公告日期：2025-08-22

CHANGCHAI COMPANY, LIMITED

2025 Semi-Annual Report

August 2025

Part I Important Notes, Table of Contents and Definitions

The Board of Directors, Supervisory Committee, and all directors, supervisors, and
senior management members of the Company warrant that the content of this semi-annual
report is truthful, accurate, and complete, without any false records, misleading statements,
or material omissions, and shall bear individual and joint legal liabilities accordingly.

Mr. Xie Guozhong, the legal representative of the Company; Mr. Xie Guozhong, the
executive in charge of accounting; and Ms. Jiang He, the head of the accounting department
(chief accounting officer), hereby confirm the truthfulness, accuracy, and completeness of the
financial statements in this semi-annual report.

All directors attended the Board meeting convened to review this semi-annual report.

This report contains forward-looking statements regarding future plans, which do not
constitute substantive commitments to investors. Investors are advised to exercise caution
regarding investment risks.

The Company has comprehensively addressed potential risks in “Part III Management
Discussion andAnalysis” specifically under "X Risks and Countermeasures."

The Company plans neither to distribute cash dividends, nor to issue bonus shares, nor to
convert capital reserves into share capital.

Content

Part I Important Notes, Table of Contents and Definitions......2

Part II Corporate Information and Key Financial Information......6

Part III Management Discussion andAnalysis......9

Part IV Corporate Governance, Environment, and Social Responsibility......26

Part V Significant Events......30

Part VI Share Changes and Shareholder Information......35

Part VII Preference Shares......41
Part VIII Financial Statements......42
Part IX Other Reported Information......174

DocumentsAvailable for Reference

1. Financial statements bearing ……
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