Earnings release
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– 1 – Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement ͪd฿ʔ࿁Ϊ͉ ዄОபf SINOTRUK (HONG KONG) LIMITED ʮ̡ (Incorporated in Hong Kong with limited liability) ʮ̡ (Stock Code: 03808) ΅˾j03808 ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026 ࿚Ї2026 ϋ 6 ˜ 30˚˟6˜ʕಂุᐶʮб ุᐶ ್ʮб͉ණྠ࿚Ї 2026 ϋ 6 ˜ 30 ˚˟ 6ʕಂุᐶʿၾɪϋΝ ಂʘˢ༰ᅰονɨj ڌ ࿚Ї 2026 ϋ 6 ˜ 30 ˚˟ 6ࣨ RESULTS The Board is pleased to announce the unaudited interim results of the Group for the six months ended 30 June 2026 together with the comparative figures for the corresponding period last year as follows: CONSOLIDATED STATEMENT OF PROFIT OR LOSS For the six months ended 30 June 2026 - unaudited (All amounts in RMB thousands unless otherwise stated) Six months ended 30 June ࿚Ї 6 ˜ 30 ˚˟ 6˜ Notes 2026 2025 ൗ 2026 ϋ 2025 ϋ Revenue ϗɝ 5 70,841,157 50,878,062 Cost of sales ቖਯϓ͉ (61,008,513) (43,216,438) Gross profit ˣл 9,832,644 7,661,624 Other income and gains Չ˼ϗɝʿл 558,099 608,827 Selling and distribution expenses ʱቖϓ͉ (2,458,953) (1,741,837) Administrative expensesක˕ (2,304,106) (2,365,954) Reversal of impairment losses on financial assets, net Ϋᅡdଋᕘ 99,670 17,611 Other expenses Չ˼˕̈ (648,187) (59,334)
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– 2 – Six months ended 30 June ࿚Ї 6 ˜ 30 ˚˟ 6˜ Notes 2026 2025 ൗ 2026 ϋ 2025 ϋ Profit from operations ᐄ๐л 5,079,167 4,120,937 Finance income ৌਕϗɝ 368,571 247,681 Finance costs ৌਕ൬͜ (30,836) (45,477) Finance income, net ৌਕϗɝdଋᕘ 337,735 202,204 Share of profits less losses of associates ԮϞᑌᐄΆุฦू΅ᕘ 128,381 46,771 Profit before tax๐л 6 5,545,283 4,369,912 Income tax൬͜ 7 (780,030) (650,212) Profit for the period ಂග๐л 4,765,253 3,719,700 Attributable to: ˸ɨ˙ᏐЦ๐лj Equity shareholders of the Company ؇ٰ 4,325,404 3,426,906 Non-controlling interests ᛆू 439,849 292,794 Profit for the period ಂග๐л 4,765,253 3,719,700 Earnings per share (expressed in RMB)л˸ɛ͏࿆ΐͪ 8 Basic ਿ͉ 1.58 1.25 Diluted ᙑ 1.57 1.25
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– 3 – ڌ ࿚Ї 2026 ϋ 6 ˜ 30 ˚˟ 6ࣨ CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 June 2026 - unaudited (All amounts in RMB thousands unless otherwise stated) Six months ended 30 June ࿚Ї 6 ˜ 30 ˚˟ 6˜ 2026 2025 2026 ϋ 2025 ϋ Profit for the period ಂග๐л 4,765,253 3,719,700 Other comprehensive income (after tax) Items that will not be reclassified to profit or loss:ධͦj Remeasurements of termination and post-employment benefit obligations ඎ 676 1,053 Revaluation gains arising from transfer of property, plant and equipment and land use rights to investment properties ʿண௪˸ʿ ุ ϗू 8,472 — 9,148 1,053 Items that are or may be reclassified subsequently to profit or loss: ධͦj Changes in fair value of financial assets at fair value through other comprehensive income ( “FVOCI”) ɝ ٙ ᜊਗ 2,223 (15,809) Exchange differences on translation of foreign operations ମ (9,396) (555) Share of other comprehensive (loss)/income of associates Չ˼ ᑦฦ Ŋϗू΅ᕘ (41,493) 3,856 (48,666) (12,508) Other comprehensive loss for the period, net of taxᑦฦdϔৰධ (39,518) (11,455) Total comprehensive income for the periodϗूᐼᕘ 4,725,735 3,708,245 Attributable to: ˸ɨ˙ᏐЦj Equity shareholders of the Company ؇ٰ4,284,566 3,418,440 Non-controlling interests ᛆू 441,169 289,805 Total comprehensive income for the periodϗूᐼᕘ 4,725,735 3,708,245
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– 4 – ڌرً 2026 ϋ 6 ˜ 30ࣨ CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2026 - unaudited (All amounts in RMB thousands unless otherwise stated) Notes At 30 June 2026 At 31 December 2025 ൗ 2026 ϋ 6 ˜ 30 ˚ 2025 ϋ 12 ˜ 31 ˚ Non-current assetsਗ༟ପ Property, plant and equipmentʿண௪ 14,017,971 14,517,501 Investment propertiesุ 577,388 561,307 Right-of-use assets Դ͜ᛆ༟ପ 2,180,490 2,217,287 Goodwill ਠᚑ 68,933 68,933 Intangible assets ೌҖ༟ପ 112,109 122,965 Investments in associates ᑌᐄΆุҳ༟ 5,220,404 5,133,447 Equity investments designated at FVOCIඎ˲ ϗू ᛆूҳ༟ 17,509 17,509 Trade and financing receivablesፄᏐϗሪಛ 10 11,724,570 9,407,957 Prepayments, other receivables and other assets ཫ˹ಛධeՉ˼Ꮠϗሪಛʿ Չ˼༟ପ 12,102,683 14,363,511 Deferred tax assets༟ପ 3,133,845 2,693,844 Total non-current assetsਗ༟ପᐼᕘ 49,155,902 49,104,261 Current assetsਗ༟ପ Inventories π 22,586,906 22,233,245 Trade, financing and bills receivablesፄᏐϗሪಛʿ Ꮠϗୃኽ 10 40,707,862 31,724,261 Prepayments, other receivables and other assets ཫ˹ಛධeՉ˼Ꮠϗሪಛʿ Չ˼༟ପ 5,394,113 5,353,244 Financial assets at FVOCIɝ ፄ༟ପ 11 12,105,491 12,503,582 Financial assets at fair value through profit or loss ( “FVPL”) ɝ ፄ༟ପ 1,327,734 1,725,431 Cash and cash equivalents and restricted cashʿ ږ34,728,762 30,484,627 Total current assetsਗ༟ପᐼᕘ 116,850,868 104,024,390
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– 5 – Notes At 30 June 2026 At 31 December 2025 ൗ 2026 ϋ 6 ˜ 30 ˚ 2025 ϋ 12 ˜ 31 ˚ Current liabilitiesව Trade and bills payablesᏐ˹ಛʿᏐ˹ୃኽ 12 80,599,984 69,947,347 Other payables and accruals Չ˼Ꮠ˹ಛʿཫ൬͜ 21,277,052 21,030,608 Borrowingsಛ 4,386,050 4,929,497 Lease liabilitiesව 4,836 5,823 Tax payableව 693,853 609,137 Provisionsවᅡ௪ 1,965,131 1,725,456 Total current liabilitiesවᐼᕘ 108,926,906 98,247,868 Net current assetsਗ༟ପ 7,923,962 5,776,522 Total assets less current liabilitiesව 57,079,864 54,880,783 Non-current liabilitiesව Borrowingsಛ 346,770 535,537 Lease liabilitiesව 7,191 7,533 Deferred tax liabilitiesව 115,611 64,710 Termination and post-employment benefit obligations ၅л່ਕ 336,277 379,086 Deferred incomeϗू 676,615 679,942 Total non-current liabilitiesවᐼᕘ 1,482,464 1,666,808 NET ASSETS ଋ༟ପ 55,597,400 53,213,975 CAPITAL AND RESERVES͉ʿᎷ௪ Share capital͉ 16,717,024 16,717,024 Other reserves Չ˼Ꮇ௪ 4,545,768 4,498,457 Retained earnings वπϗू 25,961,427 23,774,738 Total equity attributable to equity shareholders of the Company ᏐЦᛆू 47,224,219 44,990,219 Non-controlling interestsᛆू 8,373,181 8,223,756 TOTAL EQUITY ᛆूᐼᕘ 55,597,400 53,213,975
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– 6 – ൗ 1 ࣘ 2007 ϋ 1 ˜ 31ٙ ಥʍፕ༸ʕ 168-200ڦ ਠ҅ɽข 2102-03΅ ̹ఙɪ̹f ̔eჀ̔ഃ ʿᜊᇌഃᗫ ਕf 2 ᇜႡਿ ࿚Ї 2026 ϋ 6 ˜ 30 ˚˟ 6ࣘ ୋ 34 ʕಂৌਕజѓᇜ Ⴁf ࢪࠇ ಥᄲቡ ୋ 2410 ࿁ʕಂৌਕ༟ ᄲቡ ආБᄲቡf הٙ Ꮠၾ͉ʮ̡࿚Ї 2025 ϋ 12 ˜ 31ɓԻቡᛘf ࿚Ї 2025 ϋ 12 ˜ 31Ԩʔϓ͉ʮ ಥ ʮ̡ૢԷ ୋ436 ආɓӉ༟ νɨj ಥ ʮ̡ૢԷ ୋ662(3)ڝ ڌ6 ୋ 3яʹ ࿚Ї 2025 ϋ 12 ˜ 31f͉ ʊఱ༈࿚Ї 2025 ϋ 12 ˜ 31 ˚˟ϋ ࢪ व ಥ ʮ̡ૢԷ ୋ406(2) ૢe407(2)א407(3) ૢ f 3 ഄ ഄၾᇜႡ͉ ʮ̡࿚Ї 2025 ϋ 12 ˜ 31ၝΥ ৌਕ༟ ಥৌਕజѓ ৰ̮f NOTES TO THE UNAUDITED INTERIM RESULTS (All amounts in RMB thousands unless otherwise stated) 1 General information The Company was incorporated in Hong Kong on 31 January 2007 as a limited liability company as a result of a group reorganisation of CNHTC. The address of the Company ’s registered office is Units 2102-03, China Merchants Tower, Shun Tak Centre, 168-200 Connaught Road Central, Hong Kong. The Company ’s shares are listed on the Main Board of the Stock Exchange. The Group is principally engaged in the research, development and manufacturing of heavy duty trucks, medium-heavy duty trucks, light duty trucks, etc. and related key assemblies, parts and components including engines, cabins, axles, steel frames and gearboxes, and the provision of financial services. 2 Basis of preparation The interim financial information for the six months ended 30 June 2026 has been prepared in accordance with Hong Kong Accounting Standard ( “HKAS”) 34, Interim Financial Reporting. The interim financial information is unaudited, but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410, Review of interim financial information performed by the independent auditor of the entity , issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). The financial information does not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Company’s annual consolidated financial statements for the year ended 31 December 2025. The financial information relating to the year ended 31 December 2025 that is included in the interim financial information as comparative information does not constitute the Company ’s statutory annual consolidated financial statements for that year but is derived from those financial statements. Further information relating to those statutory financial statements required to be disclosed in accordance with section 436 of the Hong Kong Companies Ordinance is as follows: The Company has delivered those financial statements for the year ended 31 December 2025 to the Registrar of Companies as required by section 662(3) of, and Part 3 of Schedule 6 to, the Hong Kong Companies Ordinance. The Company ’s auditors have reported on those financial statements for the year ended 31 December 2025. The auditor’s report was unqualified; did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its report; and did not contain a statement under sections 406(2), 407(2) or 407(3) of the Hong Kong Companies Ordinance. 3 Accounting policies The accounting policies adopted in the preparation of the interim financial information are consistent with those applied in the preparation of the Company ’s annual consolidated financial statements for the year ended 31 December 2025, except for the adoption of the following new and amended Hong Kong Financial Reporting Standards (“HKFRSs”) for the first time for the current period’s financial information.
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– 7 – 4 Operating segment information The Group manages its businesses by divisions, which are organised by a mixture of both business lines (products and services) and geography, in a manner consistent with the way in which information is reported internally to the Group ’s most senior executive management for the purposes of resource allocation and performance assessment. During the year 2025, the Group had adjusted its business operating segment structure by (i) streaming the Group ’s engine and heavy duty trucks operations into a more completed Heavy Duty Trucks Segment; and (ii) carving out the related businesses of Sinotruk Finance Company from the Finance Segment. Related comparative figures have been restated to conform with these adjustments. The Group has presented the following three reportable segments. No operating segments have been aggregated to form the following reportable segments. (i) Heavy duty trucks – Manufacture and sale of heavy duty trucks, medium-heavy duty trucks and related components; (ii) Light duty trucks and others – Manufacture and sale of light duty trucks, buses, other vehicles and related components; and (iii) Finance – Provision of auto financing services to the public. Reconciliations of reportable segment revenues, profit or loss, assets and liabilities The segment results for the six months ended 30 June 2026 are as follows: Six months ended 30 June 2026 ࿚Ї 2026 ϋ 6 ˜ 30 ˚˟ 6˜ Heavy duty trucks Light duty trucks and others Finance Elimination Total ̔ Ⴠ̔ʿՉ˼ፄ ࿁ቖࠇ External revenueϗɝ Sales of goodsي64,146,088 5,767,743 — — 69,913,831 Rendering of servicesਕ 398,531 13,798 514,997 — 927,326 Total external revenueࠇ64,544,619 5,781,541 514,997 — 70,841,157 Inter-segment revenue ʱගϗɝ 255,659 1,774,702 — (2,030,361) — Total segment revenueࠇ64,800,278 7,556,243 514,997 (2,030,361) 70,841,157 Operating profit/(loss) before unallocated expenses ۃ ᐄ๐лŊ ᑦฦ 4,903,321 (31,596) 152,326 58,067 5,082,118 Unallocated expenses ͊ʱৣ൬͜ (2,951) Profit from operations ᐄ๐л 5,079,167 Finance income, net ৌਕϗɝdଋᕘ 337,735 Share of profits and losses of associates ԮϞᑌᐄΆุฦू΅ᕘ 128,381 Profit before tax๐л 5,545,283 4 ࣘ ᙮ ุਕᇞʿήଣʱбԸ၍ଣՉุਕd˲મॶఱ ତ൙ПΣ͉ණྠ௰৷ᄴ၍ଣᄴజ 2025 ϋd͉ණྠሜ j (i) ਗ਼ ٙ ̔ʱiʿ (ii)ᗫุਕ ࠠ ΐ˸ୌΥவԬሜf జѓʱfɨΐజѓʱ ᐄʱଡ଼ϓf (i) ̔ ᗫཧi (ii) ԓഃ ᗫཧi (iii) ਕf ව࿁ሪ ࿚Ї 2026ϋ6 ˜30 ˚˟ 6ʱุᐶν ɨj
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– 8 – The segment results for the six months ended 30 June 2025 are as follows: Six months ended 30 June 2025 ࿚Ї 2025 ϋ 6 ˜ 30 ˚˟ 6˜ Heavy duty trucks Light duty trucks and others Finance Elimination Total ̔ Ⴠ̔ʿՉ˼ፄ ࿁ቖࠇ External revenueϗɝ Sales of goodsي43,786,382 6,146,464 — — 49,932,846 Rendering of servicesਕ 592,708 11,961 340,547 — 945,216 Total external revenueࠇ44,379,090 6,158,425 340,547 — 50,878,062 Inter-segment revenue ʱගϗɝ 457,189 1,093,289 2,029 (1,552,507) — Total segment revenueࠇ44,836,279 7,251,714 342,576 (1,552,507) 50,878,062 Operating profit/(loss) before unallocated expenses ٙۃ ᐄ๐лŊ ᑦฦ 4,078,698 (173,511) 101,833 118,427 4,125,447 Unallocated expenses ͊ʱৣ൬͜ (4,510) Profit from operations ᐄ๐л 4,120,937 Finance income, net ৌਕϗɝdଋᕘ 202,204 Share of profits and losses of associates ԮϞᑌᐄΆุฦू΅ᕘ 46,771 Profit before tax๐л 4,369,912 The segment assets and liabilities as at 30 June 2026 are as follows: Heavy duty trucks Light duty trucks and others Finance Unallocated Total ̔ Ⴠ̔ʿՉ˼ፄ ͊ʱৣࠇ Segment assets ʱ༟ପ 151,672,739 15,077,207 25,619,622 7,030,228 199,399,796 Elimination ࿁ቖ (33,393,026) Total assets ༟ପᐼᕘ 166,006,770 Segment liabilitiesව 100,315,126 16,013,846 22,026,121 3,089,373 141,444,466 Elimination ࿁ቖ (31,035,096) Total liabilitiesවᐼᕘ 110,409,370 ࿚Ї 2025ϋ6 ˜30 ˚˟ 6ʱุᐶν ɨj 2026 ϋ 6 ˜ 30වνɨj
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– 9 – Reconciled to entity assets and liabilities as at 30 June 2026 as follows: Assets Liabilities ༟ପව Segment assets/liabilities after eliminationව 158,976,542 107,319,997 Unallocated: ͊ʱৣj Deferred tax assets/liabilities ව 3,133,845 115,611 Prepaid income tax/income tax payable ව 339,478 693,853 Dividend payable ࢹٰ— 2,142,727 Other assets/liabilities ව 3,556,905 137,182 7,030,228 3,089,373 Totalࠇ166,006,770 110,409,370 The segment assets and liabilities as at 31 December 2025 are as follows: Heavy duty trucks Light duty trucks and others Finance Unallocated Total ̔ Ⴠ̔ʿՉ˼ፄ ͊ʱৣࠇ Segment assets ʱ༟ପ 141,234,543 21,093,365 20,926,453 6,520,745 189,775,106 Elimination ࿁ቖ (36,646,455) Total assets ༟ପᐼᕘ 153,128,651 Segment liabilitiesව 92,322,691 21,778,507 17,437,065 865,854 132,404,117 Elimination ࿁ቖ (32,489,441) Total liabilitiesවᐼᕘ 99,914,676 Reconciled to entity assets and liabilities as at 31 December 2025 as follows: Assets Liabilities ༟ପව Segment assets/liabilities after eliminationව 146,607,906 99,048,822 Unallocated: ͊ʱৣj Deferred tax assets/liabilities ව 2,693,844 64,710 Prepaid income tax/income tax payable ව 260,099 609,137 Other assets/liabilities ව 3,566,802 192,007 6,520,745 865,854 Totalࠇ153,128,651 99,914,676 2026 ϋ 6 ˜ 30࿁ሪ νɨj 2025 ϋ 12 ˜ 31වνɨj 2025 ϋ 12 ˜ 31࿁ሪ νɨj
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– 10 – 5 Revenue An analysis of revenue is as follows: Six months ended 30 June ࿚Ї 6 ˜ 30 ˚˟ 6˜ 2026 2025 2026 ϋ 2025 ϋ Revenue from contracts with customers˒ΥΝϗɝ 70,841,157 50,878,062 Disaggregated revenue information Six months ended 30 June ࿚Ї 6 ˜ 30 ˚˟ 6˜ 2026 2025 2026 ϋ 2025 ϋ Types of goods or servicesۨ Sales of goodsي69,913,831 49,932,846 Rendering of servicesਕ 927,326 945,216 Total revenue from contracts with customers˒ΥΝϗɝᐼᕘ 70,841,157 50,878,062 Geographical markets ήਜ̹ఙ Chinese Mainland ʕɽ 41,000,943 31,534,886 Overseas ऎ̮ 29,840,214 19,343,176 Total revenue from contracts with customers˒ΥΝϗɝᐼᕘ 70,841,157 50,878,062 Timing of revenue recognitionග Transferred at a point in timeගᓃ 70,819,640 49,864,560 Transferred over timeݬࣛ21,517 1,013,502 Total revenue from contracts with customers˒ΥΝϗɝᐼᕘ 70,841,157 50,878,062 5 ϗɝ νɨj ࣘ
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– 11 – 6 ๐л ܝ ၑj 6 Profit before tax The Group’s profit before tax is arrived at after charging/(crediting): Six months ended 30 June ࿚Ї 6 ˜ 30 ˚˟ 6˜ 2026 2025 2026 ϋ 2025 ϋ Cost of inventories sold ਯ̈πϓ͉ 54,524,953 39,324,560 Employee benefit expensesʈ၅лක˕ 3,774,226 3,457,934 Depreciation and amortisation ұᔚձᛅቖ – Depreciation of property, plant and equipment ʿண௪ұᔚ 764,183 906,593 – Depreciation of right-of-use assets ÑԴ͜ᛆ༟ପұᔚ 36,786 34,270 – Amortisation of intangible assets ÑೌҖ༟ପᛅቖ 21,245 17,372 Write-down of inventories to net realisable value࠽373,616 146,046 Impairment losses/(reversal of impairment losses) ฦ̰Ŋ Ϋᅡ – trade receivables Ꮠϗሪಛ (11,554) 3,779 – financing receivables ፄᏐϗሪಛ 35,688 (6,957) – bills receivable ÑᏐϗୃኽ (1,904) (1,479) – financial assets included in prepayments, other receivables and other assets Ñཫ˹ಛධeՉ˼Ꮠϗಛධ ፄ༟ପ (121,900) (12,954) – property, plant and equipment ʿண௪ — 88,346 Gains on disposal of property, plant and equipment ʿண௪ϗू (15,105) (996) Foreign exchange differences, netᕘdଋᕘ 576,706 (166,462) Government grantsп (177,917) (89,517) Income on disposal of scrapsϗू (163,030) (72,151)
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– 12 – 7 Income tax Taxation in the consolidated statement of profit or loss represents: Six months ended 30 June ࿚Ї 6 ˜ 30 ˚˟ 6˜ 2026 2025 2026 ϋ 2025 ϋ Current tax:j – Mainland China 1,140,826 778,356 – Elsewhere ÑՉ̴ήਜ 29,253 9,748 Total current taxᐼᕘ 1,170,079 788,104 Deferred tax (390,049) (137,892) Total tax charge ൬ᐼᕘ 780,030 650,212 Taxation on profits has been calculated on the estimated assessable profits during the six months ended 30 June 2026 at the rates of taxation prevailing in the countries/ districts in which the Group operates. The Company and the subsidiaries in Hong Kong are subject to Hong Kong Profits Tax at the rate of 16.5% (2025: 16.5%) on their estimated assessable profits during the period. The Company is also determined as a Chinese-resident enterprise and, is subject to corporate income tax at a rate of 25% (2025: 25%) according to the Corporate Income Tax Law of the People’s Republic of China (the “CIT Law”). The subsidiaries in the PRC are subject to corporate income tax at a rate of 25% (2025: 25%) according to the CIT Law while certain subsidiaries in the PRC are subject to corporate income tax at a rate of 15% (2025: 15%) according to the High New Tech Enterprises or the Western Development tax incentives under the CIT Law. Other subsidiaries are subject to corporate income tax at applicable tax rates according to existing laws, interpretations and practices of the countries in which the subsidiaries operate. 7 ൬͜ j ί ࿚Ї 2026 ϋ 6 ˜ 30 ˚ ˟ 6ၑf Ꮠॶ ଟ 16.5%2025 ϋj16.5%ᖮ ॶ ͏Ά ଟ25%2025 ϋj25% f ଟ 25% 2025 ϋj25%ʍʕ Ϟᗫ৷อҦஔΆุ ਕᎴ˸ଟ 15%2025 ϋj 15%᙮ʮ̡ԱՉᐄ e༆ᙑʿ࿕ԷdԱቇ͜ଟᖮ f
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– 13 – 8 Earnings per share (a) Basic earnings per share Six months ended 30 June ࿚Ї 6 ˜ 30 ˚˟ 6˜ 2026 2025 2026 ϋ 2025 ϋ Profit attributable to equity shareholders of the Company ᏐЦ๐л 4,325,404 3,426,906 Weighted average number of ordinary shares in issue (in thousand shares) 2,735,433 2,734,473 Basic earnings per share (RMB per share)ɛ͏࿆ʩ 1.58 1.25 The movements in weighted average number of ordinary shares in issue are as follows: 2026 2025 2026 ϋ 2025 ϋ Ordinary shares at 1 January (in thousand shares) 1 ˜ 1 2,734,473 2,734,473 Effect of award shares vested (in thousand shares) 960 — Weighted average number of ordinary shares for the six months ended 30 June (in thousand shares) ࿚Ї 6 ˜ 30 ˚˟ 6ٰ 2,735,433 2,734,473 (b) Diluted earnings per share Six months ended 30 June ࿚Ї 6 ˜ 30 ˚˟ 6˜ 2026 2025 2026 ϋ 2025 ϋ Profit attributable to ordinary equity shareholders of the Company ᏐЦ๐л 4,325,404 3,426,906 Weighted average number of ordinary shares in issue (in thousand shares) 2,746,515 2,742,429 Diluted earnings per share (in RMB)л ɛ͏࿆ʩ 1.57 1.25 Profit attributable to ordinary equity shareholders of the Company (diluted) is same as profit attributable to ordinary equity shareholders of the Company (basic). 8 л (a) л ̋ᛆ̻ѩᅰᜊਗνɨj (b) л лᆗ ϞɛᏐԮ Νf
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– 14 – The movements in weighted average number of ordinary shares in issue (diluted) are as follows: 2026 2025 2026 ϋ 2025 ϋ Weighted average number of ordinary shares at 30 June (in thousand shares) 6 ˜ 30 2,735,433 2,734,473 Effect of deemed issue of shares under the Company ’s restricted award share scheme at subscription price ΅ዧᎸ މ 11,082 7,956 Weighted average number of ordinary shares (diluted) at 30 June (in thousand shares) 6 ˜ 30ٰ 2,746,515 2,742,429 9 Dividends (a) Dividends payable to equity shareholders attributable to the interim period 2026 2025 2026 ϋ 2025 ϋ Interim dividend declared and paid after the interim period of HK$1.18 or RMB1.02 per ordinary share (2025: HK$0.74 or RMB0.68 per ordinary share) ˹ʘʕಂ ಥ࿆ 1.18ɛ͏࿆ 1.02 ʩ 2025ٰ ಥ࿆ 0.74א ɛ͏࿆ 0.68 ʩ 2,816,213* 1,873,624 The interim dividend has not been recognised as a liability at the end of the reporting period. * It is calculated based on the number of ordinary shares issued and the RMB interim dividend per ordinary share. (b) Dividends payable to equity shareholders attributable to the previous financial year Six months ended 30 June ࿚Ї 6 ˜ 30 ˚˟ 6˜ 2026 2025 2026 ϋ 2025 ϋ Final dividend approved and paid after the interim period of HK$0.88 or RMB0.78 per ordinary share (2024 final dividend: HK$0.55 or RMB0.51 per ordinary share) ˹ʘ ٰ ಥ࿆ 0.88ɛ͏࿆ 0.78 ʩ2024j ಥ࿆ 0.55א ɛ͏࿆ 0.51 ʩ 2,141,538 1,404,146 ̋ᛆ̻ѩᅰᜊਗઋ νɨj 9 ࢹٰ a) ࢹٰ؇ٰ වf * ᅰ ࢹٰ ၑf (b) ࢹٰٙ؇ٰ
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– 15 – 10 ፄᏐϗሪಛʿᏐϗୃኽ10 Trade, financing and bills receivables At 30 June 2026 At 31 December 2025 2026 ϋ 6 ˜ 30 ˚ 2025 ϋ 12 ˜ 31 ˚ Trade receivablesᏐϗሪಛ 28,778,729 22,017,828 Provision for impairmentᅡ௪ (876,257) (887,364) Trade receivables, net (a)Ꮠϗሪಛdଋᕘ (a) 27,902,472 21,130,464 Financing receivablesፄᏐϗሪಛ 24,549,124 20,242,759 Provision for impairmentᅡ௪ (751,899) (715,583) Financing receivables, net (b)ፄᏐϗሪಛdଋᕘ (b) 23,797,225 19,527,176 Bills receivable Ꮠϗୃኽ 733,360 477,107 Provision for impairmentᅡ௪ (625) (2,529) Bills receivable, net (c) Ꮠϗୃኽdଋᕘ (c) 732,735 474,578 52,432,432 41,132,218 Current portion уಂʱ Trade receivablesᏐϗሪಛ 25,997,982 19,393,626 Financing receivablesፄᏐϗሪಛ 13,977,145 11,856,057 Bills receivable Ꮠϗୃኽ 732,735 474,578 40,707,862 31,724,261 Non-current portionуಂʱ Trade receivablesᏐϗሪಛ 1,904,490 1,736,838 Financing receivablesፄᏐϗሪಛ 9,820,080 7,671,119 11,724,570 9,407,957
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– 16 – (a) Ꮠϗሪಛ 2026 ϋ 6 ˜ 30ɛ͏࿆ 7,711,289,000 ʩ2025 ϋ 12 ˜ 31 ˚j ɛ͏࿆ 5,312,008,000Ꮠϗ ͜ᗇЪ 2026 ϋ 6 ˜ 30Ꮠϗ ɛ͏࿆ 4,757,146,000 ʩ2025 ϋ 12 ˜ 31ɛ͏࿆ 4,405,111,000 ʩ ᎈʮ f ೯ νɨj (b) ፄᏐϗሪಛ Ց νɨj (a) Trade receivables As at 30 June 2026, approximately RMB7,711,289,000 (31 December 2025: approximately RMB5,312,008,000) of the trade receivables are secured by letters of credit issued by certain overseas third parties. As at 30 June 2026, approximately RMB4,757,146,000 (31 December 2025: approximately RMB4,405,111,000) of the trade receivables were guaranteed by China Export and Credit Insurance Corporation. An ageing analysis of the trade receivables based on the invoice date at the end of the reporting period, net of the provision for impairment, is as follows: At 30 June 2026 At 31 December 2025 2026 ϋ 6 ˜ 30 ˚ 2025 ϋ 12 ˜ 31 ˚ Less than 3 months˜ʫ 11,682,417 10,568,141 3 months to 6 months˜ 9,975,530 7,407,350 6 months to 12 months˜ 5,153,489 2,472,130 1 year to 2 years ɓϋЇՇϋ 1,007,174 611,483 2 years to 3 years ՇϋЇɧϋ 56,456 52,319 Over 3 years ɧϋ˸ɪ 27,406 19,041 27,902,472 21,130,464 (b) Financing Receivables An ageing analysis of the financing receivables based on the maturity date at the end of the reporting period, net of provisions, is as follows: At 30 June 2026 At 31 December 2025 2026 ϋ 6 ˜ 30 ˚ 2025 ϋ 12 ˜ 31 ˚ Less than 3 months˜ʫ 4,152,212 3,540,034 3 months to 6 months˜ 3,709,943 3,245,557 6 months to 12 months˜ 6,114,991 5,070,466 1 year to 2 years ɓϋЇՇϋ 7,551,147 6,098,142 2 years to 3 years ՇϋЇɧϋ 2,156,115 1,572,977 Over 3 years ɧϋ˸ɪ 112,817 — 23,797,225 19,527,176
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– 17 – (c) Bills Receivable At 30 June 2026 At 31 December 2025 2026 ϋ 6 ˜ 30 ˚ 2025 ϋ 12 ˜ 31 ˚ Bank acceptance billsгୃኽ 461,856 170,560 Commercial acceptance billsгୃኽ 271,504 306,547 Provision for impairment of commercial acceptance bills ฦ̰ (625) (2,529) 732,735 474,578 The ageing analysis of bills receivable based on transaction dates at the end of the reporting period, net of provisions, is as follows: At 30 June 2026 At 31 December 2025 2026 ϋ 6 ˜ 30 ˚ 2025 ϋ 12 ˜ 31 ˚ Less than 3 months˜ʫ 335,693 243,598 3 months to 6 months˜ 397,042 229,908 6 months to 12 months˜ — 1,072 732,735 474,578 11 Financial assets at fair value through other comprehensive income At 30 June 2026 At 31 December 2025 2026 ϋ 6 ˜ 30 ˚ 2025 ϋ 12 ˜ 31 ˚ Debt investments වਕҳ༟ – bank acceptance bills гୃኽ 12,105,491 12,503,582 The ageing analysis of bank acceptance bills based on transaction dates at the end of the reporting period is as follows: At 30 June 2026 At 31 December 2025 2026 ϋ 6 ˜ 30 ˚ 2025 ϋ 12 ˜ 31 ˚ Less than 3 months˜ʫ 7,354,806 7,101,242 3 months to 6 months˜ʫ 4,750,685 5,320,302 6 months to 12 months˜ʫ — 82,038 12,105,491 12,503,582 (c) Ꮠϗୃኽ ˚ νɨj 11 ٙ ፄ༟ପ ሪᙧ νɨj
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– 18 – 12 Trade and bills payables At 30 June 2026 At 31 December 2025 2026 ϋ 6 ˜ 30 ˚ 2025 ϋ 12 ˜ 31 ˚ Trade payablesᏐ˹ሪಛ 43,108,330 41,442,175 Bills payable Ꮠ˹ୃኽ 37,491,654 28,505,172 80,599,984 69,947,347 An ageing analysis of the trade and bills payables based on the invoice date as at the end of the reporting period is as follows: At 30 June 2026 At 31 December 2025 2026 ϋ 6 ˜ 30 ˚ 2025 ϋ 12 ˜ 31 ˚ Less than 3 months˜ʫ 56,150,696 49,795,310 3 months to 6 months˜ 23,679,109 18,148,652 6 months to 12 months˜ 208,562 1,577,769 1 year to 2 years ɓϋЇՇϋ 305,306 305,751 2 years to 3 years ՇϋЇɧϋ 174,926 52,485 Over 3 years ɧϋ˸ɪ 81,385 67,380 80,599,984 69,947,347 13 Events after the reporting period No significant subsequent events have taken place after the reporting period. 14 Comparative figures To reflect the adjustments of the business operating segments, certain comparative figures have been restated. 12 Ꮠ˹ಛධʿᏐ˹ୃኽ ೯ νɨj 13 ԫධ ԫධf 14 ˢ༰ᅰο ࠠ f
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– 19 – 2026 INTERIM DIVIDEND The Board declares to distribute to Shareholders whose names appear on the register of members of the Company on Thursday, 17 September 2026 an interim dividend of either HK$1.18 or RMB1.02 per Share (converted at the exchange rate of RMB0.86523 to HK$1 as published by the PBOC on Wednesday, 26 August 2026) for the six months ended 30 June 2026 (the “2026 Interim Dividend”) with a sum of approximately HK$3,258 million or RMB2,816 million. The 2026 Interim Dividend will be distributed on Friday, 20 November 2026. A 2026 RMB Interim Dividend election form will be despatched to the Shareholders. Shareholders who wish to receive the 2026 Interim Dividend in RMB have to complete the form and return the same to the Company ’s share registrar, Computershare Hong Kong Investor Services Limited, at 17M Floor, Hopewell Centre, 183 Queen ’s Road East, Wanchai, Hong Kong not later than 4:30 p.m. on Friday, 23 October 2026. The Company has been determined as a Chinese-resident enterprise. Pursuant to the “Enterprise Income Tax Law of the PRC ”ה and the “Detailed Rules for the Implementation of the Enterprise Income Tax Law of the PRC ”ૢԷ, a Chinese-controlled offshore incorporated enterprise shall withhold and pay enterprise income tax for its non-PRC resident enterprise shareholders. As the withholding and payment obligation lies with the Company, the Company will withhold and pay enterprise income tax for its non-PRC resident enterprise shareholders to whom the Company pays the 2026 Interim Dividend. In respect of all the Shareholders whose names are not registered as natural persons (including HKSCC Nominees Limited, corporate nominees or trustees such as securities companies and banks, and other entities or organizations, which are all considered as non-PRC resident enterprise shareholders), the Company will distribute the 2026 Interim Dividend after deducting an enterprise income tax of 10% or other appropriate rates. 2026ࢹٰ 2026 ϋ 9 ˜ 17ಂ ೯࿚ Ї 2026 ϋ 6 ˜ 30 ˚˟ 6ٰ 1.18ɛ͏࿆ 1.02 ʩ2026ٰ ࢹ2026 ϋ 8 ˜ 26 ˚ ɛ͏࿆ 0.86523 ʩг 1 ಥ ߒࠇ3,258ɛ ͏࿆ 2,816 ϵຬʩ f 2026 2026 ϋ 11 ˜ 20೯f 2026ٰ ν૧˸ɛ͏࿆ϗ՟ 2026ٰ 2026 ϋ 10 ˜ 23ಂʞ ʚ͉ʮ ࠢ ؇183 Υ ձʕː 17M ᅽf ʕശ ʿ ʕശɛ͏ձ dྤ̮ൗ ೯ fΪϤd ͏ ೯ 2026d˾ϔ˾ f ಥ א Չ˼ྼʿ d͉ʮ ̡ਗ਼ϔৰ 10%ה ೯ 2026f
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– 20 – ٰ dೌሞ ಥʕ̯ഐ ܲ d͉ʮ̡ਗ਼˾ϔ˾ᖮ 10%Ά ʮ ̡˕˹ 2026ಛධf ОІ್ɛ d͉ʮ̡ਗ਼ʔ˾ϔ˾ᖮՉ 2026 ϋʕಂ f ΅೮া˓ᚃ ԮϞ 2026ᛆूd͉ ʮ̡ਗ਼І 2026 ϋ 9 ˜ 14ಂɓ Ї2026 ϋ 9 ˜ 17҈Շ˚ ಂග ΅ཀ˒೮াd༈ಂගਗ਼ʔึ೮ ϗ՟ 2026 2026 ϋ 9 ˜ 11ɧɤʱ ΅ཀ˒˖dʹ͉ʮ ʮ ؇ 183 Υձʕː 17 ᅽ 1712-1716 ⧕f Investors who invest in Shares through the Shanghai Stock Exchange or the Shenzhen Stock Exchange (the Shanghai-Hong Kong Stock Connect or the Shenzhen-Hong Kong Stock Connect investors), whether natural persons or enterprises, are investors who hold the Shares through HKSCC Nominees Limited, and, in accordance with the above requirements, the Company will pay to HKSCC Nominees Limited the amount of the 2026 Interim Dividend after withholding for payment the 10% enterprise income tax. The Company will not withhold and pay the income tax in respect of the 2026 Interim Dividend payable to PRC resident enterprise shareholders, exempted entities or any natural person shareholders. CLOSURE OF REGISTER OF MEMBERS In order to determine the entitlement of the Shareholders to the 2026 Interim Dividend, the register of members of the Company will be closed from Monday, 14 September 2026 to Thursday, 17 September 2026 (both days inclusive), during which period no transfer of Shares will be registered. In order to qualify to receive the 2026 Interim Dividend, holders of the Shares must lodge their Share certificates together with the relevant Share transfer documents with Computershare Hong Kong Investor Services Limited, the share registrar of the Company, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen ’s Road East, Wanchai, Hong Kong, not later than 4:30 p.m. on Friday, 11 September 2026.
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– 21 – MANAGEMENT DISCUSSION AND ANALYSIS MARKET REVIEW TRUCKS MARKET In the first half of the year, amidst a tumultuous external environment with frequent geopolitical conflicts, the global economy faced multiple pressures, including rising energy prices, intensifying inflationary pressures, and tightening monetary policy expectations, resulting in a weakening growth prospect. Domestically, the foundation for economic recovery entailed further consolidation considering the imbalance between strong supply and weak demand. In face of the complex situation, adhering to the general principle of pursuing progress while ensuring stability, the Chinese government fully implemented the new development philosophy and executed precise, effective, and proactive macroeconomic policies. As a result, the Chinese economy withstood pressure and maintained a generally stable trajectory toward a new and quality development, demonstrating remarkable resilience and vitality. China’s GDP grew by 4.7% YoY in the first half of the year. The total value added of industrial enterprises above the designated size grew by 5.4% YoY and the equipment manufacturing sector by 9.3% YoY. The national economy operated within a reasonable range in the first half of the year. New productive forces were cultivated and expanded, while economic development moved in a new and improved direction. During the Period, the HDT sector operated with overall stability. In terms of the domestic market, terminal demand grew steadily, which was primarily driven by the continued implementation of the scrappage and renewal policy for commercial vehicles operating under China IV and below emission standards, as well as multiple incentive policies for new energy HDTs. In particular, thanks to the dual opportunities of policy dividends and prominent operational cost advantages, both sales volume and market penetration rate of new energy HDTs reached new highs. In terms of the overseas market, global demand experienced substantial growth, with Chinese commercial vehicle brands accelerating their international strategic expansion. The acceleration of investment and mineral development in Africa and Southeast Asia and the robust demand for infrastructure and resource transportation spurred significant expansion of the market capacity. Meanwhile, the market share of Chinese brands continued to rise in regions such as the Middle East and Latin America, achieving record-high sales. According to statistics from the CAAM, the HDT sales volume reached approximately 660,900 units in the first half of the year, representing an increase of 22.59% YoY, of which exports amounted to 222,500 units, representing an increase of 43.02% YoY. In the LDT sector, the market exhibited distinct characteristics of overall volume pressure and structural differentiation. Demand for new energy LDTs maintained rapid growth, with the penetration rate approaching 30%. According to statistics from the CAAM, the LDT sales volume reached approximately 1,049,600 units in the first half of the year, representing an increase of 1.33% YoY. ؓ ̹ఙΫᚥ ̔ԓ̹ఙ ᎖ ɪပeஷദᏀɢ ڗ ̈d dʕ ࿏อ ݁ ᚃəᐼ̻ᖢeΣ ݺ ڗ4.7%d ڗ5.4%dༀ௪ ڗ9.3%fɪ̒ϋ͏ ༶БίΥଣਜගdอሯ͛ପɢԃѯ ΣอΣᎴf ̔Бุ༶Бᐼᖢfʫ̹ ᅺᐄ༶ԓ ࠠ ഄΝપਗɨd၌ცӋᖢӉᄣ лձ༶ᐄ ዚ༾dቖඎձသீଟΎ dΌଢცӋɽషᖂ ڢ ձ༟ ඎᜑഹᓒɽd ᚃ ኽʕӛԓʈ ߒ66.09 ຬሿdΝˢɪʺ 22.59%dՉʕ̈ɹ 22.25 ຬ ሿdΝˢɪʺ 43.02%d̹ ᜑഹतᅄd dသீଟʊ ڐ30%dɪ̒ ߒ104.96ڗ 1.33%f
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– 22 – ፄ༟̹ఙ ᘱᚃમ͜൲ಛ̹ఙజᄆ лଟ (LPR) ዚՓf1 ϋಂ LPRʔᜊd 5 ϋ ಂ LPR2026 ϋ 6 ˜ 30 ˚d1 ϋ ಂ LPRމ3.00%d5 ϋಂ˸ɪ LPRމ3.50%f ᐄΫᚥ ̔ʱ ̔ʱᐼϗɝɛ͏࿆ 64,800 ϵຬʩdΝ ˢɪʺ 44.5%މ 7.6%ࠥ1.5݊ ිгᑦฦf FINANCING MARKET During the Period, the Chinese government continued to implement the loan prime rate (LPR) mechanism. Both one-year LPR and five-year LPR remained unchanged. As at 30 June 2026, one-year LPR was 3.00%, while five-year and above LPR was 3.50%. OPERATION REVIEW HDTS SEGMENT Total revenue of the HDTs segment was RMB64,800 million, representing an increase of 44.5% YoY. The Operating Profit Margin of the HDTs segment was 7.6%, representing a decrease of 1.5 percentage points YoY, primarily resulted from exchange losses from foreign currencies export sales and receivables. ̔ʱϗɝ ɛ͏࿆ϵຬʩ Revenue of HDTs Segment (RMB million) 44,836 64,800 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 2026 2025
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– 23 – During the Period, the Group sold 193,644 HDTs, representing an increase of 41.8% YoY. 重卡銷量（輛） Sales volume of HDTs Segment (units) 85,293 68,985 108,351 67,529 0 200,000 150,000 100,000 50,000 250,000 2026 2025 Chinese Mainland 中國大陸 Overseas (included affiliated export) 海外 （含聯營出口） 136,514 193,644 DOMESTIC BUSINESS During the Period, the Group sold 85,293 HDTs in the PRC, representing an increase of 26.3% YoY. During the Period, in the face of a complex, volatile, and fiercely competitive domestic market environment, the Group overcame difficulties and took well-targeted steps, with the growth rate of domestic sales volume leading the industry, and the market share increasing by 1.7 percentage points YoY, ranking second in the industry. The specific operational achievements are reflected in the following three aspects: 1. Strong leadership in the new energy sector and continuous cultivation of growth engines Seizing the opportunity of the industry ’s green transition, the Group adhered to the strategic positioning of the “No. 1 Project, ” focused on frontline market breakthroughs, and implemented systematic cost reduction and efficiency enhancement measures. While achieving a fast leapfrog increase in sales volume and market share, the Group effectively realized operational quality improvements. During the Period, the Group’s new energy HDT sales volume increased by 138.8% YoY, and the market share rose by 3.9 percentage points YoY, ranking first in the industry for the first time. Notably, the Group ranked first in the market share of new energy dump trucks with a battery capacity of over 540kWh, as well as in the increase in market share of 4Ò2 new energy tractor trucks. ̔ቖਯ 193,644 ሿdΝ ˢᄣ̋ 41.8%f ʫุਕ ̔ቖਯ 85,293 ሿdΝˢɪʺ 26.3%f ʫ ̹ఙᐑྤd͉ණྠҸдᗭdၚ೯ɢd ʫቖඎᄣჯൺБุd̹ఙЦϞଟΝˢɪʺ 1.7БุୋɚfՈᐄϓ j 1. ᚃ ԃ ɹdς З dၳೊ̹ఙɓ d Ν પਗᐄ༶ሯඎҷഛfΫᚥಂ ڗ 138.8%d̹ఙЦϞଟΝˢɪʺ 3.9ࡈ БุୋɓfՉʕd 540kwh ˸ɪอঐ๕І՝ԓ̹ఙЦϞଟ ୋɓd4 Ò2 อঐ๕ଘˏԓ̹ఙЦϞଟ ᄣషୋɓf
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– 24 – 2. dਗɢ๕ʔᓙዧ೯ ܓ Ꮄʷ ༶ ፩̹ఙЦϞଟΝˢɪʺ 4.9ϵʱᓃd ʱ̹ఙd ঐdዷंଘ ˏԓ̹ఙЦϞଟΝˢɪʺ 3.2ϵʱ ᇞ৷༶፩ ̹ఙdԱϖ TCO ၝΥϓ͉Ꮄැˏኬ͜ પᄿɢ ᅂᚤɢf 2. Flourishing growth across segments and continuous activation of driving forces In the tractor truck market, the Group achieved remarkable results by making precise and targeted efforts across multiple dimensions. First, by optimizing product mix and expanding marketing channels, the Group ’s market share in hazardous materials transport increased by 4.9 percentage points YoY, propelling it to first place in the industry. Second, by deepening its presence in segmented markets and optimizing products based on specific application scenarios, the market share in gas-powered tractor trucks increased by 3.2 percentage points YoY. Third, the Group continuously expanded the long-haul highway transport market, guiding users through their purchase decision-making by leveraging its Total Cost of Ownership (TCO) advantage, and stepped up the promotion of intelligent driving models, enhancing the brand influence of the high-end brand, SITRAK. New Energy Tractor Truck อঐ๕ଘˏԓ Gas-powered Tractor Truck ዷंଘˏԓ
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– 25 – ॉ ձಬ༸ഐӻ୕Ꮄʷdᕐቃᚨ Ꮄ ᖢոfՉʕd Бุୋɓ d 4Ò2༱ԓ̹ఙЦϞଟБุୋ ɚdиᔛԓ̹ఙЦϞଟБุୋɚf ࣨ ᓃਜਹeᑌਗ᎘ҷ ᅺʷഃᑘણdྼ fՉʕd৷၌ਖ਼͜ԓ ԓ eऊԣ Ꮠ͜ఙ౻̹ఙ ЦϞଟɽషჯf In the cargo truck market, relying on the dual drivers and synergistic effect of product matrix expansion and systematic channel structure optimization, the Group continuously consolidated its competitive advantages and further solidified its industry position. Specifically, its market share in wingspan trucks remained firmly at the top of the industry, and it ranked second in the industry for both the market share of 4Ò2 six-cylinder cargo trucks and of refrigerated trucks. In the special vehicle market, the Group achieved steady sales growth by focusing on core business segments and key regions, collaborating with leading refitting services enterprises, and advancing product standardization. Notably, it maintained the industry-leading position in the high-end special vehicle market, with a significant lead in market share across multiple application scenarios, including pump trucks, fire trucks and emergency response vehicles. Wingspan Truck ԓ
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– 26 – 3. ࢝ן ːdഹɢ ᗡุਕ ݊ eеዄ ፄeΎႡிeᐼϓቖਯ ܄ วҴอ ঐ๕ପุอุ࿒eอዚ༾dၡ༧อঐ б҅ཥϫვ Бeঐண௪ഃ௴อุਕᅼόd̋Ҟ ͛࿒ӻfɧ ਗ࿒Ꮄʷ ሜfҁഛቖਠ൙ᄆձረঐዚՓd ɢձᘩ 2026 ϋ 6 ˜ 30 ˚ dʫ Ϟ 570̔ପ d1,200̔ପ ਕd 110ҷ ਕf 3. Diversified upgrading of the marketing ecosystem and continuous expansion of the value chain Centered on complete trucks sales, the Group focused to establish and improve an integrated full value chain business model covering upstream and downstream sectors, accelerating the formation of a diversified marketing ecosystem. First, it constantly enriched diversified products and services, including warranty services, insurance brokerage, unguaranteed auto finance, remanufacturing, and assembly component sales, further enhancing customer stickiness and comprehensive profitability. Second, seizing new business formats and opportunities in the new energy industry, the Group closely followed the pace of transformation in the new energy sector and proactively laid out innovative business models such as battery banks and charging equipment, accelerating the improvement of the supporting ecosystem for new energy commercial vehicles. Third, it conducted overall planning and dynamic optimization of the marketing network, improved the dealer evaluation and empowerment mechanisms, and comprehensively enhanced the quality, vitality, and competitiveness of the channel system. As at 30 June 2026, there were more than 570 dealerships selling the Group’s HDT products, with more than 1,200 service centers offering high- quality aftersales services and more than 110 truck refitting services enterprises offering refitting services in the PRC. Fire Truck ऊԣԓ
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– 27 – ყุਕ ̔ ўᑌᐄ̈ɹ 108,351ڗ57.1%dྼତ̈ɹϗ ɝ ўᑌᐄ̈ɹ ɛ͏࿆30,912 ϵຬʩdΝ ڗ54.0%f ࿁ሪj 2026 2025 2026 ϋ 2025 ϋ RMB million RMB million ɛ͏࿆ϵຬʩ ɛ͏࿆ϵຬʩ Overseas revenue ऎ̮ϗɝ 29,840 19,343 Affiliated export revenue ᑌᐄ̈ɹϗɝ 4,077 2,409 Total affiliated export revenue ᑌᐄ̈ɹᐼϗɝ 33,917 21,752 Less: Other affiliated export revenue ಯjՉ˼ᑌᐄ̈ɹϗɝ (3,005) (1,681) HDTs affiliated export revenue̔ᑌᐄ̈ɹϗɝ 30,912 20,071 ၾ҅ eʔ d೯༺ၾอ ᜑdอጳԱϖ ܵڭ d ɹʔᓙʺdΆุ̋Ҟყʷ ˚ᒈዧडfɪ̒ϋd͉ ණྠ̈ɹቖඎձϗɝΎ௴ዝ̦Νಂอ৷dՉ ЗdჀ̔eჀ ̹ఙৣ̈ɹᅼɰʔᓙᓒɽf Ϋᚥಂʫd͉ණྠʔᓙቩոᎴැ̹ఙჯή d੶ʷ ɢ ԭଫਿᆵ̹ఙ อጳ ഄձቖၣ ഖ൙ॴዚՓd̋ɽ༟๕ҳɝdપਗቖඎၾ̹ ਕΥ પᄿᏐ͜dආɓӉᔮబ ݊ ღঐɢd ֳ ̹ఙ ღӻf INTERNATIONAL BUSINESS During the Period, the Group exported 108,351 HDTs (including affiliated exports), representing an increase of 57.1% YoY, achieving export revenue (including affiliated exports) of RMB 30,912 million, representing an increase of 54.0% YoY. Reconciliation of overseas revenue to affiliated HDT export revenue: In the first half of the year, the Sino-US trade friction persisted, and geopolitics and local conflicts spilled over, significantly exacerbating uncertainty and instability in the global market. On the one hand, the growth momentum between developed economies and emerging markets diverged significantly. Emerging economies maintained rapid economic growth and robust demand for HDTs, driven by demographic dividends, industrialization and urbanization. On the other hand, the reputation of Chinese products continued to improve, and various enterprises accelerated their global expansion strategy, resulting in fiercer competition across various regions. In the first half of the year, the Group ’s export sales and revenue reached new historical highs for the same period. The HDT exports maintained the leading position among Chinese brands, and the export scale of LDTs, light commercial vehicles and aftermarket parts continued to expand. During the Period, the Group continuously consolidated its leading position in advantageous markets and strengthened breakthroughs in weak and untapped markets. Meanwhile, it reinforced overseas marketing and service support to maintain strong global comprehensive competitiveness. First, its market share in strategic base markets such as Africa and Southeast Asia continued to expand, while markets in the Middle East and Latin America emerged as new growth engines. By implementing differentiated commercial policies and dealer network rating mechanism, and increasing resource investment, the Group promoted growth in both sales and market share. Second, in high-end markets, it strengthened the promotion and application of service contracts and fleet management systems to further enrich full life-cycle solutions for various application scenarios. Third, the Group improved the aftermarket system and enhanced parts supply capabilities. By accelerating the layout of parts warehouses and the establishment of additional dedicated parts stores and training centers, and expediting digital transformation, it promoted the in- depth expansion of aftermarket business and built a solid overseas aftermarket support system.
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– 28 – 2026 ϋ 6 ˜ 30ʊ̈ɹЇ 150ήਜdணͭə 47ڌ ə 260ቖၣഖe 1,000ͭə 37ྤ ̮ΥЪ KD ͛ପʈᅀdίΌଢ 102б ҅ə 36ڢ ࢝ ձ ყ̹ఙᐄቖၣ ഖӻf Vietnam New Energy Partner Conference อঐ๕ΥЪྫМɽึ As at 30 June 2026, the Group ’s products had been exported to over 150 countries or regions, with 47 overseas representative offices and branch offices established, over 260 dealer networks developed, more than 1,000 service and parts outlets and 37 overseas cooperative KD production facilities established, and 36 overseas warehouses deployed in 102 countries globally. This has formed an international marketing network system essentially covering developing countries and major emerging economies in Africa, the Middle East, Central and South America, the CIS, and Southeast Asia, as well as certain mature markets including BRICS countries and Australia.
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– 29 – ཧุਕ ːʈᖵd˔ྼપආ ڭ ක೯ MC05Hࣖ ፄΥεධอɓ˾Ҧ ක೯ MC13dίዷደӻ୕eආરं ආБᎴʷʺdਗɢ ආɓӉʺfɧ ක೯ MCE09 ӻΐཥᚨdஷཀԴ͜ɓ όᛟிಠe՟ऊቃᗙಯeમ͜৷ኺՇ f Ⴠ̔ʿՉ˼ʱ ΫᚥಂʫdჀ̔ʿՉ˼ʱྼତᐼϗɝɛ͏ ࿆ 7,556 ϵຬʩdΝˢᄣ̋ 4.2%fჀ̔ʿՉ މ0.4%d༰ɪϋΝಂಯ ˇ 2.0ϵʱᓃf dΫᚥಂ ߒ88%dϾ͉ʱՉ ਠ͜ԓʿՉ˼ԓሿf PARTS AND COMPONENTS BUSINESS During the Period, the Group focused on core manufacturing processes, and steadily advanced new product development and product quality enhancement, thereby maintaining its industry-leading position in core powertrain. Firstly, the Group developed the MC05H National VI engine with high thermal efficiency. The engine integrates multiple new-generation technologies, with performance indicators reaching industry-leading levels. Secondly, the Group developed the MC13 high-thermal-efficiency engine model, and optimized and enhanced the combustion system, intake and exhaust systems and valve train system, resulting in stronger power output and further improving market adaptability. Thirdly, the Group developed the MCE09 series electric drive axle, which met vehicle load-bearing requirements and effectively improved system efficiency and vehicle power performance through, among others, the use of an integrated cast axle housing, the removal of wheel-end reduction mechanism and the adoption of two-stage reduction structure for the high-speed gear. LDTS AND OTHERS SEGMENT During the Period, the LDTs and Others Segment achieved total revenue of RMB7,556 million, representing an increase of 4.2% YoY. The operating loss margin of the LDTs and Others Segment was 0.4%, 2.0 percentage points lower than that of the Previous Period. LDTs are the principal product of the LDTs and Others Segment, accounting for approximately 88% of the segment’s revenue during the Period. Other products of this segment mainly include buses, light commercial vehicles, and other vehicles. 輕卡及其他分部收入 Revenue of LDTs and Others Segment 88% 12% Others 其他 LDTs 輕卡
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– 30 – During the Period, the Group sold 62,608 LDTs, similar to that of the Previous Period. 輕卡銷量（輛） Sales volume of LDTs (units) 62,81662,608 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 2026 2025 During the Period, the Group deeply explored customer needs, and enriched the product matrix across multiple dimensions to effectively meet diverse and differentiated market demands by focusing on key application scenarios and conducting in-depth end-user market research. Firstly, exports of LDTs and light vehicles grew rapidly and accounted for a significantly higher proportion in the total exports. During the first half of the year, approximately 7,000 LDTs and 3,000 light vehicles were exported, demonstrating a continuously enriched range of export categories. Secondly, the Group improved its product structure and accelerated its new energy transition. During the first half of the year, the sales volume of new energy LDTs increased by approximately 148% YoY, far exceeding the industry average. Thirdly, the Group continued to enhance its product portfolio by strengthening its advantages and addressing its shortcomings in product differentiation and refitting convenience, strengthening the development of key segmented markets for special-purpose vehicles such as refrigerated vehicles, breakdown recovery vehicles and sanitation vehicles, while achieving incremental growth through products such as recreational vehicles, fire trucks and mixer trucks. Ϋᚥಂʫd͉ණྠቖਯჀ̔ 62,608 ሿdၾ f ᓃᏐ͜ఙ౻dଉɝ ܱܓ တԑεᅵ ۨ d̈ɹЦˢɽషʺd ߒ7,000ӛԓ̈ɹ ߒ3,000ҷഛ dɪ̒ϋอঐ๕ ߒڗ148%dჃ൴Бุ̻ѩ ࢨۜ d̋੶и ᓃʱ̹ఙක೯d ྼ ତᄣඎf
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– 31 – 2026 ϋ 6 ˜ 30 ˚dʫϞჀ̔ቖਠ 860d2,000ۜ ਕd 150ۜ ਕf As of 30 June 2026, the Group ’s domestic LDT operations were supported by over 860 dealers, more than 2,000 service centers providing after-sales support, and over 150 truck refitting services enterprises offering LDT refitting services in the PRC. (Sources of HDTs and LDTs markets related data: CAAM data, end-user retail data and the Group’s internal data) ᅰኽԸ ๕jʕӛԓʈุึᅰኽe၌ཧਯᅰ ኽe͉ණྠʫᅰኽ New Energy LDT อঐ๕Ⴠ̔
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– 32 – FINANCE SEGMENT AND MONEY LENDING BUSINESS During the Period, the revenue of the Finance Segment was RMB515 million, representing an increase of 50.1% YoY. The Operating Profit Margin of the Finance Segment was 29.5%, decreased by 0.2 percentage points YoY. During the Period, the Group sold 44,673 vehicles through Auto-finance Services, representing an increase of 37.1% YoY. These increases were in line with the expansion of granting new loans and leases during the Period. ፄʱʿ൲ಛุਕ ɛ͏࿆ 515 ϵ ຬʩdΝˢᄣ̋ 50.1%ፄʱᐄ༶๐л މ29.5%ࠥ0.2ϵʱᓃfΫᚥ ਕቖਯӛԓ 44,673 ሿdΝˢᄣ̋ 37.1%ၾΫ f ͉ ͉ණྠਠ ɛʿྼ ʕ ˒f ፄ൲ಛʿፄ א ڭ ዄ ᗫಛධ ൲ಛ ᗇ ږ ɧϋ ʫᎵᒔf The Finance Segment provides Auto-finance Services to the public which is also the money lending business of the Group. Its borrowers comprise end- users or dealers of the Group ’s commercial vehicles who may be individuals and entities. Such borrowers are either existing customers of the Group or those referred from the CNHTC Group or the Group ’s vehicles dealers. The Auto-finance Services are further divided into auto-finance loans and finance leasing. All loans and leases are secured by guarantee deposits and/or commercial trucks being purchased, guaranteed by the borrowers (and, for those that are entities, by guarantees of their owner(s) as well), and in respect of certain borrowers, the relevant amounts are also guaranteed by the dealers. Moreover, for any loan or lease involving a large amount, further security such as properties and (additional) guarantee deposits may be required to be provided as collateral. The loans and finance leases granted under the Auto- finance Services are normally repayable within three years. 金融分部收入（人民幣百萬元） Revenue of Finance Segment (RMB million) 343 515 0 100 200 300 400 500 600 2026 2025
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– 33 – ږ ͭԑอ ַ ൲ପ ఖ ᔎอঐ๕ਠ͜ԓ༶ᐄఙ౻d˴ਗપ̈̂ཥண ݄ ਕ᜕fΫ ᚃΣλf 2026 ϋ 6 ˜ 30ፄʱʊணͭ 25ࡈ ːਜਹf ऊණྠʫʹ ᕘf лଟɓ ছʧ˷ 1.6% Ї 10% ʘගf 2026 ϋ 6 ˜ 30 ˚ʿ 2025 ϋ 12 ˜ 31νɨj 30 June 31 December 2026 2025 2026 ϋ 2025 ϋ 6 ˜ 30 ˚ 12 ˜ 31 ˚ RMB million RMB million ɛ͏࿆ϵຬʩ ɛ͏࿆ϵຬʩ Less than 3 months˜ʫ 4,152 3,540 3 months to 6 months˜ 3,710 3,246 6 months to 12 months˜ 6,115 5,070 1 year to 2 years ɓϋЇՇϋ 7,551 6,098 2 years to 3 years ՇϋЇɧϋ 2,156 1,573 Over 3 years ൴ཀɧϋ 113 — 23,797 19,527 2026 ϋ 6 ˜ 30ಛɛ 90,000 З2025 ϋ 12 ˜ 31 80,000 З dՉ͊Ꮅ˹ᏐϗሪಛଋᕘʿᏐϗ ɛ͏࿆ 23,752 ϵຬʩʿ ɛ͏࿆ 45 ϵຬʩ 2025 ϋ 12 ˜ 31ɛ ͏࿆ 19,512 ϵຬʩʿɛ͏࿆ 15 2026 ϋ 6 ˜ 30ږ ߒ87.0%2025 ϋ 12 ˜ 31 ߒ79.2%f The Group has further expanded into new business areas, promoted the development of green finance, and enriched its business portfolio. First, based on its existing financial layout for new energy HDTs and traditional LDTs, it has actively extended its special loan products to engineering-specific vehicles such as new energy concrete mixer trucks, effectively expanding the reach of its new energy financial services. Secondly, focusing on the operational scenarios of new energy commercial vehicles, it has proactively launched loan programs for recharging equipment. Thirdly, it has continuously optimized its new energy business implementation plan, improved financing convenience, and enhanced the service experience. During the Period, its green finance business resulted in a continued positive development trend. As at 30 June 2026, the Finance Segment had established 25 business offices, with its business covering all core regions in the PRC. The below figures in this section are stated after the elimination of intra-group transactions. During the Period, the Group generally charges financing receivables at interest rates ranging from 1.6% to 10%. The ageing analysis of the financing receivables based on the maturity date as at 30 June 2026 and 31 December 2025 is as follows: As at 30 June 2026, there were less than 90,000 borrowers (31 December 2025: less than 80,000 borrowers) of the Finance Segment and their total net outstanding receivables and interest receivable were approximately RMB23,752 million and RMB45 million (31 December 2025: approximately RMB19,512 million and RMB15 million), respectively. As at 30 June 2026, the net finance leases balance to the net financing receivables was approximately 87.0% (31 December 2025: approximately 79.2%).
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– 34 – 2026 ϋ 6 ˜ 30ಛ ږ ߒ0.40%ߒ1.36%2025 ϋ 12 ˜ 31ߒ0.51%ߒ1.46%f ɛ͏࿆ 36 ϵຬʩ 2025ᅡ௪ᔷ ɛ͏࿆ 7ږ ፄᏐϗሪಛቖ 2025ϋjೌ f 2026 ϋ 6 ˜ 30ᅡ ɛ͏࿆ 752 ϵຬʩ 2025 ϋ 12 ˜ 31 ˚jɛ͏࿆ 716ፄᏐϗ ༉ઋdሗਞቡɨ˖ ʿቖ ɓືf رً࢝ ӛৌਕʮ̡ ɪϋΝಂԫ 2025 ϋ 112026 ϋ 6 ˜ 30ϞვБගπಛɛ ͏࿆ 6,150 ϵຬʩeණྠʫ൲ಛɛ͏࿆ 70 ɛ͏࿆ 0.5 ϵຬʩf ൲ಛุਕ༉ ઋdሗਞϽ͉ʮ̡ 2025 ϋʕಂజѓf ӛৌਕʮ̡ਗ਼Ӊ˟ვБගπಛԨϗΫ ණྠʫ൲ಛfၑҏʥίආБʕf As at 30 June 2026, the largest borrower and the top five borrowers of the Finance Segment who are all independent third parties constituted approximately 0.40% and approximately 1.36% (31 December 2025: approximately 0.51% and approximately 1.46%), respectively, of the net financing receivables. During the Period, the impairment loss of financing receivables was RMB36 million (2025: the reversal of the impairment of financing receivables at RMB7 million). During the Period, no financing receivables had been written off (2025: nil). As at 30 June 2026, the total provision of impairment of financing receivables amounted to RMB752 million (31 December 2025: RMB716 million). For details of the basis and details of impairment loss of the financing receivables, please refer to the section headed “Impairment and write-offs” below. THE VOLUNTARY LIQUIDATION AND PROGRESS As published before, Sinotruk Finance Company, which engaged in money lending business in the Previous Period, had been undertaking a voluntary liquidation and ceased its money lending operations since November 2025. As at 30 June 2026, Sinotruk Finance Company had RMB6,150 million interbank deposits, RMB70 million intra-group loan and RMB0.5 million interest receivables. For details of the money lending business of Sinotruk Finance Company in the Previous Period, please refer to the 2025 interim report of the Company. Sinotruk Finance Company will gradually terminate interbank deposits and collect back the intra-group loan. The liquidation is still in progress.
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– 35 – ݄ ഄ ࠾ ɛආ ܼa)ᆑί iʿ (b)࠾ رً ۨ f Ͻ ڦ ʿ ኽՈ ॡ༣ʘ̀ ڭ/ ᕘf ᕘeᒔಛૢಛ dԨ ᗫ͡ሗЪ ٙ ˹ಛҏf ᚃ္છ൲ಛළϗʿΫϗ ၍ଣ ਞၾ္છ ࠬ Ꮅ ͭуజ ץת ಂʿ /f ͉ණྠ͵મ՟൲ಛළϗ /ഄdኽϤd ਗ਼ᘱᚃ ಛɛᑌഖd ุਕ ഐ൲ಛၾ dุਕ ළಛ ॰ҏf RISK MANAGEMENT POLICY AND KEY INTERNAL CONTROL MEASURES CREDIT APPROVAL PROCESS AND CREDIT RISK ASSESSMENT POLICY Prior to the granting of financing services to the borrowers, the relevant business units (“Business Unit(s)”) of the Finance Segment will first review the application of the potential borrower, and conduct appropriate pre-loan or pre- lease checks on the potential borrower and its guarantor, which involves (a) reviewing the financial reports and statements of the potential borrower; and (b) performing an assessment on the financial condition of the potential borrower and its equity holder(s) (for entities), such as the type and value of assets owned by the potential borrower. Depending on the type and amount of the financing services, the Business Units will assess and decide the necessity and the amount of security/collateral for the granting of each loan or lease on a case by case basis considering the factors including but not limited to the repayment history, results of public credit search towards the borrower, the value and location of the assets owned by the borrower and the financial condition of the borrower. Relevant business approval forms including but not limited to details of the amounts, repayment terms and the applicable interest rate will be prepared and the senior management of the relevant Business Unit will give final approval in respect of the relevant application and, pursuant to which, the Business Unit will execute the relevant drawdown or payment procedures. ONGOING MONITORING OF LOAN COLLECTION AND RECOVERY Various departments of the Business Units (principally engaged in post loan management) are involved in monitoring loan repayment and recovery. Such departments report to the risk management and operations departments on the repayment status of all loans and financing on at least a quarterly basis and report any material defaulted loans immediately upon occurrence. In addition, the Group carries out regular and/or specific inspections in respect of the financial status of the borrowers and the status of the collaterals. The Group has also adopted a policy for loan collection/recovery, pursuant to which, depending on the status of the overdue payment, the Business Units will continuously contact the borrower via different means including by phone and on-site interviews, issuing overdue payment reminders to the borrower, and, based on the approval of the senior management of the Business Units, the Business Units may negotiate with the borrower for the repayment or settlement of the loan. Depending on the outcome of the aforesaid measures, the Business Units may also instruct legal advisers to issue formal legal demand letters or carry out formal legal proceedings for collection of loans.
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– 36 – IMPAIRMENT AND WRITE-OFFS The Group considers the provision for impairment based on the borrowers ’ repayment situations, current and forecast economic conditions and laws and regulations which are consistent with market practices. In compliance with the requirements set out in the Guidance on Provisioning for Bank Loan Losses (ˏ) promulgated by the PBOC, in assessing the relevant risks of loss in respect of the financing receivables, the Group shall, on at least a quarterly basis, assess and classify the relevant outstanding balances into five categories depending on the credit risk. Depending on the relevant category, allowances for impairment in respect of the outstanding financing receivables will be made by the Group in accordance with the internal policy, based on a provision rate ranging from 1% to 100%. Further details of the financing receivables are set out in the sections headed “REVERSAL OF NET IMPAIRMENT LOSSES OF FINANCIAL ASSETS” and “RECEIVABLES”h“From financing activities”. ADDITIONAL CONTROLS IN RESPECT OF CONTINUING CONNECTED TRANSACTIONS The provision of financing arrangements to SDHi Group and its Associates constitutes continuing connected transactions of the Group and such transactions are conducted in the manner as stipulated under the relevant financing services agreements. Additional internal control measures, including but not limited to re-confirmation before the release of new or renewal of loan or finance lease not exceeding the pre-approved caps, are implemented, so as to ensure the compliance with the requirements of the Listing Rules. MAJOR KEY PERFORMANCE INDICATORS (“KPIs”) The Directors focus on the sustainable development of the Group as a whole and the interests of Shareholders. The Directors use financial and non- financial indicators as benchmarks to assist in evaluation and decision-making. Sales volumes and revenue of HDTs and LDTs reflect actual operating results and performance. Cash is critical to the survival of the Group and net cash generated from operating activities provides insight on the Group ’s ability to generate cash flow from continuing operations. Liabilities to assets ratio (total liabilities divided by total assets) measures the proportion of the Group ’s assets financed by liabilities and provides insights into the Group ’s leverage and financial stability. Capital expenditure ( “CAPEX”) provides information on the medium to long term development of the Group. Profit attributable to equity shareholders of the Company shows information on the return to Shareholders for the Period. ʿቖ ʿཫ ᅡ௪d ה d d͉ ᗫ͊ᎵᒔഐቱආБ൙ ᗳйf ܲ 1% Ї 100%ፄᏐϗሪ һε Ϋᅡ ʿ Ꮠϗ ፄุਕ f ᕘ̮၍છ ᙮ʮ ᚃᗫஹʹ ࠅٙۆ Шʔ ࠢ อᆽႩf ᅺ л ਿd ቖਯඎ ږ ਗ ව ˢ ֛ ࢝ Ϋᚥ f
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– 37 – The following charts and table present the key KPIs for the six months ended 30 June of each of the following years: (All key KPIs are expressed in RMB million unless otherwise stated) 6% 67%418 -23% 193,644 42% 62,608 0% 70,841 39% 4,325 26% 3,770 3% Liabilities to assets ratioCAPEX HDTs sales volume (units) LDTs sales volume (units) Revenue 資產負債率資本開支 重卡銷售量（輛） 輕卡銷售量（輛） 收入 Profit attributable to equity shareholders of the Company 本公司權益股東應佔溢利 Net cash generated from operating activities 經營活動產生的現金淨額 Key performance indicatorsᅺ 2026 2025 2024 2023 2022 HDTs sales volume (units)̔ቖਯඎ ሿ 193,644 136,514 125,017 108,887 75,068 LDTs sales volume (units) Ⴠ̔ቖਯඎ ሿ 62,608 62,816 56,922 49,714 45,289 Revenue ϗɝ 70,841 50,878 48,823 41,371 29,028 Profit attributable to equity shareholders of the Company ͉ʮ̡ᛆू ᏐЦ๐л 4,325 3,427 3,294 2,358 1,283 Net cash generated from operating activities ٙ ଋᕘ 3,770 3,657 5,336 3,020 1,562 CAPEX ༟͉ක˕ 418 546 1,015 993 1,164 Liabilities to assets ratioවଟ 67% 63% 64% 61% 58% ࿚Ї 6 ˜ 30 ˚˟ 6ᅺj ږ
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– 38 – KEY RELATIONSHIPS WITH THE CUSTOMERS, SUPPLIERS, EMPLOYEES AND OTHERS The Group engages in communication with stakeholders, establishing a diversified communication mechanism covering government institutions, regulators, shareholders, investors, customers, employees, the public, partners and the environmental sector. Through various channels, the Group has deeply integrated stakeholder expectations, demands and concerns into its strategic plans and operational decisions, achieving a precise alignment between corporate development and the needs of all parties, thereby forming a sustainable development framework of co-creation and sharing. The Group consistently adheres to the core principle of “building an efficient and collaborative service ecosystem centered around customers and supported by channels,” carrying out its work around the two centers of “customer value creation” and “channel core competitiveness cultivation. ” We have established and improved customer service and after-sales management process systems, formulating and implementing customer service management regulations such as the On-site Management Measures for Service Stations (ਕ१ତఙ၍ଣ ) and the After-sales Services Management Process (ਕ၍ଣ ҏ) to provide customers with excellent service in all aspects. The Group continuously strengthens the construction of its customer service team, improves the tiered and categorized training mechanism, and establishes a professional qualification certification system for maintenance technicians to comprehensively enhance the professional capabilities and service levels of frontline maintenance personnel. The Group continuously optimizes its customer service management system, creating a 24-hour customer communication network through an omnichannel contact platform and the Smart Sinotruk App. After customers call the 400 hotline, their requests are categorized into inquiries, complaints and repair requests according to the Customer Request Classification Standard (܄ ˒ൡӋʱᗳᅺ), with corresponding work orders created and handled accordingly. For repair requests, the system utilizes automated dispatch logic to intelligently recommend and generate repair work orders based on factors such as service station rating, distance and priority, achieving precise dispatch and efficient response. The Group has established a continuous improvement mechanism oriented by customer needs. Through the Smart Sinotruk App and questionnaire surveys, it conducts quarterly satisfaction surveys covering aspects such as the three- guarantee policy, channel management, service assurance, technical support and service hotlines. Responsible departments are assigned to formulate corrective action plans for low-scoring items, and implementation is tracked. ձՉ˼ɛ ڷ ִ݁ ࡰ ε ʩʷ๖ஷዚՓf͉ණྠஷཀε၇ಬ༸ਗ਼лू ፄɝଫ ၾ˙ცӋ ࣸ࢝ ҅f މ ਕ͛࿒ வɓ˴ ن ͭ Ԩ ਕ၍ଣ ˒ԶΌ ਕf ணdҁഛʱ ᔖุ༟ ਖ਼ุ ਕ˥̻f ਕ၍ଣӻdஷཀΌ ӛ APPd͂ி 24 ʃ ˒ᅡ͂ 400dԱ ፔ༔eҳ ͭ࿁ᏐʈఊԨʱᗳஈ ʈᜌ፨dၝ ਕ१ഃॴe൷ᕎʿᎴॴഃΪ९౽ঐપ ᚤ Ꮠf ᚃҷආዚ ӛ APPഃ˙όd ڭ ܓ ҷ˙ Ԩ༧ᔳໝྼf
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– 39 – The Group actively builds an information security management system that is deeply integrated with its global business layout and regulatory requirements. It strictly complies with relevant laws and regulations, including the Cybersecurity Law of the People ’s Republic of China, the Data Security Law of the People ’s Republic of China, the Personal Information Protection Law of the People ’s Republic of China, and the Provisions on the Management of Automotive Data Security (For Trial Implementation), and has formulated 12 policy documents, including the Information Security Management Measures, and 20 normative standards. This comprehensive policy system ensures the security and compliance of data throughout its entire lifecycle. The Group regards the development of a responsible supply chain as a crucial foundation for sustainable development. It continuously promotes the standardized and collaborative management of the supply chain, working together with supplier partners to practice the concept of sustainable development. The Group persistently advances the construction of a sustainable supply chain. It formulated and implemented the Supplier Code of Conduct, which sets forth clear requirements for suppliers in areas such as environmental protection, occupational health and safety, labor rights, business ethics and information security. Key audits focus on ESG-related requirements, including occupational safety, occupational health and environmental management. Meanwhile, the Group integrates environmental and social risks into its supplier risk management, strengthening controls during access audits, qualification reviews, performance assessments, and periodic audits to systematically identify and prevent potential sustainable development risks within the supply chain. The Group is committed to collaborative development with its suppliers. Through initiatives such as specialized training sessions and supplier conferences, it assists all parties in making continuous improvement in areas including quality management, environmental management, and social responsibility, jointly forging a sustainable supply chain system. Meanwhile, we leverage information platforms to share information with suppliers, such as recognition for outstanding proposals, results from negative ratings and notifications of typical quality issues, thereby promoting the exchange of experiences and mutual improvement. Ӌ ፭ృ ʕശɛ͏ ڦ ༊ τΌ၍ ഃ12˖e 20ᇍᅺf ᅰኽίΌ͛նಂʫ f ࢝ ᚃપආԶᏐᗡᇍʷၾΝ ᚃ೯ f Ԩ ڭ ᚐeᔖุੰၾτΌe௶ʈᛆूeਠุ༸ᅃ ࣨ ᔖุτΌeᔖุੰʿᐑྤ၍ଣഃ ESGᗫ ᎈॶɝ e ഃᐑື̋੶၍છdӻ୕ ࠬ࢝ ᎈf ਖ਼ ᕚeԶᏐਠɽึഃҖόdᏍп˙ίሯ ᚃ dҢ ڌࣩ ڦ dપਗ᜕ʝஷၾҷආʺf
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– 40 – The Group regards talent as the core driving force for corporate development. It practices a people-oriented philosophy in employee management and places high importance on protecting employee rights and interests, career development and well-being improvement, striving to create a harmonious, equal and diverse work environment, and fostering mutual growth with its employees. At the same time, the Group actively fulfills its social responsibilities by actively engaging in rural revitalization and social welfare initiatives, contributing to the building of a better society and demonstrating the corporation’s dedication and warmth. The Group adheres to the principles of legal employment and equal pay for equal work. It continuously improves its employee rights protection system and consistently optimizes mechanisms for employee recruitment, communication, compensation incentives and performance management. Moreover, it explicitly prohibits any form of discrimination and harassment and effectively safeguards employees ’ welfare benefits and legitimate rights and interests, thereby solidifying the labor relationship between the Group and its employees. The Group persistently enhances its employee training and development system to improve employees ’ professional capabilities and overall quality. We provide employees with diverse and clear career development paths, committed to helping every employee realize their self-worth and facilitating mutual growth between employees and the Group. In line with the strategic direction, the Group conducts workforce analysis to devise talent acquisition and reserve strategies. Drawing on adjustments to our strategic layout and production/sales forecasts and considering both internal/external environments and the talent market, we leverage analytical tools such as data-driven decision platforms and workforce models to analyze various dimensions, including employees ’ educational backgrounds, ages, tenures, work areas, and turnover rates, thereby allowing us to proactively identify the required talent in terms of quantity, quality, role, cost, and timing. We have formulated a talent strategy that aligns with our development plans. Through scenario simulation analysis and best cost-benefit assessments, we have constructed a full-cycle workforce planning system integrating short-term, medium-term, and long-term perspectives, ensuring that the quality, quantity, and structure of talent at each stage can meet the Group’s development needs. ːᚨਗɢd ࠠܓ ʺdр ʈЪᐑྤdᙳ˓ ึ ึʮूdпɢ f dʔᓙ ם ڭ ᛆूdᖢո͉ණྠ f ӻdʺ ʈԶ Ꮝпӊ ʈၾΆุ ؓ ˸ණ ԱኽdၝΥ dл͜ᅰ ʈኪ ഃ ცɛʑ ୌ ɛʑଫdԨஷཀઋྤ ə Όಂ௶ਗɢྌ ሯඎeᅰඎၾഐ ცӋf
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– 41 – The Group ’s remuneration policies were determined with reference to the performance, qualification and working experience of individual employees, as well as the results of the Group and the market conditions. The benefits provided by the Group to its employees include discretionary bonus, meal subsidies, medical insurance, work injury insurance, unemployment insurance, etc. Employees (including executive Directors) may receive bonuses and monetary rewards based on their performance and ratings in annual performance appraisals as well as participating in the employees’ share award scheme. During the Period, the expenses of the Group (including salaries, retirement benefits, other welfares, post-employment benefits and employees ’ share award scheme expenses) to all employees including Directors amounted to RMB3,774 million (including share-based payment expense of RMB36 million), representing an increase of 9.1% YoY. As at 30 June 2026, the Group employed a total of 28,209 employees, broken down by function and education as follows: 僱員學歷 Education background of employees 51% 11% 38% Bachelor Degree 本科 Master Degree or above 研究生及以上 Associate Degree or below 大專及以下 ତe ᔾ ڀ ᎈḛุ ࡰ ʿਞ ྌf ԫ ක˕ ܝ ɛ͏࿆ 3,774΅˕˹൬͜ɛ͏࿆ 36 ϵຬʩ dΝˢᄣ̋9.1%f 2026 ϋ 6 ˜ 30ࠇ 28,209ᔖঐձኪዝྌʱνɨj Number of employees % ɛᅰ % Management team ၍ଣᄴྠඟ 307 1.09% Technical and engineering staffࡰ3,905 13.84% Research and development staffࡰ3,106 11.01% Production staffࡰ15,447 54.76% Operation and sales staffࡰ2,661 9.43% Administrative staffࡰ2,783 9.87% 28,209 100.00%
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– 42 – ENVIRONMENTAL POLICY AND PERFORMANCE, AND COMPLIANCE WITH RELEVANT LAWS AND REGULATIONS The Group actively pursues a green development strategy, striving to build a green and low-carbon sustainable future. The Group integrates ecological protection deeply into its overall strategy and daily operations by responding to global climate governance, enhancing environmental controls and implementing energy conservation and carbon reduction throughout its operations, continuously pursuing harmonious coexistence between corporate growth and the natural environment. The Group attaches great importance to the risks and opportunities presented by climate change and continuously improves its four-pillar system centered on “Governance, Strategy, Risk Management, and Metrics and Targets ”, comprehensively advancing climate change management efforts. The Group deeply integrates the concept of green development into the entire production and operation process, enhancing resource use efficiency and promoting energy conservation and consumption reduction. By continuously optimizing management systems, applying innovative technologies and implementing refined management practices, we comprehensively promote the efficient recycling and reuse of energy, water resources and materials, establishing a resource-conserving and environmentally friendly operational model. A series of measures are actively undertaken to enhance the climate resilience of production and operations. By optimizing the energy structure, we improve energy utilization efficiency, reduce carbon emissions, strengthen our capacity to address climate change and promote the sustainable development of the enterprise. ج ر ᝈdഹɢ͂ிၠЍ ࡉ ࠥ ॶɝ ၾІ ሜ͛f ᎈၾዚ ᎈ၍ଣÑ પ ᜊʷ၍ଣʈЪf ፄɝ͛ପ༶ᐄΌ ঃf ᚃᎴʷ၍ଣӻeᏐ͜௴อҦஔ પආঐ๕e˥༟๕ eᐑ ̋ ஷཀᎴʷঐ๕ dᄣ ᚃ೯ f
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– 43 – The Group actively promotes the construction of a “Zero-Waste Group ”, establishing the control of environmental pollution from industrial wastewater, exhaust gas, noise, and solid waste as its environmental management objectives. It ensures a 100% operational rate for environmental facilities, a 100% compliance rate for the discharge of three industrial wastes, a 100% safe disposal rate for hazardous waste, and zero occurrence of pollution incidents. The Group strictly complies with laws and regulations such as the Environmental Protection Law of the People ’s Republic of China and the Law of the People’s Republic of China on Environmental Impact Assessment. It has formulated the Environmental, Health and Safety Management Policy and, based on this, established procedural documents including the Environmental and Occupational Health and Safety Management Manual (ᐑྤձᔖุ ੰτΌ၍ଣ˓̅), the Environmental and Occupational Health and Safety Management Control Procedures (ᐑྤձᔖุੰτΌ၍ଣછՓҏ) and the Objectives, Targets and Programs Control Procedures (ܸ છՓҏ ), thereby establishing a comprehensive environmental management system and enhancing environmental management standards. COMPLIANCE MATTERS During the Period, there was no material breach of or non-compliance with the laws or regulations applicable to the Group nor were there any events that had a material impact on the Group’s business and operations. During the Period, the Group has complied, in all material respects, with the requirements under the Companies Ordinance, the Listing Rules, the SFO and the Corporate Governance Code regarding, among others, disclosure of information and corporate governance. ணdਗ਼છՓ ٙ ᗇᐑ ༶Бଟ 100%ଟ 100%ᇍஈໄଟ 100%ԫ ཧ೯͛f ᚐ ج ഄ d ͭ ᐑྤձᔖุੰτΌ၍ଣ˓̅ ᐑྤձᔖุੰτΌ၍ଣછՓҏ ͦ ܔ ӻdʺᐑྤ၍ଣ ˥̻f Υԫධ ʔ፭ς ઋҖd͵͊೯͛࿁͉ ԫf ʊ፭ςʮ̡ eᗇՎʿಂૢԷʿΆุ၍ ʿΆุ၍ f
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– 44 – PRINCIPAL RISKS AND MITIGATION MEASURES The principal risks faced by the Group and the mitigation measures taken during the Period are as follows: 1. QUALITY CONTROL RISKS In the first half of 2026, the 6MIS for new energy HDTs recorded a YoY decrease of 10%, while the 3MIS for new energy LDTs decreased by 40% YoY. While the quality of new energy products has steadily improved, there remains a risk that consolidating these achievements will be challenging. To prevent quality improvement projects from losing momentum and resulting in projects “starting at the beginning of the year but yielding no results by the end”, the Group has focused on “Quality Improvement Project for High-value Defective Parts ”, implementing rigid control over key milestones, strengthening process supervision and milestone acceptance, and ensuring that all improvement measures are implemented on schedule and achieve tangible results. MITIGATION MEASURES: In the first half of 2026, the Group achieved closed-loop management by convening 124 morning meetings regarding quality improvement and deploying 638 tasks. Through a sustained daily morning meeting mechanism on quality work, the “top leader led ” quality management was established, alongside a “Zero Tolerance ” culture across the supply chain, R&D testing and production process, demonstrating our responsibility to our products and customers. Refine the management system to steer quality improvement. We prepared and revised system documents, completing 314 documents from the Group and its secondary units. A total of 62 awareness sessions were held, covering 5,441 person-times, together with 26 training courses attended by over 1,800 person-times. Concurrently, internal and external audits of our equipment quality management system have been successfully passed, while completing process audits across 6 units, maturity evaluations of the 5 core processes and 17 special audits, achieving a rectification closure rate upon re-verification of 98%. Full-chain management shored up physical quality improvement. By strengthening pre-positioned control over assemblies, demerit points for cabin assemblies dropped by 17% YoY, while those for core assemblies, including engines, steel frames and axles, decreased by up to 21%. The AUDIT evaluation scores for mass-produced vehicles continued to decline, indicating steady and improving quality. Additionally, the Group revised the evaluation to enhance information control and organised an evaluation competition within the Group to boost team capabilities. ݄ ᎈʿᏐ࿁ણ νɨj 1. ᎈ ̔อঐ๕ 6MIS Νˢɨ ࠥ10%dჀ̔อঐ๕ 3MISࠥ 40%ሯඎ˥̻ྼତᖢӉ ༰ ԣᇍሯඎҷආධͦપආ ٙ ღሯඎҷ ၍ ڭ f j 2026 ϋɪ̒ϋණྠਖ਼ᕚ̜කሯඎʈЪ Ϙึ 124 ಂdપආሯඎҷආਕ 638ٙ ሯඎʈЪϘึዚՓdᆽͭəሯඎ၍ଣ ೯Ꮸ Ҝ˖ʷd f ҁഛ၍ଣӻଘˏሯඎʺjપਗ ʈЪdҁϓණྠʿɚ ॴఊЗӻ˖ 314 62 ϣᔧ ႊ 5,441 ɛϣ d 26ࠇ1,800 ቱɛϣiҁϓༀ௪ሯඎ၍ଣӻʫ̮ ᄲe6e 5ːཀ ൙ᄆʿ 17dਪᕚል ል᜕ᗫௐଟ༺ 98%f ሯඎʺjᐼϓ ᐼϓ൙ᄲϔʱ ࠥ17%d೯ਗዚeᜊᇌeԓ ష༺ 21%ۨ AUDIT֛ ʷ၍ ʺྠඟঐ ɢf
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– 45 – ආ 24பఊ Зe48ણ dਪᕚᗫௐଟᜑഹʺ৷d ʷ d੶ʷ ҷਪᕚ͑ɮௐᐑf ෯dӊଡ଼ᔌ̜කਪᕚ dᄣආପ ɢfԱኽෂ୕ঐ๕॰ሦఊe౬ ᅰe॰ሦᕘ TOP200ღ Ӻʿҷආධͦ 1,822 ධ dʱ AeBeC ධͦഃॴ d װ Ԣ ɪఙҁ ϓଟ༺ 87%ሯඎᖢӉʺf 2. ᎈ 2026ഄ ਗᅂᚤɨ dਠ͜ dഐ तᓃfਠ͜ԓБุ ቖඎ 229.7ڗ8.3%d Չʕอঐ๕ቖඎ 54.9 ຬሿ dΝˢɽ ᄣ 36.6%ᚃɪБ ᑗഹ̹ ࠦ f ࢙ ගɽషᏀ ࿁ d͉ණྠጐᏐ࿁dวҴอ ঐ๕ၾπඎໄ౬eᖢոෂ୕ঐ๕ʱ ഄd੶ʷ પ f Rapid response to quality issues and improvement research helped quality enhancement. Adhering to the principle of identifying the responsible unit within 24 hours and providing corrective action plans and interim measures within 48 hours, the rectification closure rate increased significantly, and customer satisfaction improved greatly. At the same time, we optimised the closed-loop information system, added a verification process for interim measures and reinforced closed- loop management to ensure permanent closure of identified issues. Specialised coordination meetings were organised weekly for the new energy sector to fortify control and foster product competitiveness. Based on the TOP200 warranty claims, part replacement volumes and warranty expenses of traditional energy vehicles, as well as high-failure new energy vehicles, 1,822 operational quality research and improvement projects were established. These projects are categorised into A, B and C levels to meticulously manage overall progress, strictly controlling major milestones such as returned part teardown, fault reproduction and measure verification. In the first half of the year, the implementation rate of improvement project measures reached 87%, steadily enhancing product quality. 2. MARKET FLUCTUATION RISK In the first half of 2026, driven by the trade-in policy and sharp fluctuations in energy prices, the commercial vehicle industry as a whole was characterised by moderate growth in total volume with significant structural adjustments. Overall sales in the commercial vehicle industry reached 2.297 million units, representing an 8.3% YoY increase, of which new energy vehicles accounted for 549,000 units, surging by 36.6% YoY. Against the backdrop of continuously rising new energy vehicle penetration rates, commercial vehicle enterprises face not only the challenge of an accelerating adjustment in market demand structure, but also increasingly fierce competition in the new energy vehicle market. Although demand in the new energy commercial vehicle market continues to expand, it is deeply entangled in price wars, which have severely compressed profit margins and left enterprises generally trapped in a dilemma of growing revenue but not profit. In response to these challenges, the Group took proactive measures, seizing opportunities in new energy and stock replacement while consolidating its dominant advantages in traditional energy segments. By implementing targeted strategies for weaknesses, strengthening scenario-specific products, and innovating marketing models, we have fully driven the high-quality development of our business.
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– 46 – j ഐ eଉঁʱᒄ ॎ jɽ৵ɢଘˏԓ̹Ц ༶፩̹ఙ̹Ц ଟ 29.3%Бุୋɓiʈԓ̹ ᚃჯൺБ ԓeऊԣeღഃ৷၌ਖ਼͜ԓ ن ᚃᄣ੶f ݴ ၍છӻf 2026 ϋɪ̒ϋd͉ණྠ ୕ᘪಬ༸б҅ၾਗ࿒၍છdක೯Ꮄሯ ಬ༸ 172ಬ༸ 54iપ ܄ ண 39࢝ן ɚॴၣഖdᎴ௷ΕӖd̋Ҟɚၣሯ ɓ ಬ༸ 43 ܔ ӻdᎴʷᘩ dྼତಬ༸ၚʷe ɢf ӻ୕ʷ၍ ᎈ ᎈᗆй Э ˒ක ˒ dໝ ੬ ഄ ღf MITIGATION MEASURES: The Group optimised its product structure, further developed segmented markets and achieved breakthroughs across multiple areas. Our market share of high-horsepower tractors increased comprehensively, achieving a leading position in the hazardous materials transportation segment with a market share of 29.3%. We recorded significant YoY growth in the engineering vehicle market, with concrete mixer trucks continuing to lead the industry. We also maintained our leading position in high-end special vehicle markets, including concrete pump trucks, fire-fighting vehicles and breakdown recovery vehicles, continuously strengthening our overall competitiveness. The Group further enhanced lean channel management and continuously iterated its whole-process management and control system. In the first half of 2026, we coordinated channel deployment and dynamic management and control, developed 172 high-quality channels and eliminated 54 underperforming channels. We promoted the standardisation of key channel marketing elements and completed the image construction of 39 customer experience centres. We vigorously expanded our secondary networks, and adopted a survival-of-the-fittest approach to accelerate the quality and efficiency improvements. Focusing on integrated sales and service capabilities, we added 43 integrated sales and service channels and enhanced our overall operational and customer service capabilities. We established a regular review mechanism, built a four-level coordinated channel profile analysis system and optimized our competitive landscape analysis model, to achieve refined and dynamic channel management and continuously stimulate channel development momentum. By focusing on risk control throughout the entire marketing chain, the Group established a systematic management and control system. We established a multi-dimensional marketing risk model and achieved risk identification and closed-loop rectification through monthly reports and regular meetings. We regulated market order, strictly investigated low-price customer acquisition practices, implemented the customer development principle of “whoever develops the customer benefits from it”, strengthened the assessment of non-compliance, and regulated the management of key customer development. We enhanced customer satisfaction surveys, implemented rectification measures for identified issues and improved service effectiveness. Meanwhile, we continuously monitored risks relating to inventory, trade receivables and promotional policies, to strengthen our operational risk control framework.
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– 47 – 3. ᎈ ϋԸdΌଢʿ̮൱ᐑྤልᕏε ഃΪ९ ʩeᆄ ਗᄌडfɪ̒ϋ ʩeᆄʩഐၑุ ͉ණྠऒุ̮ ਕɛ͏࿆ഐၑЦˢ༰ЭdաჃಂිଟ ᅂᚤdჃಂႹቖeჃ ᒒ ᎈd͉ණྠՓ d੬࿒ʷeၚ ᎈ၍છf j ίਠਕሔкᐑືd͉ණྠᎴ፯՟ɛ ഐၑ ุਕdί ֛݅ f ᙮ʮ̡᙮ή࿆ቖਯุਕʕd ࠬ ࠅ Ӌdಯˇිଟฦ̰f ᚃᎴʷ༨ྤഐၑᅼ ͜ᗇ ᐵሪಛΫϗ ͜ᗇdஷ eу ࠬ ଟfϤ ̮d͉ණྠΥଣ༶͜Ⴣಂ̮ි൯ርe ͛ʈՈ ිଟdʲྼጘӪ˴ᐄุਕл ːᐄлᆗա̮ි̹ ႙f 3. EXCHANGE RATE RISKS In recent years, the global economy and foreign trade environment have been highly complex and volatile. Affected by factors such as interest rate hikes by the Federal Reserve and geopolitical conflicts, the foreign exchange market experienced significant fluctuations, with substantial volatility in the exchange rates of major currencies such as the US dollar and euro. In the first half of the year, the Renminbi appreciated significantly, resulting in significant exchange losses arising from US dollar and Euro settlement activities. Currently, the proportion of the Group ’s overseas business settled in Renminbi remains relatively low. Due to the impact of forward exchange rate spread and industry competition, it is difficult to reduce the scale of forward credit sales and forward letter of credit settlements. To mitigate exchange losses and hedge against exchange rate risks, the Group formulated and implemented multiple risk prevention and control measures to manage exchange rate risks on a regular and refined basis. MITIGATION MEASURES: During business negotiations, the Group prioritised Renminbi or primary expenditure currencies as settlement currencies. For business requiring long period of fulfilment, we stipulated in contracts that where exchange rate fluctuations exceed a predetermined ratio, both parties shall adjust the contract prices accordingly. For overseas subsidiaries ’ sales denominated in local currencies, the Group took into account exchange rate fluctuation risks in determining sales prices and strictly implemented the management requirement of conversion of foreign currencies immediately upon receipt thereof, so as to reduce exchange losses. Meanwhile, the Group continued to optimise its cross-border settlement model by prioritizing settlement methods such as wire transfers and sight letters of credit to effectively shorten collection cycles. For usance letter of credit that were frequently used in cross-border settlement, we adopted forfaiting to achieve rapid repayment and lock in exchange rates immediately, thereby reducing exchange risk exposure at the source and improving capital turnover efficiency. In addition, we employed mature foreign exchange financial derivatives such as forward foreign exchange transactions and currency options to lock in exchange rates, effectively safeguarding the profit margins of our principal business operations and ensuring the profits generated from key operating activities free from the influence of significant foreign exchange market volatility.
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– 48 – ૐ ଡ଼ᔌ (IMF) މ3.0%d೯༺ ᜑdΌଢ dή Όଢ ᄣ dҢ༶Бᐼ ᚃᜑ ਗ਼੶ʷಂ dഹɢᖢཫ ᎈd̋Ҟԃอሯ͛ପ ɢdપਗอᔚਗঐ̻ᖢટ ᚃ ΫʺΣλf BUSINESS STRATEGIES AND PROSPECTS Looking ahead to the second half of the year, according to the forecast of the International Monetary Fund (IMF), global economic growth is expected to be 3.0%. However, the world economy still confronts heightened uncertainties as growth momentum between the developed countries and emerging economies is markedly differentiated. From an international perspective, escalating geopolitical conflicts and the resurgence of trade protectionism remain major threats to global economic recovery, while high energy prices constrain growth prospects. When it comes to the domestic economy, China ’s economic performance remains generally stable, highlighting the cultivation of new quality productive forces as well as the reform benefits. In the face of internal and external challenges, the Chinese government will strengthen counter- cyclical adjustments, enhance coordination among macro policies, focus on stabilising expectations, expanding domestic demand and preventing risks, accelerate the cultivation of new quality productive forces, stimulate market vitality, promote a smooth transition between old and new growth drivers, enhance endogenous economic growth momentum and drive sustained economic recovery and improvement.
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– 49 – The commercial vehicle sector is still poised for growth in overall demand. Firstly, economic work in the second half of the year will continue to adhere to the principle of seeking improvement while making steady progress and boosting effectiveness and quality, with the recovery of domestic demand remaining a key focus of policy efforts. Amid the expansion of domestic demand, the “Two New” policies will continue to release its benefits, stimulating demand in market segments such as medium- and long-distance logistics, express delivery and urban distribution. In particular, the continuation of the policy of scrapping and replacement of old commercial vehicles will effectively stimulate the demand for replacement of existing models of National IV or below emission standards in the second half of the year. Secondly, the “carbon peaking and carbon neutrality ” strategy continues to advance in depth. New energy commercial vehicles are still the core driving force for upgrading the industry structure, and various ministries and commissions of the Chinese government have introduced a number of supporting measures, providing top- level policy support for the large-scale adoption of new energy commercial vehicles. Meanwhile, due to fluctuations in oil and gas prices affected by geopolitical situations, together with the accelerated deployment of domestic charging and battery swapping infrastructure, new energy commercial vehicles demonstrate increasingly prominent operational advantages, and are expected to see higher penetration rate in the second half of the year. Thirdly, the commencement of major projects under the “15th Five-Year Plan” such as water conservation, transportation, urban underground pipeline networks and municipal engineering projects, and the allocation of fiscal funds will drive the demand for various vehicle types including construction vehicles and heavy-lift trucks. Fourthly, commercial vehicles are expected to continue the favorable growth trend in overseas demand in the second half of the year. Chinese brands will accelerate their expansion into incremental overseas markets and gradually transition from “product exports ” to “brand internationalization ” by deepening overseas localization, refining overseas sales and service networks, and strengthening in-depth cooperation with local dealers, thereby further unlocking the growth potential of overseas markets. ࿒ ᖢʕӋ ٙ ഄ eҞҞ ϼᔚ ࣖ ݊ Б ։̨̈ อঐ๕ਠ͜ԓᅼʷ౷ dաήᇝ҅ැᅂ ቤᐗdМᎇഹʫ̂౬ཥਿᓾ ᐄ༶Ꮄැ ɪ ̹ήɨ၍ ɽධͦකʈ˸ ໝήd੭ਗʈᗳձɽ༶፩ ɨ̒ϋऎ̮ਠ͜ԓ ̋ ऎ̮ᄣඎ̹ఙdஷཀଉʷऎ̮͉ήʷб ਕၣഖe੶ʷၾή ۜ ᆑ ઢf
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– 50 – ߕ Όӻΐਠ ଫᗴ౻dਂ੶ਂᎴਂɽਠ͜ e ৷ሯඎ ʈ Ъj 1. Όଢ ˴ᇞd࿁ dଉঁ৷၌̹ఙdᄣ ɢdΌ˙З෧ி৷၌ Σʫ ۜ ึeପ ೯бึeΥЪྫМɽึձᒄԫᐄቖ ࠦ ᚔʺf 2. ̈ऎ ی؇ ᖢ ุ̔ਕίෂ୕Ꮄ ᆑɢ̶ɽiΝ eዹ ᑌഃਜਹ̹ఙdቖඎձ̹ఙЦϞଟ ᗳ̈ऎ ԓ ןܓ ऎ̮̹ఙdጘऎุ̮ਕεʩʷб ᙮ʮ̡ൗ̅eৣ ༶ᐄձ͉ήʷʈᅀໝήd ͉ ᗡdྼତΣ ̋Ό ක ᗅd ක೯ ٙ f In the second half of the year, by consistently adhering to the mission of “empowering with technology and enabling a better future with equipment ” and upholding the strategic vision of “building a world-class full-series commercial vehicle group ”, the Group will solidify, optimize and expand our primary business of commercial vehicles, accelerate strategic transformation, and explore new paths for high-quality development with more excellent products, more advanced technologies and more caring services. We will strive to perform well in respect of the following five areas: 1. Strengthen global brand voice under the guidance of the premium product strategy. First, focusing on high quality development as the core direction, the Group will benchmark against international leading products, further develop premium markets, enhance product technological competitiveness, and comprehensively shape a premium brand image and value proposition. Second, adhering to the dual-track approach of “deepening the foundation and core of the brand internally while expanding global brand influence externally ”, the Group will leverage diversified platforms including international exhibitions, product launch events, partner conferences and motorsports marketing to comprehensively elevate its brand’s international influence. 2. Continue to deepen global presence and transition from “product exports” to “industry internationalization ”. Emerging markets such as Africa and Southeast Asia are expected to maintain steady economic growth. The Group’s HDT businesses in traditional advantageous market will remain well-established with significant growth potential. Meanwhile, the Group will continue to expand into regional markets including the Middle East, Latin America, Australia and the CIS, with sales volume and market share steadily increasing. First, the Group will advance the “full-category overseas expansion ” strategy and promote the in-depth expansion of our entire product range, including HDTs, LDTs, mine-duty trucks, light vehicles, and aftermarket parts, into overseas markets, thereby building its diversified overseas business layout. Second, the Group will accelerate the establishment of overseas subsidiaries, the operation of parts warehouses and the construction of local factories, build a localized ecosystem covering R&D, supply, production and services, extend the value chain of global expansion and realize comprehensive advancement towards “industry internationalization ”. Third, the Group will accelerate its global new energy business deployment, establish a dedicated product development team, plan an international new energy vehicle product portfolio, conduct localized adaptative development and precise customization for different countries, and provide the most precisely matched new energy solutions for specific scenarios.
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– 51 – 3. ܔ ͂ி˸ ഃ Όӻΐอঐ๕ਠ͜ԓ ̋Ҟપᄿ ԓཥʱᕎ ഃ௴อਠุᅼόd͂ி ԓሿ + ঐ๕ + ᅰο +dપආอ ਕeཥϫვБ อঐ๕͛ ࿒ӻf 4. ɢdપਗᐄቖ ଣΌӻΐ ঃ eཥ ഃᗫ ମ ߎ ̋੶ᐄ ᗆձҦஔঐɢd ڌ ᐄቖྠඟdપਗᐄቖᅼό ᐄቖ d௰Σ ʺॴf 5. ౽ቷҦ Ҧ ˾ʺॴ౽ঐၣᑌձɛዚʹʝҦ ձʹʝ᜕d̋ਠ͜ ԓ౽ঐʷආdၚቇৣʔΝᏐ͜ఙ ʷცӋf e౽ᅆಥɹe ഃᏐ ͜ఙ౻d୕ᘪб҅౽ঐቷትҦஔձପ ݲ ഃყ৷၌̹ఙdપ̈౽ঐႾпቷት ̈ɹჯᎴැf 3. Improve the new energy product technology system and accelerate the establishment of integrated ecosystems and business models. First, the Group will develop a full range of new energy commercial vehicle products matrix featuring pure electric vehicles as the core and covering multiple technology routes including hybrid and hydrogen fuel cell technologies. Second, the Group will accelerate the promotion of innovative business models such as “Battery as a Service ”, construct integrated “vehicle + energy + digital + service ” solutions, and promote the implementation of innovative business models including new energy vehicle leasing, replenishment services and battery banking, thereby establishing a new energy ecosystem. 4. Comprehensively enhance product overall competitiveness and promote deep transformation of marketing models. First, the Group will systematically review the core competitiveness of its full series of products, accurately distill the advanced features and differentiated selling points of products and translate technical language into market language that customers can easily understand based on key dimensions including fuel consumption, electricity consumption, gas consumption, comfort and operability, and transform the “technological advantages ” of products into “market influence ”. Second, the Group will strengthen product knowledge and technical capability training for its marketing team, build an all-round marketing team with comprehensive knowledge of products, markets, technologies and expressions, and drive a trebling upgrade of marketing models from “price marketing ” to “value marketing” and ultimately to “technology marketing”. 5. Deepen intelligent scenario applications and focus on cutting-edge intelligent driving technologies. First, the Group will closely follow cutting-edge technologies in the intelligent driving field, iteratively upgrade intelligent connectivity and human-computer interaction technologies, improve driving and interaction experiences, accelerate the intelligentization of commercial vehicles, and accurately match diversified personalised needs of different application scenarios and customer groups. Second, the Group will precisely deploy application scenarios including trunk logistics, smart ports, smart mines, smart industrial parks and dedicated logistics routes, and plan and deploy intelligent driving technologies and product schemes. Third, the Group will launch intelligent assisted driving products targeting premium international markets such as the Middle East, South Africa and Australia, thereby establishing leading advantages in the export of intelligent driving products.
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– 52 – FINANCIAL REVIEW REVENUE, GROSS PROFIT AND GROSS PROFIT MARGIN The Group ’s revenue for the Period was RMB70,841 million, representing an increase of RMB19,963 million or 39.2% YoY. The increase in the revenue was in line with the increase in the sales volume of trucks, in particular, that of HDTs at 41.8%. The Group’s gross profit for the Period was RMB9,833 million, representing an increase of RMB2,171 million or 28.3% YoY. The increase in gross profit was mainly due to the significant increase in sales volume in HDTs. Gross profit margin (gross profit divided by revenue) for the Period was 13.9%, representing a decrease of 1.2 percentage points which was mainly due to the impact of vehicle model structure. OTHER INCOME AND GAINS The other income and gains for the Period was RMB558 million, representing a decrease of RMB51 million or 8.4% YoY. While certain items, such as government grants and income on disposal of scraps, increased by RMB179 million, these gains were insufficient to offset the decline in other income items. In particular, foreign exchange gains of RMB166 million in the Previous Period were absent in the Period, and there was a decrease in income from wealth management products and penalties. SELLING AND DISTRIBUTION EXPENSES Selling and distribution expenses for the Period was RMB2,459 million, representing an increase of RMB717 million or 41.2% YoY and such increase was in line with the increase in sales. During the Period, the ratio of selling and distribution expenses to Products Revenue was 3.5%, representing a mild increase of 0.1 percentage points YoY. ADMINISTRATIVE EXPENSES Administrative expenses for the Period was RMB2,304 million, representing a decrease of RMB62 million or 2.6% YoY. During the Period, administrative expenses to revenue ratio was 3.3%, representing a decrease of 1.4 percentage points YoY. The decrease was mainly due to the Group ’s continued efforts to strengthen cost control which reduced administrative expenses. Among them, research and development expenses accounted for 55.7% of the administrative expenses, representing an increase by 3.7 percentage points YoY. ৌਕΫᚥ ϗɝeˣлၾˣлଟ ɛ͏࿆ 70,841 ϵ ຬʩdΝˢᄣ̋ɛ͏࿆ 19,963 ϵຬʩdᄣ މ39.2%̔ԓቖඎ ڗ41.8%f ɛ͏࿆ 9,833 ϵຬ ʩdΝˢɪʺɛ͏࿆ 2,171މ 28.3%̔ቖਯඎᜑ fΫᚥಂʫdˣлଟ ˣлৰ˸ މ13.9%dಯˇ 1.2ϵʱᓃfˣлଟ f Չ˼ϗɝʿϗू ɛ͏࿆ 558 ϵ ຬʩdΝˢಯˇɛ͏࿆ 51މ 8.4%ࡈ йධͦᄣ̋əɛ͏࿆ 179 ϵຬʩdШʔԑ˸ Ϋᚥಂʫ ॹˇəɪϋΝಂ৷༺ɛ͏࿆ 166ଋ ϗɝɰ ಯˇf ʱቖϓ͉ ɛ͏࿆ 2,459 ϵຬ ʩ dΝˢᄣ̋ɛ͏࿆ 717މ 41.2%ୌ fΫᚥಂ މ3.5%dΝˢ ฆᄣ 0.1ϵʱᓃf ක˕ ɛ͏࿆ 2,304 ϵຬ ʩ dΝˢಯˇɛ͏࿆ 62މ 2.6%މ 3.3%ࠥ1.4Ϊ ක˕ಯ ක˕ 55.7%dΝ ˢᄣ̋ 3.7ϵʱᓃf
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– 53 – Ϋᅡ ɛ͏ ࿆ 100ฦ̰ᔷΫɛ͏ ࿆ 82މ455.6%f͉ණྠί൙ ፄᏐϗሪಛձᏐϗୃ dਗ਼Դ͜ 12πᚃಂձ dԨϽᅇዝ̦ᝈ࿀Ց ಛɛ ፄᏐ ฦ̰ɛ͏࿆ 22 ϵຬ ฦ̰ ᔷΫɛ͏࿆ 122ፄᏐ Ꮠϗಛ ፄุਕ ʿ ፄʱʿ൲ಛุਕ ʫf Չ˼˕̈ ɛ͏࿆ 648 ϵຬ ʩ dΝˢᄣ̋ɛ͏࿆ 589މ 998.3%ɛ͏࿆ 577̮ ිිгᑦฦf ৌਕϗɝÑଋᕘ ɛ͏࿆ 338 ϵຬ ʩ dΝˢᄣ̋ɛ͏࿆ 136މ 67.3%ᕘ f ԮϞᑌᐄΆุฦू΅ᕘ ɛ͏࿆ 128 ϵຬʩdΝˢᄣ̋ɛ͏࿆ 81 ϵຬʩdᄣ މ172.3%ࠅ ٙ ᑌᐄΆุf ൬͜ ɛ͏࿆ 780 ϵຬ ʩ dΝˢᄣ̋ɛ͏࿆ 130މ 20.0%൬͜ މ14.1%dΝˢ ಯˇ 0.8᙮ʮ̡ ଟ͟ 25%މࠥ15%ଟf REVERSAL OF NET IMPAIRMENT LOSSES OF FINANCIAL ASSETS The impairment losses of financial assets for the Period was reversed at RMB100 million representing an increase of the reversal of impairment losses at RMB82 million or 455.6%. When the Group assesses the impairment of trade, financing and bills receivables, the Group will use 12-month, whole life and simplified expected credit loss models and consider historical observed default rates, forecast economic conditions and public credit information of each debtor or borrower. Based on the assessment, trade, financing and bills receivables was impaired by the amount of RMB22 million. The impairment loss allowance of financial assets in other receivables at RMB122 million was reversed. Further details of the trade, financing and bills receivables are set out in the sections headed “RECEIVABLES”h”From trade activities” and “From financing activities” and “FINANCE SEGMENT AND MONEY LENDING BUSINESS”. OTHER EXPENSES The other expenses for the Period was RMB648 million, representing an increase by RMB589 million or 998.3% YoY. The increase was mainly resulted from net foreign exchange loss at RMB577 million. FINANCE INCOME – NET Net finance income for the Period was RMB338 million, representing an increase of RMB136 million or 67.3% YoY. The increase in net finance income was due to the increase in the amount of deposits placed. SHARE OF PROFITS OR LOSSES OF ASSOCIATES Share of profits of associates for the Period was RMB128 million, representing an increase of RMB81 million or 172.3% YoY. The share of profits of associates was mainly contributed by those associates which engage in sales of parts and components of trucks and financing activities. INCOME TAX EXPENSE Income tax expense for the Period was RMB780 million, representing an increase of RMB130 million or 20.0% YoY. The effective tax rate (income tax expense divided by profit before income tax expense) for the Period was 14.1%, representing a decrease of 0.8 percentage points YoY as one of the Group ’s subsidiaries had become a high-tech enterprise and its applicable income tax rate was reduced from 25% to 15%, thus lowering the effective tax rate.
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– 54 – л ɛ͏࿆ 4,765 ϵຬ ʩ dΝˢᄣ̋ɛ͏࿆ 1,045 ϵຬʩ dᄣష މ28.1%މ 6.7%dΝˢಯˇ 0.6ϵʱᓃf ɛ͏࿆ 4,325 ϵຬʩ dΝˢᄣ̋ɛ͏࿆ 898 ϵຬ މ26.2%ޮٰ ɛ͏࿆ 1.58 ʩdΝˢᄣ̋ɛ͏࿆ 0.33 މ26.4%f Ꮠϗಛධ ุਕ 2026 ϋ 6 ˜ 30Ꮠϗᐼಛධɛ ͏࿆ 40,741 ϵຬʩ d༰ 2025 ϋ 12 ˜ 31 ˚ಛධᄣ̋ɛ͏࿆ 6,632މ 19.4%ቖਯᄣ f ൲ಂ̮d͉ණ Ꮠϗಛf͉ ቖਠબʚ 3 Ї 12ટաՉਠุʿვ ൱ f Ꮠϗಛධմᔷଟ ̻ѩ൱ ˸ 181 ˂ 2025 ϋj181މ96.3 ˂2025 ϋj 102.2 ˂ dಯˇ5.9 ˂f 2026 ϋ 6 ˜ 30ʔ൴ཀ 12ࡈ ɛ͏࿆ 39,650 ϵຬ ٙ97.3%f ٙ ഃ ᅡ௪fΫᚥಂʫd͉ණ ᅡ௪ᔷΫɛ͏࿆ 14Ꮠϗ ᐼಛධf PROFIT FOR THE PERIOD AND EARNINGS PER SHARE Profit for the Period was RMB4,765 million, representing an increase of RMB1,045 million or 28.1% YoY. Net profit ratio (profit for the Period divided by revenue) was 6.7%, representing a decrease of 0.6 percentage points. Profit attributable to equity shareholders of the Company for the Period was RMB4,325 million, representing an increase of RMB898 million or 26.2% YoY. The basic earnings per share attributable to equity shareholders of the Company for the Period was RMB1.58, representing an increase of RMB0.33 or 26.4% YoY. RECEIVABLES FROM TRADE ACTIVITIES As at 30 June 2026, the Aggregate Trade Balance amounted to RMB40,741 million, representing an increase of RMB6,632 million or 19.4% when compared to the balance as at 31 December 2025. The increase in the Aggregate Trade Balances was due to increase in sales. In addition to granting standard credit period to certain privileged customers, the Group received acceptance bills for settlement of trade receivables. The Group granted large dealers with good repayment history credit period from 3 to 12 months and/or accepted settlement by commercial and bank acceptance bills and, hence, their ageing of the Aggregate Trade Balances was longer than that of other customers. The trade receivables turnover (average Aggregate Trade Balances divided by Products Revenue multiplied by 181 days (2025: 181 days)) for the Period was 96.3 days (2025: 102.2 days), representing a decrease of 5.9 days. As at 30 June 2026, the Aggregate Trade Balances aged not more than twelve months amounted to RMB39,650 million or 97.3% of the Aggregate Trade Balances. The Group reviewed the repayment progress of key customers or customers with higher risk of default in repayment on monthly basis and assessed impairment loss by reference to their businesses, repayment information, etc. During the Period, the impairment loss allowance for Aggregate Trade Balances was reversed at the amount of RMB14 million. During the Period, there was no write-off in the Aggregate Trade Balances.
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– 55 – FROM FINANCING ACTIVITIES As at 30 June 2026, the net financing receivables was RMB23,797 million, representing an increase of RMB4,270 million or 21.9% when compared to the balance as at 31 December 2025. As at 30 June 2026, the net financing receivables aged not more than twelve months amounted to RMB13,977 million or 58.7% of the net financing receivables. During the Period, the Group had made impairment loss allowance for financing receivables at the amount of RMB36 million. During the Period, the previously written-off financing receivables at RMB0.6 million was reversed. Further details of the financing receivables are set out in the section headed “FINANCE SEGMENT AND MONEY LENDING BUSINESS”. TRADE PAYABLES As at 30 June 2026, the trade and bills payables amounted to RMB80,600 million, representing an increase of RMB10,653 million or 15.2% when compared to the balance as at 31 December 2025. The trade payables turnover (average trade and bills payables balances divided by costs of Products Revenue multiplied by 181 days (2025: 181 days)) for the Period was 224.4 days (2025: 239.6 days), representing a decrease of 15.2 days YoY. CASH FLOWS Net cash inflow generated from operating activities for the Period was RMB3,770 million, representing an increase of RMB113 million or 3.1% YoY. Although profit from operations increased by RMB958 million during the Period, most of such increase was offset by the net increase in trade, financing and bills receivables and trade and bills receivables at RMB647 million and the net repayment of borrowings from the Finance Segment (cash outflow from operating activities) at RMB255 million. Net cash outflow from investing activities for the Period was RMB2,398 million representing a decrease of the cash outflow by RMB4,515 million or 65.3% YoY. The Group saved RMB4,217 million during the Period by reduction of purchase of property, plant and equipment and not acquiring associated companies. ፄุਕ 2026 ϋ 6 ˜ 30މ ɛ͏࿆ 23,797 ϵຬʩ d༰ 2025 ϋ 12 ˜ 31 ˚ಛධᄣ̋ɛ͏࿆ 4,270މ 21.9%f 2026 ϋ 6 ˜ 30ʔ൴ཀ 12˜ ɛ͏࿆ 13,977 ϵຬ ٙ58.7%f ፄᏐϗಛධᅡ௪ɛ ͏࿆ 36ږ ፄᏐϗಛɛ͏࿆ 0.6ቖfϞᗫ ፄʱʿ ൲ಛุਕ ɓືf Ꮠ˹ಛධ 2026 ϋ 6 ˜ 30Ꮠ˹ಛධʿᏐ˹ ɛ͏࿆ 80,600 ϵຬʩd༰ 2025 ϋ 12 ˜ 31 ˚ಛධᄣ̋ɛ͏࿆ 10,653 ϵຬʩdᄣ މ15.2%f ϗɝϓ͉Ύ ˸ 181 ˂2025 ϋj181މ224.4 ˂ 2025 ϋj239.6 ˂ dΝˢಯˇ15.2 ˂f ඎ މ ɛ͏࿆ 3,770 ϵຬʩdΝˢᄣ̋ɛ͏࿆ 113 މ3.1%fኋ၍Ϋᚥಂʫᐄ лᆗᄣ̋əɛ͏࿆ 958 ϵຬʩdШɽʱ༈ ፄᏐϗಛධʿᏐϗୃኽϔৰ ଋᄣ̋ɛ͏࿆ 647 ݺ ̈ ɛ͏࿆255ऊf މ ɛ͏࿆ 2,398̈ଋᕘಯ ˇɛ͏࿆ 4,515މ65.3% ג əɛ ͏࿆ 4,217 ϵຬʩf
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– 56 – Net cash outflow used in financing activities for the Period was RMB752 million, representing an increase of the cash outflow by RMB569 million or 310.9% YoY which is mainly due to the net repayment of borrowings and increase in dividends payments to non-controlling interests totaling an additional payment of RMB585 million. LIQUIDITY, FINANCIAL RESOURCES AND CAPITAL STRUCTURE As at 30 June 2026, the Group had cash and cash equivalents, which were mainly dominated in RMB, USD, Euro and HK$, of RMB18,825 million, representing an increase of RMB413 million or 2.2% when compared to the balance as at 31 December 2025. The Group ’s total borrowings were approximately RMB4,733 million as at 30 June 2026, representing a decrease of RMB732 million or 13.4% when compared with the balance as at 31 December 2025. Its gearing ratio (total borrowings divided by total assets) and debt-to-equity ratio (total borrowings divided by equity) as at 30 June 2026 were 2.9% and 8.5%, respectively (31 December 2025: 3.6% and 10.3% respectively). As at 30 June 2026, current ratio (total current assets divided by total current liabilities) was 1.1 (31 December 2025: 1.1). As at 30 June 2026, all borrowings were denominated in RMB (31 December 2025: all in RMB) and 94.5% borrowings were charged at fixed rates (31 December 2025: 89.7%). The maturity profile of all borrowings was as follows: 30 June 2026 31 December 2025 2026ϋ 6˜30˚ 2025ϋ 12˜31˚ RMB million RMB million ɛ͏࿆ϵຬʩ ɛ͏࿆ϵຬʩ Within one year ୋɓϋʫ 4,386 4,929 After 1 year but within 2 years ɓϋЇɚϋ 112 238 After 2 years but within 5 years ɚϋЇʞϋ 235 298 4,733 5,465 މ ɛ͏࿆ 752 ϵຬʩdΝˢᄣ̋ɛ͏࿆ 569 ϵ މ310.9%ಛ ᕘ̮ε˕˹ɛ ͏࿆ 585 ϵຬʩf 2026 ϋ 6 ˜ 30ږ ɛ͏࿆ 18,825࿆ ʩ eᆄʩʿಥ࿆ d༰ 2025 ϋ 12 ˜ 31 ˚ಛධᄣ̋ɛ͏࿆ 413 ϵຬʩd މ2.2%2026 ϋ 6 ˜ 30ಛ ɛ͏࿆ 4,733 ϵຬʩ d༰ 2025 ϋ 12 ˜ 31 ˚ഐቱಯˇɛ͏࿆ 732 ϵຬʩdಯ މ13.4%2026 ϋ 6 ˜ 30ࠋ ಛᐼᕘৰ˸༟ପᐼᕘ ʿවਕ࿁ މ2.9% ʿ 8.5%2025 ϋ 12 ˜ 31މ3.6% ʿ 10.3%2026 ϋ 6 ˜ 30ਗˢ މ1.1 2025 ϋ 12 ˜ 31 ˚j1.1f 2026 ϋ 6 ˜ 30ಛᐼᕘΌ˸ɛ͏ ࿆ഐၑ 2025 ϋ 12 ˜ 31 ˚jΌɛ͏࿆ d 94.5% 2025 ϋ 12 ˜ 31 ˚j89.7%ν ɨj
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– 57 – As at 30 June 2026, total consolidated equity of the Company was RMB55,597 million, representing an increase of RMB2,383 million or 4.5% when compared with the balance as at 31 December 2025. As at 30 June 2026, the Company ’s market capitalization was RMB92,421 million (calculated based on the issued share capital of the Company: 2,760,993,339 Shares, closing price: HK$38.54 per Share and at the exchange rate of 1: 0.86855 between HK$ and RMB). As at 30 June 2026, the unutilized credit facilities of the Group from the banks amounted to RMB58,489 million (31 December 2025: RMB79,774 million). As the deposit rate had been reduced to zero, as at 30 June 2026, the Group did not place any mandatory deposits to the PBOC for its financial operations (31 December 2025: nil). In addition, an aggregate amount of RMB4,670 million (31 December 2025: RMB5,984 million) of restricted cash and RMB700 million (31 December 2025: RMB600 million) of time deposits in other receivables were pledged mainly for issue of letters of credit and bank acceptance bills. The Group meets its daily liquidity needs by matching operating cash flow patterns with funds on hand and enhances its liquidity by way of application for longer credit periods from suppliers, obtaining sufficient banking facilities and issuing via bank acceptance bills. INVESTMENTS The Group continued to pay attention to potential strategic investment opportunities in the market, and acquire or invest in those meet with the Group’s strategic development requirements at appropriate times. INVESTMENTS IN SUBSIDIARIES During the Period, the Group had set up several wholly-owned overseas subsidiaries for the purposes of strengthening the sales channels and overseas production. 2026ϋ 6˜30ၝΥᛆूᐼᕘ ɛ͏࿆55,597ϵຬʩd༰2025ϋ 12˜31˚ ಛධᄣ̋ɛ͏࿆2,383މ4.5%f 2026ϋ 6˜30ɛ͏࿆ 92,421͉2,760,993,339 ٰ38.54ಥʩd1 ಥʩгɛ͏ ࿆0.86855ၑf 2026ϋ 6˜30ڦ ɛ͏࿆58,489ϵຬʩ2025ϋ 12˜ 31˚jɛ͏࿆79,774ږ 2026ϋ 6˜30˚d͉ණྠӚ ږ 2025ϋ12˜31ɛ ͏࿆4,670ϵຬʩ2025ϋ 12˜31˚jɛ͏ ࿆5,984ʿɛ͏࿆700 ϵຬʩ2025ϋ 12˜31˚jɛ͏࿆600ϵຬ ڦ f Ϟ༟ ცӋdԨஷཀԶᏐਠ וٙ ږ f ҳ༟ ଫҳ༟ዚ ධͦdቇ ҳ༟f ᙮ʮ̡ҳ༟ ڝ ᙮ʮ̡d˸̋੶ቖਯಬ༸ձऎ̮͛ପf
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– 58 – EQUITY INVESTMENTS FORMING PART OF THE GROUP’S OPERATIONS Other than investments in subsidiaries, the Group holds long-term equity investments forming part of its business operations: a) INTERESTS IN ASSOCIATES As at 30 June 2026, the amount of interests in associates was RMB5,220 million, representing 3.1% of the total assets of the Group. b) OTHER LONG TERM EQUITY INVESTMENTS As at 30 June 2026, the Group’s unlisted equity investments for long term strategic investment purpose amounted to RMB18 million, representing less than 0.1% of the total assets of the Group. These investments were presented as equity investments designated at fair value through other comprehensive income. OTHER SECURITIES INVESTMENTS For the purposes of increasing profitability of short term funds and managing the liquidity of the Group, the Group invested in short-term equity investments which consisted of listed securities in Hong Kong and China. As at 30 June 2026, the Group had short term equity investment at RMB2 million, representing less than 0.1% of its total assets. Such equity investments are presented as equity investments in financial assets at fair value through profit or loss. Their fair values keep changing from time to time depending on factors including but are not limited to their operation results, economic situation and stock markets sentiments. CAPITAL COMMITMENT As at 30 June 2026, the Group committed capital expenditure in respect of property, plant and equipment as well as intangible assets amounting to RMB1,575 million which would be funded by internal resources and borrowing facilities. CHARGES ON GROUP ASSETS Save as disclosed in the section headed “LIQUIDITY, FINANCIAL RESOURCES AND CAPITAL STRUCTURE ”, as at 30 June 2026, motor vehicles, buildings and land use rights with an aggregate carrying value of RMB618 million were being pledged for borrowings at RMB348 million. ᛆ ҳ༟ ᛆҳ ุਕ༶ᐄɓʱj a) ᑌᐄΆุᛆू 2026 ϋ 6 ˜ 30ږ ɛ͏࿆ 5,220 ϵຬʩ dЦ͉ණྠ ٙ3.1%f b) ᛆҳ༟ 2026 ϋ 6 ˜ 30ಂ ᛆҳ ɛ͏࿆ 18 ϵຬʩdЦ͉ණྠ 0.1%f༈ഃҳ༟˸ ɝՉ ᛆूҳ༟ΐͪf Չ˼ᗇՎҳ༟ лঐɢʿ၍ଣ༟ ᛆҳ༟d 2026 ϋ 6 ˜ 30ɛ͏࿆ 2 ϵ 0.1%dவԬҳ ٙ ᜊਗd՟Ӕ ୃ̹ఙઋ ၫf ፕ 2026 ϋ 6 ˜ 30يٙ ˕̈ ɛ͏࿆ 1,575࠾ ಛ˕˹f ץת מ 2026 ϋ 6 ˜ 30ࠇ ɛ͏࿆ 618ԓሿeᅽρʿɺήԴ ಛɛ͏࿆ 348 ϵຬʩf
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– 59 – FINANCIAL MANAGEMENT AND POLICY The Group ’s finance department is responsible for the financial risk management of the Group. One of the primary objectives of financial policies of the Group is to manage exchange rate risk while the foreign exchange management working group directly participates in foreign exchanges management. The major foreign exchange risk exposure arises from its exporting and importing activities, business operations outside the PRC as well as the financing activities in Hong Kong. Although the Group does not aim for speculative activities, the Group uses forward exchange contracts, foreign exchange derivatives, etc. to manage the foreign exchange risks and purchases several wealth management products of which the return is linked with non- RMB foreign currencies. Most of the Group ’s monetary assets and liabilities are denominated in RMB while the major non-RMB denominated net monetary assets/liabilities are in USD, Euro and HK$. The RMB central parity rates against USD, Euro and HK$ during the Period are shown below: 人民幣匯率中間價 RMB Central Parity Rates USD and Euro 美元及歐元 HK$ 港元 01/2026 02/2026 03/2026 04/2026 05/2026 6/2026 USD Euro HK$ 美元 歐元 港元 0.8 0.82 0.84 0.86 0.88 0.9 0.92 0.94 6.50 6.00 7.00 7.50 8.00 8.50 6.8088 7.0230 7.7349 8.3436 0.86855 0.90161 ഄ ᎈ၍ଣ͉͟ණྠɪ̹ৌਕ ၍ ᎈd̮͟ි၍ଣʈЪʃଡ଼ ᎈɗ ਗeʕྤ̮ᐄ༶ ˸ҳ ͦᅺdШ͉ණྠમ͜Ⴣಂ̮࿆Υ ᎈdԨᒅ൯ f ࠇ މ ΐ̈əΫᚥಂʫɛ ිଟʕගᄆj
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– 60 – During the Period, the Group recorded foreign exchange losses of RMB577 million in operating profit and gains of RMB27 million on forward foreign exchange contracts for the purpose of reducing foreign exchange fluctuations. The material potential foreign exchange impacts to monetary assets and liabilities of the Group as at 30 June 2026 are: USD denominated net assets EURO denominated net assets ٙ ଋ༟ପ ٙ ଋ༟ପ 5% appreciation/ depreciation in RMB Loss/gain before tax of RMB499 million/ RMB306 million Loss/gain before tax of RMB30 million/ RMB30 million ࠽/ ࠽5% ɛ͏࿆ 499 ϵຬʩ / ɛ͏࿆ 306 ϵຬʩ ᑦฦ /л ɛ͏࿆ 30 ϵຬʩ / ɛ͏࿆ 30 ϵຬʩ ᑦฦ /л HK$ denominated net liabilities ٙ ව 5% appreciation/ depreciation in RMB Gain/loss before tax of RMB29 million/ RMB29 million ࠽/ ࠽5% ɛ͏࿆ 29 ϵຬʩ / ɛ͏࿆ 29 ϵຬʩ л / ᑦฦ GOING CONCERN Based on the current financial forecast and the funding that can be utilized, the Group will have sufficient financial resources to continue its operations in the foreseeable future. As a result, the financial statements were prepared based on the going concern assumption. ̮ිිг ᑦฦɛ͏࿆ 577 ϵຬʩdϾ͜Ъ࿁ә̮࿆ි ჃಂഐිΥΝϗूɛ͏࿆ 27 ϵຬ 2026 ϋ 6 ˜ 30ࠇ ɽᆑί̮ිᅂᚤ j ᚃᐄ d͉ ᚃ ᚃ ᐄਿᇜႡf
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– 61 – CONTINGENT LIABILITIES, LEGAL PROCEEDINGS AND POTENTIAL LITIGATION As at 30 June 2026, there were no material contingent liabilities. During the Period, the Group was not involved in any material litigation or arbitration. DISCLAIMER ON NON-GAAP FINANCIAL MEASURES Affiliated HDT export revenue is a non-GAAP financial measure and it is used for assessing the Group’s actual export performance. The Group treats the type of sales to dealers who purchase the Group ’s HDTs and directly export to their overseas customers as our export sales. Hence, it may not be comparable to similarly titled measures for other companies and should not be considered as an alternative to revenue by geographical markets as an indicator of the operating performance of the Group. The use of non-GAAP financial measure is provided solely to enhance the overall understanding of the Group ’s current financial performance. Additionally, since the Group has historically reported non-GAAP results to investors, it is considered the inclusion of non-GAAP financial measure provides consistency in the Group’s financial reporting. ൡதʿᆑίൡத 2026 ϋ 6 ˜ 30್ ɽൡ f ᅺd ତf͉ ટ̈ɹЇ ̈ɹቖਯfΪ ٙ ᅺЪˢ༰dɰʔᏐൖЪήਜ̹ఙϗ ಁf ٫ ଣ༆fϤ̮d ʮႩ ͉ණྠุᐶdΪϤ͉ණ ৌ f
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– 62 – OTHER INFORMATION CORPORATE GOVERNANCE PRACTICES The Board and senior management of the Company commit to maintain a high standard of corporate governance, formulate good corporate governance practice for improvement of accountability and transparency in operations, and strengthen the internal control system from time to time so as to ensure to meet with the expectations of the Shareholders. The Company has adopted the corporate governance codes as set out in Appendix C1 “Corporate Governance Code” effective during the Period (the “CG Code”) to the Listing Rules as its own code of corporate governance. During the Period, the Company had been in compliance with the code provisions under the CG Code. The Company has not established a dividend policy as the Company will consider various factors such as the current operating results, distributable reserves, financial position, expected financial performance, expected working capital requirements, sustainable development to determine the dividend distribution proposal, which is to the best interest of the Company and its Shareholders as a whole. Directors’ Securities Transactions The Company has adopted Appendix C3 - Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code ”) to the Listing Rules as the code of conduct for securities transactions by the Directors. The Company has made specific enquiries with all Directors and all Directors confirm that they have complied with the standards required by the Model Code during the Period. Review of Interim Results The unaudited interim results of the Group for the six months ended 30 June 2026 have been reviewed by the Audit Committee and by KPMG, the auditor of the Company, in accordance with Hong Kong Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity ” issued by Hong Kong Institute of Certified Public Accountants. Purchase, Sale or Redemption of the Listed Securities of the Company Neither the Company, nor any of its subsidiaries purchased, redeemed or sold any of the Company’s listed securities during the Period. The trustee of the Share Award Scheme held 18,969,000 Shares (representing approximately 0.69% of the total number of Shares in issue) as at 30 June 2026. ࣘ ੬ ৷ ੬˸ ̋੶ʫ္ ಂૐf͉ʮ̡ʊમ C1Άุ Ά f ς f ͉ʮ̡ึ Ꮇ௪eৌ ც ʱৣ˙ ʘлूf C3ɪ̹೯Б ᅺς f щ፭ςᅺς ፭ςᅺ f ᄲቡʕಂุᐶ ͉ණྠ࿚Ї 2026 ϋ 6 ˜ 30 ˚˟ 6͊ ึᄲቡdԨ ࠰ ୋ 2410 ࣘ ᄲቡ ᄲቡf ᛙΫ͉ʮ̡ɪ̹ᗇ Վ Ϋᚥಂ͊ᒅ൯e ቖਯ͉ʮ̡Оɪ̹ᗇՎf 2026 ϋ 6 ˜ 30աৄ Ϟ 18,969,000΅ᐼ ߒ0.69%f
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– 63 – Investor Relations The Securities Management Department is responsible for promoting investor relations, enhancing communication and ensuring that the investors are able to obtain information about the Group on a fair and timely basis to assist them in making the best investment decisions. To cultivate good relationship with Shareholders and potential investors, the Company has participated in a number of one-on-one meetings, investors ’ conferences, road shows and investors ’ site visits during the Period. Analysts and fund managers may gain better knowledge on the production operations of the Group through these activities. Investors and the public may also browse the website of the Company at www.sinotruk.com for the latest information available in respect of the Group including information on the financial conditions and the latest business developments of the Group. The Board and senior management are well aware of their important tasks of acting on behalf of the interests of all the Shareholders and improving the Shareholders ’ returns. The Board considers that the AGM is an important opportunity for direct communication with the Shareholders. The 2026 AGM was successfully held on 29 June 2026 at the meeting centre at Sinotruk Tower, No. 777 Hua ’ao Road, Innovation Zone, Ji ’nan City, Shandong Province, PRC and Units 2102-03, China Merchants Tower, Shun Tak Centre, 168-200 Connaught Road Central, Hong Kong. Certain members of the Board and external auditors of the Company attended the 2026 AGM in person or via video conferencing system and communicated with the Shareholders. Details of the voting particulars were disclosed in the Company ’s announcement dated 29 June 2026. Constitutional Documents There has been no change to the Articles during the Period. The Articles of the Company is available on the websites of the Company and the Stock Exchange. PUBLICATION OF THE 2026 INTERIM RESULTS AND INTERIM REPORT The interim results announcement for the six months ended 30 June 2026 is published on the website of the Company (www.sinotruk.com) and the website of the Stock Exchange (www.hkexnews.hk). The interim report of the Company for the six months ended 30 June 2026 will be despatched to the Shareholders and published on the above websites in due course. ڷ ʿᄣආ๖ ՟͉ ණྠ މ d͉ʮ̡ ึ ږ ਗ̋ଉ࿁͉ණྠ͛ପᐄ༶ ʿʮ͵̙ᓭᚎʮ̡ၣ१ www.sinotruk.comቡ͉ණྠ௰อ༟ৃd ʿ௰อุਕ f Ό fԫึ ࠅࠠٙ ዚึf20262026 ϋ 6 ˜ 29̹৷อਜശෳ ༩ 777ಥ ʍፕ༸ʕ 168-200ਠ҅ɽข 2102-03ᅰ ࢩ2026ٰ fϞᗫҳୃԫධ༉ މ2026 ϋ 6 ˜ 29ٙ ʮѓʫf ˖ ۆ ၣ१f ̊೯ 2026 ϋʕಂุᐶʿʕಂజ ѓ ࿚Ї 2026 ϋ 6 ˜ 30 ˚˟ 6˜ʘʕಂุᐶ ͉ʮ̡ၣ१ (www.sinotruk.com) ʿ ၣ१ (www.hkexnews.hk) ̊༱f͉ʮ ̡࿚Ї 2026 ϋ 6 ˜ 30 ˚˟ 6˜ʘʕಂజ ၣ१̊ ༱f
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– 64 – DEFINITIONS In this announcement, the following expressions shall have the following meanings unless the context indicates otherwise: “Aggregate Trade Balance” the total balances of the net trade receivables, net bills receivable and acceptance bills which are received from the customers to settle their trade debts Ꮠϗᐼಛධ වਕ ʘᐼᕘ “AGM” the annual general meeting of the Company or any adjournment thereof ϋɽึՉОᚃึ “Articles” the articles of association of the Company, as amended, supplemented, modified or otherwise adopted from time to time ۆ Associates” has the meaning ascribed to an “associate” under Rule 14A.06(2) of the Listing Rules, and further includes any company that constitutes a connected subsidiary of the Company pursuant to Rule 14A.16 of the Listing Rules due to such associate’s shareholding therein ᙮ʮ̡ ୋ 14A.06(2)ۆ ୋ 14A.16༈ഃᗫஹ “associate(s)” has the meaning ascribed thereto under the Listing Rules ᑌᖩɛ່ “Audit Committee” the audit committee of the Company ึึ “Auto-finance Services” the provision of financing to the end-users and dealers of the Group ’s products for the purpose of purchasing the Group ’s vehicles and relevant ecosystem equipment ਕᗫ͛࿒ӻண௪ ϾԶፄ༟ “Award Share(s)” the Shares to be granted under the Share Award Scheme ΅ ΅ “Board” the board of Directors ԫึ ԫึ “CAAM” China Association of Automobile Manufacturers ʕӛԓʈุึ ʕӛԓʈุึ “China” or “PRC” or “Chinese Mainland” the People ’s Republic of China, and for the purpose of this announcement, excludes Hong Kong, the Macao Special Administrative Region of the PRC and Taiwan ʕɽਜʿ̨ᝄ ᙑ່ ̮dɨΐ൚ค ՈϞ˸ɨ່j
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– 65 – “CNHTC”ʮ̡(China National Heavy Duty Truck Group Company Limited), a state-owned enterprise organized under the laws of the PRC with limited liability, being the immediate holding company of the Company ӛபʮ̡d ʮ̡ “CNHTC Group” CNHTC and its subsidiaries other than the Group ӛණྠ͉ණྠ “Companies Ordinance” the Companies Ordinance (Chapter 622 of the Laws of Hong Kong) ʮ̡ૢԷԷୋ 622 ʮ̡ૢԷ “Company”or “Sinotruk” Sinotruk (Hong Kong) Limited, a company incorporated in Hong Kong with limited liability, and the shares of which are listed on the Main Board of the Stock Exchange ಥ΅ίᑌ ɪ̹ “Director(s)” the director(s) of the Company ԫ ͉ʮ̡ԫ “ESG” environmental, social and governance ESGط Euro” the lawful currency of the European Union ᆄʩ࿆ᆄʩ “Finance Segment” the finance segment of the Group which engages in provision of Auto-financing Services to the public ፄʱਕ “GAAP” generally accepted accounting principles ۆࡡࠇ GDP” gross domestic product GDP࠽ Group” or “We” the Company and its subsidiaries ᙮ʮ̡ “HDT(s)” heavy duty truck(s) and medium-heavy duty truck(s) ̔̔ԓ
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– 66 – “HDTs Segment”or “Heavy Duty Trucks Segment” the heavy duty trucks segment of the Group which engages in manufacture and sale of heavy duty trucks, medium-heavy duty trucks and related components ̔ʱᗫཧ “HK$” Hong Kong dollars, the lawful currency of Hong Kong ಥʩ࿆ಥʩ “Hong Kong” the Hong Kong Special Administrative Region of the PRC ಥਜ “LDT(s)” light duty truck(s) Ⴠ̔̔ԓ “LDTs and Others Segment”or “Light Duty Trucks and Others Segment ” the light duty trucks and others segment of the Group which engages in manufacture and sale of light duty trucks, buses, other vehicles and related components Ⴠ̔ʿՉ˼ʱᗫཧ “Listing Rules” the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ۆ Operating Profit (Loss) Margin” the ratio of operating profit (loss) to revenue of the segment of the Group ᐄ༶๐л ᑦฦ ଟᐄ๐л ᑦฦ ၾϗɝʘˢଟ “PBOC” The People’s Bank of China ʕɛ͏ვБ ʕɛ͏ვБ “Period” the six-month period ended 30 June 2026 Ϋᚥಂ ࿚Ї 2026 ϋ 6 ˜ 30 ˚˟ 6˜ “Previous Period” the six-month period ended 30 June 2025 ɪϋΝಂ ࿚Ї 2025 ϋ 6 ˜ 30 ˚˟ 6˜ “Products Revenue” the revenue of sales of goods and rendering of services by the HDTs Segment and the LDTs and Others Segment to external customers ϗɝਕϗɝ “R&D” research and development ೯Ӻၾක೯ “RMB” Renminbi, the lawful currency of the PRC ɛ͏࿆࿆ɛ͏࿆ “SDHi”ʮ̡ (Shandong Heavy Industry Group Co., Ltd.), a state-owned enterprise organized under the laws of the PRC with limited liability, being the ultimate holding company of the Company and the controlling shareholder (as defined in the Listing Rules) of the Company ʈ͉
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– 67 – “SDHi Group” SDHi and its subsidiaries including the CNHTC Group and the Weichai Group but other than the Group ʈණྠ͉ණྠ “Securities Management Department” the securities management department of the Company ᗇՎ၍ଣ ͉ʮ̡ᗇՎ၍ଣ “SFO” the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) ᗇՎʿಂૢԷԷୋ 571 ᗇՎʿಂૢԷ “Shanghai Stock Exchange” Shanghai Stock Exchange in the PRC ה Share(s)” the ordinary share(s) in the share capital of the Company ΅ٰ Share Award Scheme” a restricted share award scheme adopted by the Company on 17 March 2024 ྌ2024 ϋ 3 ˜ 17ྌ “Shareholder(s)” holder(s) of the Share(s) from time to time Ϟɛ “Shenzhen Stock Exchange” Shenzhen Stock Exchange in the PRC ה Sinotruk Finance Company”ʮ̡ (Sinotruk Finance Co., Ltd.*), a company established in the PRC with limited liability and a non-wholly owned subsidiary of the Company ӛৌਕʮ̡ڝ ᙮ʮ̡ “Stock Exchange” The Stock Exchange of Hong Kong Limited ʮ̡ “Subsidiary” a subsidiary for the time being of the Company within the meaning of the Companies Ordinance whether incorporated in Hong Kong or elsewhere and “Subsidiaries” shall be construed accordingly ᙮ʮ̡Չ˼ήਜൗ̅ ᙮ʮ̡ ʘᅰҖό͵ᏐኽϤ༆ᙑ
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– 68 – “USD” United States dollars, the lawful currency of the United States of America ʩʩ “YoY” as compared to the Previous Period Νˢ ၾɪϋΝಂˢ༰ “%” per cent % ϵʱˢ By order of the Board Sinotruk (Hong Kong) Limited Liu Zhengtao Chairman of the Board Ji’nan, the PRC, 26 August 2026 As at the date of this announcement, the board of the Company consists of seven executive Directors of the Company including Mr. Liu Zhengtao, Mr. Liu Wei, Ms. Li Xia, Mr. Han Feng, Mr. Zhao Hua, Mr. Wang Dechun and Ms. Han Xing; two non-executive Directors of the Company including Mr. Cheng Guangxu and Mr. Karsten Oellers; and five independent non-executive Directors of the Company including Dr. Wang Dengfeng, Mr. Zhao Hang, Mr. Lyu Shousheng, Mr. Zhang Zhong and Dr. Liu Xiaolun. ԫึն ʮ̡ ڗ ᄎ͍ᏹ d2026 ϋ 8 ˜ 26 ˚ ͉ʮ̡ɖΤੂБ ɾɻi͉ʮ̡ՇΤ ᄿϛ͛ʿ Karsten Oellers ͛i ௹ɻeႻঘ ͛ʿᄎቢԿ௹ɻf