 under the SSE Listing Rules. The Resolution on the 2025-2027 Proposed Ordinary Related Party Transactions was considered and approved at the 27th meeting of the eighth session of the Board and was considered and approved at the 2025 first extraordinary general meeting held by the Company on 17 January 2025. On 29 December 2025, the Company entered into supplementary agreement I to the framework agreement with Mr. Wei Jian Jun (the “Supplementary Agreement I ”). The Resolution on Adjusting the Caps on the Ordinary Related Party (Connected) Transactions in respect of the Leasing (Long-term) for the Year 2026 was considered and approved at the 45th meeting of the eighth session of the Board.
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Interim Report 2026 I 103 Significant Events On 27 March 2026, the Company held the 48th meeting of the eighth session of the Board, at which the implementation of the A Share and H Share related party (connected) transactions of the Company for the year 2025 was considered and approved. On 28 April 2026, pursuant to the Framework Agreement and Supplementary Agreement I, the Resolution on the 2026 Proposed Ordinary Related Party Transactions was considered and approved at the 52nd meeting of the eighth session of the Board and was considered and approved at the 2025 annual general meeting held by the Company on 26 June 2026. As at 30 June 2026, the implementation of the ordinary related party (connected) transactions between the Group and Baoding Great Wall Holdings Company Limited (including companies controlled directly or indirectly by it and other companies in which the de facto controllers of Great Wall Holdings serve as directors or controlled by such persons) from January to June 2026 is set out below: Currency: RMB Unit: 0 ’000 Yuan Type Estimated cap for 2026 Actual amount from January to June 2026 Purchase of products 1,194,954.00 478,164.28 Sales of products 80,452.00 6,967.30 Purchase of services 17,456.00 3,905.20 Leasing (short-term) 41,267.00 18,262.38 Leasing (long-term) 119,000.00 54,124.90 The total amount of the ordinary related party (connected) transactions between the Group and Baoding Great Wall Holdings Company Limited (including companies controlled directly or indirectly by it and other companies in which the de facto controllers of Great Wall Holdings serve as directors or controlled by such persons) from January to June 2026 did not exceed the estimated cap for 2026. Transactions of provision of leases and provision of services have been exempted from complying with the reporting, annual review, announcement and independent shareholders’ approval requirements under Chapter 14A of the Hong Kong Listing Rules. Note: Mr. Wei Jian Jun is the Chairman and the de facto controller of the Company. Transactions between the Group and Mr. Wei Jian Jun and his associates constitute connected transactions under the Hong Kong Listing Rules. Transactions between the Group and Mr. Wei Jian Jun and companies directly or indirectly controlled by him, as well as the companies in which Mr. Wei Jian Jun serves as a director, constitute the related party transactions under the Listing Rules of the Shanghai Stock Exchange.
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Interim Report 2026 I 104 Significant Events (2) The Group and Spotlight Automotive On 12 June 2020, the Company entered into the framework agreement on related party transactions with Spotlight Automotive, pursuant to which the Group estimated the amount of ordinary related party transactions with Spotlight Automotive, which was considered and approved at the second extraordinary general meeting of 2020 of the Company held on 10 July 2020. On 23 January 2022, the Company entered into the amended agreement I to the framework agreement on related party transactions with Spotlight Automotive, which was considered and approved at the first extraordinary general meeting of 2022 of the Company held on 18 March 2022. On 29 March 2022, the Company entered into the amended agreement II to the framework agreement on related party transactions with Spotlight Automotive, which was considered and approved at the thirty-fourth meeting of the seventh session of the Board of the Company. On 30 December 2022, the Company entered into the amended agreement III to the framework agreement on related party transactions with Spotlight Automotive, which was considered and approved at the first extraordinary general meeting of 2023 held on 8 February 2023. On 29 December 2023, the Company entered into the amended agreement IV to the framework agreement on related party transactions with Spotlight Automotive, which was considered and approved at the first extraordinary general meeting of 2024 held on 26 January 2024. On 31 December 2024, the Company entered into the amended agreement V to the framework agreement on related party transactions with Spotlight Automotive, which was considered and approved at the second extraordinary general meeting of 2025 held on 24 January 2025. On 29 December 2025, the Company entered into the amended agreement VI to the framework agreement on related party transactions with Spotlight Automotive, which was considered and approved at the first extraordinary general meeting of 2026 held on 21 January 2026. On 27 March 2026, the Company held the 48th meeting of the eighth session of the Board, at which the implementation of the A Share and H Share related party (connected) transactions of the Company for the year 2025 was considered and approved.
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Interim Report 2026 I 105 Significant Events As of 30 June 2026, the related party transactions between the Group and Spotlight Automotive are as follows: 1. The Group sold products to Spotlight Automotive. The actual amount of related party transactions was RMB693.0066 million. 2. The Group provided services to Spotlight Automotive. The actual amount of related party transactions was RMB80.2865 million. 3. The Group received services from Spotlight Automotive. The actual amount of related party transactions was RMB30.2745 million. 4. The Group purchased products from Spotlight Automotive. The actual amount of related party transactions was RMB0.3236 million. The total amount of the ordinary related party transactions between the Group and Spotlight Automotive from January to June 2026 did not exceed the estimated cap for 2026. Note: Spotlight Automotive is a related party under the Listing Rules of the Shanghai Stock Exchange. Accordingly, the relevant transactions between the Company and Spotlight Automotive constitute related party transactions under the Listing Rules of the Shanghai Stock Exchange but do not constitute connected transactions under the Hong Kong Listing Rules. For details of other matters of ordinary related party transactions of the Company, please refer to Note (XII) Related Parties and Transactions in the financial report in this report. 3. Matters undisclosed in preliminary announcements ½ Applicable √ Not applicable (II) Related party transactions relating to the acquisition of assets or the acquisition or disposal of equity interests 1. Matters disclosed in preliminary announcements without subsequent development or changes ½ Applicable √ Not applicable 2. Matters disclosed in preliminary announcements with subsequent development or changes ½ Applicable √ Not applicable 3. Matters undisclosed in preliminary announcements ½ Applicable √ Not applicable 4. Disclosure about the realization of contracted performance within the Reporting Period ½ Applicable √ Not applicable
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Interim Report 2026 I 106 Significant Events (III) Material related party transactions in respect of joint external investments 1. Matters disclosed in preliminary announcements without subsequent development or changes ½ Applicable √ Not applicable 2. Matters disclosed in preliminary announcements with subsequent development or changes ½ Applicable √ Not applicable 3. Matters undisclosed in preliminary announcements ½ Applicable √ Not applicable (IV) Amounts due to or from related parties 1. Matters disclosed in preliminary announcements without subsequent development or changes ½ Applicable √ Not applicable 2. Matters disclosed in preliminary announcements with subsequent development or changes ½ Applicable √ Not applicable 3. Matters undisclosed in preliminary announcements ½ Applicable √ Not applicable (V) Financial business between the Company and its related financial companies, and between financial companies controlled by the Company and related parties ½ Applicable √ Not applicable (VI) Other material related party transactions ½ Applicable √ Not applicable (VII) Others ½ Applicable √ Not applicable Except for the related party transactions between the Group and Hebei Baocang Expressway Co. Ltd. (৷ ʮ̡) and between the Group and Spotlight Automotive, the related party transactions set out in Note (XII) to the financial statements all constitute connected transactions and continuing connected transactions in accordance with Hong Kong Listing Rules. The Company has complied with relevant requirements under Chapter 14A of the Hong Kong Listing Rules, completed relevant approval, disclosure procedures or has been exempted from complying with the reporting, annual review, announcement and independent shareholders ’ approval requirements under Chapter 14A of the Hong Kong Listing Rules.
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Interim Report 2026 I 107 Significant Events XI. MATERIAL CONTRACTS AND PERFORMANCE THEREOF (I) Trust, contracting and leasing ½ Applicable √ Not applicable (II) Material guarantees performed during or outstanding as at the end of the Reporting Period √ Applicable ½ Not applicable Unit: Yuan Currency: RMB External guarantees provided by the Company (excluding those provided to its subsidiaries) Total guarantee amount incurred during the Reporting Period (excluding guarantees provided to subsidiaries) 0 Total guarantee balance as at the end of the Reporting Period (A) (excluding guarantees provided to subsidiaries) 0 Guarantees provided by the Company to its subsidiaries Total guarantee amount incurred to subsidiaries during the Reporting Period 3,823,364,246.84 Total guarantee balance to subsidiaries as at the end of the Reporting Period (B) 5,832,707,758.68 Total guarantees provided by the Company (including guarantees provided to its subsidiaries) Total guarantee amount (A+B) 5,832,707,758.68 Total guarantee amount as a percentage of the net asset value of the Company (%) 6.67 Of which: Amount of guarantees provided to shareholders, the de facto controller and their related parties (C) 0 Amount of debt guarantees provided directly or indirectly to parties with a gearing ratio exceeding 70% (D) 2,835,780,138.76 Total guarantee amount in excess of 50% of net asset value (E) 0 Total guarantee amount of the above three items (C+D+E) 2,835,780,138.76 Statement on the contingent joint liability in connection with unexpired guarantees None Details of guarantees See notes
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Interim Report 2026 I 108 Significant Events Notes: As of 30 June 2026, the guarantee balances provided by the Company or its controlled subsidiaries to its controlled subsidiaries are set out as follows: Currency: RMB Unit: Yuan No. Guaranteed parties Balance of guarantees 1 HWA Ding International Co., Ltd. (ʮ̡ ) and Billion Sunny Development Limited 1,566,507,000.00 2 Nobo Automotive Systems Czech Republic s.r.o. (ʮ̡ ) 22,470,220.30 3 Great Wall Motor Manufacturing (Thailand) Co., Ltd. (ʮ̡) 428,912,808.16 4 Great Wall Motor Manufacturing (Thailand) Co., Ltd. (ʮ̡) and Great Wall Motor Sales (Thailand Sales) Co., Ltd. (ʮ̡) 619,881,129.88 5 Hycet Engine System (Thailand) Company Limited (ʮ̡), Mind Automotive Parts (Thailand) Co., Ltd. (ʮ̡), Exquisite Automotive Parts (Thailand) Co., Ltd. (ʮ̡) and Nobo Automotive Systems (Thailand) Co., Ltd. (ʮ̡) 605,584,036.27 6 NOBO Automotive Parts (Shenyang) Co., Ltd. (ʮ̡) 114,000,000.00 7 Russia Haval Automobile Manufacturing Co., Ltd. (பʮ̡ ) 1,765,334.13 8 Baoding Xushui Optoelectronics Branch of Mind Electronics Company Limited ( ਟᅃཥɿཥኜ ˥Έཥʱʮ̡ ) 3,000,000.00 9 Performance guarantees for supply business (note 1) 850,000,000.00 10 Guarantees for asset pooling business (note 2) 1,620,587,229.94 Note 1: Guaranteed parties involved in the “performance guarantees for supply business ” include a total of 15 companies including subsidiaries and their branches, namely Rizhao Weipai Automobile Co., Ltd. (ʮ̡ ), Chongqing Yongchuan District Great Wall Auto Parts Co., Ltd. (ʮ̡ ), Jingcheng Engineering Automotive Systems Co., Ltd. (ʮ̡ ), Baoding Xushui Jinggong Chassis Branch of Jingcheng Engineering Automotive Systems Co., Ltd. (ᆵʱʮ̡ ), Jingcheng Engineering Automotive Parts (Jingmen) Co., Ltd. (ʮ̡), Jingcheng Engineering Automotive Parts (Chongqing) Co., Ltd. (ʮ̡), Jingcheng Engineering Auto Parts (Taizhou) Co., Ltd. (ʮ̡), Jingcheng Engineering Auto Parts (Rizhao) Co., Ltd. ( ၚ༐ʈ ʮ̡), Daye Branch of Jingcheng Engineering Automotive Systems Co., Ltd. (ӛԓӻ ʮ̡ɽзʱʮ̡ ), Jingcheng Engineering Automotive Systems (Pinghu) Co., Ltd. (ʮ ̡), Jingcheng Engineering Automotive Parts (Zhangjiagang) Co., Ltd. (ʮ̡), Baoding Xushui Precision Punching and Welding Branch of Jingcheng Engineering Automotive Systems Co., Ltd. (ӛԓ ˥ၚʈәଔʱʮ̡ ), Great Wall Baoding Huabei Automotive Company Limited (ശ̏ӛԓϞ பʮ̡ ), Great Wall New Energy Commercial Vehicle Co., Ltd. (ʮ̡ ) and Hebei Changzheng Automobile Manufacturing Co., Ltd. (ʮ̡ ). Note 2: The Company and its controlled subsidiaries, based on actual business development and financing needs, engaged in asset pooling business with creditworthy domestic commercial banks. The accumulated current balance of asset pool business carried out by the Company in 2026 did not exceed RMB24 billion. To enhance the utilization efficiency of the asset pool, the Company will provide asset pledge guarantees for its subsidiaries within the anticipated quota of the asset pooling business. (III) Other material contracts ½ Applicable √ Not applicable XII. EXPLANATION ON PROGRESS IN USE OF PROCEEDS ½ Applicable √ Not applicable XIII. OTHER SIGNIFICANT EVENTS ½ Applicable √ Not applicable
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Interim Report 2026 I 109 SECTION 6 CHANGES IN SHARES AND SHAREHOLDERS I. CHANGES IN SHARE CAPITAL (I) Table of changes in shares 1. Table of changes in shares Unit: share(s) Before this change Increase/decrease for this change (+, -) After this change Number of shares Percentage (%) Newly issued shares Bonus shares Shares converted from capital reserve Others Subtotal Number of shares Percentage (%) I. Shares with selling restrictions 29,852,900 0.35 0 0 0 -15,375,907 -15,375,907 14,476,993 0.17 1. State-owned shares 0 0 0 0 0 0 0 0 0 2. State-owned legal person shares 0 0 0 0 0 0 0 0 0 3. Other domestic shares 29,852,900 0.35 0 0 0 -15,375,907 -15,375,907 14,476,993 0.17 Including: Domestic non-state-owned legal persons shares 0 0 0 0 0 0 0 0 0 Domestic natural person shares 29,852,900 0.35 0 0 0 -15,375,907 -15,375,907 14,476,993 0.17 4. Foreign shares 0 0 0 0 0 0 0 0 0 Including: Overseas legal person shares 0 0 0 0 0 0 0 0 0 Overseas natural person shares 0 0 0 0 0 0 0 0 0 II. Tradable shares without selling restrictions 8,528,019,187 99.65 0 0 0 10,920,491 10,920,491 8,538,939,678 99.83 1. Ordinary shares denominated in RMB 6,209,243,187 72.55 0 0 0 10,920,491 10,920,491 6,220,163,678 72.72 2. Domestic listed foreign shares 0 0 0 0 0 0 0 0 0 3. Overseas listed foreign shares 2,318,776,000 27.10 0 0 0 0 0 2,318,776,000 27.11 4. Others 0 0 0 0 0 0 0 0 0 III. Total number of shares 8,557,872,087 100 0 0 0 -4,455,416 -4,455,416 8,553,416,671 100 2. Explanation for changes in shares √ Applicable ½ Not applicable
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Interim Report 2026 I 110 Changes in Shares and Shareholders (1) Repurchase and cancellation of restricted A Shares During the Reporting Period, the Company repurchased its restricted A Shares from the Shanghai Stock Exchange and completed cancellation procedures through the Shanghai Branch of China Securities Depository and Clearing Corporation Limited. On 31 March 2026, the Company convened the 49th meeting of the 8th session of the Board, at which the Resolution 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 was considered and approved. Pursuant to the relevant provisions of the Management Measures for Long-term Incentive Mechanism of Great Wall Motor Company Limited and the 2023 Restricted Share Incentive Schem of Great Wall Motor Company Limited (hereinafter referred to as the “2023 Restricted Share Incentive Schem ”), the total number of restricted shares repurchased and cancelled by the Company under the first grant and the reserved grant was 3,584,281 shares and 871,464 shares, respectively, with a total amount of funds used of RMB56,804,146.22. The repurchase price of restricted shares under the first grant and the reserved grant was RMB12.86 per share and RMB12.29 per share, respectively, plus the interest for bank deposits for the same period (based on the benchmark deposit interest rate published by the People ’s Bank of China for the same period) in accordance with the provisions of the 2023 Restricted Share Incentive Scheme. The aforesaid restricted shares were cancelled on 2 June 2026, resulting in a decrease of 4,455,745 restricted A Shares of the Company. (2) Unlocking of restricted A Shares On 4 June 2026, the Company held the 53rd meeting of the eighth session of the Board, at which the Resolution on the Achievement of the Unlocking Conditions of the Second Tranche of Restricted Shares under the First Grant and the First Tranche of Restricted Shares under the Reserved Grant of the 2023 Restricted Share Incentive Scheme of the Company was considered and approved. Pursuant to the relevant provisions of the 2023 Restricted Share Incentive Scheme, the unlocking conditions of the second tranche of restricted shares under the first grant and the first tranche of restricted shares under the reserved grant of the 2023 Restricted Share Incentive Scheme of the Company have been fulfilled, and 9,182,237 restricted shares under the first grant and 1,737,925 restricted shares under the reserved grant are eligible for the lifting of restrictions, respectively. The above shares were tradable on the Shanghai Stock Exchange on 16 June 2026, resulting in a decrease of 10,920,162 restricted A Shares and an increase of 10,920,162 tradable A Shares. (3) Conversion of the Company ’s convertible bonds into shares As approved by the CSRC through the Approval of the Public Issuance of Convertible Corporate Bonds by Great Wall Motor Company Limited (Zheng Jian Xu Ke [2021] No. 1353), the Company publicly issued 35,000,000 convertible corporate bonds at a par value of RMB100 each, totalling RMB3.5 billion, on 10 June 2021. The bonds were listed on the Shanghai Stock Exchange from 8 July 2021. The convertible bonds publicly issued by the Company can be converted during the period from 17 December 2021 to 9 June 2027. From 1 January 2026 to 30 June 2026, “Great Wall Motor Convertible Bonds ” totalling RMB13,000 have been converted into 329 shares of the Company, resulting in an increase of 329 tradable A Shares of the Company.
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Interim Report 2026 I 111 Changes in Shares and Shareholders 3. Impact of changes in shares on financial indicators such as earnings per share and net assets per share after the Reporting Period until the date of the interim report (if any) √ Applicable ½ Not applicable Changes in the Company ’s shares in the Reporting Period have no significant impact on financial indicators such as earnings per share and net assets per share in the latest year and the latest period. 4. Other discloseable information considered as necessary by the Company or required by securities regulatory authorities ½ Applicable √ Not applicable (II) Changes in shares with selling restrictions √ Applicable ½ Not applicable Unit: share(s) Name of shareholder Number of shares with selling restrictions at the beginning of the period Number of shares with selling restrictions released during the Reporting Period Increase in the number of shares with selling restrictions during the Reporting Period Number of shares with selling restrictions cancelled during the Reporting Period Number of shares with selling restrictions at the end of the Reporting Period Reason for the selling restriction Date of release of the selling restriction Holders of restricted shares under the first grant of the 2023 Restricted Share Incentive Scheme 24,798,900 9,182,237 0 -3,584,281 12,032,382 Share incentive 16 June 2026 Holders of restricted shares under the reserved grant of the 2023 Restricted Share Incentive Scheme 5,054,000 1,737,925 0 -871,464 2,444,611 Share incentive 16 June 2026 Total 29,852,900 10,920,162 0 -4,455,745 14,476,993 / / II. SHAREHOLDERS (I) Total number of shareholders: Total number of ordinary shareholders as at the end of the Reporting Period (person) 170,096 Total number of holders of preference shares with restored voting rights as at the end of the Reporting Period (person) N/A
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Interim Report 2026 I 112 Changes in Shares and Shareholders (II) Table of shareholding of the top 10 shareholders and the top 10 shareholders of tradable shares or shares without selling restrictions as at the end of the Reporting Period Unit: share Shareholding of the top 10 shareholders (excluding the shares lent through refinancing) Increase/ decrease during the Reporting Period Number of shares held at the end of the period Number of shares held with selling restrictions Pledged, marked or frozen Name of shareholder (full name) Percentage (%) Condition of shares Number Type of shareholder Baoding Innovation Great Wall Asset Management Company Limited (ʮ̡ ) 0 5,115,000,000 (A Shares) 59.80 0 (A Share) Pledged 617,000,000 (A Shares) Domestic non- state-owned legal person HKSCC NOMINEES LIMITED (ಥʕ̯ഐၑ (˾ଣɛ)ࠢ ʮ̡) 241,500 2,305,334,261 (H Shares) 26.95 – Unknown – Overseas legal person China Securities Finance Corporation Limited ( ʕᗇՎ ʮ̡ ) -124,643,368 72,245,721 (A Shares) 0.84 0 (A Share) Unknown – State-owned legal person National Social Security Fund Portfolio 103 (ਿ ɓཧɧଡ଼Υ ) – 57,000,000 (A Shares) 0.67 0 (A Share) Unknown – Other Zhongtai Securities Co., Ltd. – ChinaAMC CNI Free Cash Flow Exchange Traded Open-End Index Securities Investment Fund (ʮ̡Ñ ږ) 38,019,960 50,972,850 (A Shares) 0.60 0 (A Share) Unknown – Other HONG KONG SECURITIES CLEARING COMPANY LIMITED (ʮ̡ ) -14,524,157 36,528,778 (A Shares) 0.43 0 (A Share) Unknown – Overseas legal person GF Securities Co., Ltd. – Cathay FTSE China A-Share Free Cash Flow Focus Traded Open-End Index Securities Investment Fund (ʮ̡Ñ ʕ A ᅰ ږ) 21,044,616 21,044,616 (A Shares) 0.25 0 (A Share) Unknown – Other Agricultural Bank of China Co., Ltd. – E Fund Consumer Industry Equity Securities Investment Fund (ۨ ږ) 26,210,832 16,394,832 (A Shares) 0.19 0 (A Share) Unknown – Other Guosen Securities Co., Ltd. – Southern CSI All Share Free Cash Flow Exchange Traded Open-End Index Fund (І͟ତ ږ) 12,869,279 15,616,459 (A Shares) 0.18 0 (A Share) Unknown – Other Huatai Securities Co., Ltd. – DaCheng CSI All Share Free Cash Flow Exchange Traded Open-End Index Fund (І͟ତ ږ) 12,050,234 15,281,634 (A Shares) 0.18 0 (A Share) Unknown – Other
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Interim Report 2026 I 113 Changes in Shares and Shareholders 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 Number 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 NOMINEES LIMITED (ಥʕ̯ഐၑ (˾ଣɛ) ʮ̡ ) 2,305,334,261 (H Shares) Overseas listed foreign shares 2,305,334,261 (H Shares) China Securities Finance Corporation Limited ( ʕ ΅Ϟʮ̡ ) 72,245,721 (A Shares) RMB-denominated ordinary shares 72,245,721 (A Shares) National Social Security Fund Portfolio 103 (ٟ ɓཧɧଡ଼Υ ) 57,000,000 (A Shares) RMB-denominated ordinary shares 57,000,000 (A Shares) Zhongtai Securities Co., Ltd. – ChinaAMC CNI Free Cash Flow Exchange Traded Open-End Index Securities Investment Fund (ʮ ᅰᗇՎҳ ږ) 50,972,850 (A Shares) RMB-denominated ordinary shares 50,972,850 (A Shares) HONG KONG SECURITIES CLEARING COMPANY LIMITED (ʮ̡ ) 36,528,778 (A Shares) RMB-denominated ordinary shares 36,528,778 (A Shares) GF Securities Co., Ltd. – Cathay FTSE China A-Share Free Cash Flow Focus Traded Open-End Index Securities Investment Fund (ʮ ʕ A׳ ږ) 21,044,616 (A Shares) RMB-denominated ordinary shares 21,044,616 (A Shares) Agricultural Bank of China Co., Ltd. – E Fund Consumer Industry Equity Securities Investment Fund (˙༺ऊ൬Б ږ) 16,394,832 (A Shares) RMB-denominated ordinary shares 16,394,832 (A Shares) Guosen Securities Co., Ltd. – Southern CSI All Share Free Cash Flow Exchange Traded Open-End Index Fund (І͟ ږ) 15,616,459 (A Shares) RMB-denominated ordinary shares 15,616,459 (A Shares) Huatai Securities Co., Ltd. – DaCheng CSI All Share Free Cash Flow Exchange Traded Open-End Index Fund (І͟ ږ) 15,281,634 (A Shares) RMB-denominated ordinary shares 15,281,634 (A Shares) Description of specific accounts for repurchase of the top 10 shareholders N/A The explanation of above shareholders ’ proxy voting right, entrusted voting right and abandonment of voting right N/A
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Interim Report 2026 I 114 Changes in Shares and Shareholders 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 Number Description of the related party relationship or acting in concert 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 the other shareholders mentioned above. Description of the shareholders holding preference shares with restored voting rights and their shareholding N/A Shares lent by shareholders holding more than 5% of the shares, the top 10 shareholders, and the top 10 shareholders holding tradable shares without selling restrictions due to their participation in the refinancing business ½ Applicable √ Not applicable Changes from the previous period due to the lending/return of shares by the top 10 shareholders and the top 10 shareholders holding tradable shares without selling restrictions for refinancing purposes ½ Applicable √ Not applicable Number of shares held by the top 10 shareholders holding shares with selling restrictions and the terms of restrictions ½ Applicable √ Not applicable
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Interim Report 2026 I 115 Changes in Shares and Shareholders Shares Held by Substantial Shareholders (SFO Requirements) So far as the directors and chief executives of the Company are aware, as at 30 June 2026, the following shareholders (excluding the directors and chief executives of the Company) had interests or short positions in any shares and underlying shares of the Company which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO, or to be recorded in the register required to be kept under Section 336 of the SFO: Name Capacity/nature of interest Number of shares Approximate percentage of A Shares (%) Approximate percentage of H Shares (%) Approximate percentage of the total number of shares (%) Baoding Innovation Great Wall Asset Management Company Limited (ʮ̡ ) (Note 1) Beneficial owner 5,115,000,000 (L) (A Shares) 82.04 – 59.80 Management Centre of Collective Assets of Nandayuan Town, Lianchi District, Baoding (ɽඊණ༟ପ၍ʕː ) (Note 2) Interests in controlled companies 5,115,000,000 (L) (A Shares) 82.04 – 59.80 Baoding Great Wall Holdings Company Limited (ʮ̡ ) (Note 3) Interests in controlled companies 5,152,998,500 (L) (A Shares and H Shares) – – 60.24 5,115,000,000 (L) (A Shares) 82.04 – 59.80 37,998,500 (L) (H Shares) – 1.64 0.44 Beijing Lvzhi Chaowan Technology Co., Ltd. (ʮ̡ ) (Note 4) Interests in controlled companies 5,152,998,500 (L) (A Shares and H Shares) – – 60.24 5,115,000,000 (L) (A Shares) 82.04 – 59.80 37,998,500 (L) (H Shares) – 1.64 0.44 Han Xue Juan (Note 5) Interests of spouse 5,152,998,500 (L) (A Shares and H Shares) – – 60.24 BlackRock, Inc. Interests in controlled companies 181,000,904 (L) (H Shares) – 7.81(L) 2.12 (L) denotes a long position in shares of the Company (S) denotes a short position in shares of the Company
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Interim Report 2026 I 116 Changes in Shares and Shareholders Notes: (1) Baoding Innovation Great Wall Asset Management Company Limited (ʮ̡ ) (formerly known as Baoding Woerte Management Consultant Company Limited (ʮ̡ )) was established on 1 December 2005. Its place of incorporation is Baoding, Hebei Province, the PRC. Its business scope covers investments in manufacturing, real estate and horticulture industries, as well as corporate planning; management consultancies; mechanical equipment leasing; non-residential real estate leasing; office equipment rental services; transport equipment rental services; computer and communication equipment leasing; and production line management services (operations that require pre-approvals according to laws and administrative regulations or as prescribed by the State Council can only be conducted after obtaining approvals). As at 30 June 2026, 62.854%, 0.125%, 0.001% and 37.02% equity interest in Baoding Innovation Great Wall Asset Management Company Limited (ʮ̡ ) were held by Baoding Great Wall Holdings Company Limited (છ ʮ̡ ), Mr. Wei Jian Jun, Ms. Han Xue Juan and Management Centre of Collective Assets of Nandayuan Town, Lianchi District, Baoding (ɽඊණ༟ପ၍ʕː ), respectively, while 58.2%, 0.6% and 41.2% equity interest in Baoding Great Wall Holdings Company Limited (ʮ̡ ) were held by Mr. Wei Jian Jun, Ms. Han Xue Juan and Beijing Lvzhi Chaowan Technology Co., Ltd. (ʮ̡ ), whose equity interest was held by Mr. Wei Jian Jun and Ms. Han Xue Juan as to 99% and 1%, respectively. Therefore, Baoding Innovation Great Wall Asset Management Company Limited (௴ ʮ̡ ) is controlled by Baoding Great Wall Holdings Company Limited (ʮ̡ ), which is in turn controlled by Mr. Wei Jian Jun, and Mr. Wei Jian Jun is deemed to be interested in all the shares of the Company held by Baoding Innovation Great Wall Asset Management Company Limited (ʮ̡ ) for the purposes of the SFO. (2) Management Centre of Collective Assets of Nandayuan Town, Lianchi District, Baoding (ɽඊණ༟ପ၍ʕː ) was formerly known as Management Centre of Collective Assets of Nandayuan Town, Nanshi District, Baoding (ɽ ඊණ༟ପ၍ʕː ). As at 30 June 2026, Management Centre of Collective Assets of Nandayuan Town, Lianchi District, Baoding (ɽඊණ༟ପ၍ʕː ) held 37.02% equity interest in Baoding Innovation Great Wall Asset Management Company Limited (ʮ̡ ), and therefore is deemed to be interested in all the shares of the Company held by Baoding Innovation Great Wall Asset Management Company Limited (ʮ̡ ) for the purposes of the SFO. (3) As at 30 June 2026, Baoding Great Wall Holdings Company Limited (ʮ̡ ) held 62.854% equity interest in Baoding Innovation Great Wall Asset Management Company Limited (ʮ̡ ), and therefore is deemed to be interested in all the shares of the Company held by Baoding Innovation Great Wall Asset Management Company Limited (௴ ʮ̡ ) for the purposes of the SFO. At the same time, Baoding Great Wall Holdings Company Limited (ڗ ʮ̡ ) was interested in 37,998,500 H Shares. (4) As at 30 June 2026, Beijing Lvzhi Chaowan Technology Co., Ltd. (ʮ̡ ) held 41.2% equity interest in Baoding Great Wall Holdings Company Limited (ʮ̡ ), which in turn held 62.854% equity interest in Baoding Innovation Great Wall Asset Management Company Limited (ʮ̡ ), and therefore is deemed to be interested in all the shares of the Company held by Baoding Great Wall Holdings Company Limited (ʮ ̡) and Baoding Innovation Great Wall Asset Management Company Limited (ʮ̡ ) for the purposes of the SFO. (5) As at 30 June 2026, Ms. Han Xue Juan held 0.001% equity interest in Baoding Innovation Great Wall Asset Management Company Limited (ʮ̡ ), 0.6% equity interest in Baoding Great Wall Holdings Company Limited (ٰ ʮ̡ ) and 1% equity interest in Beijing Lvzhi Chaowan Technology Co., Ltd. (ʮ̡ ). Ms. Han Xue Juan is the spouse of Mr. Wei Jian Jun, and therefore is deemed to be interested in all the shares of the Company in which Mr. Wei Jian Jun is interested for the purposes of the SFO. Save as disclosed above, so far as the directors and chief executives of the Company are aware, as at 30 June 2026, no other person (excluding the directors and chief executives of the Company) had interests or short positions in the shares or underlying shares of the Company which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO, or to be recorded in the register required to be kept under Section 336 of the SFO.
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Interim Report 2026 I 117 Changes in Shares and Shareholders Directors ’ and chief executives ’ interests in securities As at 30 June 2026, the interests and short positions of each of the directors and chief executives of the Company in the shares, underlying shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO), which were required to be notified to the Company and the Hong Kong Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including the interests and short positions which they were taken or deemed to have under such provisions of the SFO), or to be recorded in the register required to be kept as referred to in Section 352 of the SFO (including the interests and short positions which they were taken or deemed to have under such provisions of the SFO) or otherwise to be notified to the Company and the Hong Kong Stock Exchange pursuant to the Model Code as set out in Appendix C3 to the Hong Kong Listing Rules, are set out as follows: Name of director/chief executive Capacity/nature of interest Number of shares Approximate Percentage of A Shares (%) Approximate percentage of H Shares (%) Approximate percentage of the total number of shares Mr. Wei Jian Jun (Note 1) Interests in controlled companies 5,115,000,000 (L) (A Shares) 82.04 – 59.80 Mr. Wei Jian Jun (Note 1) Interests in controlled companies 37,998,500 (L) (H Shares) – 1.64 0.44 Total 5,152,998,500 (L) (A Shares and H Shares) – – 60.24 Mr. Zhao Guo Qing (Note 2) Beneficial owner 1,793,500 (L) (A Shares) 0.03 – 0.02 Ms. Li Hong Shuan (Note 3) Beneficial owner and interests of spouse 876,802 (L) (A Shares) 0.01 – 0.01 Ms. Zhao Gai (Note 4) Beneficial owner 9,500 (L) (A Shares) 0.00 – 0.00 Ms. Lu Cai Juan (Note 5) Beneficial owner 50,045 (L) (A Shares) 0.00 – 0.00 Mr. Mu Feng (Note 6) Beneficial owner 2,358,268 (L) (A Shares) 0.04 – 0.03 (L) denotes a long position in shares of the Company Notes: (1) As at 30 June 2026, Baoding Innovation Great Wall Asset Management Company Limited (ʮ̡ ) was controlled by Baoding Great Wall Holdings Company Limited (ʮ̡ ), which was in turn controlled by Mr. Wei Jian Jun. Accordingly, pursuant to the SFO, Mr. Wei Jian Jun is deemed to be interested in 5,115,000,000 A Shares held by Baoding Innovation Great Wall Asset Management Company Limited (ʮ̡ ) and 37,998,500 H Shares held by Baoding Great Wall Holdings Company Limited (ʮ̡ ). (2) As at 30 June 2026, Mr. Zhao Guo Qing directly held 1,434,606 A Shares of the Company. He was allocated share entitlements under the 2023 Second ESOP of the Company that were not unlocked, i.e. 180,000 A Shares, and was allocated 3.6 million units under the 2025 ESOP, with each unit valued at RMB1, which will be settled either in kind (shares) or in cash upon future vesting. 178,894 shares were allocated to Mr. Zhao Guo Qing in proportion to the units. Accordingly, pursuant to the SFO, Mr. Zhao Guo Qing is deemed to be interested in 1,793,500 A Shares of the Company.
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Interim Report 2026 I 118 Changes in Shares and Shareholders (3) As at 30 June 2026, Ms. Li Hong Shuan directly held 531,440 A Shares of the Company. She was allocated share entitlements under the 2023 Second ESOP of the Company that were not unlocked, i.e. 144,000 A Shares, and was allocated 2.4 million units under the 2025 ESOP, with each unit valued at RMB1. 119,262 shares were allocated to Ms. Li Hong Shuan in proportion to the units and her spouse Mr. Wang Xiao Zu held 82,100 A Shares of the Company. Accordingly, pursuant to the SFO, Ms. Li Hong Shuan is deemed to be interested in 876,802 A Shares of the Company. (4) Ms. Zhao Gai was appointed as an employee director of the Company on 26 June 2026. As of 30 June 2026, Ms. Zhao Gai held 9,500 A shares of the Company. Accordingly, pursuant to the SFO, Ms. Zhao Gai is deemed to be interested in 9,500 A Shares of the Company. (5) The term of office of Ms. Lu Cai Juan expired on 26 June 2026 and she ceased to serve as an employee director of the Company. As of 30 June 2026, Ms. Lu Cai Juan held 34,557 A Shares of the Company and was allocated share entitlements under the 2023 Second ESOP of the Company that were not unlocked, i.e. 15,488 A Shares. Accordingly, pursuant to the SFO, Ms. Lu Cai Juan is deemed to be interested in 50,045 A Shares of the Company. (6) As at 30 June 2026, Mr. Mu held 1,940,112 A Shares of the Company and was allocated 6.0 million units under the 2025 ESOP, with each unit valued at RMB1. 298,156 shares were allocated to Mr. Mu in proportion to the units and Mr. Mu was allocated share entitlements under the 2023 Second ESOP of the Company that were not unlocked, i.e. 120,000 A Shares. Accordingly, pursuant to the SFO, Mr. Mu is deemed to be interested in 2,358,268 A Shares of the Company. Save as disclosed above, so far as the directors of the Company are aware, as at 30 June 2026, none of the directors or chief executives of the Company had any interests or short positions in any shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO), which were required to be notified to the Company and the Hong Kong Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including the interests or short positions which they were taken or deemed to have under such provisions of the SFO), or to be recorded in the register required to be kept as referred to in Section 352 of the SFO or otherwise to be notified to the Company and the Hong Kong Stock Exchange pursuant to the Model Code. (III) Strategic investor or general legal person becoming top ten shareholders as a result of placing of new shares ½ Applicable √ Not applicable
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Interim Report 2026 I 119 Changes in Shares and Shareholders III. DIRECTORS AND SENIOR MANAGEMENT (I) Changes in the shareholding of current and resigned directors and senior management during the Reporting Period √ Applicable ½ Not applicable Unit: share(s) Name Position Number of shares held at the beginning of the period Number of shares held at the end of the period Increase/ decrease in shares during the Reporting Period Reasons for such changes Zhao Guo Qing Vice chairman and deputy general manager 1,275,000 1,434,606 159,606 Implementation of share incentives Li Hong Shuan Executive Director and chief financial officer 403,755 531,440 127,685 Implementation of share incentives Lu Cai Juan Employee Director (Resigned on 26 June 2026) 26,045 34,557 8,512 Implementation of share incentives Zhao Gai Employee Director (Appointed on 26 June 2026) 9,500 9,500 0 Others Mu Feng General Manager 1,860,900 1,940,112 79,212 Implementation of share incentives Note: Ms. Yuan Yuan was appointed as the Secretary to the Board and joint company secretary on 24 July 2026. As of the disclosure date of the interim report, Ms. Yuan Yuan held 261,213 A Shares of the Company.
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Interim Report 2026 I 120 Changes in Shares and Shareholders Other explanation ½ Applicable √ Not applicable (II) Stock options granted to directors and senior management during the Reporting Period ½ Applicable √ Not applicable Note: On 26 June 2026, the Company granted 202,000 restricted A Shares to Ms. Yuan Yuan, which had been registered on 6 August 2026. Ms. Yuan Yuan was appointed as the Secretary to the Board and joint company secretary on 24 July 2026. (III) Other Explanations ½ Applicable √ Not applicable IV. CHANGES IN CONTROLLING SHAREHOLDERS AND DE FACTO CONTROLLERS ½ Applicable √ Not applicable V. DESCRIPTION OF PREFERENCE SHARES ½ Applicable √ Not applicable
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Interim Report 2026 I 121 SECTION 7 DESCRIPTION OF CORPORATE BONDS I. CORPORATE BONDS, INCLUDING COMPANY BONDS, AND DEBT FINANCING INSTRUMENTS OF NON-FINANCIAL ENTERPRISES ½ Applicable √ Not applicable II. CONVERTIBLE CORPORATE BONDS √ Applicable ½ Not applicable (I) Issuance of convertible bonds The Company held the 9th meeting of the seventh session of the Board on 6 November 2020, at which the Resolution on Issuance of A Share Convertible Corporate Bonds was considered and approved. Proceeds raised from the proposed issuance of A share convertible corporate bonds will be used for the new models R&D project and the GDC project to enhance the competitiveness of the principal business of the Company. The A share convertible corporate bonds and the A shares to be converted into will be listed on the Shanghai Stock Exchange and the total proceeds raised therefrom will not exceed RMB8 billion (RMB8 billion inclusive). The A share convertible corporate bonds will be issued at par value of RMB100 each. The Company held the 2020 fourth extraordinary general meeting, the 2020 third H Shareholders ’ class meeting and the 2020 third A Shareholders ’ class meeting on 18 December 2020, at which the aforementioned proposed issuance of A share convertible corporate bonds was considered and approved. The Company held the 14th meeting of the seventh session of the Board on 12 March 2021, at which the revised issuance plan of the aforementioned proposed issuance of A share convertible corporate bonds was considered and approved. The total amount of the convertible bonds proposed to be issued was revised to not exceed RMB3.5 billion (RMB3.5 billion inclusive). The actual amount of the proceeds raised shall be determined by the Board of the Company or its authorised persons within the above range, subject to the authorisation by the shareholders at the shareholders ’ general meetings of the Company. All of the proceeds are proposed to be used for the following projects after deduction of issuance expenses: Unit: 0’000 Yuan Project name Total project investment Amount of proceeds raised to be invested New models R&D project 630,970.81 350,000.00 GDC project 798,002.54 0.00 Total 1,428,973.35 350,000.00
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Interim Report 2026 I 122 Description of Corporate Bonds As approved by the CSRC through the Approval (Zheng Jian Xu Ke [2021] No. 1353), the Company publicly issued 35,000,000 A share convertible corporate bonds on 10 June 2021 at a par value of RMB100 each, totaling RMB3.5 billion with a term of 6 years. The convertible bonds issued can be converted during the period from 17 December 2021 to 9 June 2027. The initial conversion price of the convertible corporate bonds is RMB38.39 per share. As approved by the Self-regulation Decision [2021] No. 287 of the Shanghai Stock Exchange, the convertible corporate bonds of RMB3.5 billion were listed and traded on the Shanghai Stock Exchange from 8 July 2021 with the abbreviation of “Great Wall Motor Convertible Bonds ” and stock code of “113049”, and the closing price on 8 July 2021 was RMB142.07 each. The total amount of proceeds raised was RMB3.5 billion, and the actual net proceeds raised were RMB3,487,972,641.51. The utilised proceeds have been used in line with the purposes previously disclosed. As at 30 June 2026, the proceeds had been fully utilised as planned, and the special account of the Company for the proceeds had been de-registered. Holders of the Company ’s A share convertible corporate bonds are natural persons holding accounts with Shanghai Branch of China Securities Depository and Clearing Corporation Limited, legal persons, securities investment funds and other investors in compliance with legal requirements. (II) Holders and guarantors of convertible bonds during the Reporting Period Name of convertible corporate bonds GWM Convertible Bonds Number of holders of convertible bonds at the end of period 7,303 Guarantors of convertible bonds of the Company Nil Significant changes in the profitability, assets and credit status of the guarantors Nil The top ten convertible bond holders are as follows: Name of holders of convertible corporate bonds Convertible bonds held as at the end of the period (RMB) Proportion (%) Special account for pledged bond repurchase under the securities depository and clearing system (Industrial and Commercial Bank of China) (ਖ਼͜ሪ˒ (ʕʈਠვБ )) 342,236,000 9.79 China Merchants Bank Co., Ltd. – Bosera CSI Convertible Bonds and Exchangeable Bond Exchange Traded Open-End Index Securities Investment Fund (ʕᗇ̙ᔷවʿ̙ʹ ږ324,995,000 9.30 Special account for pledged bond repurchase under the securities depository and clearing system (China Merchants Bank Co., Ltd.) (ਖ਼͜ሪ˒ (ʮ̡ )) 220,077,000 6.30 Special account for pledged bond repurchase under the securities depository and clearing system (Bank of China) ( ೮াഐၑӻ୕වՎ ਖ਼͜ሪ˒ (ʕვБ )) 129,241,000 3.70
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Interim Report 2026 I 123 Description of Corporate Bonds Name of holders of convertible corporate bonds Convertible bonds held as at the end of the period (RMB) Proportion (%) Huatai Yousheng Convertible Bond Fixed Income Pension Product – China Merchants Bank Co., Ltd. (ቮϼ ʮ̡ ) 117,331,000 3.36 Special account for pledged bond repurchase under the securities depository and clearing system (Guosen Securities Co., Ltd.) ( ೮া ਖ਼͜ሪ˒ (ʮ̡ )) 109,873,000 3.14 CITIC Securities Company Limited – HFT SSE Investment-grade Convertible Bond and Exchangeable Bond Exchange-traded Open- ended Index Securities Investment Fund (ʮ̡Ñ ᅰᗇՎҳ༟ ږ97,403,000 2.79 Bank of China Limited – Invesco Great Wall Stable Income Bond Securities Investment Fund (֛ ږ96,929,000 2.77 Industrial and Commercial Bank of China Limited – Huafu Enhanced Income Bond Securities Investment Fund (ʮ ږ78,043,000 2.23 China Credit Trust Co., Ltd. – China Credit Trust – Ririsheng No. 2 Collective Fund Trust Plan (ৄÑ˚ ˚ʺ 2 ྌ ) 73,458,000 2.10 (III) Changes in convertible bonds during the Reporting Period Unit: Yuan Currency: RMB Name of convertible corporate bond Before this change Increase/decrease for this change After this changeConversion Redemption Buyback GWM Convertible Bonds 3,495,052,000.00 13,000 0 0 3,495,039,000.00
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Interim Report 2026 I 124 Description of Corporate Bonds (IV) Cumulative conversion of convertible bonds to shares during the Reporting Period Name of convertible corporate bond GWM Convertible Bonds Amount of conversion during the Reporting Period (RMB) 13,000 Number of conversion shares during the Reporting Period (share) 329 Cumulative conversion shares (share) 130,056 Percentage of cumulative conversion shares to total issued shares of the Company before conversion (%) 0.0014 Amount of shares not converted (RMB) 3,495,039,000.00 Ratio of convertible bonds not converted to total issued convertible bonds (%) 99.8583 (V) Previous adjustments to conversion price Unit: Yuan Currency: RMB Name of convertible corporate bond Great Wall Motor Convertible Bonds Adjustment date of conversion price Conversion price after adjustment Disclosure date Disclosure media Description on conversion price adjustment 10 September 2021 38.30 9 September 2021 Shanghai Stock Exchange www.sse.com.cn; Hong Kong Stock Exchange www.hkexnews.hk Repurchase and cancellation of certain restricted shares under the first grant of 2020 Equity Incentive Scheme; the independent exercise of the first exercise period of share options under the first grant of the 2020 Equity Incentive Scheme; the completion of registration for the grant of restricted shares of the 2021 Equity Incentive Scheme 21 October 2021 38.00 14 October 2021 Shanghai Stock Exchange www.sse.com.cn; Hong Kong Stock Exchange www.hkexnews.hk The independent exercise of the first exercise period of share options under the first grant of the 2020 Equity Incentive Scheme; the implementation of 2021 interim equity distribution 11 November 2021 38.01 10 November 2021 Shanghai Stock Exchange www.sse.com.cn; Hong Kong Stock Exchange www.hkexnews.hk The independent exercise of the first exercise period of share options under the first grant of the 2020 Equity Incentive Scheme; repurchase and cancellation of certain restricted shares under the first grant and reserved grant of 2020 Equity Incentive Scheme
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Interim Report 2026 I 125 Description of Corporate Bonds Adjustment date of conversion price Conversion price after adjustment Disclosure date Disclosure media Description on conversion price adjustment 20 May 2022 37.89 13 May 2022 Shanghai Stock Exchange www.sse.com.cn; Hong Kong Stock Exchange www.hkexnews.hk The independent exercise of the first exercise period of share options under the first grant of the 2020 Equity Incentive Scheme; repurchase and cancellation of certain restricted shares under the first grant of 2020 Equity Incentive Scheme; the independent exercise of second exercise period of share options under the first grant and first exercise period of share options under the reserved grant of the 2020 Equity Incentive Scheme; the implementation of 2021 annual equity distribution 27 June 2022 37.84 23 June 2022 Shanghai Stock Exchange www.sse.com.cn; Hong Kong Stock Exchange www.hkexnews.hk The independent exercise of second exercise period of share options under the first grant and first exercise period of share options under the reserved grant of the 2020 Equity Incentive Scheme; the completion of registration for the grant of reserved restricted shares of the 2021 Equity Incentive Scheme 22 July 2022 38.00 20 July 2022 Shanghai Stock Exchange www.sse.com.cn; Hong Kong Stock Exchange www.hkexnews.hk The independent exercise of second exercise period of share options under the first grant and first exercise period of share options under the reserved grant of the 2020 Equity Incentive Scheme; the completion of cancellation of H Shares repurchased in June 2022; the repurchase and cancellation of certain restricted shares under the first grant of 2020 Equity Incentive Scheme; the repurchase and cancellation of certain restricted shares under the first grant of 2021 Restricted Share Incentive Scheme
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Interim Report 2026 I 126 Description of Corporate Bonds Adjustment date of conversion price Conversion price after adjustment Disclosure date Disclosure media Description on conversion price adjustment 15 August 2022 38.14 11 August 2022 Shanghai Stock Exchange www.sse.com.cn; Hong Kong Stock Exchange www.hkexnews.hk The completion of cancellation of H Shares repurchased in July 2022; the independent exercise of second exercise period of share options under the first grant and first exercise period of share options under the reserved grant of the 2020 Equity Incentive Scheme 28 December 2022 39.47 26 December 2022 Shanghai Stock Exchange www.sse.com.cn; Hong Kong Stock Exchange www.hkexnews.hk The independent exercise of second exercise period of share options under the first grant of the 2020 Equity Incentive Scheme, first exercise period of share options under the reserved grant of the 2020 Equity Incentive Scheme and first exercise period of share options under the first grant of the 2021 Share Option Incentive Scheme; repurchase and cancellation of certain restricted shares under the first grant of 2021 Restricted Share Incentive Scheme; the completion of cancellation of H Shares repurchased since September 2022 12 January 2023 39.76 10 January 2023 Shanghai Stock Exchange www.sse.com.cn; Hong Kong Stock Exchange www.hkexnews.hk The independent exercise of second exercise period of share options under the first grant of the 2020 Equity Incentive Scheme, first exercise period of share options under the reserved grant of the 2020 Equity Incentive Scheme and first exercise period of share options under the first grant of the 2021 Share Option Incentive Scheme; the completion of cancellation of H Shares repurchased from 15 December 2022 to 22 December 2022
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Interim Report 2026 I 127 Description of Corporate Bonds Adjustment date of conversion price Conversion price after adjustment Disclosure date Disclosure media Description on conversion price adjustment 14 March 2023 40.44 10 March 2023 Shanghai Stock Exchange www.sse.com.cn; Hong Kong Stock Exchange www.hkexnews.hk The independent exercise of second exercise period of share options under the first grant of the 2020 Equity Incentive Scheme, first exercise period of share options under the reserved grant of the 2020 Equity Incentive Scheme and first exercise period of share options under the first grant of the 2021 Share Option Incentive Scheme; the completion of repurchase and cancellation of certain restricted shares under the first grant and reserved grant of the 2020 Equity Incentive Scheme; the completion of repurchase and cancellation of certain restricted Shares under the first grant and reserved grant of the 2021 Restricted Share Incentive Scheme; the completion of cancellation of H Shares repurchased from 13 February 2023 to 24 February 2023 12 June 2023 40.40 8 June 2023 Shanghai Stock Exchange www.sse.com.cn; Hong Kong Stock Exchange www.hkexnews.hk The independent exercise of second exercise period of share options under the first grant of the 2020 Equity Incentive Scheme, first exercise period of share options under the first grant of the 2021 Share Option Incentive Scheme, third exercise period of share options under the first grant of the 2020 Equity Incentive Scheme and second exercise period of share options under the reserved grant of the 2020 Equity Incentive Scheme; the completion of repurchase and cancellation of certain restricted shares under the first grant and reserved grant of the 2020 Equity Incentive Scheme; the completion of repurchase and cancellation of certain restricted Shares under the first grant and reserved grant of the 2021 Restricted Share Incentive Scheme
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Interim Report 2026 I 128 Description of Corporate Bonds Adjustment date of conversion price Conversion price after adjustment Disclosure date Disclosure media Description on conversion price adjustment 13 July 2023 40.09 6 July 2023 Shanghai Stock Exchange www.sse.com.cn; Hong Kong Stock Exchange www.hkexnews.hk The independent exercise of the first exercise period of share options under the first grant of the 2021 Share Option Incentive Scheme, third exercise period of share options under the first grant of the 2020 Equity Incentive Scheme and second exercise period of share options under the reserved grant of the 2020 Equity Incentive Scheme; the implementation of 2022 annual equity distribution 11 October 2023 40.08 9 October 2023 Shanghai Stock Exchange www.sse.com.cn; Hong Kong Stock Exchange www.hkexnews.hk The independent exercise of first exercise period of share options under the first grant of the 2021 Share Option Incentive Scheme, third exercise period of share options under the first grant of the 2020 Equity Incentive Scheme and second exercise period of share options under the reserved grant of the 2020 Equity Incentive Scheme 23 February 2024 39.93 21 February 2024 Shanghai Stock Exchange www.sse.com.cn; Hong Kong Stock Exchange www.hkexnews.hk The independent exercise of third exercise period of share options under the first grant of the 2020 Equity Incentive Scheme and second exercise period of share options under the reserved grant of the 2020 Equity Incentive Scheme, the completion of repurchase and cancellation of certain restricted shares under the first grant and reserved grant of the 2021 Restricted Share Incentive Scheme, the completion of registration for restricted shares under the first grant of the 2023 Restricted Share Incentive Scheme 23 May 2024 39.94 21 May 2024 Shanghai Stock Exchange www.sse.com.cn; Hong Kong Stock Exchange www.hkexnews.hk The independent exercise of the third exercise period of share options under the first grant of the 2020 Equity Incentive Scheme; the completion of repurchase and cancellation of certain restricted shares under the first grant and reserved grant of 2021 Restricted Share Incentive Scheme
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Interim Report 2026 I 129 Description of Corporate Bonds Adjustment date of conversion price Conversion price after adjustment Disclosure date Disclosure media Description on conversion price adjustment 12 June 2024 39.64 4 June 2024 Shanghai Stock Exchange www.sse.com.cn; Hong Kong Stock Exchange www.hkexnews.hk The implementation of 2023 annual equity distribution 6 January 2025 39.62 2 January 2025 Shanghai Stock Exchange www.sse.com.cn; Hong Kong Stock Exchange www.hkexnews.hk The completion of repurchase and cancellation of certain restricted shares under the first grant and reserved grant of the 2021 Restricted Share Incentive Scheme; the completion of repurchase and cancellation of certain restricted shares under the first grant of the 2023 Restricted Share Incentive Scheme; the independent exercise of second exercise period of share options under the reserved grant of the 2021 Share Option Incentive Scheme; the independent exercise of third exercise period of share options under the first grant of the 2021 Share Option Incentive Scheme 27 February 2025 39.60 25 February 2025 Shanghai Stock Exchange www.sse.com.cn; Hong Kong Stock Exchange www.hkexnews.hk The independent exercise of second exercise period of share options under the reserved grant of the 2021 Share Option Incentive Scheme; the independent exercise of third exercise period of share options under the first grant of the 2021 Share Option Incentive Scheme; the completion of registration for the grant of reserved restricted shares under the 2023 Restricted Share Incentive Scheme
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Interim Report 2026 I 130 Description of Corporate Bonds Adjustment date of conversion price Conversion price after adjustment Disclosure date Disclosure media Description on conversion price adjustment 17 April 2025 39.61 15 April 2025 Shanghai Stock Exchange www.sse.com.cn; Hong Kong Stock Exchange www.hkexnews.hk The independent exercise of second exercise period of share options under the reserved grant of the 2021 Share Option Incentive Scheme; the independent exercise of third exercise period of share options under the first grant of the 2021 Share Option Incentive Scheme; the completion of repurchase and cancellation of certain restricted shares under the first grant of the 2023 Restricted Share Incentive Scheme 16 July 2025 39.16 9 July 2025 Shanghai Stock Exchange www.sse.com.cn; Hong Kong Stock Exchange www.hkexnews.hk The implementation of 2024 annual equity distribution; the independent exercise of second exercise period of share options under the reserved grant of the 2021 Share Option Incentive Scheme; the independent exercise of third exercise period of share options under the first grant of the 2021 Share Option Incentive Scheme; the independent exercise of first exercise period of share options under the first grant of the 2023 Share Option Incentive Scheme; the completion of repurchase and cancellation of certain restricted shares under the first grant of the 2023 Restricted Share Incentive Scheme
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Interim Report 2026 I 131 Description of Corporate Bonds Adjustment date of conversion price Conversion price after adjustment Disclosure date Disclosure media Description on conversion price adjustment 5 June 2026 39.18 3 June 2026 Shanghai Stock Exchange www.sse.com.cn; Hong Kong Stock Exchange www.hkexnews.hk The independent exercise of first exercise period of share options under the first grant of the 2023 Share Option Incentive Scheme; the completion of repurchase and cancellation of certain restricted shares under the first grant and reserved grant of the 2023 Restricted Share Incentive Scheme 13 July 2026 38.83 6 July 2026 Shanghai Stock Exchange www.sse.com.cn; Hong Kong Stock Exchange www.hkexnews.hk Implementation of 2025 annual equity distribution 11 August 2026 38.72 7 August 2026 Shanghai Stock Exchange www.sse.com.cn; Hong Kong Stock Exchange www.hkexnews.hk Completion of registration for the 2026 Restricted Share Incentive Scheme 25 August 2026 38.74 21 August 2026 Shanghai Stock Exchange www.sse.com.cn; Hong Kong Stock Exchange www.hkexnews.hk Completion of repurchase and cancellation of certain shares under the 2023 ESOP Latest conversion price as at the end of the Reporting Period 39.18 (VI) Information on the Company ’s liability and credit changes as well as the cash arrangement for future annual debt repayment According to the 2026 Follow-up Credit Rating Report of Great Wall Motor Company Limited issued by China Chengxin International Credit Rating Co., Ltd. (பʮ̡ ) on 25 May 2026, the Company’s issuer credit rating is AAA with stable rating outlook, and the credit rating of GWM Convertible Bonds is also AAA. As of 30 June 2026, the total liabilities of the Company were RMB142.597 billion, and the gearing ratio was 62.00%. The Company maintains an excellent issuer credit rating and sound solvency indicators. Meanwhile, the Company generates stable profitability and has desirable development prospects with strong solvency and risk aversion to ensure the capital requirements for repaying the principal and interest of the current tranche of convertible corporate bonds. (VII) Other information of convertible bonds Nil
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Interim Report 2026 I 132 SECTION 8 FINANCIAL REPORT (UNAUDITED) REVIEW REPORT De Shi Bao (X) Zi (26) No. R00042 (Page 1 of 1) TO THE SHAREHOLDERS OF GREAT WALL MOTOR COMPANY LIMITED: We have reviewed the accompanying financial statements of Great Wall Motor Company Limited (the “Company ”), which comprise the consolidated and the Company ’s balance sheets as at 30 June 2026, and the consolidated and the Company ’s income statements, the consolidated and the Company ’s cash flow statements and the consolidated and the Company ’s statements of changes in shareholders ’ equity for the six months then ended, and the notes to the financial statements. The management is responsible for the preparation of these financial statements. Our responsibility is to issue a review report on these financial statements based on our review. We conducted our review in accordance with “Chinese Certified Public Accountants Review Standards No. 2101-Review of Financial Statements ”. The standards require us to plan and perform review procedures, and accordingly obtain limited assurance about whether the financial statements are free from material misstatements. A review is limited primarily to procedures as enquiry of the Company ’s personnel and analytical review procedures applied to the financial information and thus provides less assurance than an audit. We have not performed an audit, and therefore we do not express an audit opinion. Based on our review, nothing has come to our attention that causes us to believe that the above financial statements are not prepared, in all material aspects, in accordance with the requirements of “Accounting Standards for Business Enterprises ”, and cannot present fairly, in all material respects, the consolidated and the Company ’s financial positions as at 30 June 2026, and the consolidated and the Company ’s operating performance and cash flows for the six months then ended. Deloitte Touche Tohmatsu Certified Public Accountants LLP Chinese Certified Public Accountant: Shanghai, China Liu Yu Chinese Certified Public Accountant: Fu Wenting 25 August 2026 The review report and the accompanying financial statements are English translations of the Chinese review report and statutory financial statements prepared under accounting principles and practices generally accepted in the People ’s Republic of China. These financial statements are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles and practices generally accepted in other countries and jurisdictions. In case the English version does not conform to the Chinese version, the Chinese version prevails.
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Interim Report 2026 I 133 CONSOLIDATED BALANCE SHEET At 30 June 2026 RMB Item Notes 30/6/2026 (Unaudited) 31/12/2025 (Audited) Current Assets: Cash and bank balances VI.1 30,640,657,110.81 28,846,312,373.34 Held-for-trading financial assets VI.2 34,096,323,826.59 34,965,900,665.75 Derivative financial assets 129,455,102.70 4,609,095.24 Notes receivable VI.4 1,381,563,515.11 1,654,417,018.53 Accounts receivable VI.3 9,252,898,546.45 9,599,214,511.75 Financing with receivables VI.4 17,837,843,075.00 23,847,750,461.49 Prepayments VI.5 2,646,400,447.16 2,112,458,427.98 Other receivables VI.6 4,494,496,914.59 4,448,971,896.95 Inventories VI.7 33,801,691,468.17 26,147,992,041.55 Contract assets – 40,616,928.00 Non-current assets due within one year VI.9 1,491,389,333.01 1,514,822,655.26 Other current assets VI.8 4,795,459,770.01 4,464,149,535.67 Total Current Assets 140,568,179,109.60 137,647,215,611.51 Non-Current Assets: Long-term receivables VI.9 1,570,650,645.14 1,535,239,923.48 Long-term equity investments VI.10 12,584,028,092.87 12,222,010,879.85 Other equity instrument investments VI.11 1,369,243,150.54 1,396,820,410.69 Other non-current financial assets 300,574,089.66 306,492,679.28 Investment properties VI.12 376,184,307.12 407,747,456.98 Fixed assets VI.13 29,352,178,296.59 29,281,846,505.15 Construction in progress VI.14 5,620,712,941.79 5,760,111,830.40 Right-of-use assets VI.15 3,419,019,039.98 3,132,655,393.05 Intangible assets VI.16 11,801,812,180.47 12,234,838,813.07 Development expenditure VII.2 12,764,788,579.30 12,212,294,264.98 Goodwill 27,763,359.77 27,763,359.77 Long-term prepaid expenses 848,791,726.54 890,808,129.79 Deferred tax assets VI.17 7,912,893,855.39 6,913,115,470.15 Other non-current assets VI.18 1,473,002,729.50 1,318,912,154.90 Total Non-current Assets 89,421,642,994.66 87,640,657,271.54 TOTAL ASSETS 229,989,822,104.26 225,287,872,883.05 Current Liabilities: Short-term borrowings VI.19 5,770,479,144.18 6,531,885,229.35 Derivative financial liabilities 4,403,547.74 23,663,809.51 Notes payable VI.20 41,713,006,272.12 33,772,664,430.14 Accounts payable VI.21 39,357,237,992.58 45,874,099,847.63 Contract liabilities VI.22 14,604,837,594.14 13,157,259,156.48 Employee benefits payable VI.23 1,436,303,999.46 5,330,549,382.31 Taxes payable VI.24 10,282,609,505.88 5,835,261,636.84 Other payables VI.25 7,100,560,348.05 4,212,003,601.05 Non-current liabilities due within one year VI.26 6,675,351,417.41 3,195,316,934.39 Other current liabilities VI.27 9,552,908,810.29 8,282,816,965.83 Total Current Liabilities 136,497,698,631.85 126,215,520,993.53
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Interim Report 2026 I 134 Consolidated Balance Sheet At 30 June 2026 RMB Item Notes 30/6/2026 (Unaudited) 31/12/2025 (Audited) Non-current Liabilities: Long-term borrowings VI.19 13,145,267.38 1,068,504,304.42 Bonds payable VI.28 – 3,690,140,349.67 Lease liabilities VI.29 1,776,185,083.91 1,882,385,334.99 Deferred income VI.30 3,077,464,275.83 3,322,110,230.36 Deferred tax liabilities VI.17 1,059,542,390.43 1,043,218,553.65 Other non-current liabilities 172,881,934.78 173,951,639.20 Total Non-current Liabilities 6,099,218,952.33 11,180,310,412.29 TOTAL LIABILITIES 142,596,917,584.18 137,395,831,405.82 SHAREHOLDERS ’ EQUITY: Share capital VI.31 8,553,416,671.00 8,557,872,087.00 Other equity instruments VI.32 335,536,106.87 335,537,354.91 Capital reserve VI.33 3,944,560,984.38 3,925,995,330.37 Less: Treasury shares VI.34 471,231,693.51 530,360,387.47 Other comprehensive income VI.54 260,152,627.69 457,639,577.31 Special reserve 744,437,989.75 596,335,318.86 Surplus reserve VI.35 8,299,803,096.95 8,299,803,096.95 Undistributed profits VI.36 65,726,228,736.95 66,249,219,099.30 Total Equity Attributable to Shareholders of the Company 87,392,904,520.08 87,892,041,477.23 Minority Interests – – TOTAL SHAREHOLDERS ’ EQUITY 87,392,904,520.08 87,892,041,477.23 TOTAL LIABILITIES AND SHAREHOLDERS ’ EQUITY 229,989,822,104.26 225,287,872,883.05 The accompanying notes form part of the financial statements. The financial statements on pages 133 to 318 were signed by: Wei Jian Jun Li Hong Shuan Wang Hai Ping Legal Representative Chief Financial Officer Head of the Finance Section
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Interim Report 2026 I 135 BALANCE SHEET OF THE COMPANY At 30 June 2026 RMB Item Notes 30/6/2026 (Unaudited) 31/12/2025 (Audited) Current Assets: Cash and bank balances XVII.1 10,360,426,785.04 9,822,507,870.33 Held-for-trading financial assets 20,442,171,801.57 22,466,305,365.95 Derivative financial assets 19,874,993.45 – Notes receivable 1,288,180,945.59 1,662,959,995.66 Accounts receivable XVII.2 32,665,013,075.89 33,968,657,484.83 Financing with receivables 15,862,558,050.20 19,434,759,089.98 Prepayments 655,275,827.90 822,020,105.15 Other receivables XVII.3 11,998,186,614.56 8,277,401,227.43 Inventories 10,519,109,148.12 8,252,220,857.84 Contract assets – 39,424,894.00 Non-current assets due within one year 186,342,034.83 184,983,302.17 Other current assets 1,308,464,996.39 1,190,551,366.43 Total Current Assets 105,305,604,273.54 106,121,791,559.77 Non-Current Assets: Long-term receivables 184,047,514.48 182,500,384.45 Long-term equity investments XVII.4 32,674,533,759.52 32,511,381,601.56 Other equity instrument investments 7,700,000.00 7,700,000.00 Other non-current financial assets 225,981,242.29 230,453,476.85 Investment properties 2,607,364,254.14 2,483,859,887.42 Fixed assets 10,043,243,382.32 10,670,495,198.40 Construction in progress 2,847,237,101.47 2,567,031,151.47 Right-of-use assets 1,138,006,174.96 695,664,453.53 Intangible assets 7,637,743,386.30 8,186,890,361.37 Development expenditure 10,325,875,964.69 9,627,982,113.51 Long-term prepaid expenses 49,758,270.89 41,248,155.92 Deferred tax assets 3,544,664,578.43 3,101,454,441.94 Other non-current assets 498,744,433.16 540,754,685.16 Total Non-Current Assets 71,784,900,062.65 70,847,415,911.58 TOTAL ASSETS 177,090,504,336.19 176,969,207,471.35
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Interim Report 2026 I 136 Balance Sheet of the Company At 30 June 2026 RMB Item Notes 30/6/2026 (Unaudited) 31/12/2025 (Audited) Current Liabilities: Short-term borrowings 4,598,819,113.06 5,291,969,698.73 Derivative financial liability 32,080.15 – Notes payable 36,841,597,013.67 26,406,122,250.98 Accounts payable 45,565,123,061.62 56,642,916,313.51 Contract liabilities 8,975,410,592.67 8,466,656,388.37 Employee benefits payable 460,051,340.53 2,418,003,015.65 Taxes payable 569,071,474.72 763,436,125.11 Other payables 5,498,484,367.35 2,942,594,488.95 Non-current liabilities due within one year 5,225,268,536.69 1,671,034,747.75 Other current liabilities 3,406,959,477.11 3,444,421,972.08 Total Current Liabilities 111,140,817,057.57 108,047,155,001.13 Non-current Liabilities: Long-term borrowings – 919,204,304.34 Bonds payable – 3,611,216,759.81 Lease liabilities 668,336,741.92 557,925,354.43 Deferred income 2,013,450,450.81 2,130,682,088.10 Other non-current liabilities 147,429,630.59 143,851,131.01 Total Non-current Liabilities 2,829,216,823.32 7,362,879,637.69 TOTAL LIABILITIES 113,970,033,880.89 115,410,034,638.82 SHAREHOLDERS ’ EQUITY: Share capital 8,553,416,671.00 8,557,872,087.00 Other equity instruments 335,536,106.87 335,537,354.91 Capital reserve 3,883,068,805.09 3,863,860,497.68 Less: Treasury shares 471,231,693.51 530,360,387.47 Other comprehensive income (18,811,977.49) (37,524,988.51) Special reserve 276,758,078.36 218,790,137.88 Surplus reserve 3,986,429,439.50 3,986,429,439.50 Undistributed profits 46,575,305,025.48 45,164,568,691.54 TOTAL SHAREHOLDERS ’ EQUITY 63,120,470,455.30 61,559,172,832.53 TOTAL LIABILITIES AND SHAREHOLDERS ’ EQUITY 177,090,504,336.19 176,969,207,471.35
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Interim Report 2026 I 137 CONSOLIDATED INCOME STATEMENT For the period ended 30 June 2026 RMB Item Notes For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) I. Total operating revenue 102,101,430,542.57 92,334,633,193.51 Including: Operating revenue VI.37 102,101,430,542.57 92,334,633,193.51 Less: Total operating costs 99,974,198,782.38 88,506,893,718.65 Including: Operating costs VI.37 83,342,157,183.85 75,360,285,241.34 Taxes and levies VI.38 3,736,650,166.58 3,669,425,264.12 Selling expenses VI.39 5,997,857,500.65 5,035,544,588.74 Administrative expenses VI.40 2,049,648,378.97 1,893,915,435.38 Research and development expenses VI.41 4,567,684,187.10 4,239,366,891.75 Financial expenses VI.42 280,201,365.23 (1,691,643,702.68) Including: Interest expenses 345,242,216.87 369,174,410.21 Interest income 498,882,857.57 364,422,711.29 Add: Other income VI.43 478,064,270.65 2,999,420,550.24 Investment income VI.44 548,216,497.44 201,316,421.32 Including: In vestment income from joint ventures and associates 362,299,678.47 347,581,894.11 Gains from changes in fair values VI.45 232,971,843.19 60,013,129.98 Impairment losses on credit VI.46 (25,755,653.61) (31,158,272.03) Impairment losses on assets VI.47 (213,792,570.43) (227,019,371.23) Gains from disposal of assets VI.48 74,027,783.10 31,387,403.80 II. Operating profit 3,220,963,930.53 6,861,699,336.94 Add: Non-operating income VI.49 85,268,306.90 201,628,197.43 Less: Non-operating expenses VI.50 25,190,586.90 59,281,391.59 III. Total profit 3,281,041,650.53 7,004,046,142.78 Less: Income tax expenses VI.51 816,532,414.43 667,107,029.53 IV. Net profit VI.52 2,464,509,236.10 6,336,939,113.25 (I) Classification by going concern: Net profit under going concern 2,464,509,236.10 6,336,939,113.25 (II) Classification by attribution of ownership: 1. Net profit attributable to shareholders of the Company 2,464,509,236.10 6,336,939,113.25 2. Profit or loss attributable to minority interests – –
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Interim Report 2026 I 138 Consolidated Income Statement For the period ended 30 June 2026 RMB Item Notes For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) V. Net other comprehensive (expense) income after taxes VI.54 (197,486,949.62) 2,334,510,043.44 Net other comprehensive income attributable to shareholders of the Company after taxes (197,486,949.62) 2,334,510,043.44 (I) Other comprehensive income that cannot be reclassified into profit or loss in the future (26,201,710.32) 76,119,847.63 1. The change of re-measure of defined benefit plan – – 2. Changes in fair value of other equity instrument investments (26,201,710.32) 76,119,847.63 (II) Other comprehensive income that will be reclassified to profit or loss (171,285,239.30) 2,258,390,195.81 1. Translation difference of financial statements denominated in foreign currency (196,598,232.98) 2,171,348,269.61 2. Changes in fair value of financial assets classified as at fair value through other comprehensive income 25,312,993.68 87,041,926.20 Net other comprehensive income attributable to minority interests – – VI. Total comprehensive income 2,267,022,286.48 8,671,449,156.69 Total comprehensive income attributable to shareholders of the Company 2,267,022,286.48 8,671,449,156.69 Total comprehensive income attributable to minority interests – – VII. Earnings per share: (I) Basic earnings per share VI.53 0.29 0.74 (II) Diluted earnings per share VI.53 0.29 0.74
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Interim Report 2026 I 139 INCOME STATEMENT OF THE COMPANY For the period ended 30 June 2026 RMB Item Notes For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) I. Operating revenue XVII.5 87,846,444,818.85 85,180,447,788.18 Less: Operating costs XVII.5 80,744,904,613.29 77,120,111,457.76 Taxes and levies 2,681,621,760.94 3,034,337,658.36 Selling expenses 2,168,121,370.75 2,136,932,575.11 Administrative expenses 908,628,340.51 836,227,137.87 Research and development expenses 3,073,485,013.80 2,696,248,285.00 Financial expenses 74,990,023.26 (103,407,901.67) Including: Interest expenses 102,992,828.23 170,007,926.60 Interest income 104,614,225.45 133,753,462.95 Add: Other income 283,367,590.18 486,491,747.23 Investment income XVII.6 5,586,745,184.47 6,251,300,030.68 Including: Investment income from joint ventures and associates 363,216,234.18 345,773,115.42 Gains from changes in fair values 51,441,193.28 111,701,283.36 Impairment losses on credit (7,113,224.45) (3,892,912.67) Impairment losses on assets (158,793,472.79) (131,499,411.99) Losses from disposal of assets (737,186.08) (82,229,612.15) II. Operating profit 3,949,603,780.91 6,091,869,700.21 Add: Non-operating income 33,963,932.08 27,345,361.11 Less: Non-operating expenses 652,050.42 7,528,733.16 III. Total profit 3,982,915,662.57 6,111,686,328.16 Less: Income tax expenses (415,320,269.82) (109,454,439.03) IV. Net profit 4,398,235,932.39 6,221,140,767.19 Net profit under going concern 4,398,235,932.39 6,221,140,767.19 V. Net other comprehensive income after taxes 18,713,011.02 60,968,880.85 (I) Other comprehensive income that will be reclassified into profit or loss 18,713,011.02 60,968,880.85 1. Changes in fair value of financial assets classified as at fair value through other comprehensive income 18,713,011.02 60,968,880.85 VI. Total comprehensive income 4,416,948,943.41 6,282,109,648.04
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Interim Report 2026 I 140 CONSOLIDATED CASH FLOW STATEMENT For the period ended 30 June 2026 RMB Item Notes For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) I. Cash Flows from Operating Activities: Cash receipts from the sales of goods and rendering of services 126,770,649,061.50 105,282,160,124.33 Receipts of tax refunds 6,174,717,301.73 3,726,111,188.30 Other cash receipts relating to operating activities VI.55(1) 1,901,148,994.90 4,422,586,128.85 Sub-total of cash inflow from operating activities 134,846,515,358.13 113,430,857,441.48 Cash payments for goods purchased and services received 95,746,745,557.31 80,662,458,986.94 Cash payments to and on behalf of employees 11,859,352,012.09 10,561,850,907.09 Payments of various types of taxes 11,899,725,821.15 8,385,478,845.68 Other cash payments relating to operating activities VI.55(2) 4,904,590,338.91 4,606,316,757.66 Sub-total of cash outflow from operating activities 124,410,413,729.46 104,216,105,497.37 Net Cash Flows from Operating Activities VI.56(1) 10,436,101,628.67 9,214,751,944.11 II. Cash Flows from Investing Activities: Cash receipts from disposal of investments 49,827,216,168.39 60,978,839,503.51 Cash receipts from investment income 220,696,492.54 239,367,519.31 Net cash receipts from disposal of fixed assets, intangible assets and other long-term assets 242,860,806.91 370,331,722.56 Other cash receipts relating to investing activities VI.55(3) – 52,690,560.00 Sub-total of cash inflow from investing activities 50,290,773,467.84 61,641,229,305.38 Cash payments to purchase and construct fixed assets, intangible assets and other long-term assets 6,010,879,133.78 4,893,161,882.55 Cash payments to acquire investments 48,878,918,518.65 66,619,865,520.39 Net cash payments for acquisition of subsidiaries and other business units – 3,792,157.77 Other cash payments related to investing activities VI.55(4) 36,550,484.79- 233,390,913.12 Sub-total of cash outflow from investing activities 54,926,348,137.22 71,750,210,473.83 Net Cash Flow used in Investing Activities (4,635,574,669.38) (10,108,981,168.45)
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Interim Report 2026 I 141 Consolidated Cash Flow Statement For the period ended 30 June 2026 RMB Item Notes For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) III. Cash Flows from Financing Activities: Cash receipts from capital contributions – 112,603,430.60 Cash receipts from borrowings 1,570,509,355.92 6,674,716,769.78 Cash receipts from issue of bonds – 481,000,000.00 Other cash received relating to financing activities VI.55(5) 517,653,246.52 – Sub-total of cash inflow from financing activities 2,088,162,602.44 7,268,320,200.38 Cash repayments of borrowings 3,403,815,982.89 7,402,860,407.70 Cash payments for distribution of dividends or profits or settlement of interest expenses 267,683,709.99 289,920,822.98 Cash repayments of bonds 202,985,800.00 368,329,500.00 Other cash payments relating to financing activities VI.55(6) 1,517,539,690.65 3,688,686,008.19 Sub-total of cash outflow from financing activities 5,392,025,183.53 11,749,796,738.87 Net Cash Flow used in Financing Activities (3,303,862,581.09) (4,481,476,538.49) IV. Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents (189,666,394.21) 416,354,173.19 V. Net Increase (Decrease) in Cash and Cash Equivalents 2,306,997,983.99 (4,959,351,589.64) Add: Opening balance of cash and cash equivalents 25,280,701,698.00 27,233,274,462.30 VI. Closing balance of cash and cash equivalents VI.56(2) 27,587,699,681.99 22,273,922,872.66
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Interim Report 2026 I 142 CASH FLOW STATEMENT OF THE COMPANY For the period ended 30 June 2026 RMB Item Notes For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) I. Cash Flows from Operating Activities: Cash receipts from the sales of goods and rendering of services 79,959,385,351.17 72,781,675,371.12 Receipts of tax refunds 1,269,699,260.61 1,871,217,386.81 Other cash receipts relating to operating activities 441,283,779.20 737,684,582.45 Sub-total of cash inflow from operating activities 81,670,368,390.98 75,390,577,340.38 Cash payments for goods purchased and services received 67,757,004,489.07 63,033,250,621.61 Cash payments to and on behalf of employees 4,299,522,343.96 4,208,652,237.51 Payments of various types of taxes 3,690,586,385.77 4,028,294,571.36 Other cash payments relating to operating activities 3,333,387,929.12 2,549,666,487.71 Sub-total of cash outflow from operating activities 79,080,501,147.92 73,819,863,918.19 Net Cash Flows from Operating Activities XVII.7(1) 2,589,867,243.06 1,570,713,422.19 II. Cash Flows from Investing Activities: Cash receipts from disposal of investments 37,754,754,061.61 35,552,315,268.07 Cash receipts from investment income 1,280,515,580.42 2,532,401,553.96 Net cash receipts from disposal of subsidiaries and other business units – – Net cash receipts from disposal of fixed assets, intangible assets and other long-term assets 191,269,882.20 87,638,621.81 Other cash receipts relating to investing activities 1,135,790,003.97 1,442,258,516.46 Sub-total of cash inflow from investing activities 40,362,329,528.20 39,614,613,960.30 Cash payments to purchase and construct fixed assets, intangible assets and other long-term assets 3,019,565,607.99 2,414,826,494.25 Cash paid for investments 35,481,813,267.47 36,749,393,016.89 Other cash payments relating to investing activities 1,020,106,000.00 2,879,002,393.98 Sub-total of cash outflow from investing activities 39,521,484,875.46 42,043,221,905.12 Net Cash Flow from (used in) Investing Activities 840,844,652.74 (2,428,607,944.82)
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Interim Report 2026 I 143 Cash Flow Statement of the Company For the period ended 30 June 2026 RMB Item Notes For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) III. Cash Flows from Financing Activities: Cash receipts from capital contributions – 112,603,430.60 Cash receipts from borrowings 651,646,832.22 1,620,939,715.12 Other cash receipts relating to financing activities 487,838,537.97 384,936,390.71 Sub-total of cash inflow from financing activities 1,139,485,370.19 2,118,479,536.43 Cash payments for repayments of borrowings 2,638,932,482.89 2,056,038,121.81 Cash payments for distribution of dividends or profits or settlement of interest expenses 72,764,510.88 121,867,295.80 Other cash payments relating to financing activities 838,673,322.41 2,484,519,364.74 Sub-total of cash outflow from financing activities 3,550,370,316.18 4,662,424,782.35 Net Cash Flow used in Financing Activities (2,410,884,945.99) (2,543,945,245.92) IV. Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents (9,371,908.55) 29,823,120.52 V. Net Increase (Decrease) in Cash and Cash Equivalents 1,010,455,041.26 (3,372,016,648.03) Add: Opening balance of cash and cash equivalents 7,928,202,759.82 8,572,165,331.90 VI. Closing balance of cash and cash equivalents XVII.7(2) 8,938,657,801.08 5,200,148,683.87
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Interim Report 2026 I 144 CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY For the period ended 30 June 2026 RMB Item For the period from 1 January to 30 June 2026 (Unaudited) Attributable to shareholders of the Company Minority interests Total equityShare capital Other equity instruments Capital reserve Less: Treasury shares Other comprehensive income Special reserve Surplus reserve Undistributed profit I. Balance at the beginning of the period 8,557,872,087.00 335,537,354.91 3,925,995,330.37 530,360,387.47 457,639,577.31 596,335,318.86 8,299,803,096.95 66,249,219,099.30 – 87,892,041,477.23 II. Changes in the current period (4,455,416.00) (1,248.04) 18,565,654.01 (59,128,693.96) (197,486,949.62) 148,102,670.89 – (522,990,362.35) – (499,136,957.15) (I) Total comprehensive income – – – – (197,486,949.62) – – 2,464,509,236.10 – 2,267,022,286.48 (II) Owners ’ contributions and reduction in capital (4,455,416.00) (1,248.04) 20,217,364.95 (56,150,504.56) – – – – – 71,911,205.47 1. Capital contributions from owners – – (3,573,486.96) 58,785,592.21 – – – – – (62,359,079.17) 2. Impact of conversion of convertible bonds in the period 329.00 (1,248.04) 13,975.65 – – – – – – 13,056.61 3. Share-based payments recognized in shareholders ’ equity – – 79,205,647.03 – – – – – – 79,205,647.03 4. Impact of canceling expired restricted shares and unlocking restricted shares (4,455,745.00) – (55,428,770.77) (214,597,996.53) – – – – – 154,713,480.76 5. Stock buyback and cancellation – – 99,661,899.76 – – – – – (99,661,899.76) (III) Profit distribution – – – (2,978,189.40) – – – (2,989,817,834.85) – (2,986,839,645.45) 1. Transfer to statutory surplus reserve – – – (2,978,189.40) – – – (2,989,817,834.85) – (2,986,839,645.45) (IV) Internal Transfer of Owner's Equity – – – – – – – – – – 1. Others – – – – – – – – – – (V) Special reserve – – – – – 148,102,670.89 – – – 148,102,670.89 1. Appropriation for the period – – – – – 189,835,989.14 – – – 189,835,989.14 2. Use of the period – – – – – (41,733,318.25) – – – (41,733,318.25) (VI) Others – – (1,651,710.94) – – – – 2,318,236.40 – 666,525.46 1. Others (Note VI.33 &36) – – (1,651,710.94) – – – – 2,318,236.40 – 666,525.46 III. Balance at the end of the period 8,553,416,671.00 335,536,106.87 3,944,560,984.38 471,231,693.51 260,152,627.69 744,437,989.75 8,299,803,096.95 65,726,228,736.95 – 87,392,904,520.08
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Interim Report 2026 I 145 Consolidated Statement of Changes in Shareholders’ Equity For the period ended 30 June 2026 RMB Item For the period from 1 January to 30 June 2025 (Unaudited) Attributable to shareholders of the Company Minority interests Total equityShare capital Other equity instruments Capital reserve Less: Treasury shares Other comprehensive income Special reserve Surplus reserve Undistributed profit I. Balance at the beginning of the period 8,556,164,379.00 335,554,731.55 3,625,847,438.66 950,845,326.57 (1,299,163,945.22) 344,662,183.20 6,944,280,309.94 61,431,324,356.50 8,404,691.64 78,996,228,818.70 Plus: Business combinations under common control – – 40,000,000.00 – – – – (43,059,299.56) – (3,059,299.56) II. Balance at the beginning of the period 8,556,164,379.00 335,554,731.55 3,665,847,438.66 950,845,326.57 (1,299,163,945.22) 344,662,183.20 6,944,280,309.94 61,388,265,056.94 8,404,691.64 78,993,169,519.14 III. Changes in the current period 2,781,554.00 (11,424.42) 192,766,657.63 (221,502,333.00) 2,335,448,045.42 127,554,080.10 (99,561.37) 2,585,695,013.04 (8,404,691.64) 5,457,232,005.76 (I) Total comprehensive income – – – – 2,334,510,043.44 – – 6,336,939,113.25 – 8,671,449,156.69 (II) Owners ’ contributions and reduction in capital 2,781,554.00 (11,424.42) 208,148,929.68 (208,264,348.80) – – – – (9,268,350.00) 409,915,058.06 1. Capital contributions from owners 6,499,471.00 – 87,434,484.58 71,025,500.00 – – – – – 22,908,455.58 2. Impact of conversion of convertible bonds in the period 2,999.00 (11,424.42) 125,942.98 – – – – – – 117,517.56 3. Share-based payments recognized in shareholders ’ equity – – 167,509,252.88 – – – – – – 167,509,252.88 4. Impact of canceling expired restricted shares and unlocking restricted shares (3,720,916.00) – (46,920,750.76) (279,289,848.80) – – – – – 228,648,182.04 5. Others – – – – – – – – (9,268,350.00) (9,268,350.00) (III) Profit distribution – – – (13,237,984.20) – – – (3,851,337,280.50) – (3,838,099,296.30) 1. Transfer to statutory surplus reserve – – – (13,237,984.20) – – – (3,851,337,280.50) – (3,838,099,296.30) (IV) Internal Transfer of Owner ’s Equity – – – – – – (99,561.37) (764,096.99) 863,658.36 – 1. Others – – – – – – (99,561.37) (764,096.99) 863,658.36 – (V) Special reserve – – – – – 127,554,080.10 – – – 127,554,080.10 1. Appropriation for the period – – – – – 170,067,616.66 – – – 170,067,616.66 2. Use of the period – – – – – (42,513,536.56) – – – (42,513,536.56) (VI) Others – – (15,382,272.05) – 938,001.98 – – 100,857,277.28 – 86,413,007.21 1. Consideration in mergers of enterprises under common control – – – – – – – (3,792,157.77) – (3,792,157.77) 2. Disposal of other equity instrument investments – – – – 938,001.98 – – 103,796,689.25 – 104,734,691.23 3. Others – – (15,382,272.05) – – – – 852,745.80 – (14,529,526.25) IV. Balance at the end of the period 8,558,945,933.00 335,543,307.13 3,858,614,096.29 729,342,993.57 1,036,284,100.20 472,216,263.30 6,944,180,748.57 63,973,960,069.98 – 84,450,401,524.90
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Interim Report 2026 I 146 STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY OF THE COMPANY For the period ended 30 June 2026 RMB Item For the period from 1 January to 30 June 2026 (Unaudited) Share capital Other equity instruments Capital reserve Less: Treasury shares Other comprehensive income Special reserve Surplus reserve Undistributed profits Total equity I. Balance at the beginning of the period 8,557,872,087.00 335,537,354.91 3,863,860,497.68 530,360,387.47 (37,524,988.51) 218,790,137.88 3,986,429,439.50 45,164,568,691.54 61,559,172,832.53 II. Changes in the period (4,455,416.00) (1,248.04) 19,208,307.41 (59,128,693.96) 18,713,011.02 57,967,940.48 – 1,410,736,333.94 1,561,297,622.77 (I) Total comprehensive income – – – – 18,713,011.02 – – 4,398,235,932.39 4,416,948,943.41 (II) Owners ’ contributions and reduction in capital (4,455,416.00) (1,248.04) 20,217,364.95 (56,150,504.56) – – – – 71,911,205.47 1. Capital contributions from owners – – (3,573,486.96) 58,785,592.21 – – – – (62,359,079.17) 2. Impact of conversion of convertible bonds in the current year 329.00 (1,248.04) 13,975.65 – – – – – 13,056.61 3. Share-based payments recognized in shareholders ’ equity – – 79,205,647.03 – – – – – 79,205,647.03 4. Impact of canceling expired restricted shares and unlocking restricted shares (4,455,745.00) – (55,428,770.77) (214,597,996.53) – – – – 154,713,480.76 5. Stock buyback and cancellation – – – 99,661,899.76 – – – – (99,661,899.76) (III) Profit distribution – – – (2,978,189.40) – – – (2,989,817,834.85) (2,986,839,645.45) 1. Distributions to shareholders – – – (2,978,189.40) – – – (2,989,817,834.85) (2,986,839,645.45) (IV) Special reserve – – – – – 57,967,940.48 – – 57,967,940.48 1. Appropriation for the period – – – – – 68,957,067.23 – – 68,957,067.23 2. Use of the period – – – – – (10,989,126.75) – – (10,989,126.75) (V) Others – – (1,009,057.54) – – – – 2,318,236.40 1,309,178.86 1. Others – – (1,009,057.54) – – – – 2,318,236.40 1,309,178.86 III. Balance at the end of the period 8,553,416,671.00 335,536,106.87 3,883,068,805.09 471,231,693.51 (18,811,977.49) 276,758,078.36 3,986,429,439.50 46,575,305,025.48 63,120,470,455.30
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Interim Report 2026 I 147 Statement of Changes in Shareholders’ Equity of the Company For the period ended 30 June 2026 RMB For the period from 1 January to 30 June 2025 (Unaudited) Item Share capital Other equity instruments Capital reserve Less: Treasury shares Other comprehensive income Special reserve Surplus reserve Undistributed profits Total equity I. Balance at the beginning of the period 8,556,164,379.00 335,554,731.55 3,607,760,954.62 950,845,326.57 (117,909,076.20) 125,730,614.46 3,348,974,194.86 43,272,339,677.50 58,177,770,149.22 II. Changes in the period 2,781,554.00 (11,424.42) 200,289,724.35 (221,502,333.00) 60,968,880.85 50,361,579.57 – 2,370,656,232.49 2,906,548,879.84 (I) Total comprehensive income – – – – 60,968,880.85 – – 6,221,140,767.19 6,282,109,648.04 (II) Owners ’ contributions and reduction in capital 2,781,554.00 (11,424.42) 208,148,929.68 (208,264,348.80) – – – – 419,183,408.06 1. Capital contributions from owners 6,499,471.00 – 87,434,484.58 71,025,500.00 – – – – 22,908,455.58 2. Impact of conversion of convertible bonds in the current year 2,999.00 (11,424.42) 125,942.98 – – – – – 117,517.56 3. Share-based payments recognized in shareholders ’ equity – – 167,509,252.88 – – – – – 167,509,252.88 4. Impact of canceling expired restricted shares and unlocking restricted shares (3,720,916.00) – (46,920,750.76) (279,289,848.80) – – – – 228,648,182.04 (III) Profit distribution – – – (13,237,984.20) – – – (3,851,337,280.50) (3,838,099,296.30) 1. Distributions to shareholders – – – (13,237,984.20) – – – (3,851,337,280.50) (3,838,099,296.30) (IV) Special reserve – – – – – 50,361,579.57 – – 50,361,579.57 1. Appropriation for the period – – – – – 60,770,271.39 – – 60,770,271.39 2. Use of the period – – – – – (10,408,691.82) – – (10,408,691.82) (V) Others – – (7,859,205.33) – – – – 852,745.80 (7,006,459.53) 1. Others – – (7,859,205.33) – – – – 852,745.80 (7,006,459.53) III. Balance at the end of the period 8,558,945,933.00 335,543,307.13 3,808,050,678.97 729,342,993.57 (56,940,195.35) 176,092,194.03 3,348,974,194.86 45,642,995,909.99 61,084,319,029.06
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Interim Report 2026 I 148 NOTES TO THE FINANCIAL STATEMENTS For the period ended 30 June 2026 I. BASIC CORPORATE INFORMATION 1. Company overview Great Wall Motor Company Limited (the “Company ”) is registered and headquartered in Baoding, Hebei Province which is the main city for its core business as well. The controlling shareholder of the Company is Baoding Innovation Great Wall Asset Management Company Limited ( “Innovation Great Wall ”) and the ultimate controlling shareholder is Wei Jian Jun. The Company was originally named as Baoding Great Wall Motor Group Company Limited. On 5 June 2001, upon the approval by Office of the Stock Reform Leading Panel of the People ’s Government of Hebei Province with Ji Gu Ban [2001] No. 62, Baoding Great Wall Motor Group Company Limited was reorganized to Baoding Great Wall Motor Company Limited. On 28 May 2003, upon the approval by Hebei Administration for Industry and Commerce, Baoding Great Wall Motor Company Limited was renamed as Great Wall Motor Company Limited. The Company and its subsidiaries (the “Group ”) are actually engaged in the main business activities: manufacturing and sales of automobiles and components and parts of automobiles and related after- sales services, processing and manufacturing of moulds, repairing of automobiles, transportation of general goods and specific transportation (by truck). The legal representative of the Company is Wei Jian Jun. 2. The approval date of issuing financial statements The Company ’s and consolidated financial statements have been approved by the Board of Directors on 25 August 2026. II. BASIS OF PREPARATION OF FINANCIAL STATEMENTS Basis of preparation The Group has applied the ASBEs and related provisions promulgated by the Ministry of Finance (“MoF ”). In addition, the Group also discloses relevant financial information according to the requirements of Rules on Compiling the Information Disclosure of the Company that Issue Stocks Publicly No. 15 – General Provision on Financial Report (revised in 2023).
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Interim Report 2026 I 149 Notes to the Financial Statements For the period ended 30 June 2026 II. BASIS OF PREPARATION OF FINANCIAL STATEMENTS (continued) Basis of preparation (continued) According to the Consultation Summary on Accepting Mainland Accounting and Auditing Standards and Hiring Mainland Accounting Firms for Incorporated Companies Listed in Hong Kong and the corresponding amendments to the Hong Kong Listing Rules issued by the Stock Exchange of Hong Kong Limited in December 2010, as well as the relevant documents of the Ministry of Finance and the CSRC, after deliberation and approval by the shareholders ’ meeting of the Company, starting from 2011, the Company no longer provides the A-share shareholders and H-share shareholders with financial statements prepared in accordance with the ASBEs and the International Financial Reporting Standards respectively, but provides all shareholders with financial statements prepared in accordance with the ASBEs and has considered the disclosure provisions of the Companies Ordinance of Hong Kong and the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited when preparing the financial statements. Basis of accounting and principle of measurement The Group ’s financial statements have been prepared on an accrual basis. Except for certain financial instruments which are measured at fair value, the financial statements are prepared under the historical cost convention. In the event that impairment of assets occurs, a provision for impairment is made accordingly in accordance with the relevant regulations. Under historical cost method, the amount of assets was measured at the fair value of cash or cash equivalents or consideration paid at the time of purchase. Liabilities were measured at the amount of money or assets and liabilities due to the current obligations actually received, or a present obligation of the contract amount, or the measurement of cash or cash equivalents in accordance with daily activities to repay the debts of the amount expected to be paid. The fair value refers to the amount, at which both willing parties engaged to a fair transaction who are familiar with the condition exchange their assets or clear off their debts under fair conditions. Whether fair value is observable or measured by valuation techniques, the measurement and disclosure in this financial statement were all based on it. Fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; • Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; • Level 3 inputs are unobservable inputs for the asset or liability. Going concern The Group has evaluated its ability of going concern for the next 12 months since 30 June 2026. There is no indication of major events that may affect the ability of going concern. Thus, the financial statements have been prepared under the assumption of going concern.
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Interim Report 2026 I 150 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES 1. Statement of compliance with the ASBEs The financial statements have been prepared in compliance with the ASBEs to truly and completely reflect the Company ’s and the consolidated financial position as at 30 June 2026, and the Company ’s and the consolidated operating results, the Company ’s and the consolidated statements of changes in shareholders ’ equity and the Company ’s and the consolidated cash flow statements for 30 June 2026. 2. Accounting year The Group has adopted the calendar year as its accounting year, i.e. from 1 January to 31 December. 3. Operating cycle Operating cycle refers to period from assets purchased for production to cash or cash equivalents realized. The operating cycle of the Company is 12 months. 4. Functional currency Renminbi ( “RMB ”) is the currency of the primary economic environment in which the Company and its domestic subsidiaries operate. The Company ’s foreign subsidiary chooses its functional currency on the basis of the primary economic environment in which it operates. The Group adopts RMB to prepare its financial statements. 5. Method and selection basis of the determination of materiality criteria The item of financial statement is reasonably expected as important item that its omission or misstatement will affect the economic decisions made by the users. The Group determine the materiality criteria from two aspects based on the located specific environment: the item ’s nature (whether it is part of the Group ’s daily activities, whether it significantly affects the Group ’s financial position, operating results and cash flows, etc.) and the item ’s amount (which accounts for the Group ’s key financial indicators, including the proportion of operating income, net profit, total assets and total shareholders ’ equity, etc., or the proportion of the amount of item listed in the statement). Item materiality criteria Significant credit loss provisions assessed on an individual basis of receivables 0.1% of total assets Significant amount of reversal or written-off credit loss provision 0.1% of total assets Significant receivables written-off 0.1% of total assets Significant research and development projects Individual research and development project accounted for more than 10% of the total R&D investment Significant construction in progress 10% of carrying amount of the construction in progress Significant joint ventures or associates The book value of long-term equity investment in a single investee unit accounts for more than 5% of the Group ’s net assets and the amount is greater than RMB1 billion
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Interim Report 2026 I 151 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 6. Accounting treatment of business combinations involving enterprises under common control and business combinations not involving enterprises under common control Business combination includes business combinations involving enterprises under common control and business combinations not involving enterprises under common control. 6.1 Business combinations involving enterprises under common control A business combination involving enterprises under common control is a business combination in which all of the combining enterprises are ultimately controlled by the same party or parties both before and after the combination, and that control is not transitory. Assets and liabilities obtained in the business combination are recognized at their carrying amounts at the date of merger as recorded by the party being combined. The difference between the carrying amount of the net assets obtained and the carrying amount of the consideration paid for the combination is adjusted to capital reserves. If the capital reserve is not sufficient to absorb the difference, any excess is adjusted to retained earnings. Costs that are directly attributable to the combination are charged to profit or loss when incurred. 6.2 Business combinations not involving enterprises under common control and goodwill A business combination not involving enterprises under common control is a business combination in which all of the combining enterprises are not ultimately controlled by the same party or parties before and after the combination. The combination costs of the combining party shall be the fair value of the assets paid, the liabilities incurred or assumed and the equity instruments issued by the acquirer in exchange for the control over the acquire on the acquisition date. The overhead for the business combination of the combining party, including the expenses for audit, legal services, assessment, and other administrative expenses, shall be recorded in profit or loss for the current period when incurred. Identifiable assets, liabilities and contingent liabilities of acquiree qualifying for the conditions of recognition acquired by the acquirer in business combination are measured at fair value on the acquisition date. For the difference that the combination cost is larger than the portion of fair value of net identifiable assets of acquiree acquired in combination, it is recognized as goodwill as an asset, and initially measured at cost. For those with combination cost lower than the portion of fair value of net identifiable assets of acquiree acquired in combination, re-verification is first carried out on the measurement of the fair value of all identifiable assets, liabilities and contingent liabilities as well as the combination cost. For those with combination cost still lower than the portion of fair value of net identifiable assets of acquiree acquired in combination after re-verification, they are credited to profit or loss for the current period. Goodwill occurred as a result of combination shall be recognized separately in the consolidated financial statement and measured at cost less accumulated impairment losses. 6.3 Acquisition of assets by acquisition of subsidiaries For subsidiary acquisitions but not business acquisitions, the cost of the acquisition is allocated to individual identifiable assets and liabilities on the basis of the fair value of the assets and liabilities at the acquisition date, without generating goodwill or purchase gains.
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Interim Report 2026 I 152 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 7. Determination criteria of control and preparation of consolidated financial statements 7.1 Determination criteria of control The scope of consolidated financial statements is determined on the basis of control. Control is achieved when the Group has power over the investee; is exposed, or has rights to achieve returns from its involvement with the investee; and has the ability to use its power to affect its returns. Once the relevant facts and situation changed that altered the elements define control, the Group shall re- evaluate control. 7.2 Preparation of consolidated financial statements The scope of consolidation in the consolidated financial statements is determined on the basis of control. The combination of subsidiaries begins with controlling the subsidiary by the Group, and ceases with the Group ’s losing control of the subsidiary. For a subsidiary disposed of by the Group, the operating results and cash flows before the date of disposal (the date when control is lost) are included in the consolidated income statement and consolidated statement of cash flows, as appropriate. For a subsidiary acquired through a business combination not involving enterprises under common control, the operating results and cash flows from the acquisition date (the date when control is obtained) are included in the consolidated income statement and consolidated statement of cash flows, as appropriate. No matter when the business combination occurs in the reporting period, subsidiaries acquired through a business combination involving enterprises under common control are included in the Group ’s scope of consolidation as if they had been included in the scope of consolidation from the date when they first came under the common control of the ultimate controlling party. Their operating results and cash flows from the date when they first came under the common control of the ultimate controlling party are included in the consolidated income statement and consolidated statement of cash flows, as appropriate. Major accounting policies and accounting years adopted by the subsidiaries are defined according to the standardized accounting policies and accounting years stipulated by the Company. All significant intra-group accounts and transactions between the parent company and its subsidiaries or between subsidiaries are eliminated on consolidation.
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Interim Report 2026 I 153 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 7. Determination criteria of control and preparation of consolidated financial statements (continued) 7.2 Preparation of consolidated financial statements (continued) The portion of a subsidiary ’s equity that is not attributable to the parent is treated as minority interests and presented as “minority interest ” in the consolidated balance sheet within owners ’ equity. The portion of net profits or losses of subsidiaries for the period attributable to minority interests is presented in the consolidated income statement under the “net profit ” item as profit or losses attributable to “minority interests ”. The loss of the subsidiary attributable to minority interest is more than minority interests in that subsidiary at beginning of the period, the minority interest shall be reversed by the balance of the loss of the subsidiary attributable to minority interests. For the transaction of acquiring minority interests of its subsidiaries, treated as equity transaction, the book value of shareholder ’s equity attributed the Company and that of minority interest should be adjusted to reflect the change in the company ’s interest in the subsidiaries. Differences between the adjustment of minority interests and the fair value of consideration are adjusted to capital reserve. If the differences exceed capital reserve, retained earnings shall be adjusted. When the Group loses control over a subsidiary due to disposal of certain equity interest or other reasons, any retained interest is re-measured at its fair value at the date when control is lost. The difference between (i) the aggregate of the consideration received on disposal and the fair value of any retained interest and (ii) the share of the former subsidiary ’s net assets cumulatively calculated from the acquisition date according to the original proportion of ownership interest is recognized as investment income in the period in which control is lost, and is offset against goodwill. Other comprehensive income related to an equity investment in an existing subsidiary is accounted for on the same basis at the time of loss of control as when the subsidiary directly disposed of the related asset or liability.
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Interim Report 2026 I 154 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 8. Classification of joint arrangements and accounting treatments of joint operations A joint arrangement is classified into joint operation and joint venture, depending on the rights and obligations of the parties to the arrangement, which is assessed by considering the structure and the legal form of the arrangement, the terms agreed by the parties in the contractual arrangement and, when relevant, other facts and circumstances. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. The Group accounts for investments in joint ventures using equity method. Refer to Note (III) 18.3.2 “Long-term equity investments accounted for using the equity method ” for details. The Group accounts for the assets, liabilities, revenues and expenses relating to its interest in a joint operation in accordance with the accounting standards applicable to the particular assets, liabilities, revenues and expenses. When the Group invest or sell assets (except that such assets constitute a business), only profit or loss arising from the transaction attributable to parties involved in such joint operation is recognized prior to the resale of the assets to third parties by joint operations. When there is an impairment of the asset investment or sale, the Group recognizes such loss in full. When the Group purchase assets or others from joint operations (except that such assets constitute a business), only profit or loss arising from the transaction attributable to parties involved in such joint operation is recognized prior to the resale of the assets to third parties. When there is an impairment of purchased assets, the Group recognizes such loss based on its share.
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Interim Report 2026 I 155 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 9. Recognition criteria of cash and cash equivalents Cash comprises cash on hand and deposits that can be readily withdrawn on demand. Cash equivalents are the Group ’s short-term (usually due within three months from the purchase date), highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. 10. Translation of transactions and financial statements denominated in foreign currencies 10.1 Transactions denominated in foreign currencies On initial recognition, foreign currency transactions are translated into the reporting currency using the spot exchange rate prevailing at the date of transaction. As at the balance sheet date, monetary items denominated in foreign currency are exchanged to Renminbi by adopting the prevailing exchange rate on that date. Foreign exchange difference arising from the difference between the prevailing exchange rate on that date and the prevailing exchange rate on initial reorganization or on the previous balance sheet date are all credited to profit or loss for the current period, with the exception that foreign exchange differences for specific borrowings denominated in foreign currency and qualifying for conditions of capitalization are capitalized during the capitalization year and credited to the cost of relevant assets. Non-monetary items denominated in foreign currency that are measured at historical cost are still measured at amount denominated in reporting currency exchanged at the prevailing exchange rate at the transaction date. Foreign currency non-monetary items measured at fair value are translated at the spot exchange rate on the date when the fair value is determined. The difference between the translated functional currency amount and the original functional currency amount is treated as a change in fair value (including exchange rate changes) and included in the current profit and loss or recognized as other comprehensive income. 10.2 Translation of financial statements denominated in foreign currency To prepare consolidated financial statements, the financial statements denominated in foreign currency of a foreign operation are translated to RMB in compliance with the following requirement: assets and liabilities on the balance sheet are translated at the spot exchange rate prevailing at the balance sheet date; all equity (except undistributed profits) items are translated at the spot exchange rates at the dates on which such items arose; income and expenses and profit appropriation items in the income statement are translated at the spot exchange rate at the date of transaction; Undistributed profits at the beginning of the year is the translated undistributed profits at the end of prior year; undistributed profits at the end of year is presented as the translated items of profit distribution; all exchange differences of assets, liabilities and shareholders ’ equity resulting from the translation are recognized separately as “other comprehensive income ” in the shareholders ’ equity on the balance sheet.
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Interim Report 2026 I 156 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 10. Translation of transactions and financial statements denominated in foreign currencies (continued) 10.2 Translation of financial statements denominated in foreign currency (continued) Cash flow dominated in foreign currency or from foreign subsidiaries shall be translated at the spot exchange rate when it incurs. Effects arising from changes of exchange rate of cash and cash equivalents is regarded as a reconciling item and presented separately as “Effect of changes in exchange rates on cash and cash equivalents ” in the cash flow statement. The closing balance at the end of the previous year and the actual figures of the previous year are presented according to the translated amounts of the financial statements of the prior year. When the control on foreign operation is lost due to the disposal of ownership interests of the Group ’s foreign operation or partial disposal of equity investment or other reasons, exchange differences of foreign currency statements attributable to the shareholders of the parent company related to such foreign operation and presented under shareholder ’s equity item in the balance sheet are all transferred to profit or loss for the current period. 11. Financial instruments The Group shall recognize a financial asset or a financial liability in its statement of financial position when, the Group becomes party to the contractual provisions of the instrument. Where financial assets are purchased or sold in a regular way, assets to be received and liabilities to be borne for it are recognized on the date of transaction, or sold assets are derecognized on the date of transaction. The financial assets and liabilities are measured at fair value on initial recognition (the method of determining the fair value of financial assets and financial liabilities is set out in related disclosure of basis of accounting and principle of measurement under Note (II)). For the financial assets and liabilities at fair value through profit or loss (FVTPL), related transaction expenses are directly charged to the profit or loss for the period; for other financial assets and liabilities, related transaction expenses are included in the initial recognized amount. For accounts receivable excluding significant financing components or regardless of financing components of contracts less than one year recognized based on ASBEs No. 14 – Revenue ( “Revenue Standard ”), accounts receivable initially recognized shall be measured at transaction price defined based on the Revenue Standard on initial recognition. Effective interest method is the method that is used in the calculation of the amortized cost of a financial asset or a financial liability and in the allocation and recognition of the interest revenue or interest expense in profit or loss over the relevant year.
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Interim Report 2026 I 157 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 11. Financial instruments (continued) Effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial asset or financial liability to the gross carrying amount of a financial asset or to the amortized cost of a financial liability. When calculating the effective interest rate, the Group shall estimate the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but shall not consider the expected credit losses. Amortized cost of a financial asset or financial liability is the amount at which the financial asset or financial liability is measured at initial recognition minus the principal repayments, plus or minus the cumulative amortization amount using the effective interest method of any difference between that initial amount and the maturity amount and, for financial assets, adjusted for any loss allowance (applies to financial assets only). 11.1 Classification, recognition and measurement of financial assets After initial recognition, the Group shall measure a financial asset at amortized cost, fair value through other comprehensive income or fair value through profit or loss. If the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding and the financial asset is held within a business model whose objective is achieved by collecting contractual cash flows, the Group shall classify the financial asset into the financial asset measured at amortized cost. Such financial assets mainly include: cash and bank balances, accounts receivable, notes receivable, other receivables, other current assets – deposits in non-bank financial institutions and long-term receivables (excluding financial lease payments). If the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding and the financial asset is held within a business model whose objective is achieved by collecting contractual cash flows and selling such financial assets, the Group shall classify the financial asset into the financial asset at fair value through other comprehensive income ( “FVTOCI ”). Notes receivable classified as at FVTOCI upon acquisition are presented as financing with receivables. On initial recognition, the Croup may, based on an individual financial asset, irrevocably designate a non-tradable equity instrument investment which is non-contingent consideration and recognized in business combination not involving enterprises under common control as financial asset measured at FVTOCI. Such financial assets are presented as other equity instrument investments.
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Interim Report 2026 I 158 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 11. Financial instruments (continued) 11.1 Classification, recognition and measurement of financial assets (continued) The Group ’s purpose of holding the financial assets is for trading if one of the following conditions is satisfied: • The purpose of acquiring the financial assets is to sell the assets in the near future. • The relevant financial assets are, on initial recognition, a part of the centrally-managed identifiable financial instrument portfolio, and the objective evidence indicates that short-term profit model exists in the near future. • The relevant financial assets are derivative instruments. However, derivatives that meet the definition of financial guarantee contracts and those designated as effective hedging instruments are excluded. Financial assets measured at FVTPL include those classified as at FVTPL and those designated as at FVTPL: • Financial assets that are not qualified to be classified as financial assets at amortized cost or financial assets at FVTOCI are classified as financial assets at FVTPL. • Upon initial recognition, in order to eliminate or significantly reduce accounting mismatch, the Group will irrevocably designate financial assets at FVTPL. Other than derivative financial assets, the financial assets at FVTPL are presented as held-for-trading financial assets and those due after one year from the balance sheet date (or with no fixed term) and expected to be held for more than one year are presented as other non-current financial assets.
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Interim Report 2026 I 159 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 11. Financial instruments (continued) 11.1 Classification, recognition and measurement of financial assets (continued) 11.1.1 Financial assets at amortized cost The financial asset at amortized cost is subsequently measured at amortized cost using the effective interest method. Gain or loss arising from derecognition, impairment or amortization is recognized in profit or loss. The Group recognizes interest income on financial assets measured at amortized cost using the effective interest method. The Group calculates interest income based on the Carrying amount of financial assets multiplied by the actual interest rate, except for the following circumstances: • For purchased or originated credit-impaired financial assets, the Group calculates and recognizes its interest income based on amortized cost of the financial asset and the effective interest through credit adjustment since initial recognition. • For purchased or originated financial assets that were not credit-impaired but have become credit- impaired in subsequent period, the Group calculates the interest income by applying the effective interest rate to the amortized cost of the financial assets in subsequent period. If the financial instrument is no longer credit-impaired due to improvement of credit risk, and the improvement is linked with an event occurred after application of above provisions, the Group will calculate the interest income by applying effective interest rate to the carrying amount of the financial assets.
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Interim Report 2026 I 160 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 11. Financial instruments (continued) 11.1 Classification, recognition and measurement of financial assets (continued) 11.1.2 Financial assets at FVTOCI Impairment gains or losses on a financial asset at FVTOCI and the interest income calculated using the effective interest method shall be recognized in profit or loss. Except for them, changes in fair value of such financial assets shall be recognized in other comprehensive income. The amount of such financial asset recognized in profit or loss of each period is equal to the amount deemed as measured at amortized cost all the time and recognized in profit or loss of each period. When the financial asset is derecognized, the cumulative gain or loss previously recognized in other comprehensive income is transferred from other comprehensive income to profit or loss. Changes in fair value of non-tradable equity instrument investment designated as at FVTOCI are recognized in other comprehensive income. When the financial asset is derecognized, the cumulative gain or loss previously recognized in other comprehensive income are transferred from other comprehensive income to retained earnings. During the period that the Group holds these non-tradable equity instrument, the Group has established the right of collecting dividends, whose economic benefit is probably flow into the Group, and the amount of the dividends can be reliably measured, then the Group will recognize dividends in profit or loss. 11.1.3 Financial assets at FVTPL Financial assets at FVTPL shall be subsequently measured at fair value. Gains or losses from change in fair value, dividends and interest income related to such financial assets shall be recognized in profit or loss.
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Interim Report 2026 I 161 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 11. Financial instruments (continued) 11.2 Impairment of financial instruments and other items The Group shall recognize a loss allowance for expected credit losses on financial assets at amortized cost, financial assets at FVTOCI and other items (lease receivables and contract assets). The Group measures a loss allowance equivalent to the amount of lifetime expected credit losses for the contract assets or accounts receivable arising from transactions adopting Revenue Standards, and lease receivables arising from transactions adopting ASBEs No. 21 – Leases. For other financial instrument, the Group assesses changes in credit risks of the relevant financial asset since initial recognition at each balance sheet date. If the credit risks of the financial instrument has been significantly increased since initial recognition, the Group will make a loss allowance at an amount of lifetime expected credit loss; if not, the Group will make a loss allowance for the financial instrument at an amount in the future 12-month expected credit losses. Increase in or reversal of credit loss provision is included in profit or loss as loss or gain on impairment, except for financial assets classified as at fair value through other comprehensive income. The Group recognizes credit loss provision for financial assets at FVTOCI in other comprehensive income and recognizes loss or gain on impairment in profit or loss for the period, without reducing the carrying amount of the financial assets presented in the balance sheet. The Group has made a loss allowance against amount of lifetime expected credit losses in the prior accounting period. However, at the balance sheet date, the credit risk on a financial instrument has not increased significantly since initial recognition; the Group will measure the loss allowance for that financial instrument at an amount in the future 12-month expected credit losses. Reversed amount of loss allowance arising from such circumstances shall be included in profit or loss as impairment gains or loss.
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Interim Report 2026 I 162 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 11. Financial instruments (continued) 11.2 Impairment of financial instruments and other items (continued) 11.2.1 Significant increase in credit risk The Group will make use of reasonable and supportable forward-looking information that is available to determine whether credit risk has increased significantly since initial recognition through comparing the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. The Group will take the following factors into consideration when assessing whether credit risk has increased significantly: (1) Existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a significant change in the borrower ’s ability to meet its debt obligations. (2) An actual or expected significant change in the operating results of the borrower. (3) Significant increases in credit risk on other financial instruments of the same borrower. (4) A significant adverse change in the regulatory, economic, or technological environment of the borrower. (5) Significant changes in the expected performance and repayment behavior of the borrower. The Group may assume that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. If the risk of default of a financial instrument is low, the borrower is highly capable of meeting its contract cash flow obligations in the short term, and the financial instrument is considered to have a lower credit risk even if there is a negative change in the economic situation and operating environment over a longer period of time, but it may not necessarily reduce the borrower ’s performance of its contract cash obligations.
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Interim Report 2026 I 163 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 11. Financial instruments (continued) 11.2 Impairment of financial instruments and other items (continued) 11.2.2 Credit-impaired financial assets A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired include observable data about the following events: (1) Significant financial difficulty of the issuer or the borrower; (2) A breach of contract by the debtor, such as a default or delinquency in interest or principal payments; (3) The creditor, for economic or legal reasons relating to the debtor ’s financial difficulty, granting a concession to the debtor that will not be made under any other circumstances; (4) It becoming probable that the debtor will enter bankruptcy or other financial reorganizations; (5) The disappearance of an active market for that financial asset because of financial difficulties of the issuer or the debtor; 11.2.3 Recognition of expected credit losses The Group determines expected credit losses of relevant financial instruments using the following methods: • For financial assets and lease receivables, a credit loss is the present value of the difference between: (a) The contractual cash flows that are due to the Group under the contract; and (b) the cash flows that the Group expects to receive. • For a financial asset that is credit-impaired at the reporting date, the Group shall measure the expected credit losses as the difference between the asset ’s gross carrying amount and the present value of estimated future cash flows discounted at the financial asset ’s original effective interest rate. The factors reflected in methods of measurement of expected credit losses include an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes; time value of money; reasonable and supportable information about past events, current conditions and forecasts on future economic status at balance sheet date without unnecessary additional costs or efforts. 11.2.4 Written-off of financial assets The Group shall directly reduce the gross carrying amount of a financial asset when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. A write-off constitutes a derecognition event.
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Interim Report 2026 I 164 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 11. Financial instruments (continued) 11.3 Transfer of financial assets The Group shall derecognize a financial asset when: (1) the contractual rights to the cash flows from the financial asset expire, (2) the financial asset has been transferred and substantially all the risks and rewards of ownership of the financial asset is transferred to the transferee; or (3) although the financial asset has been transferred, the Group neither transfers nor retains substantially all the risks and rewards of ownership of the financial asset but has not retained control of the financial asset. For a transfer of a financial asset in its entirety that satisfies the derecognition criteria, the difference between the carrying amount at the derecognition date of the financial asset transferred and the sum of the consideration received from the transfer of the financial asset and the amount correlating to the derecognition part in the accumulated amount originally recognized in changes in fair value of other comprehensive income is recognized in profit or loss. If the transferred financial asset is the non- tradable equity instrument investment designated as at FVTOCI, cumulative gain or loss that has been recognized in other comprehensive income should be removed from other comprehensive income and be recognized in retained earnings. For a transfer of a financial asset in its entirety that does not satisfy the derecognition criteria, the Group will continuously recognize the transferred financial asset in its entirety. Considerations received should be recognized as a financial liability. 11.4 Classification of financial liabilities and equity instruments Financial instruments issued by the Group are classified into financial liabilities or equity instruments on the basis of the substance of the contractual arrangements and the economic nature not only its legal form, together with the definition of financial liability and equity instruments on initial recognition.
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Interim Report 2026 I 165 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 11. Financial instruments (continued) 11.4 Classification of financial liabilities and equity instruments (continued) 11.4.1 Classification, recognition and measurement of financial liabilities On initial recognition, financial liabilities are classified into financial liabilities at FVTPL and other financial liabilities. 11.4.1.1 Financial liabilities at fair value through profit or loss Financial liabilities at FVTPL include held-for-trading financial liabilities (including derivatives of financial liabilities) and financial liabilities designated as FVTPL. Financial liabilities at FVTPL of the Group comprise held-for-trading financial liabilities. A financial liabilities meets one of the following conditions, indicating that the purpose of the Group ’s assumption of the financial liability is transactional: • The purpose of undertaking related financial liabilities is mainly for the recent repurchase. • The relevant financial liabilities are,, on initial recognition, a part of the centrally-managed identifiable financial instruments portfolio, and the objective evidence indicates that short-term profit model exists in the near future. • The related financial liabilities are derivative instruments. However, derivatives that meet the definition of financial guarantee contracts and those designated as effective hedging instruments are excluded. Financial liabilities at FVTPL are subsequently measured at fair value, and gains or losses from changes in fair value and dividends or interest expenses related to these financial liabilities are included in the current profits and losses. 11.4.1.2 Other financial liabilities Other financial liabilities of the Group are subsequently measured at amortized cost. Gain or loss arising from derecognition or amortization of such financial liabilities is recognized in profit or loss. Other financial liabilities of the Group mainly include: short-term borrowings, notes payables, accounts payable, other payables, other current liabilities, long-term borrowings and bonds payable, etc.
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Interim Report 2026 I 166 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 11. Financial instruments (continued) 11.4 Classification of financial liabilities and equity instruments (continued) 11.4.2 Derecognition of financial liabilities The Group derecognizes a financial liability (or part of it) only when the underlying present obligation (or part of it) is discharged. An agreement between the Group (an existing debtor) and an existing lender to replace the original financial liability with a new financial liability with substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. When the Group derecognizes a financial liability or a part of it, it recognizes the difference between the carrying amount of the financial liability (or part of the financial liability) derecognized and the consideration paid (including any non-cash assets transferred or new financial liabilities assumed) in profit or loss. 11.4.3 Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. The issuance (including refinance), repurchase, selling or cancellation of these instruments are treated as change in equity. The enterprise should not recognize changes in the fair value of the equity instruments. The related transaction costs are deducted from equity. The Group recognizes the distribution to holders of the equity instruments as distribution of profits, and stock dividends paid do not affect total amount of shareholders equity. For the restricted stock incentive plan implemented by the Group, the repurchase obligation of the restricted stock granted by the Group to the incentive target shall be recognized as liability and treated as repurchase of treasury stock. 11.5 Derivatives Derivative financial instruments include forward exchange contracts. Derivatives are initially measured at fair value at the date when the derivative contracts are entered into and are subsequently re-measured at fair value. 11.6 Offsetting a financial asset and a financial liability Where the Group has a legal right that is currently enforceable to set off the amount of the recognized financial assets and financial liabilities, and intends either to settle on a net basis, or to realize the financial asset and settle the financial liability simultaneously, a financial asset and a financial liability shall be offset and the net amount is presented in the balance sheet. Except for the above circumstances, financial assets and financial liabilities shall be presented separately in the balance sheet and shall not be offset.
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Interim Report 2026 I 167 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 11. Financial instruments (continued) 11.7 Convertible bonds The convertible bonds issued by the Group, which include both liabilities and conversion options, are separated and recognized respectively at the initial recognition. Among them, the conversion option to exchange a fixed amount of cash or other financial assets for a fixed amount of its own equity instrument settlement is accounted as an equity instrument. At the time of initial recognition, the fair value of the liability is determined according to the current market price of similar bonds without conversion option. The difference between the overall issue price of convertible bonds and the fair value of the liability part shall be taken as the value of the conversion option of the bondholder to convert the bonds into equity instruments and included in other equity instruments. During subsequent measurement, the liabilities of convertible bonds are measured at amortized cost using the effective interest rate method; The value of the conversion option divided into equity instruments continues to be retained in equity instruments. There is no loss or gain on the maturity or conversion of convertible bonds. The transaction costs incurred in issuing convertible bonds shall be apportioned between the components of liabilities and equity instruments according to the distribution method consistent with the overall issuance price. The transaction costs related to the components of equity instruments are directly included in equity instruments; The transaction costs related to the composition of liabilities are included in the book value of liabilities and amortized within the term of convertible bonds using the effective interest rate method. 12. Financing with receivables 12.1 Categories of portfolios for which bad debt provision is assessed on a portfolio basis according to credit risk characteristics and the basis for determination In addition to notes receivable for which the credit risk is assessed on an individual basis, the remaining notes receivable are categorized into bank acceptances and commercial acceptances portfolios based on their credit risk characteristics by the Group.
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Interim Report 2026 I 168 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 12. Financing with receivables (continued) 12.2 Aging calculation method for portfolio of credit risk characteristics recognized based on aging The aging is calculated from the date of initial recognition. If the debtor settles accounts receivable with commercial acceptances or acceptances of finance company, the aging of notes receivable is added to that of the original accounts receivable for calculation. 13. Accounts receivable 13.1 Categories of portfolios for which bad debt provision is assessed on a portfolio basis according to credit risk characteristics and the basis for determination The accounts receivable are grouped by the Group based on common credit risk characteristics. The common credit risk characteristics adopted by the Group include industry of the debtor, overdue, aging, etc. 13.2 Aging calculation method for portfolio of credit risk characteristics recognized based on aging As part of the Group ’s credit risk management, the Group determines the expected credit losses using an impairment matrix base on the overdue age of accounts receivable credit period. The overdue age is calculated from the date the accounts receivable exceed the credit period. If the accounts receivable are converted from contract assets, the overdue age is calculated consecutively from the date on which the corresponding contract assets exceed the credit period.
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Interim Report 2026 I 169 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 13. Accounts receivable (continued) 13.3 Individual provisioning judgement criteria for bad debt provisions based on individual items The Group assesses credit risk individually for receivables that are individually significant and have significantly different credit risk characteristics. 14. Financing with receivables For the notes receivable classified as at fair value through other comprehensive income, the portion due within one year (inclusive) since acquisition is presented as financing with receivables. 14.1 Categories of portfolios for which bad debt provision is assessed on a portfolio basis according to credit risk characteristics and the basis for determination The acceptors of the Group ’s receivables financing are banks with higher credit ratings and have common credit risk characteristics. 14.2 Aging calculation method for portfolio of credit risk characteristics recognized based on aging The Group adopts the aging of financing with receivables as a credit risk characteristic to determine the expected credit losses using an impairment matrix. The aging is calculated from the date of initial recognition.
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Interim Report 2026 I 170 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 15. Other receivables 15.1 Categories of portfolios for which bad debt provision is assessed on a portfolio basis according to credit risk characteristics and the basis for determination The other receivables are grouped by the Group based on common risk characteristics. The common credit risk characteristics adopted by the Group include industry of the debtor, nature of other receivables, aging, etc. 15.2 Aging calculation method for portfolio of credit risk characteristics recognized based on aging The aging is calculated from the date of initial recognition. 16. Inventories 16.1 Categories of inventories, valuation method of inventories upon delivery, inventory count system, and amortization method for low-value consumables and packaging materials 16.1.1 Categories of inventories Inventories of the Group mainly include raw materials, work-in-progress, finished products and low- value and short-lived consumables. Inventories are initially measured at cost. Cost of inventories includes costs of purchase, costs of conversion and other expenditures incurred in bringing the inventories to their present location and condition. 16.1.2 Valuation method of inventories upon delivery The actual cost of inventories upon delivery is calculated using the weighted average method.
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Interim Report 2026 I 171 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 16. Inventories (continued) 16.1 Categories of inventories, valuation method of inventories upon delivery, inventory count system, and amortization method for low-value consumables and packaging materials (continued) 16.1.3 Inventory count system The perpetual inventory system is maintained for stock system. 16.1.4 Amortization method for low-value consumables and other turnover materials Turnover materials are materials that can be reused many times and still be remained in original condition after gradual transfer of their value but are not recognized as fixed assets, including low- value consumables and other turnover materials. Low value consumables and other turnover materials are amortized using the immediate write-off method. 16.2 Recognition criteria and provision method for decline in value of inventories At the balance sheet date, inventories are calculated at the lower of cost and net realizable value. Provision for inventory impairment is made when the net realizable value is lower than the cost. Net realizable value represents the estimated selling price of inventories minus cost estimated to incur upon completion, estimated selling costs and relevant taxes during normal course of business. When determining the net realizable value of inventory, basis is relied on the actual evidences obtained while the objectives of inventories holding and the impact of post balance sheet date event are also considered. After the provision for decline in value of inventories is made, if the circumstances that previously caused inventories to be written down below cost no longer exist so that the net realizable value of inventories is higher than their cost, the original provision for decline in value is reversed and the reversal is included in profit or loss for the period.
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Interim Report 2026 I 172 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 16. Inventories (continued) 16.3 The portfolios and determination basis of the provision for inventory decline price on a portfolio basis and the determination basis of the net realizable value of different categories of inventories The group of large quantity and low value items of inventories, provision for decline in value is made based on categories of inventories. For items of inventories relating to a product line that are produced and marketed in the same geographical area, have the same or similar end uses or purposes, and cannot be practicably evaluated separately from other items in that product line, provision for decline in value is determined on an aggregate basis. Provision for decline in value of other inventories is made based on the excess of cost of inventory over its net realizable value on an item-by-item basis. 17. Contract assets 17.1 Recognition method and criteria of contract assets Contract asset refers to the Group ’s right to consideration in exchange for goods or services that the Company has transferred to a customer when that right is conditioned on something other than the passage of time. The Group ’s unconditional (i.e., depending on the passage of time only) right to receive consideration from the customer is separately presented as receivables. 17.2 Categories of portfolios for which bad debt provision is assessed on a portfolio basis according to credit risk characteristics and the basis for determination The contract assets are grouped by the Group based on common credit risk characteristics. The common credit risk characteristics adopted by the Group include industry of the debtor, nature of contract assets, overdue status, aging, etc. 17.3 Aging calculation method for portfolio of credit risk characteristics recognized based on aging The Group adopts the aging of contract assets as a credit risk characteristic to determine the expected credit losses using an impairment matrix. The aging is calculated from the date of initial recognition.
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Interim Report 2026 I 173 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 18. Long-term equity investments 18.1 Judgement criterion of determining joint control or significant influence over the investee Control is the power over the investee, exposures or rights to variable returns from its involvement with the investee, and the ability to use its power over the investee to affect the amount of the investor ’s returns. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. Significant influence is the power to participate in the financial and operating policy decisions of an enterprise, except to control or joint control the formulation of such policies together with other parties. In determining whether there is control or significant influence over the investee, potential voting right factors (such as the convertible corporate bonds for the period and the exercisable stock warrants for the period of the investee and other invested units held) were taken into account. 18.2 Determination of initial investment cost For a long-term equity investment acquired through business combination involving enterprises under common control, shares of book value of owners ’ equity of combined party in financial statements of ultimate controlling party is recognized as initial investment cost of long-term equity investment at the date of combination. The difference between initial investment cost of long-term equity investment and cash paid, non-cash assets transferred and book value of liabilities assumed, is adjusted in capital reserve. If the balance of capital reserve is not sufficient to absorb the difference, any excess is adjusted to retained earnings Where equity interests in an acquiree are acquired in stages through multiple transactions ultimately constituting a business combination involving entities under common control, the acquirer shall determine if these transactions are considered to be a “package deal ”. If yes, these transactions are accounted for as a single transaction where control is obtained. If no, the initial investment cost of the long-term equity investment is the share of book value of owners ’ equity of the acquired entity in the ultimate controlling party ’s consolidated financial statements at the date of combination. The difference between the initial investment cost and the sum of carrying amount of equity investments previously held in the acquiree and the new investment cost is adjusted to capital reserve. If the balance of capital reserve is not sufficient to absorb the difference, any excess is adjusted to retained earnings. For a long-term equity investment acquired through business combination involving enterprises not under common control, the initial investment cost of the long-term equity investment acquired shall be the cost of acquisition. Any audit, legal service, appraisement and other agency expense and other administration expense occurred during combination, the acquiree shall recognize those expenditure in profit or loss. Long-term equity investment acquired otherwise than through a business combination is initially measured at its cost.
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Interim Report 2026 I 174 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 18. Long-term equity investments (continued) 18.3 Method for subsequent measurement and profit or loss recognition 18.3.1 Long-term equity investments accounted for using the cost method The Company ’s separate financial statements adopted cost method to account for the long-term equity investments of subsidiaries. A subsidiary is an investee that is controlled by the Group. Under the cost method, a long-term equity investment is measured at initial investment cost. When additional investment is made or the investment is recouped, the cost of the long-term equity investment is adjusted accordingly. Investment income is recognized in the period in accordance with the attributable share of cash dividends or profit distributions declared by the investee. 18.3.2 Long-term equity investments accounted for using the equity method The Group accounts for investments in associates and joint ventures using equity method. Associate refers to the investee that the Group can exert significant influence on Joint venture refers to a joint venture arrangement in which the Group only has rights to the net assets of the arrangement. Under the equity method, where the initial investment cost of a long-term equity investment exceeds the investor ’s interest in the fair value of the investee ’s identifiable net assets at the acquisition date, no adjustment shall be made to the initial investment cost. Where the initial investment cost is less than the investor ’s interest in the fair value of the investee ’s identifiable net assets at the acquisition date, the difference shall be charged to profit or loss for the current period, and the cost of the long- term equity investment shall be adjusted accordingly. Under the equity method, the Group recognizes its share of the net profit or loss and other comprehensive income of the investee for the period as investment income and other comprehensive income for the period. Meanwhile, carrying amount of long-term equity investment is adjusted: the carrying amount of long-term equity investment is decreased in accordance with its share of the investee ’s declared profit or cash dividends; Other changes in owners ’ equity of the investee other than net profit or loss and other comprehensive income are correspondingly adjusted to the carrying amount of the long-term equity investment, and recognized in the capital reserve. The Group recognizes its share of the investee ’s net profit or loss based on the fair value of the investee ’s individual identifiable assets, etc. at the acquisition date after making appropriate adjustments. If the accounting policies and accounting periods adopted by the investee are inconsistent with those of the company, the financial statements of the investee shall be adjusted according to the accounting policies and accounting periods of the company, and the investment income and other comprehensive income shall be recognized. For transactions between the Group and associated enterprises and joint ventures, if the assets invested or sold do not constitute business, the unrealized internal transaction profits and losses are calculated according to the proportion enjoyed, and the part attributable to the Group is offset, and the investment profits and losses are recognized on this basis. However, the unrealized internal transaction losses between the Group and the investee are not offset if they belong to the impairment loss of the transferred assets.
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Interim Report 2026 I 175 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 18. Long-term equity investments (continued) 18.3 Method for subsequent measurement and profit or loss recognition (continued) 18.3.2 Long-term equity investments accounted for using the equity method (continued) The Group discontinues recognizing its share of net losses of the investee after the carrying amount of the long-term equity investment together with any long-term interests that in substance form part of its net investment in the investee is reduced to zero. If the Group has incurred obligations to assume additional losses of the investee, a provision is recognized according to the expected obligation, and recorded as investment loss for the period. Where net profits are subsequently made by the investee, the Group resumes recognizing its share of those profits only after its share of the profits exceeds the share of losses previously not recognized. 18.3.3 Disposal of long-term equity investments On disposal of a long-term investment, the difference between the carrying amount of the investment and the actual consideration paid is recognized in current profit or loss. Where the Group loses control over investee due to disposal of part of shares, during preparing separate financial statement, if remaining shares after disposal can make joint control or significant influence on investee, they are accounted under equity method, and adjusted as if they are accounted under equity method since the acquisition date; If remaining shares after disposal cannot make joint control or significant influence on investee, they are accounted according to recognition and measurement of financial instruments, and the difference between fair value on date of losing control and book value is recognized in profit or loss of current period.
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Interim Report 2026 I 176 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 19. Investment properties Investment property refers to real estate held to earn rentals or for capital appreciation, or both, including leased land use right, land use right held and provided for transferring after appreciation and leased constructions, etc. Investment property is initially measured at cost. Subsequent expenditures related to an investment property shall be included in cost of investment property only when the economic benefits associated with the asset will likely flow to the Group and its cost can be measured reliably. All other subsequent expenditures on investment property shall be included in profit or loss for the current period when incurred. The Group adopts cost method for subsequent measurement of investment property. Investment properties are depreciated over their useful lives using the straight-line method. The depreciation method, depreciation life, estimated residual value rate and annual depreciation rate of each category of investment properties are as follows: Category Depreciation life (year) Residual value rate (%) Annual depreciation rate (%) Buildings 8-40 5 2.38-11.88 Land use rights 50 0 2.00 When an investment property is sold, transferred, retired or damaged, the amount of proceeds on disposal of the property net of the carrying amount and related taxes and surcharges is recognized in profit or loss for the current period. When there is evidence that the Group has converted its own buildings and land use rights to lease, the fixed assets and intangible assets are converted into investment real estate at the book value before conversion. When there is evidence that the buildings and land use rights held to earn rentals or for capital appreciation are converted to self-occupation, the carrying amount of such properties before the conversion are transferred to fixed assets and intangible assets.
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Interim Report 2026 I 177 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 20. Fixed assets 20.1 Recognition criteria Fixed assets are tangible assets that are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes and have a useful life of more than one accounting year. Fixed assets are only recognized when their related economic benefits are likely to flow to the Group and their cost can be reliably measured. Fixed assets are initially measured at cost. For subsequent expenses related to fixed assets, if the economic benefits related to such fixed assets is likely to inflow and its cost could be reliably measured, they are capitalized to fixed assets cost and the carrying amount of replacement will be derecognized. Other subsequent expenses other than the above are charged to profit or loss for the current period when incurred. 20.2 Depreciation method In addition to ownership of land assets, a fixed asset is depreciated over its useful life using the straight-line method since the month subsequent to the one in which it is ready for intended use. The depreciation years, estimated net residual value rate and annual depreciation rate of each category of fixed assets are as follows: Category Depreciation (years) Estimated residual value rate (%) Annual depreciation rate (%) Buildings 8-40 5 2.38-11.88 Machinery and equipment 5-10 5 9.50-19.00 Transportation vehicles 4-10 5 9.50-23.75 Electronic equipment and others 3-10 5 9.50-31.67 Estimated net residual value of a fixed asset is the estimated amount that the Group would currently obtain from disposal of the asset, after deducting the estimated costs of disposal, if the asset was already of the stage and in the condition expected at the end of its useful life. 20.3 Other explanations If a fixed asset is upon disposal or no future economic benefits are expected to be generated from its use or disposal, the fixed asset is derecognized. When a fixed asset is sold, transferred, retired or damaged, the amount of any proceeds on disposal of the asset net of the carrying amount and related taxes is recognized in profit or loss for the current period. The Group reviews the useful life and estimated net residual value of a fixed asset and the depreciation method applied at least once at each financial year-end, and account for any change as a change in an accounting estimate.
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Interim Report 2026 I 178 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 21. Construction in progress Construction in progress is recognized based on the actual construction cost, including all expenditures incurred for construction projects, capitalized borrowing costs for the construction in progress before it has reached the working condition for its intended use, and other related expenses during the construction year. A construction in progress is transferred to fixed assets when it has reached the working condition for its intended use. 22. Borrowing costs Borrowing costs include interest, amortization of discount or premiums related to borrowings, ancillary costs incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currency borrowings. For borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset, when expenditures for the asset and borrowing costs are being incurred, activities relating to the acquisition, construction or production of the asset that are necessary to prepare the asset for its intended use or sale have commenced, such borrowing costs shall be capitalized as part of the cost of that asset; and capitalization shall discontinue when the qualifying asset is ready for its intended use or sale. Other borrowing costs shall be recognized as expense during the current period in which they are incurred. Where funds are borrowed for a specific purpose, the amount of interest to be capitalized shall be the actual interest expense incurred during the current period less any bank interest earned from depositing the borrowed funds before being used into banks or any investment income on the temporary investment of those funds. Where funds are borrowed for general purpose, the Group shall determine the amount of interest to be capitalized on such borrowings by applying a capitalization rate to the weighted average of the excess amounts of cumulative expenditures on the asset over and above the amounts of specific-purpose borrowings. The capitalization rate shall be the weighted average of the interest rates applicable to the general-purpose borrowings.
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Interim Report 2026 I 179 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 23. Intangible assets 23.1 Useful life and the basis for determination, estimates, amortization method or review procedures Intangible assets include land use right, software and others and non-patent technology, etc. An intangible asset shall be measured initially at cost. Land use right acquired shall normally be recognized as an intangible asset. Self-constructed buildings (e.g. plants), related land use right and the buildings shall be separately accounted for as intangible assets and fixed assets. For buildings and structures purchased, the purchase consideration shall be allocated among land use right and the buildings on a reasonable basis. If there is any difficulty in making a reasonable allocation, the consideration shall be recognized in full as fixed assets. When an intangible asset with a finite useful life is available for use, its original cost less estimated net residual value and any accumulated impairment losses provided is amortized over its estimated useful life using the straight-line method. The intangible assets with infinite useful life are not amortized. The useful life and net residual value rate of various types of intangible assets are as follows: Category useful life (years) Basis of determination net residual value rate (%) Land use right 50 Year(s) registered on the certificate of title 0 Software and others 2-10 Year(s) expected to produce economic benefits 0 Non-patent technology 2-10 Year(s) expected to produce economic benefits 0 For an intangible asset with a finite useful life, the Group reviews the useful life and amortization method at the end of the period, and makes adjustments when necessary.
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Interim Report 2026 I 180 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 23. Intangible assets (continued) 23.2 Scope of research and development expenditure and accounting treatment The internal research and development expenditures of the Group are classified into research phase expenditure and development phase expenditure. Expenditure arising from the research phase is accounted for in profit or loss for the current period when incurred. Expenses incurred during the development phase that satisfy the following conditions are recognized as intangible assets, while those that do not satisfy the following conditions are accounted for in the profit or loss for the current period: (1) It is technically feasible that the intangible asset can be used or sold upon completion; (2) There is intention to complete the intangible asset for use or sale; (3) The intangible asset can produce economic benefits, including there is evidence that the products produced using the intangible asset has a market or the intangible asset itself has a market; if the intangible asset is for internal use, there is evidence that there is usage for the intangible asset; (4) There is sufficient support in terms of technology, financial resources and other resources in order to complete the development of the intangible asset, and there is capability to use or sell the intangible asset; (5) The expenses attributable to the development phase of the intangible asset can be measured reliably. If it is impossible to distinguish between expenditures in the research stage and expenditures in the development stage, all R&D expenditures incurred shall be included in the current profit or loss. The cost of intangible assets formed in internal development activities only includes the total amount of expenditures from the time point when the capitalization conditions are met to the time when the intangible assets reach the predetermined uses. For the same intangible asset, the expenditures that have been expensed into profit and loss before the capitalization conditions are met in the development process will not be adjusted. The scope of research and development expenditure includes salaries and welfare costs of personnel directly engaged in research and development activities, materials, fuel and power costs directly consumed by research and development activities, depreciation of instruments and equipment for research and development activities, rental and maintenance costs of research and development sites, travel, transportation and communication costs for research and test development. The Group ’s research and development projects enter the development stage and start to be capitalized after meeting the above capitalization conditions, passing the technical feasibility and economic feasibility studies, and reviewing and approving the projects.
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Interim Report 2026 I 181 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 24. Impairment of long-term assets The Group assesses at each balance sheet date whether there is any indication that any long-term equity investments, investment properties measured at cost, fixed assets, construction in progress and intangible assets and right-of-use assets with a finite useful life may be impaired. If there is any evidence indicating that an asset may be impaired, recoverable amount shall be estimated for the individual asset. Intangible assets with an indefinite useful life and intangible assets not yet available for use are tested for impairment annually, irrespective of whether there is any indication that the assets may be impaired. The recoverable amount should be estimated of the individual asset. If it is not possible to estimate the recoverable amount of the individual asset, the Group shall determine the recoverable amount of the asset group to which the asset belongs. The recoverable amount of an asset is determined at the higher of the net amount after deducting the disposal expenses from the assets ’ fair value and the current value of the assets ’ estimated future cash flow. If the recoverable amount of an asset or an asset group is less than its carrying amount, a provision for impairment loss of the asset will be made for the reduction and is charged to profit or loss for the current period. Goodwill is tested for impairment at least at the end of each year. For the purpose of impairment testing, goodwill is considered together with the related assets group(s), i.e., goodwill is reasonably allocated to the related assets group(s) or each of assets group(s) expected to benefit from the synergies of the combination. An impairment loss is recognized if the recoverable amount of the assets group or sets of assets groups (including goodwill) is less than its carrying amount. The impairment loss is firstly allocated to reduce the carrying amount of any goodwill allocated to such assets group or sets of assets groups, and then to the other assets of the group pro-rata on the basis of the carrying amount of each asset (other than goodwill) in the group. An impairment loss once recognized shall not be reversed in a subsequent year. 25. Long-term prepaid expenses Long-term prepaid expenses are expenses which have incurred but shall be amortized over the current period and subsequent years of more than one year. Long-term prepaid expenses are amortized evenly over the estimated benefit year. 26. Contract liabilities Contract liabilities refers to the Group ’s obligation to transfer goods or services to a customer for which the Group has received consideration from the customer. Contract assets and contract liabilities under common contract are presented as net.
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Interim Report 2026 I 182 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 27. Employee benefits 27.1 Accounting treatment of short-term employee benefits In the accounting year in which employees have rendered services, the Group shall recognize the short- term employee benefits that actually occurred as liability, and charged to profit or loss for the current period or cost of relevant assets. The Group shall recognize the amount of employee welfare that actually occurred and charged to profit or loss for the current period or cost of relevant assets. During the accounting year which employees rendered service, medical insurance, work-related injury insurance, maternity insurance and other social security contributions and housing provident fund paid by the Group, as well as labor union funds and employees ’ education expenses extracted by requirement. Based on the required accrual basis and proportions in order to determine the appropriate amount of employee benefits, such employee benefits shall be recognized as corresponding liabilities, and charged to profit or loss during current year or cost of relevant assets. 27.2 Accounting treatment of post-employment benefits Post-employment benefits within the Group are defined contribution plans and defined benefit plans. In the accounting year which employees rendered services, the amount of the defined contribution plans shall be recognized as liability and charged to profit or loss during current year or cost of relevant assets. For defined benefit plans, the Group assigns the benefit obligations generated by the defined benefit plan to the period during which employees provide services according to a formula determined by the expected cumulative benefit unit method, and includes them in the current profit and loss or the cost of related assets. The employee compensation cost incurred by the defined benefit plan is divided into the following components: (1) Service costs (including current service costs, past service costs, and settlement gains and losses); (2) The net interest of the net liabilities of the defined benefit plan (including the interest income of the plan assets, the interest expense of the defined benefit plan obligations, and the interest affected by the asset ceiling); and (3) Re-measure the changes in the net liabilities of the defined benefit plan. Service costs and the net interest of the net liabilities of the defined benefit plan are included in the current profit and loss or the cost of related assets. Re-measurement of changes in defined benefit plan net liabilities (including actuarial gains or losses, return on plan assets deducted from the amount included in the net debt of the defined benefit plan net assets, changes in the impact of the asset ceiling Excluding the amount included in the net interest of the defined benefit plan ’s net liabilities or) is included in other comprehensive income.
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Interim Report 2026 I 183 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 28. Provisions When obligations related to contingencies meet the following conditions simultaneously, they are recognized as Provisions: (1) the obligation is a current obligation undertaken by the group; (2) Fulfilling this obligation is likely to result in an outflow of economic benefits; (3) The amount of this obligation can be reliably measured. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account factors pertaining to a contingency such as the risks, uncertainties and time value of money. Where all or some of the expenditure required to settle a provision is expected to be reimbursed by a third party, the reimbursement is recognized as a separate asset only when it is virtually certain that reimbursement will be received, and the amount of reimbursement recognized does not exceed the carrying amount of the provision. 29. Share-based payment A share-based payment is a transaction which the Group grants equity instruments in return for services rendered by employees. All of the Group ’s share-based payments are equity-settled share-based payments. Equity-settled share-based payments in exchange for services rendered by employees are measured at the fair value of the equity instruments granted to employees at the grant date. Such amount is recognized as related costs or expenses on a straight-line basis over the vesting period, based on the best estimate of the number of equity instruments expected to vest, with a corresponding increase in capital reserve. At each balance sheet date during the vesting period, the Group makes the best estimate according to the subsequent latest information of change in the number of employees who are granted with options that may vest, etc. and revises the number of equity instruments expected to vest. The effect of the above estimate is recognized as related costs or expenses, with a corresponding adjustment to capital reserve. Recognition and measurement of restricted stock repurchase obligations Under the Group ’s stock incentive plan of restricted stock, the Group grants non-publicly issued shares of the Company for a restricted sale period (the “Restricted Stock ”) to the incentive targets. During the restricted sale period, restricted shares shall be restricted for sale and shall not be transferred, use to guarantee or repay debts. When the agreed unlocking conditions are met, the restricted stock will be unlocked. If all or part of the shares expire or be canceled due to unlocking, the Group will repurchase the shares at the agreed price. On the grant date, the Group recognizes the share capital and capital reserve according to the subscription payment received from the incentive targets. Meanwhile, for the Group obligation of restricted stock repurchase, recognized liabilities calculated by the number of restricted stock and the repurchase price, treat as the acquisition of treasury stock. Recognizing the relevant liabilities in accordance with ASBEs No. 22 – recognition and measurement of financial instruments.
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Interim Report 2026 I 184 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 30. Revenue The revenue from the Group is mainly from selling automobiles and components and parts of automobiles; processing and manufacturing of models; providing services and so on. The Group recognizes revenue based on the transaction price allocated to such performance obligation when a performance obligation is satisfied, i.e. when “control ” of the goods or services underlying the particular performance obligation is transferred to the customer. A performance obligation represents the commitment that a good and service that is distinct shall be transferred by the Group to the customer. The Group ’s sales of motor vehicles, spare parts and mould processing to customers are performance obligations performed at a certain point and revenue is recognised when performance obligations are completed. Should one of the following conditions is satisfied, service provided by the Group, is a performance obligation performed within a certain period of time. The Group recognizes revenue within a period of time in accordance with the progress of contract performance. The conditions are: (1) The customer obtains and consumes the economic benefits brought by the contract at the same time performing the contract; (2) The customer is able to control the products under construction during the Group ’s performance; (3) The products of the Group have irreplaceable uses, and the Group has the right to ask for payment for the cumulative part that has been completed so far during the entire contract period. Otherwise, the Group recognizes revenue at the point the customer obtains control of the relevant services. Transaction price refers to the consideration that the Group is expected to charge due to the transfer of goods or services to the customer, but it does not include payments received on behalf of third parties and amounts that the Group expects to return to the customer. In determining the transaction price, the Group should consider the effects of variable consideration, significant financing components in the contract, non-cash consideration and consideration payable to customers. If the contract includes two or more performance obligations, at contract inception, the Group allocates the transaction price to single performance obligation according to relative proportion of the stand-alone selling prices of the goods or services promised by single performance obligation. However, where there is conclusive evidence that the contract discount or variable consideration is only related to one or more (not all) performance obligations in the contract, the Group shall allocate the contract discount or variable consideration to relevant one or more performance obligations. The stand- alone selling price is the price at which the Group would sell a promised good or service separately to a customer. If a stand-alone selling price is not directly observable, the Group shall consider all information that is reasonably available to the Group and maximize the use of observable inputs and apply estimation methods consistently in similar circumstances.
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Interim Report 2026 I 185 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 30. Revenue (continued) For contracts that contain variable consideration, the Group estimates the amount of consideration to which it will be entitled using either the expected value method or the most likely amount. The estimated amount of variable consideration is included in the transaction price only to the extent that it is highly probable that such an inclusion will not result in a significant revenue reversal in the future when the uncertainty associated with the variable consideration is subsequently resolved. At each balance sheet date, the Group updates the estimated transaction price. If there is a consideration payable to customers in the contract, unless the consideration is to obtain other clearly distinguishable goods or services from customers, the Group will offset the transaction price with the consideration payable, and offset the current income at the later of the recognition of relevant income and the payment (or commitment) of customer consideration. For sales with quality assurance terms, if the quality assurance provides a separate service to the customer other than ensuring that the goods or services sold meet the established standards, the quality assurance constitutes a single performance obligation. Otherwise, the Group will account for the quality assurance responsibility in accordance with the No. 13 – Contingencies. 31. Government grants Government grants are monetary assets and non-monetary assets gratuitous acquired from the government. Government grants are recognized when they meet the requirements of government grants and is receivable. Government grants are measured in accordance with the amount received or receivable if they are monetary assets. 31.1 Judgement criteria and accounting treatment of government grants related to asset A government grant related to an asset is charged against carrying amount of related assets or recognized as deferred income and evenly included in profit or loss over the useful life of the related asset. 31.2 Judgement criteria and accounting treatment of government grants related to income For a government grant related to income, if the grant is a compensation for related expenses or losses to be incurred in subsequent years, the grant is recognized as deferred income, and recognized in profit or loss over the period in which the related costs are recognized. If the grant is a compensation for related expenses and losses already incurred, the grant is recognized immediately in profit or loss for the current period. Government grants related to the Group ’s daily activities are included in other income in accordance with its economic substance. Otherwise, government grants are included in non-operating income or expense.
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Interim Report 2026 I 186 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 32. Deferred tax assets and deferred tax liabilities The income tax expenses include current income tax and deferred income tax. 32.1 Current income tax At the balance sheet date, current income tax liabilities (or assets) for the current and prior periods shall be measured at the amount expected to be paid (or recovered) according to the requirements of tax laws. 32.2 Deferred tax assets and deferred tax liabilities For temporary differences between the carrying amounts of certain assets or liabilities and their tax base, or between the nil carrying amount of those items that are not recognized as assets or liabilities and their tax base that can be determined according to tax laws, deferred tax assets and liabilities are recognized using the balance sheet liability method. Deferred tax is generally recognized for all temporary differences. Deferred tax assets for deductible temporary differences are recognized to the extent that it is probable that taxable profits will be available against which the deductible temporary differences can be utilized. However, for temporary differences associated with the initial recognition of goodwill and the initial recognition of an asset or liability arising from a transaction (not a business combination) that neither affects the accounting profit nor taxable profits (or deductible losses) nor result in equal amounts of taxable temporary differences and deductible temporary differences, no deferred tax asset or liability is recognized. For deductible losses and tax credits that can be carried forward, deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the deductible losses and tax credits can be utilized. Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, except where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future.
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Interim Report 2026 I 187 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 32. Deferred tax assets and deferred tax liabilities (continued) 32.2 Deferred tax assets and deferred tax liabilities (continued) At the balance sheet date, deferred tax assets and liabilities are measured at the tax rates, according to tax laws, that are expected to apply in the year in which the asset is realized or the liability is settled. Current and deferred tax expenses or income are recognized in profit or loss for the period, except when they arise from transactions or events that are directly recognized in other comprehensive income or in shareholders ’ equity, in which case they are recognized in other comprehensive income or in shareholders equity; and when they arise from business combinations, in which case they adjust the carrying amount of goodwill. At the balance sheet date, the carrying amount of deferred tax assets is reviewed and reduced if it is no longer probable that sufficient taxable profits will be available in the future to allow the benefit of deferred tax assets to be utilized. Such reduction in amount is reversed when it becomes probable that sufficient taxable profits will be available. For the expenses related to share based payment, during the period when the costs and expenses are recognized in accordance with the ASBEs, the Group estimates the amount that can be deducted before tax according to the information obtained at the end of the accounting period, calculates and determines its tax basis and the resulting temporary differences, and recognizes the relevant deferred income tax when the recognition conditions are met. If the amount that can be deducted before tax in the future period is expected to exceed the costs and expenses related to share based payment recognized in the ASBEs, the income tax impact of the excess part will be directly included in the owner ’s equity. 32.3 Offsetting of income tax When the Group has a legal right to settle on a net basis and intends either to settle on a net basis or to realize the assets and settle the liabilities simultaneously, current tax assets and current tax liabilities are offset and presented on a net basis. When the Group has a legal right to settle current tax assets and liabilities on a net basis, and deferred tax assets and deferred tax liabilities rate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax assets and liabilities on a net basis or to realize the assets and liabilities simultaneously, in each future year in which significant amounts of deferred tax assets or liabilities are expected to be reversed, deferred tax assets and deferred tax liabilities are offset and presented on a net basis.
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Interim Report 2026 I 188 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 33. Lease A lease is a contract whereby the lessor conveys to the lessee in return for a consideration the right to use an asset for an agreed period of time. At inception of the contracts, the Group assesses whether the contract is, or contains, a lease. Unless the terms and conditions of the contract are changed, the Group does not reassess whether a contract is, or contains, a lease. 33.1 The Group as lessee 33.1.1 Separation of a lease For a contract that contains one or more lease or non-lease components at the same time, the Group separates the individual lease component and non-lease component of the contract and allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. 33.1.2 Right-of-use asset Except for short-term leases and leases of low-value assets, the Group recognizes right- of-use assets at the commencement date of the lease. The commencement date of a lease is the date that the underlying asset leased out by the lessor is available for use by the Group. Right-of-use assets are initially measured at cost, which includes the following: • the amount of the initial measurement of the lease liability; • any lease payments made at or before the commencement date, less any lease incentives received (if any); • any initial direct costs incurred by the Group; and • an estimate of costs to be incurred by the Group in dismantling and removing the underlying assets, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, exclusive of the cost incurred for production of inventories. Right-of-use assets is depreciated by the Group in accordance with relevant regulations on depreciation in ASBEs No. 4 – Fixed Assets. Right-of-use assets in which the Group is reasonably certain to obtain ownership of the underlying leased assets at the end of the lease term are depreciated over the remaining useful life of the leased assets. Otherwise, right-of-use assets are depreciated over the shorter of lease term and the remaining useful life of the leased assets. The Group determines whether a right-of-use asset is impaired and makes accounting treatments in accordance with relevant regulations in ASBEs No. 8 – Impairment of Assets, and account for the identified impairment loss.
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Interim Report 2026 I 189 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 33. Lease (continued) 33.1 The Group as lessee (continued) 33.1.3 Lease liabilities At the commencement date of a lease, except for short-term lease and leases of low-value assets, the Group initially measures the lease liability at the present value of lease payments that are unpaid at that date. In calculating the present value of lease payments, the Group uses the interest rate implicit in the lease as the discount rate. The Group uses the incremental borrowing rate if the interest rate implicit in the lease is not readily determinable. Lease payments refers to payments relating to the right to use leased assets during the lease term which are made by the Group to the lessor, including: • fixed payments and in substance fixed payments, less any lease incentives receivable (if any); • variable lease payments that depend on an index or a rate; • the exercise price of a purchase option reasonably certain to be exercised by the Group; • payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate the lease; and • amounts expected to be paid under residual value guarantees provided by the Group. Variable lease payments that depend on an index or a rate, are initially measured using the index or rate as at the commencement date. Variable lease payments not included in the measurement of the lease liabilities, are recognized in profit or loss, or in the cost of relevant assets, in the period of those payments.
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Interim Report 2026 I 190 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 33. Lease (continued) 33.1 The Group as lessee (continued) 33.1.3 Lease liabilities (continued) After the commencement date of a lease, the Group calculates interest expenses of lease liabilities for each period of the lease term based on fixed periodic rate and recognizes the expenses in profit or loss or cost of related assets. Subsequent to the commencement date of a lease, in case of any of the following circumstances, the Group re-measures lease liabilities and makes a corresponding adjustment to the related right-of-use assets, if the book value of the right-of-use asset has been reduced to zero, but the lease liability still needs to be further reduced, the Group calculates the difference in the current profit and loss: • the Group re-measures the lease liabilities at the present value of revised lease payment discounted at revised discount rate due to the changes of lease term or results of assessment on purchase option. • the Group re-measures the lease liabilities at the present value of revised lease payment discounted at original discount rate due to the changes in amount payable estimated based on guaranteed residual value or the index or ratio used to determine the amount of lease payment. 33.1.4 Determination basis and accounting treatment of short-term leases and leases of low -value assets treated under a simplified method as lessee The Group elects not to recognize right-of-use assets and lease liabilities for short-term leases and leases of low-value assets of transportation vehicle, machinery and electronic equipment. A short-term lease is a lease that at the commencement date, has a lease term of 12 months or less and does not contain any purchase options. A lease of a low-value asset, is a lease that the single underlying asset, when is new, is of low value. The Group shall recognize the lease payments associated with short-term leases and leases of low-value assets as the cost of the related assets or profit or loss on a straight-line basis over the lease term. 33.1.5 Lease modifications The Group accounts for a lease modification as a separate lease if: • the modification increases the scope of the lease by adding the right to use one or more underlying assets; and • the consideration for the leases increases by an amount commensurate with the stand-alone price for the scope of increase which is adjusted based on circumstances of such contract.
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Interim Report 2026 I 191 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 33. Lease (continued) 33.1 The Group as lessee (continued) 33.1.5 Lease modifications (continued) For a lease modification that is not accounted for as a separate lease, the Group reallocates the revised contract consideration, re-determines the lease term and re-measures the lease liabilities at the present value of the revised lease payments discounted using the revised discount rate. If the scope of the lease is narrowed or the lease term is shortened as a result of the lease modification, the Group reduces the carrying amount of the right-of-use assets accordingly, and record the relevant gains or losses of partial or complete termination of the lease into the current profit and loss. In case of re-measurement of lease liabilities due to other lease modifications, the Group adjusts the carrying amount of the right-of-use assets accordingly. 33.1.6 Sales and leaseback transaction The Group as a seller-lessee The Group assesses whether the transfer of the asset in the sales and leaseback transaction constitutes a sale in accordance with the Revenue Standard. If the transfer of the asset is not a sale, the Group continues to recognize the transferred assets and should recognize a financial liability equal to the transfer proceeds. Such financial liability is accounted for applying ASBEs Enterprises No. 22 – Recognition and Measurement of Financial Instruments. If the transfer of an asset constitutes a sale, the Group shall measure the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right of use and recognize only the amount of any gain or loss that relates to the rights transferred to the lessor.
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Interim Report 2026 I 192 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 33. Lease (continued) 33.2 The Group as lessor 33.2.1 Separation of a lease For a contract that contains lease and non-lease components simultaneously, the Group applies the Revenue Standard to allocate consideration in a contract to lease and non-lease components. The basis of the allocation is the separately stand-alone price of the lease component and the non-lease component. 33.2.2 Classification criteria and accounting treatment of leases as lessor A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. Other leases which are not finance leases are operating leases. 33.2.2.1 The Group as lessor under operating leases Receipts of lease under operating leases are recognized as rental income on a straight-line basis over the term of the relevant lease. Initial direct costs related to operating leases incurred by the Group are capitalized when incurred, and are recognized in profit or loss for the current period on the same basis as recognition of rental income over the lease term. The variable receipts of lease received by the Group that are related to operating leases and not included in receipts of lease are recognized in profit or loss for the period when they are incurred.
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Interim Report 2026 I 193 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 33. Lease (continued) 33.2 The Group as lessor (continued) 33.2.2 Classification criteria and accounting treatment of leases as lessor (continued) 33.2.2.2 The Group as lessor under finance lease At the commencement date, the Group uses the net lease investment as the accounting value of the finance lease receivables and derecognizes the finance lease assets. The net investment in the lease is the sum of the unguaranteed residual value and the present value of the lease receipts that have not been received at the commencement date, discounted at the interest rate embedded in the lease. The amount of lease receivable refers to the amount that the Group should collect from the lessee for the purpose of transferring the leased assets during the lease term, including: • fixed payments and in substance fixed payments to be paid by the lessee, less any lease incentives receivable (if any); • variable lease payments that depend on an index or rate; • exercise price of purchase options, if it is reasonably determined that the lessee will exercise the option; • payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate the lease; and • The residual value of the guarantee provided to the Group by the lessee, a party related to the lessee and an independent third party who has the financial ability to perform the guarantee obligation. The variable lease receipts that are not included in the measurement of net investment in the lease investment are recognized in current profit or loss when actually incurred. The Group calculates and recognizes interest income for each period of the lease term based on a fixed periodic interest rate.
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Interim Report 2026 I 194 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 34. Other important accounting policies and accounting estimates Accounting treatment related to repurchase of the Company ’s shares The consideration and transaction costs paid to repurchase shares are deducted from equity. No gain or loss is recognized in profit or loss on the repurchase, sale or cancellation of the Company ’s shares. Accounting treatment method of asset securitization business The Group securitizes some financial lease receivables ( “trust property ”) and trusts assets to specific purpose entities, which issue priority asset-backed securities to investors. The Group holds subordinated asset-backed securities, which cannot be transferred until the principal and interest of the priority asset-backed securities are paid off. As an asset service provider, the Group provides services such as asset maintenance and daily management, formulation of annual asset disposal plan, formulation and implementation of asset disposal plan, signing relevant asset disposal agreements and regularly preparing asset service reports; At the same time, as a liquidity support institution, the Group provides liquidity support when the principal of priority asset – backed securities is not paid in full to make up the difference between interest or principal. After paying the trust tax and related expenses, the trust property is preferentially used to repay the principal and interest of the priority asset-backed securities. After all the principal and interest are repaid, the remaining trust property is owned by the Group as the income of the subordinated asset-backed securities. The Group has actually retained almost all the risks and rewards related to the trust property, so it has not terminated the recognition of the trust property; At the same time, the Group has actual control over specific purpose entities and has included them in the scope of consolidated financial statements. When applying the accounting policy of securitized financial assets, the Group has considered the risk and reward of assets transferred to other entities and the extent to which the Group exercises control over the entity: • When the Group has transferred almost all the risks and rewards of the ownership of the financial asset, the Group will derecognize the financial asset; • When the Group retains almost all the risks and rewards of the ownership of the financial asset, the Group continues to recognize the financial asset; • If the Group does not transfer or retain almost all the risks and rewards of the ownership of the financial asset, the Group will consider whether there is control over the financial asset. If the Group does not retain control, the Group will derecognize the financial asset and recognize the rights and obligations generated or retained in the transfer as assets or liabilities respectively. If the Group retains control, financial assets are recognized according to the degree of continued involvement in financial assets.
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Interim Report 2026 I 195 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 35. Changes in significant accounting policies The Ministry of Finance issued the Interpretation No. 19 of the Accounting Standards for Business Enterprises ( “Interpretation No. 19 ”) and the Interpretation No. 20 of the Accounting Standards for Business Enterprises ( “Interpretation No. 20 ”) on 25 December 2025 and 4 June 2026 respectively. Interpretation No. 19 specified accounting treatment for compensatory assets in business combinations not involving enterprises under common control, accounting treatment for capital reserve arising from disposal of subsidiaries previously acquired through business combinations involving enterprises under common control, derecognition of financial liabilities settled using an electronic payment system and assessment of contractual cash flow characteristics of financial assets. It came into effect from 1 January 2026. Accounting treatment for compensatory assets in business combinations not involving enterprises under common control Interpretation No. 19 clarifies that when the acquirer recognises the compensated items in its consolidated financial statements, it shall simultaneously recognise the compensatory assets, measure them on the same basis as the compensated items, take into account the management ’s estimate of their recoverability, and deduct the amount not expected to be recovered from the initial carrying amount of the compensatory assets. At each subsequent balance sheet date, the acquirer shall perform subsequent measurement of the compensatory assets on the same basis as the compensated items, taking into account the contractual restrictions on the compensated amount. In case of changes in the carrying amount of the compensated items, the carrying amount of the compensatory assets shall be adjusted accordingly, with the corresponding difference recognised in investment income. The acquirer shall account for the compensatory assets in its separate financial statements in accordance with the Accounting Standards for Business Enterprises No. 13 – Contingencies and this Interpretation. The acquirer shall recognise the compensatory assets when the conditions for recognising a contingent asset are met (i.e., it is virtually certain that the enterprise will receive the corresponding amount and the amount can be reliably measured), and simultaneously offset the initial investment cost of the long-term equity investments. At each subsequent balance sheet date, the acquirer shall subsequently measure the compensatory assets in accordance with the standards on contingencies and this Interpretation, taking into account the contractual restrictions on the compensated amount and management ’s estimate of the recoverability of the compensatory assets, and shall include the amount not expected to be recovered in investment income. Upon the initial adoption, the enterprise shall retrospectively adjust the compensatory assets existing at the date on which this Interpretation became effective as changes in accounting policies.
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Interim Report 2026 I 196 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 35. Changes in significant accounting policies (Continued) Accounting treatment for capital reserve arising from disposal of subsidiaries previously acquired through business combinations involving enterprises under common control Interpretation No. 19 stipulates that when an enterprise disposes of a subsidiary previously acquired through business combinations involving enterprises under common control while losing control over the subsidiary, the capital reserve adjusted at the original combination date arising from the difference between the initial investment cost of the long-term equity investments and the carrying amount of the combination consideration shall not be transferred to the profit or loss or retained earnings for the period in either the separate financial statements or the consolidated financial statements. Upon the initial adoption, the enterprise shall account for it as changes in accounting policies and apply retrospective adjustments accordingly. Derecognition of financial liabilities settled using electronic payment systems Interpretation No. 19 stipulates that when the enterprise settles a financial liability (or part of it) in cash using an electronic payment system, it may elect to derecognise the financial liability prior to the settlement date only when the enterprise has initiated the payment instruction and simultaneously meets the following conditions: the enterprise has no practical ability to withdraw, suspend or cancel the payment instruction while having no practical ability to draw the cash to be used for settlement under the payment instruction, and the settlement risk associated with the electronic payment system is insignificant. Where the enterprise elects to apply the aforesaid accounting policies, it shall apply such election to all settlements conducted through the same electronic payment system. Upon the initial adoption, the enterprise shall make retrospective adjustments, with the cumulative effects adjusting retained earnings and other relevant financial statement items as at 1 January 2026. Adjustment to the comparative financial statement data for the prior period is not required.
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Interim Report 2026 I 197 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 35. Changes in significant accounting policies (continued) Assessment of the contractual cash flow characteristics of financial assets Interpretation No. 19 clarifies that different constituent elements of interest shall be considered when whether the contractual cash flows of financial assets are consistent with a basic lending arrangement is assessed. Where the contractual cash flows arising from contingent characteristics remain consistent with the basic lending arrangement either before or after the changes in contractual cash flows (regardless of the probability of such cash flow changes), the enterprise is still required to assess the nature of the contingency. Additional disclosure requirements are added for contractual terms that will cause the amount of contractual cash flows to vary, depending on the occurrence or non-occurrence of contingencies that are not directly related to changes in the risks and costs of basic lending. Upon the initial adoption, the enterprise shall make retrospective adjustments, with the cumulative effects adjusting retained earnings and other relevant financial statement items as at 1 January 2026. Adjustment to the comparative financial statement data for the prior period is not required. The Group assesses that adoption of the above Interpretation has no material impact on its financial statements. Interpretation No. 20 clarifies the assessment of the contractual cash flow characteristics of financial assets and the accounting treatment when lacking currency convertibility, which became effective from 1 January 2026. Assessment of the contractual cash flow characteristics of financial assets Interpretation No. 20 clarifies that for a financial asset with non-recourse characteristics, when the enterprise determines whether it meets the characteristic that its contractual cash flows are solely payments of principal and interest on the principal amount outstanding (the “contractual cash flow characteristic of principal plus interest ”), it shall assess the linkage between the specific underlying asset or its cash flows and the contractual cash flows of the financial assets (i.e., the penetration), and consider how such linkage is affected by other contractual arrangements such as subordinated debts or equity instruments issued by the debtor. In certain transactions with non-recourse characteristics, the issuer establishes a priority of payments to different tranche holders through a “waterfall payment structure ”, which gives rise to credit risk concentration and leads to a disproportionate allocation of cash shortfalls of the underlying assets among different tranche holders. For a holder of a certain tranche, it is entitled to receive payments of principal and interest only when the issuer obtains sufficient cash flows to satisfy higher-priority payments. In the aforementioned types of transactions, holders of each tranche should be subject to the classification requirements for contractually linked instruments, rather than the classification requirements for financial assets with non-recourse characteristics. One of the conditions for a contract-linked instrument to meet the contractual cash flow characteristics of principal plus interest is that its underlying assets must contain one or more instruments that meet the contractual cash flow characteristics of principal plus interest. Upon the initial adoption of provision of this Interpretation, the enterprise shall make retrospective adjustments, with the cumulative effects adjusting retained earnings and other relevant financial statement items as at 1 January 2026. Adjustment to the comparative financial statement data for the prior period is not required.
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Interim Report 2026 I 198 Notes to the Financial Statements For the period ended 30 June 2026 III. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES (continued) 35. Changes in significant accounting policies (continued) Accounting treatment when lacking the currency convertibility Interpretation No. 20 clarifies that when one currency is not converted to the other, the enterprise shall estimate the spot exchange rate at the measurement date to truly reflect the exchange rate adopted by market participants in an orderly exchange transaction at the measurement date under the current predominant economic conditions. Where the above requirements for estimating the spot exchange rate when lacking the currency convertibility are satisfied, the enterprise may use unadjusted observable exchange rates or other estimation methods to estimate the relevant spot exchange rate. Upon the initial adoption of the provisions of this Interpretation, the enterprise is not required to adjust the comparative financial statement data for the prior period, and shall conduct transition treatments in accordance with the following provisions: For the enterprise that reports foreign currency transactions in its functional currency and determines that the relevant foreign currency lacks convertibility with its functional currency, it shall translate the affected foreign currency monetary items and non-monetary items measured at fair value in foreign currency using the estimated spot exchange rate at the initial adoption date, and adjust the effect of the initial adoption of the provisions of this Interpretation to the opening retained earnings. Where the presentation currency adopted by the enterprise is different from its functional currency, or when the enterprise translates the financial position and operating results of a foreign operation and determines that there is a lack of convertibility between the enterprise ’s functional currency or the functional currency of such foreign operation and the enterprise ’s presentation currency, it shall translate the affected assets and liabilities using the estimated spot exchange rate at the date of initial application. If the enterprise ’s functional currency is in a hyperinflationary state, the affected equity items should also be translated using the estimated spot exchange rate at the date of initial application. The impact of initially applying this Interpretation shall be accounted for as an adjustment to the cumulative amount of the foreign currency translation difference, which is included in equity as a separate line item. The Group assesses that adoption of the above Interpretation has no material impact on its financial statements.
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Interim Report 2026 I 199 Notes to the Financial Statements For the period ended 30 June 2026 IV. CRITICAL JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY ASSUMPTIONS AND UNCERTAINTIES IN ACCOUNTING ESTIMATES In the application of the Group ’s accounting policies, which are described in Note III., the Group is required to make judgements, estimates and assumptions about the carrying amounts of items in the financial statements that cannot be measured accurately, due to the internal uncertainty of the operating activities. These judgements, estimates and assumptions are based on historical experience of the Group ’s management as well as other factors that are considered to be relevant. Actual results may differ from these estimates of the Group. The aforementioned judgments, estimates and assumptions are reviewed regularly on a going concern basis. The effect of a change in accounting estimate is recognized in the period of the change, if the change affects that period only; or recognized in the period of the change and future periods, if the change affects both. Critical judgements in applying accounting policies The Group has made the following critical judgments in applying accounting policies, which had a significant impact on the amounts recognized in the financial statements: Capitalization of development expenditure If the expenditure in the development stage meets the conditions as described in Note III. 23.2, it shall be capitalized, or included in profit or loss for the period if not. Whether the expenditure in the development stage is capitalized or expensed requires significant judgment and estimates. Determination of the lease term of lease contract with renewal option For the lease contract signed by the Group as the lessee with the renewal option, the Group needs to use judgment to determine the lease term of the lease contract. An assessment of whether the Group is reasonably certain to exercise this option will affect the length of the lease term, which will have a significant impact on the amount of lease liabilities and right-of-use assets recognized.
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Interim Report 2026 I 200 Notes to the Financial Statements For the period ended 30 June 2026 IV. CRITICAL JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY ASSUMPTIONS AND UNCERTAINTIES IN ACCOUNTING ESTIMATES (continued) Critical assumptions and uncertainties in accounting estimates The followings are critical assumptions and uncertainties in accounting estimates that may cause significant adjustments to carrying amount of assets and liabilities in future periods at the balance sheet date: Provision for decline in value of inventories The Group recognizes the provision for decline in value of inventories based on the net realizable value of inventories. When there is an indication that the net realizable value is lower than the cost, the provision for decline in value of inventories should be recognized. Recognition of net realizable value requires judgment and estimates. If the re-estimate result is different from existing estimates, the difference will affect the carrying amount of inventories in the period in which the estimate is changed. Useful lives of fixed assets The useful lives of fixed assets are estimated based on the historical experience on the actual useful lives of fixed assets with similar natures and functions. If the period for use of fixed assets is shorter than estimates, the Group will take measures to accelerate the depreciation of fixed assets or to eliminate the fixed assets that are idle and technically obsolete. Recognition of deferred tax assets The realization of deferred tax assets depends on the actual tax rate applied to the actual profits and temporary differences in the future years. If the actual profits are less than estimates in the future, or the actual rate is lower than estimates, the recognized deferred tax assets will be reversed, and recognized in the income statement in the period in which the reversal is incurred. If the actual taxable income in the future is more than estimates, or the actual tax rate is higher than estimates, such deferred tax asset shall be adjusted and recognized in the income statement in the period in which they are incurred. After-sales service expenses The Group undertakes the warranty obligation for the vehicles sold within a certain warranty period, and accrues the after-sales service expenses according to the sales volume and estimated cost standards. If the actual after-sales service expenses are greater or less than the expected amount, it will affect the profit or loss of the period in which they are incurred. Provision for impairment of development expenditure The Group determines the provision for impairment of development expenditure based on the estimated recoverable amounts of different car models during their lifecycle. The determination and measurement of such recoverable amounts require judgements and estimates. Where the re-estimation result differs from the existing estimate, the difference will affect the carrying amount of development expenditure and profit or loss of the period in which the estimate changed.
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Interim Report 2026 I 201 Notes to the Financial Statements For the period ended 30 June 2026 V. TAXATION 1. Major tax types and rates Tax type Basis Tax rate Value-added tax Sales 1%, 3%, 5%, 6%, 7%, 9%, 13% Consumption tax Sales 2%, 3%, 4%, 5%, 8%, 12% Sales tax (Note 4) Sales 10%, 6%, 8% Urban maintenance and construction tax Circulation tax payable 1%, 5%, 7% Education surcharge and local education surcharge Circulation tax payable 3%, 2% Enterprise income tax Taxable income Note 1 Real estate tax Original cost/rental income of the real estate For self-occupied real estate of the Group, the tax is calculated at 70% of the original cost with a tax rate of 1.2%. For rented real estate, the tax is calculated at 12% of the rental income Vehicle retirement tax Vehicle engine displacement Fixed amount tax Land use tax Land use area Relevant tax rate ICMS (Note 2) Value added to the goods on the circulation of goods is levied at state level based on the total amount of the commercial invoice 4%-18% PIS (Note 3) PIS and COFINS are levied at certain percentages of revenue 1.65%, 2% COFINS (Note 3) 7.6%, 9.60% Note 1: Except for the preferential income tax rate policy for branches and subsidiaries mentioned in Note V. 2, all companies within the Group located in Chinese mainland are subject to the enterprise income tax rate of 25%. Note 2: ICMS is a type of circulation tax in Brazil. It is applied to the sale and circulation of goods, interstate and intermunicipal transportation, communication and energy services. Value added to the goods on the circulation of goods is levied at state level based on the total amount of the commercial invoice, with tax concessions for interstate sales. Note 3: According to Brazilian tax laws, PIS and COFINS are levied at certain percentages of revenue. Enterprises may choose to pay levies under the cumulative or non-cumulative system. Under the cumulative system, the tax base is enterprises ’ revenue without deductible items, and the applicable tax rates for PIS and COFINS are 0.65% and 3.0%, respectively. Under the non-cumulative system, the expenditures incurred by enterprises for the purchase of fixed assets and commodities closely related to its production activities are deductible. The applicable tax rates for PIS are 1.65% and 2%, respectively, and the applicable tax rates for COFINS are 7.6% and 9.6%, respectively. Great Wall Motor Brazil Co., Ltd. has chosen to make the accrual and payment of PIS and COFINS under the non-cumulative system. Note 4: The sales tax is a type of circulation tax in Malaysia, levied at the production, import or service stage. Great Wall Motor Sales Malaysia Sdn Bhd is subject to a sales tax rate of 10% in respect of sales of goods, and the sales tax rates of 6% and 8% in respect of its rendering of services. Except for the policy of applying preferential income tax rates for foreign subsidiaries as described in Note V. 2.1.6, the Company ’s foreign subsidiaries are subject to value-added tax (VAT) and enterprise income tax (EIT) calculated on the basis of the statutory rates of the jurisdictions where the subsidiaries operate, with the applicable VAT rates ranging from 4% to 22% and the applicable EIT rates ranging from 15% to 34%.
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Interim Report 2026 I 202 Notes to the Financial Statements For the period ended 30 June 2026 V. TAXATION (continued) 2. Tax incentives and approvals 2.1 Income tax incentives 2.1.1 Preferential income tax policies for employment of the disabled persons According to the “Notice on Preferential Enterprise Income Tax Policies Related to the Employment of Disabled Persons ” (ٝNo. 70 [2009] of the MoF) (the “Notice ”) issued by the MoF and the State Taxation Administration, the subsidiaries of the Company, Great Wall Motor Co., Ltd. Dingxing Branch (ጳʱʮ̡ ) (“Dingxing Branch ”), Great Wall Motor Co., Ltd. Tianjin Haval Branch (۞ݵ ̿ʱʮ̡ ) ( “Tianjin Haval Branch ”), Baoding Great Machinery Company Limited (ዚϞ ʮ̡ ) ( “Baoding Great ”), MIND Electronics Appliance Co., Ltd. (ʮ̡ ) ( “MIND ”), Baoding Yixin Auto Parts Co., Ltd. (ʮ̡ ) ( “Baoding Yixin ”), Beijing Great Wall Dongsheng Business Consulting Co., Ltd. (ʮ̡ ) ( “Beijing Dongsheng ”), MIND Electronics Appliance Co., Ltd. Baoding Xushui Electrical System Branch (ʮ̡ ˥ཥंӻ୕ʱʮ̡ ) ( “MIND Xushui Electrical System Branch ”), MIND Electronics Appliance Co., Ltd. Baoding Xushui Optoelectronics Branch (˥Έཥʱʮ̡ ) ( “MIND Xushui Optoelectronics Branch ”), MIND Electronics Appliance Co., Ltd. Baoding Optoelectronics Branch ( ਟ Έཥʱʮ̡ ) ( “MIND Baoding Optoelectronics ”), MIND Electronics Appliance Co., Ltd. Baoding Thermal System Branch (ᆠӻ୕ʱʮ̡ ) ( “MIND Baoding Thermal System Branch ”), MIND Electronics Appliance Co., Ltd. Baoding Electrical System Branch ( ਟ ཥंӻ୕ʱʮ̡ ) ( “MIND Baoding Electrical System Branch ”), MIND Electronics Appliance Co., Ltd. Baoding Xushui Thermal System Branch (˥ᆠӻ୕ʱʮ ̡) ( “MIND Xushui Thermal System Branch ”), MIND Auto Parts (Taizhou) Co., Ltd. ( ਟᅃӛԓཧ (इ ψ)ʮ̡ ) ( “MIND Parts Taizhou ”), Exquisite Automotive Parts (Jingmen) Co., Ltd. (ӛԓཧ (ژ)ʮ̡ ) ( “EA Jingmen ”), Exquisite Automotive Systems Co., Ltd. (ʮ ̡) ( “EA”), Shunping Precision Casting Branch of Exquisite Automotive Systems Co., Ltd. (ӛԓ ʮ̡න̻ၚʈᛟிʱʮ̡ ) ( “Shunping Precision Casting Branch of EA ”), Exquisite Automotive Systems Co., Ltd. Baoding Xushui Precision Chassis Branch (ᆵ ʱʮ̡ ) ( “EA Xushui Chassis Branch ”), Amor Accoustic Technology (Suzhou) Co., Ltd. (߅ࠪ ʮ̡ ) ( “Amor Accoustic ”), NOBO Automotive Systems Co., Ltd. (ʮ̡ ) ( “NOBO Automotive ”), NOBO Automotive Systems Co., Ltd. Baoding Xushui Branch (ڭ ˥ʱʮ̡ ) ( “NOBO Baoding Xushui Branch ”), NOBO Automotive Systems Co., Ltd. Baoding Xushui Seat Branch (ಉʱʮ̡ ) ( “NOBO Automotive Xushui Seat Branch ”), NOBO Rubber Products Co., Ltd. (ʮ̡ ) ( “NOBO Rubber ”), Baoding NOBO Trim Parts Co., Ltd. (ʮ̡ ) ( “NOBO Trim Parts ”), NOBO Automotive Parts (Chongqing) Co., Ltd. ( ፕ௹ӛԓཧ (ᅅ )ʮ̡ ) ( “Chongqing NOBO Automotive Parts ”), NOBO Rubber Products Co., Ltd. Baoding Branch (ʱʮ̡ ) ( “NOBO Baoding Branch ”), NOBO Automotive Parts (Ningyang) Co., Ltd. ( ፕ௹ӛԓཧ (ྐྵජ)ʮ̡ ) ( “Ningyang NOBO Parts ”), NOBO Automotive Parts (Pinghu) Co., Ltd. ( ፕ௹ӛԓཧ (̻ಳ)ʮ̡ ) ( “NOBO Pinghu ”), HYCET Electronic Technology Co., Ltd. (ʮ̡ ) ( “HYCET Electronic Technology ”), HYCET Electronic Technology Shanghai Branch (Ҧɪऎʱʮ̡ ) ( “HYCET Electronic Technology
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Interim Report 2026 I 203 Notes to the Financial Statements For the period ended 30 June 2026 Shanghai Branch ”), NOBO Automotive Parts (Taizhou) Co., Ltd. ( ፕ௹ӛԓཧ (इψ)ʮ̡ ) ( “NOBO Automotive Parts (Taizhou)), NOBO Automotive Parts (Shenyang) Co., Ltd. ( ፕ௹ӛԓཧ (ᓨජ)ʮ ̡) ( “NOBO Automotive Parts Shenyang ”), NOBO Automotive Rubber & Plastic (Anhui) Co., Ltd. ( ፕ௹ӛ ԓዖ෧ (τᏏ)ʮ̡ ) ( “NOBO Rubber & Plastics Anhui ”), NOBO Auto Parts (Jingmen) Co., Ltd. ( ፕ௹ӛ ԓཧ (ژ)ʮ̡ ) ( “NOBO Automotive Parts Jingmen ”), MIND Auto Parts (Jingmen) Co., Ltd. ( ਟ ᅃӛԓཧ (ژ)ʮ̡ ) ( “MIND Parts Jingmen ”), Ruibo Perception Technology (Hebei) Co., Ltd. (Ҧ (̏)பʮ̡ ) ( “Ruibo Hebei ”), Exquisite Automotive Systems Co., Ltd. Shunping Precision Die-Casting Branch (ʮ̡න̻ၚʈᏀᛟʱʮ̡ ) ( “EA Shunping Die- Casting Branch ”), HYCET Transmission System (Jiangsu) Co., Ltd. ( ੫ෂਗӻ୕ (Ϫᘽ)ʮ̡ ) ( “HYCET Transmission System ”), HYCET Engine System (Jiangsu) Co., Ltd. ( ੫ਗɢӻ୕ (Ϫᘽ)ʮ̡ ) ( “HYCET Engine System ”), NOBO Automotive Parts (Rizhao) Co., Ltd. ( ፕ௹ӛԓཧ (˚)ʮ̡ ) ( “NOBO Automotive Parts Rizhao ”), MIND Electronics Appliance Co., Ltd. Tianjin Electrical System Branch ( ਟᅃ ཥंӻ୕ʱʮ̡ ) ( “MIND Electronics Tianjin Electrical System ”), Baoding Xushui Precision Casting Branch of Exquisite Automotive Systems Co., Ltd. (ࢱ֛ڭ ˥ၚʈᏀᛟʱʮ̡ ) ( “EA Baoding Xushui Casting ”), MIND Electronics Appliance Co., Ltd. Foshan Branch (ʮ̡Нʆʱʮ̡ ) ( “MIND Electronics Foshan Branch ”), Exquisite Automotive Systems Co., Ltd. Baoding Xushui Precision Punching and Welding Branch (˥ ၚʈәଔʱʮ̡ ) ( “Xushui Punching and Welding ”), Exquisite Automotive Parts (Taizhou) Co., Ltd. ( ၚ ӛԓཧ (इψ)ʮ̡ ) ( “EA Taizhou ”), MIND Auto Parts (Pizhou) Co., Ltd. ( ਟᅃӛԓཧ (ᩓψ)ʮ̡ ) ( “Pizhou MIND Parts ”), NOBO Automotive Systems Co., Ltd. Rizhao Branch ( ፕ௹ӛԓ ʮ̡˚ʱʮ̡ ) ( “NOBO Automotive Rizhao Branch), MIND Auto Parts (Laoling) Co., Ltd. ( ਟ ᅃӛԓཧ (ᆀ)ʮ̡ ) ( “Laoling MIND Parts ”), NOBO Automotive Systems Co., Ltd. Daye Branch (ʮ̡ɽзʱʮ̡ ) ( “NOBO Automotive Daye Branch), MIND Electronics Appliance Co., Ltd. Wuhan Branch (ဏʱʮ̡ ) ( “MIND Electronics Wuhan Branch ”), MIND Electronics Appliance Co., Ltd. Changchun Branch (ʱʮ̡ ) ( “MIND Electronics Changchun Branch ”), MIND Electronics Appliance Co., Ltd. Shanghai Branch ( ਟᅃཥɿཥ ʮ̡ɪऎʱʮ̡ ) ( “MIND Electronics Shanghai Branch ”),Exquisite Automotive Systems Co., Ltd. Baoding Mold Technology Branch (ᅼՈҦஔʱʮ̡ ) ( “EA Mold Branch ”), Exquisite Automotive Systems Co., Ltd. Baoding Automation Technology Branch (ӛԓӻ୕Ϟ ІਗʷҦஔʱʮ̡ ) ( “EA Automation ”), Exquisite Automotive Systems Co., Ltd. Qingyuan Renewable Resources Branch (Ύ͛༟๕ʱʮ̡ ) ( “EA Qingyuan ”), Exquisite Automotive Systems Co., Ltd. Shanghai Branch (ʮ̡ɪऎʱʮ̡ ) ( “EA Shanghai ”), Exquisite Automotive Systems Co., Ltd. Daye Branch (ʮ̡ɽзʱʮ̡ ) (“EA Daye ”) satisfied all conditions as prescribed in the Notice for weighted deduction of 100% of the wages paid to the disabled staff, and when calculating the enterprise income tax, they were entitled to deduct additional 100% of the actual wages paid to the disabled staff. V. TAXATION (continued) 2. Tax incentives and approvals (continued) 2.1 Income tax incentives (continued) 2.1.1 Preferential income tax policies for employment of the disabled persons (continued)
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Interim Report 2026 I 204 Notes to the Financial Statements For the period ended 30 June 2026 V. TAXATION (continued) 2. Tax incentives and approvals (continued) 2.1 Income tax incentives (continued) 2.1.2 Preferential income tax policies for new and high-tech enterprises According to the “Enterprise Income Tax Law of the People ’s Republic of China ” and other relevant regulations, the Company ’s subsidiaries, Pizhou MIND Parts, NOBO Automotive Parts (Tianjin) Co., Ltd. ( ፕ௹ӛԓཧ (ݵ)ʮ̡ ) ( “NOBO Automotive Parts Tianjin ”), Great Wall Soul Technology Co., Ltd. (ʮ̡ ) ( “Soul Technology ”), Laoling MIND Parts, NOBO Automotive Parts (Taizhou), and Jiangsu Zhiyu Automobile Technology Co., Ltd. (ʮ̡ ) ( “Jiangsu Zhiyu ”) applied for and were identified as new high-tech enterprises by the relevant provincial and municipal Department of Science and Technology, Department of Finance and State Taxation Administration in 2024, and were subject to enterprise income tax at a preferential rate of 15% from 1 January 2024 to 31 December 2026. The Company and its subsidiaries, Baoding Great, MIND, HYCET Power Technology (Jiangsu) Co., Ltd. (Ҧ (Ϫᘽ )ʮ̡ ) ( “HYCET Power Technology (Jiangsu) ”), HYCET Electronic Technology, NOBO Trim Parts, EA, NOBO Automotive, HYCET Transmission System, NOBO Rubber and Amor Accoustic applied for and were identified as new high-tech enterprises by the relevant provincial and municipal Department of Science and Technology, Department of Finance and State Taxation Administration in 2025, and were subject to enterprise income tax at a preferential rate of 15% from 1 January 2025 to 31 December 2027. The management of the Group expects that the Company and its subsidiaries, MIND Parts Jingmen, Zhangjiagang Great Wall Motor R&D Co., Ltd. (ʮ̡ ) ( “Zhangjiagang R&D ”), Figure Intelligent Technology Co., Ltd. (ʮ̡ ) ( “Figure Intelligent ”), Exquisite Automotive Parts (Yangzhong) Co., Ltd. (ӛԓཧ ( ౮ʕ )ʮ̡ ) ( “Jingcheng Parts Yangzhong ”), Hebei Changzheng Automobile Manufacturing Co., Ltd. (ʮ̡ ) (“Hebei Changzheng ”), HYCET Transmission Technology Hebei Co., Ltd. (ʮ̡ ) (“HYCET Transmission Hebei ”), Zhiyu Intelligent Technology (Yangzhong) Co., Ltd. (Ҧ (౮ʕ) ʮ̡ ) ( “Zhiyu Intelligent Yangzhong ”) and NOBO Rubber & Plastics Anhui will complete the renewal of the high-tech enterprise qualification filing and enjoy the tax incentives for high-tech enterprises before the final settlement and payment of the 2026 income tax. Therefore, the enterprise income tax will be paid at a rate of 15% in 2026.
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Interim Report 2026 I 205 Notes to the Financial Statements For the period ended 30 June 2026 V. TAXATION (continued) 2. Tax incentives and approvals (continued) 2.1 Income tax incentives (continued) 2.1.3 Preferential income tax policies for encouraged industry enterprises in the western region According to the Notice of the Ministry of Finance, the General Administration of Customs and the State Taxation Administration on Tax Policy Issues concerning Further Implementing the Western China Development Strategy (ٝNo. 58 [2011]), and the Announcement of the Ministry of Finance, the State Taxation Administration and the National Development and Reform Commission on Continuing the Enterprise Income Tax Policies for the Large- Scale Development of Western China (ʮѓ ) (Announcement No. 23 [2020]), subsidiaries of the Company, including Chongqing Yongbao International Logistics Co., Ltd. (ʮ̡ ) ( “Chongqing Yongbao ”), HYCET Engine System (Chongqing) Co., Ltd. Foundry Branch ( ੫ਗɢӻ୕ (ᅅ )ʮ̡ᛟிʱʮ̡ ) ( “HYCET Engine Chongqing Foundry ”), HYCET Engine System (Chongqing) Co., Ltd. ( ੫ਗɢӻ୕ (ᅅ)ʮ̡ ) ( “HYCET Engine Chongqing ”), Exquisite Automotive Parts (Chongqing) Co., Ltd. (ӛԓཧ (ᅅ)ʮ̡ ) (“EA Chongqing ”), Chongqing Yongchuan District Great Wall Auto Parts Co., Ltd. (۬ڗ ʮ̡ ) ( “Chongqing Yongchuan Parts ”), Chongqing Haval Logistics Co., Ltd. (̿ ʮ̡ ) ( “Chongqing Haval Logistics ”), MIND Auto Parts (Chongqing) Co., Ltd. ( ਟᅃӛԓཧ (ᅅ)ʮ̡ ) ( “Chongqing MIND Parts ”), Chongqing NOBO Automotive Parts, HYCET Transmission Technology (Chongqing) Co., Ltd. (Ҧ (ᅅ)ʮ̡ ) ( “HYCET Transmission Chongqing ”), Chengdu Great Wall Motors R&D Co., Ltd. (ʮ̡ ) ( “Chengdu Great Wall R&D ”) satisfied the conditions of the above documents. They applied the preferential tax policies for the large- scale development of the western region in 2026 and are subject to the preferential tax rate of 15%. 2.1.4 Preferential income tax policies for small low-profit enterprises According to the Announcement of the Ministry of Finance and the State Taxation Administration on the Relevant Tax and Fee Policies for Further Supporting the Development of Micro and Small Enterprises and Individual Industrial and Commercial Households (Announcement No. 12 [2023]), the annual taxable income of a small and micro enterprise shall be included in its taxable income at the reduced rate of 25%, with the applicable enterprise income tax rate of 20%, which will be extended until 31 December 2027.
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Interim Report 2026 I 206 Notes to the Financial Statements For the period ended 30 June 2026 V. TAXATION (continued) 2. Tax incentives and approvals (continued) 2.1 Income tax incentives (continued) 2.1.5 Weighted Deduction of Research and Development expenses According to the Announcement on Further Improving the Policies Regarding Weighted Pre-tax Deduction of Research and Development Expenses (ʮѓ ) (Announcement No. 7 [2023] of the Ministry of Finance and the State Taxation Administration), the Company and its subsidiaries will deduct additional 100% of research and development expenses at the actual incurred amount before tax when calculating the taxable income from 1 January 2023, and 200% of the cost of the intangible assets will be amortized before tax from 1 January 2023. 2.1.6 Special investment incentives in Russia Pursuant to the Special Investment Contract ( “SPIC ”) signed on 23 September 2020 between a subsidiary of the Company, Russia Haval Automobile Manufacturing Co., Ltd. (ࠢ ʮ̡) ( “Russia Manufacturing ”) with the Ministry of Industry and Trade of the Russian Federation and the Government of the Tula Region, from 1 January 2020 to 31 December 2028, a preferential tax rate of 0% will be applied to the income tax on the business activities of Russia Manufacturing within the framework of the SPIC. 2.2 Value-added tax incentives 2.2.1 Preferential value-added tax policies for employment of disabled persons According to the Notice of the Ministry of Finance and the State Taxation Administration on Preferential Value-Added Tax Policies for Promoting the Employment of Disabled Persons (࠽ ٝNo. 52 [2016]), Baoding Great, Baoding Yixin, Beijing Dongsheng, NOBO Rubber & Plastics Anhui and EA Baoding Xushui Casting, subsidiaries of the Company, met the conditions: the ratio of the disabled persons employed by the taxpayer each month to the number of in-service employees is 25% or more; the number of disabled persons employed by the taxpayer is ten or more; and “the income from production and sales of commodities, the provision of processing, repair and maintenance services and provision of modern services of replacing business tax with VAT and life services accounts for 50% of the taxable income for the purpose of value-added tax ” as verified by relevant authorities. The tax authorities shall adopt the method of refund immediately after payment of VAT with a limit to the number of disabled persons actually employed by the above companies. The specific limit of VAT refundable to each disabled person employed by a taxpayer shall be determined by the tax authority at or above the county level as quadruple the minimum monthly wage standard applicable in the district or county (including a county-level city or banner) as approved by the people ’s government of a province (including an autonomous region, municipality directly under the Central Government, or city under separate state planning).
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Interim Report 2026 I 207 Notes to the Financial Statements For the period ended 30 June 2026 V. TAXATION (continued) 2. Tax incentives and approvals (continued) 2.2 Value-added tax incentives (continued) 2.2.2 Value-added tax deduction for advanced manufacturing enterprises According to the Notice of the Ministry of Finance and the State Taxation Administration on the Additional Value-Added Tax Credit Policy for Advanced Manufacturing Enterprises (ආႡிุΆ ʮѓ ) (No. 43 [2023]), from 1 January 2023 to 31 December 2027, advanced manufacturing enterprises are allowed to deduct and offset the taxable amount of value-added tax by an additional 5% based on the current deductible input VAT amount (the additional deduction policy), the Company ’s subsidiaries, Zhiyu Intelligent Yangzhong, NOBO Automotive Parts (Taizhou), NOBO Automotive Parts Tianjin, Soul Technology, Laoling MIND Parts, NOBO Automotive Daye Branch, Tianjin Haval Branch, Xushui Branch of Great Wall Motor Co., Ltd. (˥ʱʮ̡ )(“Xushui Branch ”), Dingxing Branch, Pinghu Branch of Great Wall Motor Co., Ltd. (ʮ̡̻ಳʱ ʮ̡) ( “Pinghu Branch ”), Chongqing Branch of Great Wall Motor Co., Ltd. (ᅅ ʱʮ̡ ) ( “Chongqing Branch ”), Taizhou Branch of Great Wall Motor Co., Ltd. (ʮ̡इ ψʱʮ̡ ) ( “Taizhou Branch ”), Jingmen Branch of Great Wall Motor Co., Ltd. (ʮ̡ঠ ʱʮ̡ ) ( “Jingmen Branch ”), Daye Branch of Great Wall Motor Co., Ltd. (ʮ̡ɽз ʱʮ̡ ) ( “Daye Branch ”), Xushui Power Branch of Great Wall Motor Co., Ltd. (ࢱ ˥ਗɢʱʮ̡ ) ( “Xushui Power Branch ”), Hebei Changzheng, Figure Intelligent, NOBO Baoding Xushui Branch, MIND Parts Jingmen, MIND Baoding Electrical System Branch, EA Baoding Xushui Casting, Baoding Xushui Branch of Figure Intelligent Technology Co., Ltd. (˥ʱʮ ̡) ( “Figure Intelligent Baoding Xushui Branch ”), HYCET Transmission System, Baoding Great, MIND, MIND Xushui Electrical System Branch, MIND Xushui Optoelectronics Branch, MIND Baoding Electrical System Branch, MIND Xushui Thermal System Branch, MIND Baoding Thermal System Branch, Xushui Branch of HYCET Transmission Technology Hebei Co., Ltd. (˥ʱʮ̡ ) (“HYCET Transmission Hebei Xushui Branch ”), HYCET Power Technology (Jiangsu), EA, EA Mold Branch, EA Automation, Xushui Punching and Welding, EA Shunping Die-Casting Branch, Shunping Precision Casting Branch of EA, EA Xushui Chassis Branch, Jingcheng Parts Yangzhong, NOBO Automotive Xushui Seat Branch, NOBO Rubber, NOBO Trim Parts, NOBO Baoding Branch, HYCET Electronic Technology, MIND Electronics Tianjin Electrical System are eligible for this additional deduction policy.
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Interim Report 2026 I 208 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS 1. Cash and bank balances RMB Item 30/6/2026 (Unaudited) 31/12/2025 (Audited) Cash: RMB 67,352.66 76,186.31 GBP 14,542.38 15,220.09 HKD 74.17 7,104.19 Others 74.77 9,228.48 Bank balances: RMB 11,282,740,505.94 10,305,359,933.17 USD 4,324,204,944.78 6,683,625,684.24 RUB 2,784,956,965.63 4,861,808,676.85 HKD 2,291,226,753.40 2,712,520.46 AUD 1,054,936,386.44 551,818,900.94 BRL 1,755,063,924.13 926,876,751.74 EUR 576,196,105.43 501,248,627.65 ZAR 397,399,624.63 594,511,900.38 THB 701,732,369.71 411,646,105.82 JPY 1,810,916,240.32 30,514,100.48 Others 652,486,760.08 357,344,290.84 Other cash and bank balances: RMB 2,999,912,408.05 3,409,855,957.03 Others 8,802,078.29 208,881,184.67 Total 30,640,657,110.81 28,846,312,373.34 Including: Overseas cash and bank balances 10,421,751,764.04 11,241,916,463.70 As at 30 June 2026, the Group has restricted cash and bank balances of RMB3,008,457,428.82. Of which, the guarantee on bank acceptance notes amount to RMB2,887,824,108.19, guarantee on letter of credit amount to RMB4,332,821.62, guarantee on letter of guarantee amount to RMB8,545,020.77, other guarantees amount to RMB574,109.17, frozen bank balance to RMB107,181,369.07. As at 31 December 2025, the Group has restricted cash and bank balances of RMB3,526,110,675.34. Of which, the guarantee on bank acceptance notes amount to RMB3,137,454,185.91, guarantee on letter of credit amount to RMB1,822,769.03, guarantee on letter of guarantee amount to RMB271,008,162.10, other guarantees amount to RMB318,656.19, frozen bank balance to RMB115,506,902.11.
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Interim Report 2026 I 209 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 2. Held-for-trading financial assets RMB Item 30/6/2026 (Unaudited) 31/12/2025 (Audited) Financial assets classified as at fair value through profit or loss 34,096,323,826.59 34,965,900,665.75 Including: Wealth management products Monetary fund 34,096,323,826.59 34,965,900,665.75 Total 34,096,323,826.59 34,965,900,665.75 3. Accounts receivable (1) Disclosed by aging: RMB Aging 30/6/2026 Amount (Unaudited) 31/12/2025 Amount (Audited) Within 1 year 9,164,118,879.85 9,525,928,734.00 1 to 2 years 74,694,888.26 82,285,875.80 2 to 3 years 43,924,542.93 54,130,613.04 Over 3 years 412,700,141.96 382,945,483.49 Total 9,695,438,453.00 10,045,290,706.33 The analysis of aging of accounts receivable is based on the time of revenue recognition.
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Interim Report 2026 I 210 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 3. Accounts receivable (continued) (2) Disclosed by classification of method of credit loss provision RMB 30/6/2026 (Unaudited) 31/12/2025 (Audited) Carrying amount Credit loss provision Carrying amount Credit loss provision Classifications Amount Ratio (%) Amount Ratio (%) Book value Amount Ratio (%) Amount Ratio (%) Book value Credit loss provision assessed by single 337,931,203.43 3.49 (337,931,203.43) 100.00 – 348,540,664.54 3.47 (348,540,664.54) 100.00 – Credit loss provision assessed by portfolios 9,357,507,249.57 96.51 (104,608,703.12) 1.12 9,252,898,546.45 9,696,750,041.79 96.53 (97,535,530.04) 1.01 9,599,214,511.75 Total 9,695,438,453.00 100.00 (442,539,906.55) 4.56 9,252,898,546.45 10,045,290,706.33 100.00 (446,076,194.58) 4.44 9,599,214,511.75 Credit loss provision assessed by single RMB 30/6/2026 (Unaudited) Entity Carrying amount Credit loss provision Ratio (%) reason Entity 1 337,931,203.43 (337,931,203.43) 100.00 Debtor Bankruptcy Total 337,931,203.43 (337,931,203.43) 100.00 Description of accounts receivable for which credit loss provision has been assessed by portfolios: As part of the Group ’s credit risk management, the Group base on the credit period of receivables and overdue aging to assess the expected credit losses of various receivables.
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Interim Report 2026 I 211 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 3. Accounts receivable (continued) (2) Disclosed by classification of method of credit loss provision (continued) The expected credit loss provision of accounts receivable for which credit loss provision has been assessed by portfolios is as follows: RMB 30/6/2026 (Unaudited) 31/12/2025 (Audited) Aging Expected average loss rate Carrying amount Credit loss provision Book value Expected average loss rate Carrying amount Credit loss provision Book value Within credit period 0.00%-4.00% 9,225,097,432.15 (23,754,164.04) 9,201,343,268.11 0.00%-4.00% 9,575,485,172.96 (19,122,856.40) 9,556,362,316.56 1 to 180 days overdue 6.25%-50.00% 54,991,814.29 (3,436,535.95) 51,555,278.34 6.25%-50.00% 45,709,008.20 (2,856,813.01) 42,852,195.19 Overdue more than 180 days 100.00% 77,418,003.13 (77,418,003.13) – 100.00% 75,555,860.63 (75,555,860.63) – Total 9,357,507,249.57 (104,608,703.12) 9,252,898,546.45 9,696,750,041.79 (97,535,530.04) 9,599,214,511.75 RMB For the period from 1 January to 30 June 2026 (Unaudited) Credit loss provision Lifetime ECL (not occurred credit-impairment) Lifetime ECL (occurred credit-impairment) Total Balance at 1 January 2026 21,979,669.41 424,096,525.17 446,076,194.58 – Transfer to occurred credit impairment (5,395,869.53) 5,395,869.53 – Provision for the period 65,435,662.86 62,032,109.49 127,467,772.35 Reversal for the period (54,828,762.75) (65,424,516.03) (120,253,278.78) Write-off for the period – 47,134.29 47,134.29 Foreign currency translation differences – (10,797,915.89) (10,797,915.89) Balance at 30 June 2026 27,190,699.99 415,349,206.56 442,539,906.55
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Interim Report 2026 I 212 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 3. Accounts receivable (continued) (3) Provision, collection or reversal of credit loss provision for the period: RMB Movement Category 1/1/2026 (Audited) Provision Reversal Write-off others 30/6/2026 (Unaudited) Credit loss provision assessed by single 348,540,664.54 – – – (10,609,461.11) 337,931,203.43 Credit loss provision assessed by portfolios 97,535,530.04 127,467,772.35 (120,253,278.78) 47,134.29 (188,454.78) 104,608,703.12 total 446,076,194.58 127,467,772.35 (120,253,278.78) 47,134.29 (10,797,915.89) 442,539,906.55 (4) Top five entities with the largest balances of accounts receivable: RMB Name of entity Closing balance of accounts receivable Closing balance of contract assets Closing balance of accounts receivable and contract assets Proportion of the amount to the total accounts receivable and contract assets (%) Closing balance of credit loss provision Customer 1 699,105,978.05 – 699,105,978.05 7.21 – Customer 2 559,789,777.18 – 559,789,777.18 5.77 – Customer 3 400,451,444.99 – 400,451,444.99 4.13 – Customer 4 376,236,718.63 – 376,236,718.63 3.88 – Customer 5 337,931,203.43 – 337,931,203.43 3.49 (337,931,203.43) Total 2,373,515,122.28 – 2,373,515,122.28 24.48 (337,931,203.43)
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Interim Report 2026 I 213 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 4. Notes receivable and financing with receivables 4.1 Notes receivable (1) Classification of notes receivable RMB Category 30/6/2026 (Unaudited) 31/12/2025 (Audited) Bank acceptances 1,377,975,746.46 1,643,376,256.68 Commercial acceptances 3,587,768.65 11,040,761.85 Total 1,381,563,515.11 1,654,417,018.53 The Group pledged notes receivable amount to RMB810,572,164.44 at the end of this year to issue notes payable. (2) Financing with receivables endorsed or discounted by the Group at the end of the year and not yet due on the balance sheet date RMB Item The amount of derecognition at the end of the period The amount of not derecognition at the end of the period Bank acceptances – 371,732,102.04 Commercial acceptances – 3,587,768.65 Total – 375,319,870.69 4.2 Financing with receivables (1) Classification RMB Category 30/6/2026 (Unaudited) 31/12/2025 (Audited) Bank acceptances 17,837,843,075.00 23,847,750,461.49 Total 17,837,843,075.00 23,847,750,461.49 The Group classifies notes as financial assets at fair value through other comprehensive income based on the business model in which the Group manages such notes.
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Interim Report 2026 I 214 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 4. Notes receivable and financing with receivables (continued) 4.2 Financing with receivables (continued) (2) The pledged financing with receivables at the end of the period RMB Item 30/6/2026 (Unaudited) 31/12/2025 (Audited) Bank acceptances 14,545,666,246.99 20,638,482,260.59 Total 14,545,666,246.99 20,638,482,260.59 Note: The Group pledged such notes at the end of this year for issuing notes payable. (3) Financing with receivables endorsed or discounted by the Group at the end of the year and not yet due on the balance sheet date RMB Project The amount of derecognition at the end of the period The amount of not derecognition at the end of the period Bank acceptances 28,107,825,811.52 – Total 28,107,825,811.52 – Financing with receivables endorsed or discounted by the Group at the period of 30 June 2026 and not yet due on the balance sheet date amount to RMB28,107,825,811.52 (31 December 2025: RMB34,188,448,717.51). Due to the good reputation of the acceptor, the risk that the acceptor will not be able to redeem on the maturity date is very low, the Group considers that almost all of the risks and rewards in the ownership of such discounted or endorsed notes receivable have been transferred and derecognize such notes receivable.
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Interim Report 2026 I 215 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 5. Prepayments (1) Prepayments by aging: RMB Aging 30/6/2026 (Unaudited) 31/12/2025 (Audited) Amount Ratio (%) Amount Ratio (%) Within 1 year 2,619,234,536.57 98.98 2,022,729,792.51 95.75 1 to 2 years 9,896,341.56 0.37 85,932,548.48 4.07 2 to 3 years 14,362,266.24 0.54 2,182,631.60 0.10 Over 3 years 2,907,302.79 0.11 1,613,455.39 0.08 Total 2,646,400,447.16 100.00 2,112,458,427.98 100.00 Description of aging of prepayments: Prepayments with aging over one year are mainly amounts prepaid to raw material suppliers which are not settled. (2) Top five entities with the largest balances of prepayments: RMB Name of entity 30/6/2026 (Unaudited) Amount Proportion of the amount to the total prepayments (%) Supplier 1 513,264,951.52 19.39 Supplier 2 362,989,617.37 13.72 Supplier 3 205,923,873.01 7.78 Supplier 4 168,736,212.61 6.38 Supplier 5 107,654,801.06 4.07 Total 1,358,569,455.57 51.34
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Interim Report 2026 I 216 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 6. Other receivables 6.1 Summary of other receivables RMB Item 30/6/2026 (Unaudited) 31/12/2025 (Audited) Interest receivable 2,787,136.57 83,119.82 Other receivables 4,491,709,778.02 4,448,888,777.13 Total 4,494,496,914.59 4,448,971,896.95 6.2 Interest receivable RMB Item 30/6/2026 (Unaudited) 31/12/2025 (Audited) Interest of bank deposits 2,787,136.57 83,119.82 Total 2,787,136.57 83,119.82 6.3 Other receivables (1) Disclosed by aging: RMB Aging 30/6/2026 (Unaudited) 31/12/2025 (Audited) Within 1 year 4,166,331,471.21 4,387,359,388.42 1 to 2 years 284,598,687.83 32,570,463.77 2 to 3 years 17,673,953.83 7,394,249.67 Over 3 years 23,105,665.15 21,564,675.27 Total 4,491,709,778.02 4,448,888,777.13
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Interim Report 2026 I 217 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 6. Other receivables (continued) 6.3 Other receivables (continued) (2) Other receivables classified by nature are as follows: RMB Nature Carrying amount at 30/6/2026 (Unaudited) Carrying amount at 31/12/2025 (Audited) Taxes refunds 3,867,942,470.27 3,974,296,067.32 Security and margin deposits 344,734,672.35 275,335,631.26 Pretty cash 17,189,781.71 15,048,515.43 Others 266,677,471.22 191,580,692.17 Total 4,496,544,395.55 4,456,260,906.18 (3) Analysis of credit loss provision RMB Credit loss provision Phase 1 Phase 2 Phase 3 Future 12- month ECL Lifetime ECL (not occurred credit-impairment) Lifetime ECL (occurred credit-impairment) Total Balance at 1 January 2026 – – 7,372,129.05 7,372,129.05 Provision for the period – 1,785,710.67 42,473.88 1,828,184.55 Reversal for the period – – (4,205,896.07) (4,205,896.07) Write-off for the period – (9,800.00) (150,000.00) (159,800.00) Balance at 30 June 2026 – 1,775,910.67 3,058,706.86 4,834,617.53 The Group determines the expected credit losses for other receivables based on historical experience data and forward-looking information. For the period of 30 June 2026 and 2025, the Group ’s assessment methods and major assumptions have not changed.
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Interim Report 2026 I 218 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 6. Other receivables (continued) 6.3 Other receivables (continued) (4) Credit loss provision RMB Category 1/1/2026 (Audited) Movement 30/6/2026 (Unaudited)Provision Reversal Write-off others Credit loss assessed provision by portfolios 7,372,129.05 1,828,184.55 (4,205,896.07) (159,800.00) – 4,834,617.53 Total 7,372,129.05 1,828,184.55 (4,205,896.07) (159,800.00) – 4,834,617.53 (5) Top five entities with the largest balances of other receivables: RMB Name of entity Amount Proportion of the amount to the total other receivables (%) Nature Aging Closing balance of credit loss provision State Administration of Taxation Baoding Taxation Bureau 3,557,437,671.98 79.11 Export tax rebates Within one year or One to two years – Возврат НДС 112,377,221.49 2.50 VAT refunds Within one year – ООО “ДОН МОTОP PУС ” 47,147,200.80 1.05 Guarantees or deposits Within one year – Department of Thailand 40,121,204.69 0.89 VAT refunds Within one year – State Administration of Taxation Chongqing Yongchuan District Taxation Bureau 17,449,560.07 0.39 Export tax rebates Within one year – Total 3,774,532,859.03 83.94 The Group has no other receivables related to government grant.
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Interim Report 2026 I 219 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 7. Inventories (1) Inventories by category RMB 30/6/2026 (Unaudited) Item Carrying amount Provision for decline in value of inventories Book value Raw materials 6,025,985,336.58 (66,208,722.43) 5,959,776,614.15 Work-in-progress 1,729,848,435.22 (4,846,063.54) 1,725,002,371.68 Finished goods 25,288,510,210.89 (117,664,921.97) 25,170,845,288.92 Low-valued and short-lived consumables 948,598,213.01 (2,531,019.59) 946,067,193.42 Total 33,992,942,195.70 (191,250,727.53) 33,801,691,468.17 RMB 31/12/2025 (Audited) Item Carrying amount Provision for decline in value of inventories Book value Raw materials 5,455,960,269.68 (132,261,666.29) 5,323,698,603.39 Work-in-progress 1,823,663,805.67 (4,311,199.98) 1,819,352,605.69 Finished goods 18,291,230,009.09 (131,689,722.99) 18,159,540,286.10 Low-valued and short-lived consumables 848,039,977.84 (2,639,431.47) 845,400,546.37 Total 26,418,894,062.28 (270,902,020.73) 26,147,992,041.55
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Interim Report 2026 I 220 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 7. Inventories (continued) (2) Provision for decline in value of inventories RMB Decrease for the period Inventories by category 1/1/2026 (Audited) Provision for the period Reversals Written-off or Reversals Other increase (decrease) for the period 30/6/2026 (Unaudited) Raw materials 132,261,666.29 109,977,708.62 (71,486,392.03) (99,725,862.91) (4,818,397.54) 66,208,722.43 Work-in-progress 4,311,199.98 3,673,150.57 (141,129.50) (2,997,157.51) – 4,846,063.54 Finished goods 131,689,722.99 183,729,089.93 (21,258,878.92) (173,542,310.75) (2,952,701.28) 117,664,921.97 Low-valued and short-lived consumables 2,639,431.47 – (98,128.75) (10,283.13) – 2,531,019.59 Total 270,902,020.73 297,379,949.12 (92,984,529.20) (276,275,614.30) (7,771,098.82) 191,250,727.53 (3) Analysis of provision for decline in value of inventories Item Basis of provision for decline in value of inventories Reasons for reversal or written-off of provision for decline in value of inventories during the period Percentage of the reversal to the closing balance of the inventory during the period (%) Raw materials Note 1 Note 2 1.19 Work-in-progress Note 1 Note 2 0.01 Finished goods Note 1 Note 2 0.08 Low-valued and short-lived consumables Note 1 Note 2 0.01 Descriptions of inventories: Note 1: As the estimated net realizable value of some vehicle products was lower than the inventories costs as at the end of the period, provision for decline in value of inventories had been made for raw materials, work-in-progress, and finished goods correspondingly. Note 2: As the estimated net realizable value of part of the inventory was higher than the inventories costs as at the end of the period, the provision for decline in value of inventories for the previous year has been reversed. In addition, as the inventories for which provision for decline in value has been made in the previous year was sold during the year, the provision for decline in value of inventories has been written off.
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Interim Report 2026 I 221 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 8. Other current assets Details of other current assets: RMB Item 30/6/2026 (Unaudited) 31/12/2025 (Audited) Deposits in non-bank financial institutions 153,718,498.16 137,475,686.29 Taxes to be deducted 3,039,621,596.73 3,025,705,861.05 Mould (Note 1) 529,563,330.88 534,516,382.21 Prepaid enterprise income tax 128,083,731.17 109,800,935.50 Industrial Product Tax 230,323,743.92 103,849,543.87 Others 714,148,869.15 552,801,126.75 Total 4,795,459,770.01 4,464,149,535.67 Note 1: The estimated useful life is less than one year.
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Interim Report 2026 I 222 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 9. Long-term receivables (1) Long-term receivables RMB 30/6/2026 (Unaudited) 31/12/2025 (Audited) Item Carrying amount Credit loss provision Book value Carrying amount Credit loss provision Book value Discount rate range Land advances 370,389,549.31 – 370,389,549.31 367,483,686.62 – 367,483,686.62 1.25% Finance lease receivables 2,767,584,182.45 (75,933,753.61) 2,691,650,428.84 2,753,918,919.73 (71,340,027.61) 2,682,578,892.12 0-19.88% Including: Unearned finance income (303,235,374.23) – (303,235,374.23) (289,913,381.41) – (289,913,381.41) Subtotal 3,137,973,731.76 (75,933,753.61) 3,062,039,978.15 3,121,402,606.35 (71,340,027.61) 3,050,062,578.74 Less: Long-term receivables due within one year 1,525,247,364.27 (33,858,031.26) 1,491,389,333.01 1,564,125,080.97 (49,302,425.71) 1,514,822,655.26 Total 1,612,726,367.49 (42,075,722.35) 1,570,650,645.14 1,557,277,525.38 (22,037,601.90) 1,535,239,923.48 (2) Credit loss provision RMB 30/6/2026 (Unaudited) 31/12/2025 (Audited) Category Carrying amount Ratio (%) Credit loss provision Ratio (%) Book value Carrying amount Ratio (%) Credit loss provision Ratio (%) Book value Credit loss provision by portfolios Including: Performance bond and Land advances 370,389,549.31 11.80 – – 370,389,549.31 367,483,686.62 11.77 – – 367,483,686.62 Finance lease receivables 2,767,584,182.45 88.20 (75,933,753.61) 2.74 2,691,650,428.84 2,753,918,919.73 88.23 (71,340,027.61) 2.59 2,682,578,892.12 Total 3,137,973,731.76 100.00 (75,933,753.61) 2.42 3,062,039,978.15 3,121,402,606.35 100.00 (71,340,027.61) 2.29 3,050,062,578.74
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Interim Report 2026 I 223 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 9. Long-term receivables (continued) (2) Credit loss provision (continued) Credit loss provision assessed by portfolios provision by portfolios Performance bond and Land advance provision by portfolios Finance lease receivables In order to reduce the credit risk of finance lease receivables, the Group uses the credit risk rating system to divide the finance lease receivables into five risk levels: normal, concerned, subordinate, suspicious and loss based on the transaction records and relevant external information available. During the period from 1 January to 30 June 2026 and 2025, the Group ’s assessment methods and major assumptions have not changed.
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Interim Report 2026 I 224 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 9. Long-term receivables (continued) (3) Provision for bad debts according to the model of expected credit losses RMB For the period from 1 January to 30 June 2026 (Unaudited) Credit loss provision Lifetime ECL (not occurred credit-impairment) Lifetime ECL (occurred credit- impairment) Total Balance at 1 January 2026 45,591,031.16 25,748,996.45 71,340,027.61 – Transfer to credit impairment occurred (445,988.35) 445,988.35 – Provision for the period 34,757,634.45 9,912,818.32 44,670,452.77 Reversal for the period (23,751,581.21) – (23,751,581.21) Write-off for the period – (16,325,145.56) (16,325,145.56) Balance at 30 June 2026 56,151,096.05 19,782,657.56 75,933,753.61 (4) Credit loss provision RMB Category 1/1/2026 (Audited) Movement 30/6/2026 (Unaudited)Provision Reversal Write-off others Finance lease receivables 71,340,027.61 44,670,452.77 (23,751,581.21) (16,325,145.56) – 75,933,753.61 Total 71,340,027.61 44,670,452.77 (23,751,581.21) (16,325,145.56) – 75,933,753.61 (5) Long-term receivables actually written-off during the period RMB Item written-off amount Finance lease receivables 16,325,145.56 Total 16,325,145.56
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Interim Report 2026 I 225 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 10. Long-term equity investments The details of long-term equity investments are as follows: RMB Changes in the period Investee 1/1/2026 (Audited) Increase for the period Decrease in investment Investment profit or loss recognized under the equity method Other comprehensive income adjustment Other equity changes Declared cash dividends or profits Provision for impairment Others 30/6/2026 (Unaudited) Closing balance of impairment provision Joint ventures Auto finance (ፄ ) 12,139,732,842.69 – – 363,216,234.18 – – – – – 12,502,949,076.87 – Chongqing PetroChina Haval Energy Co., Ltd. (ʮ̡ ) 1,280,296.87 – – 348,912.15 – – – – – 1,629,209.02 – Subtotal 12,141,013,139.56 – – 363,565,146.33 – – – – – 12,504,578,285.89 – Associates Haomo Zhixing Technology Co., Ltd. (Ҧ ʮ̡ ) (“Haomo Zhixing ”) – – – – – – – – – – – Jiangsu Baojie Electromechanical Co., Ltd (ࠢ ʮ̡). ( “Jiangsu Baojie ”) 17,926,261.86 – – 606,158.84 – – – – – 18,532,420.70 – Jiangsu Longcheng Alloy Material Co. LTD ( Ϫᘽඤ༐ ʮ̡ ) ( “Jiangsu Longcheng ”) 57,369,671.35 – – 2,010,823.96 – – – – – 59,380,495.31 – Hunan Zijing Semiconductor Co., Ltd (ഓঠ̒ኬ ʮ̡ ) (“Hunan Zijing ”) 5,701,595.75 – – (4,164,916.11) – – – – – 1,536,679.64 – Lande Moshen ( ᚆᅃ͡ ) 211.33 – – – – – – – – 211.33 – Subtotal 80,997,740.29 – – (1,547,933.31) – – – – – 79,449,806.98 – Total 12,222,010,879.85 – – 362,017,213.02 – – – – – 12,584,028,092.87 – As for the loss of Minmo Zhixing in the current period, the Group recognizes the investment loss according to the loss share of the associated enterprise, and the unrecognized loss share in the current period is RMB5,038,467.62. The share of accumulated losses at the end of the period is RMB418,694,081.76.
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Interim Report 2026 I 226 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 11. Other equity instrument investments RMB Movement Item 1/1/2026 (Audited) Increase in investment Decrease in investment Other comprehensive income of current year Other comprehensive loss of current year others 30/6/2026 (Unaudited) Dividend income of current year accumulated other comprehensive income accumulated other comprehensive loss Reason of designated as financial asset Listed equity instrument investments 50,419,558.90 – – (26,201,710.32) – (1,375,549.83) 22,842,298.75 – 2,163,655.17 – held for non-trading purposes Unlisted equity instrument investments 1,346,400,851.79 – – – – – 1,346,400,851.79 3,002,579.99 908,424,746.22 (27,623,894.43) held for non-trading purposes Total 1,396,820,410.69 – – (26,201,710.32) – (1,375,549.83) 1,369,243,150.54 3,002,579.99 910,588,401.39 (27,623,894.43) The above unlisted equity instrument investments are equity investments in unlisted enterprises held by the Group and the Company.
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Interim Report 2026 I 227 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 12. Investment properties The investment properties measured at cost: RMB Item Buildings Land use right Total I. Original carrying amount 1 January 2026 (Audited) 714,348,303.56 11,853,708.82 726,202,012.38 Additions for the period 13,771,439.09 – 13,771,439.09 1. Acquisition 366,674.47 – 366,674.47 2. Transfer from intangible assets 13,404,764.62 – 13,404,764.62 3. Transfer from fixed assets (45,403,669.19) (4,614,500.10) (50,018,169.29) Decrease for the period (134,206.00) – (134,206.00) 1. Transfer to intangible assets – (4,614,500.10) (4,614,500.10) 2. Transfer to fixed assets (45,269,463.19) – (45,269,463.19) Foreign currency translation differences (2,487,843.29) – (2,487,843.29) 30 June 2026 (Unaudited) 680,228,230.17 7,239,208.72 687,467,438.89 II. Accumulated amortization and depreciation 1 January 2026 (Audited) 314,982,298.88 3,472,256.52 318,454,555.40 Additions for the period 16,033,900.02 176,678.78 16,210,578.80 1. Provision or amortization 10,754,861.71 176,678.78 10,931,540.49 2. Transfer from fixed assets 5,279,038.31 – 5,279,038.31 Decrease for the period (21,900,821.34) (1,087,749.22) (22,988,570.56) 1. Disposal (127,495.70) – (127,495.70) 2. Transfer to intangible assets – (1,087,749.22) (1,087,749.22) 3. Transfer to fixed assets (21,773,325.64) – (21,773,325.64) Foreign currency translation differences (393,431.87) – (393,431.87) 30 June 2026 (Unaudited) 308,721,945.69 2,561,186.08 311,283,131.77 III. Book value 1 January 2026 (Audited) 399,366,004.68 8,381,452.30 407,747,456.98 30 June 2026 (Unaudited) 371,506,284.48 4,678,022.64 376,184,307.12
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Interim Report 2026 I 228 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 13. Fixed assets (1) Information of fixed assets: RMB Item Buildings Machinery and equipment Transportation vehicles Land assets Other equipment Total I. Original carrying amount 1 January 2026 (Audited) 18,639,804,443.56 34,919,334,349.73 1,273,923,847.12 329,829,212.42 15,000,506,231.17 70,163,398,084.00 Additions for the period 862,938,770.83 1,273,824,565.94 371,409,318.91 – 792,294,237.98 3,300,466,893.66 1. Acquisition 34,968,139.50 20,072,152.32 162,779,066.81 – 330,905,492.63 548,724,851.26 2. Transfer from construction in progress 782,701,168.14 1,228,004,820.04 34,505,840.79 – 457,545,278.95 2,502,757,107.92 3. Transfer from inventories – 25,747,593.58 174,124,411.31 – 3,843,466.40 203,715,471.29 4. Transfer from investment properties 45,269,463.19 – – – – 45,269,463.19 Decrease for the period (332,950,910.86) (572,645,276.36) (164,829,869.97) – (214,051,277.95) (1,284,477,335.14) 1. Disposal or retired (1,211,373.06) (96,005,074.09) (148,718,436.95) – (55,447,116.10) (301,382,000.20) 2. Decrease for transferring to construction in progress (831,726.97) (305,936,662.51) – – (25,748,241.77) (332,516,631.25) 3. Transfer to investment properties (13,404,764.62) – – – – (13,404,764.62) 4. Net of government grants (317,503,046.21) (156,324,513.34) (15,765,596.14) – (131,030,440.73) (620,623,596.42) 5. Other transfer-out – (14,379,026.42) (345,836.88) – (1,825,479.35) (16,550,342.65) Foreign currency translation differences (42,863,159.58) (72,508,960.44) (21,088,735.10) (25,146,775.06) (14,749,097.45) (176,356,727.63) 30 June 2026 (Unaudited) 19,126,929,143.95 35,548,004,678.87 1,459,414,560.96 304,682,437.36 15,564,000,093.75 72,003,030,914.89 II. Accumulated depreciation 1 January 2026 (Audited) 6,566,205,202.63 22,125,533,347.57 519,977,683.24 – 10,927,995,546.36 40,139,711,779.80 Additions for the period 309,919,118.11 998,722,780.37 137,227,880.97 – 588,607,682.88 2,034,477,462.33 1. Provision for the period 288,145,792.47 998,722,780.37 137,227,880.97 – 588,607,682.88 2,012,704,136.69 2. Transfer from investment properties 21,773,325.64 – – – – 21,773,325.64 Decrease for the period (6,297,404.82) (259,543,453.57) (35,294,669.72) – (71,676,799.50) (372,812,327.61) 1. Disposal or retired (849,522.48) (48,111,112.29) (35,294,669.72) – (49,791,628.19) (134,046,932.68) 2. Decrease for transferring to construction in progress (168,844.03) (211,353,174.62) – – (21,148,726.84) (232,670,745.49) 3. Transfer to investment Properties (5,279,038.31) – – – – (5,279,038.31) 4. Other transfer-out – (79,166.66) – – (736,444.47) (815,611.13) Foreign currency translation differences 18,997,206.66 85,380,864.19 144,644.88 – (2,239,242.17) 102,283,473.56 30 June 2026 (Unaudited) 6,888,824,122.58 22,950,093,538.56 622,055,539.37 – 11,442,687,187.57 41,903,660,388.08
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Interim Report 2026 I 229 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 13. Fixed assets (continued) (1) Information of fixed assets: (continued) RMB Item Buildings Machinery and equipment Transportation vehicles Land assets Other equipment Total III. Provision for impairment 1 January 2026 (Audited) 278,163.32 96,466,522.31 6,099,010.95 – 638,996,102.47 741,839,799.05 Additions for the period – 4,357,126.07 126,489.61 – 4,767,021.32 9,250,637.00 1. Provision for the period (Note) – 4,357,126.07 – – 4,758,023.28 9,115,149.35 2. Increase for transferring from construction in progress – – 126,489.61 – 8,998.04 135,487.65 Decrease for the period – (1,565,070.35) – – (1,668,456.66) (3,233,527.01) 1. Disposal or retired – (484,504.14) – – (754,603.94) (1,239,108.08) 2. Decrease for transferring to construction in progress – (863,212.13) – – (690,180.77) (1,553,392.90) 3. Other transfers out – (217,354.08) – – (223,671.95) (441,026.03) Foreign currency translation – (147,540.01) (558,445.21) – 41,306.40 (664,678.82) 30 June 2026 (Unaudited) 278,163.32 99,111,038.02 5,667,055.35 – 642,135,973.53 747,192,230.22 IV. Book value 1 January 2026 (Audited) 12,073,321,077.61 12,697,334,479.85 747,847,152.93 329,829,212.42 3,433,514,582.34 29,281,846,505.15 30 June 2026 (Unaudited) 12,237,826,858.05 12,498,800,102.29 831,691,966.24 304,682,437.36 3,479,176,932.65 29,352,178,296.59 Note: In the current period, the Company provides for impairment of fixed assets amounting to RMB9,250,637.00 due to the discontinuation of production of certain models, process changes, damages incurred and equipment aging. (2) Fixed assets of which certificates of title have not been obtained As at 30 June 2026, the net book value of the house property in the fixed assets that has not obtained the house property certificate is RMB RMB1,090,401,478.03 (31 December 2025: RMB1,137,485,743.92), and the relevant house property certificate is in progress. Item Book value Reason for not obtaining certificates of title (RMB) Item I 432,725,277.81 In progress Item II 77,818,071.31 In progress Item III 74,948,577.74 In progress Item IV 70,647,138.76 In progress Others 434,262,412.41 In progress Total 1,090,401,478.03
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Interim Report 2026 I 230 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 14. Construction in progress (1) The breakdown of construction in progress is as follows: RMB 30/6/2026 (Unaudited) 31/12/2025 (Audited) Item Carrying amount Impairment provision Net book value Carrying amount Impairment provision Net book value Overseas automotive project 2,054,537,970.15 – 2,054,537,970.15 2,153,570,952.30 – 2,153,570,952.30 Parts and Components Department reconstruction project 339,730,967.91 (6,889,819.76) 332,841,148.15 593,124,784.30 (6,728,981.36) 586,395,802.94 Shangrao automotive project 642,617,758.31 – 642,617,758.31 642,924,349.17 – 642,924,349.17 Tianjin automotive project 677,722,548.60 (61,631.43) 677,660,917.17 633,602,049.05 (61,631.43) 633,540,417.62 Xushui automotive project 556,095,272.78 – 556,095,272.78 377,406,537.99 – 377,406,537.99 Xushui parts and components project 331,960,860.96 (143,631.57) 331,817,229.39 297,403,933.31 (22,468.81) 297,381,464.50 New technology center 132,308,668.54 – 132,308,668.54 117,244,767.20 – 117,244,767.20 Industrial Park Phase I, II and III expansion 349,000,288.46 (3,259,513.29) 345,740,775.17 307,004,585.90 (3,259,513.29) 303,745,072.61 Tianjin parts and components project 103,178,761.88 – 103,178,761.88 214,456,309.09 – 214,456,309.09 Daye automotive project 8,684,795.59 – 8,684,795.59 6,528,172.82 – 6,528,172.82 Chongqing Great Wall automotive project 37,107,730.36 – 37,107,730.36 5,503,864.86 – 5,503,864.86 Other automotive projects 122,273,227.84 (14,809,746.35) 107,463,481.49 165,925,160.90 (14,818,744.39) 151,106,416.51 Other construction in progress projects 290,658,432.81 – 290,658,432.81 270,307,702.79 – 270,307,702.79 Total 5,645,877,284.19 (25,164,342.40) 5,620,712,941.79 5,785,003,169.68 (24,891,339.28) 5,760,111,830.40
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Interim Report 2026 I 231 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 14. Construction in progress (continued) (2) Changes in major construction in progress RMB Project Budget amount 1/1/2026 (Audited) Additions for the period Transferred to fixed assets Other Decreases Proportion of investment to budget (%) Sources of fund 30/6/2026 (Unaudited) Overseas automotive project 8,778,598,949.80 2,153,570,952.30 1,420,754,267.02 (943,283,206.76) (576,504,042.41) 90.57 Own 2,054,537,970.15 Tianjin Vehicle Project 6,622,587,737.02 633,602,049.05 154,943,427.45 (110,664,731.51) (158,196.39) 97.45 Own 677,722,548.60 Shangrao automotive project 1,379,598,551.93 642,924,349.17 – – (306,590.86) 47.45 Own 642,617,758.31 Xushui automotive project 13,349,458,320.91 377,406,537.99 213,214,121.49 (34,512,926.52) (12,460.18) 86.72 Own 556,095,272.78 Total 30,130,243,559.66 3,807,503,888.51 1,788,911,815.96 (1,088,460,864.79) (576,981,289.84) 3,930,973,549.84 (3) Provision for impairment of construction in progress for the period RMB Item 1/1/2026 (Audited) Additions for the period Decrease for the period 30/6/2026 (Unaudited) Reason of provision Tianjin automotive project 61,631.43 – – 61,631.43 Discontinued of the car model Parts and Components Department reconstruction project 6,728,981.36 160,838.40 – 6,889,819.76 Discontinued of the car model Industrial Park Phase I, II and III expansion 3,259,513.29 – – 3,259,513.29 Discontinued of the car model Xushui parts and components project 22,468.81 121,162.76 – 143,631.57 Discontinued of the car model Other projects in automotive 14,818,744.39 – (8,998.04) 14,809,746.35 Discontinued of the car model Total 24,891,339.28 282,001.16 (8,998.04) 25,164,342.40
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Interim Report 2026 I 232 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 15. Right-of-use assets RMB Item Land use right Buildings Machine equipment Transportation vehicle Total I. Original carrying amount 1 January 2026 (Audited) 109,091,811.20 3,366,322,106.99 1,204,390,214.11 210,823,287.05 4,890,627,419.35 Additions for the period 14,005,509.70 937,671,542.78 230,130,490.20 51,730,490.31 1,233,538,032.99 Deductions for the period (11,746,931.02) (297,595,436.45) (62,788,785.19) (1,138,779.40) (373,269,932.06) Foreign currency translation differences – 467,168.67 – – 467,168.67 30 June 2026 (Unaudited) 111,350,389.88 4,006,865,381.99 1,371,731,919.12 261,414,997.96 5,751,362,688.95 II. Accumulated depreciation 1 January 2026 (Audited) 44,987,524.01 1,243,447,627.58 311,800,894.33 157,735,980.38 1,757,972,026.30 Additions for the period 11,964,913.64 530,916,350.64 294,988,631.65 55,574,896.27 893,444,792.20 Provision for the period 11,964,913.64 530,916,350.64 294,988,631.65 55,574,896.27 893,444,792.20 Deductions for the period (31,351,965.57) (205,039,093.00) (76,816,989.97) (5,548,396.49) (318,756,445.03) Foreign currency translation differences – (316,724.50) – – (316,724.50) 30 June 2026 (Unaudited) 25,600,472.08 1,569,008,160.72 529,972,536.01 207,762,480.16 2,332,343,648.97 III. Provision for impairment 1 January 2026 (Audited) – – – – – 30 June 2026 (Unaudited) – – – – – IV. Book value 1 January 2026 (Audited) 64,104,287.19 2,122,874,479.41 892,589,319.78 53,087,306.67 3,132,655,393.05 30 June 2026 (Unaudited) 85,749,917.80 2,437,857,221.27 841,759,383.11 53,652,517.80 3,419,019,039.98 Other explanations: The Group has leased a number of assets, including land use right, buildings, machinery equipment and transportation vehicles, with a lease period ranging from 2 to 10 years. The short-term lease expenses and expenses on low-value assets included in the profit or loss for the period under simplified approach are RMB323,334,424.13. The total cash outflows relating to leases for the period are RMB1,765,002,713.24.
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Interim Report 2026 I 233 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 16. Intangible assets (1) Intangible assets RMB Item Land use right Software and others Non-patent technology Total I. Original carrying amount 1 January 2026 (Audited) 3,593,953,239.07 2,661,683,697.36 23,918,051,377.11 30,173,688,313.54 Additions for the period 12,322,267.46 174,841,590.50 1,824,144,291.08 2,011,308,149.04 1. Acquisition 7,707,767.36 121,294,942.50 43,515.46 129,046,225.32 2. Internal research and development – 4,337,272.16 1,824,100,775.62 1,828,438,047.78 3. Transferred from construction in progress – 49,209,375.84 – 49,209,375.84 4. Transferred from investment properties 4,614,500.10 – – 4,614,500.10 Deductions for the period – (9,891,387.32) – (9,891,387.32) 1. Disposal – (6,979,560.43) – (6,979,560.43) 2. Other transfer-out – (2,911,826.89) – (2,911,826.89) Foreign currency translation differences – (4,677,351.98) – (4,677,351.98) 30 June 2026 (Unaudited) 3,606,275,506.53 2,821,956,548.56 25,742,195,668.19 32,170,427,723.28 II. Accumulated amortization 1 January 2026 (Audited) 888,104,655.03 878,630,567.49 16,172,114,277.95 17,938,849,500.47 Additions for the period 45,864,790.97 162,279,384.62 2,226,243,043.89 2,434,387,219.48 1. Provision 44,777,041.75 162,279,384.62 2,226,243,043.89 2,433,299,470.26 2. Transferred from investment properties 1,087,749.22 – – 1,087,749.22 Deductions for the period – (3,249,710.95) – (3,249,710.95) 1. Disposal – (3,249,710.95) – (3,249,710.95) Foreign currency translation differences – (1,371,466.19) – (1,371,466.19) 30 June 2026 (Unaudited) 933,969,446.00 1,036,288,774.97 18,398,357,321.84 20,368,615,542.81 III. Book value 1 January 2026 (Audited) 2,705,848,584.04 1,783,053,129.87 7,745,937,099.16 12,234,838,813.07 30 June 2026 (Unaudited) 2,672,306,060.53 1,785,667,773.59 7,343,838,346.35 11,801,812,180.47 At the end of the period, the proportion of intangible assets formed through internal research and development to the balance of intangible assets is 62.23% (31 December 2025: 63.08%). 2 For the six months ended 30 June 2026, there are no land use rights of which certificates of title have not been obtained.
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Interim Report 2026 I 234 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 17. Deferred tax assets and deferred tax liabilities (1) Deferred tax assets before offsetting RMB 30/6/2026 (Unaudited) 31/12/2025 (Audited) Item Deductible temporary differences Deferred tax assets Deductible temporary differences Deferred tax assets Credit loss provision 585,235,798.22 105,714,583.53 596,718,008.58 108,182,982.09 Provision for decline in value of inventories 67,732,924.36 3,593,332.76 100,073,456.90 2,985,065.79 Impairment of fixed assets 515,184,021.71 81,427,549.30 540,103,930.00 85,170,768.59 Impairment of construction in progress 9,816,466.52 2,027,422.58 10,301,822.48 2,120,474.78 Temporary difference of amortization of intangible assets 9,761,638,940.48 1,476,632,827.65 8,822,405,980.26 1,335,870,884.03 Accrued expenses which are deductible upon payment 2,990,631,574.27 688,536,900.93 2,365,842,225.63 491,648,717.60 Contract liabilities 8,479,743,480.94 1,523,308,764.79 8,135,357,457.73 1,559,632,641.91 Deductible loss 18,363,349,623.02 3,402,727,184.75 16,121,048,524.99 2,969,230,391.61 Deferred income 2,719,114,674.52 449,466,072.08 1,885,951,298.29 348,788,916.97 Share-based payments 1,220,140,659.66 213,413,315.12 999,917,246.77 160,408,919.54 Lease liabilities 3,089,638,001.29 716,178,088.70 3,252,642,548.73 690,047,405.71 Unrealized profit arising from internal transactions 4,960,829,857.00 1,125,259,884.62 3,514,767,013.79 829,587,469.58 Others 11,491,386.59 1,884,826.29 387,600,986.05 49,283,419.83 Total 52,774,547,408.58 9,790,170,753.10 46,732,730,500.20 8,632,958,058.03
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Interim Report 2026 I 235 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 17. Deferred tax assets and deferred tax liabilities (continued) (2) Deferred tax liabilities before offsetting RMB 30/6/2026 (Unaudited) 31/12/2025 (Audited) Item Taxable temporary difference Deferred tax liabilities Taxable temporary difference Deferred tax liabilities The impact of accelerated depreciation of fixed assets under tax law 11,366,030,542.41 1,946,872,561.22 10,766,140,519.21 1,855,463,606.80 Right-of-use assets 3,419,019,039.98 690,244,107.58 3,132,655,393.05 636,229,065.35 Unrealized earnings of financial assets 1,187,721,828.06 272,756,913.47 1,063,828,882.39 248,841,699.21 The value added of assets appraisal of Business combination not involving enterprise under common control 125,533,555.13 18,830,033.27 127,929,131.69 19,189,369.75 Temporary difference of interest receivable 45,967,853.01 8,115,672.60 22,218,416.39 3,337,400.42 Total 16,144,272,818.59 2,936,819,288.14 15,112,772,342.73 2,763,061,141.53 (3) Deferred tax assets and deferred tax liabilities at net amount after offsetting RMB 30/6/2026 (Unaudited) 31/12/2025 (Audited) Item Offset amount of deferred tax assets and liabilities Deferred tax assets (liabilities) after offsetting Offset amount of deferred tax assets and liabilities Deferred tax assets (liabilities) after offsetting Deferred tax assets (1,877,276,897.71) 7,912,893,855.39 (1,719,842,587.88) 6,913,115,470.15 Deferred tax liabilities 1,877,276,897.71 (1,059,542,390.43) 1,719,842,587.88 (1,043,218,553.65)
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Interim Report 2026 I 236 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 17. Deferred tax assets and deferred tax liabilities (continued) (4) Details of unrecognized deferred tax assets RMB Item 30/6/2026 (Unaudited) 31/12/2025 (Audited) Deductible loss 7,271,884,840.25 5,616,843,240.37 Total 7,271,884,840.25 5,616,843,240.37 The deductible losses of the unrecognized deferred tax assets will expire in the following years: (5) Details of unrecognized deferred tax assets RMB Years 30/6/2026 (Unaudited) 31/12/2025 (Audited) 2026 322,705,828.18 499,346,366.50 2027 794,830,176.78 794,830,176.78 2028 1,310,272,772.08 1,310,272,772.08 2029 1,763,205,428.94 1,763,205,428.94 2030 1,249,188,496.07 1,249,188,496.07 2031 and beyond 1,831,682,138.20 – Total 7,271,884,840.25 5,616,843,240.37
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Interim Report 2026 I 237 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 18. Other non-current assets RMB 30/6/2026 (Unaudited) 31/12/2025 (Audited) Item Carrying amount Impairment provision Net book value Carrying amount Impairment provision Net book value Purchase margin 200,000,000.00 – 200,000,000.00 200,000,000.00 – 200,000,000.00 Receivable from land transfer 270,758,568.00 – 270,758,568.00 270,758,568.00 – 270,758,568.00 State subsidies receivable 191,907,845.01 – 191,907,845.01 185,886,737.87 – 185,886,737.87 Advances for Equipment and Infrastructure 726,531,791.04 – 726,531,791.04 606,904,118.00 – 606,904,118.00 Others 83,804,525.45 – 83,804,525.45 55,362,731.03 – 55,362,731.03 Total 1,473,002,729.50 – 1,473,002,729.50 1,318,912,154.90 – 1,318,912,154.90 19. Short-term borrowings and long-term borrowings (1) Short-term borrowings RMB Item 30/6/2026 (Unaudited) 31/12/2025 (Audited) Credit loans 1,091,918,905.52 950,814,093.18 Guaranteed loans (Note 1) 79,741,125.60 89,101,437.44 Pledge loans (Note 2) 4,598,819,113.06 5,491,969,698.73 Total 5,770,479,144.18 6,531,885,229.35 Note 1: The guaranteed loans were made by the Company ’s subsidiaries, Great Wall Motor Manufacturing (Thailand) Co., Ltd. (ӛԓ Ⴁி(इ)ʮ̡ ), Jingcheng Engineering Auto Parts (Thailand) Co. (ӛԓཧ (इ)ʮ̡ ), Nobo Automotive Systems (Thailand) Limited ( ፕ௹ӛԓӻ୕ (इ)ʮ̡ ) and Mind Automotive Parts (Thailand) Co., Ltd.( ਟᅃӛԓཧ (इ)Ϟ ʮ̡) with the Company as the guarantor. Note 2: The pledged loans represent discounted amounts obtained on discounted outstanding letter of credit that did not meet the conditions for derecognition at the end of the period.
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Interim Report 2026 I 238 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 19. Short-term borrowings and long-term borrowings (continued) (2) Long-term borrowings RMB Item 30/6/2026 (Unaudited) 31/12/2025 (Audited) Credit loans 1,289,957,724.03 2,450,254,637.35 Less: Long-term loans due within one year 1,276,812,456.65 1,381,750,332.93 Total 13,145,267.38 1,068,504,304.42 20. Notes payable RMB Item 30/6/2026 (Unaudited) 31/12/2025 (Audited) Bank acceptances 41,713,006,272.12 33,772,664,430.14 Total 41,713,006,272.12 33,772,664,430.14
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Interim Report 2026 I 239 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 21. Accounts payable RMB Item 30/6/2026 (Unaudited) 31/12/2025 (Audited) Within 1 year 38,929,630,186.12 45,340,156,041.40 1 to 2 years 217,486,227.45 366,417,887.91 2 to 3 years 130,132,895.58 121,484,235.61 Over 3 years 79,988,683.43 46,041,682.71 Total 39,357,237,992.58 45,874,099,847.63 The aging analysis of accounts payable is based on the time of purchasing materials, goods or receiving services. 22. Contract liabilities RMB Item 30/6/2026 (Unaudited) 31/12/2025 (Audited) Receipts in advance 10,001,712,469.30 8,702,256,098.33 Maintenance service 3,175,128,725.48 3,135,590,645.72 Warranty service 1,414,916,017.03 1,303,242,232.73 Transportation service 13,080,382.33 16,170,179.70 Total 14,604,837,594.14 13,157,259,156.48 Note: Revenue recognised in the current year included in the carrying value of contractual liabilities at the beginning of the period. Revenue included in the opening book value of contract liabilities recognized in the current amount to RMB9,126,682,879.78. Revenue included in the closing book value of contract liabilities will mostly be recognized within one year..
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Interim Report 2026 I 240 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 23. Employee benefits payable (1) Employee benefits payable disclosed as follows: RMB Item 1/1/2026 (Audited) Increase Decrease 30/6/2026 (Unaudited) 1. Short-term employee benefits 5,297,776,566.77 8,644,873,556.69 (12,580,590,221.21) 1,362,059,902.25 2. Post-employment benefits-defined contribution plan 30,318,534.90 869,999,826.27 (828,355,528.58) 71,962,832.59 3. Termination benefits 2,454,280.64 30,723,920.37 (30,896,936.39) 2,281,264.62 Total 5,330,549,382.31 9,545,597,303.33 (13,439,842,686.18) 1,436,303,999.46 (2) Short-term employee benefits payable disclosed as follows: RMB Item 1/1/2026 (Audited) Increase Decrease 30/6/2026 (Unaudited) I. Salaries, bonuses, allowances and subsidies 5,051,330,429.13 6,544,014,600.94 (10,292,591,119.64) 1,302,753,910.43 II. Staff welfare 174,742,439.69 460,233,099.42 (628,133,578.91) 6,841,960.20 III. Staff bonuses and welfare fund 318,630.53 – – 318,630.53 IV. Social insurance premiums 15,465,713.67 418,321,990.65 (422,821,353.20) 10,966,351.12 Including: Medical insurance 14,720,915.98 374,595,680.93 (380,221,819.51) 9,094,777.40 Work-related injury insurance 699,023.72 38,955,654.75 (37,828,628.31) 1,826,050.16 Maternity insurance 45,773.97 4,770,654.97 (4,770,905.38) 45,523.56 V. Housing provident funds 3,972,717.07 254,131,657.23 (254,541,170.39) 3,563,203.91 VI. Labor union expenditures 25,091,392.50 15,919,157.43 (24,954,633.58) 16,055,916.35 VII. Employees ’ education expenses 70,383.99 7,705,679.50 (7,705,749.14) 70,314.35 VIII. Service charge 26,784,860.19 944,547,371.52 (949,842,616.35) 21,489,615.36 Total 5,297,776,566.77 8,644,873,556.69 (12,580,590,221.21) 1,362,059,902.25
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Interim Report 2026 I 241 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 23. Employee benefits payable (continued) (3) Defined contribution plan RMB Item 1/1/2026 (Audited) Increase Decrease 30/6/2026 (Unaudited) 1. Basic endowment insurance 30,667,031.12 844,870,965.42 (802,777,336.15) 72,760,660.39 2. Unemployment insurance (348,496.22) 25,128,860.85 (25,578,192.43) (797,827.80) Total 30,318,534.90 869,999,826.27 (828,355,528.58) 71,962,832.59 Employees of the Group are required to join a pension plan implemented by the local government. Under such plan, the Group is required to make contribution at a fixed percentage of the salaries of its employees. Except for the monthly payment and deposit fees, the Group no longer undertakes further payment obligations. The corresponding expenditure is included in the relevant asset cost or current profit or loss when incurred. For the period from 1 January to 30 June 2026, basic endowment insurance payable of the Group amounted to RMB844,870,965.42 (for the period from 1 January to 30 June 2025: RMB688,554,506.81); the unemployment insurance payable amounted to RMB25,128,860.85 (for the period from 1 January to 30 June 2025: RMB22,194,412.53). As at 30 June 2026, basic endowment insurance payable of RMB72,760,660.39 (31 December 2025: RMB30,667,031.12) and unemployment insurance payable of RMB797,827.80 (31 December 2025: RMB348,496.22) of the Group have not yet been paid. Such payables have been paid after the report period. 24. Taxes payable RMB Item 30/6/2026 (Unaudited) 31/12/2025 (Audited) Value added tax 1,280,438,464.43 1,771,410,608.11 Consumption tax 466,300,015.39 433,601,928.86 Enterprise income tax 652,686,934.26 842,015,742.48 Individual income tax 29,158,776.24 35,816,172.57 City maintenance and construction tax 44,883,928.70 52,882,052.01 Education surcharges 32,367,031.33 38,204,058.19 Stamp duty 77,154,029.29 91,443,755.25 Real estate tax 8,358,766.42 7,558,765.42 Vehicle retirement tax 7,357,863,698.55 2,359,142,681.04 Others 333,397,861.27 203,185,872.91 Total 10,282,609,505.88 5,835,261,636.84
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Interim Report 2026 I 242 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 25. Other payables 25.1 Presented by item RMB Item 30/6/2026 (Unaudited) 31/12/2025 (Audited) Dividends Payable 2,989,817,834.85 – Other payables 4,110,742,513.20 4,212,003,601.05 Total 7,100,560,348.05 4,212,003,601.05 25.2 Other payables disclosed by nature are as follows: RMB Item 30/6/2026 (Unaudited) 31/12/2025 (Audited) Construction payment 82,338,739.29 251,684,310.94 Equipment payment 1,377,513,787.14 1,359,694,199.56 Margin or deposit 1,115,918,371.00 970,996,866.34 Restricted share repurchase obligations 197,270,654.16 418,019,494.00 Output tax related to receipts in advance 643,514,395.37 616,336,136.89 Others 694,186,566.24 595,272,593.32 Total 4,110,742,513.20 4,212,003,601.05 26. Non-current liabilities due within one year RMB Item Notes 30/6/2026 (Unaudited) 31/12/2025 (Audited) Long-term loans due within one year VI.19 1,276,812,456.65 1,381,750,332.93 Lease liabilities due within one year VI.29 1,580,414,039.30 1,491,366,999.24 Bonds payable due within one year VI.28 3,816,518,873.61 320,638,282.23 Others 1,606,047.85 1,561,319.99 Total 6,675,351,417.41 3,195,316,934.39
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Interim Report 2026 I 243 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 27. Other current liabilities RMB Item 30/6/2026 (Unaudited) 31/12/2025 (Audited) Accrued after-sales service expenses 3,214,905,684.36 2,481,759,340.50 Accrued advertising and media service expenses 2,065,573,704.15 1,945,450,766.08 Accrued transportation expenses 1,287,722,184.46 969,467,883.67 Accrued technology development expenditure 721,769,771.17 622,859,590.79 Accrued utilities fees 99,965,929.42 89,027,252.15 Accrued Consulting service expenses 96,672,370.61 94,969,960.37 Accrued expenses for Internet of vehicles 54,201,108.25 57,939,775.43 Other 2,012,098,057.87 2,021,342,396.84 Total 9,552,908,810.29 8,282,816,965.83 28. Bonds payable (1) Bonds payable RMB Item 30/6/2026 (Unaudited) 31/12/2025 (Audited) Asset backed securities 29,862,057.06 108,562,351.27 Asset backed notes 166,227,175.94 290,999,520.82 Convertible bond 3,620,429,640.61 3,611,216,759.81 Less: bonds payable due within one year 3,816,518,873.61 320,638,282.23 Total – 3,690,140,349.67
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Interim Report 2026 I 244 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 28. Bonds payable (continued) (2) Increase and decrease of bonds payable RMB Name of bonds Par value Coupon rate (%) Issue date Bond term (day) Issue amount 1/1/2026 (Audited) Bonds issued in the period Accrued interest at par value Premium amortization and others Repayment/ conversion of shares in the period Less: Bonds payable due within one year 30/6/2026 (Unaudited) Default or not Tianfeng Ora lease phase 3 Priority A1 (Note 1) 100.00 2.20 27/06/2024 277 316,000,000.00 – – – – – – – No Tianfeng Ora lease phase 3 Priority A2 (Note 1) 100.00 2.40 27/06/2024 733 166,000,000.00 26,926,874.53 – 93,609.47 (95,284.00) (26,925,200.00) – – No Tianfeng Ora lease phase 4 Green asset-backed Special Program Priority (Note 3) 100.00 2.27 05/12/2024 785 313,000,000.00 81,635,476.74 – 657,523.32 (660,743.00) (51,770,200.00) 29,862,057.06 – No 25 Oula Leasing ABN001 Priority (Note 4) 100.00 2.20 24/04/2025 736 481,000,000.00 290,999,520.82 – 2,344,388.45 (2,826,333.33) (124,290,400.00) 166,227,175.94 – No Convertible bond (Note 2) 100.00 2.00 10/06/2021 2,190 3,500,000,000.00 3,611,216,759.81 – 37,056,894.34 24,594,586.46 (52,438,600.00) 3,620,429,640.61 – No Total – – – – 4,776,000,000.00 4,010,778,631.90 – 40,152,415.58 21,012,226.13 (255,424,400.00) 3,816,518,873.61 – Note 1: On 27 June 2024, Tianjin Ola acted as the sponsor in the issuance of RMB482 million of fixed-rate senior asset-backed securities, including RMB316 million of preferred A1-rated asset-backed securities and RMB166 million of preferred A2-rated asset-backed securities. The Group holds all subordinated asset-backed securities. The preferred A1-rated asset-backed securities were repaid by March 2025 and the preferred A2-rated asset-backed securities have been repaid by June 2026. The Group has not derecognize the financial assets related to asset securitisation and accounted for the proceeds from the issuance of senior asset-backed securities as bonds payable. Note 2: With the approval of Zheng Jian Xu Ke [2021] No. 1353, the Company issued A-share convertible corporate bonds (Great Wall Convertible Bond) with a face value of RMB100 and a total face value of RMB3.5 billion in June 2021, with a term of 6 years. The annual coupon rate of convertible corporate bonds is 0.2% in the first year, 0.4% in the second year, 0.6% in the third year, 0.8% in the fourth year, 1.5% in the fifth year and 2.0% in the sixth year. The interest shall be paid once a year, and the principal and the interest of the last year shall be paid on the maturity date. The conversion period of the A-share convertible corporate bonds issued this time is from the first trading day after six months from the end date of issuance (17 June 2021) to the maturity date, i.e., 17 December 2021 to 9 June 2027. Note 3: On 5 December 2024, Tianjin Ola acted as the sponsor in the issuance of RMB313 million of fixed-rate senior asset-backed securities. The Group holds all subordinated asset-backed securities and the senior asset-backed securities will be repaid by December 2026. The Group has not derecognize the financial assets related to asset securitisation and accounted for the proceeds from the issuance of senior asset-backed securities as bonds payable. Note 4: On 24 April 2025, Tianjin Ola acted as the sponsor in the issuance of RMB481 million of fixed-rate senior asset-backed securities. The Group holds all subordinated asset-backed securities and the senior asset-backed securities will be repaid by April 2027. The Group has not derecognize the financial assets related to asset securitisation and accounted for the proceeds from the issuance of senior asset-backed securities as bonds payable.
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Interim Report 2026 I 245 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 29. Lease liabilities RMB Item 30/6/2026 (Unaudited) 31/12/2025 (Audited) Lease liabilities 3,356,599,123.21 3,373,752,334.23 Sub-total 3,356,599,123.21 3,373,752,334.23 Less: Leased liabilities recognized in non-current liabilities due within one year (Note VI.26) 1,580,414,039.30 1,491,366,999.24 Total 1,776,185,083.91 1,882,385,334.99 30. Deferred income RMB Item 1/1/2026 (Audited) Increase Decrease 30/6/2026 (Unaudited) Causes of formation Government grants 3,322,110,230.36 509,585,511.34 (754,231,465.87) 3,077,464,275.83 Government Industrial Policy Support Fund, etc Total 3,322,110,230.36 509,585,511.34 (754,231,465.87) 3,077,464,275.83
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Interim Report 2026 I 246 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 30. Deferred income (continued) Projects related to government grants: RMB Type 1/1/2026 (Audited) Increase in grants for the period Amount recognized in other income for the period Other transfer-out 30/6/2026 (Unaudited) Related to an asset/ related to income Government industrial policy supporting fund 2,211,936,030.56 445,161,978.53 (83,892,346.22) (474,225,011.13) 2,098,980,651.74 Related to an asset/income Infrastructure supporting fund 666,790,696.72 – (12,070,087.94) (66,821,574.00) 587,899,034.78 Related to an asset Soft soil foundation subsidy 50,104,879.62 – (1,309,783.20) – 48,795,096.42 Related to an asset New technical center infrastructure construction project 82,227,986.85 – (4,443,141.29) – 77,784,845.56 Related to an asset Urban construction fund 46,931,947.85 – (1,259,499.32) – 45,672,448.53 Related to an asset Energy-saving gasoline direct injection engine project 833,332.77 – (833,332.77) – – Related to an asset 110KV transformer substation project 18,631,353.05 – (588,358.56) – 18,042,994.49 Related to an asset Renovation and expansion of expert apartment project 4,090,909.11 – (681,818.18) – 3,409,090.93 Related to an asset Others 240,563,093.83 64,423,532.81 (11,293,564.11) (96,812,949.15) 196,880,113.38 Related to an asset/income Total 3,322,110,230.36 509,585,511.34 (116,371,931.59) (637,859,534.28) 3,077,464,275.83
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Interim Report 2026 I 247 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 31. Share capital RMB Changes for the period Item 1/1/2026 (Audited) New issue (Note (1)) Shares transfer from convertible bond Others (Note (1)) Sub-total 30/6/2026 (Unaudited) Share capital 8,557,872,087.00 – 329.00 (4,455,745.00) (4,455,416.00) 8,553,416,671.00 Note 1: During the six months ended June 30, 2026, 329 shares of new stock were issued from convertible bonds, and the company canceled 4,455,745 restricted shares that were repurchased due to expiration. 32. Other equity instruments RMB 1/1/2026 (Audited) Increase Decrease 30/6/2026 (Unaudited) Quantity Book value Quantity Book value Quantity Book value Quantity Book value Equity Instrument portion of Convertible Corporate Bonds Note (VI)28 34,950,520.00 335,537,354.91 – – (130.00) (1,248.04) 34,950,390.00 335,536,106.87 Total 34,950,520.00 335,537,354.91 – – (130.00) (1,248.04) 34,950,390.00 335,536,106.87 33. Capital reserve RMB Item Opening balance Increase Decrease Closing balance Capital premiums (Note 1) 2,056,792,927.39 103,353,589.04 (55,428,770.77) 2,104,717,745.66 Other capital reserves (Note 2) 1,869,202,402.98 79,205,647.03 (108,564,811.29) 1,839,843,238.72 Total 3,925,995,330.37 182,559,236.07 (163,993,582.06) 3,944,560,984.38 Note 1: The increase in capital premium for the year was due to the increase of RMB103,339,613.39 in the exercise of granting of restricted shares and unlocking of restricted shares by incentive recipients of the Group during the period, and the increase of RMB13,975.65 in the conversion of part of the “Changqi Convertible Bonds ” into shares of the Company. The decrease was due to a decrease RMB55,428,770.77 from the cancellation of restricted shares repurchased by the Company due to lapses. Note 2: The increase in other capital reserves this period is mainly due to the Group recognizing an increase in share-based payment expenses of RMB79,205,647.03 based on the estimated number of equity instruments that can be exercised. The decrease in other capital reserves this period is mainly due to RMB106,913,100.35 from the unlocking of restricted shares for incentive recipients, and a reduction of RMB1,651,710.94 in deferred tax assets this period, which reverses previous years ’ costs and expenses recognized for share-based payments based on the estimated amount deductible in future periods exceeding the costs recognized during the vesting period.
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Interim Report 2026 I 248 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 34. Treasury shares RMB Item Opening balance Increase Decrease Closing balance Related to restricted stock repurchase Treasury stock related to restricted stock repurchase obligations (Note 1) 451,911,623.82 – (217,576,185.93) 234,335,437.89 Repurchase of shares (Note 2) 78,448,763.65 158,447,491.97 – 236,896,255.62 Total 530,360,387.47 158,447,491.97 (217,576,185.93) 471,231,693.51 Note 1: The decrease in treasury stock for the period related to restricted stock repurchase obligations was due to the Group ’s distribution of cash dividends to restricted stock holders, the cancellation of restricted stock repurchased due to lapses and the unlocking of restricted stock, as described in Note XIII. Note 2: The increase in treasury stock for the period related to share repurchases was due to the Group ’s repurchase of H-shares, and the purchase of the Company ’s A-shares in the repurchase special security account and on the secondary market using long-term incentive funds, as described in Note XIII. 35. Surplus reserve RMB Item Opening balance Increase Decrease Closing balance 30/6/2026 (Unaudited): Statutory surplus reserve 7,902,939,832.25 – – 7,902,939,832.25 Discretionary surplus reserve 2,855,650.48 – – 2,855,650.48 Reserve fund 142,169,589.47 – – 142,169,589.47 Tax reduction for social welfare enterprises 251,838,024.75 – – 251,838,024.75 Total 8,299,803,096.95 – – 8,299,803,096.95
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Interim Report 2026 I 249 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 36. Undistributed profits RMB Item Amount Proportion of appropriation or allocation For the period from 1 January to 30 June 2026 (Unaudited): Undistributed profits at the beginning of the period 66,249,219,099.30 Add: Net profit attributable to the shareholders of the parent company for the period 2,464,509,236.10 Less: Appropriation of statutory surplus reserve – Appropriation of reserve fund – Distribution of cash dividends 2,989,817,834.85 (2) Add: Others 2,318,236.40 Undistributed profits at the end of the period 65,726,228,736.95 For the period from 1 January to 30 June 2025 (Unaudited): Undistributed profits at the beginning of the period 61,431,324,356.50 Total amount of undistributed profits at the beginning of the period (43,059,299.56) Undistributed profits at the end of the period 61,388,265,056.94 Add: Net profit attributable to the shareholders of the parent company for the period 6,336,939,113.25 Dispose of the transfer-in 103,796,689.25 The surplus reserve of the subsidiary transferred upon its deregistration 99,561.37 Less: Appropriation of statutory surplus reserve – Appropriation of reserve fund – Distribution of cash dividends 3,851,337,280.50 (1) The consideration under common control 3,792,157.77 Disposal of minority shareholders ’ equity 863,658.36 Add: Others 852,745.80 Undistributed profits at the end of the period 63,973,960,069.98
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Interim Report 2026 I 250 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 36. Undistributed profits (continued) (1) Cash dividends approved at the 2025 Annual General Meeting On 18 June 2025, the 2024 annual general meeting of the Company considered and approved the “Proposal for the Distribution of Profit for the Year 2024 ”, which provided for the distribution of cash dividends to all shareholders on the cash dividend distribution basis of the total share capital as at the date of registration of shareholdings at the time of implementation of profit distribution by the Company and the deduction of the total number of shares held in the Company ’s repurchase- specific securities account, and distributed to all shareholders cash dividends of RMB0.45 per share (tax inclusive) for the year ended 31 December 2024, totaling RMB3,851,031,280.50. The cash dividends included in the Group ’s profit distribution for 2025 have excluded the effect of cash dividends distributed to holders of restricted shares that are not expected to be unlocked in the future. (2) Cash dividends approved at the 2026 Annual General Meeting On 26 June 2026, the 2025 annual general meeting of the Company considered and approved the “Proposal for the Distribution of Profit for the Year 2025 ”, which provided for the distribution of cash dividends to all shareholders on the cash dividend distribution basis of the total share capital as at the date of registration of shareholdings at the time of implementation of profit distribution by the Company and distributed to all shareholders cash dividends of RMB0.35 per share (tax inclusive) for the year ended 31 December 2025, totaling RMB2,989,647,128.65. The cash dividends included in the Group ’s profit distribution for 2026 have excluded the effect of cash dividends distributed to holders of restricted shares that are not expected to be unlocked in the future.
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Interim Report 2026 I 251 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 37. Operating revenue and operating costs (1) Operating revenue and operating costs RMB For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Item Income Costs Income Costs (Restated) Principal operating activities 100,716,717,933.74 82,467,078,395.92 91,156,036,964.10 74,457,050,549.63 Other operating activities and others 1,384,712,608.83 875,078,787.93 1,178,596,229.41 903,234,691.71 Total 102,101,430,542.57 83,342,157,183.85 92,334,633,193.51 75,360,285,241.34 (2) Revenue arising from contracts RMB For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Categories of contracts Revenue costs Revenue costs (Restated) Income from the sales of automobiles 88,815,758,742.82 73,111,084,121.11 79,751,280,587.24 65,571,988,510.86 Income from the sales of automotive parts and components 6,823,560,996.69 4,635,154,590.45 6,136,505,131.84 4,170,047,108.82 Income from rendering of services 1,132,328,153.03 1,049,451,981.43 1,192,527,796.96 1,060,953,189.89 Income from the sales of moulds and others 3,945,070,041.20 3,671,387,702.93 4,075,723,448.06 3,654,061,740.06 Other operating income 1,324,098,417.56 843,914,550.23 1,092,839,839.68 827,479,732.21 Subtotal of income from contracts with customers 102,040,816,351.30 83,310,992,946.15 92,248,876,803.78 75,284,530,281.84 Rental income 60,614,191.27 31,164,237.70 85,756,389.73 75,754,959.50 Total 102,101,430,542.57 83,342,157,183.85 92,334,633,193.51 75,360,285,241.34
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Interim Report 2026 I 252 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 37. Operating revenue and operating costs (continued) (3) Description of performance obligations Item Time for fulfilling performance obligations Important payment terms Nature of company ’s commitment to transfer goods Is the person primarily responsible Amounts assumed by the company that are expected to be refunded to the customer Types of quality assurance offered by the company and related obligations Revenue from sales of automobiles When the customer acquires control of the underlying commodity Collections within 30-180 days of receipt in advance/signature Merchandise Yes No Product Quality Assurance Revenue from sales of spare parts When the customer acquires control of the underlying commodity Collections within 30-90 days of pre-receipt/signature Merchandise Yes No Product Quality Assurance Revenue from provision of labor services Provision of labor completed Collections within 30-180 days of completion of services rendered Labor service Yes No NA Revenue from molds and others Delivery and acceptance completed Segmented collections in line with project progress Merchandise Yes No Product Quality Assurance (4) Description of allocation to remaining performance obligations At the end of the reporting period, the revenue corresponding to the performance obligations for which a contract has been signed but has not yet been performed or has not been performed completely amounted to RMB19,566,716,303.72, most of which is expected to be recognised within the next year. 38. Taxes and levies RMB Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Consumption tax 2,920,064,752.39 2,834,903,523.44 Sales tax 60,330,916.76 43,469,471.90 City maintenances and construction tax 277,030,294.53 301,643,264.35 Educational surcharges 198,798,311.66 216,296,135.26 Stamp duty 138,119,954.31 144,820,682.76 PIS, COFINS 4,736,243.65 5,016,065.14 Real estate tax 82,619,427.99 79,638,289.04 Land use tax 34,341,683.28 35,080,841.82 Others 20,608,582.01 8,556,990.41 Total 3,736,650,166.58 3,669,425,264.12
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Interim Report 2026 I 253 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 39. Selling expenses RMB Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Advertising and media services expenses 2,248,967,483.24 1,996,788,735.49 Wages and salaries 1,337,994,138.60 1,168,698,032.21 Commission 823,617,762.14 459,048,009.42 Consulting service expenses 158,688,560.71 153,642,824.72 Port charges 145,250,325.59 116,342,737.18 Travelling expenses 98,469,284.96 85,485,678.73 Share-based payments 5,890,979.07 26,957,534.26 Office expenses 126,792,397.82 111,601,884.09 Depreciation and amortisation 586,517,370.89 482,801,260.08 Warehousing expenses 145,793,679.83 175,049,123.73 Others 319,875,517.80 259,128,768.83 Total 5,997,857,500.65 5,035,544,588.74 40. Administrative expenses RMB Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Wages and salaries 1,011,952,307.52 896,077,118.03 Depreciation and amortization 244,419,182.04 238,863,452.08 Consulting service expenses 152,270,011.23 159,933,276.69 Office expenses 143,699,873.83 121,772,294.35 Share-based payments 39,959,739.92 68,242,447.11 Business reception expenses 13,518,933.18 11,710,078.13 Auditors ’ remuneration 3,094,175.63 2,428,240.24 Others 440,734,155.62 394,888,528.75 Total 2,049,648,378.97 1,893,915,435.38
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Interim Report 2026 I 254 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 41. Research and development expenses RMB Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Depreciation and amortization 2,434,755,093.05 2,314,641,777.08 Wages and salaries 1,281,678,207.23 1,296,565,381.64 Consulting service expenses 294,957,140.72 103,638,788.43 Material test and detection expenses 226,582,340.43 207,325,788.07 Design and development expenses 128,021,624.61 79,490,251.03 Office expenses 70,967,755.81 82,671,190.51 Share-based payments 16,555,578.98 39,555,178.17 Others 114,166,446.27 115,478,536.82 Total 4,567,684,187.10 4,239,366,891.75 42. Financial expenses RMB Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Interest expenses 345,242,216.87 369,174,410.21 Including: Interest expenses on lease liabilities 71,779,176.23 64,283,647.80 Interest income (498,882,857.57) (364,422,711.29) Exchange gains 423,271,399.02 (1,704,231,580.01) Others 10,570,606.91 7,836,178.41 Total 280,201,365.23 (1,691,643,702.68)
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Interim Report 2026 I 255 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 43. Other income RMB Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Government grants 233,964,457.01 2,548,903,888.36 Individual income tax rebate 6,609,628.52 7,065,463.26 Weighted deduction of input tax 237,490,185.12 443,451,198.62 Total 478,064,270.65 2,999,420,550.24 Government grants recognized in other income: RMB Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Related to an asset/Related to income Amortisation of deferred income 116,371,931.59 182,942,625.76 Related to an asset/income Industrial support subsidies 60,081,000.00 28,689,386.57 Related to income Related to income Informatisation 11,336,831.97 16,528,000.00 Related to income Welfare Enterprises VAT refundable on demand 9,141,805.86 19,434,127.73 Related to income Subsidies for foreign trade and economic development 2,319,227.34 2,267,600.00 Related to income Special Funds for Technological Improvement 2,088,900.00 1,050,000.00 Related to income Employment subsidies 1,357,471.44 1,928,689.93 Related to income Stable employment subsidy 519,072.80 363,360.00 Related to income Subsidies for state-level training bases for highly skilled personnel 91,068.96 129,435.00 Related to income Automobile retirement subsidies – 2,273,680,889.40 Related to income Others 30,657,147.05 21,889,773.97 Related to income Total 233,964,457.01 2,548,903,888.36
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Interim Report 2026 I 256 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 44. Investment income Breakdown: RMB Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Income from long-term equity investments under equity method 362,299,678.47 347,581,894.11 Investment gains from the disposal of trading financial assets 170,977,765.02 105,198,033.55 Losses on derecognition of discounted notes (4,378,750.00) (22,024,676.51) Investment gains from the disposal of derivative financial instruments 11,589,371.60 (233,390,913.12) Dividend income from holding other equity instrument investments 3,002,579.99 2,633,680.00 Dividend income received during the holding period of other non-current financial assets 4,725,852.36 1,318,403.29 Total 548,216,497.44 201,316,421.32 There are no significant restrictions on remittance of investment income of the Group. The Group has no gains on investments from listed companies. 45. Gains (losses) from changes in fair values RMB Source of gains (losses) from changes in fair values For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Held-for-trading financial assets Including: Wealth management products 79,481,684.93 29,488,411.56 Derivative financial assets/liabilities 145,308,331.21 22,621,615.72 Other non-current financial assets 8,181,827.05 7,903,102.70 Total 232,971,843.19 60,013,129.98
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Interim Report 2026 I 257 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 46. Losses on credit impairment RMB Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Accounts receivable (7,214,493.57) (9,963,723.56) Other receivables 2,377,711.52 (744,905.05) Long-term receivables (including those due within 1 year) (20,918,871.56) (20,449,643.42) Total (25,755,653.61) (31,158,272.03) 47. Impairment losses on assets RMB Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Losses on decline in value of inventories (204,395,419.92) (213,010,971.07) Impairment losses of fixed assets (9,115,149.35) (14,008,400.16) Impairment losses of construction in progress (282,001.16) – Total (213,792,570.43) (227,019,371.23) 48. Gains from disposal off assets RMB Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Gains from disposal of asset 74,027,783.10 31,387,403.80 Including: Gains (Losses) on disposals of fixed assets 69,805,597.51 107,851,187.56 (Losses) gains on disposals of construction in progress (1,193,706.56) (273,975.01) Losses on disposals of intangible assets (961,064.69) (82,209,689.48) Gains on disposals of right-of-use assets 6,376,956.84 6,019,880.73
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Interim Report 2026 I 258 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 49. Non-operating income (1) Breakdown of non-operating income is as follows: RMB Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Amount included in non-recurring gains and losses for the period Government grants 755,211.75 102,458,741.86 755,211.75 Gains from compensation 63,679,385.18 64,373,230.77 63,679,385.18 Others 20,833,709.97 34,796,224.80 20,833,709.97 Total 85,268,306.90 201,628,197.43 85,268,306.90 (2) Government grants recognized in non-operating income: RMB Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Related to an asset/Related to income Industrial development funds – 100,000,000.00 Related to income Subsidies income 724,141.32 1,852,116.28 Related to income Others 31,070.43 606,625.58 Related to income Total 755,211.75 102,458,741.86
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Interim Report 2026 I 259 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 50. Non-operating expenses RMB Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Amount included in non-recurring gains and losses for the period Expenditures for donations 153,220.39 5,436,472.02 153,220.39 Expenses for compensations and fines 2,965,561.36 725,982.69 2,965,561.36 Others 22,071,805.15 53,118,936.88 22,071,805.15 Total 25,190,586.90 59,281,391.59 25,190,586.90 51. Income tax expenses RMB Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Current tax expenses 1,802,153,398.93 1,378,009,762.53 Deferred tax expenses (985,620,984.50) (710,902,733.00) Total 816,532,414.43 667,107,029.53
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Interim Report 2026 I 260 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 51. Income tax expenses (continued) Reconciliation of income tax expenses to the accounting profit is as follows: RMB Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Total profit 3,281,041,650.53 7,004,046,142.78 Income tax rate 25% 25% Income tax expenses calculated at 25% 820,260,412.63 1,751,011,535.70 Changes in the opening balance of deferred tax assets/deferred tax liabilities resulting from tax rate adjustments 5,908,211.06 – Effect of different tax rates applicable to subsidiaries (102,844,845.00) (770,419,006.09) Effect of additional deduction for research and development expenses (253,741,800.72) (379,803,546.40) Deduction of equity incentive 11,171,736.49 25,200.98 Tax effect of non-taxable income (157,537,850.83) (139,452,216.78) Additional deduction for the wages of disabled staff (3,292,829.64) (4,650,009.26) Tax effect of non-deductible expenses 35,788,663.29 47,034,059.91 Differences in prior years ’ remittances 47,060,317.18 6,640,816.44 The impact of deductible losses on deferred income tax assets not recognized in the prior year (44,160,134.58) (3,513,279.86) The impact of deductible losses on deferred tax assets was not recognized in the period 457,920,534.55 160,233,474.89 Total 816,532,414.43 667,107,029.53
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Interim Report 2026 I 261 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 52. Net profit Net profit of the Group has been arrived at after charging (crediting): RMB Item Note For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Depreciation for fixed assets VI.13 2,012,690,857.01 2,597,610,966.29 Depreciation and amortization for investment properties VI.12 10,931,540.49 11,102,207.01 Amortization of intangible assets VI.16 2,433,171,241.46 2,255,021,365.14 Depreciation for right-of-use assets VI.15 893,444,792.20 767,895,949.88 Amortization of long-term amortized expenses 185,817,301.69 173,950,188.03 Total amount of depreciation and amortization 5,536,055,732.85 5,805,580,676.35 (Gains) losses from disposal of assets VI.48 (74,027,783.10) (31,387,403.80) Employee benefits expense 8,018,076,398.62 6,742,942,350.40 Losses on decline in value of inventories VI.47 204,395,419.92 213,010,971.07
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Interim Report 2026 I 262 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 53. Calculation of basic and diluted earnings per share (1) Calculation of basic earnings per share The basic earnings per share is calculated based on the current net profit attributable to ordinary shareholders of the Company, deducting the cash dividends distributed to holders of restricted shares that are expected to be unlocked in the future, divided by the weighted average number of outstanding ordinary shares (excluding restricted shares and uncancelled repurchase shares). For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Basic EPS (RMB/Share) 0.29 0.74 (2) Calculation of diluted earnings per share Diluted earnings per share is calculated by dividing the adjusted current net profit attributable to the owners of the parent company by the adjusted weighted average number of outstanding ordinary shares in the current period under the assumption that all dilutive potential ordinary shares have been converted. Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Diluted earnings per share (RMB/share) 0.29 0.74
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Interim Report 2026 I 263 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 54. Other comprehensive income RMB Amount recognized in the current period Item 1/1/2026 (Audited) Amount incurred for current period before tax Less: Amount previously included in other comprehensive income and transferred to profit or loss for the period Less: Income tax expenses Attributable to owners of the parent company after tax Attributable to minority interests after tax 30/6/2026 (Unaudited) Other comprehensive income that will not be reclassified to profit or loss – – – – – – – Including: Changes in recalculation the net liabilities of the benefit plan – – – – – – – Changes in the fair value of investments in other equity instruments 689,874,567.46 (26,201,710.32) – – (26,201,710.32) – 663,672,857.14 Other comprehensive income that will be reclassified to profit or loss – – – – – – – Including: Changes in fair value of financial assets classified as at FVTOCI (47,113,024.60) 29,779,992.56 – 4,466,998.88 25,312,993.68 – (21,800,030.92) Translation difference of financial statements denominated in foreign currency (185,121,965.55) (196,598,232.98) – – (196,598,232.98) – (381,720,198.53) Total other comprehensive income 457,639,577.31 (193,019,950.74) – 4,466,998.88 (197,486,949.62) – 260,152,627.69
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Interim Report 2026 I 264 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 55. Notes to the items in the cash flow statement (1) Other cash receipts relating to operating activities RMB Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Government grants 455,111,051.84 3,069,185,420.16 Finance lease payments 854,064,911.61 882,435,318.72 Interest income 501,546,854.81 358,398,195.31 Reparations (penalty) income 63,679,385.18 64,373,230.77 Others 26,746,791.46 48,193,963.89 Total 1,901,148,994.90 4,422,586,128.85 (2) Other cash payments relating to operating activities RMB Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Advertising and media service fees 1,231,990,563.00 1,636,903,228.91 Finance leases 863,985,013.58 766,775,025.40 Technology development expenditure 735,785,127.46 626,549,365.18 Business hospitality and office expenses 424,477,941.59 348,327,490.52 Consultancy services 309,256,161.70 320,269,121.78 Storage fee 291,044,005.42 291,391,860.91 Commission 823,617,762.14 423,772,493.82 Travel expenses 174,741,783.96 145,562,020.60 Others 49,691,980.06 46,766,150.54 Total 4,904,590,338.91 4,606,316,757.66
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Interim Report 2026 I 265 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 55. Notes to the items in the cash flow statement (continued) (3) Other cash receipts relating to investing activities RMB Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Withdraw fixed deposits over three months – 52,690,560.00 Total – 52,690,560.00 (4) Other cash payments relating to investing activities RMB Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Loss from settlement of foreign exchange contract 31,550,484.79 233,390,913.12 Fixed deposits over three months 5,000,000.00 – Total 36,550,484.79 233,390,913.12 (5) Other cash receipts relating to financing activities RMB Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Decrease in restricted bank deposits 517,653,246.52 – Total 517,653,246.52 –
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Interim Report 2026 I 266 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 55. Notes to the items in the cash flow statement (continued) (6) Other cash payments relating to financing activities RMB Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Increase in restricted bank deposits – 2,252,653,455.47 Decrease in lease liabilities 1,294,550,300.19 1,151,685,749.85 Repaying loans to related parties – 216,980,000.00 Repurchase of shares and expired restrict shares 222,989,390.46 58,415,315.96 Others – 8,951,486.91 Total 1,517,539,690.65 3,688,686,008.19 (7) Changes in liabilities arising from financing activities RMB Increase during current year Decrease during current year Item 1/1/2026 (Audited) Cash movements Non-cash movements Cash movements Non-cash movements 30/6/2026 (Unaudited) Short-term loan 6,531,885,229.35 1,405,718,500.00 11,428,069.61 (2,090,250,109.30) (88,302,545.48) 5,770,479,144.18 Long-term borrowings (including long-term borrowings due within one year) 2,450,254,637.35 164,790,855.92 20,366,928.41 (1,345,454,697.65) – 1,289,957,724.03 Lease liabilities (including those due within one year) 3,373,752,334.23 – 1,314,133,586.94 (1,294,550,300.19) (36,736,497.77) 3,356,599,123.21 Bonds payable (including bonds payable due within one year) 4,010,778,631.90 – 64,747,160.01 (206,568,160.33) (52,438,757.97) 3,816,518,873.61 Other payables – – 2,989,817,834.85 – – 2,989,817,834.85 Total 16,366,670,832.83 1,570,509,355.92 4,400,493,579.82 (4,936,823,267.47) (177,477,801.22) 17,223,372,699.88
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Interim Report 2026 I 267 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 56. Supplementary information to the cash flow statement (1) Supplementary information to the cash flow statement RMB Supplementary information For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) 1. Reconciliation of net profit to cash flows from operating activities: Net profit 2,464,509,236.10 6,336,939,113.25 Add: Provision for impairment of assets 213,792,570.43 227,019,371.23 Impairment losses on credit 25,755,653.61 31,158,272.03 Depreciation of fixed assets 2,012,690,857.01 2,597,610,966.29 Amortization of right-of-use assets 893,444,792.20 767,895,949.88 Amortization of intangible assets 2,433,171,241.46 2,255,021,365.14 Amortization of long-term prepaid expenses 185,817,301.69 173,950,188.03 Depreciation and amortization of investment properties 10,931,540.49 11,102,207.01 Gains on changes in fair values (232,971,843.19) (60,013,129.98) Gain on disposal of fixed assets, intangible assets and other long term assets (74,027,783.10) (31,387,403.80) Amortization of deferred income (116,371,931.59) (182,942,625.76) Financial expenses 531,699,983.53 (61,051,381.11) Investment gains (552,595,247.44) (223,341,097.83) Increase in deferred tax assets (1,001,944,821.28) (732,354,929.86) Increase in deferred tax liabilities 16,323,836.78 21,452,196.86 Increase in inventories (8,032,393,775.67) (8,065,180,879.19) Decrease in operating receivables 6,656,633,423.38 10,507,123,201.48 Increase (decrease) in operating payables 4,934,638,197.54 (4,507,645,160.62) Others 66,998,396.72 149,395,721.06 Net cash flows from operating activities 10,436,101,628.67 9,214,751,944.11 2. Significant investing and financing activities which do not involve cash receipts and payments: Leased fixed assets recognized as right-of-use assets 1,233,538,032.99 2,514,606,425.96 3. Net changes in cash and cash equivalents: Closing balance of cash and cash equivalents 27,587,699,681.99 22,273,922,872.66 Less: Opening balance of cash and cash equivalents 25,280,701,698.00 27,233,274,462.30 Net Increase (Decrease) in Cash and Cash Equivalents 2,306,997,983.99 (4,959,351,589.64)
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Interim Report 2026 I 268 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 56. Supplementary information to the cash flow statement (continued) (2) Components of cash and cash equivalents RMB Item 30/6/2026 (Unaudited) 31/12/2025 (Audited) I. Cash 27,587,699,681.99 25,280,701,698.00 Including: Cash on hand 82,043.98 107,739.07 Bank deposits ready to be withdrawn on demand 27,587,617,638.01 25,280,593,958.93 II. Closing balance of cash and cash equivalents 27,587,699,681.99 25,280,701,698.00 (3) Monetary funds that are not classified as cash and cash equivalents RMB Item 30/6/2026 (Unaudited) 31/12/2025 (Audited) Reason Fixed-term deposits over three months 44,500,000.00 39,500,000.00 bank deposits not available for payment at any time 57. Assets with limited ownership or use right RMB Carrying amount at Item the end of the period Reasons for the restrictions Cash and bank balances 3,008,457,428.82 Security and margin deposits for bank acceptances, L/C, letter of guarantee deposits and others Notes receivable 1,185,892,035.13 Used for issuance of notes payable, endorsed, or discounted Financing of receivables 14,545,666,246.99 Used for issuance of notes payable Long-term receivables 348,116,614.03 Used for asset-backed securities Total 19,088,132,324.97
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Interim Report 2026 I 269 Notes to the Financial Statements For the period ended 30 June 2026 VI. NOTES TO ITEMS IN THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 58. Monetary items denominated in foreign currencies RMB Item Closing balance of foreign currencies Exchange rate Closing balance of RMB Cash and bank balances 10,120,219,406.24 Including: USD 600,312,407.11 6.8109 4,088,667,773.61 HKD 2,637,990,705.85 0.8686 2,291,226,827.57 RMB 1,360,189,517.68 1.0000 1,360,189,517.68 EUR 30,702,245.67 7.7671 238,467,412.37 NZD 15,104,139.43 3.8414 58,021,041.20 AUD 43,517,160.67 4.6804 203,677,718.78 JPY 42,787,886,087.76 0.0420 1,799,016,670.56 Others 11,129,759.01 7.2735 80,952,444.47 Accounts receivable 2,323,671,522.48 Including: USD 333,200,140.44 6.8109 2,269,392,836.52 EUR 3,119,076.53 7.7671 24,226,179.33 RMB 20,623,641.18 1.0000 20,623,641.18 RUB 106,822,453.43 0.0883 9,428,865.45 Other receivable 13,855,295.29 Including: EUR 1,739,999.52 7.7671 13,514,750.29 USD 50,000.00 6.8109 340,545.00 Accounts payable 25,245,305.28 Including: EUR 1,858,499.06 7.7671 14,435,148.01 USD 1,315,715.75 6.8109 8,961,208.41 RMB 1,835,252.34 1.0000 1,835,252.34 Others 1,626.12 8.4228 13,696.52 Other payables 30,388,502.02 Including: EUR 2,888,698.23 7.7671 22,436,808.02 USD 301,685.32 6.8109 2,054,748.57 RMB 2,672,116.23 1.0000 2,672,116.23 Others 357,738.00 9.0145 3,224,829.20
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Interim Report 2026 I 270 Notes to the Financial Statements For the period ended 30 June 2026 VII. RESEARCH AND DEVELOPMENT EXPENSES 1. By nature of costs RMB Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Wages and salaries 2,809,199,111.94 2,569,757,342.43 Share-based payments 27,313,667.13 55,611,212.34 Depreciation and Amortization 2,441,328,759.17 2,319,186,882.94 Design and development expenses 428,886,667.69 305,302,205.00 Material test and detection fee 678,957,509.35 433,804,507.77 Office expenses 108,137,960.97 104,552,032.58 Consulting service fee 299,774,616.21 105,071,160.99 Others 155,018,256.74 150,766,747.84 Total 6,948,616,549.20 6,044,052,091.89 Includes: Expensed research and development expenditure 4,567,684,187.10 4,239,366,891.75 Capitalised research and development expenditure 2,380,932,362.10 1,804,685,200.14 2. Development expenditure on R&D projects eligible for capitalisation RMB Increase during the period Decrease during the period Item 1/1/2026 (Audited) Internal development expenditure Outsourcing of research and development projects Recognition as an intangible asset Transfer to current profit or loss 30/6/2026 (Unaudited) Automotive Development Project 12,212,294,264.98 2,294,150,475.97 207,043,564.87 (1,828,438,047.78) (120,261,678.74) 12,764,788,579.30
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Interim Report 2026 I 271 Notes to the Financial Statements For the period ended 30 June 2026 VIII. CHANGES IN CONSOLIDATION SCOPE 1. Changes in consolidation scope for other reasons Newly established subsidiaries during the current year: For the six-month period ended 30 June 2026, the Group established 3 new subsidiaries due to strategic adjustments. Cancellation of subsidiaries in current year: Company name Date of cancellation Bozhou Quanjizhi Selected Car Sales Co., Ltd. Jan 2026 Quanjizhi Selected (Weinan) Car Sales and Service Co., Ltd. Jan 2026 Shenzhen Ange Intelligent Control Technology Co., Ltd. Jan 2026 Weizhixuan (Suzhou) Car Sales and Service Co., Ltd. Jan 2026 Great Wall Selected (Jinzhong) Car Sales and Service Co., Ltd. Jan 2026 Great Wall Selected (Yichun) Car Sales and Service Co., Ltd. Jan 2026 Great Wall Selected (Zhaoqing) Car Sales and Service Co., Ltd. Jan 2026 Quanjizhi Selected (Chaozhou) Car Sales and Service Co., Ltd. Feb 2026 Chongqing Great Wall Automobile Technology Co., Ltd. Mar 2026
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Interim Report 2026 I 272 Notes to the Financial Statements For the period ended 30 June 2026 IX. INTERESTS IN OTHER ENTITIES 1. Interests in subsidiaries (1) Structure of the Group Subsidiaries invested by the Group: Full name of subsidiary Legal form Main place of business Registered capital Registration place Nature of the business Shareholding Ratio (%) Percentage of voting rights (%) Direct Indirect Great Wall Baoding Huabei Automotive Company Limited (ശ̏ӛԓ பʮ̡ ) (“Great Wall Huabei ”) Limited liability company Gaobeidian RMB177.55 million Gaobeidian Manufacture of automotive parts and components 100 – Baoding Gerui Limited liability company Baoding RMB23 million Baoding Manufacture of automotive parts and components 100 – Baoding Nobo Rubber Limited liability company Baoding RMB72.24 million Baoding Manufacture of automotive parts and components 100 – Beijing Great Automotive Components Co., Ltd. (तӛԓ ʮ̡ ) (“Beijing Great ”) Limited liability company Beijing RMB11 million Beijing Manufacture of automotive parts and components 100 – Baoding Great Wall Auto Sales Co., Ltd. (ʮ̡ ) ( “Great Wall Sales ”) Limited liability company Baoding RMB0.05 million Baoding Marketing and sale of automobiles 20.18 79.82 Tide Technology and Trade Company Limited (ʮ̡ ) ( “Tide Technology and Trade ”) – Hong Kong USD318,252,167.1 +EUR147,580,316.18 +RMB100 million Hong Kong Investment and financing services 100 – MIND Electronics Limited liability company Baoding RMB1,663.7 million Baoding Manufacture of automotive parts and components 100 – Tianjin Great Wall Jingyi Auto Parts Co., LTD. (ࠢ ʮ̡) (Tianjin Jingyi) Limited liability company Tianjin Development Area RMB440 million Tianjin Development Area Manufacture of automotive parts and components 100 – Baoding Great Wall Ants Logistics Co., Ltd. (ʮ̡ ) ( “Great Wall Ants ”) Limited liability company Baoding RMB250 million Baoding Logistics and daily cargo transportation services 100 – Ningxia Great Wall Automobile Rental Co., Ltd. (ʮ̡ ) ( “Ningxia Rental ”) Limited liability company Yinchuan Economic and Technological Development Zone RMB20 million Yinchuan Economic and Technological Development Zone Buildings rental 100 –
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Interim Report 2026 I 273 Notes to the Financial Statements For the period ended 30 June 2026 Full name of subsidiary Legal form Main place of business Registered capital Registration place Nature of the business Shareholding Ratio (%) Percentage of voting rights (%) Direct Indirect Baoding Great Wall Resource Recycling Co., Ltd (ʮ̡ ) ( “Great Wall Resource Recycling ”) Limited liability company Baoding RMB10 million Baoding Processing, recycling and sale of waste and used material 100 – Baoding Exquisite Automotive Mould Technology Co., Ltd. (ʮ̡ ) ( “Exquisite Mould ”) Limited liability company Baoding RMB5 million Baoding Research, development and manufacture of auto moulds 100 – Rizhao Weipai Automobile Co., Ltd. (ʮ̡ ) ( “Rizhao Weipai ”) Limited liability company Rizhao RMB2,000 million Rizhao Automotive manufacturing 100 – Haval Motors Australia Pty Ltd (ʮ̡ ) ( “Haval Australia ”) – Australia AUD22.765981 million Australia Auto selling 38.5 61.5 Russia Manufacturing – Russia RUB20,381.8689 million Russia Auto manufacture 75.51 24.49 Haval Motors South Africa Limited (ʮ̡ ) ( “Haval South Africa ”) – South Africa ZAR59.942266 million South Africa Auto selling 100 – Baoding Great Wall Scrap Car Recycling & Dismantling Co., Ltd. (జᄻӛԓ ʮ̡ ) (“Scrap Car Recycling & Dismantling ”) Limited liability company Baoding RMB5 million Baoding Scrap car recycling and dismantling 100 – Great Wall Motor Europe Technical Center GmbH (ʮ̡ ) ( “Europe Technical Center ”) – Germany EUR0.025 million Germany Research and design of automobile and auto parts 100 – Great Wall India Research and Development Private Limited (ࠢ ʮ̡) (“India R&D ”) – India INR280 million India Research and design of automobile and auto parts 99.9 0.1 Baoding Zaoqi Leasing Company Limited (ʮ̡ ) ( “Zaoqi Leasing ”) Limited liability company Baoding RMB170 million Baoding Finance lease business 75 25 IX. INTERESTS IN OTHER ENTITIES (continued) 1. Interests in subsidiaries (continued) (1) Structure of the Group (continued) Subsidiaries invested by the Group: (continued)
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Interim Report 2026 I 274 Notes to the Financial Statements For the period ended 30 June 2026 Full name of subsidiary Legal form Main place of business Registered capital Registration place Nature of the business Shareholding Ratio (%) Percentage of voting rights (%) Direct Indirect American HAVAL Motor Company (ʮ̡ ) ( “American HAVAL ”) – U.S.A. USD50 U.S.A. Investment platform 100 – Guangzhou Great Wall Auto Sales Company Limited (ʮ̡ ) ( “Guangzhou Great Wall Sales ”) Limited liability company Guangzhou RMB10 million Guangzhou Auto selling 100 – Chongqing Parts Limited liability company Chongqing RMB30 million Chongqing Sales of automotive parts 100 – Chongqing Haval Automobile Co., Ltd. (ʮ̡ ) ( “Chongqing Haval ”) Limited liability company Chongqing RMB5 million Chongqing Auto selling 100 – Tianjin Ora Financial Leasing Co., Ltd. (ʮ̡ ) ( “Tianjin Oula ”) Limited liability company Tianjin RMB750 million Tianjin Finance lease business 75 25 HYCET Technology Co., Ltd (ʮ̡ (HYCET Technology) Limited liability company Baoding RMB4,540 million Baoding Manufacture of automotive parts and components 100 – Jingcheng Engineering Auto Limited liability company Baoding RMB1,000 million Baoding Manufacture of automotive parts and components 100 – NOBO Automobile Limited liability company Baoding RMB2,283 million Baoding Sales of automotive parts and components 100 – Hebei Xiong ’an Great Wall Motor Technology Co., Ltd. (ʮ̡ ) ( “Xiong ’an Great Wall ”) Limited liability company Xiong ’an New Area RMB16 million Xiong ’an New Area Technology Services 100 – Chongqing Great Wall Motors After-Sales Service Co., Ltd. (ਕ ʮ̡ )(“Chongqing Great Wall After-sales ”) Limited liability company Chongqing RMB10 million Chongqing Customer Service 100 – IX. INTERESTS IN OTHER ENTITIES (continued) 1. Interests in subsidiaries (continued) (1) Structure of the Group (continued) Subsidiaries invested by the Group: (continued)
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Interim Report 2026 I 275 Notes to the Financial Statements For the period ended 30 June 2026 Full name of subsidiary Legal form Main place of business Registered capital Registration place Nature of the business Shareholding Ratio (%) Percentage of voting rights (%) Direct Indirect Baoding Yijian Start Automobile Sales Service Co., Ltd. (ɓԈ઼ਗӛԓቖਯ ʮ̡ ) (“Baoding Yijian Start ”) Limited liability company Baoding RMB40 million Baoding Auto sales; Wholesale and retail of auto supplies and accessories 100 – India Haval Automobile Private Co., Ltd. (ʮ̡ ) ( “India Haval ”) – India INR210 million India Auto selling 99.9 0.1 HWA Ding International Co., Ltd. ( “HWA Ding International ”) – Hong Kong USD14 million Hong Kong Investment and financing services 100 – Shanghai Yuefan Information Technology Co., Ltd. (ʮ̡ ) ( “Shanghai Yuefan ”) Limited liability company Shanghai RMB178.60 million Shanghai Investment platform 100 – Shanghai Great Wall Motor Technology Co., Ltd. (ʮ̡ ) ( “Shanghai Motor Technology ”) Limited liability company Shanghai RMB1.5 million Shanghai Technical development and consulting services 100 – Tianjin Great Wall Investment Co., Ltd. (ʮ̡ ) ( “Tianjin Great Wall Investment ”) Limited liability company Tianjin RMB355,55 million Tianjin Investment platform 100 – Zhangjiagang R&D Limited liability company Suzhou RMB45 million Suzhou Research and development of automobile and auto parts 100 – IX. INTERESTS IN OTHER ENTITIES (continued) 1. Interests in subsidiaries (continued) (1) Structure of the Group (continued) Subsidiaries invested by the Group: (continued)
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Interim Report 2026 I 276 Notes to the Financial Statements For the period ended 30 June 2026 Full name of subsidiary Legal form Main place of business Registered capital Registration place Nature of the business Shareholding Ratio (%) Percentage of voting rights (%) Direct Indirect Soul Technology Limited liability company Baoding RMB70 million Baoding Research and manufacture of motorcycle and their parts 100 – Great Wall Zhixuan Information Technology (Baoding) Co., LTD (Ҧ (֛ڭ)ʮ̡ ) (“Great Wall Zhixuan Information Technology ”) Limited liability company Baoding RMB500 million Baoding Auto selling 100 – Baoding Great Wall International Trade Limited liability company Baoding RMB15 million Baoding Trade brokers and agents 100 – Chengdu R&D Limited liability company Chengdu RMB5 million Chengdu Other science and technology extension services 100 – Daye Great Wall Motor Co. (ʮ̡ ) Limited liability company Daye RMB0.5 million Baoding Auto selling 100 – Daye Wei Brand Automobile Sales Co. (ʮ̡ ) Limited liability company Daye RMB5 million Baoding Manufacture of automotive parts and components 100 – Dalian Great Wall Zhike Auto R&D Co., Ltd. (ʮ̡ ) ( “Dalian R&D ”) Limited liability company Dalian RMB 0.1 million Dalian Cockpit software development 100 – IX. INTERESTS IN OTHER ENTITIES (continued) 1. Interests in subsidiaries (continued) (1) Structure of the Group (continued) Subsidiaries invested by the Group: (continued)
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Interim Report 2026 I 277 Notes to the Financial Statements For the period ended 30 June 2026 IX. INTERESTS IN OTHER ENTITIES (continued) 1. Interests in subsidiaries (continued) (1) Structure of the Group (continued) Subsidiaries acquired through business combinations not involving enterprises under common control and assets acquired in the form of acquisition of subsidiaries: Full name of subsidiary Legal form Main place of business Registered capital Registration place Nature of the business Shareholding Ratio (%) Percentage of voting rights (%) Direct Indirect Yixin Development Co., LTD (࢝ ʮ̡ ) (Yixin Development) – Hong Kong USD217,023,644.00 million Hong Kong Investment holding – 100.00 NOBO Automotive Germany Holding B.V. (ʮ̡ ) – Netherlands EUR1 Netherlands Investment holding – 100.00 NOBO Automotive Germany GmbH (பʮ̡ ) – Germany EUR25,000 Germany Investment holding – 100.00 NOBO Automotive Holding GmbH & Co. KG (ՇΥʮ̡ ) – Germany EUR100 Germany Investment holding – 100.00 Great Wall Motor Thailand – Thailand THB8,799.709 million Thailand Auto manufacture – 100.00 Honeycomb Power Thailand – Thailand THB1,612.50 million Thailand Manufacture of automotive parts and components – 100.00 Laoyou Insurance Brokerage Co., Ltd. (ʮ̡ ) ( “Laoyou Insurance ”) Limited liability company Beijing RMB50 million Beijing Insurance brokerage 100.00 – Hebei Changzheng Automobile Manufacturing Co., Ltd. (ʮ̡ ) Limited liability company Xingtai RMB809.9032 million Xingtai Automobile manufacturing – 100.00
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Interim Report 2026 I 278 Notes to the Financial Statements For the period ended 30 June 2026 IX. INTERESTS IN OTHER ENTITIES (continued) 1. Interests in subsidiaries (continued) (1) Structure of the Group (continued) Subsidiaries acquired through business combinations involving enterprises under common control: Full name of subsidiary Legal form Main place of business Registered capital Registration place Nature of the business Proportion of shareholdings (%) Proportion of voting rights (%) Direct Indirect Baoding Yixin Limited liability company Baoding 13 million RMB Baoding Manufacture of automotive parts and components 100.00 – Changyou Haoche (Tianjin) Automobile Import and Export Co., Ltd. ( ੬Ϟλԓ (ݵ)ʮ̡ ) ( “Changyou Haoche ”) Limited liability company Tianjin 30 million RMB Tianjin Sales of automotive parts and components 100.00 – Great Wall New Energy Commercial Vehicle Co., Ltd. (ʮ̡ ) (formerly known as Ruguo Technology Co., Ltd. (ʮ̡ )) ("Great Wall New Energy") Limited liability company Baoding 450,000,000 RMB Baoding Research and test development of engineering technology 100.00 – Tianjin Jolion Suju Information Technology Co., LTD. (Ҧ ʮ̡ ) (“Tianjin Jolion Shuju ”) Limited liability company Tianjin 10 million RMB Tianjin Network and information security software development 100.00 – Yunshi Chelian Limited liability company Tianjin 50 million RMB Tianjin Technical Services and Computer System Services – 100.00 Wuxi Lingcheng intelligent Technology Co., LTD Limited liability company Wuxi 20 million RMB Wuxi Automotive Technology R&D, Technical Consultancy – 100.00 Wuxi Xindong Semiconductor Technology Co., Ltd. Limited liability company Wuxi 50 million RMB Wuxi Research and experimental development – 100.00
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Interim Report 2026 I 279 Notes to the Financial Statements For the period ended 30 June 2026 IX. INTERESTS IN OTHER ENTITIES (continued) 2. No transactions occurred in the current year in which the proportion of equity in subsidiaries has changed while the subsidiaries are still held by the Company. 3. Interests in joint ventures or associates (1) Significant joint venture Name of joint venture Place of principal operations Place of registration Business nature Proportion of shareholdings (%) Accounting procedures for investment in joint ventures Direct Indirect Automotive Finance Tianjin Tianjin Automotive Finance 98.18 – Equity Method Description of the difference between the proportion of shareholding and proportion of voting rights in the joint venture: According to the Articles of Association of Automotive Finance, the activities relating to financial and operational decisions shall be decided upon unanimous approval by the board of directors. Therefore, the Company implements joint control over Automotive Finance.
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Interim Report 2026 I 280 Notes to the Financial Statements For the period ended 30 June 2026 IX. INTERESTS IN OTHER ENTITIES (continued) 3. Interests in joint ventures or associates (continued) (2) Key financial information of significant joint venture RMB Closing balance/ Amount incurred in the current year Opening balance/ Amount incurred in the prior year Cash and deposits with the central bank – – Deposits with other banks 4,063,668,201.63 1,593,673,300.37 Total assets 55,308,662,349.64 52,840,937,965.24 Total liabilities 42,065,474,365.69 39,967,699,292.94 Net assets 13,243,187,983.95 12,873,238,672.30 Minority interests – – Equity attributable to the shareholders of the Parent Company 13,243,187,983.95 12,873,238,672.30 Share of net assets calculated based on the proportion of shareholding 13,002,161,962.64 12,638,945,728.46 Adjustments – Others (499,212,885.77) (499,212,885.77) Carrying amount of investments in equity of joint ventures 12,502,949,076.87 12,139,732,842.69 Operating income 1,250,931,023.24 1,309,279,798.11 Income tax expenses 123,314,265.53 131,128,819.42 Net profit 369,949,311.65 386,871,694.14 Other comprehensive income – – Total comprehensive income 369,949,311.65 386,871,694.14 X. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT Financial instruments of the Group mainly include cash and bank balances, held-trading financial assets, derivative financial assets/liabilities, accounts receivable, notes receivable, financing with receivables, other receivables, other current assets – deposits with non-bank financial institutions, long-term receivables, other equity instrument investments, other non-current financial assets, other non-current assets – purchase margin, borrowings, accounts payable, notes payable, other payables, other current liabilities and bonds payable etc. Detailed descriptions of these financial instruments are set out in Note.VI. The risks associated with these financial instruments and the risk management policies adopted by the Group to mitigate such risks are set out below. The management of the Group manages and monitors such risk exposures to ensure such risks are limited to a prescribed level.
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Interim Report 2026 I 281 Notes to the Financial Statements For the period ended 30 June 2026 X. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued) RMB 30/6/2026 (Unaudited) 31/12/2025 (Audited) Financial assets At FVTPL Held-trading financial assets 34,096,323,826.59 34,965,900,665.75 Derivative financial assets 129,455,102.70 4,609,095.24 Other non-current financial assets 300,574,089.66 306,492,679.28 At FVTOCI Financing with receivables 17,837,843,075.00 23,847,750,461.49 Other equity instrument investments 1,369,243,150.54 1,396,820,410.69 At amortized cost Cash and bank balances 30,640,657,110.81 28,846,312,373.34 Notes receivable 1,381,563,515.11 1,654,417,018.53 Accounts receivable 9,252,898,546.45 9,599,214,511.75 Other receivables 626,554,444.32 474,675,829.63 Other current assets – Deposits with non-bank financial institutions 153,718,498.16 137,475,686.29 Long-term receivables (less finance lease receivables) 370,389,549.31 367,483,686.62 Other non-current assets 270,758,568.00 270,758,568.00 Financial liabilities At FVTPL Derivative financial liabilities 4,403,547.74 23,663,809.51 At amortized cost Short-term borrowings 5,770,479,144.18 6,531,885,229.35 Notes payable 41,713,006,272.12 33,772,664,430.14 Accounts payable 39,357,237,992.58 45,874,099,847.63 Other payables 6,457,045,952.68 3,595,667,464.16 Other current liabilities 9,552,908,810.29 8,282,816,965.83 Non-current liabilities due within 1 year (excluding lease liabilities due within 1 year) 5,093,331,330.26 1,702,388,615.16 Long-term borrowings 13,145,267.38 1,068,504,304.42 Bonds payable – 3,690,140,349.67 Other non-current liabilities 164,415,308.56 166,253,069.10
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Interim Report 2026 I 282 Notes to the Financial Statements For the period ended 30 June 2026 X. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued) The Group adopts sensitivity analysis technique to analyze how the profit or loss for the period or shareholders ’ equity would have been affected by reasonably possible changes in the relevant risk variables. As it is unlikely that risk variables will change in an isolated manner, and the interdependence among risk variables will have significant effect on the amount ultimately influenced by the changes in a single risk variable, the following are based on the assumption that the change in each risk variable is on a stand-alone basis. 1. Objective and policies of risk management The Group ’s risk management objectives are to achieve a proper balance between risks and yield, minimize the adverse impacts of risks on the Group ’s operation performance, and maximize the benefits of the shareholders. Based on these risk management objectives, the Group ’s basic risk management strategy is to identify and analyze the Group ’s exposure to various risks, establish an appropriate maximum tolerance to risk, implement risk management, and monitor regularly and effectively these exposures to ensure the risks are monitored at a certain level. 1.1 Market risk 1.1.1 Currency risk Currency risk is the risk that losses will occur because of changes in foreign exchange rates. The assets and liabilities (Including internal current account denominated in foreign currency) denominated in foreign currencies which may have impact on the Group ’s performance as a result of currency risk are as follows: RMB Item 30/6/2026 (Unaudited) 31/12/2025 (Audited) Cash and bank balances 10,120,219,406.24 8,775,269,942.50 Accounts receivable 5,438,534,594.83 1,312,061,317.72 Other receivables 496,391,171.60 1,766,430,619.85 Accounts payable (3,756,774,564.20) (2,236,637,041.42) Other payables (785,561,143.42) (735,312,822.16) The Group closely monitors the effects of changes in the foreign exchange rates on the Group ’s currency risk. Except for the above items, currency risk is not involved in the Group ’s other financial instruments.
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Interim Report 2026 I 283 Notes to the Financial Statements For the period ended 30 June 2026 X. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued) 1. Objective and policies of risk management (continued) 1.1 Market risk (continued) 1.1.1 Currency risk (continued) Sensitivity analysis on currency risk Where all other variables are held constant, the effects of potential reasonable changes in exchange rates on the profit or loss and equity interests before tax for the period are set out below: RMB For the period from 1 January to 30 June 2026 (Unaudited) Item Change in exchange rate Effect on total profit Effect on shareholders ’ equity USD 5% increase against RMB 343,039,904.98 343,039,904.98 USD 5% decrease against RMB (343,039,904.98) (343,039,904.98) EUR 5% increase against RMB 24,730,212.51 24,730,212.51 EUR 5% decrease against RMB (24,730,212.51) (24,730,212.51) HKD 5% increase against RMB 114,561,341.38 114,561,341.38 HKD 5% decrease against RMB (114,561,341.38) (114,561,341.38) AUD 5% increase against RMB 77,500,526.51 77,500,526.51 AUD 5% decrease against RMB (77,500,526.51) (77,500,526.51) JPY 5% increase against RMB 93,064,980.54 93,064,980.54 JPY 5% decrease against RMB (93,064,980.54) (93,064,980.54) NZD 5% increase against RMB 4,830,570.16 4,830,570.16 NZD 5% decrease against RMB (4,830,570.16) (4,830,570.16) Note: The potential reasonable changes in other exchange rates has limited effect on the profit or loss and equity interests before tax for the period. The above effect of changes in exchange rate has included the effect of forward exchange contracts held by the Group.
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Interim Report 2026 I 284 Notes to the Financial Statements For the period ended 30 June 2026 X. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued) 1. Objective and policies of risk management (continued) 1.1 Market risk (continued) 1.1.1 Currency risk (continued) Sensitivity analysis on currency risk (continued) RMB For the period from 1 January to 30 June 2025 (Unaudited) Item Change in exchange rate Effect on total profit Effect on shareholders ’ equity USD 5% increase against RMB 315,841,139.12 315,841,139.12 USD 5% decrease against RMB (315,841,139.12) (315,841,139.12) EUR 5% increase against RMB 111,445,190.66 111,445,190.66 EUR 5% decrease against RMB (111,445,190.66) (111,445,190.66) HKD 5% increase against RMB 87,115,754.46 87,115,754.46 HKD 5% decrease against RMB (87,115,754.46) (87,115,754.46) AUD 5% increase against RMB 67,371,475.85 67,371,475.85 AUD 5% decrease against RMB (67,371,475.85) (67,371,475.85) JPY 5% increase against RMB 4,537,804.85 4,537,804.85 JPY 5% decrease against RMB (4,537,804.85) (4,537,804.85) NZD 5% increase against RMB 4,277,252.18 4,277,252.18 NZD 5% decrease against RMB (4,277,252.18) (4,277,252.18) Note: The potential reasonable changes in other exchange rates has limited effect on the profit or loss and equity interests before tax for the period. The above effect of changes in exchange rate has included the effect of forward exchange contracts held by the Group. 1.1.2 Interest rate risk The Group ’s cash flow interest rate risk of financial instruments relates primarily to variable-rate bank borrowings. It is the Group ’s policy to keep its borrowings at floating rate of interests and constantly pay close attention to the effect of interest rate changes on the interest rate risk exposed to the Group.
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Interim Report 2026 I 285 Notes to the Financial Statements For the period ended 30 June 2026 X. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued) 1. Objective and policies of risk management (continued) 1.1 Market risk (continued) 1.1.2 Interest rate risk (continued) Sensitivity analysis on interest rate risk Sensitivity analysis on interest rate risk is based on the following assumption: the changes in market interest rate may have impact on the interest expenses of variable rate financial liabilities. On the basis of the above assumption, where all other variables are held constant, the effects of potential reasonable changes in interest rates on the profit or loss and equity interests before tax for the period are set out below: RMB For the period from 1 January to 30 June 2026 (Unaudited) Item Interest rate changes Effect on profit Effect on shareholders ’ equity Long-term borrowings Increase of 100 basis points (2,445,314.93) (2,445,314.93) Long-term borrowings Decrease of 100 basis points 2,445,314.93 2,445,314.93 Short-term borrowings Increase of 100 basis points (66,378.00) (66,378.00) Short-term borrowings Decrease of 100 basis points 66,378.00 66,378.00 RMB For the period from 1 January to 30 June 2025 (Unaudited) Item Interest rate changes Effect on profit Effect on shareholders ’ equity Long-term borrowings Increase of 100 basis points (32,849,091.23) (32,849,091.23) Long-term borrowings Decrease of 100 basis points 32,849,091.23 32,849,091.23 Short-term borrowings Increase of 100 basis points (2,833,209.17) (2,833,209.17) Short-term borrowings Decrease of 100 basis points 2,833,209.17 2,833,209.17
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Interim Report 2026 I 286 Notes to the Financial Statements For the period ended 30 June 2026 X. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued) 1. Objective and policies of risk management (continued) 1.1 Market risk (continued) 1.1.3 Other price risks The Group ’s price risk arises mainly from investments in other equity instruments and other non- current financial assets. It is the Group ’s policy to keep its borrowings at floating rate of interests and constantly pay close attention to the effect of interest rate changes on the interest rate risk exposed to the Group. 1.2 Credit risk As at 30 June 2026, the Group ’s maximum exposure to credit risk which will cause a financial loss to the Group due to failure to discharge an obligation by the counterparties, is arsing from the carrying amounts of the respective recognized financial assets as stated in the consolidated balance sheets. For debt instruments measured at fair value, the carrying amount reflects its risk exposure but not the maximum risk exposure, and the maximum risk exposure will change with future changes in fair value. The Group only transacts with the third parties having good credit records, and most of the sales transactions are settled by receipts in advance or bank acceptances. In order to minimize the credit risk, the Group has delegated a team responsible for determination of credit limits, credit approvals and other monitoring procedures to ensure that follow-up action is taken to recover overdue debts. In addition, the Group reviews the recoverable amount of the financial assets and contract assets at each balance sheet date to ensure that adequate provision for expected credit loss is made for related assets. The Group ’s cash and bank balances are deposited in banks with high credit ratings and the acceptance bank in which bank acceptances receivable are deposited is a bank of relatively high credit ratings, thus cash and bank balances and bank acceptances receivable have limited credit risk. In respect of other receivables, the management of the Group periodically assesses the recoverability of other receivables based on historical settlement records, past experience and reasonable supporting forward-looking information.
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Interim Report 2026 I 287 Notes to the Financial Statements For the period ended 30 June 2026 X. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued) 1. Objective and policies of risk management (continued) 1.2 Credit risk (continued) As at 30 June 2026, please refer to Note VI 3 and 6 for details of the top five accounts receivable and other receivables of the Group. In addition, the Group has no significant concentration of credit risk, with exposure spread over a number of counterparties and customers. As at 30 June 2026, details of credit risk on the Group ’s accounts receivable, other receivables and financing lease receivables and their expected credit losses are set out in Note VI 3, 6 and 9. 1.3 Liquidity risk In the management of the liquidity risk, the Group monitors and maintains a level of cash and cash equivalents deemed adequate by the management to finance the Group ’s operations and mitigate the effects of fluctuations in cash flows. The management monitors the utilization of bank borrowings and ensures compliance with loan covenants. At the end of each year, the maturity analysis for non-derivative financial liabilities and lease liabilities held by the Group which is based on undiscounted remaining contractual obligations is as follows: 30/6/2026 (Unaudited) RMB 30/6/2026 (Unaudited) Within 1 year 1 to 5 years Over 5 years Total Short-term borrowings (5,772,684,212.13) – – (5,772,684,212.13) Notes payable (41,713,006,272.12) – – (41,713,006,272.12) Accounts payable (39,357,237,992.58) – – (39,357,237,992.58) Other payables (6,457,045,952.68) – – (6,457,045,952.68) Other current liabilities (9,552,908,810.29) – – (9,552,908,810.29) Long-term borrowings (due within 1 year inclusive) (1,277,356,551.60) (13,146,511.06) – (1,290,503,062.66) Lease liabilities (due within 1 year inclusive) (1,649,807,523.07) (1,879,019,224.13) (3,528,826,747.20) Bonds payable (due within 1 year inclusive) (241,616,762.36) (3,787,907,965.63) – (4,029,524,727.99) Other non-current liabilities – (65,233,018.99) (99,182,289.57) (164,415,308.56)
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Interim Report 2026 I 288 Notes to the Financial Statements For the period ended 30 June 2026 X. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued) 1. Objective and policies of risk management (continued) 1.3 Liquidity risk (continued) 31/12/2025 (Audited) RMB 31/12/2025 (Audited) Within 1 year 1 to 5 years Over 5 years Total Short-term borrowings (6,542,601,204.97) – – (6,542,601,204.97) Notes payable (33,772,664,430.14) – – (33,772,664,430.14) Accounts payable (45,874,099,847.63) – – (45,874,099,847.63) Other payables (3,595,667,464.16) – – (3,595,667,464.16) Other current liabilities (8,282,816,965.83) – – (8,282,816,965.83) Long-term borrowings (due within 1 year inclusive) (1,396,709,011.50) (1,289,113,172.90) – (2,685,822,184.40) Lease liabilities (due within 1 year inclusive) (1,544,190,394.30) (1,954,280,600.51) – (3,498,470,994.81) Bonds payable (due within 1 year inclusive) (348,598,698.23) (3,938,628,740.19) – (4,287,227,438.42) Other non-current liabilities – (56,993,880.30) (109,259,188.80) (166,253,069.10) 2. Capital management The Group manages capital by optimizing the structure of liabilities and shareholders ’ equity to ensure that the entities within the Group can continue to operate and maximize shareholders ’ returns at the same time. The Group ’s capital structure consists of the Group ’s net debt (the net amount of borrowings and bonds payable after deducting cash and bank balances as disclosed in Note VI. 20, 29 and 1) and the shareholders ’ equity. The Group is not subject to external mandatory capital management requirements. The management of the Group reviews the capital structure of the Group on a regular basis.
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Interim Report 2026 I 289 Notes to the Financial Statements For the period ended 30 June 2026 XI. DISCLOSURE OF FAIR VALUE 1. Fair value at the end of the period of financial assets and financial liabilities measured at fair value Some of the Group ’s financial instruments are measured at fair value at the end of each reporting period. The following table gives information about how the fair values of these financial instruments are determined (in particular, the valuation techniques and inputs used). RMB Fair value at the end of the period Item Level 1 Level 2 Level 3 Total I. Continuous fair value measurement (I) Financial assets at fair value through profit or loss 1. Held-for-trading financial assets – 34,096,323,826.59 – 34,096,323,826.59 (1) WMPs – 34,096,323,826.59 – 34,096,323,826.59 2. Derivative financial assets – 129,455,102.70 – 129,455,102.70 3. Other non-current financial asset – – 300,574,089.66 300,574,089.66 (II) Financial assets at fair value through other comprehensive income 1. Financing with receivables – 17,837,843,075.00 – 17,837,843,075.00 (III) Designated as financial assets at fair value through other comprehensive income 1. Other Equity instrument investments – – 1,369,243,150.54 1,369,243,150.54 Total assets measured at fair value on a recurring basis – 52,063,622,004.29 1,669,817,240.20 53,733,439,244.49 (I) Financial assets at fair value through profit or loss 1. Derivative financial liabilities – (4,403,547.74) – (4,403,547.74) Total liabilities measured at fair value on a recurring basis – (4,403,547.74) – (4,403,547.74) 2. Valuation techniques and information of key parameters adopted for level 2 fair value measurement items Level 2 fair value measurement items mainly refer to held-for trading financial assets – wealth management products, forward foreign exchange settlement contracts and financing with receivables – notes receivable. Cash flow discount method is adopted for valuation techniques of fair values, and the inputs are contract-linked observable inputs, forward exchange rate, observable interest rate, etc.
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Interim Report 2026 I 290 Notes to the Financial Statements For the period ended 30 June 2026 XI. DISCLOSURE OF FAIR VALUE (continued) 3. Valuation techniques and information of key parameters adopted for level 3 fair value measurement items Level 3 fair value measurement items mainly refer to other equity instrument investments and other non-current financial assets. Asset-based approach and market approach are adopted for valuation techniques of fair value of other equity instrument investments and other non-current financial assets. 4. Fair value of financial assets and financial liabilities which are not measured at fair value Except for the items set out below, the management of the Group considers that the carrying amounts of financial assets and financial liabilities measured at amortized costs in the financial statements as at 30 June 2026 approximate their fair values. RMB ’000 Item Book value 30/6/2026 (Unaudited) Fair value 30/6/2026 (Unaudited) Bonds payable – Convertible Corporate bonds (note) 3,955,965.75 3,743,850.83 – Asset-backed securities and notes (including within 1 year) 196,089.23 256,126.79 Note: The carrying amount of convertible corporate bonds includes the carrying amount of liabilities and equity components. The fair value of convertible corporate bonds is the unadjusted quotation in the active market, which is a level 1 fair value measurement item. The fair value of asset-backed securities is determined by the cash flow discount method, and the market return rate of other financial instruments with similar contract terms, credit risks and remaining maturities is taken as the discount rate. It is a level 2 fair value measurement item. XII. RELATED PARTIES AND TRANSACTIONS 1. Parent company of the Company RMB Name of company Place of registration Nature of business Registered capital Shareholding ratio of the company as At 30/6/2026 (Unaudited), (%) Percentage of voting rights of the company as At 30/6/2026 (Unaudited), (%) Innovation Great Wall Baoding Investment 5,000,000,000.00 59.80 59.80 The ultimate controlling shareholder of the Company is Wei Jianjun.
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Interim Report 2026 I 291 Notes to the Financial Statements For the period ended 30 June 2026 XII. RELATED PARTIES AND TRANSACTIONS (continued) 2. Subsidiaries of the Company Details of the subsidiaries of the Company are set out in Note VIII and Note IX. 3. Joint ventures and associates of the Company Details of the Company ’s joint ventures or associates are set out in Notes (IX) and (VI) 10. 4. Other related parties of the Company Name Relationship with the Group Baoding Great Wall Holdings Company Limited and its subsidiaries (ʮ̡ʿՉɿʮ̡ ) (Great Wall Holdings and its subsidiaries) (Note) Entity controlled by the ultimate controlling shareholder Spotlight Automotive Company Limited (ʮ̡ ) (“Spotlight Automotive ”) Joint venture invested by the Company Baoding Kelkang Medical Management Co., Ltd. (ʮ̡ ) (“Kelkang Medical ”) Other related parties (Entity in which the ultimate controlling shareholder indirectly holds more than 30% equity) Baoding Kaierkang Medical Management Co., LTD. (̹௱ဧ ֳKaierkang Medical ”) Other related parties (Entity in which the ultimate controlling shareholder indirectly holds more than 30% equity) Baoding Kailkang Medical management Co., LTD. Baoding Lianchi division company (ڭ ᇳϫਜʱʮ̡ ) (“Kelcom Medical (Lianchi) ”) Other related parties (Entity in which the ultimate controlling shareholder indirectly holds more than 30% equity) Hebei Baocang Expressway Co. Ltd. (ʮ̡ ) (“Baocang Expressway ”) Other related parties (Entity in which the ultimate controlling shareholder serves as a director) Baoding Changcheng Entrepreneurship Investment Co., Ltd. (ʮ̡ ) (“Great Wall Venture Capital ”) Other related parties (Enterprises where the ultimate controlling shareholder serves as a director and enterprises in which the ultimate controlling shareholder holds more than 30% of shares indirectly) Baoding Aihecheng Senior High School (৷ॴ ʮ̡ ) (“Aihecheng Senior High School ”) Other related parties (Entity in which the ultimate controlling shareholder indirectly holds more than 30% equity) Tehai Hydrogen Energy Testing (Baoding) Co., LTD (तු૫ঐᏨ (֛ڭ)ʮ̡ ) (“Tehai Hydrogen Energy ”) Other related parties (Entity in which the ultimate controlling shareholder indirectly holds more than 50% equity)
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Interim Report 2026 I 292 Notes to the Financial Statements For the period ended 30 June 2026 XII. RELATED PARTIES AND TRANSACTIONS (continued) 4. Other related parties of the Company (continued) Name Relationship with the Group Baoding home inspection health examination center Co., LTD (ʮ̡ ) (“Baoding Health ”) Other related parties (Entity in which the ultimate controlling shareholder indirectly holds more than 30% equity) Xingrui Hospital, Baoding (ጳᨷᔼ৫ ) (“Xingrui Hospital ”) Other related parties (Private non-enterprise entity indirectly controlled by family member closely related with ultimate controlling shareholder within the past 12 months) Baoding Ruixing Wine Co., LTD (ʮ̡ ) (“Ruixing Wine ”) Other related parties (Entity in which the ultimate controlling shareholder indirectly holds more than 50% within the past 12 months) Baoding Ruixing Liquor sales Co., LTD (ᨷጳৢᗳቖਯ ʮ̡ ) (“Rui Xing Sales ”) Other related parties (Entity in which the ultimate controlling shareholder indirectly holds more than 50% within the past 12 months) Baoding Xingrui Hotel Management Co., LTD (ֳ ʮ̡ ) (“Xingrui Hotel ”) Other related parties (Entity in which the ultimate controlling shareholder indirectly holds more than 50% within the past 12 months) Baoding Xingrui Technology Co., LTD (ʮ̡ ) (“Xingrui Technology ”) Other related parties (Entity in which the ultimate controlling shareholder indirectly holds more than 50% within the past 12 months) Baoding Ruisu Trading Co., Ltd. (ʮ̡ ) (“Ruisu Trading ”) Other related parties (Entity in which the ultimate controlling shareholder indirectly holds more than 50% within the past 12 months) Hebei Baoding Tai Hang Group Co., Ltd. (˄Бණྠ பʮ̡ ) (“Tai Hang Group ”) Other related parties (Entity directly controlled by family member closely related with ultimate controlling shareholder) Baoding Xingrui food Co., LTD (ʮ̡ ) (“Xingrui Food ”) Other related parties (Entity in which the ultimate controlling shareholder indirectly holds more than 50% within the past 12 months) Baoding Taihang Plastic Steel Doors and Windows Co., Ltd. (ʮ̡ ) (“Taihang Plastic Steel ”) Other related parties (Entity directly controlled by family member closely related with ultimate controlling shareholder) Baoding Ruilian E-commerce Co., Ltd. (ᨷᗡཥɿਠਕ ʮ̡ ) (“RuiLian E-commerce ”) Other related parties (Entity in which the ultimate controlling shareholder indirectly holds more than 50% within the past 12 years) Note: Haomo Zhixing is not only an associate of the Group, but also an entity controlled by the ultimate controlling shareholder of the Group. The related party transactions, receivables and payables between the Group and Haomo Zhixing, are included in the related party transactions, receivables and payables between the Group and Great Wall Holdings and its subsidiaries.
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Interim Report 2026 I 293 Notes to the Financial Statements For the period ended 30 June 2026 XII. RELATED PARTIES AND TRANSACTIONS (continued) 5. Related party transactions (1) Related party transactions in the purchase and sale of goods, provision and acceptance of services Purchase of goods/acceptance of services RMB Related parties Related party transaction For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Great Wall Holding and its subsidiaries The purchase of goods, 4,779,171,817.87 4,189,879,897.98 Rental expenses and others 182,610,807.64 190,560,352.87 Accepting services, 27,913,593.49 25,390,673.77 Automotive Finance Accepting services, 30,274,461.50 30,806,018.49 Purchase of goods 323,631.91 16,743,633.60 Spotlight Automotive Purchase of goods 163,423,273.56 175,522,766.72 Rental expenses and others 6,529.05 23,358.20 Jiangsu Longcheng Purchase of goods 44,488,081.97 41,287,672.85 Jiangsu Baojie Purchase of goods 884.95 – Other related parties Purchase of goods 2,470,965.28 1,322,207.29 Accepting services, 11,138,385.58 6,402,129.16 Rental expenses and others 13,031.39 –
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Interim Report 2026 I 294 Notes to the Financial Statements For the period ended 30 June 2026 XII. RELATED PARTIES AND TRANSACTIONS (continued) 5. Related party transactions (continued) (1) Related party transactions in the purchase and sale of goods, provision and acceptance of services (continued) Sales of goods/rendering of services RMB Related parties Related party transaction For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Great Wall Holding and its subsidiaries Sales of goods 69,090,271.36 171,189,677.69 Rendering of services 24,017,312.14 69,278,116.26 Rental income and others 5,799,801.55 6,582,698.63 Spotlight Automotive Sale of goods 693,006,609.31 695,046,206.78 Rendering of services 80,286,454.82 68,594,904.33 Jiangsu Longcheng Rendering of services 527,983.47 334,577.48 Jiangsu Baojie Sale of goods 757,340.10 656,847.66 Rendering of services 521,427.60 – Hunan Zijing Rendering of services 56,241.51 – Automotive Finance Sale of goods 3,555,515.74 36,440.88 Rendering of services 69,831,095.70 12,993,651.22 Rental income and others 155,702.74 231,708.53 Interest income 1,678,314.69 12,734,500.01 Chongqing Zhongyou Sale of goods 11,648.67 – Other related parties Sale of goods 582,698.33 553,467.38 Rendering of services 167,561.54 3,478,964.56 Rental income and others 1,574,718.52 2,109,080.53
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Interim Report 2026 I 295 Notes to the Financial Statements For the period ended 30 June 2026 XII. RELATED PARTIES AND TRANSACTIONS (continued) 5. Related party transactions (continued) (2) Emolument for key management RMB Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Salary for key management 3,121,336.69 3,136,229.79 Share based payment for key management 4,613,424.59 4,320,796.84 Key management are the individuals who are authorized and responsible for planning, supervision and control of corporate activities, including directors, general manager, chief accounting officer, deputy general managers, and other administration officers. (3) Other related party transactions (a) Deposits with related parties Changes in deposits with related parties: RMB Related party 1/1/2026 (Audited) Deposits for the period Recovery for the period 30/6/2026 (Unaudited) Automotive Finance 137,150,000.00 176,498,518.65 (161,633,600.00) 152,014,918.65
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Interim Report 2026 I 296 Notes to the Financial Statements For the period ended 30 June 2026 XII. RELATED PARTIES AND TRANSACTIONS (continued) 5. Related party transactions (continued) (3) Other related party transactions (continued) (a) Deposits with related parties (continued) The movements in the amount of interest on deposits with related parties are as follows: RMB Related party 1/1/2026 (Audited) Additions for the period Recovery for the period 30/6/2026 (Unaudited) Automotive Finance 325,686.29 1,678,314.69 (300,421.47) 1,703,579.51 (b) Right-of-use assets and lease liabilities During the period, the Group entered into several new lease agreements with related parties and, except for short-term leases and leases of low-value assets, the Group recognised right-of-use assets of RMB350,892,232.55. The balance of the Group ’s lease liabilities with related parties as at the end of the period amounted to RMB1,020,919,515.01, and the interest expenses on the relevant lease liabilities for the period amounted to RMB17,160,778.98
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Interim Report 2026 I 297 Notes to the Financial Statements For the period ended 30 June 2026 XII. RELATED PARTIES AND TRANSACTIONS (continued) 6. Amounts due from/due to related parties RMB Item Related party transactions 30/6/2026 (Unaudited) 31/12/2025 (Audited) Accounts receivable Great Wall Holding and its Subsidiaries 61,952,708.08 135,560,812.79 Accounts receivable Spotlight Automotive 376,236,718.65 275,793,537.22 Accounts receivable Automotive Finance 78,185,992.70 15,406,210.71 Accounts receivable Jiangsu Longcheng 111,697.88 – Accounts receivable Jiangsu Baojie 399,651.69 20,703.30 Accounts receivable Hunan Zijing 35,616.00 76,320.00 Accounts receivable Chongqing Zhongyou 2,143.84 2,066.88 Accounts receivable Other related parties 2,130.90 9,866.88 Subtotal of accounts receivable: 516,926,659.74 426,869,517.78 Other receivables Great Wall Holding and its subsidiaries 11,402,482.90 5,977,784.86 Other receivables Automotive Finance – – Other receivables Spotlight Automotive 250,000.00 260,000.00 Other receivables Other related parties 372,500.00 350,000.00 Subtotal of other receivables: 12,024,982.90 6,587,784.86 Prepayments Great Wall Holding and its subsidiaries 40,736,192.85 279,829,111.13 Prepayments Spotlight Automotive – 1,244.89 Prepayments Other related parties 98,220.00 88,980.96 Subtotal of prepayments: 40,834,412.85 279,919,336.98 Financing with receivables Great Wall Holding and its subsidiaries 11,532,485.43 21,278,520.16 Subtotal of financing with receivables: 11,532,485.43 21,278,520.16 Other current assets Great Wall Holding and its subsidiaries 29,335,422.08 27,571,384.78 Other current assets Automotive Finance 153,718,498.16 137,475,686.29 Subtotal of other current assets: 183,053,920.24 165,047,071.07 Other non-current assets Great Wall Holding and its subsidiaries – 2,492,721.38 Subtotal of non-current assets: – 2,492,721.38
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Interim Report 2026 I 298 Notes to the Financial Statements For the period ended 30 June 2026 XII. RELATED PARTIES AND TRANSACTIONS (continued) 6. Amounts due from/due to related parties (continued) RMB Item Related party transactions 30/6/2026 (Unaudited) 31/12/2025 (Audited) Accounts payable Great Wall Holding and its subsidiaries 2,026,240,978.79 1,602,757,283.02 Accounts payable Jiangsu Baojie 22,443,195.53 25,618,312.13 Accounts payable Spotlight Automotive 53,470,205.06 24,666,457.93 Accounts payable Jiangsu Longcheng 47,549,851.55 21,606,115.22 Accounts payable Other related parties 1,890,672.04 1,524,151.79 Subtotal of accounts payable: 2,151,594,902.97 1,676,172,320.09 Other payables Great Wall Holding and its subsidiaries 16,216,083.00 22,495,144.22 Other payables Jiangsu Longcheng 56,200,000.00 56,200,000.00 Other payables Jiangsu Baojie 693,414.60 687,289.68 Other payables Automotive Finance 104,825.20 112,583.72 Other payables Chongqing Zhongyou – 65,943.57 Other payables Other related parties 233,694.74 68,579.95 Subtotal of other payables: 73,448,017.54 79,629,541.14 Contract liabilities Great Wall Holding and its subsidiaries 1,665,466.23 1,341,974.07 Contract liabilities Automotive Finance (65,002.15) 884,015.06 Contract liabilities Jiangsu Baojie 65,187.70 18,072.88 Contract liabilities Chongqing Zhongyou – 507,258.22 Contract liabilities Other related parties 6,103.76 6,103.76 Subtotal of contract liabilities: 1,671,755.54 2,757,423.99 Notes payable Great Wall Holding and its subsidiaries 7,155,584.57 158,578,887.99 Notes payable Jiangsu Baojie 43,253,828.57 61,257,751.40 Notes payable Other related parties – 47,595.17 Subtotal of notes payable: 50,409,413.14 219,884,234.56 Dividends Payable Great Wall Holding and its subsidiaries 1,790,250,000.00 – Subtotal of dividends payable: 1,790,250,000.00 – Lease liability Great Wall Holding and its subsidiaries 1,020,919,515.01 799,982,714.10 Subtotal of lease liabilities: 1,020,919,515.01 799,982,714.10
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Interim Report 2026 I 299 Notes to the Financial Statements For the period ended 30 June 2026 XIII. SHARE-BASED PAYMENTS 1. Various equity instruments Unit: Share Category of grant recipients Awarded during the period Options exercised during the period Unlocked during the period Lapsed during the period Employees – Restricted Stock 3,553,026.00 – 12,042,191.00 4,761,716.00 Employees – Stock Options – – – 28,004,776.00 Total 3,553,026.00 – 12,042,191.00 32,766,492.00 Category of grant recipients Stock options/restricted stock issued and outstanding at end of period Range of grant/ exercise prices Remaining duration of the contract Employee – Restricted Stock RMB12.74-13.61/share 10e22 months Employee – Stock Options RMB24.67e 26.12/share 10 months Other explanations: According to the “Proposal on Restricted Shares Incentive Plan of Great Wall Motor Company Limited in 2023 (Draft) and Its Summary ”, the “Proposal on Share Options Incentive Plan of Great Wall Motor Company Limited in 2023 (Draft) and Its Summary ”, the “Proposal on the Assessment Measures for the Restricted Shares Incentive Plan ’s Implementation of Great Wall Motor Company Limited in 2023 ”, the “Proposal on the Assessment Measures for Share Options Incentive Plan ’s Implementation of Great Wall Motor Company Limited in 2023 ”, the “Proposal to the General Meeting of Shareholders to Authorize the Board of Directors and its Authorized Persons to Handle Matters Relating to the Restricted Shares Incentive Plan of the Company in 2023 ” and the “Proposal to the General Meeting of Shareholders to Authorize the Board of Directors and Its Authorized Persons to Handle Matters Relating to Share Options Incentive Plan of the Company in 2023 ” approved at the Company ’s first extraordinary general meeting of shareholders in 2024, the first H-share class shareholders ’ meeting in 2024 and the first A-share class shareholders ’ meeting in 2024, as well as the “Proposal of Great Wall Motor Company Limited on Granting Restricted Shares to Incentive recipients of the Restricted Shares Incentive Plan and Granting Share Options to the Incentive recipients of Share Options Incentive Plan in 2023 ” (the “2023 Equity Incentive Plan ”) approved at the 11th meeting of the 8th session of board of directors and the 11th meeting of the 8th session of board of supervisors on 26 January 2024, the Company granted 54,886,000 restricted shares to the incentive recipients for the first time at a price of RMB13.61 per share, and the incentive recipients actually subscribed for 45,557,500 restricted shares.
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Interim Report 2026 I 300 Notes to the Financial Statements For the period ended 30 June 2026 XIII. SHARE-BASED PAYMENTS (continued) 1. Various equity instruments (continued) Other explanations: (continued) On 24 January 2025, the Company considered and approved the “Proposal on Granting the Reserved Restricted Shares of the 2023 Restricted Shares Incentive Plan to the Incentive Recipients ” and the “Proposal on Granting the Reserved Share Options of the 2023 Restricted Share Options Incentive Plan to the Incentive Recipients ” at the 31 st meeting of the Eighth Board of Directors. On 24 January 2025, the Company granted 6,054,000 reserved restricted shares to the incentive recipients at the price of RMB12.74 per share and the incentive recipients purchased 5,575,000 restricted shares. The conditions on unlocking the restricted shares of incentive recipients need to meet certain performance conditions and personal performance evaluation conditions. The vesting periods for restricted shares are 1, 2, and 3 years from the date of first grant, while the vesting periods for reserved restricted shares granted are 1 and 2 years from the date of grant. During the vesting period, the cash dividends distributed by the Company to restricted shareholders are revocable. According to the “Proposal on the Employee Stock Ownership Plan of Great Wall Motor Company Limited (Revised Draft) and Its Summary ”, the “Proposal on the Administrative Measures for the Employee Stock Ownership Plan of Great Wall Motor Company Limited in 2023 (Revised Draft) ”, and the “Proposal to the General Meeting of Shareholders to Authorize the Board of Directors to Handle Matters Related to the Employee Stock Ownership Plan in 2023 ” (hereinafter referred to as the “2023 Employee Stock Ownership Plan ”) approved at the Company ’s Annual General meeting of Shareholders in 2022, and the “Proposal on Adjusting the Transfer Price of the Company ’s Employee Stock Ownership Plan in 2023 ” reviewed and passed at the 3rd meeting of the 8th session of board of directors and the 2nd meeting of the 8th session of board of supervisors on 18 July 2023, the number of underlying shares involved in the 2023 employee stock ownership plan does not exceed 40,000,043 shares, and the incentive recipients actually subscribed for 34,751,400 shares. On 15 August 2023, the Company granted 34,751,400 A-shares of ordinary shares to the incentive recipients at a price of RMB13.52 per share from the “Special Securities Account of Great Wall Motor Company Limited for Repurchase ”. The unlocking of the restricted shares for the above incentive recipients is subject to the fulfilment of certain performance conditions and individual performance assessment conditions. The vesting periods of restricted shares granted to the incentive recipients are 1 and 2 years from the date of grant. During the vesting period, the cash dividends distributed by the Company to restricted shareholders are revocable.
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Interim Report 2026 I 301 Notes to the Financial Statements For the period ended 30 June 2026 XIII. SHARE-BASED PAYMENTS (continued) 1. Various equity instruments (continued) Other explanations: (continued) According to the “Proposal on the Phase II Employee Stock Ownership Plan of Great Wall Motor Company Limited (Draft) in 2023 and Its Summary ”, the “Proposal on the Administrative Measures for the Phase II Employee Stock Ownership Plan of Great Wall Motor Company Limited (Draft) in 2023 ”, and the “Proposal to the General Meeting of Shareholders to Authorize the Board of Directors to Handle Matters Related to the Phase II Employee Stock Ownership Scheme in 2023 ” approved at the Company ’s first extraordinary general meeting of shareholders in 2024, as well as the “Proposal on the Phase II Employee Stock Ownership Plan of Great Wall Motor Company Limited (Draft) in 2023 and Its summary ” (the “2023 Phase II Employee Stock Onership Plan ”) approved at the 8th meeting of the 8th session of board of directors and the 7th meeting of the 8th session of board of supervisors on 12 December 2023, the number of underlying shares involved in the 2023 Phase II Employee Stock Ownership Plan does not exceed 5,248,643 shares, and the incentive recipients actually subscribed for 4,830,000 shares. On 26 January 2024, the Company granted 4,830,000 A-shares of ordinary shares to the incentive recipients at a price of RMB13.61 per share from the “Special Securities Account of Great Wall Motor Company Limited for Repurchase ”. The unlocking of the restricted shares for the above incentive recipients is subject to the fulfilment of certain performance conditions and individual performance assessment conditions. The vesting periods of restricted shares granted to the incentive recipients are 1, 2, and 3 years from the date of grant. During the vesting period, the cash dividends distributed by the Company to restricted shareholders are revocable.
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Interim Report 2026 I 302 Notes to the Financial Statements For the period ended 30 June 2026 XIII. SHARE-BASED PAYMENTS (continued) 1. Various equity instruments (continued) Other explanations: (continued) According to the “Proposal on the Employee Stock Ownership Plan of Great Wall Motor Company Limited (Draft) in 2025 and Its Summary ”, the “Proposal on the Administrative Measures for the Employee Stock Ownership Plan of Great Wall Motor Company Limited in 2025 ”, and the “Proposal to the General Meeting of Shareholders to Authorise the Board of Directors to Handle Matters Related to the Employee Stock Ownership Scheme in 2025 ” approved at the Company ’s fifth extraordinary general meeting of shareholders in 2025, as well as the “Proposal on the Employee Stock Ownership Plan of Great Wall Motor Company Limited (Draft) in 2025 and Its summary ” (the “2025 Employee Stock Ownership Plan ”) approved at the 44th meeting of the 8th session of board of directors on 3 December 2025. The Employee Stock Ownership Plan in 2025 has funding sources including incentive funds withdrawn by the Company, employees ’ legitimate compensation, or other methods permitted by laws and regulations. The total amount of funds involved shall not exceed RMB80 million. The source of shares shall be the Company ’s A-shares repurchased in the repurchase special securities account and/or the Company ’s A-shares purchased from the secondary market. The grant date of the 2025 Employee Stock Ownership Plan is January 7, 2026, with “unit ” as the denomination, each unit being RMB1. The actual subscribed units amounted to 71,500,000.00 units. According to the Proposal on the Provision of Long-term Incentive Funds for 2025 approved at the 45th meeting of the 8th session of board of directors held by the Company on 29 December 2025, the Company was agreed to make provision of long-term incentive funds for 2025, of which, certain long-term incentive funds will be used to purchase A-shares of the Company from the repurchase special securities account and A-shares of the Company from the secondary market in accordance with 2025 Employee Stock Ownership Plan. On 26 January 2026, the Company received the “Transfer Registration Confirmation ” issued by China Securities Depository and Clearing Corporation Limited Shanghai Branch, under which 418,643 shares of the Company ’s A-share ordinary stocks held in the Company ’s “Repurchase Special Securities Account of Great Wall Motor Company Limited ” had been transferred to the Company ’s “Great Wall Motor Company Limited – 2025 Employee Stock Ownership Plan ” securities account through non- trading transfer on 23 January 2026. The transfer price was RMB21.83 per share. As at 6 May 2026, the Company ’s “Great Wall Motor Company Limited – 2025 Employee Stock Ownership Plan ” securities account has purchased a cumulative amount of 3,134,383 shares of the Company ’s A-share ordinary stock through centralised bidding trading in the secondary market, with an average transaction price of approximately RMB19.89 per share, and the total transaction amount is RMB62,348,841.51 (excluding transaction costs). The Company ’s 2025 Employee Stock Ownership Plan has completed the purchase of the Company ’s stocks, holding a total of 3,553,026 shares of the Company. The unlocking of the restricted shares for the above incentive recipients is subject to the fulfilment of certain performance conditions and individual performance assessment conditions. The vesting periods of restricted shares granted to the incentive recipients are 1 and 2 years from the date of grant. During the vesting period, the cash dividends distributed by the Company to restricted shareholders are revocable.
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Interim Report 2026 I 303 Notes to the Financial Statements For the period ended 30 June 2026 XIII. SHARE-BASED PAYMENTS (continued) 2. Equity-settled share-based payment RMB Method for determining the fair value of equity instruments on the grant date See other explanations Parameters for determining the fair value of equity instruments on the grant date See other explanations The basis for determining the number of exercisable equity instruments Based on the number of restricted shares/options granted, the Company makes the best estimate of the number of restricted shares/options that are expected to be exercised in each period in the unlock/exercise Reasons for the significant difference between the current estimate and the previous estimate exercised in each period N/A The cumulative amount of equity-settled share-based payments included in the capital reserve 4,943,617,228.74 Other explanations: For the aforementioned Restricted Shares Incentive Plan, the fair value of restricted shares granted by the Company on the grant date is measured based on the market price of the Company ’s ordinary shares on the grant date. For the share options granted in 2024 and 2025, the Company calculates the fair value of the share options on the grant date according to the “Black-Scholes Option Pricing Model ”, in which the main parameters selected are the underlying share price, exercise price, option validity, share price volatility, risk-free interest rate, and average dividend yield of the Company in the last 12 months.
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Interim Report 2026 I 304 Notes to the Financial Statements For the period ended 30 June 2026 XIII. SHARE-BASED PAYMENTS (continued) 3. Share-based payment expense for the period RMB Category of grant recipients Equity-settled share-based payment expenses Employees – Restricted Stock 48,897,450.55 Employees – stock options 18,100,946.17 Total 66,998,396.72 XIV. COMMITMENTS OR CONTINGENCIES 1. Significant commitments Capital commitments RMB ’000 30/6/2026 (Unaudited) 31/12/2025 (Audited) Contracted but not provided 4,377,351 5,037,603 – Purchase of long-term asset commitments 4,377,351 5,037,603 Total 4,377,351 5,037,603 2. Contingencies As at 30 June 2026, the underlying amount of significant pending litigation formed by the Company as the defendant is RMB112 million. The litigation occurred in the course of the Company ’s daily operating activities. Provisions are not made for the above litigation as the management cannot reasonably estimate the outcome of the litigation based on its judgments, after taking into account the legal opinions.
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Interim Report 2026 I 305 Notes to the Financial Statements For the period ended 30 June 2026 XV. EVENTS AFTER THE BALANCE SHEET DATE The Company paid dividends (including withholding taxes) of RMB2,182,124,234.85 to its shareholders in July 2026, and paid dividends (including withholding taxes) of HKD572,493,878.25 (RMB495,796,873.38) and RMB309,551,054.75 to its shareholders in August 2026. On 13 July 2026, Automotive Finance, the significant joint venture of the Company, convened the second extraordinary shareholders ’ meeting for 2026. The meeting reviewed and approved the Proposal on Profit Distribution Plan, under which a dividend of RMB 3,730,375,639.97 was distributed to Great Wall Motor Company Limited. The Company received such dividend payment from Auto Finance in July 2026. XVI. OTHER SIGNIFICANT EVENTS 1. Segment reporting The Group is mainly engaged in the manufacture and sales of automobiles and automotive parts and components in the PRC and overseas markets, and the majority of its assets are located in the PRC. The management determined the reporting segments according to the organization structure, management requirements and internal reporting system of the Group for the purposes of resource allocation and performance evaluation. As the resource allocation and performance evaluation of the Group are carried out based on the overall operation of the production and sales of automobiles and automotive parts and components, the Group has only one business segment for internal reporting purpose. Revenue from external customers by location of revenue sources and non-current assets classified by location of assets: RMB Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Revenue from external customers in China 45,813,744,288.52 56,444,628,339.57 Revenue from external customers in other countries 56,287,686,254.05 35,890,004,853.94 Total 102,101,430,542.57 92,334,633,193.51 RMB Item 30/6/2026 (Unaudited) 31/12/2025 (Audited) Non-current assets located in China 69,397,352,141.02 69,236,520,098.71 Non-current assets located in other countries 8,208,262,699.90 7,595,823,383.36 Total 77,605,614,840.92 76,832,343,482.07 Non current assets do not include financial instruments and deferred income tax assets. The Group is not dependent on one or more important clients.
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Interim Report 2026 I 306 Notes to the Financial Statements For the period ended 30 June 2026 XVII. NOTES TO ITEMS IN THE FINANCIAL STATEMENTS OF THE COMPANY 1. Cash and bank balances RMB Item 30/6/2026 (Unaudited) 31/12/2025 (Audited) Cash: RMB 67,192.07 76,028.27 GBP 14,542.38 15,220.09 Others 148.94 13,887.84 Bank balances: RMB 6,809,146,166.35 6,569,427,663.41 JPY HKD 1,159,145,812.72 719,167,736.53 – 2,712,472.78 USD 207,530,514.32 1,197,302,503.38 Others 43,585,687.77 158,654,984.05 Other cash and bank balances: RMB 1,421,768,983.96 1,894,305,110.51 Total 10,360,426,785.04 9,822,507,870.33 Including: overseas cash and bank balances – – As at 30 June 2026, the Company ’s use of currency funds subject to restrictions amounted to RMB1,421,768,983.96, of which RMB1,421,768,983.96 was deposited for banker ’s acceptance drafts. As at 31 December 2025, the Company ’s use of currency funds subject to restrictions amounted to RMB1,894,305,110.51, of which RMB1,894,305,110.51 was deposited for banker ’s acceptance drafts.
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Interim Report 2026 I 307 Notes to the Financial Statements For the period ended 30 June 2026 XVII. NOTES TO ITEMS IN THE FINANCIAL STATEMENTS OF THE COMPANY (continued) 2. Accounts receivable (1) Disclosed by aging: RMB Aging 30th June 2026 Carrying amount (Unaudited) 31 December 2025 Carrying amount (Audited) Within 1 year 32,062,586,120.21 33,292,880,204.89 1-2 years 141,574,145.01 362,461,989.10 2-3 years 160,786,124.73 10,723,315.52 Over 3 years 646,478,916.77 652,500,442.81 Total 33,011,425,306.72 34,318,565,952.32 The aging analysis of the above accounts receivable is based on the time of revenue recognition. (2) Disclosed by classification of credit loss provision method RMB Category 30/6/2026 (Unaudited) Book value 31/12/2025 (Audited) Book value Carrying amount Credit loss provision Carrying amount Credit loss provision Amount Ratio (%) Amount Ratio (%) Amount Ratio (%) Amount Ratio (%) Credit loss provision by individuals 331,619,911.44 1.00 (331,619,911.44) 100.00 – 342,229,372.55 1.00 (342,229,372.55) 100.00 – Credit loss provision assessed by portfolios 32,679,805,395.28 99.00 (14,792,319.39) 0.05 32,665,013,075.89 33,976,336,579.77 99.00 (7,679,094.94) 0.02 33,968,657,484.83 Total 33,011,425,306.72 100.00 (346,412,230.83) 1.05 32,665,013,075.89 34,318,565,952.32 100.00 (349,908,467.49) 1.02 33,968,657,484.83 Provision for credit losses on an individual basis RMB Name 30th June 2026 (Unaudited) Rationale for the provision Debtor insolvencyCarrying amount Provision for credit losses Accrual ratio (%) Entity 1 331,619,911.44 (331,619,911.44) 100.00 Bankruptcy of debtor Total 331,619,911.44 (331,619,911.44) 100.00
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Interim Report 2026 I 308 Notes to the Financial Statements For the period ended 30 June 2026 XVII. NOTES TO ITEMS IN THE FINANCIAL STATEMENTS OF THE COMPANY (continued) 2. Accounts receivable (continued) (2) Disclosed by classification of credit loss provision method (continued) Description of the accounts receivable for which credit loss provision has been assessed by portfolios: As part of the Company ’s credit risk management, the Company assesses the expected credit losses for various categories of accounts receivable based on their credit periods and overdue aging. Accounts receivable whose credit loss provision are assessed by portfolio and their expected credit losses are as follows: RMB 30th June 2026 (Unaudited) 31/12/2025 (Audited) Aging Expected loss rate Carrying amount Credit loss provision Book value Expected loss rate Carrying amount Credit loss provision Book value Within contractual/ Indefinite 0.00%-4.00% 32,654,356,717.11 (9,324,489.30) 32,645,032,227.81 0.00%-4.00% 33,963,675,351.00 (4,359,367.13) 33,959,315,983.87 Overdue for 1-180 days 6.25%-50.00% 21,312,717.58 (1,331,869.50) 19,980,848.08 6.25%-50.00% 9,964,267.69 (622,766.73) 9,341,500.96 Overdue for over 180 days 100.00% 4,135,960.59 (4,135,960.59) – 100.00% 2,696,961.08 (2,696,961.08) – Total 32,679,805,395.28 (14,792,319.39) 32,665,013,075.89 33,976,336,579.77 (7,679,094.94) 33,968,657,484.83 Provision for bad debts based on general model of expected credit losses RMB For the period from 1 January to 30 June 2026 (Unaudited) Credit loss provision Lifetime ECL (not occurred credit-impairment) Lifetime ECL (occurred credit-impairment) Total Balance at 1 January 2026 (Audited) 4,982,133.86 344,926,333.63 349,908,467.49 – Transfer to occurred credit impairment (195,289.13) 195,289.13 – Provision 6,399,410.85 1,782,188.63 8,181,599.48 Reversals (529,896.78) (538,478.25) (1,068,375.03) Exchange difference – (10,609,461.11) (10,609,461.11) Balance at 30 June 2026 (Unaudited) 10,656,358.80 335,755,872.03 346,412,230.83
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Interim Report 2026 I 309 Notes to the Financial Statements For the period ended 30 June 2026 XVII. NOTES TO ITEMS IN THE FINANCIAL STATEMENTS OF THE COMPANY (continued) 2. Accounts receivable (continued) (3) Provision for credit losses: RMB Item 2026 1st January (Audited) Amount of change during the period 2026 30th June (Unaudited)Accrual Recovery or reversal Write-off Other changes Provision for credit losses on an individual basis 342,229,372.55 – – – (10,609,461.11) 331,619,911.44 Credit losses by portfolio 7,679,094.94 8,181,599.48 (1,068,375.03) – – 14,792,319.39 Total 349,908,467.49 8,181,599.48 (1,068,375.03) – (10,609,461.11) 346,412,230.83 (4) Top five entities with the largest balances of accounts receivable: RMB Name of unit Accounts receivable at the end of 30 June 2026 Contractual assets at the end of 30 June 2026 Accounts receivable and contract assets at the end of 30 June 2026 Percentage of accounts receivable and contract assets of total (%) Credit losses Provision year-end balance Company 1 19,704,515,259.01 – 19,704,515,259.01 59.69 – Company 2 2,641,191,414.05 – 2,641,191,414.05 8.00 – Company 3 854,885,464.40 – 854,885,464.40 2.59 – Company 4 786,514,774.43 – 786,514,774.43 2.38 – Company 5 594,359,831.37 – 594,359,831.37 1.80 – Total 24,581,466,743.26 – 24,581,466,743.26 74.46 – 3. Other receivables 3.1 Summary of other receivables RMB Category 30/6/2026 (Unaudited) 31/12/2025 (Audited) Interest receivable 2,787,136.57 77,907.81 Dividends receivable 4,287,600,343.21 307,281,332.08 Other receivables 7,707,799,134.78 7,970,041,987.54 Total 11,998,186,614.56 8,277,401,227.43
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Interim Report 2026 I 310 Notes to the Financial Statements For the period ended 30 June 2026 XVII. NOTES TO ITEMS IN THE FINANCIAL STATEMENTS OF THE COMPANY (continued) 3. Other receivables (continued) 3.2 Other receivables (1) Disclosed by aging: RMB Aging 30/6/2026 (Unaudited) 31/12/2025 (Audited) Within 1 year 3,541,130,262.35 4,668,776,154.74 1-2 years 1,587,042,153.66 935,810,092.11 2-3 years 413,195,863.67 1,210,073,545.38 Over 3 years 2,166,430,855.10 1,155,382,195.31 Total 7,707,799,134.78 7,970,041,987.54 (2) Disclosed by nature are as follows: RMB Nature of other receivables Carrying amount at 30/6/2026 (Unaudited) Carrying amount at 31/12/2025 (Audited) Receivables 5,147,683,771.94 4,259,850,928.37 Tax refunds 118,070,585.24 143,801,406.75 Security and margin deposits 98,337,072.84 90,583,063.83 Deposits 8,331,217.77 8,612,086.48 Others 2,336,573,486.99 3,468,391,502.11 Total 7,708,996,134.78 7,971,238,987.54
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Interim Report 2026 I 311 Notes to the Financial Statements For the period ended 30 June 2026 XVII. NOTES TO ITEMS IN THE FINANCIAL STATEMENTS OF THE COMPANY (continued) 3. Other receivables (continued) 3.2 Other receivables (continued) (3) Assessment of credit loss provision: RMB Phase 1 Phase 2 Phase 3 Credit loss provision Future 12-month ECL Lifetime ECL (not occurred credit- impairment) Lifetime ECL (occurred credit- impairment) Total Balance at 1 January 2026 (Audited) – – 1,197,000.00 1,197,000.00 Provision – – – – Reversals – – – – Written-off – – – – Balance at 30 June 2026 (Unaudited) – – 1,197,000.00 1,197,000.00 The Company determines the expected credit losses of the other receivables based on the historical experience data and forward-looking information. For the period ended 30 June 2025, the Company ’s assessment method and significant assumptions have remained unchanged. (4) Credit loss provision RMB Items 2026 1st January (Audited) Amount of change during the period 2026 30th June (Unaudited)Accrual Recovery or reversal Write-off Other changes Provision for credit losses by portfolio 1,197,000.00 – – – – 1,197,000.00 Total 1,197,000.00 – – – – 1,197,000.00
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Interim Report 2026 I 312 Notes to the Financial Statements For the period ended 30 June 2026 XVII. NOTES TO ITEMS IN THE FINANCIAL STATEMENTS OF THE COMPANY (continued) 3. Other receivables (continued) 3.2 Other receivables (continued) (5) Top five entities with the largest balances of other receivables: RMB Name of entity Amount Proportion of the amount to the total other receivables (%) Nature Aging Closing balance of credit loss provision Chongqing Haval 1,135,702,075.48 14.73 Others Within 1 year, 1 to 2 years, 2 to 3 years, Over 3 years – Honeycomb Transmission Hebei Xushui Branch 877,499,847.21 11.38 Proceeds from Disposal of Long-term Assets (Intangible Assets, Property, Plant and Equipment and Construction in Progress) Within 1 year, 1 to 2 years, 2 to 3 years, Over 3 years – Hebei Changzheng 674,803,911.74 8.75 Corporate Borrowings Within 1 year, 1 to 2 years – Great Wall New Energy 607,792,893.33 7.88 Corporate Borrowings Within 1 year, 1 to 2 years, 2 to 3 years – Great Wall Motors (Thailand) 605,176,414.04 7.85 Corporate Borrowings Within 1 year – Total 3,900,975,141.80 50.59 The Company has no other receivables related to government grants. 4. Long-term equity investments Breakdown of long-term equity investments: RMB 30/6/2026 (Unaudited) 31/12/2025 (Audited) Item Carrying amount Impairment provision Book value Carrying amount Impairment provision Book value Investments in subsidiaries 20,171,584,682.65 – 20,171,584,682.65 20,371,648,758.87 – 20,371,648,758.87 Investments in joint ventures 12,502,949,076.87 – 12,502,949,076.87 12,139,732,842.69 – 12,139,732,842.69 Investments in associates – – – Total 32,674,533,759.52 – 32,674,533,759.52 32,511,381,601.56 – 32,511,381,601.56
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Interim Report 2026 I 313 Notes to the Financial Statements For the period ended 30 June 2026 XVII. NOTES TO ITEMS IN THE FINANCIAL STATEMENTS OF THE COMPANY (continued) 4. Long-term equity investments (continued) Breakdown of investments in subsidiaries are as follows: RMB Investee 1/1/2026 (Audited) Increase for the period Decrease for the period Others (Note XIII) 30/6/2026 (Unaudited) Provision for impairment Closing balance of impairment provision Honeycomb Automotive Technology Group Limited 4,600,275,508.48 – – 2,758,015.29 4,603,033,523.77 – – Nuobo Automotive 2,838,606,072.61 – – 3,407,345.78 2,842,013,418.39 – – Tide Technology and Trade 3,280,498,783.91 131,813,267.47 – – 3,412,312,051.38 – – Jinggong Motor 1,471,272,715.45 – – 2,945,574.37 1,474,218,289.82 – – Mind Electronics 1,921,533,030.43 – – 2,183,968.23 1,923,716,998.66 – – Russia Manufacturing 1,736,184,341.09 – – – 1,736,184,341.09 – – Tianjin Oula 567,076,813.88 – – – 567,076,813.88 – – Rizhao Weipai 384,312,875.69 – – 96,665.91 384,409,541.60 – – Shanghai Yuefan 179,501,538.25 – – – 179,501,538.25 – – Great Wall Huabei 271,902,199.85 – – (265.57) 271,901,934.28 – – Baoding Yijian Start 200,288,752.49 – (160,000,000.00) – 40,288,752.49 – – Tianjin Lean 186,363,431.80 – (183,100,000.00) – 3,263,431.80 – – American HAVAL 116,020,490.40 – – – 116,020,490.40 – – Great Wall New Energy 461,687,363.10 – – 902,506.09 462,589,869.19 – – Zaoqi Leasing 129,241,312.34 – – – 129,241,312.34 – – Great Wall Ants 131,514,694.89 – – (82,355.55) 131,432,339.34 – – HWA Ding International 92,942,500.23 – – – 92,942,500.23 – – Baoding Nobo 72,240,000.00 – – – 72,240,000.00 – – Laoyou Insurance 71,043,471.82 – – (33,346.43) 71,010,125.39 – – Zhangjiagang Research and Development 46,320,981.15 – – 2,124.64 46,323,105.79 – – Haval Australia 43,773,250.00 – – – 43,773,250.00 – – Xiong ’an Great Wall 151,000,000.00 – – – 151,000,000.00 – – Baoding Great 54,594,478.71 – – (72,842.60) 54,521,636.11 – – Baoding Yixin 40,384,527.74 – – 19,300.85 40,403,828.59 – – Europe Technical Center 33,428,802.00 – – – 33,428,802.00 – – India R&D 28,082,810.70 – – – 28,082,810.70 – – Haval South Africa 25,912,080.00 – – – 25,912,080.00 – –
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Interim Report 2026 I 314 Notes to the Financial Statements For the period ended 30 June 2026 RMB Investee 1/1/2026 (Audited) Increase for the period Decrease for the period Others (Note XIII) 30/6/2026 (Unaudited) Provision for impairment Closing balance of impairment provision India Haval 20,731,008.88 – – – 20,731,008.88 – – Changyou Haoche 20,040,329.38 – – – 20,040,329.38 – – Ningxia Rental 20,000,000.00 – – – 20,000,000.00 – – Shanghai Motor Technology 78,760,083.61 – – 205,420.37 78,965,503.98 – – Great Wall Sales 67,745,651.67 – – 150,200.09 67,895,851.76 – – Beijing Great 22,539,100.00 – – – 22,539,100.00 – – Soul Technology 79,781,113.21 – – 250,411.07 80,031,524.28 – – Great Wall Resource Recycling 10,086,803.96 – – 10,919.22 10,097,723.18 – – Chongqing Auto Parts 11,281,173.84 – – (323.33) 11,280,850.51 – – Exquisite Mould 16,552,016.65 – – 126,102.33 16,678,118.98 – – Tianjin Jolion Shuju 10,252,532.05 – – – 10,252,532.05 – – Scrap Car Recycling & Dismantling 6,134,016.27 – – – 6,134,016.27 – – Chongqing Great Wall Customer Service 445,712.33 – – – 445,712.33 – – Chongqing Haval 93,374.98 – – – 93,374.98 – – Tianjin Great Wall Investment 355,550,000.00 – – – 355,550,000.00 – – Guangzhou Great Wall Sales 34,500.00 – – – 34,500.00 – – Great Wall smart selection Information Technology 507,867,031.12 – – (2,796,990.43) 505,070,040.69 – – Chengdu R&D 5,751,483.91 – – 79,160.09 5,830,644.00 – – Baoding Great Wall International Trade 2,000,000.00 – – 1,061,656.08 3,061,656.08 – – Dalian R&D – – – 9,409.81 9,409.81 – – Total 20,371,648,758.87 131,813,267.47 (343,100,000.00) 11,222,656.31 20,171,584,682.65 – – XVII. NOTES TO ITEMS IN THE FINANCIAL STATEMENTS OF THE COMPANY (continued) 4. Long-term equity investments (continued) Breakdown of investments in subsidiaries are as follows: (continued)
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Interim Report 2026 I 315 Notes to the Financial Statements For the period ended 30 June 2026 XVII. NOTES TO ITEMS IN THE FINANCIAL STATEMENTS OF THE COMPANY (continued) 4. Long-term equity investments (continued) Breakdown of investments in joint ventures and associates are as follows: RMB Changes for the period 30/6/2026 (Unaudited) Closing balance of impairment provisionInvestee 1/1/2026 (Audited) Increase Reduced investment Recognition of investment profit or loss under equity method Adjustment in other comprehensive income Movement in other equity Declaration of cash dividends or profits Provision for impairment Others Joint ventures Automotive Finance 12,139,732,842.69 – – 363,216,234.18 – – – – – 12,502,949,076.87 – Total 12,139,732,842.69 – – 363,216,234.18 – – – – – 12,502,949,076.87 – 5. Operating revenue and operating costs (1) Operating revenue and operating costs RMB Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Income Costs Income Costs Principal operating activities 86,276,328,438.23 79,764,252,434.04 83,433,820,849.21 75,867,753,374.45 Other operating activities 1,570,116,380.62 980,652,179.25 1,746,626,938.97 1,252,358,083.31 Total 87,846,444,818.85 80,744,904,613.29 85,180,447,788.18 77,120,111,457.76
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Interim Report 2026 I 316 Notes to the Financial Statements For the period ended 30 June 2026 XVII. NOTES TO ITEMS IN THE FINANCIAL STATEMENTS OF THE COMPANY (continued) 5. Operating revenue and operating costs (continued) (2) Revenue from contracts RMB Contract classification For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Revenue Costs Revenue Costs Revenue from sales of automobiles 71,204,065,202.99 66,095,979,854.94 72,797,224,237.72 66,918,761,729.58 Revenue from sales of spare parts 11,237,935,976.91 10,051,259,771.09 6,594,457,603.68 5,150,275,080.01 Revenue from provision of labour services 760,841,259.18 669,880,737.64 901,759,538.17 849,251,360.04 Mould and other revenues 3,073,485,999.15 2,947,132,070.37 3,140,379,469.64 2,949,465,204.82 Other revenues 1,389,397,190.03 890,975,988.10 1,544,884,233.62 1,116,123,728.26 Subtotal of revenues arising from contracts with customers 87,665,725,628.26 80,655,228,422.14 84,978,705,082.83 76,983,877,102.71 Leasing revenue 180,719,190.59 89,676,191.15 201,742,705.35 136,234,355.05 Total 87,846,444,818.85 80,744,904,613.29 85,180,447,788.18 77,120,111,457.76 6. Investment income Breakdown: RMB Item For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) Income from long-term equity investments under cost method 5,079,604,216.50 5,858,665,835.18 Income from long-term equity investments under equity method 363,216,234.18 345,773,115.42 Losses on deregistration of discounted bills (4,378,750.00) (15,106,923.65) Investment income from wealth management products 134,060,021.30 67,973,813.92 Dividend income from holding other equity instrument investments 3,002,579.99 2,633,680.00 Dividend income received during the holding period of other non-current financial assets 4,725,852.36 1,318,403.29 Investment losses from the disposal of derivative financial instruments 6,515,030.14 20,549,191.18 Net losses from disposal of long-term equity investments – (30,507,084.66) Total 5,586,745,184.47 6,251,300,030.68 There are no significant restrictions on remittance of investment income of the Company.
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Interim Report 2026 I 317 Notes to the Financial Statements For the period ended 30 June 2026 XVII. NOTES TO ITEMS IN THE FINANCIAL STATEMENTS OF THE COMPANY (continued) 7. Supplementary information to the cash flow statement 7.1 Supplementary information to the cash flow statement RMB Supplementary information For the period from 1 January to 30 June 2026 (Unaudited) For the period from 1 January to 30 June 2025 (Unaudited) 1. Reconciliation of net profit to cash flow from operating activities: 4,398,235,932.39 6,221,140,767.19 Net profit 158,793,472.79 131,499,411.99 Add: Provision for impairment of assets 7,113,224.45 3,892,912.67 Impairment losses on credit 668,603,409.26 911,255,947.66 Depreciation of fixed assets 284,212,525.60 210,172,859.99 Depreciation of right-of-use assets 1,685,013,989.52 1,578,284,760.13 Amortization of intangible assets 5,248,324.12 8,542,485.54 Amortization of long-term prepaid expenses 73,333,237.81 74,242,017.99 Depreciation and amortization of investment properties 737,186.08 82,229,612.15 Loss on disposal of fixed assets, intangible assets and other long-term assets (61,091,681.11) (129,896,527.06) Amortization of deferred income Financial expense 53,026,645.63 88,019,583.54 Gains from changes in fair value (51,441,193.28) (111,701,283.36) Investment income (5,591,123,934.47) (6,266,406,954.33) Increase in deferred tax assets (447,345,357.49) (161,488,461.28) (Increase) decrease in inventories (2,420,929,395.62) 941,054,797.35 Decrease (increase) in operating receivables 5,795,121,421.05 (900,099,054.32) Decrease in operating payables (2,022,672,747.73) (1,192,593,445.67) Other 55,032,184.06 82,563,992.01 Net cash flows from operating activities 2,589,867,243.06 1,570,713,422.19 2. Significant investing and financing activities which do not involve cash receipts and payments: Right-of-use assets recognized by leased fixed assets 906,981,870.45 973,906,974.74 3. Net changes in cash and cash equivalents: Closing balance of cash and cash equivalents 8,938,657,801.08 5,200,148,683.87 Less: Opening balance of cash and cash equivalents 7,928,202,759.82 8,572,165,331.90 Net increase (decrease) in cash and cash equivalents 1,010,455,041.26 (3,372,016,648.03)
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Interim Report 2026 I 318 Notes to the Financial Statements For the period ended 30 June 2026 XVII. NOTES TO ITEMS IN THE FINANCIAL STATEMENTS OF THE COMPANY (continued) 7. Supplementary information to the cash flow statement (continued) 7.2 Components of cash and cash equivalents RMB Item 30/6/2026 (Unaudited) 31/12/2025 (Audited) I. Cash 8,938,657,801.08 7,928,202,759.82 Including: Cash on hand 81,883.39 105,136.20 Bank deposits ready to be withdrawn on demand 8,938,575,917.69 7,928,097,623.62 II. Closing balance of cash and cash equivalents 8,938,657,801.08 7,928,202,759.82
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Interim Report 2026 I 319 SUPPLEMENTARY INFORMATION For the period ended 30 June 2026 1. BREAKDOWN OF NON-RECURRING GAINS AND LOSSES RMB Item For the period from 1 January to 30 June 2026 (Unaudited) Gains from disposal of non-current assets 74,027,783.10 Government grants recognized in profit or loss (other than grants which are closely related to the Company ’s business and are either in fixed amounts or determined under quantitative methods in accordance with the national standard) 438,456,119.51 Gains and losses from fair value changes and disposal of financial assets and financial liabilities held by non-financial enterprises, excluding effective hedging transactions related to the Company ’s normal business operations 423,267,412.16 Other non-operating income or expenses other than the above 59,322,508.25 Other profit and loss items that meet the definition of non-recurring profit and loss 6,609,628.52 Effect of income tax (147,295,568.35) Impact of minority shareholders ’ equity (after tax) – Total 854,387,883.19 The non-recurring gains and losses of the Group was recognized in accordance with the relevant requirements of the Explanatory Notice for Information Disclosures by Companies that Offer Securities to the Public (No. 01) – Non-recurring Gains and Losses.
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Interim Report 2026 I 320 Supplementary Information For the period ended 30 June 2026 2. RETURN ON NET ASSETS AND EARNINGS PER SHARE This calculation of return on net assets and earnings per share was prepared by the Group in accordance with the relevant requirements of the Compilation Rules for Information Disclosures by Companies that Offer Securities to the Public (No. 09) – Calculations and Disclosures for the Return on Net Assets and Earnings per Share (as amended in 2010) issued by the China Securities Regulatory Commission. For the period from 1 January to 30 June 2026 (Unaudited) Weighted average return on net assets (%) Earnings per share Basic Diluted Net profit attributable to shareholders of ordinary shares of the Company 2.76 0.29 0.29 Net profit attributable to shareholders of ordinary shares of the Company, after deducting non-recurring gains and losses 1.80 0.19 0.19 For the period from 1 January to 30 June 2025 (Unaudited) Weighted average return on net assets (%) Earnings per share Basic Diluted Net profit attributable to shareholders of ordinary shares of the Company 7.56 0.74 0.74 Net profit attributable to shareholders of ordinary shares of the Company, after deducting non-recurring gains and losses 4.26 0.42 0.42 The supplementary information provided by the management of Great Wall Motor Company Limited was endorsed by the followings: Legal Representative: Wei Jian Jun Chief Financial Officer: Li Hong Shuan Head of the Finance Section: Wang Hai Ping 25 August, 2026
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Baoding, Hebei Province, the PRC , 25 August 2026 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. Zhao Gai. Non-executive Director: Mr. He Ping. Independent Non -executive Director s: Mr. Fan Hui, Mr. Tom Siulun Chau and Ms. Tian Ya Juan . * For identificatio n purpose only